\nAEye, Inc. (Nasdaq: LIDR), a global leader in adaptive, high performance lidar solutions, today announced its results for the first quarter ended March 31, 2023.<\/p>\n
Management Commentary<\/span><\/b><\/p>\n \n\u201cAfter a comprehensive review of AEye\u2019s business, it was clear that we needed to intensify our focus on automotive and our path to commercialization with Continental, while aligning our resources with this streamlined business model,\u201d said Matt Fisch, Chief Executive Officer of AEye. \u201cDuring the first quarter of 2023, we made considerable progress in reducing our cost structure to align with the go-forward model, and by doing so, we have a plan to extend our cash runway through the end of 2024. I\u2019m confident that AEye\u2019s automotive-first strategy, capital-light model, and strategic partnership with Continental uniquely position us to capitalize on the enormous market opportunity ahead and to create value for our shareholders.\u201d<\/p>\n Q1 2023 Financials<\/span><\/b><\/p>\n Conference Call and Webcast Details<\/span><\/b><\/p>\n \nAEye management will hold a conference call today, May 11, 2023, at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss these results. AEye CEO Matt Fisch and CFO Conor Tierney will host the call, followed by a question-and-answer session.<\/p>\n \nThe webcast and accompanying slides will be accessible via the company\u2019s website at https:\/\/investors.aeye.ai\/<\/a>.<\/p>\n Access is also available via:<\/b><\/p>\n About AEye<\/span><\/b><\/p>\n \nAEye\u2019s unique software-defined lidar solution enables advanced driver-assistance, vehicle autonomy, smart infrastructure and logistics applications that save lives and propel the future of transportation and mobility. AEye\u2019s 4Sight\u2122 Intelligent Sensing Platform, with its adaptive sensor-based operating system, focuses on what matters most: delivering faster, more accurate, and reliable information. AEye\u2019s 4Sight\u2122 products, built on this platform, are ideal for dynamic applications which require precise measurement imaging to ensure safety and performance. AEye has a global presence through its offices in Germany, Korea, and the United States.<\/p>\n Non-GAAP Financial Measures<\/span><\/b><\/p>\n \nThe non-GAAP measures provided in this press release should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with generally accepted accounting principles (GAAP) in the United States. A reconciliation between GAAP and non-GAAP financial data is included in the supplemental financial data attached to this press release. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. AEye considers these non-GAAP financial measures to be important because they provide additional insight into the Company\u2019s on-going performance. The Company provides this information to investors for a more consistent basis of comparison and to help investors evaluate the results of the Company\u2019s on-going operations, and to help enable more meaningful period-to-period comparison. Non-GAAP financial measures are presented only as supplemental information for the purpose of understanding the Company\u2019s operating results. The non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP.<\/p>\n \nThis press release includes non-GAAP financial measures, including:<\/p>\n Forward-Looking Statements<\/span><\/b><\/p>\n \nCertain statements included in this press release that are not historical facts are forward-looking statements within the meaning of the federal securities laws, including the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are sometimes accompanied by words such as \u201cbelieve,\u201d \u201ccontinue,\u201d \u201cproject,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cestimate,\u201d \u201cintend,\u201d \u201cstrategy,\u201d \u201cfuture,\u201d \u201copportunity,\u201d \u201cpredict,\u201d \u201cplan,\u201d \u201cmay,\u201d \u201cshould,\u201d \u201cwill,\u201d \u201cwould,\u201d \u201cpotential,\u201d \u201cseem,\u201d \u201cseek,\u201d \u201coutlook,\u201d and similar expressions that predict or indicate future events or trends, or that are not statements of historical matters. Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Forward looking statements included in this press release include statements about AEye\u2019s business model, cost structure, and cash runway, as well as the strategic partnership with Continental and the ability to capitalize on the market opportunity and create value for shareholders, among others. These statements are based on various assumptions, whether or not identified in this press release. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by an investor as a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are very difficult or impossible to predict and will differ from the assumptions. Many actual events and circumstances are beyond the control of AEye. Many factors could cause actual future events to differ from the forward-looking statements in this press release, including but not limited to: (i) the risks that AEye\u2019s focus on automotive and commercialization with Continental may not result in the benefits anticipated, or even if it does, in the time frame anticipated; (ii) the risks that the reduced cost structure achieved during the first quarter of 2023 may not result in the benefits anticipated, or even if it does, in the time frame anticipated; (iii) the risks that the reduced cost structure alone, or in conjunction with unforeseen future events, may not extend AEye\u2019s cash runway through the end of 2024 as planned; (iv) the risks that AEye\u2019s automotive-first strategy, capital-light model, and strategic partnership with Continental may not result in the anticipated opportunity for AEye to effectively capitalize on the market opportunity ahead, and such market opportunity, if any, may not be of the size AEye expected, materialize in the time frame anticipated or create the anticipated value for our shareholders; (v) the risks that AEye may fail to strengthen its competitive position or deliver on its key objectives due to supply chain disruptions, economic uncertainties, or otherwise; (vi) the risks that AEye\u2019s products will not meet the diverse range of performance and functional requirements of AEye\u2019s target markets and customers; (vii) the risks that the size of the total available market for the use of lidar will be smaller than predicted or take longer to come to fruition than predicted; (viii) the risks that AEye may not continue to execute against its business plan to the extent anticipated, or at all; (ix) the risks that lidar adoption occurs slower than anticipated or fails to occur at all; (x) the risks that AEye is unable to adequately implement business plans, forecasts, and other expectations, and identify and realize additional opportunities; and (xi) the risks of economic downturns and a changing regulatory landscape in the highly competitive and evolving industry in which AEye operates. These risks and uncertainties may be amplified by the lingering effects of the COVID-19 pandemic, which continues to cause significant economic uncertainty. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the \u201cRisk Factors\u201d section of the periodic report that AEye has most recently filed with the U.S. Securities and Exchange Commission, or the SEC, and other documents filed by us or that will be filed by us from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made.<\/p>\n \nReaders are cautioned not to put undue reliance on forward-looking statements; AEye assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. AEye gives no assurance that AEye will achieve any of its expectations.<\/p>\n \n20,501<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n19,064<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n53,592<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n75,135<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n123<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n617<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n4,695<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,553<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n3,527<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,181<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n82,438<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n105,550<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n15,152<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n15,502<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n7,902<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,665<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n2,150<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,150<\/p>\n<\/td>\n 