AEye, Inc. Q3 FY2024 earnings call

• Product advancements: Apollo set new performance bar with 1 km high resolution object detection in a half-size form factor, delivered samples to partners, and completed in-vehicle driving test with NVIDIA meeting Hyperion specs.
• Partnerships: Delivered first Apollo samples, ongoing global OEM quoting activities with LITEON, progress in China with ATI and LighTekton.
• Financial progress: Reduced net cash burn for sixth consecutive quarter, cash burn for Q3 was $5.6 million (below guidance), closed Q3 with $22.4 million in cash, cash equivalents, and marketable securities, potential liquidity ~$75 million.

Total revenue for the third quarter was $104,000, driven by non-automotive product sales to an existing customer. There is no specific revenue contribution percentage mentioned for segments as the revenue is primarily from one non-automotive source.

• 2024 cash burn guidance: Trending towards outperforming $25 million through ongoing expense reduction initiatives.
• Liquidity: Potential liquidity including cash on hand, ELOC, and ATM facilities is approximately $75 million.

• Forward-looking statements are subject to inherent risks, uncertainties, and changes in circumstances. Actual results may differ materially from forward-looking statements. Risks, uncertainties, and other factors are detailed in reports filed with the SEC.

Q: How have potential end customers reacted to the advances with NVIDIA and the high resolution at long range, and what should investors expect next on procurements?

A: Response to Apollo has been positive. Engagements continue strong, and expecting more action in 2025. Integrating Apollo into software is a key challenge, but Apollo's wide field of view and high resolution make it easier for OEM software to digest data.

Q: Talk about the competitive landscape for the RFQs faced this year?

A: Automotive industry likes choices. AEye differentiates by performance, size, and cost. Joined with Tier 1 supplier with optics expertise and buying power, giving cost advantage during sourcing.

Q: Does the administration change and potential tariffs on imported vehicles change the plan or strategy?

A: No immediate changes foreseen. Technology is agnostic to powertrain, and well positioned to meet needs regardless of potential restrictions on vehicles or powertrains