AEye Inc【LIDR】株式ニュース

AEye Reports First Quarter 2026 Results; Commercial Pipeline Reaches Record LevelsMay 13, 2026 4:05 PM
Business Wire Revenue Up ~60% Year-Over-Year; Active Customer Count Grows to 21; Active Quotes and Engagements Both Up Nearly 40%; 2026 Cash Burn Guidance Reaffirmed AEye, Inc. (Nasdaq: LIDR), a global leader in software-defined, high-performance lidar solutions, today announced financial results for the first quarter ended March 31, 2026. Business Highlights Record Commercial Engagement: Commercial activity has reached its highest level in the Company’s history, with AEye now having 21 customers that have taken revenue-generating shipments – a 31% increase since the Company reported Q4 results in March 2026. Quarter over quarter, quotes and engagements both increased by nearly 40%. Defense Vertical Expansion: SynTech, a global defense systems company with ties to leading defense primes, is actively promoting Apollo™ to its customers, with initial shipments already underway. This partnership may unlock opportunities in international defense and aviation, potentially expanding AEye’s addressable market. Automotive & OEM Momentum: Multiple new RFIs were received in Q1 across both the passenger and commercial vehicle segments, and OEMs have begun to reengage as L3 and L4 roadmaps are being reactivated. Trucking Evaluations: Multiple autonomous trucking company programs are underway and Apollo™ sensors are actively being shipped for evaluation, deepening the Company’s position in commercial vehicle autonomy. ITS: OPTIS™ is live at an active California intersection, in partnership with Flasheye and Blue-Band. APAC Progress: Commercial discussions with customers in Australia, Korea, and China are advancing. NVIDIA Ecosystem: In March 2026, AEye joined the NVIDIA Halos AI Systems Inspection Lab, the world’s first ANAB-accredited AI systems inspection lab. Apollo™ is validated on NVIDIA DRIVE AGX Orin™ and has been demonstrated on NVIDIA DRIVE AGX Thor™. Tier 1 Manufacturing Partnership: AEye’s manufacturing partnership with LITEON creates an industry-leading, globally diversified supply chain derived from off-the-shelf components, positioned to navigate geopolitical risk and shifting trade policies. Management Commentary “Q1 execution was steady and on plan -- the commercial pipeline continued to build, our partnerships advanced, and we now have more active proofs of concept (“POC”) and commercial engagements than at any point in our history,” said Matt Fisch, CEO of AEye. “New technical engagements, inbound RFIs, and POC activity across automotive, trucking, defense, rail, and ITS are all moving in the right direction. Revenue is up nearly 60% year-over-year, a reflection of the strong pipeline we are building. Physical AI appears to be a large and accelerating market -- Barclays projects that the market opportunity could reach one trillion dollars by 2035 -- and AEye’s software-defined architecture positions us as a core enabling layer of that ecosystem. The lidar sector’s consolidation has only strengthened our relative position: we are now better capitalized, leaner in structure, and creating a more diversified pipeline.” Fisch continued, “Apollo™ offers best-in-class detection range when operating behind a windshield, which is a decisive differentiator as OEMs reengage and L3 and L4 programs begin to expand. The partnerships we have built -- from NVIDIA to LITEON to SynTech -- are converting engagements into deployments, and the focus for the remainder of 2026 is unchanged: advance those deployments and build a durable revenue ramp.” Financial Highlights Q1 2026 revenue was approximately $101,000, up approximately 60% compared to $64,000 in Q1 2025, and roughly flat sequentially. GAAP net loss in Q1 2026 was $(8.3) million, or $(0.18) per share. Non-GAAP net loss in Q1 2026 was $(6.7) million, or $(0.15) per share. Cash burn in Q1 2026 was $9.2 million. Cash, cash equivalents, and marketable securities were $77.2 million as of March 31, 2026. “Our commercial momentum continued to build throughout the quarter,” said Conor Tierney, CFO of AEye. “Our pipeline metrics strengthened across the board, customer additions spanned every major vertical, and we are seeing a growing pattern of repeat business -- a direct signal of product-market fit. Our virtually debt-free capital structure and capital-light model keep our cash burn among the lowest in the sector, while our balance sheet provides the runway to execute multi-year commercial programs.” 2026 Cash Burn Outlook The Company reaffirms its expectation that cash burn for the full year 2026 will be in the range of $30 million to $35 million, inclusive of approximately $5 million in working capital. The Company's cash balance provides operational runway well into 2028. Conference Call and Webcast Details AEye management will webcast its investor conference call today, May 13, 2026, 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 https://investors.aeye.ai/. Access is also available via: Webcast: https://edge.media-server.com/mmc/p/799vhiag/ About AEye AEye offers a suite of unique software-defined lidar solutions that address a wide range of real-world needs including advanced driver-assistance, vehicle autonomy, smart infrastructure, security, defense, and logistics applications. 