AEye (NASDAQ:LIDR) Posts Quarterly Earnings Results, Hits Expectations

AEye (NASDAQ:LIDR) announced its earnings results on Thursday. The company reported ($0.17) EPS for the quarter, meeting the consensus estimate of ($0.17), FiscalAI reports. AEye had a negative net margin of 12,698.89% and a negative return on equity of 49.42%. The company had revenue of $0.20 million during the quarter, compared to the consensus estimate of $0.18 million.

Here are the key takeaways from AEye’s conference call:

• Commercial momentum accelerated: Q2 revenue doubled sequentially to $202,000 and increased roughly ninefold year over year, while proof-of-concept programs grew to 25 and engagement and quote activity rose 25% and 40%, respectively.
• AEye was selected as the preferred lidar vendor by sports analytics provider Alive3D, expanding Apollo into a new market, while defense engagements doubled sequentially and the lead defense customer placed its third consecutive paid order.
• The company is ramping production for anticipated second-half demand, with LITEON’s dedicated line capable of producing up to 60,000 Apollo units annually; management also cited additional customer programs nearing commercial closure.
• AEye remains heavily loss-making, reporting a $10 million GAAP net loss in Q2, and expects second-half cash consumption to increase as manufacturing and commercial investments ramp; full-year cash use guidance remains $30 million to $35 million.

AEye Stock Performance

LIDR stock traded up $0.10 during mid-day trading on Friday, hitting $1.32. The company had a trading volume of 2,204,541 shares, compared to its average volume of 2,523,909. The firm has a market cap of $61.13 million, a PE ratio of -1.17 and a beta of 2.81. AEye has a 12 month low of $1.01 and a 12 month high of $4.00. The stock’s fifty day moving average price is $1.42 and its two-hundred day moving average price is $1.68.

Analyst Ratings Changes

Several equities research analysts have commented on LIDR shares. Wall Street Zen upgraded shares of AEye from a “sell” rating to a “hold” rating in a research note on Sunday, June 14th. Weiss Ratings restated a “sell (d-)” rating on shares of AEye in a research note on Wednesday, June 24th. Finally, Craig Hallum began coverage on AEye in a report on Friday, April 24th. They issued a “buy” rating and a $3.50 target price for the company. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, AEye has an average rating of “Hold” and a consensus price target of $4.75.

Institutional Investors Weigh In On AEye

Large investors have recently modified their holdings of the stock. Geode Capital Management LLC increased its stake in shares of AEye by 6.8% in the second quarter. Geode Capital Management LLC now owns 108,323 shares of the company’s stock worth $112,000 after purchasing an additional 6,873 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in shares of AEye during the 3rd quarter valued at approximately $33,000. Millennium Management LLC bought a new position in AEye in the 4th quarter worth approximately $64,000. Two Sigma Investments LP bought a new position in AEye in the 3rd quarter worth approximately $95,000. Finally, Renaissance Technologies LLC boosted its holdings in AEye by 289.2% in the 4th quarter. Renaissance Technologies LLC now owns 72,000 shares of the company’s stock worth $132,000 after buying an additional 53,500 shares during the period. Hedge funds and other institutional investors own 21.58% of the company’s stock.

About AEye

AEye, Inc is a technology company specializing in adaptive LiDAR (Light Detection and Ranging) systems designed to support advanced driver assistance systems (ADAS), autonomous vehicles and other sensing applications. Through its intelligent detection and ranging (iDAR) platform, AEye integrates high-performance sensors with real-time data processing software to deliver customizable sensing ‘pipelines’ that prioritize relevant objects and environmental features. This approach enables longer detection ranges, higher resolution imagery and dynamic field-of-view adjustment, making AEye’s offerings well suited for complex driving environments and safety-critical scenarios.

The company’s core product suite centers on solid-state and hybrid LiDAR sensors that can be configured for a variety of end uses, including passenger vehicles, commercial trucks, robotics, mapping and defense.