Sienna Resources

AEye Reports Fourth Quarter and Full Year 2022 Results

15 March 2023

AEye, Inc. (Nasdaq: LIDR), a global leader in adaptive, high performance lidar solutions, today announced its results for the fourth quarter and full year ended December 31, 2022.

“In 2022, we made great strides in strengthening our platform and product portfolio to drive long-term growth,” said Matthew Fisch, Chief Executive Officer of AEye. “We are in the process of developing a strategic plan and timeline that builds on these significant achievements made to date. We will align our game-changing 4Sight™ platform with the best opportunities, and sequence them appropriately so that the entire organization is focused on a set of achievable objectives that will define success for AEye and its investors.”

Q4 2022 Financials

  • Revenue of $1.1 million in the fourth quarter of 2022.
  • GAAP net loss was $(23.7) million in the fourth quarter of 2022, or $(0.15) per share based on 161.2 million weighted average common shares outstanding.
  • Non-GAAP net loss was $(17.5) million in the fourth quarter of 2022, or $(0.11) per share based on 161.2 million weighted average common shares outstanding.
  • Cash, cash equivalents, and marketable securities were $94.2 million as of December 31, 2022.

Full Year 2022 Financials

  • Revenue of $3.6 million in the year ended December 31, 2022.
  • GAAP net loss was $(98.7) million in the year ended December 31, 2022, or $(0.63) per share based on 157.4 million weighted average common shares outstanding.
  • Non-GAAP net loss was $(73.8) million in the year ended December 31, 2022, or $(0.47) per share based on 157.4 million weighted average common shares outstanding.

Chief Financial Officer Transition

The company also announced today that Robert Brown, Chief Financial Officer and Treasurer of AEye, Inc., has indicated his intention to resign effective March 31, 2023 to pursue an opportunity outside of the lidar industry. Conor Tierney, the company’s current Chief Accounting Officer, will be named as the interim Chief Financial Officer and Treasurer effective March 31, 2023. Mr. Tierney is a Certified Public Accountant and joined AEye from Alphabet Inc. in January 2022.

Conference Call and Webcast Details

AEye management will hold a conference call today, March 15, 2023, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss these results. AEye CEO Matthew Fisch and CFO Robert 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 information will be available via:

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™ 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™ 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 the purpose 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 expenses related to registrations on Form S-1/S-3, plus common stock purchase agreement costs, plus change in fair value of convertible note, embedded derivative and warrant liabilities, plus convertible note issuance costs, less the gain on PPP loan forgiveness; and
  • 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 platform and product portfolio, the Company’s strategic plan, and the Company’s expected future growth, 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 great strides in strengthening its platform and product portfolio in 2022 may not drive the long-term growth anticipated, or in the time frame anticipated, or at all; (ii) the risks that AEye’s strategic plan and timeline may not result in the benefits anticipated, or in the time frame anticipated; (iii) the risks that the best opportunities may not be available to AEye to capitalize upon as anticipated, or in the time frame anticipated; (iv) the risks that AEye may be unable to focus as anticipated on a set of achievable objectives, nor that such objectives, if achieved, will define success as anticipated, or at all, for AEye and its investors; (v) the risks that the appointment of Conor Tierney as interim Chief Financial Officer may not result in a seamless transition and cause unanticipated disruption among AEye, its employees, its customers, its vendors, and its other stakeholders; (vi) the risks that the traction gained by AEye to date may not translate into future growth, revenue, or profitability to the extent anticipated or in the time frame contemplated, or at all; (vii) the risks that AEye will be unable to strengthen its competitive position or deliver on its key objectives in 2023 due to supply chain disruptions, economic uncertainties, or otherwise; (viii) the risks that competing technologies will improve over time to become operationally equivalent or more cost-effective, or both, as compared to AEye’s product offering; (ix) the risks that competitors may introduce products with similar capabilities to AEye’s products and such competitive products are able to take some or all of the market share away from AEye; (x) the risks that AEye’s products will not meet the diverse range of performance and functional requirements of AEye’s target markets and customers; (xi) the risks that AEye’s products will not function as anticipated by AEye or by AEye’s target markets and customers; (xii) 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; (xiii) 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; (xiv) 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; (xv) the risks that AEye may not continue to execute against its business plan to the extent anticipated, or at all; (xvi) the risks that AEye may be unable to deliver on the promise of SAE Level 4 autonomous driving, hub-to-hub autonomous trucking, or highway autopilot, to the extent anticipated, or at all; (xvii) the risks that lidar adoption occurs slower than anticipated or fails to occur at all; (xviii) the risks that AEye’s products will not function as anticipated by AEye, or by target markets and customers; (xix) the risks that AEye may not be in a position to adequately or timely address either the near or long-term opportunities that may or may not exist in the evolving autonomous transportation industry; (xx) the risks associated with 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; (xxi) the risks that AEye is unable to adequately implement business plans, forecasts, and other expectations, and identify and realize additional opportunities; and (xxii) the risks of economic 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 lingering effects of the COVID-19 pandemic, which continues 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 the periodic report that AEye has most recently filed with the U.S. Securities and Exchange Commission, or the SEC, and other documents filed by us or that will be filed by us 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.
Consolidated Balance Sheets
(In thousands)
(Unaudited)
  As of December 31,
  