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™, AEye also offers STRATOS™ with the ability to detect objects at up to one-and-a-half kilometers as well as 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 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 help investors evaluate the results of the Company’s on-going operations and to enable more meaningful and consistent period-to-period comparisons. Non-GAAP financial measures are presented only as supplemental information to understand 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 stock issuance and debt issuance costs, less change in fair value of convertible note and warrant liabilities, plus expenses related to contested proxy, less 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, less 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 AEye’s cash burn for 2026, the operational runway well into 2028, the benefits expected from new commercial relationships, the benefits to be derived from the reactivation of L3 and L4 roadmaps, and the benefits of AEye’s manufacturing partnership with LITEON, 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 cash burn for the full year 2026 may exceed $35 million due to unanticipated expenses associated with the investments required to ramp AEye’s products, or otherwise; (ii) the risks that AEye may not realize the benefits anticipated from the partnership with SynTech, including the expansion of AEye’s addressable market to include international defense and aviation markets, to the extent or in the time frame anticipated, or at all; (iii) the risks that the L3 and L4 roadmaps being reactivated by various OEMs may not result in the issuance of RFIs or RFQs in the time frame anticipated, or at all; (iv) the risks that the multiple autonomous trucking company programs underway may not result in successful evaluations nor commercial sales to the extent or in the time frame anticipated, or at all; (v) the risks that the OPTIS deployment at an active California intersection, in partnership with Flasheye and Blue-Band may not be successful and may not result in additional commercial deployments to the extent or in the time frame anticipated, or at all; (vi) the risks that the commercial discussions with customers in Australia, Korea, and China may not advance to the extent or in the time frame anticipated, or at all; (vii) the risks that AEye’s tenure in the NVIDIA Halos AI Systems Inspection Lab may be shorter than anticipated and not bolster automotive product readiness to the extent or in the time frame anticipated, or at all; (viii) the risks that AEye’s manufacturing partnership with LITEON may not create an industry-leading, globally diversified supply chain that is able to navigate geopolitical risk and shifting trade policies to the extent or in the time frame anticipated, or at all; (ix) the risks that new technical engagements, inbound RFIs, and POC activity may not continue to move in the right direction to the extent or in the time frame anticipated, or at all; (x) the risks that the strong pipeline AEye is building may not result in commercial sales to the extent or in the time frame anticipated, or at all; (xi) the risks that the projection by Barclays that the market opportunity for physical AI may reach one trillion dollars by 2035 may not occur to the extent or in the time frame anticipated, or at all; (xii) the risk that AEye’s software-defined architecture may not position AEye as core enabling layer of the physical AI ecosystem to the extent or in the time frame anticipated, or at all; (xiii) the risks that Apollo’s™ best-in-class detection range when operating behind a windshield may not be a decisive differentiator for AEye, even as OEMs reengage and L3 and L4 programs are beginning to expand, to the extent or in the time frame anticipated, or at all; (xiv) the risks that engagements may not result in deployments to the extent or in the time frame anticipated, or at all; (xv) the risks that AEye may be unable to advance deployments to commercial sales or build a durable revenue ramp to the extent or in the time frame anticipated, or at all; (xvi) the risks that the product-market fit may not materialize to the extent or in the time frame anticipated, or at all; (xvii) the risks that AEye’s cash burn may increase due to unforeseen circumstances and therefore AEye’s balance sheet may not be able to provide the runway to execute multi-year commercial programs to the extent anticipated, or at all; (xviii) the risks that market conditions may create delays in the demand for commercial lidar products beyond AEye’s expectations, if at all; (xix) the risks that lidar adoption occurs slower than anticipated or fails to occur at all; (xx) the risks that AEye’s products may not meet the diverse range of performance and functional requirements of target markets and customers; (xxi) the risks that AEye’s products may not function as anticipated by AEye, or by target markets and customers; (xxii) 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; (xxiii) the risks that laws and regulations are adopted impacting the use of lidar that AEye is unable to comply with, in whole or in part; (xxiv) 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; (xxv) the risks that AEye is unable to adequately implement its business plans, forecasts, and other expectations, and identify and realize additional opportunities; and (xxvi) 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 current or future global conflicts and current and potential trade