4Q23 Cash Burn Lower, New Product Announced, and LOI Signed with Automotive Tier 1 Supplier
While AEye announced 4Q23 revenue of $0.1 million and reduced cash burn again, the real story was the signing of a letter-of-intent with a Tier 1 automotive ADAS sensor supplier. CEO Matt Fisch said this, “marks the beginning of a new relationship as part of our capital-light, automotive-first strategy.” AEye announced its first 4Sight Flex product, Apollo, which will target L2+, L3, and L4 applications in the automotive market. This long-range, lightweight product uses 1550 nanometer lidar and leverages all of AEye’s technology and supply chain. Apollo samples are expected to be available for customer demonstrations in June 2024. CFO Conor Tierney highlighted that AEye’s cash position was $36.5 million to start 2024 and that its cash runway extends into 2025. The company beat its non-GAAP EPS loss guidance by $0.10 in 4Q23, partially due to its continued cost reduction efforts. Tierney also mentioned that AEye’s capital-light model is expected to be 10x more capital efficient than its competitors. The company guided to cash burn of $20-25 million for 2024. Last November, AEye announced 4Sight Flex, which is 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. Read all our reports and view fireside chats about AEye on our website.
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