[Q1 2025 Earnings Release Overview](index=1&type=section&id=Q1%202025%20Earnings%20Release%20Overview) [Business & Operational Highlights](index=1&type=section&id=Business%20%26%20Operational%20Highlights) AEye achieved significant operational milestones in Q1 2025, including manufacturing the first Apollo units with its Tier 1 partner LITEON and advancing integration with NVIDIA's DRIVE platform, while expanding its customer pipeline beyond automotive into new markets - The first units of the Apollo lidar sensor have been manufactured by Tier 1 partner LITEON, with B-sample deliveries to automotive OEMs expected in **Q2 2025**[4](index=4&type=chunk)[6](index=6&type=chunk) - Reached the final testing stage for Apollo's integration into the NVIDIA DRIVE platform, aiming for wider adoption in ADAS and autonomous driving[4](index=4&type=chunk)[6](index=6&type=chunk) - Secured new customer agreements in Intelligent Transportation Systems and Defense, demonstrating product versatility[6](index=6&type=chunk) - Over **20 potential customer engagements** are moving towards proof-of-concept deployments, indicating a growing sales pipeline[6](index=6&type=chunk) [Financial Performance](index=1&type=section&id=Financial%20Performance) In Q1 2025, AEye reported a GAAP net loss of **$8.0 million** and a non-GAAP net loss of **$5.8 million**, ending the quarter with **$25.9 million** in cash and marketable securities and a total potential liquidity of approximately **$74 million** - Ended Q1 2025 with **$25.9 million** in cash, cash equivalents, and marketable securities[8](index=8&type=chunk) - Total potential liquidity stands at approximately **$74 million**, intended to fund the production ramp-up of Apollo[8](index=8&type=chunk) - Q1 2025 cash burn was **$8.0 million** (excluding net financing), which is expected to decrease throughout the year[7](index=7&type=chunk) - Successfully resolved a lease litigation, reducing the potential cash liability from **$6.4 million** to **$1.4 million**[7](index=7&type=chunk) [Key Financial Results (Q1 2025)](index=1&type=section&id=Key%20Financial%20Results%20%28Q1%202025%29) For the first quarter of 2025, AEye reported a GAAP net loss of **$8.0 million**, or **$(0.46)** per share, an improvement from a **$10.2 million** loss in Q1 2024, with revenue increasing to **$64 thousand** Q1 2025 Key Financial Metrics vs. Q1 2024 | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenue | $64 thousand | $20 thousand | | Gross Loss | $(32) thousand | $(243) thousand | | GAAP Net Loss | $(8.0) million | $(10.2) million | | GAAP EPS (basic & diluted) | $(0.46) | $(1.61) | | Non-GAAP Net Loss | $(5.8) million | $(7.2) million | | Non-GAAP EPS (basic & diluted) | $(0.33) | $(1.13) | | Adjusted EBITDA | $(5.9) million | $(7.7) million | - The weighted average common shares outstanding increased significantly to **17.4 million** from **6.4 million** year-over-year, impacting per-share metrics[19](index=19&type=chunk)[21](index=21&type=chunk) [Financial Position (Balance Sheet)](index=5&type=section&id=Financial%20Position%20%28Balance%20Sheet%29) As of March 31, 2025, AEye had total assets of **$28.8 million** and total liabilities of **$11.8 million**, with cash and marketable securities totaling **$25.9 million** Balance Sheet Summary (As of March 31, 2025) | Account | March 31, 2025 (in thousands) | Dec 31, 2024 (in thousands) | | :--- | :--- | :--- | | **Total Current Assets** | $26,962 | $25,171 | | *Cash and cash equivalents* | *$5,267* | *$10,266* | | *Marketable securities* | *$20,659* | *$12,012* | | **Total Assets** | **$28,796** | **$27,120** | | **Total Current Liabilities** | $10,769 | $11,307 | | **Total Liabilities** | **$11,798** | **$11,996** | | **Total Stockholders' Equity** | **$16,998** | **$15,124** | [Statement of Operations](index=6&type=section&id=Statement%20of%20Operations) For the three months ended March 31, 2025, AEye's revenue was **$64 thousand** with a gross loss of **$32 thousand**, while total operating expenses significantly reduced to **$6.8 million** - Revenue increased to **$64 thousand** in Q1 2025 from **$20 thousand** in Q1 2024[19](index=19&type=chunk) - Total operating expenses decreased by **35.5% YoY** to **$6.8 million**, driven by a **$1.0 million** reduction in R&D and a **$2.7 million** reduction in G&A expenses[19](index=19&type=chunk) - Loss from operations improved to **$(6.8) million** from **$(10.7) million** in the prior-year quarter[19](index=19&type=chunk) [Statement of Cash Flows](index=7&type=section&id=Statement%20of%20Cash%20Flows) In Q1 2025, net cash used in operating activities was **$7.8 million**, with **$8.6 million** used in investing activities, while **$11.4 million** was provided by financing activities, resulting in a net decrease in cash of **$5.0 million** - Net cash used in operating activities was **$(7.8) million**, comparable to **$(7.9) million** in Q1 2024[20](index=20&type=chunk) - Net cash used in investing activities was **$(8.6) million**, a significant shift from **$0.4 million** provided in Q1 2024, mainly due to higher purchases of marketable securities[20](index=20&type=chunk) - Net cash provided by financing activities was **$11.4 million**, a substantial increase from **$0.1 million** in Q1 2024, primarily from **$2.95 million** in convertible note proceeds and **$9.5 million** from common stock issuance[20](index=20&type=chunk) [GAAP to Non-GAAP Reconciliation](index=8&type=section&id=GAAP%20to%20Non-GAAP%20Reconciliation) AEye reconciled its Q1 2025 GAAP net loss of **$8.0 million** to a non-GAAP net loss of **$5.8 million**, adjusting for items like stock-based compensation and changes in fair value of liabilities Q1 2025 GAAP to Non-GAAP Reconciliation (in thousands) | Description | Amount | | :--- | :--- | | **GAAP net loss** | **$(8,016)** | | Stock-based compensation | $2,501 | | Stock issuance and debt issuance costs | $2,095 | | Gain on termination of operating lease, net | $(1,685) | | Change in fair value of convertible note and warrant liabilities | $(680) | | **Non-GAAP net loss** | **$(5,785)** | [2025 Financial Outlook](index=2&type=section&id=2025%20Financial%20Outlook) AEye has revised its full-year 2025 cash burn forecast to a range of **$27 million** to **$29 million**, an increase attributed to a one-time litigation settlement and potential convertible note repayment - Full-year 2025 cash burn is now expected to be between **$27 million** and **$29 million**[9](index=9&type=chunk) - The increase from the previous **$25 million** forecast is due to a one-time litigation settlement and potential repayment of a convertible note[9](index=9&type=chunk) - Excluding these one-time costs, the underlying cash burn rate is consistent with previous guidance[9](index=9&type=chunk) [Supplementary Information](index=2&type=section&id=Supplementary%20Information) This section provides standard corporate disclosures, including a description of AEye's software-defined lidar technology, an explanation of non-GAAP financial measures, and a detailed list of forward-looking statements and associated risks - The company uses non-GAAP net loss and Adjusted EBITDA to provide additional insight into ongoing performance, adjusting for items like stock-based compensation and changes in fair value of liabilities[12](index=12&type=chunk)[13](index=13&type=chunk) - The press release contains numerous forward-looking statements regarding production, partnerships (NVIDIA, LITEON), market expansion, and financial projections (cash burn, liquidity), along with extensive risk factors that could cause actual results to differ[14](index=14&type=chunk)[15](index=15&type=chunk)

Part I [Business](index=4&type=section&id=Item%201.%20Business) AEye develops high-performance, active lidar systems for vehicle autonomy and robotic vision, primarily through Tier 1 automotive partnerships - AEye provides high-performance, active lidar systems for vehicle autonomy, ADAS, and robotic vision applications, utilizing its proprietary **4Sight™ Intelligent Sensing Platform**[14](index=14&type=chunk) - The company employs a **channel model** for the Automotive market, partnering with **Tier 1 suppliers** who manufacture and sell lidar solutions incorporating AEye's technology, from which AEye expects to receive **royalty payments**[18](index=18&type=chunk)[30](index=30&type=chunk) - In **June 2024**, AEye launched **Apollo**, its next-generation lidar sensor, suitable for both automotive and non-automotive applications with a detection range of up to **1 km**[39](index=39&type=chunk) - The company has partnered with **Accelight Technologies, Inc.** and **LighTekton Co., Ltd.** to deliver its lidar solutions to the **China market**, which is expected to grow to **$2.5 billion** over the next 3 years[33](index=33&type=chunk) - As of February 1, 2025, AEye owned **94 U.S. and foreign issued patents** and had **44 pending patent applications**[53](index=53&type=chunk) - The company is involved in a legal dispute with a former landlord over a terminated lease, with the landlord demanding approximately **$4.35 million**, net of a retained security deposit[66](index=66&type=chunk) [Risk Factors](index=14&type=section&id=Item%201A.%20Risk%20Factors) AEye faces significant risks from historical losses, reliance on Tier 1 partnerships, uncertain lidar market adoption, and intense competition - The company is an early-stage company with a history of losses, incurring a net loss of approximately **$35.5 million** in 2024, and expects to continue incurring losses for the next few years[73](index=73&type=chunk) - AEye's business model relies heavily on relationships with **Tier 1 automotive suppliers**. The company's previous Tier 1 partner, **Continental**, discontinued their joint program in late 2023, and the company is now working with **LITEON**[79](index=79&type=chunk) - The company will need to raise **additional capital** to execute its business plan. Its ability to do so may be limited by "baby shelf" rules under SEC regulations, as its public float is **below $75 million**[80](index=80&type=chunk)[81](index=81&type=chunk)[83](index=83&type=chunk) - Market adoption of lidar is **uncertain** and may develop more **slowly** than expected, which would adversely affect the business. The company faces **competition** from other lidar developers as well as alternative technologies like cameras and radar[109](index=109&type=chunk)[146](index=146&type=chunk)[151](index=151&type=chunk) - The company relies on third-party suppliers, with some key components coming from **limited or single sources**, making it susceptible to **supply shortages** and **cost fluctuations**[113](index=113&type=chunk) - A lawsuit was filed against the company's subsidiary in **August 2024** regarding a breach of a former office lease, with the landlord claiming damages could be up to **$8.5 million**[187](index=187&type=chunk) [Unresolved Staff Comments](index=51&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments - None[243](index=243&type=chunk) [Cybersecurity](index=51&type=section&id=Item%201C.%20Cybersecurity) AEye manages cybersecurity risks through established processes, Board oversight, and expert IT management, reporting no material threats to date - The company has **established processes** to identify, manage, and **mitigate material risks** from cybersecurity threats, including monitoring IT infrastructure, employing security tools, and engaging external experts[244](index=244&type=chunk) - Cybersecurity oversight is handled by the **Board of Directors**, primarily through delegation to the **Audit Committee**, which receives periodic reports from management[246](index=246&type=chunk) - The day-to-day cybersecurity program is managed by the **Director of IT**, who reports to the Chief Financial Officer and has over **39 years of IT experience**[247](index=247&type=chunk) - As of the date of the report, the company is **not aware of any cybersecurity threats** that have materially affected or are reasonably likely to materially affect its business, operations, or financial condition[245](index=245&type=chunk) [Properties](index=52&type=section&id=Item%202.