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AEye Reports First Quarter 2022 Results

4:05 pm ET May 13, 2022 (BusinessWire) Print

AEye, Inc. (Nasdaq: LIDR), a global leader in adaptive, high-performance lidar solutions, today announced its results for the first quarter, ended March 31, 2022.

Blair LaCorte, Chief Executive Officer of AEye, said, "We had a strong start to the fiscal year, and made substantial progress toward commercial production. Our software-definable sensors are gaining traction in the marketplace as more and more customers recognize and adopt our revolutionary designs, which lead the industry in performance and adaptability."

"While the industry continues to mitigate supply chain challenges and economic uncertainty, we remain well-positioned to navigate, innovate, and lead through the current disruptions. Our dedication and relentless focus on executing at a high level provides AEye with significant opportunity to strengthen our competitive position and deliver on our key objectives for 2022," continued LaCorte.

Q1 2022 Financials

AEye reported revenue of $1.1 million in the first quarter of 2022. GAAP net loss was $(24.9) million in the first quarter of 2022, or $(0.16) per share based on 155.5 million weighted average shares outstanding. Non-GAAP net loss was $(19.5) million in the first quarter of 2022, or $(0.13) per share based on 155.5 million weighted average shares outstanding. Cash, cash equivalents, and marketable securities were $143.9 million as of March 31, 2022. This excludes $125 million in available liquidity from our Common Stock Purchase Agreement.

Conference Call and Webcast Details

AEye management will hold a conference call today, May 13, 2022, at 2:00 p.m. Pacific time (5:00 p.m. Eastern time) to discuss these results. AEye CEO Blair LaCorte and CFO Bob Brown will host the call, followed by a question-and-answer session.

The webcast and accompanying slides will be accessible via the company's website at https://investors.aeye.ai/.

The call is also accessible via telephone through the following details:

Dial in Information:

Participant Toll-Free Dial-In Number: 844-763-8274 Participant International Dial-In Number: 412-717-9224

About AEye

AEye's unique software-defined lidar solution enables advanced driver-assistance, vehicle autonomy, smart infrastructure, logistics and off-highway applications that save lives and propel the future of transportation and mobility. AEye's 4Sight(TM) Intelligent Sensing Platform, with its adaptive sensor-based operating system, focuses on what matters most; delivering faster, more accurate, and reliable information. AEye's 4Sight(TM) products, built on this platform, are ideal for dynamic applications which require precise measurement imaging to ensure safety and performance. AEye has a global presence through its offices in Germany, Japan, Korea, and the United States.

Non-GAAP Financial Measures

The non-GAAP measures provided in this press release should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with generally accepted accounting principles (GAAP) in the United States. A reconciliation between GAAP and non-GAAP financial data is included in the supplemental financial data attached to this press release. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. AEye considers these non-GAAP financial measures to be important because they provide additional insight into the Company's on-going performance. The Company provides this information to investors for a more consistent basis of comparison and to help investors evaluate the results of the Company's on-going operations, and to help enable more meaningful period-to-period comparison. Non-GAAP financial measures are presented only as supplemental information for purposes of understanding the Company's operating results. The non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP.

This presentation includes non-GAAP financial measures, including:

Non-GAAP net loss which is defined as GAAP net loss plus stock-based compensation, plus change in fair value of embedded derivative and warrant liabilities Adjusted EBITDA which is defined as non-GAAP net loss plus amortization and depreciation expense, plus interest expense and other, less interest income and other, plus provision for income tax expense.

