AEye Reports Second Quarter 2025 Results
Accelerating commercial traction:
Tripled new business wins within diverse, high-growth markets
Recent Business Highlights
- Fully integrated into NVIDIA DRIVE AGX Orin platform, driving expanded engagement opportunities with leading OEMs and paving way for Hyperion integration
-
Selected by leading transportation OEM for a potential
revenue opportunity expected to begin generating revenue this year$30 million - Tripled new business wins from 2 to 6, with visibility to additional non-automotive orders potentially totaling thousands of units
- Launched OPTIS�, powered by NVIDIA Jetson Orin, and secured multiple deployments in airport safety and security, perimeter monitoring, and transportation logistics
- Chosen for GM-sponsored WinTOR initiative, creating the potential for a significant sourcing advantage for future OEM programs
- Raised growth capital necessary to execute on strategic plan
Management Commentary
Matt Fisch, AEye Chief Executive Officer, said, “AEye reached a critical inflection point in the second quarter as we moved beyond the development phase to deliver sustained growth. Our sales funnel has grown exponentially � we’re actively engaged with more than 100 potential customers and have signed six new contracts across a range of market verticals in 2025. Our standout commercial achievement was Apollo’s selection by a leading global transportation OEM, a milestone win representing a potential
“Apollo is raising the bar for long-range, high-performance lidar. Its certification as part of NVIDIA’s DRIVE AGX Orin platform and selection for the GM-sponsored WinTOR program underscores our leading position in the automotive markets. Further, our launch of OPTIS� unlocks the opportunity for expansion into high-value applications like intelligent transportation systems, airport safety and security, perimeter security, defense and transportation logistics, where we’ve already secured multiple deployments. As demand accelerates, we believe we’re primed to scale rapidly and deliver long-term value across a wide range of intelligent systems applications.�
Recent Financial Highlights
-
Cash burn excluding net financing proceeds in Q2 2025 was
$7.1 million -
GAAP net loss in Q2 2025 was
, or$(9.3) million per share, based on 19.1 million weighted average common shares outstanding$(0.48) -
Non-GAAP net loss in Q2 2025 was
, or$(6.7) million per share, based on 19.1 million weighted average common shares outstanding$(0.35) -
Cash, cash equivalents, and marketable securities were
as of June 30, 2025$19.2 million
“We stepped up our progress in Q2, advancing our commercial strategy while maintaining strong financial discipline, laying the groundwork for expected long-term growth,� said Conor Tierney, CFO of AEye. “We ended the quarter with
2025 Financial Outlook
AEye expects cash burn for full year 2025 to be within the previously communicated range of
Conference Call and Webcast Details
AEye management will webcast its investor conference call today, July 31, 2025, at 2:00 p.m. Pacific Time (5:00 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 .
Access is also available via:
Webcast:
About AEye
AEye offers unique software-defined lidar solutions that enable advanced driver-assistance, vehicle autonomy, smart infrastructure, security, and logistics applications that save lives and propel the future of transportation and mobility. AEye’s flagship product, Apollo, has been widely recognized for its small form factor and its ability to detect objects at up to one kilometer. In addition to Apollo as a stand-alone sensor, AEye also offers a full-stack solution through its OPTIS� platform. OPTIS� provides a complete system that captures a high-resolution 3D image of the world, interprets it, and provides direction to act upon what it sees in real-time.
