Signed LOI with global Tier 1 automotive
supplier
Third consecutive quarter of cash burn
reduction
AEye, Inc. (Nasdaq: LIDR), a global leader in adaptive, high
performance lidar solutions, today announced its results for the
fourth quarter and year ended December 31, 2023.
Management Commentary
“AEye is pleased to announce that we have signed an LOI with a
global Tier 1 automotive ADAS sensor supplier, which marks the
beginning of a new relationship as part of our capital-light,
automotive-first strategy. We are also excited to unveil Apollo,
the first member of our 4Sight Flex product family that delivers
ultra-long-range performance in an incredibly compact form factor,”
said Matt Fisch, AEye CEO. “We are looking forward to a successful
2024 as we focus on delivering AEye’s innovative technology to the
market with our Tier 1 partners.”
Key Q4 2023 Financial
Highlights
“For the third consecutive quarter, we have reduced our cash
burn rate while maintaining a disciplined approach to expense
management. We entered 2024 with $36.5 million in cash and
marketable securities on our balance sheet, and a cash runway that
we expect extends into 2025,” said Conor Tierney, AEye CFO. “Due to
the previously announced wind down of our industrial product line,
we incurred non-cash impairment charges that negatively impacted
our GAAP financial results, causing a GAAP EPS net loss of $4.44,
but we are pleased to have beaten our non-GAAP EPS net loss
guidance by 10 cents in part due to our continued cost reduction
initiatives in the fourth quarter.”
In December 2023, the company effected a 1-for-30 reverse stock
split and all the financial information disclosed has been adjusted
to account for the revised share count numbers.
- Revenue of $0.1 million in the fourth quarter of 2023.
- GAAP net loss was $(27.8) million, or $(4.44) per share, based
on 6.3 million weighted average common shares outstanding.
- Non-GAAP net loss was $(6.9) million, or $(1.10) per share,
based on 6.3 million weighted average common shares
outstanding.
- Cash, cash equivalents, and marketable securities were $36.5
million as of December 31, 2023.
Conference Call and Webcast
Details
AEye management will hold a conference call today, March 26,
2024, at 2:00 p.m. Pacific Time (5:00 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.
The webcast and accompanying slides will be accessible via the
company’s website at https://investors.aeye.ai/.
Access is also available
via:
Conference call: https://bit.ly/3I9gyBa
Webcast: https://bit.ly/3IcfWLi
About AEye
AEye’s 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’s 4Sight™ Intelligent Sensing
Platform, with its adaptive sensor-based operating system, focuses
on what matters most: delivering faster, more accurate, and
reliable information. AEye’s 4Sight™ products, built on this
platform, are ideal for dynamic applications which require precise
measurement imaging to ensure safety and performance.
Non-GAAP Financial
Measures
The 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’s 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’s on-going operations, and to help enable
more meaningful period-to-period comparisons. Non-GAAP financial
measures are presented only as supplemental information to
understand the Company’s operating results. The non-GAAP financial
measures should not be considered a substitute for financial
information presented in accordance with GAAP.
This press release includes non-GAAP financial measures,
including:
Non-GAAP net loss which is defined as GAAP
net loss plus stock-based compensation, less expenses related to
the registration statements on Forms S-1 and S-3, less change in
fair value of convertible note and warrant liabilities, less gain
from early termination of right-of-use assets, plus one-time
termination benefits and other restructuring costs, plus
non-routine write-downs of inventory, other current assets, and
losses on purchase commitments, plus long-lived asset disposals and
impairment charges, plus expenses related to the Common Stock
Purchase Agreement, plus realized loss on instrument-specific
credit risk, plus stock issuance costs, plus debt issuance costs;
and
Adjusted EBITDA, defined as
non-GAAP net loss plus depreciation and amortization expense, less
interest expense and other, less interest income and other, plus
provision for income tax expense.