Forward-Looking Statements

Certain statements included in this press release that are not historical facts are forward-looking statements within the meaning of the federal securities laws, including the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are sometimes accompanied by words such as "believe," "continue," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "predict," "plan," "may," "should," "will," "would," "potential," "seem," "seek," "outlook," and similar expressions that predict or indicate future events or trends, or that are not statements of historical matters. Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Forward looking statements included in this press release include statements about AEye's products, the Company's progress in commercialization, and the expected results for 2022, among others. These statements are based on various assumptions, whether or not identified in this press release. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by an investor as a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are very difficult or impossible to predict and will differ from the assumptions. Many actual events and circumstances are beyond the control of AEye. Many factors could cause actual future events to differ from the forward-looking statements in this press release, including but not limited to: (i) the risks that AEye's strong start to the fiscal year may not continued as anticipated; (ii) the risks the substantial progress toward commercial productionization may not continue as anticipated, or at all; (iii) the risks that the traction gained in the marketplace may not continue, or result in revenue for the Company in the timeframe expected; (iv) the risks that customer recognition and adoption of AEye's products may not occur in the timeframe or quantity expected, or at all; (v) the risks that AEye's products may not lead the industry in performance or adaptability in ways viewed to be appreciable in the marketplace; (vi) the risks that the Company may not be able to successfully navigate either or both of the supply chain challenges it faces or the macroeconomic uncertainty that exists; (vii) the risks that AEye will be unable to successfully innovate or lead through the current economic and supply chain disruption as it currently anticipates, or at all; (viii) the risks that AEye will be unable to capitalize on the opportunities created by the global economic uncertainties or supply chain challenges; (ix) the risks that AEye will be unable to strengthen its competitive position nor deliver on its key objectives in 2022 due to supply chain disruptions, economic uncertainties, or otherwise; (x) the risks that competing technologies will improve overtime to become operationally equivalent or more cost-effective, or both; (xi) the risks that competitors may introduce products with similar capabilities to AEye's products and such competitive products take some or all of the market share away from AEye; (xii) the risks that AEye's products will not meet the diverse range of performance and functional requirements of AEye's target markets and customers; (xiii) the risks that AEye's products will not function as anticipated by AEye or by AEye's target markets and customers; (xiv) the risks that the size of the total available market for the use of lidar will be smaller than predicted or take longer to come to fruition than predicted; (xv) the risk that laws and regulations are adopted impacting the use of lidar that AEye is unable to comply with, in whole or in part; (xvi) changes in competitive and regulated industries in which AEye operates, variations in operating performance across competitors, and changes in laws and regulations affecting AEye's business; (xvii) the risk that AEye is unable to adequately implement its business plans, forecasts, and other expectations, and identify and realize additional opportunities, and (xviii) the risk of downturns and a changing regulatory landscape in the highly competitive and evolving industry in which AEye operates. These risks and uncertainties may be amplified by the COVID-19 pandemic, including the Delta, Omicron, "Deltacron," and future variants and subvariants, which has caused, and continue to cause, significant economic uncertainty. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of AEye's Quarterly Report on Form 10-Q, filed with the U.S. Securities and Exchange Commission (the "SEC") and other documents filed by AEye or that will be filed by AEye from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made.

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 forward-looking statements, whether as a result of new information, future events, or otherwise. AEye gives no assurance that AEye will achieve any of its expectations.

AEYE, INC.
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
                                                                 March 31, 2022       March 31, 2022          March 31, 2022           December 31, 2022    December 31, 2022          December 31, 2022
------------------------------------------------------------------------------- -------------------- ------------------------------  -------------------- -------------------- ------------------------------
ASSETS
Current Assets:
   Cash and cash equivalents                                                                       $     11,177                      $                    $     14,183  
   Marketable securities                                                                     132,674    132,674                149,824              149,824    149,824  
   Accounts receivable, net                                                                      292        292                  4,222                4,222      4,222  
   Inventories, net                                                                            4,254      4,254                  4,085                4,085      4,085  
   Prepaid and other current assets                                                            4,541      4,541                  5,051                5,051      5,051  
                                                                                -------------------- ---------- -------------------- -------------------- -------------------- ---------- --------------------
Total current assets                                                                         152,938    152,938                177,365              177,365    177,365  
Right-of-use assets                                                                           15,968     15,968                      -                    -          -  
Property and equipment, net                                                                    5,685      5,685                  5,129                5,129      5,129  
Restricted cash                                                                                2,150      2,150                  2,150                2,150      2,150  
Other noncurrent assets                                                                        1,109      1,109                  1,509                1,509      1,509  
                                                                                -------------------- ---------- -------------------- -------------------- -------------------- ---------- --------------------
Total assets                                                                                       $    177,850                      $                    $    186,153  
                                                                                                     ========== ====================                                           ========== ====================
                                                                                            
