AEYE(LIDR) - 2024 Q4 - Annual Results

Performance Overview and Management Commentary 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][3][5] - Financial runway extended to mid-2026 through additional growth capital, bolstering the balance sheet for Apollo's high-volume production ramp[1][3][5] - Production of the first Apollo B samples commenced, marking a critical milestone for customer quoting across multiple sectors[5] - Strategic partnerships in China are enhancing exposure to prospective customers via established networks and supply chains[3] Financial Highlights 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][7] - Common shares outstanding increased to 13.7 million by Q4 2024 end, up from 6.3 million in Q4 2023[6] 2025 Financial Outlook 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] - The increase in cash burn is attributed to investments necessary for ramping Apollo to high-volume production[8] - An additional $12.7 million was raised in 2025, bringing total potential liquidity to approximately $80 million[7] Financial Statements 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 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 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 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 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 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][13] - 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][14]