AEye Inc (LIDR) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is Janine, and I will be your conference operator for today. At this time, I would like to welcome everyone to the AEye Q3 2024 earnings conference call. (Operator Instructions)

謝謝你的支持。我叫珍妮，今天我將擔任你們的會議操作員。在此，我歡迎大家參加 AEye 2024 年第三季財報電話會議。 （操作員說明）

I would now like to turn the conference over to [Betsy Patterson]. Please go ahead.

我現在想將會議轉交給[Betsy Patterson]。請繼續。

Good afternoon and thank you for joining AEye's third-quarter 2024 earnings call. With me today are Matt Fisch, Chief Executive Officer; and Conor Tierney, Chief Financial Officer.

下午好，感謝您參加 AEye 的 2024 年第三季財報電話會議。今天與我在一起的有執行長 Matt Fisch；和財務長康納·蒂爾尼。

Earlier today, AEye announced its financial results for the third quarter 2024. A copy of this press release can be found on the Investor Relations section of the company's website.

今天早些時候，AEye 公佈了 2024 年第三季的財務業績。

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, operating results or performance and are based on our current expectations and assumptions. Any forward-looking statements are subject to inherent risks, uncertainties and changes in circumstances. Our actual results may differ materially from those contemplated by these forward-looking statements.

今天的討論可能包括美國證券法律和法規中定義的有關未來事件、經營業績或業績的前瞻性陳述，並且基於我們當前的預期和假設。任何前瞻性陳述均受到固有風險、不確定性和情況變化的影響。我們的實際結果可能與這些前瞻性陳述預期的結果有重大差異。

You can find more information about the risks, uncertainties and other factors in the reports AEye files from time to time with the Securities and Exchange Commission, including in the most recent periodic report. The statements to be made are as of today only, and Aye does not intend to update any forward-looking statements regardless of any new information, future developments or otherwise, except as may be required by law.

您可以在 AEye 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。所發表的聲明僅截至今天，無論有任何新資訊、未來發展或其他情況，Aye 均不打算更新任何前瞻性聲明，除非法律要求。

In addition, we will be discussing non-GAAP financial measures on this call, which we believe are relevant in assessing the financial performance of the business. These measures are presented as supplemental information only and should not be considered a substitute for financial information presented in accordance with GAAP. You can find reconciliations of these metrics to the most directly comparable GAAP measures within the press release.

此外，我們將在本次電話會議上討論非公認會計原則財務指標，我們認為這些指標與評估業務的財務表現有關。這些措施僅作為補充資訊提供，不應被視為替代根據 GAAP 提供的財務資訊。您可以在新聞稿中找到這些指標與最直接可比較的 GAAP 指標的調整表。

Now 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 third quarter 2024 earnings call. If there was an underlying theme for today's call, it would be progress. Our team made significant strides this quarter in advancing product and partnership milestones and putting the financial tools in place to move us closer to our production goals. I'm very proud of the AI team and the accomplishments we achieved in the quarter.

謝謝 Betsy，也謝謝大家今天參加我們的 2024 年第三季財報電話會議。如果今天的電話會議有一個基本主題的話，那就是進步。我們的團隊本季在推進產品和合作夥伴關係里程碑以及落實財務工具以使我們更接近生產目標方面取得了重大進展。我對人工智慧團隊以及我們在本季所取得的成就感到非常自豪。

On the product front, we announced that Apollo set a new bar in terms of performance with high-resolution object detection at distances of 1 kilometer. We believe this accomplishment is the first among our peers. Even more remarkably, we delivered it in a form factor that is half the size of competing products.

在產品方面，我們宣布 Apollo 在 1 公里距離處的高解析度物體偵測性能方面樹立了新的標準。我們相信這項成就在我們的同行中是第一。更值得注意的是，我們提供的外形尺寸只有競爭產品的一半。

Our advanced technology, coupled with superior design delivers what customers want. Apollo demonstrations have also driven a significant spike in customer interest across the board. I'm also pleased to announce that we have now delivered the first Apollo samples to our partners. And thanks to Apollo's SmartScan architecture, our partners are reaping the benefits of a software-defined LiDAR solution, where major configuration changes such as vehicle packaging, vehicle line variance and SKU options are delivered in days instead of weeks or months.

