PRESS RELEASE

AEye Reports First Quarter 2025 Results

First Apollo units manufactured with Tier 1 supplier partner

Advanced integration into NVIDIA DRIVE platform

Secured new customer engagements

PLEASANTON, Calif. -- (BUSINESS WIRE) – May 8, 2025 – AEye, Inc. (Nasdaq: LIDR), a global leader in adaptive, high performance lidar solutions, today announced its results for the first quarter ended March 31, 2025.

Recent Business Highlights

Management Commentary

Matt Fisch, AEye CEO, said “AEye hit several key milestones in the first quarter, paving the way for our future growth. We achieved a critical step toward mass production of Apollo, with the first units coming off the manufacturing line of our Tier 1 supplier partner, LITEON. We’ve entered into the final independent testing phase for NVIDIA’s DRIVE platform, deepening our engagement with a key player in the automotive industry. Additionally, Apollo’s adaptability and unmatched range are opening doors in markets beyond automotive, helping us expand our pipeline as we engage new customers across a range of applications.”

“We’re attracting new growth capital as we reach these milestones at a remarkable pace, highlighted by the $24 million we’ve raised over the past 14 months. I look forward to maintaining this momentum as we capture demand across industries where performance, programmability, and reliability are critical.”

Recent Financial Highlights

“We ended the first quarter of 2025 with $25.9 million in cash, cash equivalents, and marketable securities. Our potential liquidity now stands at approximately $74 million, which should provide us with the runway needed to ramp Apollo for production at scale. Backed by our capital-light model and resilient supply chain, we are well-prepared to navigate evolving global market dynamics while we capture new customer opportunities and expand Apollo’s market share,” said Conor Tierney, AEye CFO.

2025 Financial Outlook

AEye now expects cash burn for full year 2025 to be in the range of $27 million to $29 million. This increase, compared to the previously disclosed full year 2025 cash burn outlook of $25 million, reflects a one-time litigation settlement expense and the potential cash repayment of a portion of the outstanding convertible note. Excluding the impact of these costs, AEye’s underlying cash burn rate is consistent with previous expectations.

Conference Call and Webcast Details

AEye management will webcast its investor conference call today, May 8, 2025, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss these results. AEye CEO Matt Fisch and CFO Conor Tierney will host the call, followed by a question-and-answer session.

The webcast and accompanying slides will be accessible via the company’s website at https://investors.aeye.ai/.

Access is also available via:

Webcast: https://aeye.pub/3Emht31

About AEye

AEye’s unique software-defined lidar solution enables advanced driver-assistance, vehicle autonomy, smart infrastructure, and logistics applications that save lives and propel the future of transportation and mobility. AEye’s 4Sight™ Intelligent Sensing Platform, with its adaptive sensor-based operating system, focuses on what matters most: delivering faster, more accurate, and reliable information. AEye’s 4Sight™ products, built on this platform, are ideal for dynamic applications which require precise measurement imaging to ensure safety and performance.

Non-GAAP Financial Measures

This press release includes non-GAAP financial measures, including:

The non-GAAP financial measures provided in this press release should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with generally accepted accounting principles (GAAP) in the United States. A reconciliation between GAAP and non-GAAP financial data is included in the supplemental financial data attached to this press release. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. AEye considers these non-GAAP financial measures to be important because they provide additional insight into the Company’s on-going performance. The Company provides this information to help investors evaluate the results of the Company’s on-going operations and to enable more meaningful and consistent period-to-period comparisons. Non-GAAP financial measures are presented only as supplemental information to understand the Company’s operating results. The non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP.

