Sienna Resources

AEye Reports Second Quarter 2022 Results

15 August 2022

AEye, Inc. (Nasdaq: LIDR), a global leader in adaptive, high-performance lidar solutions, today announced its results for the second quarter ended June 30, 2022.

Blair LaCorte, Chief Executive Officer of AEye, said, “We achieved significant progress strengthening our platform to drive long-term growth and are pleased with our performance during the second quarter. Our industry leading technology, talented team, and strong reputation continue to position us as a leader in the lidar market. This momentum is reflected in the progress we are making in the auto market, as well as new market segments including our recent partnership with Booz Allen to support productization for defense applications.”

“While supply chain disruption and inflationary challenges continue to impact the industry and broader economy, we are confident that our innovative, capital-light, and high margin business model will enable us to achieve future growth. We remain encouraged with the traction we have gained, and are excited for what has yet to come,” concluded LaCorte.

Q2 2022 Financials

  • Revenue of $0.7 million in the second quarter of 2022.
  • GAAP net loss was $(26.5) million in the second quarter of 2022, or $(0.17) per share based on 157.3 million weighted average shares outstanding.
  • Non-GAAP net loss was $(19.8) million in the second quarter of 2022, or $(0.13) per share based on 157.3 million weighted average shares outstanding.
  • Cash, cash equivalents, and marketable securities were $125.8 million as of June 30, 2022. This excludes up to $123.6 million in available liquidity from our Common Stock Purchase Agreement.

Conference Call and Webcast Details

AEye management will hold a conference call today, August 15, 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™ 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 filing Registration Statements on Form S-1, plus stock issuance costs, plus change in fair value of embedded derivative and warrant liabilities, 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 products, the Company’s progress in commercialization, the potential of new market segments, and expected future results, 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 entrance into new markets or continued end-market momentum will provide a foundation for sustainable growth to the extent anticipated or in the timeframe contemplated, or at all; (ii) the risks that the significant progress strengthening AEye’s platform to drive long-term growth will continue to the extent anticipated or in the timeframe contemplated, or at all; (iii) the risks that AEye’s technology will not lead the industry in the short or long term, or both, due to competition, internal challenges, or both, such that AEye is unable to establish or maintain a position as a leader in the lidar market; (iv) the risks that AEye may not be able to successfully navigate either or both of the supply chain disruptions it faces or the inflationary challenges that currently exist and which may continue for a time period that is longer than anticipated, or is more severe than contemplated; (v) the risks that AEye’s innovative, capital-light, and high margin business model will not enable AEye to achieve future growth to the extent anticipated or in the timeframe contemplated, or at all; (vi) the risks that the traction gained by AEye to date will translate into future growth, revenue, or profitability to the extent anticipated or in the timeframe contemplated, or at all; (vii) the risks that AEye will be unable to strengthen its competitive position or deliver on its key objectives in 2022 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 is unable to adequately implement its business plans, forecasts, and other expectations, and identify and realize additional opportunities; and (xvi) the risks 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 and Omicron variants, as well as future variants and subvariants, which has caused 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 Quarterly Report on Form 10-Q 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.
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)

 

 June 30, 2022 December 31, 2021

 

    

ASSETS

    

Current Assets:

    

Cash and cash equivalents

$

4,236

 

$

14,183

 

Marketable securities

 

121,526

 

 

149,824

 

Accounts receivable, net

 

189

 

 

4,222

 

Inventories, net

 

5,066

 

 

4,085

 

Prepaid and other current assets

 

4,151

 

 

5,051

 

Total current assets

 

135,168

 

 

177,365

 

Right-of-use assets

 

16,186

 

 

-

 

Property and equipment, net

 

6,717

 

 

5,129

 

Restricted cash

 

2,150

 

 

2,150

 

Other noncurrent assets

 

1,098

 

 

1,509

 

Total assets

$

161,319

 

$

186,153

 

 

    

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)

    

Current Liabilities:

    

Accounts payable

$

3,836

 

$

2,542

 