%20Properties) AEye's corporate headquarters is a leased 6,522 square foot facility in Pleasanton, California, with its lease expiring in November 2027 - AEye's corporate headquarters is a leased facility of approximately **6,522 square feet** in Pleasanton, California[248](index=248&type=chunk) - The current lease expires on **November 30, 2027**, and the company has an option to renew for an additional **five years**[248](index=248&type=chunk) [Legal Proceedings](index=52&type=section&id=Item%203.%20Legal%20Proceedings) AEye's subsidiary faces a lawsuit over a breached office lease, with the landlord demanding $4.35 million, potentially impacting financial condition - AEye's subsidiary is facing a lawsuit filed on **August 26, 2024**, for an alleged breach of an office lease due to failure to pay rent[249](index=249&type=chunk) - The landlord's informal demand for damages is approximately **$4.35 million**, which is net of a **$2.15 million** security deposit that the landlord retained[249](index=249&type=chunk) - The company warns that if it is found liable for the amounts claimed, it could have a **material adverse effect** on its liquidity, financial condition, and results of operations[249](index=249&type=chunk) [Mine Safety Disclosures](index=52&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[251](index=251&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=53&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) AEye's common stock is listed on Nasdaq under "LIDR", with approximately 57 record holders, and the company has never paid cash dividends - The company's common stock is listed on The **Nasdaq Global Select Market** under the trading symbol "**LIDR**"[254](index=254&type=chunk) - As of **February 18, 2025**, there were approximately **57 holders of record** of the common stock[255](index=255&type=chunk) - The company has **never paid cash dividends** and does not expect to pay any in the foreseeable future[256](index=256&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=54&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In FY2024, AEye's revenue decreased by 86% to $0.2 million, while net loss narrowed by 59% to $35.5 million due to significant operating expense reductions Consolidated Results of Operations (in thousands) | | 2024 | 2023 | Change $ | Change % | | :--- | :--- | :--- | :--- | :--- | | **Total revenue** | $202 | $1,464 | $(1,262) | (86)% | | **Gross loss** | $(576) | $(13,855) | $13,279 | (96)% | | **Total operating expenses** | $35,252 | $73,921 | $(38,669) | (52)% | | **Loss from operations** | $(35,828) | $(87,776) | $51,948 | (59)% | | **Net loss** | $(35,460) | $(87,126) | $51,666 | (59)% | - Revenue from development contracts decreased by **89%** to **$105 thousand** in 2024, primarily due to the fulfillment of obligations under a Tier 1 automotive supplier contract in Q4 2023[302](index=302&type=chunk) - Operating expenses decreased significantly due to the implementation of a revised strategic plan in 2023. R&D expenses fell **37%**, Sales & Marketing expenses fell **96%**, and General & Administrative expenses fell **27%**[304](index=304&type=chunk)[305](index=305&type=chunk)[306](index=306&type=chunk) - The company recorded **no impairment** of long-lived assets in 2024, compared to a **$10.0 million** impairment charge in 2023 related to restructuring and the termination of a partnership with a large Tier 1 supplier[307](index=307&type=chunk) - As of December 31, 2024, the company's cash, cash equivalents, and marketable securities totaled **$22.3 million**. Management believes this is sufficient to fund operations for **at least the next 12 months**[314](index=314&type=chunk)[326](index=326&type=chunk) - The company has engaged in **multiple financing activities**, including a Common Stock Purchase Agreement with New Circle for **up to $50 million**, an "at-the-market" agreement with A.G.P., and a convertible note financing in January 2025[267](index=267&type=chunk)[268](index=268&type=chunk)[269](index=269&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=68&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) AEye is exposed to market risks including interest rate, concentrated credit, and foreign currency exchange risk, without current hedging - The company's interest rate risk is **low** due to the **short-term nature** of its cash, cash equivalents, and marketable securities[346](index=346&type=chunk) - As of December 31, 2024, there was a **concentration of credit risk** with **three customers** each accounting for **10% or more** of accounts receivable[347](index=347&type=chunk) - The company is exposed to **foreign currency exchange risk** from fluctuations in the **euro and Japanese yen** against the U.S. dollar, but **does not currently engage in hedging**[349](index=349&type=chunk) [Financial Statements and Supplementary Data](index=69&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) Audited FY2024 financial statements show a net loss reduction to $35.5 million, decreased assets and liabilities, and a net cash use from operations Consolidated Balance Sheet Data (in thousands) | | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Total Current Assets** | $25,171 | $39,754 | | **Total Assets** | $27,120 | $54,317 | | **Total Current Liabilities** | $11,307 | $10,027 | | **Total Liabilities** | $11,996 | $25,294 | | **Total Stockholders' Equity** | $15,124 | $29,023 | Consolidated