restrictions, trade tensions, and tariffs, all of which continue to cause 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. Investors 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 March 31, 2026 As of December 31, 2025 ASSETS Current Assets: Cash and cash equivalents $ 45,162 $ 43,356 Marketable securities 32,076 43,104 Accounts receivable, net 96 77 Inventories, net 963 1,015 Prepaid and other current assets 1,397 2,081 Total current assets 79,694 89,633 Right-of-use assets 1,399 441 Property and equipment, net 770 577 Other noncurrent assets 189 242 Total assets $ 82,052 $ 90,893 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 3,843 $ 3,615 Accrued expenses and other current liabilities 2,341 4,957 Total current liabilities 6,184 8,572 Operating lease liabilities, noncurrent 927 235 Convertible note, noncurrent 146 146 Other noncurrent liabilities 579 598 Total liabilities 7,836 9,551 Stockholders’ Equity: Preferred stock - - Common stock 4 4 Additional paid-in capital 489,651 488,361 Accumulated other comprehensive income (loss) (41 ) 30 Accumulated deficit (415,398 ) (407,053 ) Total stockholders’ equity 74,216 81,342 Total liabilities and stockholders’ equity $ 82,052 $ 90,893 AEYE, INC.
Consolidated Statements of Operations
(In thousands, except share amounts and per share data)
(Unaudited) Three months ended March 31, 2026 2025 Revenue $ 101 $ 64 Cost of revenue 201 96 Gross loss (100 ) (32 ) Operating expenses: Research and development 3,765 3,490 Sales and marketing 986 383 General and administrative 4,178 2,895 Total operating expenses 8,929 6,768 Loss from operations (9,029 ) (6,800 ) Other income (expense): Change in fair value of convertible note and warrant liabilities 19 680 Interest income and other 645 214 Interest expense and other 22 (2,108 ) Total other income (expense), net 686 (1,214 ) Loss before income tax (8,343 ) (8,014 ) Provision for income tax 2 2 Net loss $ (8,345 ) $ (8,016 ) Per Share Data: Net loss per common share (basic and diluted) $ (0.18 ) $ (0.46 ) Weighted average common shares outstanding (basic and diluted) 45,214,397 17,448,617 AEYE, INC.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited) Three months ended March 31, 2026 2025 Cash flows from operating activities: Net loss $ (8,345 ) $ (8,016 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 40 37 Noncash lease expense relating to operating lease right-of-use assets 75 51 Gain on termination of operating lease, net - (1,685 ) Common stock purchase agreement costs 136 111 Debt issuance costs - 1,984 Inventory write-downs, net of scrapped inventory - 24 Change in fair value of convertible note and warrant liabilities (19 ) (680 ) Stock-based compensation 1,542 2,501 Amortization of premiums and accretion of discounts on marketable securities, net of
change in accrued interest 57 (74 ) Changes in operating assets and liabilities: Accounts receivable, net (19 ) 5 Inventories, current and noncurrent, net 52 4 Prepaid and other current assets 684 98 Other noncurrent assets 53 80 Accounts payable 205 222 Accrued expenses and other current liabilities (2,895 ) (2,408 ) Operating lease liabilities (121 ) (57 ) Net cash used in operating activities (8,555 ) (7,803 ) Cash flows from investing activities: Purchases of property and equipment (187 ) (6 ) Purchases of marketable securities - (14,303 ) Proceeds from redemptions and maturities of marketable securities 10,900 5,731 Net cash provided by (used in) investing activities 10,713 (8,578 ) Cash flows from financing activities: Proceeds from issuance of convertible note - 2,950 Transaction costs related to issuance of convertible note - (578 ) Proceeds from issuance of common stock under Common Stock Purchase Agreements - 9,495 Stock issuance costs related to Common Stock Purchase Agreements (100 ) (152 ) Taxes paid related to the net share settlement of equity awards (252 ) (333 ) Net cash provided by (used in) financing activities (352 ) 11,382 Net increase (decrease) in cash and cash equivalents 1,806 (4,999 ) Cash and cash equivalents at beginning of period 43,356 10,266 Cash and cash equivalents at end of period $ 45,162 $ 5,267 AEYE, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, except share amounts and per share data)
(Unaudited) Three months ended March 31, 2026 2025 GAAP net loss $ (8,345 ) $ (8,016 ) Non-GAAP adjustments: Stock-based compensation 1,542 2,501 Stock issuance and debt issuance costs 136 2,095 Change in fair value of convertible note and warrant liabilities (19 ) (680 ) Expenses related to contested proxy - 296 Gain on termination of operating lease, net - (1,685 ) Non-GAAP net loss (6,686 ) (5,489 ) Depreciation and amortization expense 40 37 Interest income and other (645 ) (214 ) Interest expense and other (158 ) 13 Provision for income tax 2 2 Adjusted EBITDA $ (7,447 ) $ (5,651 ) GAAP net loss per share attributable to common stockholders: Basic and diluted $ (0.18 ) $ (0.46 ) Non-GAAP net loss per share attributable to common stockholders: Basic and diluted $ (0.15 ) $ (0.31 ) Shares used in computing GAAP net loss per share attributable to common stockholders: Basic and diluted 45,214,397 17,448,617 Shares used in computing Non-GAAP net loss per share attributable to common stockholders: Basic and diluted 45,214,397 17,448,617 View source version on businesswire.com: https://www.businesswire.com/news/home/20260513412374/en/ Investor Relations
AEye, Inc. Investor Relations

