AEye, Inc. (LIDR)·Q4 2024 Earnings Summary

Executive Summary

• Q4 2024 was operationally steady with continued cost control: net cash burn improved to $4.8M (better than $4.9M guidance), GAAP EPS improved sequentially to $(0.93) vs $(1.01) in Q3, and non-GAAP EPS was $(0.69) vs $(0.70) in Q3, despite de minimis revenue levels .
• Balance sheet/liquidity extended: $22.3M cash, cash equivalents and marketable securities at 12/31/24, plus $12.7M raised in 2025, taking “total potential liquidity” to ~ $80M and runway to mid-2026; management guided 2025 cash burn of $25M to ramp Apollo manufacturing .
• Strategic progress: Apollo launched in the U.S. at CES with behind-the-windshield capability; B-samples slated and Tier-1 manufacturing ramp remains on plan; Apollo met NVIDIA Hyperion specs and demonstrated 1-km detection in field tests, broadening use cases beyond automotive .
• Catalyst path: formal B-sample milestone and Tier-1 line output, further NVIDIA ecosystem integration, and customer field testing outcomes across auto and non-auto end markets are the near-term narrative drivers; consensus estimate comparisons for Q4 were not available from S&P Global at query time (see Estimates Context) .

What Went Well and What Went Wrong

• What Went Well

  • Cash discipline: Net cash burn improved to $4.8M, beating guidance for the fourth consecutive quarter; seventh consecutive quarter of reduced net cash burn per CFO commentary .
  • Product/partnership momentum: Apollo launched in the U.S. with strong CES reception; met NVIDIA Hyperion specs; Tier-1 manufacturing ramp on plan; B-samples targeted (critical for OEM quoting) .
  • Liquidity runway: $22.3M cash/securities at year-end; additional $12.7M raised in 2025; management cites ~ $80M potential liquidity and runway to mid-2026 .

• What Went Wrong

  • Minimal revenue base: Q4 revenue of $0.046M vs $0.104M in Q3, underscoring still-early commercialization and limited near-term operating leverage .
  • Gross losses continue: Q4 gross loss of $(3)k (improved vs Q3’s $(202)k) reflects low volume and limited absorption; historical volatility remains (Q4 2023 gross loss $(6.6)M tied to prior write-down dynamics) .
  • OpEx sequentially up on one-time items: GAAP OpEx rose to $9.0M vs $7.6M in Q3 due to one-time payroll and rent adjustments, partly offset by lower professional fees .

Financial Results

Revenue, EPS, profitability metrics (USD)

Additional operating/balance sheet items

Revenue composition (USD)

Notes:

• Prior-year context: Q4 2023 GAAP EPS $(4.44) and gross loss $(6.6)M, reflecting large cost items in that period; YOY GAAP EPS improved to $(0.93); YOY gross loss significantly improved to $(3)k in Q4 2024 .
• Non-GAAP reconciliation drivers include stock-based comp, registration/stock purchase agreement costs, fair value changes in convertibles/warrants, inventory/write-downs, impairment/asset disposals, and lease termination effects; see reconciliation for details .

Estimates comparison (EPS/Revenue):

• S&P Global consensus data were unavailable at query time due to API rate limits; the company did not include consensus comparisons for Q4 in its press release. See Estimates Context section for details.

Guidance Changes

Management also indicated cash burn will be seasonally higher in Q1 (bonus timing), then improve sequentially through the remainder of 2025 .

Earnings Call Themes & Trends

Management Commentary

• “Apollo… has the unique ability to deliver high-resolution detection from behind the windshield for high-speed automotive ADAS use cases… At CES… we officially launched Apollo in the U.S. and the response has been overwhelmingly positive.” — CEO Matt Fisch .
• “Our manufacturing line with our Tier 1 partner is already ramping up and on track to deliver B samples in the first quarter of 2025.” — CFO Conor Tierney .
• “We ended the fourth quarter of 2024 with $22.3 million in cash, cash equivalents, and marketable securities, and raised an additional $12.7 million thus far in 2025… [bringing] our total potential liquidity to approximately $80 million.” — CFO Conor Tierney .
• “Excluding new net financing of $4.6 million, our cash burn for the fourth quarter was $4.8 million, down from $5.6 million in the third quarter and beating our guidance of $4.9 million.” — CFO Conor Tierney .
• “Apollo… demonstrated unparalleled high-resolution long-range detection capabilities at 1 kilometer… believed to be… unmatched in the lidar industry.” — CEO Matt Fisch .

