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    Casey Ryan • WestPark Capital

    Casey Ryan's questions to AEye Inc (LIDR) leadership

    Casey Ryan's questions to AEye Inc (LIDR) leadership • Q2 2025

    Question

    Casey Ryan asked for a definition of the term 'physical AI', questioned the role of NVIDIA in driving non-automotive opportunities, and inquired about the company's go-to-market strategy for sectors like defense, specifically regarding partnerships with integrators.

    Answer

    CEO Matt Fisch defined 'physical AI' as AI and sensing interacting with the real world, which the company uses to refer to its non-automotive business. He confirmed NVIDIA provides significant sales and deployment support in this area, but also noted that Apollo's 1km detection range generates substantial independent inbound interest. CFO Conor Tierney added that the go-to-market strategy is adaptable, utilizing both direct sales and integrators. For defense, he described a multi-pronged approach targeting large primes, smaller players, and direct work with the DOD.

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    Casey Ryan's questions to AEye Inc (LIDR) leadership • Q4 2024

    Question

    Casey Ryan of WestPark Capital asked for clarification on the definition of 'high volume' production, the autonomous driving level (e.g., L2+, L3+) OEMs are targeting, opportunities in non-consumer auto markets like trucking, the expected number of lidar units per vehicle, details on R&D spending, and AEye's geographic strategy across the U.S., Europe, and China.

    Answer

    CEO Matthew Fisch defined 'high volume' as moving from development programs in the thousands of units to mass production contracts starting at tens of thousands and ramping above 100,000 units annually, highlighting their Tier 1 partner's expertise as a key advantage. He identified Level 3 as the 'sweet spot' for OEM roadmaps. Fisch confirmed AEye is open to all markets, including trucking and robotaxis, where Apollo's software-adjustability is a benefit. For passenger cars, he noted a typical Level 3 system might use 1-2 lidars, and emphasized the simplicity and cost benefits of their in-cabin solution. Executive Conor Tierney stated R&D is about half of their cash spend, while Fisch added the focus is shifting from core development to customer integration. Finally, Fisch attributed their global reach to their partnership-led model, utilizing a global Tier 1 manufacturer and local partners in China.

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