AEye Inc (LIDR) 2024 Q2 法說會逐字稿

Good afternoon and thank you for joining AEye's second quarter 2024 earnings call. With me today are Matt Fisch, Chief Executive Officer, and Conor Tierney, Chief Financial Officer. Earlier today, AEye announced its financial results for the second quarter 2024. A copy of this press release can be found on the company's website at investors.aeye.ai.

下午好，感謝您參加 AEye 的 2024 年第二季財報電話會議。今天與我在一起的有執行長 Matt Fisch 和財務長康納蒂爾尼 (Conor Tierney)。今天早些時候，AEye 公佈了 2024 年第二季財務業績。本新聞稿的副本可在該公司網站 Investors.aeye.ai 上找到。

Before we begin, I would like to remind participants that today's discussion may include forward-looking statements as defined in the securities laws and regulations of the United States with reference to future events, future operating results, or financial performance.

在開始之前，我想提醒與會者，今天的討論可能包括美國證券法律法規中定義的有關未來事件、未來經營業績或財務業績的前瞻性陳述。

Forward-looking statements are based on current expectations and assumptions regarding AEye's business, the industry, and other conditions. These forward-looking statements are subject to inherent risks, uncertainties, and changes in circumstances that are difficult or impossible to predict. Actual results may differ materially from those contemplated by these forward-looking statements.

前瞻性陳述是基於目前對 AEye 業務、行業和其他條件的預期和假設。這些前瞻性陳述受到固有風險、不確定性以及難以或無法預測的情況變化的影響。實際結果可能與這些前瞻性陳述預期的結果有重大差異。

We caution you, therefore, against placing undue reliance on any of these forward-looking statements. You can find more information about the risks, uncertainties, and other factors in reports filed from time to time with the Securities and Exchange Commission, including in the most recent periodic report.

因此，我們提醒您不要過度依賴任何這些前瞻性陳述。您可以在不時向美國證券交易委員會提交的報告（包括最近的定期報告）中找到有關風險、不確定性和其他因素的更多資​​訊。

All information discussed today is as of August 5, 2024, and AEye does not intend to update any forward-looking statements regardless of new information, future developments, or otherwise, except as may be required by law.

今天討論的所有資訊均截至 2024 年 8 月 5 日，無論新資訊、未來發展或其他情況如何，AEye 均不打算更新任何前瞻性聲明，除非法律要求。

In addition, today's discussion will include references to certain non-GAAP financial measures. These non-GAAP measures are presented for supplemental information purposes only and should not be considered as a substitute for financial information presented in accordance with GAAP.

此外，今天的討論將包括對某些非公認會計準則財務指標的參考。這些非公認會計原則措施僅供補充資訊之用，不應被視為取代根據公認會計原則提出的財務資訊。

A reconciliation of the measures to the most directly comparable GAAP measures is available in the press release, and you should refer to these reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures in the press release.

新聞稿中提供了這些指標與最直接可比較的 GAAP 指標的調整表，您應該在新聞稿中參考這些非 GAAP 財務指標與最直接可比較的 GAAP 指標的調整表。

With that, let me pass the call over to Matt.

現在，讓我把電話轉給馬特。

Thanks, Betsy, and thank you all for joining us today on our second quarter 2024 earnings call. During the second quarter, we saw significant momentum with our new product launch, OEM and partner engagements, and bolstering of the company's cash runway.

謝謝 Betsy，也謝謝大家今天參加我們的 2024 年第二季財報電話會議。在第二季度，我們看到了新產品發布、OEM 和合作夥伴合作以及公司現金跑道增強的顯著勢頭。

Our progress in meeting our internal and external KPIs was outstanding in the quarter. Since Q1, OEM and partner feedback on our newest product, Apollo, has been overwhelmingly positive and continues to drive a significant increase in interest from the market.

本季我們在實現內部和外部 KPI 方面取得的進展非常出色。自第一季以來，OEM 和合作夥伴對我們最新產品 Apollo 的反饋非常積極，並繼續推動市場興趣的顯著增加。

We have not only met but exceeded our performance and maturity targets for Apollo. We view the uptick in activity as another sign of the demand for better value and greater performance from lidar technologies in general, but specifically in 1550 nanometer technology as OEMs and partners seek an ultra-long range, high speed lidar solution in a small form factor.

