AEYE(LIDR) - 2025 Q2 - Quarterly Results

Second Quarter 2025 Results Overview AEye achieved significant commercial traction with new business wins and a potential $30 million OEM contract, ending Q2 2025 with $19.2 million cash and $7.1 million cash burn Recent Business Highlights AEye achieved significant commercial traction in Q2 2025, tripling new business wins and securing a potential $30 million OEM contract - Tripled new business wins from 2 to 6 in 2025, with visibility to additional non-automotive orders potentially totaling thousands of units[1][5] - Secured selection by a leading global transportation OEM for a potential $30 million revenue opportunity, expected to begin generating revenue this year[4][5] - Fully integrated into NVIDIA DRIVE AGX Orin platform, driving expanded engagement opportunities with leading OEMs[4][5] - Launched OPTIS™, powered by NVIDIA Jetson Orin, and secured multiple deployments in airport safety and security, perimeter monitoring, and transportation logistics[4][5] - Chosen for GM-sponsored WinTOR initiative, creating the potential for a significant sourcing advantage for future OEM programs[4][5] Recent Financial Highlights The company ended Q2 2025 with $19.2 million in cash and equivalents, with a $7.1 million cash burn - Cash, cash equivalents, and marketable securities were $19.2 million as of June 30, 2025[7][12] - Cash burn excluding net financing proceeds in Q2 2025 was $7.1 million[12] - GAAP net loss in Q2 2025 was $(9.3) million, or $(0.48) per share, based on 19.1 million weighted average common shares outstanding[12] - Non-GAAP net loss in Q2 2025 was $(6.7) million, or $(0.35) per share, based on 19.1 million weighted average common shares outstanding[12] Management Commentary Management highlighted the transition to sustained growth, driven by an expanding sales funnel, strategic partnerships, and strong financial discipline Management Commentary Details Management highlighted the transition to sustained growth, driven by an expanding sales funnel, strategic partnerships, and strong financial discipline - AEye reached a critical inflection point in Q2 2025, moving beyond the development phase to deliver sustained growth[4] - The sales funnel has grown exponentially, with active engagement with more than 100 potential customers and six new contracts signed in 2025[4] - Apollo's selection by a leading global transportation OEM represents a potential $30 million opportunity, expected to contribute to revenue this year[4] - Apollo is certified as part of NVIDIA's DRIVE AGX Orin platform and selected for the GM-sponsored WinTOR program, underscoring AEye's leading position in automotive markets[4] - The launch of OPTIS™ unlocks expansion into high-value applications like intelligent transportation systems, airport safety and security, perimeter security, defense, and transportation logistics, with multiple deployments already secured[4] - The company ended Q2 with $19.2 million in cash, cash equivalents, and marketable securities, which has more than tripled since then, positioning AEye to capitalize on growing customer demand[7] Company Information This section provides an overview of AEye's lidar technology and details for the Q2 2025 investor conference call About AEye AEye is a pioneer in software-defined lidar technology, offering solutions for autonomy, infrastructure, and security - AEye offers unique software-defined lidar solutions that enable advanced driver-assistance, vehicle autonomy, smart infrastructure, security, and logistics applications[10] - AEye's flagship product, Apollo, is recognized for its small form factor and ability to detect objects at up to one kilometer[10] - AEye also offers a full-stack solution through its OPTIS™ platform, which captures high-resolution 3D images, interprets them, and provides real-time direction[10] Conference Call and Webcast Details AEye management hosted an investor conference call on July 31, 2025, to discuss Q2 2025 results - AEye management webcast its investor conference call on July 31, 2025, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss Q2 2025 results[9] - The call was hosted by AEye CEO Matt Fisch and CFO Conor Tierney[9] - The webcast and accompanying slides were accessible via the company's website at https://investors.aeye.ai/ and https://aeye.pub/4nGHVGn[9](index=9&type=chunk)[10] Financial Outlook The company provides its financial outlook for 2025, including expected cash burn 2025 Financial Outlook AEye expects full-year 2025 cash burn to be between $27 million and $29 million - AEye expects cash burn for full year 2025 to be within the previously communicated range of $27 million to $29 million[8] Non-GAAP Financial Measures This section explains and reconciles non-GAAP financial measures used to assess the company's performance Non-GAAP Measures Explanation and Definitions Non-GAAP measures provide additional insight into performance, with definitions for non-GAAP net loss and Adjusted EBITDA - Non-GAAP measures provide additional insight into the Company's on-going performance and enable more meaningful and consistent period-to-period comparisons[11] - Non-GAAP net loss is defined as GAAP net loss plus stock-based compensation, stock issuance and debt issuance costs, change in fair value of convertible note and warrant liabilities, expenses related to contested proxy, and loss (gain) on termination of operating lease, net[14] - Adjusted