我們先進的技術與卓越的設計相結合，滿足客戶的需求。阿波羅演示也全面提升了客戶的興趣。我還很高興地宣布，我們現在已向合作夥伴交付了第一批阿波羅樣品。由於採用Apollo 的SmartScan 架構，我們的合作夥伴正在受益於軟體定義的LiDAR 解決方案，其中車輛包裝、車輛系列差異和SKU 選項等主要配置變更只需幾天即可交付，而不是幾週或幾個月。

This quarter, we've also showcased Apollo by completing a major in-vehicle driving test with NVIDIA. Notably, we demonstrated that Apollo meets the NVIDIA Hyperion specifications, which demand an incredibly challenging combination of high-resolution detection at very long distances. We are not aware of any other LiDAR solution that has met this milestone. This is a significant step forward in what we expect will be the integration of our technology into the NVIDIA Hyperion platform.

本季度，我們還與 NVIDIA 一起完成了一項重要的車載駕駛測試，展示了 Apollo。值得注意的是，我們證明 Apollo 符合 NVIDIA Hyperion 規範，要求在極遠距離進行高解析度偵測的極具挑戰性的組合。據我們所知，尚無其他 LiDAR 解決方案達到了這一里程碑。這是我們期望將我們的技術整合到 NVIDIA Hyperion 平台方面向前邁出的重要一步。

This achievement further validates the strength of our technology and paves the way for deeper integration with the NVIDIA ecosystem. Given its focus on high-performance computing and AI-driven automotive solutions, NVIDIA is expected to have a profound influence on the autonomous and ADAS markets.

這項成就進一步驗證了我們的技術實力，並為與 NVIDIA 生態系統的更深層整合鋪平了道路。鑑於 NVIDIA 專注於高效能運算和人工智慧驅動的汽車解決方案，預計將對自動駕駛和 ADAS 市場產生深遠影響。

We continue to deepen our relationship with our Tier 1 partner, LITEON. Together, we are engaged in multiple global OEM quoting activities and expect to ramp the first Apollo manufacturing line later this quarter. We recently showcased Apollo together with LITEON at the IZB International Suppliers Fair in Wolfsburg, Germany. IZB is held every two years and is one of the world's leading trade shows for automotive suppliers, attracting over 40,000 visitors from around the globe.

我們繼續深化與一級合作夥伴 LITEON 的關係。我們共同參與多項全球 OEM 報價活動，並預計在本季稍後啟動第一條 Apollo 生產線。最近，我們在德國沃爾夫斯堡舉行的 IZB 國際供應商博覽會上與 LITEON 一起展示了 Apollo。 IZB 每兩年舉辦一次，是世界領先的汽車供應商貿易展之一，吸引了來自全球各地的 40,000 多名參觀者。

I want to turn now to China, where we continue to make excellent progress with our partners, ATI and LITEON. ATI is currently demonstrating Apollo to potential customers. We've also been invited to demonstrate Apollo to multiple Chinese automotive OEMs in response to the Apollo launch at the LiDAR Show in Suzhou in June. We view China as a leading indicator for the future of LiDAR and its eventual global adoption. The Chinese market is expected to ship 1 million LiDAR sensors this year and double that number in 2025 according to recent industry reports.

我現在想談談中國，我們繼續與我們的合作夥伴 ATI 和 LITEON 取得巨大進展。 ATI 目前正在向潛在客戶展示 Apollo。我們也受邀向多家中國汽車原始設備製造商展示 Apollo，以回應 6 月在蘇州光達展上發布的 Apollo。我們將中國視為雷射雷達未來及其最終全球採用的領先指標。根據最近的行業報告，中國市場預計今年將出貨 100 萬個 LiDAR 感測器，到 2025 年這一數字將翻倍。

Apollo has caught the attention of investors, which has enabled us to build the financial tools and liquidity to support the multiyear runway that's required by the automotive production pipeline. We believe that AI continues to have the most efficient business model in the industry, and our capital-light approach has positioned us well to navigate the evolving LiDAR landscape.