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current Liabilities:
   Accounts payable                                                                                $      1,952                      $                    $      2,542  
   Accrued expenses and other current liabilities                                              8,995      8,995                  8,739                8,739      8,739  
   Contract liabilities                                                                        1,852      1,852                  2,287                2,287      2,287  
                                                                                -------------------- ---------- -------------------- -------------------- -------------------- ---------- --------------------
Total current liabilities                                                                     12,799     12,799                 13,568               13,568     13,568  
Operating lease liabilities, noncurrent                                                       17,323     17,323                      -                    -          -  
Deferred rent, noncurrent                                                                          -          -                  3,032                3,032      3,032  
Other noncurrent liabilities                                                                     485        485                    786                  786        786  
                                                                                -------------------- ---------- -------------------- -------------------- -------------------- ---------- --------------------
Total liabilities                                                                             30,607     30,607                 17,386               17,386     17,386  
                                                                                -------------------- ---------- -------------------- -------------------- -------------------- ---------- --------------------
Stockholders' Equity (Deficit):
Preferred stock                                                                                    -          -                      -                    -          -  
Common stock                                                                                      16         16                     16                   16         16  
Additional paid-in capital                                                                   325,350    325,350                320,937              320,937    320,937  
Accumulated other comprehensive loss                                                          (1,447     (1,447 )                                    (391                 (391       (391 )
Accumulated deficit                                                                         (176,676   (176,676 )                                (151,795             (151,795   (151,795 )
                                                                                -------------------- ---------- -------------------- -------------------- -------------------- ---------- --------------------
Total stockholders' equity (deficit)                              147,243    147,243                168,767              168,767    168,767  
                                                                                -------------------- ---------- -------------------- -------------------- -------------------- ---------- --------------------
Total liabilities and stockholders' equity (deficit)                    $    177,850                      $                    $    186,153  
                                                                                                     ========== ====================                                           ========== ====================
AEYE, INC.
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
                                                    Three months ended March 31, Three months ended March 31,                                         Three months ended March 31,
-------------------------------------------------------------------------------- ---------------------------- ------------------------------------------------------------------------------------------------------------
                                                                            2022                         2022               2022                               2021                 2021               2021
-------------------------------------------------------------------------------- ---------------------------- -------------------------------  -------------------- -------------------- -------------------------------
                                                                                           
Revenue:
   Prototype sales                                                                                          $         335                      $                    $         233  
   Development contracts                                                                                  747         747                     96                   96          96  
                                                                                 ---------------------------- ----------- -------------------- -------------------- -------------------- ----------- --------------------
Total revenues                                                                                          1,082       1,082                    329                  329         329  
                                                                                 ---------------------------- ----------- -------------------- -------------------- -------------------- ----------- --------------------
Cost of revenue                                                                                         1,482       1,482                    617                  617         617  
                                                                                 ---------------------------- ----------- -------------------- -------------------- -------------------- ----------- --------------------
Gross profit (loss)                                                                                      (400        (400 )                                    (288                 (288        (288 )
                                                                                                       
Operating Expenses:
   Research and development                                                                             8,576       8,576                  5,836                5,836       5,836  
   Sales and marketing                                                                                  4,616       4,616                  1,587                1,587       1,587  
   General and administrative                                                                          11,330      11,330                  3,010                3,010       3,010  
                                                                                 ---------------------------- ----------- -------------------- -------------------- -------------------- ----------- --------------------
Total operating expenses                                                                               24,522      24,522                 10,433               10,433      10,433  
                                                                                 ---------------------------- ----------- -------------------- -------------------- -------------------- ----------- --------------------
Loss from operations                                                                                  (24,922     (24,922 )                                 (10,721              (10,721     (10,721 )
                                                                                 ---------------------------- ----------- -------------------- -------------------- -------------------- ----------- --------------------
                                                                                                       
