AEYE(LIDR) - 2025 Q3 - Quarterly Results

Customer Growth and Partnerships - AEye doubled its customer base to 12 and secured six new business wins since the end of Q2 2025, with a total of 12 customer contracts signed year-to-date[5] - AEye's partnerships with Black Sesame Technologies, Blue-Band, and Flasheye are accelerating commercial traction for its products[5] - The number of active quotes in AEye's pipeline tripled, indicating strong commercial traction and market confidence[3] Financial Performance - The company achieved a GAAP net loss of $(9.3) million, or $(0.30) per share, for Q3 2025, while the non-GAAP net loss was $(5.4) million, or $(0.17) per share[6] - Revenue for Q3 2025 was $50,000, compared to $104,000 in Q3 2024, representing a decrease of 52%[16] - Gross loss for Q3 2025 was $(53,000), an improvement from $(202,000) in Q3 2024[16] - Net loss for the nine months ended September 30, 2025, was $(26,616,000), slightly better than $(26,912,000) in 2024[18] - Non-GAAP net loss for Q3 2025 was $(5,432,000), compared to $(6,011,000) in Q3 2024[18] - Adjusted EBITDA for the nine months ended September 30, 2025, was $(18,660,000), an improvement from $(20,431,000) in 2024[18] Cash and Assets - Cash, cash equivalents, and marketable securities reached $84.3 million as of September 30, 2025, which is more than quadruple the prior quarter balance[7] - Cash and cash equivalents at the end of the period were $43,035,000, up from $5,851,000 at the end of September 2024[17] - AEye's total assets increased to $87.5 million as of September 30, 2025, compared to $27.1 million at the end of 2024[15] - The company maintained a virtually debt-free balance sheet, with total liabilities of $9.4 million as of September 30, 2025[15] Operating Expenses - Total operating expenses for the nine months ended September 30, 2025, were $23,159,000, down from $26,260,000 in the same period of 2024[16] - Cash used in operating activities for the nine months ended September 30, 2025, was $(20,247,000), compared to $(21,814,000) in 2024[17] - Research and development expenses for the nine months ended September 30, 2025, were $10,221,000, down from $12,137,000 in 2024[16] Future Expectations - AEye expects full-year 2025 cash burn to be within the range of $27 million to $29 million[8] - The company secured a strategic investment to expand Tier-1 manufacturing partnership, enabling annual production capacity of up to 60,000 Apollo units[5] Shareholder Information - The weighted average common shares outstanding for Q3 2025 were 31,262,997, compared to 8,629,683 in Q3 2024[18] - AEye's accumulated deficit increased to $(399.7) million as of September 30, 2025, compared to $(373.1) million at the end of 2024[15]