阿波羅計畫引起了投資者的注意，這使我們能夠建立金融工具和流動性來支持汽車生產線所需的多年跑道。我們相信人工智慧仍然擁有業內最高效的商業模式，而我們的輕資本方法使我們能夠很好地駕馭不斷發展的雷射雷達領域。

Our accomplishments this year are made even more impressive by the fact that we have done it with a remarkably lean team and overall structure. I could not be more proud of our highly talented team and look forward to continuing to work together to reach our goal of seeing AI products transforming the automotive landscape.

我們今年的成就更加令人印象深刻，因為我們是透過非常精簡的團隊和整體結構來完成的。我為我們才華橫溢的團隊感到無比自豪，並期待繼續共同努力，實現我們看到人工智慧產品改變汽車產業的目標。

With that, I will turn the call over to Conor to provide more color on our financial performance.

至此，我將把電話轉給康納，以提供有關我們財務業績的更多資訊。

Thanks, Matt. In the third quarter, we made solid progress across multiple fronts, where we advanced product development, strengthened partner collaborations and expanded OEM engagements while maintaining disciplined cost management practices.

謝謝，馬特。第三季度，我們在多個領域取得了紮實進展，推進了產品開發、加強了合作夥伴合作、擴大了 OEM 業務，同時保持了嚴格的成本管理實踐。

Additionally, we took proactive funding measures that strengthened our liquidity to support the runway needed to continue to achieve key milestones. These accomplishments have prepared us to fully benefit from the opportunities evolving in our market.

此外，我們採取了積極的融資措施，增強了我們的流動性，以支持繼續實現關鍵里程碑所需的跑道。這些成就使我們能夠充分受益於市場不斷發展的機會。

Most notably, we are in a stronger position to capitalize on the incredible global opportunities, which include China, where local OEMs are aggressively integrating LiDAR into their vehicles. We continue to have productive engagements with other OEMs and are encouraged to see them leaning in on adopting LiDAR technologies as potential solutions for autonomous driving and ADAS.

最值得注意的是，我們處於更有利的地位，可以利用令人難以置信的全球機遇，其中包括中國，當地原始設備製造商正在積極將光達整合到他們的車輛中。我們繼續與其他 OEM 廠商進行富有成效的合作，並鼓勵他們傾向於採用 LiDAR 技術作為自動駕駛和 ADAS 的潛在解決方案。

As you can see on slide 8, our unique capital-light model is a key differentiator in the LiDAR industry and is well received when we engage OEMs. Not only does it allow us to maintain a balance sheet with very little debt compared to some of our peers, it gives us the lowest cost structure in the industry. This leads to greater efficiencies as we can do more with less and is a powerful selling point as it enables us to offer a superior product at a competitive price point.

正如您在幻燈片 8 中看到的，我們獨特的資本輕模型是 LiDAR 行業的關鍵差異化因素，並且在我們與 OEM 合作時受到好評。與一些同行相比，它不僅使我們能夠以極少的債務維持資產負債表，而且還為我們提供了業內最低的成本結構。這會帶來更高的效率，因為我們可以用更少的資源做更多的事情，而這是一個強大的賣點，因為它使我們能夠以具有競爭力的價格提供優質的產品。

As I mentioned earlier, the financial tools we secured should provide us with the liquidity needed to continue developing our technology, bring Apollo to market, and pursue multiple design wins. These tools include the ability to raise up to an additional $50 million through our equity line of credit facility and access up to $2.6 million of new capital through our at-the-market facility. Additionally, we are always considering new investment opportunities with strategic partners.

