AEye Reports Second Quarter 2023 Results
Management Commentary
“AEye has taken a significant step forward this quarter in our path to commercialization in the automotive market,” said Matt Fisch, AEye CEO. “We’ve achieved major in-vehicle test milestones with three prestigious industry players, including NVIDIA and two global automotive OEMs; AEye has solidified a production-ready supply chain with Continental to deliver an ADAS product at a price well below
Key Q2 2023 Financials
Overall, the cost reduction initiatives we implemented in the second quarter resulted in savings that exceeded our expectations and were an important driver in the improvement of our Q2 GAAP and non-GAAP net loss.
-
Revenue of
in the second quarter of 2023.$0.6 million -
GAAP net loss was
, or$(16.0) million per share based on 175.7 million weighted average common shares outstanding.$(0.09) -
Non-GAAP net loss was
, or$(11.7) million per share based on 175.7 million weighted average common shares outstanding.$(0.07) -
Cash, cash equivalents, and marketable securities were
as of June 30, 2023.$58.7 million
Conference Call and Webcast Details
AEye management will hold a conference call today, August 7, 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.
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://aeye.pub/3pNgUb0
- Webcast: https://aeye.pub/43tMxEp
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
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 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 Form S-1, plus change in fair value of convertible note and warrant liabilities, plus stock issuance costs, plus one-time termination benefits, plus impairment of ROU assets, and
- Adjusted EBITDA which is 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 the commercialization of AEye’s products, the achievement of certain milestones, the readiness of the supply chain, and AEye’s status with respect to certain automotive series production awards, 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 significant step forward in its path to commercialization in the automotive market may not result in the benefits anticipated, or if it does, in the time frame anticipated; (ii) the risks that AEye’s achievement of major in-vehicle test milestones may not result in the benefits anticipated, or if it does, in the time frame anticipated; (iii) the risks that the solidified production-ready supply chain with Continental may not result in the benefits anticipated, including the ability to deliver an ADAS product at a price well below
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) |
|||||||
June 30, 2023 | December 31, 2022 | ||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 18,392 |
|
$ | 19,064 |
|
|
Marketable securities | 40,260 |
|
75,135 |
|
|||
Accounts receivable, net | 290 |
|
617 |
|
|||
Inventories, net | 4,913 |
|
4,553 |
|
|||
Prepaid and other current assets | 3,297 |
|
6,181 |
|
|||
Total current assets | 67,152 |
|
105,550 |
|
|||
Right-of-use assets | 14,749 |
|
15,502 |
|
|||
Property and equipment, net | 7,783 |
|
7,665 |
|
|||
Restricted cash | - |
|
2,150 |
|
|||
Other noncurrent assets | 6,235 |
|
2,473 |
|
|||
Total assets | $ | 95,919 |
|
$ | 133,340 |
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current Liabilities: | |||||||
Accounts payable | $ | 3,520 |
|
$ | 3,218 |
|
|
Accrued expenses and other current liabilities | 9,020 |
|
9,764 |
|
|||
Contract liabilities | 150 |
|
987 |
|
|||
Convertible notes | 1,641 |
|
8,594 |
|
|||
Total current liabilities | 14,331 |
|
22,563 |
|
|||
Operating lease liabilities, noncurrent | 15,888 |
|
16,681 |
|
|||