我們不僅達到而且超過了 Apollo 的性能和成熟度目標。我們認為活動的增加是對雷射雷達技術整體價值和性能需求的另一個跡象，特別是在 1550 奈米技術領域，因為 OEM 和合作夥伴尋求小尺寸的超長距離、高速雷射雷達解決方案。

Let me go into more detail. Regarding OEM discussions, we are actively engaged with multiple OEMs and initiated early engagements with several more in Q2. These discussions are primarily driven by the interest in Apollo. We believe the recent NHTSA ruling is also positively impacting our OEM discussions.

讓我更詳細地介紹一下。關於 OEM 討論，我們正在積極與多個 OEM 進行接觸，並在第二季度與更多 OEM 進行了早期接觸。這些討論主要是由對阿波羅的興趣所驅動的。我們相信最近 NHTSA 的裁決也對我們的 OEM 討論產生了積極影響。

As you recall, NHTSA has mandated automatic emergency braking or AEB as a requirement in all passenger cars, SUVs, and light trucks by 2029. The new regulatory standard sets a high bar. We are seeing OEMs that make performance at over 200 meters a crucial requirement to even be eligible to quote. We believe this favorably positions AEye and makes a strong case for 1550 nanometer lidar technology.

您還記得，NHTSA 已強制要求到 2029 年所有乘用車、SUV 和輕型卡車都必須配備自動緊急煞車或 AEB。新的監管標準設定了很高的標準。我們發現 OEM 廠商將 200 公尺以上的性能作為報價資格的關鍵要求。我們相信這對 AEye 有利，並為 1550 奈米雷射雷達技術提供了強有力的支援。

We have demonstrated examples of AEye's lidar sensor performing at a distance of 1 kilometer, which we believe is the longest distance in the industry. We expect 1550 technology will be critical to delivering the required safety performance to meet the NHTSA requirements, including their toughest standard of a forward collision warning at 90 miles per hour.

我們展示了 AEye 雷射雷達感測器在 1 公里距離上運行的範例，我們認為這是業界最遠的距離。我們預計 1550 技術對於提供滿足 NHTSA 要求所需的安全性能至關重要，其中包括最嚴格的時速 90 英里前方碰撞警告標準。

Importantly, Apollo achieves this without requiring OEMs to sacrifice design due to its industry-leading compact size. With respect to our Tier 1 partner, LITEON, we are seeing tangible results from their ability to leverage their supply chain coupled with their expertise in optics.

重要的是，Apollo 憑藉其業界領先的緊湊尺寸實現了這一目標，而無需 OEM 犧牲設計。對於我們的一級合作夥伴 LITEON，我們看到了他們利用供應鏈以及光學專業知識的能力所帶來的實際成果。

We have successfully completed the technology transfer to them and are now jointly executing a significant product cost reduction initiative that we believe will bring incredibly competitive pricing to the market. LITEON’s global footprint also provides a distinct advantage in engaging with OEMs that are facing geographical supply chain restrictions while navigating geopolitical uncertainties.

我們已經成功完成了向他們的技術轉讓，現在正在共同執行一項重大的產品成本降低計劃，我們相信這將為市場帶來極具競爭力的價格。光寶的全球足跡也為與面臨地理供應鏈限制、同時應對地緣政治不確定性的原始設備製造商合作提供了明顯的優勢。

Similarly, we continue to make excellent progress with NVIDIA and believe we are on track for future integration with their Hyperion platform. We are pleased with the significant interest we see in China, with multiple OEM engagements following our Apollo launch in Suzhou in June.

同樣，我們繼續與 NVIDIA 合作取得出色進展，並相信我們有望在未來與他們的 Hyperion 平台整合。我們很高興看到中國市場對我們的濃厚興趣，繼 6 月在蘇州推出 Apollo 後，與多家 OEM 合作。

Our collaboration with ATI and LighTekton at the recent lidar conference in Suzhou was a great success. ATI also provided fantastic support for the Apollo launch and facilitated valuable OEM matchmaking opportunities.

