AEye Reports Second Quarter 2022 Results
AEye, Inc. (Nasdaq: LIDR) reported its financial results for Q2 2022, revealing a revenue of $0.7 million and a GAAP net loss of $(26.5) million, or $(0.17) per share. Despite supply chain disruptions and inflation, the company expressed confidence in its growth potential, driven by new market entries and partnerships, such as collaboration with Booz Allen for defense applications. Cash, cash equivalents, and marketable securities stood at $125.8 million, excluding an additional $123.6 million liquidity option. A conference call will discuss these results.
- Achieved revenue of $0.7 million in Q2 2022, exceeding financial expectations.
- Entered new markets, including a partnership with Booz Allen for defense applications.
- Maintained strong cash position with $125.8 million in cash and marketable securities.
- GAAP net loss of $(26.5) million in Q2 2022, indicating ongoing financial challenges.
- Continued impact from supply chain disruptions and inflation affecting industry performance.
Company exceeded its financial expectations for the second quarter
Entrance into new markets and continued momentum with customers provide foundation for sustainable growth
“While supply chain disruption and inflationary challenges continue to impact the industry and broader economy, we are confident that our innovative, capital-light, and high margin business model will enable us to achieve future growth. We remain encouraged with the traction we have gained, and are excited for what has yet to come,” concluded LaCorte.
Q2 2022 Financials
-
Revenue of
$0.7 million -
GAAP net loss was
$(26.5) million $(0.17) -
Non-GAAP net loss was
$(19.8) million $(0.13) -
Cash, cash equivalents, and marketable securities were
$125.8 million June 30, 2022 . This excludes up to$123.6 million
Conference Call and Webcast Details
The webcast and accompanying slides will be accessible via the company’s website at https://investors.aeye.ai/.
The call is also accessible via telephone through the following details:
Dial in Information:
- Participant Toll-Free Dial-In Number: 844-763-8274
- Participant International Dial-In Number: 412-717-9224
About
AEye’s unique software-defined lidar solution enables advanced driver-assistance, vehicle autonomy, smart infrastructure, logistics, and off-highway 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
This presentation 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 filing Registration Statements on Form S-1, plus stock issuance costs, plus change in fair value of embedded derivative and warrant liabilities, less the gain on PPP loan forgiveness; and
- Adjusted EBITDA which is defined as non-GAAP net loss plus amortization and depreciation 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 AEye’s products, the Company’s progress in commercialization, the potential of new market segments, and expected future results, 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
Readers are cautioned not to put undue reliance on forward-looking statements;
Condensed Consolidated Balance Sheets (In thousands) (Unaudited) |
||||||
|
||||||
|
||||||
ASSETS |
||||||
Current Assets: |
||||||
Cash and cash equivalents |
$ |
4,236 |
|
$ |
14,183 |
|
Marketable securities |
|
121,526 |
|
|
149,824 |
|
Accounts receivable, net |
|
189 |
|
|
4,222 |
|
Inventories, net |
|
5,066 |
|
|
4,085 |
|
Prepaid and other current assets |
|
4,151 |
|
|
5,051 |
|
Total current assets |
135,168 |
|
177,365 |
|
||
Right-of-use assets |
16,186 |
|
- |
|
||
Property and equipment, net |
6,717 |
|
5,129 |
|
||
Restricted cash |
2,150 |
|
2,150 |
|
||
Other noncurrent assets |
1,098 |
|
1,509 |
|
||
Total assets |
$ | 161,319 |
|
$ | 186,153 |
|
|
||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) |
||||||
Current Liabilities: |
||||||
Accounts payable |
$ | 3,836 |
|
$ | 2,542 |
|
Accrued expenses and other current liabilities |