AEye Reports Fourth Quarter and Full-Year 2025 Results; Strengthened Foundation for Commercial GrowthMarch 16, 2026 4:35 PM
Business Wire
Revenue Doubled in Q4 over Q3; 40% Commercial Pipeline Expansion; 33% Increase in Customer Count

Joining NVIDIA Halos AI Systems Inspection Lab; Demonstrated Apollo™ Lidar with NVIDIA DRIVE AGX Thor™

Operational Runway Into 2028

AEye, Inc. (Nasdaq: LIDR) (the “Company”), a global leader in software-defined, high-performance lidar solutions, today announced financial results for the fourth quarter and full year ended December 31, 2025.

Business Highlights

NVIDIA Ecosystem Maturity: Joining NVIDIA Halos AI Systems Inspection Lab to bolster automotive product readiness and demonstrated Apollo™ lidar with the NVIDIA DRIVE AGX Thor™ platform, the future centralized brain of NVIDIA-equipped autonomous vehicles.

Commercial Inflection: AEye increased its commercial momentum, with 16 active customers that have taken revenue-generating shipments -- a 33% increase since the Company reported Q3 results in November 2025.

Aerospace & Defense Traction: Repeat business with an existing customer, multiple new requests for quotations (“RFQs”), and a new distribution partnership that expands AEye’s reach in this sector.

ITS & APAC Expansion: Completed a successful proof of concept (“POC”) in Australia that has progressed into the next phase of commercial discussions, while formalizing multiple intersection deployments across the U.S.; also signed a letter of intent (“LOI”) with a regional partner focused on unlocking opportunities in Korea and the broader APAC region.

Partner Ecosystem: The Company expanded its OPTIS™ ecosystem, turning technological opportunities into actionable revenue pipelines through strategic partnerships, most recently adding Vueron for dynamic perception required by moving vehicles such as rail and trucks -- complementing existing partners Flasheye, Blue-Band, and Black Sesame Technologies.

Technological Leadership: At CES 2026, introduced STRATOS™, a third-generation sensor featuring a 1.5-kilometer detection range and resolution greater than twice that of AEye’s flagship Apollo™ sensor, packaged in a smartphone-sized form factor which, like Apollo™, can fit behind a windshield.

Management Commentary

“Throughout 2025 we made consistent progress towards industrial scaling and active commercial execution,” said Matt Fisch, CEO of AEye. “We are now shipping products to global defense leaders, securing significant opportunities in high-speed rail, and strengthening our commercial pipeline across automotive, including commercial vehicles, smart infrastructure, mobility, and intelligent transportation systems. We believe our technology and product capabilities provide AEye with unique optionality, as we can offer best-in-industry long-range performance while also addressing the passenger vehicle market by meeting highway-speed requirements through the windshield. At the same time, we expect our capital-light manufacturing approach paired with our software-defined architecture will prove to offer the most viable path to sustainable commercialization.”