Statement of Operations Data (in thousands) | | Year Ended Dec 31, 2024 | Year Ended Dec 31, 2023 | | :--- | :--- | :--- | | **Total Revenue** | $202 | $1,464 | | **Gross Loss** | $(576) | $(13,855) | | **Loss from Operations** | $(35,828) | $(87,776) | | **Net Loss** | $(35,460) | $(87,126) | | **Net Loss Per Share** | $(4.89) | $(14.95) | Consolidated Cash Flow Summary (in thousands) | | Year Ended Dec 31, 2024 | Year Ended Dec 31, 2023 | | :--- | :--- | :--- | | **Net cash used in operating activities** | $(26,620) | $(50,725) | | **Net cash provided by investing activities** | $7,744 | $55,351 | | **Net cash provided by (used in) financing activities** | $10,060 | $(6,758) | - In 2023, the company implemented a revised strategic plan focusing on automotive commercialization, which led to restructuring charges of **$19.2 million**, including a **$10.0 million** impairment of long-lived assets. In 2024, restructuring resulted in a **net gain of $0.4 million**, primarily from a lease termination[527](index=527&type=chunk)[529](index=529&type=chunk)[530](index=530&type=chunk) - As of December 31, 2024, the company had federal and state net operating loss carryforwards of approximately **$284 million** and **$242 million**, respectively, to reduce future taxable income, though their use may be **limited under Section 382**[537](index=537&type=chunk)[539](index=539&type=chunk) [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=111&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[550](index=550&type=chunk) [Controls and Procedures](index=111&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2024 - Management evaluated disclosure controls and procedures and concluded they were **effective** as of December 31, 2024[552](index=552&type=chunk) - Management assessed internal control over financial reporting based on the 2013 COSO framework and concluded it was **effective** as of December 31, 2024[553](index=553&type=chunk) - The company is an emerging growth company and is **not required to provide an attestation report** from its independent registered public accounting firm on internal controls[554](index=554&type=chunk) [Other Information](index=111&type=section&id=Item%209B.%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the fourth quarter of fiscal year 2024 - **No director or officer** adopted or terminated a **Rule 10b5-1 trading arrangement** during the fourth quarter of fiscal year 2024[557](index=557&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=113&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) AEye's Board of Directors comprises six members, with four independent, overseeing four committees, and non-employee director compensation was modified - The Board of Directors consists of **six members**: Timothy J. Dunn, Sue E. Zeifman, Luis C. Dussan, Matthew Fisch, Prof. Dr. Bernd Gottschalk, and Jonathon B. Husby[561](index=561&type=chunk) - The Board is divided into **three classes**, with **four of the six directors** determined to be **independent**. Matthew Fisch serves as **Chairman and CEO**[573](index=573&type=chunk)[608](index=608&type=chunk)[609](index=609&type=chunk) - The Board has an **Audit Committee**, **Compensation Committee**, **Nominating and Corporate Governance Committee**, and a **Strategic Financing and M&A Committee**[576](index=576&type=chunk) - In May 2024, the Board **eliminated initial and annual equity grants** for non-employee directors. In August 2024, to compensate for this, the annual cash retainer was **increased by $175,000** per non-employee director[600](index=600&type=chunk) [Executive Compensation](index=120&type=section&id=Item%2011.%20Executive%20Compensation) AEye's 2024 Named Executive Officers received total compensation of $1.47 million for CEO Matthew Fisch, $1.02 million for General Counsel Andrew S. Hughes, and $0.89 million for CFO Conor B. Tierney 2024 Summary Compensation Table | Name | Position | Salary ($) | Stock Awards ($) | Non-Equity Incentive Plan Comp ($) | All Other Comp ($) | Total ($) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Matthew Fisch | CEO | 500,000 | 344,470 | 109,375 | 517,592 | 1,471,437 | | Andrew S. Hughes | General Counsel | 385,000 | 63,983 | 164,227 | 402,250 | 1,015,460 | | Conor B. Tierney | CFO | 330,000 | 164,372 | 46,922 | 347,586 | 888,880 | - Each NEO received a **retention bonus**, included in 'All other compensation', **equal to their respective annual base salary** for remaining employed through December 31, 2024[633](index=633&type=chunk)[638](index=638&type=chunk) - NEOs have **Change in Control Severance Agreements** providing for **1.5x base pay and target bonus**, **prorated bonus**, **full equity acceleration**, and **18 months of paid health insurance** upon a qualifying termination following a change in control[638](index=638&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=123&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) As of February 18, 2025, directors and executive officers beneficially owned 4.90% of common stock, with no beneficial owners exceeding 5% - As of **February 18, 2025**, all directors and executive officers as a group beneficially owned 914,878 shares, representing **4.90%** of the outstanding common stock[647](index=647&type=chunk) - The company has **no known beneficial owners of more than 5%** of its common stock[650](index=650&type=chunk) Equity Compensation Plan Information (as of Dec 31, 2024) | Plan Category | Securities to be issued upon exercise | Securities remaining available for future issuance | | :--- | :--- | :--- | | Equity compensation plans approved by security holders | 524,041 | 718,581 | | Equity compensation plans not approved by security holders | 0 | 0 | | **Total** | **524,041** | **718,581** | [Certain Relationships and Related Transactions, and Director Independence](index=125&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) The