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AEye | 8-K: AEye Reports Fourth Quarter 2023 Results

SEC announcement ·  Mar 26 16:45
Summary by Moomoo AI
On March 26, 2024, AEye, Inc., a leader in adaptive lidar solutions, reported its financial outcomes for Q4 and the full year ended December 31, 2023. The announcement, made through a press release, highlighted a signed Letter of Intent (LOI) with a global Tier 1 automotive ADAS sensor supplier, marking a strategic relationship under AEye's automotive-first approach. The company also introduced Apollo, a new product from its 4Sight Flex family, designed to deliver long-range performance in a compact design. AEye's CEO, Matt Fisch, expressed optimism for 2024, focusing on market delivery of AEye's technology with Tier 1 partners. Financially, AEye reduced its cash burn for the third consecutive quarter and entered 2024 with $36.5 million in cash and marketable securities, expecting the cash runway to extend...Show More
On March 26, 2024, AEye, Inc., a leader in adaptive lidar solutions, reported its financial outcomes for Q4 and the full year ended December 31, 2023. The announcement, made through a press release, highlighted a signed Letter of Intent (LOI) with a global Tier 1 automotive ADAS sensor supplier, marking a strategic relationship under AEye's automotive-first approach. The company also introduced Apollo, a new product from its 4Sight Flex family, designed to deliver long-range performance in a compact design. AEye's CEO, Matt Fisch, expressed optimism for 2024, focusing on market delivery of AEye's technology with Tier 1 partners. Financially, AEye reduced its cash burn for the third consecutive quarter and entered 2024 with $36.5 million in cash and marketable securities, expecting the cash runway to extend into 2025. Despite a non-cash impairment charge from winding down its industrial product line, AEye reported a GAAP EPS net loss of $4.44 per share and a non-GAAP EPS net loss of $1.10 per share, beating its non-GAAP EPS net loss guidance by 10 cents. The company's revenue for Q4 2023 was $0.1 million, with a GAAP net loss of $(27.8) million and a non-GAAP net loss of $(6.9) million. The financial information has been adjusted to reflect a 1-for-30 reverse stock split conducted in December 2023. AEye's management held a conference call to discuss the results, with the webcast accessible through the company's investor relations website.

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