Accrued expenses and other current liabilities

 

10,792

 

 

8,739

 

Contract liabilities

 

1,633

 

 

2,287

 

Total current liabilities

 

16,261

 

 

13,568

 

Operating lease liabilities, noncurrent

 

17,424

 

 

-

 

Deferred rent, noncurrent

 

-

 

 

3,032

 

Other noncurrent liabilities

 

46

 

 

786

 

Total liabilities

 

33,731

 

 

17,386

 

Stockholders’ Equity (Deficit):

    

Preferred stock

 

-

 

 

-

 

Common stock

 

16

 

 

16

 

Additional paid-in capital

 

332,344

 

 

320,937

 

Accumulated other comprehensive loss

 

(1,629

)

 

(391

)

Accumulated deficit

 

(203,143

)

 

(151,795

)

Total stockholders’ equity (deficit)

 

127,588

 

 

168,767

 

Total liabilities and stockholders’ equity (deficit)

$

161,319

 

$

186,153

 

AEYE, INC.
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)

 

 Three months ended June 30,  Six months ended June 30,

 

 

2022

 

2021

  

2022

 

2021

 

         

Revenue:

         

Prototype sales

$

195

 

$

228

 

 $

530

 

$

461

 

Development contracts

 

511

 

 

519

 

  

1,258

 

 

615

 

Total revenues

 

706

 

 

747

 

  

1,788

 

 

1,076

 

Cost of revenue

 

1,427

 

 

454

 

  

2,909

 

 

1,071

 

Gross profit (loss)

 

(721

)

 

293

 

  

(1,121

)

 

5

 

 

         

Operating Expenses:

         

Research and development

 

10,762

 

 

5,726

 

  

19,338

 

 

11,562

 

Sales and marketing

 

5,323

 

 

1,911

 

  

9,939

 

 

3,498

 

General and administrative

 

9,827

 

 

4,750

 

  

21,157

 

 

7,760

 

Total operating expenses

 

25,912

 

 

12,387

 

  

50,434

 

 

22,820

 

Loss from operations

 

(26,633

)

 

(12,094

)

  

(51,555

)

 

(22,815

)

 

         

Other income (expense), net:

         

Change in fair value of embedded derivative liability and warrant liabilities

 

141

 

 

(16

)

  

109

 

 

(119

)

Gain on PPP loan forgiveness

 

-

 

 

2,297

 

  

-

 

 

2,297

 

Interest income and other

 

350

 

 

2

 

  

774

 

 

5

 

Interest expense and other

 

(307

)

 

(1,264

)

  

(650

)

 

(1,952

)

Total other income (expense), net

 

184

 

 

1,019

 

  

233

 

 

231

 

Provision for income tax expense

 

18

 

 

-

 

  

26

 

 

-

 

Net loss

$

(26,467

)

$

(11,075

)

 $

(51,348

)

$

(22,584

)

 

         

Per Share Data

         

Net loss per common share (basic and diluted)

$

(0.17

)

$

(0.11

)

 $

(0.33

)

$

(0.22

)

Weighted average common shares outstanding (basic and diluted)

 

157,310,419

 

 

101,458,886

 

  

156,071,676

 

 

101,398,851

 

AEYE, INC.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)

 

 Six Months Ended June 30,

 

 

2022

 

2021

 

    

Cash flows from operating activities:

    

Net loss

$

(51,348

)

$

(22,584

)

Adjustments to reconcile net loss to net cash used in operating activities:

    

Depreciation and amortization

 

463

 

 

498

 

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

 

654

 

 

-

 

Inventory write-downs, net of scrapped inventory

 

335

 

 

-

 

Change in fair value of embedded derivative liability and warrant liabilities

 

(109

)

 

119

 

Noncash gain on PPP loan forgiveness

 

-

 

 

(2,297

)

Stock-based compensation

 

11,897

 

 

4,230

 

Amortization of debt issuance costs

 

-

 

 

437

 

Amortization of debt discount

 

-

 

 

543

 

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

 

826

 

