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

AEye (NASDAQ:LIDR) released its earnings results on Thursday. The company reported ($0.17) earnings per share (EPS) for the quarter, meeting 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 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 NASDAQ:LIDR traded up $0.10 during trading on Friday, reaching $1.32. 2,218,079 shares of the stock traded hands, compared to its average volume of 847,768. The stock has a 50-day moving average of $1.41 and a two-hundred day moving average of $1.67. AEye has a 52-week low of $1.01 and a 52-week high of $4.00.

Analyst Ratings Changes

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

Hedge Funds Weigh In On AEye

A number of hedge funds have recently added to or reduced their stakes in LIDR. State Street Corp increased its holdings in shares of AEye by 685.1% in the 4th quarter. State Street Corp now owns 1,573,781 shares of the company’s stock worth $2,896,000 after purchasing an additional 1,373,334 shares in the last quarter. Jane Street Group LLC bought a new position in shares of AEye during the fourth quarter valued at $504,000. Geode Capital Management LLC lifted its holdings in shares of AEye by 29.1% during the fourth quarter. Geode Capital Management LLC now owns 509,717 shares of the company’s stock valued at $938,000 after purchasing an additional 114,958 shares in the last quarter. UBS Group AG boosted its position in shares of AEye by 657.5% during the third quarter. UBS Group AG now owns 307,696 shares of the company’s stock valued at $766,000 after buying an additional 267,075 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of AEye by 819.6% during the third quarter. Vanguard Group Inc. now owns 676,840 shares of the company’s stock valued at $1,685,000 after buying an additional 603,241 shares during the last quarter. 21.58% of the stock is currently owned by hedge funds and other institutional investors.

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.