最近在蘇州舉行的雷射雷達大會上，我們與 ATI 和 LightTekton 的合作取得了巨大成功。ATI 也為 Apollo 的發布提供了大力支持，並提供了寶貴的 OEM 對接機會。

Overall, the market has responded favorably to our progress and new partnerships this quarter, which allowed us to raise capital at relatively favorable terms and extended our cash runway into the second half of 2025. Our team has done an excellent job of managing our expense targets, and we remain on track with the burn rates we committed to.

總體而言，市場對我們本季的進展和新合作夥伴關係反應良好，這使我們能夠以相對優惠的條件籌集資金，並將我們的現金跑道延長至 2025 年下半年。我們的團隊在管理費用目標方面做得非常出色，我們仍然按照我們承諾的燒錢率走上正軌。

While the US and EU markets continue to progress at a measured pace, the Chinese market is leading globally in lidar adoption to the extent that we consider China to be a leading indicator of the future of lidar technology. These trends underscore the global shift towards advanced vehicle safety systems and the growing importance of lidar technology in achieving these goals.

儘管美國和歐盟市場繼續穩步發展，但中國市場在雷射雷達採用方面處於全球領先地位，我們認為中國是雷射雷達技術未來的領先指標。這些趨勢凸顯了全球向先進車輛安全系統的轉變，以及光達技術在實現這些目標方面日益重要。

Lastly, our capital light model allows us to concentrate on key fundamentals, advancing our technology, attracting strategic partners, and driving company value with modest capital requirements compared to our peers. Success in the automotive industry hinges on a stable and reliable supply chain.

最後，我們的輕資本模式使我們能夠專注於關鍵的基礎知識，推進我們的技術，吸引策略合作夥伴，並以與同行相比較低的資本要求來推動公司價值。汽車產業的成功取決於穩定可靠的供應鏈。

Our approach with Apollo exemplifies this as it leverages a high degree of reuse within the existing supply chain. Additionally, our software-defined strategy has enabled rapid advancements in the product's capabilities, including going from concept to working samples of Apollo in only six months.

我們與 Apollo 的方法證明了這一點，因為它利用了現有供應鏈內的高度重複使用。此外，我們的軟體定義策略使產品功能快速進步，包括在短短六個月內將 Apollo 從概念變為工作樣本。

This demonstrates AEye's unique flexibility in adapting to rapidly evolving market needs. Having secured additional financing through the New Circle Stock Purchase Agreement, which coupled with our cash reduction initiatives and capital light model, significantly extends our runway, we are entering a new stage in AEye's growth.

這證明了 AEye 在適應快速變化的市場需求方面具有獨特的靈活性。透過 New Circle 股票購買協議獲得額外融資，再加上我們的現金削減計劃和輕資本模式，顯著擴展了我們的跑道，我們正在進入 AEye 增長的新階段。

We have our sights set on executing our go-to-market strategy for Apollo and actively pursuing product design wins. We expect our relationships with our partners to continue to drive OEM interest in AEye, and we are excited to be connected to top players in the China market in the global supply chain.

我們的目標是執行 Apollo 的市場策略，並積極追求產品設計的勝利。我們預計與合作夥伴的關係將繼續推動 OEM 對 AEye 的興趣，並且我們很高興能夠與全球供應鏈中中國市場的頂級參與者建立聯繫。

Overall, our product development successes, financial performance, and market trends indicate a positive trajectory, and we are excited about the future of AEye.

總體而言，我們的產品開發成功、財務表現和市場趨勢顯示了積極的發展軌跡，我們對 AEye 的未來感到興奮。

At this point, I would like to turn the call over to Conor who will cover our financial performance. Conor?

現在，我想將電話轉給康納，他將報道我們的財務表現。康納？

We are thrilled by the early progress that we are seeing in the Chinese market where we estimate the market opportunity for ultra-long range lidar to be $2.5 billion over the next three years. Our partnership with ATI is off to a strong start, and we are starting to make inroads with OEMs thanks to their support. We also continue to evaluate potential strategic investment opportunities.

我們對中國市場的早期進展感到興奮，我們估計未來三年超遠程雷射雷達的市場機會將達到 25 億美元。我們與 ATI 的合作關係有了一個良好的開端，並且在 OEM 的支持下我們開始取得進展。我們也將繼續評估潛在的策略投資機會。

Driving down BOM costs is imperative to catalyzing market adoption and engaging in quoting activity with OEMs. We are making strong progress with the LITEON this front, which is generating increased interest from OEMs. As an established Tier 1 that has brought other automotive components to the global market and with a track record of industrializing products, LITEON is seen as a net positive by OEMs.