 

-

 

Other

 

-

 

 

189

 

Changes in operating assets and liabilities:

    

Accounts receivable, net

 

4,033

 

 

18

 

Inventories, net

 

(1,316

)

 

(1,813

)

Prepaid and other current assets

 

900

 

 

(316

)

Other noncurrent assets

 

411

 

 

(144

)

Accounts payable

 

932

 

 

1,513

 

Accrued expenses and other current liabilities

 

1,354

 

 

1,953

 

Operating lease liabilities

 

(859

)

 

-

 

Deferred rent

 

-

 

 

(297

)

Contract liabilities

 

(1,285

)

 

(388

)

Net cash used in operating activities

 

(33,112

)

 

(18,339

)

Cash flows from investing activities:

    

Purchase of property and equipment

 

(1,759

)

 

(245

)

Proceeds from redemption of marketable securities

 

26,234

 

 

-

 

Net cash provided by (used in) operating activities

 

24,475

 

 

(245

)

Cash flows from financing activities:

    

Proceeds from exercise of stock options

 

668

 

 

89

 

Proceeds from the issuance of convertible notes

 

-

 

 

8,045

 

Proceeds from bank loan

 

-

 

 

10,000

 

Principal payments - bank loan

 

-

 

 

(667

)

Payment of deferred financing costs

 

-

 

 

(1,287

)

Payment of debt issuance costs

 

-

 

 

(717

)

Taxes paid related to the net share settlement of equity awards

 

(3,400

)

 

-

 

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

 

1,422

 

 

-

 

Net cash provided by (used in) financing activities

 

(1,310

)

 

15,463

 

Net decrease in cash and cash equivalents and restricted cash

 

(9,947

)

 

(3,121

)

Cash, cash equivalents and restricted cash at beginning of period

 

16,333

 

 

16,497

 

Cash, cash equivalents and restricted cash at end of period

$

6,386

 

$

13,376

 

AEYE, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, except share and per share data)
(Unaudited)

 

 Three months ended June 30,   Six months ended June 30,

 

 

2022

 

2021

   

2022

 

2021

               

GAAP net loss

$

(26,467

)

$

(11,075

)

  $

(51,348

)

$

(22,584

)

Non-GAAP adjustments:

          

Stock-based compensation

 

6,557

 

 

2,620

 

   

11,897

 

 

4,230

 

Expenses related to registration statement on Form S-1s

 

250

 

 

425

 

   

250

 

 

425

 

Change in fair value of embedded derivative and warrant liabilities

 

(141

)

 

16

 

   

(109

)

 

119

 

Stock issuance costs

 

28

 

 

-

 

   

28

 

 

-

 

Gain on PPP Loan Forgiveness

 

-

 

 

(2,297

)

   

-

 

 

(2,297

)

Non-GAAP net loss

$

(19,773

)

$

(10,311

)

  $

(39,282

)

$

(20,107

)

Depreciation and amortization expense

 

255

 

 

253

 

   

463

 

 

498

 

Interest income and other

 

(350

)

 

(2

)

   

(774

)

 

(5

)

Interest expense and other

 

279

 

 

1,264

 

   

622

 

 

1,952

 

Provision for income tax expense

 

18

 

 

-

 

   

26

 

 

-

 

Adjusted EBITDA

$

(19,571

)

$

(8,796

)

  $

(38,945

)

$

(17,662

)

 

 

          

GAAP net loss per share attributable to common stockholders:

          

Basic and diluted

$

(0.17

)

$

(0.11

)

  $

(0.33

)

$

(0.22

)

Non-GAAP net loss per share attributable to common stockholders:

          

Basic and diluted

$

(0.13

)

$

(0.10

)

  $

(0.25

)

$

(0.20

)

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

          

Basic and diluted

 

157,310,419

 

 

101,458,886

 

   

156,071,676

 

 

101,398,851

 

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

          

Basic and diluted

 

157,310,419

 

 

101,458,886

 

   

156,071,676

 

 

101,398,851

 

 

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