Other income (expense), net:
   Change in fair value of embedded derivative liability and warrant liabilities                          (32         (32 )                                    (103                 (103        (103 )
   Interest income and other                                                                              424         424                      3                    3           3  
   Interest expense and other                                                                            (343        (343 )                                    (688                 (688        (688 )
                                                                                 ---------------------------- ----------- -------------------- -------------------- -------------------- ----------- --------------------
Total other income (expense), net                                                                          49          49                   (788                 (788        (788 )
                                                                                 ---------------------------- ----------- -------------------- -------------------- -------------------- ----------- --------------------
Provision for income tax expense                                                                            8           8                      -                    -           -  
                                                                                 ---------------------------- ----------- -------------------- -------------------- -------------------- ----------- --------------------
Net loss                                                                                                    $     (24,881 )                                       $                    $     (11,509 )
                                                                                                              =========== ====================                                           =========== ====================
                                                                                                       
Per Share Data
Net loss per common share (basic and diluted)                                                               $       (0.16 )                                       $                    $       (0.11 )
Weighted average common shares outstanding (basic and diluted)                                    155,515,093 155,515,093            101,362,036          101,362,036 101,362,036  
AEYE, INC.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
                                                           Three Months Ended March 31, Three Months Ended March 31,                                        Three Months Ended March 31,
--------------------------------------------------------------------------------------- ---------------------------- ----------------------------------------------------------------------------------------------------------
                                                                                   2022                         2022               2022                              2021                 2021               2021
--------------------------------------------------------------------------------------- ---------------------------- ------------------------------  -------------------- -------------------- ------------------------------
                                                                                                 
Cash flows from operating activities:
Net loss                                                                                                           $    (24,881 )                                       $                    $    (11,509 )
Adjustments to reconcile net loss to net cash used in operating activities:
   Depreciation and amortization                                                                                 208        208                    245                  245        245  
   Noncash lease expense relating to operating lease right-of-use assets                                         317        317                      -                    -          -  
   Noncash interest expense related to bank loans                                                                  -          -                    114                  114        114  
   Inventory write-downs, net of scrapped inventory                                                              267        267                      -                    -          -  
   Change in fair value of embedded derivative liability and warrant liabilities                                  32         32                    (17                  (17        (17 )
   Stock-based compensation                                                                                    5,340      5,340                  1,610                1,610      1,610  
   Amortization of debt issuance costs                                                                             -          -                    283                  283        283  
   Amortization of premiums on marketable securities, net of change in accrued interest                          594        594                      -                    -          -  
Changes in operating assets and liabilities:
      Accounts receivable, net                                                                                 3,930      3,930                   (205                 (205       (205 )
      Inventories, net                                                                                          (436       (436 )                                    (235                 (235       (235 )
      Prepaid and other current assets                                                                           510        510                    332                  332        332  
      Other noncurrent assets                                                                                    400        400                 (2,785               (2,785     (2,785 )
      Accounts payable                                                                                          (567       (567 )                                   2,494                2,494      2,494  
      Accrued expenses and other current liabilities                                                            (645       (645 )                                     873                  873        873  
      Operating lease liabilities                                                                               (325       (325 )                                       -                    -          -  
      Deferred rent                                                                                                -          -                   (133                 (133       (133 )
      Contract liabilities                                                                                      (767       (767 )                                     119                  119        119  
                                                                                        ---------------------------- ---------- -------------------- -------------------- -------------------- ---------- --------------------
         Net cash used in operating activities                                                               (16,023    (16,023 )                                  (8,814               (8,814     (8,814 )
                                                                                        ---------------------------- ---------- -------------------- -------------------- -------------------- ---------- --------------------
Cash flows from investing activities:
   Purchase of property and equipment                                                                           (774       (774 )                                    (121                 (121       (121 )
   Proceeds from redemption of marketable securities                                                          15,500     15,500                      -                    -          -  
                                                                                        ---------------------------- ---------- -------------------- -------------------- -------------------- ---------- --------------------
         Net cash provided by (used in) operating activities                                                  14,726     14,726                   (121                 (121       (121 )
                                                                                        ---------------------------- ---------- -------------------- -------------------- -------------------- ---------- --------------------
Cash flows from financing activities:
   Proceeds from exercise of stock options                                                                       222        222                     85                   85         85  
   Proceeds from the issuance of convertible notes                                                                 -          -                  8,045                8,045      8,045  
   Principal payments - bank loan                                                                                  -          -                   (333                 (333       (333 )
   Taxes paid related to the net share settlement of equity awards                                            (1,931     (1,931 )                                       -                    -          -  
                                                                                        ---------------------------- ---------- -------------------- -------------------- -------------------- ---------- --------------------
         Net cash provided by (used in) financing activities                                                  (1,709     (1,709 )                                   7,797                7,797      7,797  
                                                                                        ---------------------------- ---------- -------------------- -------------------- -------------------- ---------- --------------------
Net increase (decrease) in cash and cash equivalents and restricted cash                                      (3,006     (3,006 )                                  (1,138               (1,138     (1,138 )
Cash, cash equivalents and restricted cash at beginning of period                                             16,333     16,333                 16,497               16,497     16,497  
                                                                                        ---------------------------- ---------- -------------------- -------------------- -------------------- ---------- --------------------
Cash, cash equivalents and restricted cash at end of period                                                        $     13,327                      $                    $     15,359  
                                                                                                                     ========== ====================                                           ========== ====================
AEYE, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, except share and per share data)
(Unaudited)
                               Three months ended March 31,                               Three months ended March 31,                                         Three months ended March 31,
----------------------------------------------------------------------------------------- ---------------------------- ------------------------------------------------------------------------------------------------------------
                                           2022                                                       2022                                                              2021                 2021
                                                                                                                                       2022                                                                       2021
----------------------------------------------------------------------------------------- ---------------------------- -------------------------------  -------------------- -------------------- -------------------------------
                                                                                                    
