AEye (NASDAQ:LIDR) Posts Earnings Results, Hits Estimates

AEye (NASDAQ:LIDR) released its quarterly earnings results on Thursday. The company reported ($0.17) earnings per share 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 firm had revenue of $0.20 million for the quarter, compared to analysts’ expectations 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 stock traded up $0.10 during trading hours on Friday, hitting $1.32. 2,218,079 shares of the company’s stock were exchanged, compared to its average volume of 847,768. AEye has a 12-month low of $1.01 and a 12-month high of $4.00. The business’s 50 day simple moving average is $1.41 and its 200-day simple moving average is $1.67.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On AEye

Several institutional investors and hedge funds have recently made changes to their positions in the business. Squarepoint Ops LLC purchased a new position in AEye in the 3rd quarter worth $33,000. Millennium Management LLC purchased a new stake in AEye during the fourth quarter valued at about $64,000. Two Sigma Investments LP bought a new position in shares of AEye during the third quarter valued at about $95,000. Renaissance Technologies LLC grew its stake in shares of 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 buying an additional 53,500 shares during the last quarter. Finally, XTX Topco Ltd purchased a new position in shares of AEye in the fourth quarter worth about $133,000. 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.