company disclosed one related party transaction involving a director's sibling and maintains a formal policy for reviewing such transactions - The company employed Miguel Dussan, a sibling of director Luis C. Dussan, until December 15, 2023. In 2023, his total cash compensation was **$149,000** and he was granted **2,000 RSUs**[657](index=657&type=chunk) - The Board has adopted a **written policy** for the review and approval of related party transactions **exceeding $120,000**, which is managed by the **Audit Committee**[660](index=660&type=chunk) - The company has entered into **indemnification agreements** with each of its executive officers and directors[659](index=659&type=chunk) [Principal Accounting Fees and Services](index=125&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information on principal accounting fees and services is incorporated by reference from the company's 2025 Proxy Statement - Information required by this item is **incorporated by reference** from the company's 2025 Proxy Statement[661](index=661&type=chunk) Part IV [Exhibits, Financial Statement Schedules](index=126&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists all exhibits filed as part of the Annual Report on Form 10-K, including key agreements and certifications - The report includes a **list of exhibits** filed or incorporated by reference, such as the **Merger Agreement**, Certificate of Incorporation, various stock purchase and registration rights agreements, and **executive certifications**[663](index=663&type=chunk) - **No financial statement schedules** are filed with this report[662](index=662&type=chunk) [Form 10-K Summary](index=129&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company reports no Form 10-K summary - None[668](index=668&type=chunk)

Financial Data and Key Metrics Changes - In Q4 2024, AEye reported a GAAP net loss of $8.5 million or $0.93 per share, compared to a loss of $8.7 million or $1.01 per share in Q3 2024, indicating a slight improvement [26] - Non-GAAP net loss was $6.3 million or $0.69 per share in Q4 2024, compared to a loss of $6 million or $0.70 per share in the previous quarter [27] - Cash, cash equivalents, and marketable securities at the end of Q4 2024 totaled $22.3 million, with total potential liquidity around $80 million including capital raised post-quarter [20][28] Business Line Data and Key Metrics Changes - The Apollo LiDAR sensor has undergone significant improvements, demonstrating high-resolution long-range detection capabilities at 1 kilometer, and has been positively received in various market sectors [9][10] - The manufacturing line for Apollo is ramping up with a Tier 1 partner, with the first units expected in Q1 2025 [12] Market Data and Key Metrics Changes - AEye is seeing increased interest in Apollo across multiple sectors, including security, rail, and intelligent transportation systems, indicating a broadening market appeal beyond automotive [16][23] - The partnership with NVIDIA is facilitating access to new OEMs, enhancing AEye's market position [14][23] Company Strategy and Development Direction - AEye's strategy focuses on leveraging its capital-light model and partnerships to extend its cash runway and support high-volume production of Apollo [11][18] - The company aims to position Apollo for mass production and is actively engaging with global OEMs for rigorous testing [13][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting OEM demands, emphasizing that LiDAR technology is essential for future automotive success [18] - The company anticipates cash burn for 2025 to be $25 million, slightly up from 2024, primarily due to increased investments for Apollo's ramp-up [28] Other Important Information - AEye has the lowest cash burn rate in the industry, which provides resilience amid challenging market conditions [18] - The company has successfully raised approximately $18 million since the beginning of Q4 2024, extending its financial runway to mid-2026 [21] Q&A Session Summary Question: Could you speak about non-automotive opportunities? - Management highlighted Apollo's capabilities in security applications, noting significant interest and ongoing testing in China, the U.S., and Europe [34][37] Question: Does greater liquidity give you more confidence in meeting OEM financial due diligence requirements? - Management confirmed that liquidity is crucial for OEMs to feel comfortable with AEye's ability to reach high-volume production [40][42] Question: Can you frame what high volume means? - Management defined high volume as starting in the tens of thousands of units, with potential to ramp above 100,000 units annually [46][49] Question: What is the current market appetite for LiDAR in vehicles? - Management indicated that several OEMs are committed to Level 3 programs, which include LiDAR, and that there is a strong push for eyes-off, hands-free driving [58][61] Question: What is the expected cash spend in R&D? - Management estimated that R&D constitutes roughly half of the overall operating expenses, with a focus on Apollo support and customer integration [73][76] Question: Is AEye more geographically fluid in pursuing opportunities? - Management affirmed that AEye's partnerships allow for a global presence, enabling operations across multiple regions including the U.S., China, and Europe [81][84]

Fourth Quarter 2024 Earnings CEO Matt Fisch CFO Conor Tierney February 20, 2025 Disclaimer Forward-Looking Statements This presentation of AEye, Inc. ("AEye" or the "Company") includes statements that are not historical facts, but rather are forward- looking statements within the meaning of the federal securities laws, including safe harbor provisions under the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are sometimes accompanied by words such as "believe," "continue," ...