Forward-Looking
Statements
Certain 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 “believe,” “continue,” “project,”
“expect,” “anticipate,” ”estimate,” “intend,” “strategy,” “future,”
“opportunity,” “predict,” “plan,” “may,” “should,” “will,” “would,”
“potential,” “seem,” “seek,” “outlook,” 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
a new Tier 1 relationship, AEye’s new lidar product, and the
Company’s cash position and cost reduction initiatives, 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 the signed LOI, or
letter of intent, with a global Tier 1 automotive ADAS sensor
supplier may not evolve into a relationship between the supplier
and AEye as anticipated, or at all; (ii) the risks that Apollo may
be unable to deliver ultra-long-range performance in an incredibly
compact form factor as anticipated, or at all; (iii) the risks that
2024 will be not be as successful as anticipated; (iv) the risks
that AEye may be unable to deliver its innovative technology to the
market with Tier 1 partners as anticipated, or at all; (v) the
risks that AEye will be unable to continue to reduce, or maintain a
lower cash burn rate to the extent anticipated, or at all; (vi) the
risks that the cash runway provided by the cash and marketable
securities on AEye’s balance sheet as of December 31, 2023 may not
extend AEye’s runway into 2025; (vii) the risks that AEye’s
continued cost reduction initiatives may not continue to be
effective to the extent anticipated, or at all, due to unforeseen
circumstances, or such reductions may have other non-cash
consequences negatively impacting AEye’s business operations;
(viii) the risks that market conditions create delays in the demand
for commercial lidar products beyond AEye’s expectations; (ix) the
risks that lidar adoption occurs slower than anticipated or fails
to occur at all; (x) the risks that AEye’s products may not meet
the diverse range of performance and functional requirements of
target markets and customers; (xi) the risks that AEye’s products
may not function as anticipated by AEye, or by target markets and
customers; (xii) the risks that AEye may not be in a position to
adequately or timely address either the near or long-term
opportunities that may or may not exist in the evolving autonomous
transportation industry; (xiii) the risks that laws and regulations
are adopted impacting the use of lidar that AEye is unable to
comply with, in whole or in part; (xiv) the risks associated with
changes in competitive and regulated industries in which AEye
operates, variations in operating performance across competitors,
and changes in laws and regulations affecting AEye’s business; (xv)
the risks that AEye is unable to adequately implement its business
plans, forecasts, and other expectations, and identify and realize
additional opportunities; and (xvi) 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 current or future global
conflicts and the lingering effects of the COVID-19 pandemic, both
of which continue 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 “Risk Factors” 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.
Readers 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.
AEYE, INC. Consolidated Balance Sheets
(In thousands) (Unaudited)
December 31, 2023
December 31, 2022
ASSETS Current Assets: Cash and cash equivalents
$
16,932
$
19,064
Marketable securities
19,591
75,135
Accounts receivable, net
131
617
Inventories, net
583
4,553
Prepaid and other current assets
2,517
6,181
Total current assets
39,754
105,550
Right-of-use assets
11,226
15,502
Property and equipment, net
281
7,665
Restricted cash
2,150
2,150
Other noncurrent assets
906
2,473
Total assets
$
54,317
$
133,340
LIABILITIES AND STOCKHOLDERS’ EQUITY Current
Liabilities: Accounts payable
$
3,442
$
3,218
Accrued expenses and other current liabilities
6,585
9,764
Contract liabilities
—
987
Convertible notes
—
8,594
Total current liabilities
10,027
22,563
Operating lease liabilities, noncurrent
14,858
16,681
Other noncurrent liabilities
409
126
Total liabilities
25,294
39,370
Stockholders' Equity: Preferred stock
—
—
Common stock
1
1
Additional paid-in capital
366,647
345,757
Accumulated other comprehensive income (loss)
10
(1,279
)
Accumulated deficit
(337,635
)
(250,509
)
Total stockholders’ equity
29,023
93,970
Total liabilities and stockholders’ equity
$
54,317
$
133,340
AEYE, INC.Consolidated Statements of Operations(In thousands,
except share and per share data)(Unaudited)
Three months ended December
31,
Twelve months ended December
31,
2023
2022
2023
2022
Revenue: Prototype sales
$
51
$
561
$
477
$
1,743
Development contracts
18
531
987
1,904
Total revenue
69
1,092
1,464
3,647
Cost of revenue
6,668
3,115
15,319
8,732
Gross loss
(6,599
)
(2,023
)
(13,855
)
(5,085
)
Operating Expenses:
Research and development
5,178
9,335
26,171
37,644
Sales and marketing
1,746
4,912
12,528
19,317
General and administrative
4,955
7,709
25,234
36,762
Impairment of long-lived assets
9,941
—
9,988
—
Total operating expenses
21,820
21,956
73,921
93,723
Loss from operations
(28,419
)
(23,979
)
(87,776
)
(98,808
)
Other income (expense):
Change in fair value of convertible note and warrant liabilities
56
(139
)
(858
)
(14
)
Interest income and other
385
436
1,317
1,545
Interest expense and other