10,792 |
|
8,739 |
|
||
Contract liabilities |
1,633 |
|
2,287 |
|
||
Total current liabilities |
16,261 |
|
13,568 |
|
||
Operating lease liabilities, noncurrent |
17,424 |
|
- |
|
||
Deferred rent, noncurrent |
- |
|
3,032 |
|
||
Other noncurrent liabilities |
46 |
|
786 |
|
||
Total liabilities |
33,731 |
|
17,386 |
|
||
Stockholders’ Equity (Deficit): |
||||||
Preferred stock |
- |
|
- |
|
||
Common stock |
16 |
|
16 |
|
||
Additional paid-in capital |
332,344 |
|
320,937 |
|
||
Accumulated other comprehensive loss |
(1,629 |
) |
(391 |
) |
||
Accumulated deficit |
(203,143 |
) |
(151,795 |
) |
||
Total stockholders’ equity (deficit) |
127,588 |
|
168,767 |
|
||
Total liabilities and stockholders’ equity (deficit) |
$ | 161,319 |
|
$ | 186,153 |
|
Condensed Consolidated Statements of Operations (In thousands, except share and per share data) (Unaudited) |
|||||||||||||
|
Three months ended |
Six months ended |
|||||||||||
|
2022 |
2021 |
2022 |
2021 |
|||||||||
|
|||||||||||||
Revenue: |
|||||||||||||
Prototype sales |
$ | 195 |
|
$ | 228 |
|
$ | 530 |
|
$ | 461 |
|
|
Development contracts |
511 |
|
519 |
|
1,258 |
|
615 |
|
|||||
Total revenues |
706 |
|
747 |
|
1,788 |
|
1,076 |
|
|||||
Cost of revenue |
1,427 |
|
454 |
|
2,909 |
|
1,071 |
|
|||||
Gross profit (loss) |
(721 |
) |
293 |
|
(1,121 |
) |
5 |
|
|||||
|
|||||||||||||
Operating Expenses: |
|||||||||||||
Research and development |
10,762 |
|
5,726 |
|
19,338 |
|
11,562 |
|
|||||
Sales and marketing |
5,323 |
|
1,911 |
|
9,939 |
|
3,498 |
|
|||||
General and administrative |
9,827 |
|
4,750 |
|
21,157 |
|
7,760 |
|
|||||
Total operating expenses |
25,912 |
|
12,387 |
|
50,434 |
|
22,820 |
|
|||||
Loss from operations |
(26,633 |
) |
(12,094 |
) |
(51,555 |
) |
(22,815 |
) |
|||||
|
|||||||||||||
Other income (expense), net: |
|||||||||||||
Change in fair value of embedded derivative liability and warrant liabilities |
141 |
|
(16 |
) |
109 |
|
(119 |
) |
|||||
Gain on PPP loan forgiveness |
- |
|
2,297 |
|
- |
|
2,297 |
|
|||||
Interest income and other |
350 |
|
2 |
|
774 |
|
5 |
|
|||||
Interest expense and other |
(307 |
) |
(1,264 |
) |
(650 |
) |
(1,952 |
) |
|||||
Total other income (expense), net |
184 |
|
1,019 |
|
233 |
|
231 |
|
|||||
Provision for income tax expense |
18 |
|
- |
|
26 |
|
- |
|
|||||
Net loss |
$ | (26,467 |
) |
$ | (11,075 |
) |
$ | (51,348 |
) |
$ | (22,584 |
) |
|
|
|||||||||||||
Per Share Data |
|||||||||||||
Net loss per common share (basic and diluted) |
$ | (0.17 |
) |
$ | (0.11 |
) |
$ | (0.33 |
) |
$ | (0.22 |
) |
|
Weighted average common shares outstanding (basic and diluted) |
157,310,419 |
|
101,458,886 |
|
156,071,676 |
|
101,398,851 |
|
|||||
Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) |
||||||
|
Six Months Ended |
|||||
|
2022 |
2021 |
||||
|
||||||
Cash flows from operating activities: |
||||||
Net loss |
$ | (51,348 |
) |
$ | (22,584 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
||||||
Depreciation and amortization |
463 |
|
498 |
|
||
Noncash lease expense relating to operating lease right-of-use assets |
654 |
|
- |
|
||
Inventory write-downs, net of scrapped inventory |
335 |
|
- |
|
||
Change in fair value of embedded derivative liability and warrant liabilities |
(109 |
) |
119 |
|
||
Noncash gain on PPP loan forgiveness |
- |
|
(2,297 |
) |
||
Stock-based compensation |
11,897 |
|
4,230 |
|
||
Amortization of debt issuance costs |
- |
|
437 |
|
||
Amortization of debt discount |
- |
|
543 |
|
||
Amortization of premiums on marketable securities, net of change in accrued interest |
826 |
|
- |
|
||
Other |
- |
|
189 |
|
||
Changes in operating assets and liabilities: |
||||||
Accounts receivable, net |
4,033 |
|
18 |
|
||
Inventories, net |
(1,316 |
) |
(1,813 |
) |
||
Prepaid and other current assets |
900 |
|
(316 |
) |
||
Other noncurrent assets |
411 |
|
(144 |
) |
||
Accounts payable |