[Performance Overview and Management Commentary](index=1&type=section&id=Performance%20Overview%20and%20Management%20Commentary) AEye achieved a transformational 2024, marked by the successful U.S. launch of its Apollo lidar system, advancing manufacturing with a Tier 1 partner, and extending its cash runway to mid-2026 - The **Apollo lidar system** was successfully launched in the U.S. at CES and is currently undergoing customer testing for high-visibility applications[1](index=1&type=chunk)[3](index=3&type=chunk)[5](index=5&type=chunk) - Financial runway extended to **mid-2026** through additional growth capital, bolstering the balance sheet for Apollo's high-volume production ramp[1](index=1&type=chunk)[3](index=3&type=chunk)[5](index=5&type=chunk) - Production of the first **Apollo B samples** commenced, marking a critical milestone for customer quoting across multiple sectors[5](index=5&type=chunk) - Strategic partnerships in China are enhancing exposure to prospective customers via established networks and supply chains[3](index=3&type=chunk) [Financial Highlights](index=1&type=section&id=Recent%20Financial%20Highlights) AEye surpassed its Q4 2024 cash burn guidance for the fourth consecutive quarter, reporting a GAAP net loss of **$8.5 million** and holding **$22.3 million** in cash and equivalents Q4 2024 Key Financial Metrics (In millions, except EPS) | Metric | Q4 2024 Value | | :--- | :--- | | Cash Burn | $4.8 million | | GAAP Net Loss | $(8.5) million | | GAAP EPS | $(0.93) | | Non-GAAP Net Loss | $(6.3) million | | Non-GAAP EPS | $(0.69) | | Cash, Cash Equivalents, & Marketable Securities | $22.3 million (as of Dec 31, 2024) | - Quarterly cash burn guidance was surpassed for the **fourth consecutive quarter**, reflecting disciplined cost management[5](index=5&type=chunk)[7](index=7&type=chunk) - Common shares outstanding increased to **13.7 million** by Q4 2024 end, up from **6.3 million** in Q4 2023[6](index=6&type=chunk) [2025 Financial Outlook](index=2&type=section&id=2025%20Financial%20Outlook) AEye projects a **$25 million** cash burn for full-year 2025, driven by investments in Apollo lidar system production, supported by **$80 million** in total potential liquidity - Full-year 2025 cash burn is projected to total **$25 million**[8](index=8&type=chunk) - The increase in cash burn is attributed to investments necessary for ramping Apollo to high-volume production[8](index=8&type=chunk) - An additional **$12.7 million** was raised in 2025, bringing total potential liquidity to approximately **$80 million**[7](index=7&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) This section provides unaudited consolidated financial statements for Q4 and full-year 2024, including Balance Sheets, Statements of Operations, Cash Flows, and GAAP to Non-GAAP reconciliations [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of December 31, 2024, total assets decreased to **$27.1 million** from **$54.3 million** in 2023, while total liabilities reduced to **$12.0 million** Consolidated Balance Sheet Highlights (In thousands) | Account | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $10,266 | $16,932 | | Total current assets | $25,171 | $39,754 | | **Total assets** | **$27,120** | **$54,317** | | **Liabilities & Equity** | | | | Total current liabilities | $11,307 | $10,027 | | **Total liabilities** | **$11,996** | **$25,294** | | **Total stockholders' equity** | **$15,124** | **$29,023** | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) Full-year 2024 total revenue was **$0.2 million**, with loss from operations significantly reduced to **$35.8 million** and net loss improving to **$35.5 million** Statement of Operations Highlights (In thousands, except per share data) | Metric | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | $46 | $69 | $202 | $1,464 | | Gross Loss | $(3) | $(6,599) | $(576) | $(13,855) | | Loss from Operations | $(8,995) | $(28,419) | $(35,828) | $(87,776) | | Net Loss | $(8,548) | $(27,782) | $(35,460) | $(87,126) | | Net Loss Per Share | $(0.93) | $(4.44) | $(4.89) | $(14.95) | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities for FY2024 significantly decreased to **$26.6 million**, with **$7.7 million** generated from investing and **$10.1 million** from financing activities, ending with **$10.3 million** in cash Statement of Cash Flows Highlights (In thousands) | Cash Flow Activity | FY 2024 | FY 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(26,620) | $(50,725) | | Net cash provided by investing activities | $7,744 | $55,351 | | Net cash provided by (used in) financing activities | $10,060 | $(6,758) | | **Net decrease in cash** | **$(8,816)** | **$(2,132)** | | **Cash at end of period** | **$10,266** | **$19,082** | [Reconciliation of GAAP to Non-GAAP Financial Measures](index=8&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) This section reconciles GAAP to non-GAAP financial measures, showing how the FY2024 GAAP net loss of **$35.5 million** adjusts to a non-GAAP net loss of **$25.8 million** GAAP to Non-GAAP Reconciliation Highlights (In thousands) | Metric | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | :--- | | GAAP