降低 BOM 成本對於促進市場採用和與 OEM 進行報價活動至關重要。我們在 LITEON 方面取得了巨大進展，這引起了 OEM 廠商越來越大的興趣。作為已將其他汽車零件推向全球市場並擁有產品工業化記錄的成熟一級供應商，LITEON 被 OEM 視為淨積極因素。

AEye's capital-light business model, which reduces risk and will drive operating leverage as we scale in the future, sets us apart from the competition. Our burn rate is now up to 10 times lower than our peers. We think this is very crucial in the current environment where fundamentals matter. Capital is scarce, and investors are focused on sustainable business models that can withstand market headwinds.

AEye 的輕資本業務模式可以降低風險，並在我們未來擴大規模時提高營運槓桿，使我們在競爭中脫穎而出。我們的資金消耗率現在比同業低 10 倍。我們認為，在當前基本面至關重要的環境下，這一點非常重要。資本稀缺，投資人關注的是能夠抵禦市場逆風的永續商業模式。

We are pleased with the momentum that we have been able to achieve in bringing Apollo to market, all while continuing to drive down costs.

我們對將 Apollo 推向市場並同時繼續降低成本所取得的勢頭感到高興。

During the second quarter, we raised $5.2 million in new capital net of financing costs. This has further extended our cash runway into the second half of 2025. We also recently closed a new equity line of credit facility that gives us access to up to $50 million in additional liquidity.

第二季度，我們籌集了 520 萬美元的新資本（扣除融資成本）。這進一步將我們的現金跑道延長至 2025 年下半年。我們最近還關閉了一項新的股權信貸額度，使我們能夠獲得高達 5000 萬美元的額外流動性。

When factoring this equity line of credit facility with our ongoing cost savings initiatives, including any additional funds raised from capital market activity. We believe AEye has the financial resources to potentially create a four-year cash runway while also bringing Apollo to market and pursuing potential program design wins.

當將此股權信貸額度與我們持續的成本節約計劃（包括從資本市場活動籌集的任何額外資金）考慮在內時。我們相信 AEye 擁有足夠的財務資源來創建四年的現金跑道，同時將 Apollo 推向市場並尋求潛在的專案設計勝利。

Now turning to our second quarter financial results. I am happy to announce that we have reduced our net cash burn for the fifth consecutive quarter. Excluding new financing, our cash burn for the second quarter was $6.2 million down from $7.6 million in the first quarter and better than our guidance of $6.7 million.

現在轉向我們第二季的財務業績。我很高興地宣布，我們連續第五個季度減少了淨現金消耗。不包括新融資，我們第二季的現金消耗為 620 萬美元，低於第一季的 760 萬美元，比我們 670 萬美元的指引好。

Second quarter GAAP operating expenses were $8.1 million, down 23% from the prior quarter due primarily to reductions in personnel costs and professional fees, partially offset by higher R&D expenses related to Apollo.

第二季 GAAP 營運費用為 810 萬美元，比上一季下降 23%，主要是由於人員成本和專業費用的減少，部分被與 Apollo 相關的研發費用增加所抵消。

Non-GAAP operating expenses were $6.4 million down sequentially from $7.5 million in the first quarter of 2024 due primarily to the timing of higher audit related fees and onetime legal fees in the first quarter. We reported a second quarter GAAP net loss of $8 million or $1.16 per share versus a GAAP net loss of $10.2 million or $1.61 per share in the first quarter of 2024.

非 GAAP 營運費用比 2024 年第一季的 750 萬美元減少了 640 萬美元，主要是由於第一季審計相關費用和一次性法律費用增加。我們報告第二季 GAAP 淨虧損為 800 萬美元，即每股 1.16 美元，而 2024 年第一季的 GAAP 淨虧損為 1,020 萬美元，即每股 1.61 美元。

The decrease in GAAP net loss was mainly due to the timing of higher audit related fees and onetime legal fees in the first quarter. On a non-GAAP basis, our net loss was $6.2 million or $0.91 per share in the second quarter compared to a non-GAAP net loss of $7.2 million or $1.13 per share in the first quarter of 2024.

