Automotive-First, Capital-Light, and Partnership with Continental Position AEye Well
1Q23 revenue came in at the midpoint of guidance at $0.6 million. CEO Matt Fisch has been making changes and said that after "a comprehensive review of AEye's business, it was clear that we needed to intensify our focus on automotive and our path to commercialization with Continental, while aligning our resources with this streamlined business model." The company's automotive-first strategy, capital-light model, and strategic partnership with Continental should position it well in the upcoming LiDAR market. As a Tier 1 automotive supplier, Continental will be critical to AEye's automotive efforts. On the call, Continental VP of the Components Business Norbert Hammerschmidt said that Continental was even more committed to AEye than it was when it selected AEye for LiDAR three years ago. Fisch believes AEye is extremely well positioned to win some of the new OEMs because each will want to differentiate, they will want to make sure the product can be ramped (Continental), and because AEye has the best technology...
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