Other noncurrent liabilities | 44 |
|
126 |
|
|||
Total liabilities | 30,263 |
|
39,370 |
|
|||
Stockholders' Equity: | |||||||
Preferred stock | — |
|
— |
|
|||
Common stock | 18 |
|
16 |
|
|||
Additional paid-in capital | 358,833 |
|
345,742 |
|
|||
Accumulated other comprehensive loss | (390 |
) |
(1,279 |
) |
|||
Accumulated deficit | (292,805 |
) |
(250,509 |
) |
|||
Total stockholders’ equity | 65,656 |
|
93,970 |
|
|||
Total liabilities and stockholders’ equity | $ | 95,919 |
|
$ | 133,340 |
|
AEYE, INC. Consolidated Statements of Operations (In thousands, except share and per share data) (Unaudited) |
|||||||||||||||
Three months ended June 30, |
|
|
Six months ended June 30, |
||||||||||||
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
||||||
Revenue: | |||||||||||||||
Prototype sales | $ | 245 |
|
$ | 195 |
|
$ | 370 |
|
$ | 530 |
|
|||
Development contracts | 326 |
|
511 |
|
837 |
|
1,258 |
|
|||||||
Total revenue | 571 |
|
706 |
|
1,207 |
|
1,788 |
|
|||||||
Cost of revenue | 1,911 |
|
1,427 |
|
4,172 |
|
2,909 |
|
|||||||
Gross loss | (1,340 |
) |
(721 |
) |
(2,965 |
) |
(1,121 |
) |
|||||||
Operating Expenses: | |||||||||||||||
Research and development | 5,897 |
|
10,762 |
|
15,339 |
|
19,338 |
|
|||||||
Sales and marketing | 2,604 |
|
5,323 |
|
8,872 |
|
9,939 |
|
|||||||
General and administrative | 6,345 |
|
9,827 |
|
14,899 |
|
21,157 |
|
|||||||
Total operating expenses | 14,846 |
|
25,912 |
|
39,110 |
|
50,434 |
|
|||||||
Loss from operations | (16,186 |
) |
(26,633 |
) |
(42,075 |
) |
(51,555 |
) |
|||||||
Other income (expense): | |||||||||||||||
Change in fair value of convertible note and warrant liabilities | (116 |
) |
141 |
|
(926 |
) |
109 |
|
|||||||
Interest income and other | 301 |
|
350 |
|
578 |
|
774 |
|
|||||||
Interest expense and other | (11 |
) |
(307 |
) |
165 |
|
(650 |
) |
|||||||
Total other income (expense), net | 174 |
|
184 |
|
(183 |
) |
233 |
|
|||||||
Provision for income tax expense | 19 |
|
18 |
|
38 |
|
26 |
|
|||||||
Net loss | $ | (16,031 |
) |
$ | (26,467 |
) |
$ | (42,296 |
) |
$ | (51,348 |
) |
|||
Per Share Data | |||||||||||||||
Net loss per common share (basic and diluted) | $ | (0.09 |
) |
$ | (0.17 |
) |
$ | (0.25 |
) |
$ | (0.33 |
) |
|||
Weighted average common shares outstanding (basic and diluted) | 175,675,994 |
|
157,310,419 |
|
168,962,722 |
|
156,071,676 |
|
AEYE, INC. Consolidated Statements of Cash Flows (In thousands) (Unaudited) |
|||||||
Six months ended June 30, |
|||||||
2023 |
|
|
2022 |
||||
Cash flows from operating activities: | |||||||
Net loss | $ | (42,296 |
) |
$ | (51,348 |
) |
|
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation and amortization | 666 |
|
463 |
|
|||
Gain on sale of property and equipment, net | (52 |
) |
— |
|
|||
Noncash lease expense relating to operating lease right-of-use assets | 706 |
|
654 |
|
|||
Impairment of right-of-use assets | 47 |
|
— |
|
|||
Inventory write-downs, net of scrapped inventory | 544 |
|
335 |
|
|||
Change in fair value of convertible note and warrant liabilities | 926 |
|
(109 |
) |
|||
Stock-based compensation | 10,623 |
|
11,897 |
|
|||
Amortization of premiums and accretion of discounts on marketable securities, net of change in accrued interest | (65 |
) |
826 |
|
|||
Changes in operating assets and liabilities: | |||||||
Accounts receivable, net | 327 |
|
4,033 |
|
|||
Inventories, current and noncurrent, net | (2,502 |
) |
(1,316 |
) |
|||
Prepaid and other current assets | 2,884 |
|
900 |
|
|||
Other noncurrent assets | (2,164 |
) |
411 |
|
|||
Accounts payable | 282 |
|
932 |
|
|||
Accrued expenses and other current liabilities | (785 |
) |
1,354 |
|
|||