932 |
|
1,513 |
|
||
Accrued expenses and other current liabilities |
1,354 |
|
1,953 |
|
||
Operating lease liabilities |
(859 |
) |
- |
|
||
Deferred rent |
- |
|
(297 |
) |
||
Contract liabilities |
(1,285 |
) |
(388 |
) |
||
Net cash used in operating activities |
(33,112 |
) |
(18,339 |
) |
||
Cash flows from investing activities: |
||||||
Purchase of property and equipment |
(1,759 |
) |
(245 |
) |
||
Proceeds from redemption of marketable securities |
26,234 |
|
- |
|
||
Net cash provided by (used in) operating activities |
24,475 |
|
(245 |
) |
||
Cash flows from financing activities: |
||||||
Proceeds from exercise of stock options |
668 |
|
89 |
|
||
Proceeds from the issuance of convertible notes |
- |
|
8,045 |
|
||
Proceeds from bank loan |
- |
|
10,000 |
|
||
Principal payments - bank loan |
- |
|
(667 |
) |
||
Payment of deferred financing costs |
- |
|
(1,287 |
) |
||
Payment of debt issuance costs |
- |
|
(717 |
) |
||
Taxes paid related to the net share settlement of equity awards |
(3,400 |
) |
- |
|
||
Proceeds from issuance of common stock under the Common Stock Purchase Agreement |
1,422 |
|
- |
|
||
Net cash provided by (used in) financing activities |
(1,310 |
) |
15,463 |
|
||
Net decrease in cash and cash equivalents and restricted cash |
(9,947 |
) |
(3,121 |
) |
||
Cash, cash equivalents and restricted cash at beginning of period |
16,333 |
|
16,497 |
|
||
Cash, cash equivalents and restricted cash at end of period |
$ | 6,386 |
|
$ | 13,376 |
|
Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands, except share and per share data) (Unaudited) |
|||||||||||||||
|
Three months ended |
Six months ended |
|||||||||||||
|
2022 |
2021 |
2022 |
2021 |
|||||||||||
GAAP net loss |
$ | (26,467 |
) |
$ | (11,075 |
) |
$ | (51,348 |
) |
$ | (22,584 |
) |
|||
Non-GAAP adjustments: |
|||||||||||||||
Stock-based compensation |
6,557 |
|
2,620 |
|
11,897 |
|
4,230 |
|
|||||||
Expenses related to registration statement on Form S-1s |
250 |
|
425 |
|
250 |
|
425 |
|
|||||||
Change in fair value of embedded derivative and warrant liabilities |
(141 |
) |
16 |
|
(109 |
) |
119 |
|
|||||||
Stock issuance costs |
28 |
|
- |
|
28 |
|
- |
|
|||||||
Gain on PPP Loan Forgiveness |
- |
|
(2,297 |
) |
- |
|
(2,297 |
) |
|||||||
Non-GAAP net loss |
$ | (19,773 |
) |
$ | (10,311 |
) |
$ | (39,282 |
) |
$ | (20,107 |
) |
|||
Depreciation and amortization expense |
255 |
|
253 |
|
463 |
|
498 |
|
|||||||
Interest income and other |
(350 |
) |
(2 |
) |
(774 |
) |
(5 |
) |
|||||||
Interest expense and other |
279 |
|
1,264 |
|
622 |
|
1,952 |
|
|||||||
Provision for income tax expense |
18 |
|
- |
|
26 |
|
- |
|
|||||||
Adjusted EBITDA |
$ | (19,571 |
) |
$ | (8,796 |
) |
$ | (38,945 |
) |
$ | (17,662 |
) |
|||
|
|||||||||||||||
GAAP net loss per share attributable to common stockholders: |
|||||||||||||||
Basic and diluted |
$ | (0.17 |
) |
$ | (0.11 |
) |
$ | (0.33 |
) |
$ | (0.22 |
) |
|||
Non-GAAP net loss per share attributable to common stockholders: |
|||||||||||||||
Basic and diluted |
$ | (0.13 |
) |
$ | (0.10 |
) |
$ | (0.25 |
) |
$ | (0.20 |
) |
|||
Shares used in computing GAAP net loss per share attributable to common stockholders: |
|||||||||||||||
Basic and diluted |
157,310,419 |
|
101,458,886 |
|
156,071,676 |
|
101,398,851 |
|
|||||||
Shares used in computing Non-GAAP net loss per share attributable to common stockholders: |
|||||||||||||||
Basic and diluted |
157,310,419 |
|
101,458,886 |
|
156,071,676 |
|
101,398,851 |
|
|||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20220815005120/en/
Media:
jennifer@aeye.ai
925-400-4366
AEye@landispr.com
415-717-9133
Investors:
cmontevirgen@aeye.ai
925-400-4366
AEye@lambert.com
212-971-9718
Source:
FAQ
What were AEye's Q2 2022 financial results?
What challenges is AEye facing in Q2 2022?
What is AEye's cash position as of June 30, 2022?
What new markets did AEye enter recently?