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\n39,370<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n17<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n353,533<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n345,742<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n(810<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(1,279<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n(276,774<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(250,509<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n75,966<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n93,970<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n110,080<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n133,340<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Three months ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n 2023<\/b><\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n \n125<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n335<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n 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\n(868<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(1,931<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n(2,300<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n(2,845<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(1,709<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n1,437<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3,006<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n21,214<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16,333<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n22,651<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13,327<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n
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\n AEYE, INC.<\/b><\/td>\n \n \n \n \n \n <\/tr>\n \n Consolidated Balance Sheets<\/b><\/td>\n \n \n \n \n \n <\/tr>\n \n (In thousands)<\/b><\/td>\n \n \n \n \n \n <\/tr>\n \n (Unaudited)<\/b><\/td>\n \n \n \n \n \n <\/tr>\n \n \n \n \n March 31, 2023<\/b><\/td>\n \n \n December 31, 2022<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n ASSETS<\/b><\/td>\n \n \n \n \n \n <\/tr>\n \n Current Assets:<\/b><\/td>\n \n \n \n \n \n <\/tr>\n \n Cash and cash equivalents<\/td>\n \n $<\/td>\n \n \n \n $<\/td>\n \n \n \n Marketable securities<\/td>\n \n \n \n \n \n \n \n \n \n Accounts receivable, net<\/td>\n \n \n \n \n \n \n \n \n \n Inventories, net<\/td>\n \n \n \n \n \n \n \n \n \n Prepaid and other current assets<\/td>\n \n \n \n \n \n \n \n \n \n Total current assets<\/td>\n \n \n \n \n \n \n \n \n \n Right-of-use assets<\/td>\n \n \n \n \n \n \n \n \n \n Property and equipment, net<\/td>\n \n \n \n \n \n \n \n \n \n Restricted cash<\/td>\n \n \n \n \n \n \n \n \n \n Other noncurrent assets<\/td>\n \n \n \n \n \n \n \n \n \n Total assets<\/b><\/td>\n \n $<\/td>\n \n \n \n $<\/td>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n LIABILITIES AND STOCKHOLDERS\u2019 EQUITY<\/b><\/td>\n \n \n \n \n \n <\/tr>\n \n Current Liabilities:<\/b><\/td>\n \n \n \n \n \n <\/tr>\n \n Accounts payable<\/td>\n \n $<\/td>\n \n \n \n $<\/td>\n \n \n \n Accrued expenses and other current liabilities<\/td>\n \n \n \n \n \n \n \n \n \n Contract liabilities<\/td>\n \n \n \n \n \n \n \n \n \n Convertible notes<\/td>\n \n \n \n \n \n \n \n \n \n Total current liabilities<\/td>\n \n \n \n \n \n \n \n \n \n Operating lease liabilities, noncurrent<\/td>\n \n \n \n \n \n \n \n \n \n Other noncurrent liabilities<\/td>\n \n \n \n \n \n \n \n \n \n Total liabilities<\/b><\/td>\n \n \n \n \n \n \n \n \n \n Stockholders’ Equity:<\/b><\/td>\n \n \n \n \n \n <\/tr>\n \n Preferred stock<\/td>\n \n \n \n \n \n \n \n \n \n Common stock<\/td>\n \n \n \n \n \n \n \n \n \n Additional paid-in capital<\/td>\n \n \n \n \n \n \n \n \n \n Accumulated other comprehensive loss<\/td>\n \n \n \n \n \n \n \n \n \n Accumulated deficit<\/td>\n \n \n \n \n \n \n \n \n \n Total stockholders\u2019 equity<\/b><\/td>\n \n \n \n \n \n \n \n \n \n Total liabilities and stockholders\u2019 equity<\/b><\/td>\n \n $<\/td>\n \n \n \n $<\/td>\n \n \n \n
