Aeye reports first quarter 2023 results
Dublin, calif.--(business wire)--aeye, inc. (nasdaq: lidr), a global leader in adaptive, high performance lidar solutions, today announced its results for the first quarter ended march 31, 2023. management commentary “after a comprehensive review of aeye’s business, it was clear that we needed to intensify our focus on automotive and our path to commercialization with continental, while aligning our resources with this streamlined business model,” said matt fisch, chief executive officer of aeye. “during the first quarter of 2023, we made considerable progress in reducing our cost structure to align with the go-forward model, and by doing so, we have a plan to extend our cash runway through the end of 2024. i’m confident that aeye’s automotive-first strategy, capital-light model, and strategic partnership with continental uniquely position us to capitalize on the enormous market opportunity ahead and to create value for our shareholders.” q1 2023 financials revenue of $0.6 million in the first quarter of 2023. gaap net loss was $(26.3) million, or $(0.16) per share based on 165.9 million weighted average common shares outstanding. non-gaap net loss was $(17.7) million, or $(0.11) per share based on 165.9 million weighted average common shares outstanding. cash, cash equivalents, and marketable securities were $74.1 million as of march 31, 2023. conference call and webcast details aeye management will hold a conference call today, may 11, 2023, at 1:30 p.m. pacific time (4:30 p.m. eastern time) to discuss these results. aeye ceo matt fisch and cfo conor tierney 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/. access is also available via: conference call: https://aeye.pub/448ymrm webcast: https://aeye.pub/3lzvxss about aeye aeye’s unique software-defined lidar solution enables advanced driver-assistance, vehicle autonomy, smart infrastructure and logistics 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, 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 press release 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 convertible note and warrant liabilities, plus one-time termination benefits, and adjusted ebitda which is defined as non-gaap net loss plus depreciation and amortization expense, less 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 business model, cost structure, and cash runway, as well as the strategic partnership with continental and the ability to capitalize on the market opportunity and create value for shareholders, 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 focus on automotive and commercialization with continental may not result in the benefits anticipated, or even if it does, in the time frame anticipated; (ii) the risks that the reduced cost structure achieved during the first quarter of 2023 may not result in the benefits anticipated, or even if it does, in the time frame anticipated; (iii) the risks that the reduced cost structure alone, or in conjunction with unforeseen future events, may not extend aeye’s cash runway through the end of 2024 as planned; (iv) the risks that aeye’s automotive-first strategy, capital-light model, and strategic partnership with continental may not result in the anticipated opportunity for aeye to effectively capitalize on the market opportunity ahead, and such market opportunity, if any, may not be of the size aeye expected, materialize in the time frame anticipated or create the anticipated value for our shareholders; (v) the risks that aeye may fail to strengthen its competitive position or deliver on its key objectives due to supply chain disruptions, economic uncertainties, or otherwise; (vi) the risks that aeye’s products will not meet the diverse range of performance and functional requirements of aeye’s target markets and customers; (vii) 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; (viii) the risks that aeye may not continue to execute against its business plan to the extent anticipated, or at all; (ix) the risks that lidar adoption occurs slower than anticipated or fails to occur at all; (x) the risks that aeye is unable to adequately implement business plans, forecasts, and other expectations, and identify and realize additional opportunities; and (xi) 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. 20,501 19,064 53,592 75,135 123 617 4,695 4,553 3,527 6,181 82,438 105,550 15,152 15,502 7,902 7,665 2,150 2,150 2,438 2,473 110,080 133,340 2,209 3,218 9,646 9,764 476 987 5,384 8,594 17,715 22,563 16,287 16,681 112 126 34,114 39,370 — — 17 16 353,533 345,742 (810 ) (1,279 ) (276,774 ) (250,509 ) 75,966 93,970 110,080 133,340 three months ended march 31, 2023 2022 125 335 511 747 636 1,082 2,261 1,482 (1,625 ) (400 ) 9,442 8,576 6,268 4,616 8,554 11,330 24,264 24,522 (25,889 ) (24,922 ) (810 ) (32 ) 277 424 176 (343 ) (357 ) 49 19 8 (26,265 ) (24,881 ) (0.16 ) (0.16 ) 165,865,864 155,515,093 three months ended march 31, 2023 2022 (26,265 ) (24,881 ) 330 208 (53 ) — 350 317 208 267 810 32 6,513 5,340 33 594 494 3,930 (386 ) (436 ) 2,722 510 71 400 (985 ) (567 ) (134 ) (645 ) (392 ) (325 ) (511 ) (767 ) (17,195 ) (16,023 ) (599 ) (774 ) 76 — 22,000 15,500 21,477 14,726 323 222 (868 ) (1,931 ) (2,300 ) — (2,845 ) (1,709 ) 1,437 (3,006 ) 21,214 16,333 22,651 13,327 2023 2022 (26,265 ) (24,881 ) 6,513 5,340 810 32 1,253 — (17,689 ) (19,509 ) 330 208 (277 ) (424 ) (176 ) 343 19 8 (17,793 ) (19,374 ) (0.16 ) (0.16 ) (0.11 ) (0.13 ) 165,865,864 155,515,093 165,865,864 155,515,093