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
This press release includes the following non-GAAP financial measures:
|
� |
Non-GAAP net loss which is defined as GAAP net loss plus stock-based compensation, plus stock issuance and debt issuance costs, plus change in fair value of convertible note and warrant liabilities, plus expenses related to contested proxy, plus loss (gain) on termination of operating lease, net; and |
|
� |
Adjusted EBITDA, defined as non-GAAP net loss plus depreciation and amortization expense, less interest income and other, plus interest expense and other, plus provision for income tax. |
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 in this press release include, without limitation, statements about the potential benefits resulting from full integration into the NVIDIA DRIVE AGX Orin platform, the potential for revenue generation from various customers in different industries, the visibility to additional non-automotive orders potentially totaling thousands of units, the market opportunities and demand for AEye’s Apollo and OPTIS� products, the Company’s expected cash burn for full year 2025, 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 the full integration into the NVIDIA DRIVE AGX Orin platform may not drive expanded engagement opportunities with leading OEMs or pave the way for Hyperion integration to the extent or in the time frame anticipated, or at all; (ii) the risks that AEye may not realize some or all of the
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 June 30, 2025 | As of December 31, 2024 | ||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ |
2,374 |
|
$ |
10,266 |
|
|
Marketable securities |
|
16,836 |
|
|
12,012 |
|
|
Accounts receivable, net |
|
27 |
|
|
11 |
|
|
Inventories, net |
|
232 |
|
|
176 |
|
|
Prepaid and other current assets |
|
943 |
|
|
2,706 |
|
|
Total current assets |
|
20,412 |
|
|
25,171 |
|
|
Right-of-use assets |
|
549 |
|
|
652 |
|
|
Property and equipment, net |
|
549 |
|
|
605 |
|
|
Other noncurrent assets |
|
592 |
|
|
692 |
|
|
Total assets | $ |
22,102 |
|
$ |
27,120 |
|
|
LIABILITIES AND STOCKHOLDERS� EQUITY | |||||||
Current Liabilities: | |||||||
Accounts payable | $ |
5,473 |
|
$ |
3,598 |
|
|
Accrued expenses and other current liabilities |
|
3,117 |
|
|
7,709 |
|
|
Convertible note, current |
|
1,997 |
|
|
- |
|
|
Total current liabilities |
|
10,587 |
|
|
11,307 |
|
|
Operating lease liabilities, noncurrent |
|
361 |
|
|
479 |
|
|
Convertible note, noncurrent |
|
146 |
|
|
146 |
|
|
Other noncurrent liabilities |
|
826 |
|
|
64 |
|
|
Total liabilities |
|
11,920 |
|
|
11,996 |
|
|
Stockholders� Equity: | |||||||
Preferred stock |
|
- |
|
|
- |
|
|
Common stock |
|
2 |
|
|
1 |
|
|
Additional paid-in capital |
|
400,561 |
|
|
388,213 |
|
|
Accumulated other comprehensive income |
|
- |
|
|
5 |
|
|
Accumulated deficit |
|
(390,381 |
) |
|
(373,095 |
) |
|
Total stockholders� equity |
|
10,182 |
|
|
15,124 |
|
|
Total liabilities and stockholders� equity | $ |
22,102 |
|
$ |
27,120 |
|
AEYE, INC. Consolidated Statements of Operations (In thousands, except share amounts and per share data) (Unaudited) |
|||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
Revenue | $ |
22 |
|
$ |
32 |
|
$ |
86 |
|
$ |
52 |
|
|||
Cost of revenue |
|
108 |
|
|
160 |
|
|
204 |
|
|
423 |
|
|||
Gross loss |
