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

AEye (NASDAQ:LIDR) released its earnings results on Thursday. The company reported ($0.17) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.17), FiscalAI reports. AEye had a negative net margin of 7,786.44% and a negative return on equity of 41.66%. The company had revenue of $0.20 million during the quarter, compared to analyst estimates 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 Trading Up 8.2%

Shares of LIDR opened at $1.32 on Friday. The business’s 50 day moving average is $1.41 and its 200 day moving average is $1.67. The company has a market capitalization of $61.13 million, a PE ratio of -1.52 and a beta of 2.81. AEye has a 12-month low of $1.01 and a 12-month high of $4.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LIDR. Squarepoint Ops LLC purchased a new stake in AEye during the 3rd quarter valued at approximately $33,000. Millennium Management LLC purchased a new position in shares of AEye in the fourth quarter worth $64,000. Two Sigma Investments LP bought a new position in shares of AEye during the third quarter worth $95,000. Geode Capital Management LLC boosted its position in shares of AEye by 6.8% during the second quarter. Geode Capital Management LLC now owns 108,323 shares of the company’s stock worth $112,000 after acquiring an additional 6,873 shares during the last quarter. Finally, Renaissance Technologies LLC grew its stake in AEye by 289.2% during the fourth quarter. Renaissance Technologies LLC now owns 72,000 shares of the company’s stock valued at $132,000 after acquiring an additional 53,500 shares in the last quarter. 21.58% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

AEye Company Profile

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.