Tue, May 14, 8:58 PM (245 days ago)
For the quarter ended March 31, 2024, AEye, Inc. reported a significant decline in financial performance compared to the same period in 2023. Total revenue dropped by 97% to $20,000, primarily due to a decrease in development contracts and prototype sales. The company’s gross loss improved to $243,000 from $1.6 million, driven by a reduction in cost of revenue. Operating expenses saw a substantial decrease, with R&D expenses down 52% to $4.5 million, sales and marketing expenses down 95% to $341,000, and general and administrative expenses down 34% to $5.6 million. These reductions were mainly attributed to restructuring efforts, including workforce reductions and cost-cutting measures. Net loss for the quarter was $10.2 million, a significant improvement from the $26.3 million loss in the same period last year. The company’s cash and cash equivalents decreased to $9.5 million from $16.9 million at the end of 2023, and total assets declined to $45.4 million from $54.3 million. AEye faces uncertainties, including its ability to establish new Tier 1 automotive partnerships after the termination of its agreement with Continental AG. The company plans to continue investing in R&D and focus on achieving commercialization of its lidar solutions while managing costs to extend liquidity.