正如我之前提到的，我們獲得的金融工具應該為我們提供繼續開發技術、將阿波羅推向市場以及追求多項設計勝利所需的流動性。這些工具包括透過我們的股權信貸額度額外籌集高達 5,000 萬美元的能力，以及透過我們的市場融資獲得最多 260 萬美元的新資本。此外，我們一直在與策略合作夥伴考慮新的投資機會。

Now turning to our third quarter financial results on slide 9. I am pleased to say that we have reduced our net cash burn for the sixth consecutive quarter. Excluding new financing, our cash burn for the third quarter was $5.6 million, down from $6.2 million in the second quarter, beating our guidance of $5.9 million.

現在轉向幻燈片 9 上的第三季財務業績。不包括新融資，我們第三季的現金消耗為 560 萬美元，低於第二季的 620 萬美元，超出了我們 590 萬美元的指引。

Total revenue was $104,000, which is in line with consensus expectations. Revenue was driven by nonautomotive product sales to an existing customer. Gross margin was negatively impacted by the increased warranty reserves.

總收入為 104,000 美元，符合共識預期。收入主要來自於向現有客戶銷售非汽車產品。毛利率受到保固準備金增加的負面影響。

Third quarter GAAP operating expenses were $7.6 million, down sequentially from $8.1 million in the second quarter of 2024, due primarily to payroll and facility-related savings, which includes a noncash adjustment associated with downsizing our office space, partially offset by higher stock-based compensation expense.

第三季GAAP 營運費用為760 萬美元，較2024 年第二季的810 萬美元有所下降，這主要是由於工資和設施相關的節省，其中包括與縮小辦公空間相關的非現金調整，部分被較高的存貨成本所抵銷。

Non-GAAP operating expenses were $6.1 million, down sequentially from $6.4 million in the second quarter of 2024, due primarily to payroll and facility-related savings. We reported a third quarter GAAP net loss of $8.7 million or $1.01 per share versus a GAAP net loss of $8 million or $1.16 per share in the second quarter of 2024. The increase in GAAP net loss was mainly due to financing-related costs, which were partially offset by payroll and facility-related savings as noted above.

非 GAAP 營運支出為 610 萬美元，較 2024 年第二季的 640 萬美元有所下降，這主要是由於工資和設施相關的節省。我們報告第三季GAAP 淨虧損為870 萬美元，即每股1.01 美元，而2024 年第二季的GAAP 淨虧損為800 萬美元，即每股1.16 美元。成本，如上所述，部分被工資和設施相關節省所抵消。

On a non-GAAP basis, our net loss was $6 million or $0.70 per share in the third quarter compared to a non-GAAP net loss of $6.2 million or $0.91 per share in the second quarter of 2024. This was the 11th consecutive quarter where AI has either met or beat bottom line expectations, which we believe demonstrates our ability to consistently execute.

以非GAAP 計算，我們第三季的淨虧損為600 萬美元，即每股0.70 美元，而2024 年第二季的非GAAP 淨虧損為620 萬美元，即每股0.91 美元。季度出現淨虧損。

Net cash used for operating activities decreased to $5.4 million in the third quarter from $6.4 million in the second quarter. We closed the third quarter with $22.4 million of cash, cash equivalents and marketable securities. Our potential liquidity, which includes cash on hand, our ELOC and ATM facilities, is approximately $75 million.

第三季用於經營活動的淨現金從第二季的 640 萬美元減少至 540 萬美元。第三季結束時，我們擁有 2,240 萬美元的現金、現金等價物和有價證券。我們的潛在流動性（包括手頭現金、ELOC 和 ATM 設施）約為 7500 萬美元。

Turning to 2024 guidance on slide 10. Our ongoing expense reduction initiatives are yielding tangible cash savings, and we are still trending towards outperforming our 2024 cash burn guidance of $25 million through continued payroll and facility-related savings.

轉向幻燈片 10 上的 2024 年指引。

We are excited by the progress that we made in the third quarter on multiple fronts, and our team continues to execute our long-term growth strategies. AI has a recipe for success, a sustainable business model, the necessary capital raising tools in place and Apollo, the best product in the marketplace. We look forward to reporting on the progress we continue to make in 2024 and are excited for what we will accomplish in 2025 and beyond.