Fisch continued, “We ended 2025 with consistent momentum in our technology development, strong partnerships, and a commercial pipeline that is converting at an accelerated pace. With the launch of STRATOS™, our 1.5-kilometer ultra-long-range sensor, and our demonstrations on next-generation platforms like NVIDIA DRIVE AGX Thor™, we are delivering on our vision for the future of physical AI, which is estimated to represent a $5 billion market today and, according to a recent analysis by Barclays, a potential trillion-dollar opportunity by 2035. Moving into 2026, we are beginning to accelerate execution on our growth strategy, as we expect our technology lead will continue to translate into firm volume commitments and a durable revenue ramp.”

Financial Highlights

Q4 2025 revenue was approximately $100,000, a 94% quarterly sequential increase. Full-year 2025 revenue totaled approximately $230,000, up 15% year over year.

Cash burn excluding net financing proceeds in Q4 2025 was $7.5 million, and the cash burn for the 2025 full year period was $29.0 million.

GAAP net loss for Q4 2025 was $(7.3) million, or $(0.17) per share. GAAP net loss for the 2025 full year period was $(34.0) million, or $(1.47) per share.

Non-GAAP net loss for Q4 2025 was $(6.8) million, or $(0.15) per share. Non-GAAP net loss for the 2025 full year period was $(24.4) million, or $(1.05) per share.

Ended 2025 with $86.5 million in cash, cash equivalents, and marketable securities, providing operational runway into 2028, based on our 2026 cash burn outlook and assuming comparable cash burn in subsequent years.

“We have an attractive level of resources that positions us to execute on the multi-year production cycles demanded by leading automotive OEMs and high-performance industrial partners,” said Conor Tierney, CFO of AEye. “Today, AEye stands as a resilient leader in a lidar industry that is undergoing intense consolidation. Our capital-light model is a key point of differentiation in the industry, as it optimizes our available capital while still providing us with significant unit production capabilities to meet an uptick in expected demand later this year.”

2026 Cash Burn Outlook

The Company expects its cash burn rate for the 2026 full year period to be in a range of $30 million to $35 million, inclusive of approximately $5 million in working capital.

Conference Call and Webcast Details

AEye management will webcast its investor conference call today, March 16, 2026, 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 https://investors.aeye.ai/.

Access is also available via:

