AEye, Inc. Q3 FY2025 earnings call

• Progress: Apollo gaining traction, customer base doubled to 12 year-to-date, commercial pipeline strengthened with 2 dozen active quotes (tripling last quarter's level). • Manufacturing: Expanded agreement with LITEON and secured investment from institutional investor to fund new Apollo production line with capacity for 60,000 units annually. • Markets/Partnerships: Strong engagement with automotive industry (2/3 of major Western OEMs in active discussions), critical software partnerships with Blue-Band, Flasheye, Black Sesame Technologies, etc., translating into sales. • Financial: Cash burn decreased, net loss improved, strong cash position ($84M at end of Q3) with additional $10M raised post-quarter end, and cleaned up capital structure.

No detailed product segment financial performance with absolute terms and revenue contribution % provided in the transcript.

• Full year 2025 cash burn expected to be at the high end of $27M to $29M, reflecting planned investments for Apollo production and commercial expansion. • Phased growth: Phase 1 - laying foundation, Phase 2 - accelerating with infrastructure/supply chain strengthening, Phase 3 - breakthrough for profitability.

• Forward-looking statements subject to inherent risks, uncertainties, and changing circumstances where actual results may differ materially. • Risks, uncertainties, and other factors detailed in AEye's SEC reports.

Q: Expand on confidence in capital-light model, especially in context of recent industry events?

A: Manufacturing partnership with LITEON for flexibility and resiliency, capital-light model avoids heavy upfront manufacturing investments and relies on partners for software, keeping costs low.

Q: Talk more about customer pipeline, mix of auto and non-auto?

A: Customer base doubled to 12, funnel grew from 100 to 600 prospects, technical engagements up 50%, quoted activity tripled, contracts doubled; Apollo's value prop of long-range, high-res, software reconfigurability appealing to defense, smart infrastructure, rail, and automotive sectors.

Q: Details on institutional investor investment?

A: Well-known institutional investor, investment made post-quarter end, part of $10 million raised, provides enough runway for growth strategy.

Q: Applications and volume opportunity for 6 new wins?

A: High-performance use cases in aviation, rail, etc., part of Phase 1 laying foundation for volume ramp, positive indications from customers for higher volumes.

Q: Time frame for high utilization of 60,000 unit capacity?

A: Phased approach, not overnight, but partner LITEON provides flexibility to be ready with capital-light model.