Forward-Looking Statements

Certain statements included in this press release that are not historical facts are forward-looking statements within the meaning of the federal securities laws, including the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are sometimes accompanied by words such as “believe,” “continue,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “predict,” “plan,” “may,” “should,” “will,” “would,” “potential,” “seem,” “seek,” “outlook,” and similar expressions that predict or indicate future events or trends, or that are not statements of historical matters. Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Forward-looking statements in this press release include, without limitation, statements about the ability to mass produce the Apollo product, the testing for the integration of Apollo into the Nvidia DRIVE platform, the availability of markets for the Apollo product outside of automotive, the Company’s expectations regarding future cash burn and the anticipated reduction in cash burn throughout 2025, and the potential liquidity available to AEye from its existing financial instruments, among others. These statements are based on various assumptions, whether or not identified in this press release. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by an investor as a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are very difficult or impossible to predict and will differ from the assumptions. Many actual events and circumstances are beyond the control of AEye. Many factors could cause actual future events to differ from the forward-looking statements in this press release, including but not limited to: (i) the risks that Apollo B-sample deliveries to automotive OEMs expected to occur during the second quarter 2025 may be delayed, or at all; (ii) the risks that Apollo may not be integrated into Nvidia’s DRIVE platform in the time frame anticipated, or at all; (iii) the risks that Apollo, whether or not integrated into Nvidia’s DRIVE platform, may not be widely adopted in ADAS and autonomous driving platforms to the extent, or in the time frame anticipated, or at all; (iv) the risk that the proof-of-concept engagements may not prove product applicability to the non-automotive use cases to the extent anticipated, or at all; (v) the risk that the proof-of-concept engagements may not result in the further sales of products to these or any other non-automotive customers; (vi) the risks that the milestones achieved in the first quarter may not pave the way for future growth to the extent anticipated, or at all; (vii) the risks that LITEON may not be able to mass produce units of Apollo to the extent, or in the time frame anticipated, or at all; (viii) the risks that Apollo may not be adaptable to markets beyond automotive to the extent anticipated, or at all; (ix) the risks that AEye may be unable to continue to attract growth capital to the extent anticipated, or at all;

(x) the risks that AEye’s total potential liquidity may not amount to approximately $74 million as AEye may not be in a position to draw on one or more of the financial instruments upon which the $74 million projection is based, as minimum market conditions must exist in order for AEye to realize all of such potential liquidity; (xi) the risks that the potential liquidity may not be sufficient to provide AEye with the runway needed to produce or commercialize Apollo at scale; (xii) the risks that the capital-light model and resilient supply chain may not be sufficient to allow AEye to navigate the evolving global market dynamics, capture new customer opportunities or expand Apollo’s market share to the extent anticipated, or at all; (xiii) the risks that the cash burn for full year 2025 may exceed $29 million due to unanticipated expenses, including repayment of the convertible note in cash rather than equity; (xiv) the risks that market conditions may create delays in the demand for commercial lidar products beyond AEye’s expectations, if at all; (xv) the risks that lidar adoption occurs slower than anticipated or fails to occur at all; (xvi) the risks that AEye’s products may not meet the diverse range of performance and functional requirements of target markets and customers; (xvii) the risks that AEye’s products may not function as anticipated by AEye, or by target markets and customers; (xviii) the risks that AEye may not be in a position to adequately or timely address either the near or long-term opportunities that may or may not exist in the evolving autonomous transportation industry; (xix) the risks that laws and regulations are adopted impacting the use of lidar that AEye is unable to comply with, in whole or in part; (xx) the risks associated with changes in competitive and regulated industries in which AEye operates, variations in operating performance across competitors, and changes in laws and regulations affecting AEye’s business; (xxi) the risks that AEye is unable to adequately implement its business plans, forecasts, and other expectations, and identify and realize additional opportunities; (xxii) the risks that AEye’s business operations, product development, and commercialization efforts may be adversely affected by its dependence on key third-party partners and suppliers and that any disruption, delay, or deterioration in such relationships, or the inability of such partners to perform as expected, could materially impact AEye’s ability to manufacture, integrate, or deliver its products on schedule or at the anticipated scale; and (xxiii) the risks of economic downturns and a changing regulatory landscape in the highly competitive and evolving industry in which AEye operates. These risks and uncertainties may be amplified by current or future global conflicts and current and potential trade restrictions, trade tensions, and tariffs, all of which continue to cause economic uncertainty. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the periodic report that AEye has most recently filed with the U.S. Securities and Exchange Commission, or the SEC, and other documents filed by us or that will be filed by us from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made.

Readers are cautioned not to put undue reliance on forward-looking statements; AEye assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. AEye gives no assurance that AEye will achieve any of its expectations.

References to third-party companies in this press release are for informational purposes only to describe AEye’s current business activities. These references do not imply any endorsement, partnership, or guarantee by such third parties regarding AEye’s products, business, or financial performance.

Investor Relations Contacts:

Agency Contact

Evan Niu, CFA

Financial Profiles, Inc.

[email protected]

310-622-8243

Company Contact

AEye, Inc. Investor Relations

[email protected]

925-400-4366