|
(86 |
) |
|
(128 |
) |
|
(118 |
) |
|
(371 |
) |
|||
Operating expenses: | |||||||||||||||
Research and development |
|
3,670 |
|
|
3,838 |
|
|
7,160 |
|
|
8,370 |
|
|||
Sales and marketing |
|
601 |
|
|
67 |
|
|
984 |
|
|
408 |
|
|||
General and administrative |
|
4,348 |
|
|
4,223 |
|
|
7,243 |
|
|
9,838 |
|
|||
Total operating expenses |
|
8,619 |
|
|
8,128 |
|
|
15,387 |
|
|
18,616 |
|
|||
Loss from operations |
|
(8,705 |
) |
|
(8,256 |
) |
|
(15,505 |
) |
|
(18,987 |
) |
|||
Other (expense) income: | |||||||||||||||
Change in fair value of convertible note and warrant liabilities |
|
(593 |
) |
|
(15 |
) |
|
87 |
|
|
(13 |
) |
|||
Interest income and other |
|
393 |
|
|
228 |
|
|
607 |
|
|
423 |
|
|||
Interest expense and other |
|
(365 |
) |
|
56 |
|
|
(2,473 |
) |
|
373 |
|
|||
Total other (expense) income, net |
|
(565 |
) |
|
269 |
|
|
(1,779 |
) |
|
783 |
|
|||
Loss before income tax |
|
(9,270 |
) |
|
(7,987 |
) |
|
(17,284 |
) |
|
(18,204 |
) |
|||
Provision for income tax |
|
- |
|
|
- |
|
|
2 |
|
|
2 |
|
|||
Net loss | $ |
(9,270 |
) |
$ |
(7,987 |
) |
$ |
(17,286 |
) |
$ |
(18,206 |
) |
|||
Per Share Data | |||||||||||||||
Net loss per common share (basic and diluted) | $ |
(0.48 |
) |
$ |
(1.16 |
) |
$ |
(0.95 |
) |
$ |
(2.80 |
) |
|||
Weighted average common shares outstanding (basic and diluted) |
|
19,125,970 |
|
|
6,874,454 |
|
|
18,137,050 |
|
|
6,499,089 |
|
AEYE, INC. Consolidated Statements of Cash Flows (In thousands) (Unaudited) |
|||||||
Six months ended June 30, | |||||||
|
2025 |
|
|
2024 |
|
||
Cash flows from operating activities: | |||||||
Net loss | $ |
(17,286 |
) |
$ |
(18,206 |
) |
|
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation and amortization |
|
75 |
|
|
56 |
|
|
Noncash lease expense relating to operating lease right-of-use assets |
|
103 |
|
|
727 |
|
|
Gain on termination of operating lease, net |
|
(1,612 |
) |
|
- |
|
|
Common stock purchase agreement costs |
|
306 |
|
|
- |
|
|
Debt issuance costs |
|
2,020 |
|
|
- |
|
|
Inventory write-downs, net of scrapped inventory |
|
24 |
|
|
112 |
|
|
Change in fair value of convertible note and warrant liabilities |
|
(87 |
) |
|
13 |
|
|
Stock-based compensation |
|
3,661 |
|
|
4,754 |
|
|
Amortization of premiums and accretion of discounts on marketable securities, net of change in accrued interest |
|
(157 |
) |
|
(428 |
) |
|
Expected credit losses, net of write-off |
|
2 |
|
|
34 |
|
|
Changes in operating assets and liabilities: | |||||||
Accounts receivable, net |
|
(18 |
) |
|
90 |
|
|
Inventories, current and noncurrent, net |
|
(114 |
) |
|
89 |
|
|
Prepaid and other current assets |
|
84 |
|
|
724 |
|
|
Other noncurrent assets |
|
134 |
|
|
171 |
|
|
Accounts payable |
|
1,761 |
|
|
108 |
|
|
Accrued expenses and other current liabilities |
|
(1,522 |
) |
|
(1,402 |
) |
|
Operating lease liabilities |
|
(1,532 |
) |
|
(799 |
) |
|
Contract liabilities |
|
- |
|
|
74 |
|
|
Other noncurrent liabilities |
|
- |
|
|
(358 |
) |
|
Net cash used in operating activities |
|
(14,158 |
) |
|
(14,241 |
) |
|
Cash flows from investing activities: | |||||||
Purchases of property and equipment |
|
(14 |
) |
|
(234 |
) |
|
Purchases of marketable securities |
|
(14,303 |
) |
|
(15,173 |
) |
|
Proceeds from redemptions and maturities of marketable securities |
|
9,631 |
|
|
18,400 |
|
|