Q&A Highlights

• Volume definitions and readiness: “High volume” equates to tens of thousands ramping to 100k+ units/year; AEye expects advantage via Tier-1 with proven 100k+/yr capability and Apollo’s manufacturability focus .
• ADAS/automation level focus: OEM roadmaps consistently include Level 3 programs requiring lidar; Apollo performance aligns with high-speed highway use cases; NVIDIA Hyperion used as a proxy for OEM specs .
• End-market mix and per-vehicle lidar count: Passenger vehicles could see 1–2 lidars per car with much higher volumes than robotaxi; Apollo’s behind-the-windshield 1550nm implementation simplifies vehicle design and maintenance .
• Pricing framework: Next-gen, highway-capable lidar solutions expected to price “well below $1,000” per unit at scale; ~$500 range cited as competitive target enabled by Tier-1 supply chain leverage (sales price, not cost) .
• R&D spend/timing: R&D is roughly ~50% of OpEx on a cash basis; Q1 cash R&D slightly higher due to bonus timing; near-term engineering weighted to B-sample ramp and customer integration .

Estimates Context

• Attempt to retrieve S&P Global consensus estimates for Q4 2024 EPS and revenue failed due to API request limit; therefore, explicit consensus figures for Q4 are unavailable in this recap. The company did not provide Q4 consensus comparisons in its press release. For Q3 2024, the company stated revenue met consensus and non-GAAP EPS beat (company assertion), but third-party consensus values are not reproduced here due to data access constraints . Values retrieved from S&P Global would normally be cited here; unavailable at query time.

Implications: Without published consensus comparisons for Q4, estimate revisions will likely hinge on confirmation of B-sample timing, Apollo manufacturing throughput, and visibility on design wins. Sell-side models may keep minimal near-term revenue with higher 2H25+ commercialization curves pending OEM awards.

Key Takeaways for Investors

• Cost execution remains a differentiator: seven consecutive quarters of reduced net cash burn and Q4 beat vs guidance reinforce management’s cost focus as Apollo ramps .
• Liquidity runway extended: $22.3M at YE plus $12.7M raised in 2025 supports mid-2026 runway and ~$80M potential liquidity, cushioning timeline risk in OEM quoting/design-win cycles .
• Product proof points accumulating: Behind-the-windshield integration, 1-km field detection, and NVIDIA Hyperion performance raise Apollo’s profile in Level 3 ADAS, with spillover into rail/security/ITS .
• Near-term catalysts: B-sample delivery with Tier-1, manufacturing line ramp milestones, and incremental Hyperion/partner integrations; positive field-test anecdotes could support sentiment .
• Risk balance: Commercialization still early with minimal revenue; OpEx can fluctuate with one-offs; OEM award timing uncertain; 2025 cash burn guided higher to fund ramp, implying disciplined but increasing investment .
• Pricing/scale narrative: Management targets sub-$1,000 and potentially ~$500 unit pricing at scale—watch gross margin frameworks and BOM/cost-down progress as volumes emerge .
• Monitoring list: evidence of RFQs/awards, B-sample feedback, breadth of non-automotive wins, and any hard integration milestones with NVIDIA/partners that shorten time-to-revenue .

Appendix: Additional Disclosures and Cross-References

• Non-GAAP reconciliation items include stock-based compensation, registration/stock purchase agreement expenses, change in fair value of convertible note and warrant liabilities, inventory and other write-downs, impairment/asset disposals, and lease termination impacts. Adjusted EBITDA reconciles from non-GAAP net loss by adding D&A and adjusting for interest and taxes; see exhibits for details .
• FY 2024 summary context: Q4 GAAP net loss $(8.5)M; FY24 GAAP net loss $(35.5)M; FY24 adjusted EBITDA $(27.1)M; cash from operations for FY24 $(26.6)M (see cash flow statement) .

Sources:

• Q4 2024 8-K with press release and financials .
• Q4 2024 press release (duplicative details, financials, and commentary) .
• Q4 2024 earnings call transcript (prepared remarks, guidance, Q&A) .
• Prior quarter releases for trend analysis: Q3 2024 ; Q2 2024 .
• Additional relevant press releases during Q4 window: Apollo 1-km field test (Oct 3, 2024) ; CES 2025 demos (Dec 17, 2024) .