Operating lease liabilities | (749 |
) |
(859 |
) |
|||
Contract liabilities | (837 |
) |
(1,285 |
) |
|||
Net cash used in operating activities | (32,445 |
) |
(33,112 |
) |
|||
Cash flows from investing activities: | |||||||
Purchase of property and equipment | (808 |
) |
(1,759 |
) |
|||
Proceeds from sale of property and equipment | 96 |
|
— |
|
|||
Proceeds from redemptions and maturities of marketable securities | 35,850 |
|
26,234 |
|
|||
Net cash provided by investing activities | 35,138 |
|
24,475 |
|
|||
Cash flows from financing activities: | |||||||
Proceeds from exercise of stock options | 391 |
|
668 |
|
|||
Taxes paid related to the net share settlement of equity awards | (1,051 |
) |
(3,400 |
) |
|||
Payments for convertible note redemptions | (4,973 |
) |
— |
|
|||
Proceeds from issuance of common stock under the Common Stock Purchase Agreement | — |
|
1,422 |
|
|||
Proceeds from issuance of common stock through Employee Share Purchase Plan | 118 |
|
— |
|
|||
Net cash used in financing activities | (5,515 |
) |
(1,310 |
) |
|||
Net increase (decrease) in cash, cash equivalents and restricted cash | (2,822 |
) |
(9,947 |
) |
|||
Cash, cash equivalents and restricted cash at beginning of period | 21,214 |
|
16,333 |
|
|||
Cash, cash equivalents and restricted cash at end of period | $ | 18,392 |
|
$ | 6,386 |
|
AEYE, INC. Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands, except share and per share data) (Unaudited) |
|||||||||||||||
Three months ended June 30, |
|
|
Six months ended June 30, |
||||||||||||
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
||||||
GAAP net loss | $ | (16,031 |
) |
$ | (26,467 |
) |
$ | (42,296 |
) |
$ | (51,348 |
) |
|||
Non-GAAP adjustments: | |||||||||||||||
Stock-based compensation | 4,110 |
|
6,557 |
|
10,623 |
|
11,897 |
|
|||||||
Expenses related to registration statement on Form S-1s | — |
|
250 |
|
— |
|
250 |
|
|||||||
Change in fair value of convertible note and warrant liabilities | 116 |
|
(141 |
) |
926 |
|
(109 |
) |
|||||||
Stock issuance costs | — |
|
28 |
|
— |
|
28 |
|
|||||||
One-time termination benefits | 45 |
|
— |
|
1,298 |
|
— |
|
|||||||
Impairment of right-of-use assets | 47 |
|
— |
|
47 |
|
— |
|
|||||||
Non-GAAP net loss | $ | (11,713 |
) |
$ | (19,773 |
) |
$ | (29,402 |
) |
$ | (39,282 |
) |
|||
Depreciation and amortization expense | 336 |
|
255 |
|
666 |
|
463 |
|
|||||||
Interest income and other | (301 |
) |
(350 |
) |
(578 |
) |
(774 |
) |
|||||||
Interest expense and other | (36 |
) |
279 |
|
(212 |
) |
622 |
|
|||||||
Provision for income tax expense | 19 |
|
18 |
|
38 |
|
26 |
|
|||||||
Adjusted EBITDA | $ | (11,695 |
) |
$ | (19,571 |
) |
$ | (29,488 |
) |
$ | (38,945 |
) |
|||
GAAP net loss per share attributable to common stockholders: | |||||||||||||||
Basic and diluted | $ | (0.09 |
) |
$ | (0.17 |
) |
$ | (0.25 |
) |
$ | (0.33 |
) |
|||
Non-GAAP net loss per share attributable to common stockholders: | |||||||||||||||
Basic and diluted | $ | (0.07 |
) |
$ | (0.13 |
) |
$ | (0.17 |
) |
$ | (0.25 |
) |
|||
Shares used in computing GAAP net loss per share attributable to common stockholders: | |||||||||||||||
Basic and diluted | 175,675,994 |
|
157,310,419 |
|
168,962,722 |
|
156,071,676 |
|
|||||||
Shares used in computing Non-GAAP net loss per share attributable to common stockholders: | |||||||||||||||
Basic and diluted | 175,675,994 |
|
157,310,419 |
|
168,962,722 |
|
156,071,676 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230807663938/en/
Jennifer Deitsch
AEye, Inc.
jennifer@aeye.ai
925-400-4366
Margaret Boyce
Financial Profiles, Inc.
mboyce@finprofiles.com
310-622-8247
Source: AEye, Inc.