net loss | $(8,548) | $(27,782) | $(35,460) | $(87,126) | | Stock-based compensation | $2,045 | $3,364 | $9,047 | $18,071 | | **Non-GAAP net loss** | **$(6,330)** | **$(6,876)** | **$(25,780)** | **$(45,796)** | | **Adjusted EBITDA** | **$(6,712)** | **$(7,118)** | **$(27,143)** | **$(46,013)** | [Legal Disclosures](index=2&type=section&id=Legal%20Disclosures) This section outlines the purpose of non-GAAP financial measures and provides a comprehensive disclaimer regarding forward-looking statements and associated risks - The report presents non-GAAP financial measures, including **Non-GAAP net loss** and **Adjusted EBITDA**, as supplemental information for evaluating ongoing operations[11](index=11&type=chunk)[13](index=13&type=chunk) - Forward-looking statements are subject to various risks and uncertainties, such as potential delays in the **Apollo manufacturing ramp**, market adoption of lidar, and broader economic conditions[12](index=12&type=chunk)[14](index=14&type=chunk)

Table of Contents As filed with the Securities and Exchange Commission on August 14 , 2024 Registration No. 333-281235 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 PRE-EFFECTIVE AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 __________________________ AEYE, INC. If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registratio ...

Financial Data and Key Metrics Changes - AEye reported a second quarter GAAP net loss of $8 million or $1.16 per share, an improvement from a GAAP net loss of $10.2 million or $1.61 per share in the first quarter of 2024 [13][14] - Non-GAAP net loss was $6.2 million or $0.91 per share in the second quarter, compared to a non-GAAP net loss of $7.2 million or $1.13 per share in the first quarter [14] - Cash burn for the second quarter was $6.2 million, down from $7.6 million in the first quarter, and the company closed the quarter with $28 million in cash, cash equivalents, and marketable securities [13][14] Business Line Data and Key Metrics Changes - The launch of the Apollo product has driven significant interest from OEMs, with positive feedback leading to increased engagement [4][5] - AEye has successfully completed technology transfer to its Tier 1 partner LITEON, which is expected to enhance product cost reduction initiatives [6][8] - The company is actively engaged with multiple OEMs, with discussions primarily driven by interest in the Apollo product [5][6] Market Data and Key Metrics Changes - The Chinese market is leading globally in lidar adoption, with AEye estimating a market opportunity of $2.5 billion for ultra-long range lidar over the next three years [10][11] - AEye's partnerships in China have resulted in multiple OEM engagements following the Apollo launch in Suzhou [8][10] - The NHTSA's new requirement for automatic emergency braking is driving increased interest in high-performance lidar solutions [5][21] Company Strategy and Development Direction - AEye's capital-light model allows for a focus on key fundamentals and technology advancement with modest capital requirements compared to peers [9][11] - The company aims to execute its go-to-market strategy for Apollo and pursue product design wins, leveraging partnerships to drive OEM interest [10][15] - AEye is committed to reducing BOM costs to catalyze market adoption and engage in quoting activity with OEMs [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about AEye's future, highlighting strengthened balance sheets and extended cash runway [15] - The company is on track to outperform its cash burn guidance for the full year, with a target of a 75% reduction in quarterly cash burn compared to the first quarter of 2023 [14][15] - Management noted that the market is demanding speed and innovation, particularly in China, which is seen as a leading indicator for lidar technology [8][22] Other Important Information - AEye raised $5.2 million in new capital during the second quarter, extending its cash runway into the second half of 2025 [12] - The company closed a new equity line of credit facility that provides access to up to $50 million in additional liquidity [12] Q&A Session Summary Question: Timelines for potential series production agreement announcements and new use cases - Management indicated that series production agreements could be as early as 2027, with ongoing interest in long-range higher performance products [19][20] Question: Pushes to the right for RFIs and RFQs - Management noted steady interest and timelines, with increased focus on high-speed applications due to the NHTSA requirement [21] Question: Hesitation from Chinese customers due to U.S.-China tensions - Management emphasized the importance of local supply chains and quick adaptation to customer needs, indicating no significant concerns from Chinese OEMs [22]

Table of Contents As filed with the Securities and Exchange Commission on August 5, 2024 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 __________________________ AEYE, INC. (Exact name of registrant as specified in its charter) __________________________ Delaware 3714 37-1827430 (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) ...

