AEYE(LIDR) - 2025 Q1 - Quarterly Results

Q1 2025 Earnings Release Overview Business & Operational Highlights 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][6] - Reached the final testing stage for Apollo's integration into the NVIDIA DRIVE platform, aiming for wider adoption in ADAS and autonomous driving[4][6] - Secured new customer agreements in Intelligent Transportation Systems and Defense, demonstrating product versatility[6] - Over 20 potential customer engagements are moving towards proof-of-concept deployments, indicating a growing sales pipeline[6] Financial Performance 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] - Total potential liquidity stands at approximately $74 million, intended to fund the production ramp-up of Apollo[8] - Q1 2025 cash burn was $8.0 million (excluding net financing), which is expected to decrease throughout the year[7] - Successfully resolved a lease litigation, reducing the potential cash liability from $6.4 million to $1.4 million[7] Key Financial Results (Q1 2025) 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][21] Financial Position (Balance Sheet) 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 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] - 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] - Loss from operations improved to $(6.8) million from $(10.7) million in the prior-year quarter[19] Statement of Cash Flows 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] - 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] - 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] GAAP to Non-GAAP Reconciliation 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 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] - The increase from the previous $25 million forecast is due to a one-time litigation settlement and potential repayment of a convertible note[9] - Excluding these one-time costs, the underlying cash burn rate is consistent with previous guidance[9] Supplementary Information 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][13] - 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][15]