2022

  

2021

      
ASSETS     
Current Assets:     
Cash and cash equivalents$

19,064

 

 $

14,183

 

Marketable securities 

75,135

 

  

149,824

 

Accounts receivable, net 

617

 

  

4,222

 

Inventories, net 

4,553

 

  

4,085

 

Prepaid and other current assets 

6,181

 

  

5,051

 

Total current assets 

105,550

 

  

177,365

 

Right-of-use assets 

15,502

 

  

 

Property and equipment, net 

7,665

 

  

5,129

 

Restricted cash 

2,150

 

  

2,150

 

Other noncurrent assets 

2,473

 

  

1,509

 

Total assets$

133,340

 

 $

186,153

 

      
LIABILITIES AND STOCKHOLDERS’ EQUITY     
Current Liabilities:     
Accounts payable$

3,218

 

 $

2,542

 

Accrued expenses and other current liabilities 

9,764

 

  

8,739

 

Contract liabilities 

987

 

  

2,287

 

Convertible notes 

8,594

 

  

 

Total current liabilities 

22,563

 

  

13,568

 

Operating lease liabilities, noncurrent 

16,681

 

  

 

Deferred rent, noncurrent 

 

  

3,032

 

Other noncurrent liabilities 

126

 

  

786

 

Total liabilities 

39,370

 

  

17,386

 

Stockholders' Equity:     
Preferred stock 

 

  

 

Common stock 

16

 

  

16

 

Additional paid-in capital 

345,742

 

  

320,937

 

Accumulated other comprehensive loss 

(1,279

)

  

(391

)

Accumulated deficit 

(250,509

)

  

(151,795

)

Total stockholders’ equity 

93,970

 

  

168,767

 

Total liabilities and stockholders’ equity$

133,340

 

 $

186,153

 

      
AEYE, INC.
Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
  Three months ended December 31,  Year ended December 31,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

            
Revenue:           
Prototype sales$

561

 

 $

416

 

 $

1,743

 

 $

1,004

 

Development contracts 

531

 

  

1,388

 

  

1,904

 

  

2,003

 

Total revenue 

1,092

 

  

1,804

 

  

3,647

 

  

3,007

 

Cost of revenue 

3,115

 

  

2,100

 

  

8,732

 

  

3,637

 

Gross loss 

(2,023

)

  

(296

)

  

(5,085

)

  

(630

)

            
Operating Expenses:           
Research and development 

9,335

 

  

7,513

 

  

37,644

 

  

26,543

 

Sales and marketing 

4,912

 

