Provides Update on Automotive-First
Strategy
Significant Reduction in Burn Rate Extending
Cash Runway out to 2025
AEye, Inc. (Nasdaq: LIDR), a global leader in adaptive, high
performance lidar solutions, today announced its results for the
third quarter ended September 30, 2023.
Management Commentary
“Market conditions are evolving, and we believe the lidar market
has shifted from a ‘battle for the best technology’ to a ‘battle
for the best path to commercialization.’ We’ve been relentlessly
focused on ensuring AEye enters the automotive market with a
differentiated and superior product, so we are ready for the
transition,” said Matt Fisch, AEye CEO. “We have recently taken
decisive steps to optimize our operating and cost structure around
our automotive-first strategy and are well positioned with the
right technology, business model and resources to deliver sustained
growth and success over the long-term.”
Key Q3 2023 Financial
Highlights
“During the quarter, we achieved our goal of reducing our cash
burn by 50% since the beginning of the year, one quarter sooner
than anticipated. We have now aligned our expenses with our
automotive-first strategy and have extended our cash runway into
2025. We closed the quarter with a healthy balance sheet, including
$45.9 million of cash, and will continue to manage expenses
carefully,” said Conor Tierney, AEye CFO. “The continued cost
reduction initiatives in the third quarter were the main driver for
meeting our GAAP EPS net loss guidance and beating our non-GAAP EPS
net loss guidance by one cent.”
- Revenue of $0.2 million in the third quarter of 2023.
- GAAP net loss was $(17.0) million, or $(0.09) per share, based
on 184.1 million weighted average common shares outstanding.
- Non-GAAP net loss was $(9.5) million, or $(0.05) per share,
based on 184.1 million weighted average common shares
outstanding.
- Cash, cash equivalents, and marketable securities were $45.9
million as of September 30, 2023.
Conference Call and Webcast
Details
AEye management will hold a conference call today, November 9,
2023, 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/AEyeconferencecall
Webcast: https://bit.ly/AEyewebcast
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. AEye has a
global presence through its offices in Germany, Korea, and the
United States.
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 for the
purpose of understanding 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, plus expenses related to the registration
statements on Forms S-1s and S-3s, plus expenses related to the
Common Stock Purchase Agreement, less change in fair value of
convertible note and warrant liabilities, plus realized loss on
instrument-specific credit risk, plus one-time termination benefits
and restructuring costs, plus non-routine write-down of inventory,
plus impairment of ROU assets, plus stock issuance costs, plus debt
issuance costs; and
- Adjusted EBITDA which is defined as non-GAAP net loss plus
depreciation and amortization expense, plus 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
the adaptability, benefits, and features of AEye’s products, the
competitive advantages of AEye’s business model, as well as the use
of lidar in automobiles generally, 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’s 4Sight Intelligent Sensing Platform’s
software-definable lidar may not enhance advanced driver assistance
systems (ADAS) capabilities, enable next gen safety features, nor
enable software revenue opportunities as anticipated, or at all;
(ii) the risks that the 4Sight reference designs may not be
differentiated technically by their range, resolution, reliability,
and reconfigurability to the extent anticipated, or at all; (iii)
the risk that the licenses to Tier 1 automotive suppliers may not
result in high volume manufacturing in the time frame anticipated,
or at all; (iv) the risks that the automotive industry may not rely
on software architectures as anticipated, or at all; (v) the risks