Webcast: https://edge.media-server.com/mmc/p/zzk8sudu/

About AEye

AEye offers a suite of unique software-defined lidar solutions that address a wide range of real-world needs including advanced driver-assistance, vehicle autonomy, smart infrastructure, security, defense, and logistics applications. 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™, AEye also offers STRATOS™ with the ability to detect objects at up to one-and-a-half kilometers as well as 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 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 help investors evaluate the results of the Company’s on-going operations and to enable more meaningful and consistent period-to-period comparisons. Non-GAAP financial measures are presented only as supplemental information to understand 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 stock issuance and debt issuance costs, less 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, less interest expense and other, plus provision (benefit) 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 included in this press release include, without limitation, statements about AEye’s operational runway into 2028, the translation of commercial momentum into revenue, and the benefits and advantages of AEye’s products and technologies, 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 operational runway may not extend into 2028 due to unforeseen expenses or otherwise; (ii) the risks that AEye’s tenure in the NVIDIA Halos AI Systems Inspection Lab may be shorter than anticipated and not bolster automotive product readiness to the extent or in the time frame anticipated, or at all; (iii) the risks that existing customers may not continue to make repeat purchases nor may new RFQs, completed POCs, nor signed LOIs result in revenue to the extent or in the time frame anticipated, or at all; (iv) the risks that the opportunities that may be created through strategic partnerships may not result in actionable revenue pipelines to the extent or in the time frame anticipated, or at all; (v) the risks that AEye’s technology and product capabilities may not provide AEye with unique optionality to the extent or in the time frame anticipated, or at all; (vi) the risks that AEye’s capital-light manufacturing approach and software-defined architecture may not result in sustainable commercialization to the extent or in the time frame anticipated, or at all; (vii) the risks that AEye’s commercial pipeline may not covert at an accelerated pace to the extent or in the time frame anticipated, or at all; (viii) the risks that AEye may be unable to deliver on its vision for the future of physical AI to the extent or in the time frame anticipated, or at all; (ix) the risks that the physical AI market may not be at $5 billion today nor reach a trillion dollar market size by 2035, or at all; (x) the risks that AEye’s technology lead may not continue nor translate into firm volume commitments nor a durable revenue ramp to the extent or in the time frame anticipated, or at all; (xi) the risks that AEye’s level of resources may not position the company to execute on multi-year production cycles to the extent or in the time frame anticipated, or at all; (xii) the risks that our capital-light model may not remain a point of differentiation to the extent or for the time frame anticipated, or at all; (xiii) the risks that the uptick in expected demand later this year may not occur to the extent or in the time frame anticipated, or at all; (xiv) the risks that the cash burn for the full year of 2026 may exceed $35 million due to unanticipated expenses associated with the investments required to ramp AEye’s products, or otherwise; (xv) the risks that market conditions may create delays in the demand for commercial lidar products beyond AEye’s expectations, if at all; (xvi) the risks that lidar adoption occurs slower than anticipated or fails to occur at all; (xvii) the risks that AEye’s products may not meet the diverse range of performance and functional requirements of target markets and customers; (xviii) the risks that AEye’s products may 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 that laws and regulations are adopted impacting the use of lidar that AEye is unable to comply with, in whole or in part; (xxi) 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; (xxii) the risks that AEye is unable to adequately implement its business plans, forecasts, and other expectations, and identify and realize additional opportunities; and (xxiii) 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 current or future global conflicts and current and potential trade restrictions, trade tensions, and tariffs, all of which continue to cause 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.

Investors 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,

2025

2024

ASSETS

Current Assets:

Cash and cash equivalents

$

43,356

$

10,266

Marketable securities

43,104

12,012

Accounts receivable, net

77

11

Inventories, net

1,015

176

Prepaid and other current assets

2,081

2,706

Total current assets

89,633

25,171

Right-of-use assets

441

652

Property and equipment, net

577

605

Other noncurrent assets

242

692

Total assets

$

90,893

$

27,120

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities:

Accounts payable

$

3,615

$

3,598

Accrued expenses and other current liabilities

4,957

7,709

Total current liabilities

8,572

11,307

Operating lease liabilities, noncurrent

235

479

Convertible note, noncurrent

146

146

Other noncurrent liabilities

598

64

Total liabilities

9,551

11,996

Stockholders’ Equity:

Preferred stock

-

-

Common stock

4

1

Additional paid-in capital

488,361

388,213

Accumulated other comprehensive income

30

5

Accumulated deficit

(407,053

)

(373,095

)

Total stockholders’ equity

81,342

15,124

Total liabilities and stockholders’ equity

$

90,893

$

27,120

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

Three months ended December 31,

Year ended December 31,

2025

2024

2025

2024

Revenue

$

97

$

46

$

233

$

202

Cost of revenue

247

49

554

778

Gross loss

(150

)

(3

)

(321

)

(576

)

Operating expenses:

Research and development

3,716

4,252

13,937

16,389

Sales and marketing

931

69

2,546

551

General and administrative

3,604

4,671

14,927

18,312

Total operating expenses

8,251

8,992

31,410

35,252

Loss from operations

(8,401

)

(8,995

)

(31,731

)

(35,828

)

Other income (expense):

Change in fair value of convertible note and warrant liabilities

228

4

(1,895

)

-

Interest income and other

734

143

1,991

799

Interest expense and other

106

296

(2,312

)

(433

)

Total other income (expense), net

1,068

443

(2,216

)

366

Loss before income tax

(7,333

)

(8,552

)

(33,947

)

(35,462

)

Provision (benefit) for income tax

9

(4

)

11

(2

)

Net loss

$

(7,342

)

$

(8,548

)

$

(33,958

)

$

(35,460

)

Per Share Data:

Net loss per common share (basic and diluted)

$

(0.17

)

$

(0.93

)

$

(1.47

)

$

(4.89

)

Weighted average common shares outstanding (basic and diluted)

44,454,223

9,144,094

23,128,082

7,253,683

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

Year ended December 31,

2025

2024

Cash flows from operating activities:

