3Q23 Earnings Show Expenses Now in Line with Automotive-First Strategy
3Q23 revenue of $0.2 million was slightly below expectations, but EPS was slightly better than expected at a loss of $0.05 versus consensus of a loss of $0.06. CEO Matt Fisch said, “the lidar market has shifted from a ‘battle for the best technology’ to a ‘battle for the best path to commercialization.’” Fisch continues to be bullish and upbeat as AEye’s technology continues to win awards. CFO Conor Tierney highlighted that AEye achieved its goal of reducing cash burn by 50% since the beginning of the year; one quarter early. Expenses are now aligned with its automotive-first strategy, extending its cash runway into 2025. The company has $46 million in cash and has no plans to raise additional capital at this time. AEye is now in the binding quote phase with Continental. This is the first time the company has reached this stage where the buyer vets AEye’s supply chain top to bottom. As the company transitions from its R&D phase to commercialization, much of the work will be engineering focused on manufacturing at scale and vehicle integration. While some of the RFQ timelines have shifted out, AEye is still in the running for the six RFQs identified previously. As the company focuses on automotive, it has discontinued its industrial efforts for the time being. AEye announced 4Sight Flex, a small form factor version of its 4Sight product. The company expects this smaller, energy-efficient product to be the lowest cost for in-cabin in the industry. 4Sight is the centerpiece for all AEye’s products, trucking and industrial, but first automotive. The company’s partners see significant potential and AEye’s manufacturing partner Sanmina announced that it has broken ground on its high-volume manufacturing line at its future plant in Thailand. We will be hosting CEO Matt Fisch for a fireside chat on Monday, November 20, 2023, at 11:00 am ET. The registration link is accessible in our full report below.
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