Achieved Significant Progress Against Strategic Growth Initiatives
Full-year Revenue Performance Exceeded Wall Street Expectations
AEye, Inc. (Nasdaq: LIDR), the global leader in adaptive, high-performance lidar solutions, today announced its results for the fourth quarter and full year ended December 31, 2021.
Blair LaCorte, Chief Executive Officer of AEye, said, “The dedication and high level of execution by our team allowed us to deliver on our plan, with strong performance in 2021. We made significant advancements in productization, industrialization, and cost optimization, setting the foundation for movement to volume production across both the industrial and automotive markets. We also strengthened our team, public company infrastructure and governance, and exceeded Wall Street revenue expectations. The enthusiasm from our team and our unique partner-oriented business model allowed us to close the year with solid momentum across several areas of our business. We are confident that our unique business model, powered by AEye’s adaptive lidar platform, 4Sight™, are market-leading differentiators that will drive significant value for our shareholders.”
Strategic Milestones Achieved 2021
Financial - AEye made its debut by listing on Nasdaq (LIDR), raising more than $200 million, net of fees, to fund product development, increase scale, and support AEye’s growing customer base. In December, the - Company announced a $125 million Common Stock Purchase Agreement.
Product - AEye established new lidar industry performance standards for range, rate, and resolution in performance specification tests monitored, validated, and published by VSI Labs, one of the nation’s leading independent evaluators of active safety and automated vehicle technologies. - AEye validated superior weather performance, as documented in the journal Atmosphere. - In alignment with AEye CEO Blair LaCorte's article in Forbes on software-defined vehicles, AEye is enabling foundational over-the-air (OTA) update capabilities across all products.
Manufacturing - ADAS: AEye transitioned initial production of automotive B-samples of AEye-based long-range lidar sensors to a Continental manufacturing line. The Continental HRL131 is on-track for large-scale series production in 2024. The HRL131 will be manufactured, sold, and supported, under Continental’s brand, to its installed base of 25 ADAS customers/OEMs. - Industrial: AEye transitioned manufacturing of AEye’s 4Sight M sensor for industrial and mobility applications from AEye’s Advanced Development Center in Dublin, CA to Sanmina, AEye’s lead contract manufacturing partner.
Customers and Partners - Continental announced the integration of AEye’s lidar technology into its full-stack (cameras, radar, lidar, and ECU) automotive-grade system for Level 2+ automated and autonomous driving applications – allowing - Continental to sell a standalone high-performance long-range lidar sensor or as part of a complete ADAS system. - AEye announced a partnership with TuSimple to deploy AEye’s long-range, high-performance lidar for autonomous trucking applications. - AEye announced integration of its adaptive lidar with the Nvidia DRIVE Platform for autonomous vehicles. - AEye launched its adaptive lidar solutions for Intelligent Transportation Systems at the ITS World Congress in Hamburg in October. - AEye, as previously announced, is working with leaders in other industrial markets such as Komatsu (construction) and Hitachi (rail).
Governance - A new board of directors was elected, bringing to AEye extensive public governance, legal, and financial management experience, as well as deep domain expertise in the automotive, trucking, aerospace, and defense markets.
Scaling the Company - AEye opened offices in Japan and Korea and expanded our presence in Germany to support international growth. - AEye doubled key employee headcount primarily in engineering, operations, and sales and marketing to support product roll-out. Innovation - AEye filed its 100th patent for groundbreaking concepts that meaningfully strengthen AEye’s IP protection and competitive position. - AEye was named a 2022 Innovation Award Winner by both Fast Company and the Consumer Electronics Show (CES).
Q4 2021 Financials
AEye reported revenue of $1.8 million, and a GAAP net loss of $(25.0) million, or $(0.16) per share based on 154.6 million weighted average shares outstanding. Adjusted EBITDA was $(19.8) million for the quarter. Non-GAAP net loss was $(20.0) million or $(0.13) per share.
Full Year 2021 Financials
AEye reported revenue of $3.0 million, and a GAAP net loss of $(65.0) million, or $(0.60) per share based on 109.1 million weighted average shares outstanding. Adjusted EBITDA was $(50.0) million for the year. Non-GAAP net loss was $(53.7) million or $(0.49) per share.
Adjusted EBITDA is a non-GAAP financial measure. Refer to “Non-GAAP Financial Measures” for a discussion of Adjusted EBITDA and the financial tables below for reconciliations of Adjusted EBITDA to GAAP net loss, the most directly comparable GAAP financial measure.
The Company ended 2021 with $164.0 million in cash, cash equivalents, and marketable securities, and is debt-free.
Looking to 2022
The Company is targeting $4 million to $6 million of revenues in 2022. Non-GAAP net loss is expected to be approximately $100 million for the year. Capital expenditures are expected to be approximately $3 million to $4 million for the year.
Conference Call and Webcast Details
AEye management will hold a conference call today, March 28, 2021, at 2:00 p.m. Pacific time (5:00 p.m. Eastern time) to discuss these results. AEye’s 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: - US/CANADA Participant Toll-Free Dial-In Number: 866-652-5200 - US/CANADA Participant International Dial-In Number: 412-317-6060 About AEye
AEye’s software-defined lidar enables advanced driver-assistance, vehicle autonomy, and industrial applications that save lives and propel the future of transportation and mobility. The company's 4Sight™ Intelligent Sensing Platform uses adaptive lidar to focus on what matters most: enabling faster, more accurate and reliable perception for dynamic applications ranging from autonomous driving to intelligent infrastructure, which require precise measurement imaging to ensure safety and performance. The company was founded in 2013 and is based in the San Francisco Bay Area.
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 expenses related to the registration statement on Form S-1 on behalf of selling stockholders, plus common stock purchase agreement costs, less change in fair value of embedded derivative and warrant liabilities, less the gain on our 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.
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