  

4,059

 

  

19,317

 

  

10,548

 

General and administrative 

7,709

 

  

11,668

 

  

36,762

 

  

25,514

 

Total operating expenses 

21,956

 

  

23,240

 

  

93,723

 

  

62,605

 

Loss from operations 

(23,979

)

  

(23,536

)

  

(98,808

)

  

(63,235

)

            
Other income (expense):           
Change in fair value of convertible note, embedded derivative liability, and warrant liabilities 

(139

)

  

1

 

  

(14

)

  

223

 

Gain on PPP loan forgiveness 

 

  

 

  

 

  

2,297

 

Interest income and other 

436

 

  

487

 

  

1,545

 

  

561

 

Interest expense and other 

(41

)

  

(1,986

)

  

(1,379

)

  

(4,857

)

Total other income (expense), net 

256

 

  

(1,498

)

  

152

 

  

(1,776

)

Provision for income tax expense 

19

 

  

 

  

58

 

  

 

Net loss$

(23,742

)

 $

(25,034

)

 $

(98,714

)

 $

(65,011

)

            
Per Share Data           
Net loss per common share (basic and diluted)$

(0.15

)

 $

(0.16

)

 $

(0.63

)

 $

(0.60

)

Weighted average common shares outstanding (basic and diluted) 

161,205,764

 

  

154,616,998

 

  

157,368,707

 

  

109,055,894

 

            
AEYE, INC.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
  Year ended December 31,

 

 

2022

 

 

2021

      
Cash flows from operating activities:     
Net loss$

(98,714

)

 $

(65,011

)

Adjustments to reconcile net loss to net cash used in operating activities:     
Depreciation and amortization 

1,422

 

  

1,014

 

Noncash lease expense relating to operating lease right-of-use assets 

1,338

 

  

 

Noncash common stock purchase agreement costs 

 

  

1,583

 

Inventory write-downs, net of scrapped inventory 

675

 

  

1,203

 

Change in fair value of convertible note, embedded derivative liability, and warrant liabilities 

14

 

  

(223

)

Noncash gain on PPP loan forgiveness 

 

  

(2,297

)

Stock-based compensation 

23,959

 

  

10,018

 

Convertible note issuance costs 

474

 

  

 

Amortization of debt issuance costs 

 

  

725

 

Amortization of debt discount 

 

  

752

 

Realized loss on redemption of marketable securities 

77

 

  

 

Amortization of premiums on marketable securities, net of change in accrued interest 

1,086

 

  

310

 

Other 

 

  

287

 

Changes in operating assets and liabilities:     
Accounts receivable, net 

3,605

 

  

(4,066

)

Inventories, current and noncurrent, net 

(2,634

)

  

(2,633

)

Prepaid and other current assets 

(1,130

)

  

(3,655

)

Other noncurrent assets 

527

 

  

(1,483

)

Accounts payable 

839

 

  

557

 

Accrued expenses and other current liabilities 

85

 

  

5,496

 

Operating lease liabilities 

(1,341

)

  

 

Deferred rent 

 

  

(538

)

Contract liabilities 

(1,931

)

  

2,258

 

Net cash used in operating activities 

(71,649

)

  

(55,703

)

Cash flows from investing activities:     
Purchase of property and equipment 

(4,200

)

  

(1,021

)

Proceeds from redemptions and maturities of marketable securities 

96,592

 

  

 

Purchase of available-for-sale securities 

(23,929

)

  

(150,525

)

Net cash provided by (used in) investing activities 

68,463

 

  

(151,546

)

Cash flows from financing activities:     
Proceeds from exercise of stock options 

1,174

 

  

150

 

Proceeds from Business Combination and PIPE financing 

 

  

256,811

 

Transaction costs related to Business Combination and PIPE financing 

 

  

(52,372

)

Proceeds from the issuance of convertible notes 

9,850

 

  

8,045

 

Payments for convertible note redemptions 

(874

)