210
(41
)
248
(1,379
)
Total other income (expense), net
651
256
707
152
Provision for income tax expense
14
19
57
58
Net loss
$
(27,782
)
$
(23,742
)
$
(87,126
)
$
(98,714
)
Per Share Data
Net loss per common share (basic and diluted)
$
(4.44
)
$
(4.42
)
$
(14.95
)
$
(18.82
)
Weighted average common shares outstanding (basic and diluted)
6,257,973
5,373,525
5,827,721
5,245,624
AEYE, INC. Consolidated Statements of Cash Flows
(In thousands)(Unaudited)
Twelve months ended December
31,
2023
2022
Cash flows from operating activities: Net loss
$
(87,126
)
$
(98,714
)
Adjustments to reconcile net loss to net cash used in operating
activities:
Depreciation and amortization
1,547
1,422
Loss on sale of property and equipment, net
59
—
Noncash lease expense relating to operating lease right-of-use
assets
1,406
1,338
Impairment of long-lived assets
9,988
—
Gain from early termination of right-of-use assets
(35
)
—
Inventory write-downs, net of scrapped inventory
7,712
675
Loss on advances to suppliers
1,385
—
Change in fair value of convertible note and warrant liabilities
858
14
Realized loss on instrument-specific credit risk
46
—
Stock-based compensation
18,071
23,959
Convertible note issuance costs
—
474
Realized loss on redemption of marketable securities
—
77
Amortization of premiums and accretion of discounts on marketable
securities, net of change in accrued interest
(211
)
1,086
Expected credit losses
35
—
Changes in operating assets and liabilities:
Accounts receivable, net
451
3,605
Inventories, current and noncurrent, net
(2,459
)
(2,634
)
Prepaid and other current assets
2,279
(1,130
)
Other noncurrent assets
284
527
Accounts payable
252
839
Accrued expenses and other current liabilities
(3,135
)
85
Operating lease liabilities
(1,528
)
(1,341
)
Contract liabilities
(987
)
(1,931
)
Other noncurrent liabilities
383
—
Net cash used in operating activities
(50,725
)
(71,649
)
Cash flows from investing activities:
Purchases of property and equipment
(1,951
)
(4,200
)
Proceeds from sale of property and equipment
283
—
Purchases of marketable securities
(19,331
)
(23,929
)
Proceeds from redemptions and maturities of marketable securities
76,350
96,592
Net cash provided by investing activities
55,351
68,463
Cash flows from financing activities:
Proceeds from exercise of stock options
455
1,174
Proceeds from the issuance of convertible notes
—
9,850
Payments for convertible note redemptions
(6,235
)
(874
)
Payment of 2022 convertible note issuance costs
—
(324
)
Taxes paid related to the net share settlement of equity awards
(1,445
)
(4,621
)
Proceeds from issuance of common stock under the Common Stock
Purchase Agreement
136
2,891
Proceeds from issuance of common stock through the Employee Stock
Purchase Plan
334
—
Stock issuance costs related to the Common Stock Purchase Agreement
(3
)
(29
)
Net cash (used in) provided by financing activities
(6,758
)
8,067
Net (decrease) increase in cash, cash equivalents and restricted
cash
(2,132
)
4,881
Cash, cash equivalents and restricted cash at beginning of period
21,214
16,333
Cash, cash equivalents and restricted cash at end of period
$
19,082
$
21,214
AEYE, INC.Reconciliation of GAAP to Non-GAAP Financial
Measures(In thousands, except share and per share
data)(Unaudited)
Three months ended December
31,
Twelve months ended December
31,
2023
2022
2023
2022
GAAP net loss
$
(27,782
)
$
(23,742
)
$
(87,126
)
$
(98,714
)
Non-GAAP adjustments:
Stock-based compensation
3,364
5,956
18,071
23,959
Expenses related to registration statements on Forms S-1 and Forms
S-3
(50
)
68
142
372
Expenses related to the Common Stock Purchase Agreement
—
—
41
—
Change in fair value of convertible note and warrant liabilities
(56
)
139
858
14
Realized loss on instrument-specific credit risk
—
—
46
—
Stock issuance costs
—
—
—
29
Debt issuance costs
—
93
—
530
Gain from early termination of right-of-use assets
(35
)
—
(35
)
—
One-time termination benefits and other restructuring costs
1,877
—
3,347
—
Non-routine write-downs of inventory, other current assets, and
losses on purchase commitments
5,621
—
8,628
—
Long-lived asset disposals and impairment charges
10,185
—
10,232
—
Non-GAAP net loss
$
(6,876
)
$
(17,486
)
$
(45,796
)
$
(73,810
)
Depreciation and amortization expense
304
628
1,302
1,422
Interest income and other
(350
)
(436
)
(1,282
)
(1,545
)
Interest expense and other
(210
)
(52
)
(294
)
876
Provision for income tax expense
14
19
57
58
Adjusted EBITDA
$
(7,118
)
$
(17,327
)
$
(46,013
)
$
(72,999
)
GAAP net loss per share attributable to common stockholders:
Basic and diluted
$
(4.44
)
$
(4.42
)
$
(14.95
)
$
(18.82
)
Non-GAAP net loss per share attributable to common
stockholders:
Basic and diluted
$
(1.10
)
$
(3.25
)
$
(7.86
)
$
(14.07
)
Shares used in computing GAAP net loss per share attributable to
common stockholders:
Basic and diluted
6,257,973
5,373,525
5,827,721
5,245,624
Shares used in computing Non-GAAP net loss per share
attributable to common stockholders:
Basic and diluted
6,257,973
5,373,525
5,827,721
5,245,624
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240326921626/en/
Leigh Bannister AEye, Inc. Lbannister@aeye.ai 925-400-4366
Evan Niu, CFA Financial Profiles, Inc. eniu@finprofiles.com
310-622-8243
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