公認會計準則淨虧損的減少主要是由於第一季審計相關費用和一次性法律費用較高。以非 GAAP 計算，我們第二季的淨虧損為 620 萬美元，即每股 0.91 美元，而 2024 年第一季的非 GAAP 淨虧損為 720 萬美元，即每股 1.13 美元。

Net cash used for operating activities decreased to $6.4 million in the second quarter from $7.9 million in the first quarter. We closed the second quarter with $28 million of cash, cash equivalents and marketable securities.

第二季用於經營活動的淨現金從第一季的 790 萬美元減少至 640 萬美元。第二季結束時，我們擁有 2,800 萬美元的現金、現金等價物和有價證券。

Turning to 2024 guidance. We are incredibly proud of the progress that we have made in our continued cash burn reduction efforts. We are on track to outperform our burn guidance of $25 million for the full year, thanks to payroll and other savings. Expense management remains one of our top priorities. We're still targeting a 75% reduction in quarterly cash burn compared to the first quarter of 2023.

轉向 2024 年指導。我們對我們在持續減少現金消耗方面取得的進展感到無比自豪。由於工資和其他方面的節省，我們預計將超越全年 2500 萬美元的燒錢指導。費用管理仍然是我們的首要任務之一。我們的目標仍然是與 2023 年第一季相比，季度現金消耗減少 75%。

We are optimistic about AEye's future. Our partnership model is unlocking market opportunities for us and positioning the company for scalable success. We have strengthened our balance sheet, extended our cash runway, and secured access to even more liquidity.

我們對AEye的未來持樂觀態度。我們的合作夥伴模式為我們釋放了市場機會，並使公司取得可擴展的成功。我們加強了資產負債表，擴大了現金跑道，並獲得了更多流動性。

With that, I'll pass it back to Matt to wrap things up.

這樣，我會將其傳回給馬特以總結一切。

This quarter has been a period of gaining momentum for us. We have made great strides in our KPIs, customer engagements, product development, and partnerships. We believe the next chapter of AEye will be an exciting one, and we look forward to sharing more with you in the near future.

本季是我們勢頭強勁的時期。我們在 KPI、客戶參與、產品開發和合作夥伴關係方面取得了長足進步。我們相信 AEye 的下一章將是令人興奮的，我們期待在不久的將來與您分享更多。

If you are able, we invite you to join us at the JPMorgan Auto Conference in New York this week. We look forward to meeting you there. You can also see our presentation live through a link on the Investor Relations page of our website. Thank you all for your continued support and participation today.

如果可以的話，我們邀請您參加本週在紐約舉行的摩根大通汽車會議。我們期待在那裡與您見面。您也可以透過我們網站投資者關係頁面上的連結即時觀看我們的演示。感謝大家今天的持續支持與參與。

Thank you, Matt and Conor. Operator, you may now open the call to questions. Thank you.

謝謝你們，馬特和康納。接線員，現在可以開始提問。謝謝。

Thank you. (Operator Instructions) Kevin Garrigan, WestPark Capital.

謝謝。（操作員說明）Kevin Garrigan，WestPark Capital。

So to start, you noted your partnerships with ATI and LighTekton have led to OEM introductions. Any timelines you can give on potential series production agreement announcements? And then I think last quarter you had noted some use cases where autonomous trucking and railway systems. Any new use cases to point out?

首先，您提到您與 ATI 和 LightTekton 的合作關係導致了 OEM 的推出。您可以給出有關潛在係列製作協議公告的任何時間表嗎？然後我想上個季度您已經注意到了一些自動卡車運輸和鐵路系統的用例。有什麼新的用例需要指出嗎？

Thanks, Kevin. Welcome back. Thanks for joining us again. So not a lot of big delta from what we discussed last quarter. Even with these new discussions coming in and the amount of interest that we're seeing on the long-range higher performance product coming from our China connection.

謝謝，凱文。歡迎回來。感謝您再次加入我們。因此，與我們上季度討論的情況相比，並沒有太大的變化。儘管出現了這些新的討論，並且我們看到人們對來自中國的遠端高效能產品表現出濃厚的興趣。

In terms of SOPs, we're still looking at maybe as early as 2027 in those conversations. I think as you know that the lead time in some of these OEM programs. It could be around two years, maybe a little bit longer.