that AEye’s 4Sight Intelligent Sensing Platform may not reduce
time-to-market for new features, allow OEMs to continuously improve
upon or introduce features and functionality across all vehicle
models through software upgrades, or allow OEMs to deliver a
future-proofed ADAS roadmap as anticipated, or at all; (vi) the
risks that lidar adoption occurs slower than anticipated or fails
to occur at all; (vii) the risks that AEye’s products may not meet
the diverse range of performance and functional requirements of
target markets and customers; (viii) the risks that AEye’s products
may not function as anticipated by AEye, or by target markets and
customers; (ix) 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; (x) 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; (xi) 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;
(xii) the risks that AEye is unable to adequately implement its
business plans, forecasts, and other expectations, and identify and
realize additional opportunities; and (xiii) the risks of 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 “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) September 30, 2023 December 31,
2022 ASSETS Current Assets: Cash and cash
equivalents $
37,149
$
19,064
Marketable securities
8,743
75,135
Accounts receivable, net
238
617
Inventories, net
4,868
4,553
Prepaid and other current assets
4,509
6,181
Total current assets
55,507
105,550
Right-of-use assets
14,397
15,502
Property and equipment, net
7,787
7,665
Restricted cash
2,150
2,150
Other noncurrent assets
1,040
2,473
Total assets $
80,881
$
133,340
LIABILITIES AND STOCKHOLDERS’ EQUITY Current
Liabilities: Accounts payable $
4,707
$
3,218
Accrued expenses and other current liabilities
7,247
9,764
Contract liabilities
18
987
Convertible notes
—
8,594
Total current liabilities
11,972
22,563
Operating lease liabilities, noncurrent
15,484
16,681
Other noncurrent liabilities
82
126
Total liabilities
27,538
39,370
Stockholders' Equity: Preferred stock
—
—
Common stock
19
16
Additional paid-in capital
363,176
345,742
Accumulated other comprehensive income (loss)
1
(1,279
)
Accumulated deficit
(309,853
)
(250,509
)
Total stockholders’ equity
53,343
93,970
Total liabilities and stockholders’ equity $
80,881
$
133,340
AEYE, INC.Consolidated Statements of Operations(In
thousands, except share and per share data)(Unaudited) Three
months ended September 30, Nine months ended September
30,
2023
2022
2023
2022
Revenue: Prototype sales $
56
$
652
$
426
$
1,182
Development contracts
132
115
969
1,373
Total revenue
188
767
1,395
2,555
Cost of revenue
4,479
2,708
8,651
5,617
Gross loss
(4,291
)
(1,941
)
(7,256
)
(3,062
)
Operating Expenses: Research and development
5,654
8,971
20,993
28,309
Sales and marketing
1,910
4,466
10,782
14,405
General and administrative
5,380
7,896
20,279
29,053
Total operating expenses
12,944
21,333
52,054
71,767
Loss from operations
(17,235
)
(23,274
)
(59,310
)
(74,829
)
Other income (expense): Change in fair value of convertible
note and warrant liabilities
12
16
(914
)
125
Interest income and other
354
335
932
1,109
Interest expense and other
(174
)
(688
)
(9
)
(1,338
)
Total other income (expense), net
192
(337
)
9
(104
)
Provision for income tax expense
5
13
43
39
Net loss $
(17,048
)
$
(23,624
)
$
(59,344
)
$
(74,972
)
Per Share Data Net loss per common share (basic and diluted)
$
(0.09
)
$
(0.15
)
$
(0.34
)
$
(0.48
)
Weighted average common shares outstanding (basic and
diluted)
184,117,531
159,312,203
172,182,776
156,702,000
AEYE, INC.Consolidated Statements of Cash Flows(In
thousands)(Unaudited) Nine months ended September 30,
2023
2022
Cash flows from operating activities: Net loss $
(59,344
)
$
(74,972
)
Adjustments to reconcile net loss to net cash used in operating
activities: Depreciation and amortization
998
794
Loss on sale of property and equipment, net
53
—
Noncash lease expense relating to operating lease right-of-use
assets
1,058
993
Impairment of right-of-use assets
47
—
