AEye Inc Q2 2024 Earnings Summary
Intellectia.AI2024-08-08
AEye, Inc. Q2 2024 Earnings Summary
AEye, Inc. (NASDAQ: LIDR), a global leader in adaptive, high-performance lidar solutions, has announced its financial results for the second quarter ending June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change | Q1 2024 | QoQ Change | Consensus Estimates (Q2 2024) |
|---|---|---|---|---|---|---|
| Total Revenue | $100,000 | Not Provided | Not Provided | Not Provided | Not Provided | $100,000 |
| GAAP EPS | $(1.16) | Not Provided | Not Provided | Not Provided | Not Provided | $(1.16) |
| Non-GAAP EPS | $(0.91) | Not Provided | Not Provided | Not Provided | Not Provided | Not Provided |
The company's financial performance shows alignment with Wall Street expectations on revenue and GAAP earnings per share. The non-GAAP net loss of $(0.91) per share indicates cost-saving measures yielding positive effects, discussed further below.
Key Operational Data
| Metric | Q2 2024 |
|---|---|
| Cash, Cash Equivalents, and Marketable Securities | $28 million |
| Additional Liquidity Pipeline | Up to $50 million |
| Cash Runway End Date | Q3 2025 |
The operational data highlights AEye's strengthening cash position with a total of $28 million in liquid assets and up to $50 million additional liquidity, extending the runway to Q3 2025.
Management Commentary
CEO Matt Fisch emphasized significant momentum gained with the Apollo product launch, increased OEM and partner engagements, and additional capital resources extending AEye's cash runway. He acknowledged partnerships with ATI and LighTekton, highlighting successful technology transfers and ongoing collaboration to reduce product costs with Tier 1 partner LITEON.
CFO Conor Tierney detailed financial performance improvements, noting reduced net cash burn for the fifth consecutive quarter, on-track performance against cash burn guidance for 2024, and a strengthened balance sheet.
Dividends and Share Repurchase Program
No information on dividends or share repurchase programs was provided in the earnings release.
Forward Guidance
AEye did not provide explicit forward guidance in this earnings release. However, they indicated confidence in their financial performance trajectory and ongoing cost reduction initiatives.
Stock Price Movement
Following the earnings release, AEye's stock experienced a positive movement, with an "after event" percentage change of approximately 1.50%.
In summary, AEye, Inc's Q2 2024 financial results demonstrate aligned financial metrics with cash runway extension and significant momentum in operational activities, underscoring optimistic future prospects.
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