就 SOP 而言，我們仍在討論最早可能在 2027 年實施的情況。我想如您所知，其中一些 OEM 計劃的交貨時間。可能需要兩年左右，甚至更長一點。

So I would say the timeline of the engagements with the newer ones coming in is still very similar to what we've been seeing, what we talked about last quarter. The good news is the amount of interest is picking up, so we have more of those conversations ongoing.

所以我想說，與新加入的合作的時間表仍然與我們所看到的、我們上季度討論的非常相似。好消息是人們的興趣正在增加，因此我們正在進行更多此類對話。

Got it. Okay. Yeah. That makes sense. And then some of the RFIs and RFQs that you're seeing, I know demand and production, I know S&P Global had cut their estimates recently. Are you seeing any more pushes to the right for some of these RFIs and RFQs?

知道了。好的。是的。這是有道理的。然後，您看到的一些 RFI 和 RFQ，我知道需求和產量，我知道標準普爾全球最近下調了預期。您是否看到其中一些 RFI 和 RFQ 出現更多向右推送的情況？

I think it's, steady as she goes is probably, the operative word on this, Kevin. I think if anything, we've got this NHTSA requirement that came out there earlier this year. This is driving some increased interest in, hey, what happens when the car is traveling at a high rate of speed? And it's not just autonomy anymore. It's automatic emergency braking in the US example.

我認為，凱文，儘管她走得穩定，這可能是最重要的一句話。我認為，如果有的話，我們已經滿足了今年稍早發布的國家公路交通安全管理局的要求。這引起了人們越來越多的興趣，嘿，當汽車高速行駛時會發生什麼？這不再只是自治。以美國為例，它是自動緊急煞車。

So fairly consistent timelines and increased interest in high-speed applications, which we covered in earning script is it plays quite well for the technology platform that you we use, which is 1550 nanometer lidar allows us to see very far down the road. So increased number of conversations, but the timelines appear to be holding.

因此，相當一致的時間表和對高速應用程式的興趣增加，我們在盈利腳本中對此進行了介紹，它非常適合我們使用的技術平台，即1550 奈米雷射雷達，使我們能夠看到很遠的未來。對話數量增加，但時間表似乎沒有改變。

And then just last one if I can. I know you guys are using partners such as LITEON and ATI and LighTekton, and I think that's very smart. But any kind of hesitation from some Chinese customers that may be worried about any US-China tension going on?

如果可以的話，就只寫最後一張。我知道你們正在使用 LITEON、ATI 和 LightTekton 等合作夥伴，我認為這是非常明智的。但一些可能擔心中美緊張局勢的中國客戶是否會猶豫不決？

Look, I think, the important part of this relationship is to be able to have a local base supply chain and be able to move very quickly. The market in China is incredibly demanding. Speed and velocity of innovation and being able to adapt to the customer's needs that are also changing fairly quickly is first and foremost.

我認為，這種關係的重要部分是能夠擁有本地基地供應鏈並且能夠快速行動。中國市場的需求極為龐大。創新的速度和速度以及能夠適應快速變化的客戶需求是首要的。

So our partnership with ATI and LighTekton has been received quite well as we rolled it out in the lidar show last month. And they seem to be fairly well respected in the ecosystem. So no word flags there. There's local support on the ground, which we have through LighTekton, local manufacturing-based supply chain, which we have through ATI. This is checking the major boxes for those potential OEMs.

因此，當我們在上個月的雷射雷達展上推出時，我們與 ATI 和 LightTekton 的合作關係得到了很好的反響。而且它們似乎在生態系統中受到相當多的尊重。所以那裡沒有任何字標記。我們透過 LightTekton 獲得本地支持，透過 ATI 獲得基於本地製造的供應鏈。這是為那些潛在的原始設備製造商檢查主要選項。

Thank you. I'm not showing any further questions. This concludes the Q&A session. You may now disconnect. Everyone, have a great day.

謝謝。我不會提出任何進一步的問題。問答環節到此結束。您現在可以斷開連線。大家，祝你有美好的一天。