我們對第三季在多個方面取得的進展感到興奮，我們的團隊將繼續執行我們的長期成長策略。人工智慧擁有成功的秘訣、永續的商業模式、必要的融資工具以及市場上最好的產品 Apollo。我們期待報告 2024 年我們繼續取得的進展，並對 2025 年及以後將取得的成就感到興奮。

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。

Thanks, Conor. The third quarter reflected the strength of our achievements, strategic advancements and financial stability as we continue to raise the bar on the product front. From surpassing our own internal product performance goals to the terrific progress coming from our partners, feel well positioned to drive sustained interest and engagement from OEMs.

謝謝，康納。隨著我們繼續提高產品方面的標準，第三季度反映了我們的成就、策略進步和財務穩定性的實力。從超越我們自己的內部產品績效目標到我們的合作夥伴所取得的巨大進步，我們有能力推動 OEM 廠商的持續興趣和參與。

Our financial approach has enabled us to put the tools in place to pursue the next major milestones in our growth. Most importantly, our team remains committed, motivated and equipped with the expertise needed to secure our success. We're energized by the momentum and opportunities ahead, and we look forward to building value for our stakeholders. Thank you for your continued support.

我們的財務方法使我們能夠使用適當的工具來追求我們成長的下一個主要里程碑。最重要的是，我們的團隊始終忠誠、積極主動，並具備確保我們成功所需的專業知識。我們對未來的勢頭和機會充滿信心，並期待為我們的利害關係人創造價值。感謝您一直以來的支持。

Brian Kinstlinger, Alliance Global Partners.

Brian Kinstlinger，聯盟全球合作夥伴。

Congratulations on the progress with the high-resolution detection at a kilometer and with such a small form factor, it's impressive.

恭喜在千米級高解析度偵測方面取得的進展，並且具有如此小的外形尺寸，令人印象深刻。

You've talked in the past about a pipeline of, I believe, four to five RFQs where you are active. How have these potential end customers reacted to the advances, both with NVIDIA as well as the high resolution of this long range? And what should investors expect as the next data points on some of these procurements?

我相信，您過去曾談到您正在積極開展四到五個詢價的管道。這些潛在的最終客戶對 NVIDIA 以及長距離高解析度的進步有何反應？對於其中一些採購的下一個數據點，投資者應該期待什麼？

Brian, hey, thanks. This is Matt and thank you for joining the call this quarter. Let me take this in a couple of parts. Number one, as we know, 2024 has been a quiet year on the nomination side for OEMs. And based on what we're seeing and what we're hearing, I think we can start to see some sourcing decisions next year just based on what we're hearing. So I think we'll have a bit more action than we did in 2024.

布萊恩，嘿，謝謝。我是馬特，感謝您參加本季的電話會議。讓我分幾個部分來看這個問題。首先，眾所周知，2024 年對於 OEM 而言是提名方面平靜的一年。根據我們所看到和聽到的情況，我認為明年我們可以開始根據我們所聽到的情況做出一些採購決策。因此，我認為我們將比 2024 年採取更多行動。

Taking it back to Apollo and our product, the response has been very, very positive. Those engagements that we talked about last quarter continue to be strong. And as I mentioned, expecting to come to a head as we get into 2025 here.

回到 Apollo 和我們的產品，反應非常非常積極。我們上季談到的那些互動仍然很強勁。正如我所提到的，當我們進入 2025 年時，預計會達到頂峰。

But look, here's the thing. One of the key challenges in integrating a new sensor into an ADAS system or an autonomy type system is really getting it all integrated into the software. And just getting a little bit technical for a second, all the software that's out there today is used to digesting and consuming images of things, for example, that come from cameras.

但看，事情是這樣的。將新感測器整合到 ADAS 系統或自主型系統中的關鍵挑戰之一是真正將其全部整合到軟體中。稍微了解技術，當今的所有軟體都用於消化和使用事物的圖像，例如來自相機的圖像。

The thing that Apollo does is makes this interface a lot more seamless and reduces the friction on the OEM because the image, so to speak, coming out of our LiDAR system is very wide. It shows a wide field of view, and it shows high resolution very far. And that makes it easier for the OEM software to digest our data, relatively speaking.