Revenue and Market Focus - AEye's revenue from the Automotive market accounted for 0% in Q1 2024, down from 81% in Q1 2023, indicating a significant shift in revenue sources [90]. - AEye plans to focus on the Automotive market, particularly advanced driver-assistance systems (ADAS) and autonomous driving, while exploring opportunities in the Industrial market in the long term [90]. - AEye's previous partner, Continental, represented 0% of revenue in Q1 2024, down from 81% in Q1 2023, highlighting the need for new Tier 1 partnerships [92]. - The company anticipates that achieving design wins with customers is critical for future success, although the timing and revenue from these wins can vary significantly [91]. Financial Performance - Total revenue decreased by $616, or 97%, to $20 for the three months ended March 31, 2024, from $636 for the same period in 2023 [110]. - Prototype sales decreased by $105, or 84%, to $20 for the three months ended March 31, 2024, primarily due to a decrease in units sold of the 4Sight™-based industrial product [111]. - Development contracts decreased by $511, or 100%, to $0 for the three months ended March 31, 2024, due to the termination of a contract with a Tier 1 automotive supplier [112]. - Cost of revenue decreased by $1,998, or 88%, to $263 for the three months ended March 31, 2024, due to fewer units sold and no development contract costs [113]. - Research and development expenses decreased by $4,910, or 52%, to $4,532 for the three months ended March 31, 2024, driven by a revised strategic plan [114]. - Sales and marketing expenses decreased by $5,927, or 95%, to $341 for the three months ended March 31, 2024, also due to the revised strategic plan [115]. - General and administrative expenses decreased by $2,939, or 34%, to $5,615 for the three months ended March 31, 2024, reflecting cost reduction efforts [116]. - Net loss decreased by $16,046, or 61%, to $10,219 for the three months ended March 31, 2024, primarily due to reduced operating expenses [121]. Cash Flow and Capital - As of March 31, 2024, cash, cash equivalents, and marketable securities totaled $28,909 [122]. - Net cash used in operating activities was $7,885 for the three months ended March 31, 2024, compared to $17,195 for the same period in 2023 [127]. - For the three months ended March 31, 2024, net cash provided by financing activities was $120 million, primarily from proceeds of $165 million from the exercise of the CSPA, offset by $45 million in tax payments related to equity awards [132]. - In contrast, for the same period in 2023, net cash used in financing activities was $2,845 million, mainly due to $2,300 million in convertible note redemptions and $868 million in tax payments related to equity awards, partially offset by $323 million from stock options [133]. - As of March 31, 2024, the company had cash, cash equivalents, and marketable securities totaling $28,909 million, primarily in bank deposits and money market funds [141]. Strategic and Operational Changes - The company recorded inventory write-downs of $7,005 in 2023 due to the transition to higher-grade components and winding down its Industrial product line [94]. - AEye's strategic plan includes reducing operating expenses and winding down its existing Industrial product line to concentrate on automotive products [93]. - AEye's R&D investment is expected to decrease due to a revised strategic plan, focusing on critical areas that support product development [102]. - The company is dependent on raising additional capital to continue operations, with plans to adjust spending to preserve liquidity for at least the next 12 months [90]. Risk Factors and Accounting - The company recorded a provision of $14 million for expected credit losses as of March 31, 2024, compared to $0 million in the same period in 2023, with no write-offs reported [143]. - The company is classified as an "emerging growth company" and has opted to take advantage of the extended transition period for new or revised financial accounting standards [137]. - The company has not engaged in foreign currency exchange hedging activities and does not expect to do so in the foreseeable future, despite experiencing gains and losses from currency fluctuations [144]. - The company does not believe inflation has materially affected its business or financial condition, but acknowledges potential risks if costs rise significantly [140]. - A hypothetical 10% change in interest rates would not materially impact the company's financial condition due to the short-term nature of its cash and marketable securities [141]. - The company has not reported any significant changes in critical accounting policies and estimates compared to previous disclosures [135].

EXHIBIT 99.1 FOR IMMEDIATE RELEASE – DRAFT AEye Reports First Quarter 2024 Results Kicked off key strategic partnership that will bring AEye's lidar into the China market Fourth consecutive quarter of cash burn reduction DUBLIN, Calif. – (BUSINESS WIRE) – May 14, 2024 – AEye, Inc. (Nasdaq: LIDR), a global leader in adaptive, high performance lidar solutions, today announced its results for the first quarter ended March 31, 2024. Management Commentary "AEye made incredible progress with our capital-light par ...