Net loss

$

(33,958

)

$

(35,460

)

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

Depreciation and amortization

155

129

Gain on sale of property and equipment, net

-

(12

)

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

211

956

Gain on termination of operating lease, net

(1,014

)

(491

)

Common stock purchase agreement costs

337

1,124

Debt issuance costs

2,020

-

Gain on extinguishment of warrant

(64

)

-

Inventory write-downs, net of scrapped inventory

48

161

Change in fair value of convertible note and warrant liabilities

1,895

-

Stock-based compensation

5,522

9,047

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

(378

)

(611

)

Expected credit losses, net of write-off

2

35

Changes in operating assets and liabilities:

Accounts receivable, net

(68

)

85

Inventories, current and noncurrent, net

(678

)

245

Prepaid and other current assets

(1,054

)

1,490

Other noncurrent assets

241

215

Accounts payable

9

156

Accrued expenses and other current liabilities

(767

)

(2,389

)

Operating lease liabilities

(236

)

(955

)

Other noncurrent liabilities

-

(345

)

Net cash used in operating activities

(27,777

)

(26,620

)

Cash flows from investing activities:

Purchases of property and equipment

(109

)

(486

)

Proceeds from sale of property and equipment

-

45

Purchases of marketable securities

(53,768

)

(24,241

)

Proceeds from redemptions and maturities of marketable securities

23,079

32,426

Net cash provided by (used in) investing activities

(30,798

)

7,744

Cash flows from financing activities:

Proceeds from exercise of stock options

-

134

Proceeds from the issuance of convertible notes

2,950

146

Payments for convertible note redemptions

(989

)

-

Transaction costs related to issuance of convertible note

(658

)

-

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

90,961

11,080

Stock issuance costs related to the Common Stock Purchase Agreements

(1,835

)

(1,232

)

Taxes paid related to the net share settlement of equity awards

(643

)

(161

)

Proceeds from exercise of warrant

1,788

-

Proceeds from issuance of common stock through the Employee Stock Purchase Plan

91

93

Net cash provided by financing activities

91,665

10,060

Net increase (decrease) in cash, cash equivalents and restricted cash

33,090

(8,816

)

Cash, cash equivalents and restricted cash at beginning of period

10,266

19,082

Cash and cash equivalents at end of period

$

43,356

$

10,266

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

Three months ended December 31,

Year ended December 31,

2025

2024

2025

2024

GAAP net loss

$

(7,342

)

$

(8,548

)

$

(33,958

)

$

(35,460

)

Non-GAAP adjustments:

Stock-based compensation

790

2,045

5,522

9,047

Stock issuance and debt issuance costs

12

(12

)

2,357

1,124

Change in fair value of convertible note and warrant liabilities

(228

)

(4

)

1,895

-

Expenses related to contested proxy

-

-

839

-

Loss (gain) on termination of operating lease, net

-

189

(1,014

)

(491

)

Non-GAAP net loss

(6,768

)

(6,330

)

(24,359

)

(25,780

)

Depreciation and amortization expense

42

49

155

129

Interest income and other

(734

)

(143

)

(1,991

)

(799

)

Interest expense and other

(118

)

(284

)

(45

)

(691

)

Provision (benefit) for income tax

9

(4

)

11

(2

)

Adjusted EBITDA

$

(7,569

)

$

(6,712

)

$

(26,229

)

$

(27,143

)

GAAP net loss per share attributable to common stockholders:

Basic and diluted

$

(0.17

)

$

(0.93

)

$

(1.47

)

$

(4.89

)

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

Basic and diluted

$

(0.15

)

$

(0.69

)

$

(1.05

)

$

(3.55

)

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

Basic and diluted

44,454,223

9,144,094

23,128,082

7,253,683

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

Basic and diluted

44,454,223

9,144,094

23,128,082

7,253,683

View source version on businesswire.com: https://www.businesswire.com/news/home/20260316867241/en/
Investor Relations

AEye, Inc. Investor Relations

info@aeye.ai

925-400-4366

Keaton Olsen

lidr@allianceadvisors.com

Media Relations

Alliance Advisors IR

Fatema Bhabrawala

fbhabrawala@allianceadvisors.com

647-620-5002

Original: AEye Reports Fourth Quarter and Full-Year 2025 Results; Strengthened Foundation for Commercial Growth

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