EBITDA is defined as non-GAAP net loss plus depreciation and amortization expense, less interest income and other, plus interest expense and other, plus provision for income tax[14] Reconciliation of GAAP to Non-GAAP Financial Measures This table reconciles GAAP net loss to non-GAAP net loss and Adjusted EBITDA for Q2 2025 and 2024 Reconciliation of GAAP to Non-GAAP Financial Measures (in thousands, except per share data) | Metric | Q2 2025 (3 months) | Q2 2024 (3 months) | YTD 2025 (6 months) | YTD 2024 (6 months) | | :------------------------------------------------ | :------------------ | :------------------ | :------------------- | :------------------- | | GAAP net loss | $(9,270) | $(7,987) | $(17,286) | $(18,206) | | Non-GAAP net loss | $(6,670) | $(6,232) | $(12,159) | $(13,439) | | Adjusted EBITDA | $(6,891) | $(6,489) | $(12,542) | $(14,177) | | GAAP net loss per share (basic and diluted) | $(0.48) | $(1.16) | $(0.95) | $(2.80) | | Non-GAAP net loss per share (basic and diluted) | $(0.35) | $(0.91) | $(0.67) | $(2.07) | | Shares used in computing GAAP net loss per share | 19,125,970 | 6,874,454 | 18,137,050 | 6,499,089 | | Shares used in computing Non-GAAP net loss per share | 19,125,970 | 6,874,454 | 18,137,050 | 6,499,089 | Forward-Looking Statements This section contains forward-looking statements regarding future events and trends, subject to risks and uncertainties Forward-Looking Statements Disclaimer This disclaimer outlines forward-looking statements, their inherent risks, and the company's policy on updates - Forward-looking statements are predictions about future events based on current expectations and assumptions, subject to risks and uncertainties[13] - Specific forward-looking statements include potential benefits from NVIDIA DRIVE AGX Orin platform integration, potential $30 million revenue from a leading transportation OEM, visibility to additional non-automotive orders, market opportunities for Apollo and OPTIS™ products, and the Company's expected cash burn for full year 2025[13] - Many factors could cause actual future events to differ from forward-looking statements, including program delays, market conditions, and regulatory changes[13][15] - 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 statements[16] Consolidated Financial Statements (Unaudited) This section presents the unaudited consolidated financial statements, including balance sheets, statements of operations, and cash flows Consolidated Balance Sheets The balance sheets show AEye's financial position, with total assets decreasing from $27.12 million to $22.10 million Consolidated Balance Sheet Highlights (in thousands) | ASSETS | As of June 30, 2025 | As of Dec 31, 2024 | Change | | :------------------------ | :------------------ | :----------------- | :----- | | Cash and cash equivalents | $2,374 | $10,266 | $(7,892) | | Marketable securities | $16,836 | $12,012 | $4,824 | | Total current assets | $20,412 | $25,171 | $(4,759) | | Total assets | $22,102 | $27,120 | $(5,018) | | LIABILITIES | | | | | Total current liabilities | $10,587 | $11,307 | $(720) | | Total liabilities | $11,920 | $11,996 | $(76) | | STOCKHOLDERS' EQUITY | | | | | Total stockholders' equity | $10,182 | $15,124 | $(4,942) | Consolidated Statements of Operations The statements of operations detail revenue, gross loss, and net loss for Q2 and YTD 2025 compared to 2024 Consolidated Statements of Operations Highlights (in thousands, except per share data) | Metric | Q2 2025 (3 months) | Q2 2024 (3 months) | YTD 2025 (6 months) | YTD 2024 (6 months) | | :-------------------------------------- | :------------------ | :------------------ | :------------------- | :------------------- | | Revenue | $22 | $32 | $86 | $52 | | Cost of revenue | $108 | $160 | $204 | $423 | | Gross loss | $(86) | $(128) | $(118) | $(371) | | Total operating expenses | $8,619 | $8,128 | $15,387 | $18,616 | | Loss from operations | $(8,705) | $(8,256) | $(15,505) | $(18,987) | | Net loss | $(9,270) | $(7,987) | $(17,286) | $(18,206) | | Net loss per common share (basic and diluted) | $(0.48) | $(1.16) | $(0.95) | $(2.80) | | Weighted average common shares outstanding | 19,125,970 | 6,874,454 | 18,137,050 | 6,499,089 | Consolidated Statements of Cash Flows The cash flow statements detail operating, investing, and financing activities for the six months ended June 30, 2025 Consolidated Statements of Cash Flows Highlights (in thousands) | Metric | YTD 2025 (6 months) | YTD 2024 (6 months) | Change | | :------------------------------------ | :------------------ | :------------------ | :----- | | Net cash used in operating activities | $(14,158) | $(14,241) | $83 | | Net cash (used in) provided by investing activities | $(4,686) | $2,993 | $(7,679) | | Net cash provided by financing activities | $10,952 | $5,531 | $5,421 | | Net decrease in cash, cash equivalents and restricted cash | $(7,892) | $(5,717) | $(2,175) | | Cash, cash equivalents and restricted cash at end of period | $2,374 | $13,365 | $(10,991) | Investor Relations Contacts This section provides contact information for investor relations inquiries Investor Relations Contact Information Contact details for investor relations, including agency and company representatives, are provided - Agency Contact: Evan Niu, CFA, Financial Profiles, Inc. (eniu@finprofiles.com, 310-622-8243)[21] - Company Contact: AEye, Inc. Investor Relations (info@aeye.ai, 925-400-4366)[21]