Inventory write-downs, net of scrapped inventory
3,666
576
Change in fair value of convertible note and warrant liabilities
914
(125
)
Realized loss on instrument-specific credit risk
46
—
Stock-based compensation
14,707
18,003
Realized loss on redemption of marketable securities
—
77
Amortization of premiums and accretion of discounts on marketable
securities, net of change in accrued interest
33
1,211
Changes in operating assets and liabilities: Accounts receivable,
net
379
3,598
Inventories, current and noncurrent, net
(2,681
)
(2,256
)
Prepaid and other current assets
1,672
(445
)
Other noncurrent assets
133
420
Accounts payable
1,494
(1,236
)
Accrued expenses and other current liabilities
(2,571
)
220
Operating lease liabilities
(1,143
)
(983
)
Contract liabilities
(969
)
(1,400
)
Net cash used in operating activities
(41,508
)
(55,525
)
Cash flows from investing activities: Purchase of property
and equipment
(1,421
)
(3,402
)
Proceeds from sale of property and equipment
243
—
Purchase of marketable securities
(8,736
)
—
Proceeds from redemptions and maturities of marketable securities
76,350
93,592
Net cash provided by investing activities
66,436
90,190
Cash flows from financing activities: Proceeds from exercise
of stock options
450
1,032
Proceeds from the issuance of convertible notes
—
10,000
Payments for convertible note redemptions
(6,235
)
—
Taxes paid related to the net share settlement of equity awards
(1,312
)
(4,252
)
Proceeds from issuance of common stock under the Common Stock
Purchase Agreement
136
2,891
Proceeds from issuance of common stock through Employee Stock
Purchase Plan
118
—
Stock issuance costs related to the Common Stock Purchase Agreement
—
(29
)
Net cash (used in) provided by financing activities
(6,843
)
9,642
Net increase in cash, cash equivalents and restricted cash
18,085
44,307
Cash, cash equivalents and restricted cash at beginning of period
21,214
16,333
Cash, cash equivalents and restricted cash at end of period
$
39,299
$
60,640
AEYE, INC.Reconciliation of GAAP to Non-GAAP
Financial Measures(In thousands, except share and per share
data)(Unaudited)
Three months ended September
30,
Nine months ended September
30,
2023
2022
2023
2022
GAAP net loss $
(17,048
)
$
(23,624
)
$
(59,344
)
$
(74,972
)
Non-GAAP adjustments: Stock-based compensation
4,084
6,106
14,707
18,003
Expenses related to registration statement on Form S-1s and Form
S-3s
192
54
192
304
Expenses related to the Common Stock Purchase Agreement
41
—
41
—
Change in fair value of convertible note and warrant liabilities
(12
)
(16
)
914
(125
)
Realized loss on instrument-specific credit risk
46
—
46
—
Stock issuance costs
—
—
—
28
Debt issuance costs
—
437
—
437
One-time termination benefits and restructuring costs
172
—
1,470
—
Non-routine write-down of inventory
3,007
—
3,007
—
Impairment of right-of-use assets
—
—
47
—
Non-GAAP net loss $
(9,518
)
$
(17,043
)
$
(38,920
)
$
(56,325
)
Depreciation and amortization expense
332
331
998
794
Interest income and other
(354
)
(335
)
(932
)
(1,109
)
Interest expense and other
128
307
(84
)
928
Provision for income tax expense
5
13
43
39
Adjusted EBITDA $
(9,407
)
$
(16,727
)
$
(38,895
)
$
(55,673
)
GAAP net loss per share attributable to common
stockholders: Basic and diluted $
(0.09
)
$
(0.15
)
$
(0.34
)
$
(0.48
)
Non-GAAP net loss per share attributable to common
stockholders: Basic and diluted $
(0.05
)
$
(0.11
)
$
(0.23
)
$
(0.36
)
Shares used in computing GAAP net loss per share attributable to
common stockholders: Basic and diluted
184,117,531
159,312,203
172,182,776
156,702,000
Shares used in computing Non-GAAP net loss per share
attributable to common stockholders: Basic and diluted
184,117,531
159,312,203
172,182,776
156,702,000
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231107055684/en/
Jennifer Deitsch AEye, Inc. jennifer@aeye.ai 925-400-4366
Evan Niu, CFA Financial Profiles, Inc. eniu@finprofiles.com
310-622-8243
Grafico Azioni AEye (NASDAQ:LIDR)
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