Apollo 所做的事情是讓這個介面更加無縫，並減少 OEM 的摩擦，因為可以說，從我們的 LiDAR 系統中出來的影像非常寬廣。它顯示出廣闊的視野，並且在很遠的地方顯示出高解析度。相對而言，這使得 OEM 軟體更容易消化我們的數據。

Of course, the size of the device is a bonus, but just look at it as lowering the friction to integrate our device from a software perspective, as we know, is a bottleneck for many of those OEMs out there.

當然，設備的尺寸是一個優勢，但只要將其視為從軟體角度降低整合設備的摩擦，正如我們所知，這是許多 OEM 廠商的瓶頸。

Great. That was helpful. Can you talk about how you see -- I mean, we heard the size and the range. Can you talk about, however, the competitive landscape for these RFQs that you're facing this year?

偉大的。這很有幫助。您能談談您的看法嗎？不過，您能談談今年面臨的這些詢價的競爭格局嗎？

So look, I'm assuming you're somewhat familiar with the automotive industry. Forgive me if -- on that one. But look, the automotive industry always leans toward having choices, right? And we simply want to be the best choice when it comes to performance, size and cost.

所以，我假設您對汽車產業有些熟悉。請原諒我——關於那個。但看，汽車產業總是傾向有選擇，對吧？我們只是想成為性能、尺寸和成本的最佳選擇。

And I think we've talked about performance and size. Cost is another key differentiator. And one of the main things that differentiates us from the others out there is that we are joined at the hip with a Tier 1 supplier who's already got tremendous expertise in optics, which is important for the LiDAR space, but they have the technical experience, and they have the buying power.

我想我們已經討論過性能和尺寸。成本是另一個關鍵的區別因素。我們與其他公司的主要區別之一是，我們與一級供應商緊密合作，他們已經在光學方面擁有豐富的專業知識，這對於 LiDAR 領域很重要，但他們擁有技術經驗，他們有購買力。

So this gives us, we believe, a very distinct cost advantage during the sourcing process, which is another key leg of the stool here. And we're feeling great about that. LITEON is a well-known force in not only in the automotive, but the consumer market to help us be the most competitive in our market space from a cost perspective.

因此，我們相信，這為我們在採購過程中提供了非常明顯的成本優勢，這是這裡的另一個關鍵支柱。我們對此感覺很好。光寶不僅在汽車領域，而且在消費市場都是一支知名力量，從成本角度來看，它幫助我們在市場空間中最具競爭力。

Great. Now with the administration change and President Trump talking about increased tariffs on imported vehicles potentially, does this in any way change your plan or your strategy?

偉大的。現在，隨著政府更迭以及川普總統談論可能提高進口車輛關稅，這是否會以任何方式改變您的計劃或策略？

We don't foresee any changes right now per the election. I think the topic that you mentioned and also electric vehicles versus combustion-based powertrains, that's been another question that comes up.

我們目前預計選舉不會有任何變化。我認為您提到的主題以及電動車與基於燃燒的動力系統的比較，這是另一個出現的問題。

First of all, just to cover on that second point, the technology is agnostic to the powertrain. So we're happy to report that whether -- if the mix of vehicles between electric and combustion engines changes, it really doesn't impact our plans nor in our conversations with OEMs as it come up that we need to look at things differently from either a technology or supply chain perspective, we're well positioned to meet those needs and potential restrictions either way.

首先，只是為了討論第二點，該技術與動力系統無關。因此，我們很高興地報告，如果電動和內燃機車輛的組合發生變化，它實際上不會影響我們的計劃，也不會影響我們與原始設備製造商的對話，因為我們需要以不同的方式看待事物無論是從技術或供應鏈的角度來看，我們都能夠很好地滿足這些需求和潛在的限制。

(Operator Instructions) There are no questions at this time. That concludes our Q&A session. Thank you for joining the conference call. You may now disconnect.

（操作員說明） 目前沒有任何問題。我們的問答環節到此結束。感謝您參加電話會議。您現在可以斷開連線。