                                                                                                    
GAAP net loss                                                                                                        $     (24,881 )                                       $                    $     (11,509 )
Non-GAAP adjustments:
   Stock-based compensation                                                                                      5,340       5,340                  1,610                1,610       1,610  
   Change in fair value of embedded derivative and warrant liabilities                                              32          32                    103                  103         103  
                                                                                          ---------------------------- ----------- -------------------- -------------------- -------------------- ----------- --------------------
Non-GAAP net loss                                                                                                    $     (19,509 )                                       $                    $      (9,796 )
   Depreciation and amortization expense                                                                           208         208                    245                  245         245  
   Interest income and other                                                                                      (424        (424 )                                      (3                   (3          (3 )
   Interest expense and other                                                                                      343         343                    688                  688         688  
   Provision for income tax expense                                                                                  8           8                      -                    -           -  
                                                                                          ---------------------------- ----------- -------------------- -------------------- -------------------- ----------- --------------------
Adjusted EBITDA                                                                                                      $     (19,374 )                                       $                    $      (8,866 )
                                                                                                                       =========== ====================                                           =========== ====================
                                                                                                                
GAAP net loss per share attributable to common stockholders:
   Basic and diluted                                                                                                 $       (0.16 )                                       $                    $       (0.11 )
                                                                                                                       =========== ====================                                           =========== ====================
Non-GAAP net loss per share attributable to common stockholders:
   Basic and diluted                                                                                                 $       (0.13 )                                       $                    $       (0.10 )
                                                                                                                       =========== ====================                                           =========== ====================
Shares used in computing GAAP net loss per share attributable to common stockholders:
   Basic and diluted                                                                                       155,515,093 155,515,093            101,362,036          101,362,036 101,362,036  
Shares used in computing Non-GAAP net loss per share attributable to common stockholders:

View source version on businesswire.com: https://www.businesswire.com/news/home/20220512006105/en/

SOURCE: AEye, Inc.">

Media: 
Jennifer Deitsch
AEye
jennifer@aeye.ai 
925-400-4366

Andie Davis
Landis Communications Inc.
AEye@landispr.com 
415-717-9133

Investors: 
Clyde Montevirgen
AEye
cmontevirgen@aeye.ai 
925-400-4366

Will Stack
Lambert & Co.
AEye@lambert.com 
212-971-9718
comtex tracking

COMTEX_407157164/1006/2022-05-13T16:05:00

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