AEye Stock (LIDR): Why The Price Dropped Today

By Amit Chowdhry ● Nov 12, 2021
  • The stock price of AEye, Inc. (Nasdaq: LIDR) fell by over 10% during intraday trading today. This is why it happened.

The stock price of AEye, Inc. (Nasdaq: LIDR) fell by over 10% during intraday trading today. Investors are responding negatively to the company’s third-quarter 2021 financial results.

Q3 2021 Financials

— AEye reported revenue of $0.1 million, and a GAAP net loss of $(17.4) million, or $(0.15) per share based on 114.9 million weighted average shares outstanding. Adjusted EBITDA was $(12.5) million for the quarter.

— The company closed the quarter with $182.4 million in cash and cash equivalents, and marketable securities and is debt-free.

Strategic Milestones for 2021

— AEye completed its public debut by listing on Nasdaq (LIDR), raising more than $200 million, net of fees, to fund product development, increase scale, and support AEye’s growing customer base.

— AEye established new LiDAR industry performance standards for range, rate, and resolution in performance specification tests monitored, validated, and published by VSI Labs, one of the nation’s leading independent evaluators and advisors on active safety and automated vehicle technologies.

— AEye validated superior weather performance as documented in the journal, Atmosphere.

— ADAS: AEye transitioned initial production of automotive B-samples of AEye-based long-range LiDAR sensors to a Continental manufacturing line. The Continental HRL131 is on track for large-scale series production in 2024. The HRL 131 will be manufactured, sold, and supported, under Continental’s name to its installed base of 25 ADAS customers/OEMs.

— Industrial: AEye is on schedule to transition manufacturing of AEye’s 4Sight M sensor for industrial and mobility applications from AEye’s Advanced Development Center in Dublin, CA to Sanmina, AEye’s lead contract manufacturing partner, in the fourth quarter of 2021.

— Continental announced the integration of AEye’s LiDAR technology into their full-stack (cameras, radar, lidar, and ECU) automotive-grade system for Level 2+ automated and autonomous driving applications – allowing Continental to sell a standalone high-performance long-range LiDAR sensor or as part of a complete ADAS system.

— AEye announced a partnership with TuSimple to deploy AEye’s long-range, high-performance LiDAR for autonomous trucking applications.

— AEye announced the integration of its adaptive LiDAR with the Nvidia DRIVE Platform for autonomous vehicles.

— AEye launched its adaptive LiDAR solutions for Intelligent Transportation Systems at the ITS World Congress in Hamburg in October:

— Partnered with Seoul Robotics, a global leader in perception software, to integrate AEye’s adaptive LiDAR with Seoul Robotics’ SENSR perception software to deliver a complete solution for long-range object detection, classification, and perception.

— Collaborated with Intetra, a leading provider of end-to-end ITS solutions, to demonstrate how AEye’s software-definable LiDAR enables improved detection accuracy for automated tolling in all lighting, weather, and traffic conditions.

— AEye is also working with ITS industry leaders such as Mitsubishi and Econolite.

— AEye, as previously announced, is working with leaders in other industrial markets such as Komatsu (Construction) and Hitachi (Rail).

— A new board of directors was elected, bringing to AEye extensive public governance, legal, and financial management experience as well as deep domain expertise in the automotive, trucking, aerospace, and defense markets.

— AEye opened offices in Japan and Korea and expanded their presence in Germany to support international growth.

— AEye increased key employee headcount primarily in engineering, operations, and sales and marketing to support product roll-out.

— AEye filed its 100th patent for groundbreaking concepts that meaningfully strengthen AEye’s IP protection and competitive position.

KEY QUOTE:

“AEye is experiencing positive customer and partnership momentum. We believe this business traction is directly attributable to our decision to take the time to build an adaptive LiDAR platform, in contrast to how our peers approached the market. Our platform is unique as it can be licensed to ADAS customers, such as Continental, as well as sold directly into a variety of industrial and mobility markets in conjunction with our system integrator partners. AEye’s goal remains to leverage this unique adaptive architecture to deliver reliable, cost-effective, and high-performance products to accelerate the adoption of LiDAR.”

— Blair LaCorte, CEO of AEye

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.