  

 

Proceeds from bank loan 

 

  

10,000

 

Principal payments on bank loans 

 

  

(13,333

)

Payment of 2022 convertible note issuance costs 

(324

)

  

 

Payment of debt issuance costs 

 

  

(717

)

Taxes paid related to the net share settlement of equity awards 

(4,621

)

  

 

Repurchase of stock options 

 

  

(1,500

)

Proceeds from issuance of common stock under the Common Stock Purchase Agreement 

2,891

 

  

 

Payment of transaction costs related to the Common Stock Purchase Agreement 

(29

)

  

 

Net cash provided by financing activities 

8,067

 

  

207,084

 

Net increase in cash, cash equivalents and restricted cash 

4,881

 

  

(165

)

Cash, cash equivalents and restricted cash at beginning of period 

16,333

 

  

16,498

 

Cash, cash equivalents and restricted cash at end of period$

21,214

 

 $

16,333

 

      
AEYE, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, except share and per share data)
(Unaudited)
  Three months ended December 31,  Year ended December 31,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

GAAP net loss$

(23,742

)

 $

(25,034

)

 $

(98,714

)

 $

(65,011

)

Non-GAAP adjustments:           
Stock-based compensation 

5,956

 

  

3,496

 

  

23,959

 

  

10,018

 

Expenses related to registration statement on Form S-1s/S-3s 

68

 

  

 

  

372

 

  

2,198

 

Common stock purchase agreement transaction costs 

 

  

1,583

 

  

29

 

  

1,583

 

Change in fair value of convertible note, embedded derivative liability, and warrant liabilities 

139

 

  

(1

)

  

14

 

  

(223

)

2022 convertible note issuance costs 

93

 

  

 

  

530

 

  

 

Gain on PPP loan forgiveness 

 

  

 

  

 

  

(2,297

)

Non-GAAP net loss$

(17,486

)

 $

(19,956

)

 $

(73,810

)

 $

(53,732

)

Depreciation and amortization expense 

628

 

  

245

 

  

1,422

 

  

1,014

 

Interest income and other 

(436

)

  

(487

)

  

(1,545

)

  

(561

)

Interest expense and other 

(52

)

  

403

 

  

876

 

  

3,274

 

Provision for income tax expense 

19

 

  

 

  

58

 

  

 

Adjusted EBITDA$

(17,327

)

 $

(19,795

)

 $

(72,999

)

 $

(50,005

)

            
GAAP net loss per share attributable to common stockholders:           
Basic and diluted$

(0.15

)

 $

(0.16

)

 $

(0.63

)

 $

(0.60

)

Non-GAAP net loss per share attributable to common stockholders:           
Basic and diluted$

(0.11

)

 $

(0.13

)

 $

(0.47

)

 $

(0.49

)

Shares used in computing GAAP net loss per share attributable to common stockholders:           
Basic and diluted 

161,205,764

 

  

154,616,998

 

  

157,368,707

 

  

109,055,894

 

Shares used in computing Non-GAAP net loss per share attributable to common stockholders:           
Basic and diluted 

161,205,764

 

  

154,616,998

 

  

157,368,707

 

  

109,055,894

 

 

Sign Up To Get Daily Green Stock News In Your Inbox

Please review our Disclaimer and Privacy Policy before subscribing.

STOCK QUOTE

FEATURED GREEN STOCK

Sienna Resources

Sienna Resources is at the forefront of the battery metals revolution. The company is one of the largest landholders in the prolific Clayton Valley district, which is the only lithium producing region in the United States and located just miles...

CLICK TO LEARN MORE

FEATURED GREEN STOCK

Else Nutrition

Else Nutrition is changing the face of early childhood nutrition with clean, sustainable, plant-based products. The company has developed the world’s first whole plant-based infant formula that is targeting the $100+ billion global...

CLICK TO LEARN MORE

COPYRIGHT ©2022 GREEN STOCK NEWS