\n AEYE, INC.<\/b><\/td>\n \n \n \n \n \n <\/tr>\n \n Consolidated Statements of Operations<\/b><\/td>\n \n \n \n \n \n <\/tr>\n \n (In thousands, except share and per share data)<\/b><\/td>\n \n \n \n \n \n <\/tr>\n \n (Unaudited)<\/b><\/td>\n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Revenue:<\/td>\n \n \n \n \n \n <\/tr>\n \n Prototype sales<\/td>\n \n $<\/td>\n \n \n \n $<\/td>\n \n \n \n Development contracts<\/td>\n \n \n \n \n \n \n \n \n \n Total revenue<\/td>\n \n \n \n \n \n \n \n \n \n Cost of revenue<\/td>\n \n \n \n \n \n \n \n \n \n Gross loss<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Operating Expenses:<\/td>\n \n \n \n \n \n <\/tr>\n \n Research and development<\/td>\n \n \n \n \n \n \n \n \n \n Sales and marketing<\/td>\n \n \n \n \n \n \n \n \n \n General and administrative<\/td>\n \n \n \n \n \n \n \n \n \n Total operating expenses<\/td>\n \n \n \n \n \n \n \n \n \n Loss from operations<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Other income (expense):<\/td>\n \n \n \n \n \n <\/tr>\n \n Change in fair value of convertible note and warrant liabilities<\/td>\n \n \n \n \n \n \n \n \n \n Interest income and other<\/td>\n \n \n \n \n \n \n \n \n \n Interest expense and other<\/td>\n \n \n \n \n \n \n \n \n \n Total other income (expense), net<\/td>\n \n \n \n \n \n \n \n \n \n Provision for income tax expense<\/td>\n \n \n \n \n \n \n \n \n \n Net loss<\/td>\n \n $<\/td>\n \n \n \n $<\/td>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Per Share Data<\/td>\n \n \n \n \n \n <\/tr>\n \n Net loss per common share (basic and diluted)<\/td>\n \n $<\/td>\n \n \n \n $<\/td>\n \n \n \n Weighted average common shares outstanding (basic and diluted)<\/td>\n \n \n \n \n \n \n \n \n \n
\n AEYE, INC.<\/b><\/td>\n \n \n <\/tr>\n \n Consolidated Statements of Cash Flows<\/b><\/td>\n \n \n <\/tr>\n \n (In thousands)<\/b><\/td>\n \n \n <\/tr>\n \n (Unaudited)<\/b><\/td>\n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Cash flows from operating activities:<\/b><\/td>\n \n \n \n \n \n <\/tr>\n \n Net loss<\/td>\n \n $<\/td>\n \n \n \n $<\/td>\n \n \n \n Adjustments to reconcile net loss to net cash used in operating activities:<\/td>\n \n \n \n \n \n <\/tr>\n \n Depreciation and amortization<\/td>\n \n \n \n \n \n \n \n \n \n Gain on sale of property and equipment<\/td>\n \n \n \n \n \n \n \n \n \n Noncash lease expense relating to operating lease right-of-use assets<\/td>\n \n \n \n \n \n \n \n \n \n Inventory write-downs, net of scrapped inventory<\/td>\n \n \n \n \n \n \n \n \n \n Change in fair value of convertible note and warrant liabilities<\/td>\n \n \n \n \n \n \n \n \n \n Stock-based compensation<\/td>\n \n \n \n \n \n \n \n \n \n Amortization of premiums and accretion of discounts on marketable securities, net of change in accrued interest<\/td>\n \n \n \n \n \n \n \n \n \n Changes in operating assets and liabilities:<\/td>\n \n \n \n \n \n <\/tr>\n \n Accounts receivable, net<\/td>\n \n \n \n \n \n \n \n \n \n Inventories, current and noncurrent, net<\/td>\n \n \n \n \n \n \n \n \n \n Prepaid and other current assets<\/td>\n \n \n \n \n \n \n \n \n \n Other noncurrent assets<\/td>\n \n \n \n \n \n \n \n \n \n Accounts payable<\/td>\n \n \n \n \n \n \n \n \n \n Accrued expenses and other current liabilities<\/td>\n \n \n \n \n \n \n \n \n \n Operating lease liabilities<\/td>\n \n \n \n \n \n \n \n \n \n Contract liabilities<\/td>\n \n \n \n \n \n \n \n \n \n Net cash used in operating activities<\/td>\n \n \n \n \n \n \n \n \n \n Cash flows from investing activities:<\/b><\/td>\n \n \n \n \n \n <\/tr>\n \n Purchase of property and equipment<\/td>\n \n \n \n \n \n \n \n \n \n Proceeds from sale of property and equipment<\/td>\n \n \n \n \n \n \n \n \n \n Proceeds from redemptions and maturities of marketable securities<\/td>\n \n \n \n \n \n \n \n \n \n Net cash provided by investing activities<\/td>\n \n \n \n \n \n \n \n \n \n Cash flows from financing activities:<\/b><\/td>\n \n \n \n \n \n <\/tr>\n \n Proceeds from exercise of stock options<\/td>\n \n \n \n \n \n \n \n \n \n Taxes paid related to the net share settlement of equity awards<\/td>\n \n \n \n \n \n \n \n \n \n Payments for convertible note redemptions<\/td>\n \n \n \n \n \n \n \n \n \n Net cash used in financing activities<\/td>\n \n \n \n \n \n \n \n \n \n Net increase (decrease) in cash, cash equivalents and restricted cash<\/b><\/td>\n \n \n \n \n \n \n \n \n \n Cash, cash equivalents and restricted cash at beginning of period<\/td>\n \n \n \n \n \n \n \n \n \n Cash, cash equivalents and restricted cash at end of period<\/b><\/td>\n \n $<\/td>\n \n \n \n $<\/td>\n \n \n
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