Net cash (used in) provided by investing activities |
|
(4,686 |
) |
|
2,993 |
|
|
Cash flows from financing activities: | |||||||
Proceeds from exercise of stock options |
|
- |
|
|
134 |
|
|
Proceeds from the issuance of convertible note |
|
2,950 |
|
|
146 |
|
|
Payments for convertible note redemptions |
|
(750 |
) |
|
- |
|
|
Transaction costs related to issuance of convertible note |
|
(608 |
) |
|
- |
|
|
Proceeds from issuance of common stock under the Common Stock Purchase Agreements |
|
10,076 |
|
|
5,560 |
|
|
Stock issuance costs related to the Common Stock Purchase Agreements |
|
(404 |
) |
|
(288 |
) |
|
Taxes paid related to the net share settlement of equity awards |
|
(364 |
) |
|
(47 |
) |
|
Proceeds from issuance of common stock through the Employee Stock Purchase Plan |
|
52 |
|
|
26 |
|
|
Net cash provided by financing activities |
|
10,952 |
|
|
5,531 |
|
|
Net decrease in cash, cash equivalents and restricted cash |
|
(7,892 |
) |
|
(5,717 |
) |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
10,266 |
|
|
19,082 |
|
|
Cash, cash equivalents and restricted cash at end of period | $ |
2,374 |
|
$ |
13,365 |
|
AEYE, INC. Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands, except share amounts and per share data) (Unaudited) |
|||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
GAAP net loss | $ |
(9,270 |
) |
$ |
(7,987 |
) |
$ |
(17,286 |
) |
$ |
(18,206 |
) |
|||
Non-GAAP adjustments: | |||||||||||||||
Stock-based compensation |
|
1,160 |
|
|
1,740 |
|
|
3,661 |
|
|
4,754 |
|
|||
Stock issuance and debt issuance costs |
|
231 |
|
|
- |
|
|
2,326 |
|
|
- |
|
|||
Change in fair value of convertible note and warrant liabilities |
|
593 |
|
|
15 |
|
|
(87 |
) |
|
13 |
|
|||
Expenses related to contested proxy |
|
543 |
|
|
- |
|
|
839 |
|
|
- |
|
|||
Loss (gain) on termination of operating lease, net |
|
73 |
|
|
- |
|
|
(1,612 |
) |
|
- |
|
|||
Non-GAAP net loss |
|
(6,670 |
) |
|
(6,232 |
) |
|
(12,159 |
) |
|
(13,439 |
) |
|||
Depreciation and amortization expense |
|
38 |
|
|
27 |
|
|
75 |
|
|
56 |
|
|||
Interest income and other |
|
(393 |
) |
|
(228 |
) |
|
(607 |
) |
|
(423 |
) |
|||
Interest expense and other |
|
134 |
|
|
(56 |
) |
|
147 |
|
|
(373 |
) |
|||
Provision for income tax |
|
- |
|
|
- |
|
|
2 |
|
|
2 |
|
|||
Adjusted EBITDA | $ |
(6,891 |
) |
$ |
(6,489 |
) |
$ |
(12,542 |
) |
$ |
(14,177 |
) |
|||
GAAP net loss per share attributable to common stockholders: | |||||||||||||||
Basic and diluted | $ |
(0.48 |
) |
$ |
(1.16 |
) |
$ |
(0.95 |
) |
$ |
(2.80 |
) |
|||
Non-GAAP net loss per share attributable to common stockholders: | |||||||||||||||
Basic and diluted | $ |
(0.35 |
) |
$ |
(0.91 |
) |
$ |
(0.67 |
) |
$ |
(2.07 |
) |
|||
Shares used in computing GAAP net loss per share attributable to common stockholders: | |||||||||||||||
Basic and diluted |
|
19,125,970 |
|
|
6,874,454 |
|
|
18,137,050 |
|
|
6,499,089 |
|
|||
Shares used in computing Non-GAAP net loss per share attributable to common stockholders: | |||||||||||||||
Basic and diluted |
|
19,125,970 |
|
|
6,874,454 |
|
|
18,137,050 |
|
|
6,499,089 |
|
View source version on businesswire.com:
Investor Relations Contacts:
Agency Contact
Evan Niu, CFA
Financial Profiles, Inc.
[email protected]
310-622-8243
Company Contact
AEye, Inc. Investor Relations
[email protected]
925-400-4366
Source: AEye, Inc.