AEye Reports Second Quarter 2026 Results; Commercial Pipeline Again Reaches Record Level
Q2 Revenue Approximately Doubled Sequentially and Grew Approximately Nine-Fold Year-Over-Year; First-Half Revenue Exceeds Full-Year 2025
Expands Industry Verticals via Groundbreaking Sports Analytics Agreement with Alive3D
Apollo™ Validated on NVIDIA DRIVE AGX Thor™, Placing AEye as a Sensor Partner in the NVIDIA DRIVE Hyperion Ecosystem
Lead Defense Customer Places Third Consecutive Purchase Order as Defense Remains AEye’s Most Active Vertical
Business Highlights
-
New Commercial Deal in New Vertical: Apollo’s™ software-defined architecture was critical to securing the win; it allows AEye to reconfigure scan patterns, range, and resolution to meet the distinct demands of sports analytics using the same underlying sensor platform.
- Sports Analytics: Alive3D selected Apollo™ for next generation sports analytics. Apollo’s™ software-defined architecture will power 3D spatial sports visualization, precise measurement, and advanced data analytics for elite sports.
-
Record Commercial Engagement: Commercial activity again reached its highest level in the Company’s history, with AEye now having 25 customers that have taken revenue-generating shipments – a
19% increase since the Company reported Q1 results in May 2026. Quarter-over-quarter, engagements and quotes increased over25% and approximately40% , respectively. - NVIDIA Ecosystem: Apollo™ was validated on NVIDIA DRIVE AGX Thor™, deepening sensor‑to‑compute interoperability for next‑generation physical AI and automotive platforms.
- Defense Vertical Expansion: Defense remains AEye’s most active vertical, with engagements doubling quarter-over-quarter. The Company’s lead defense customer placed its third consecutive paid order this quarter, and repeat business is emerging as Apollo™ is evaluated for UAV, UGV and counter-UAS applications, while the partnership with SynTech continues to expand Apollo’s™ international reach.
- Automotive, Trucking, & OEM Momentum: AEye is active in multiple OEM Level 3 and Level 4 evaluations. AEye signed an MOU with MoveAWheeL to combine Apollo’s™ long-range 3D object detection with acoustic road-surface friction sensing, aimed at improving ADAS and autonomous driving performance in adverse weather. Evaluations are underway across select geographies, with discussions already advancing with automotive OEMs.
-
ITS Deployment: OPTIS™ continues to move into deployment, with the Company’s live smart intersection in the
Bay Area remaining operational, as well as multiple OPTIS™ installations in and aroundDetroit .
Management Commentary
“We set a new high bar for commercial activity in Q2, securing two new commercial deals and gaining increased traction within existing accounts and verticals,” said Matt Fisch, CEO of AEye. “As a company, we are hitting our stride. Revenue is up more than nine times year-over-year, and has increased for four consecutive quarters. New technical engagements, inbound RFIs, and POC activity across automotive, trucking, aerospace and defense, rail, infrastructure, ITS – and, new this quarter, sports analytics – are trending in the right direction. We believe every new vertical we enter validates the same underlying thesis: when performance and programmability matter most, Apollo™ wins.”
Fisch continued, “Our unique software-defined architecture allows our Apollo™ sensor to immediately meet demand for the continuous influx of new lidar applications we’re seeing as they appear in the market. Paired with the sensor’s long range, superior performance, and rugged design, our technological edge – maintained and expanded by our highly scalable partnership and production models – is such that we believe we are well equipped to compete for physical AI market share as the space rapidly develops into a trillion-dollar industry over the coming decade. For the remainder of 2026, our focus continues to be on leveraging our strengths to advance deployments and build a durable revenue ramp.”
Financial Highlights
-
Q2 2026 revenue was
$202 thousand $22 thousand -
GAAP net loss in Q2 2026 was
$(10.0) million $(0.22) -
Non-GAAP net loss in Q2 2026 was
$(7.6) million $(0.17) -
Cash consumption in Q2 2026 was
$7.5 million -
Cash, cash equivalents, and marketable securities were
$71.5 million
“Second quarter results mark a transition in how our revenue is generated: from paid evaluations toward commercial agreements,” said Conor Tierney, CFO of AEye. “Revenue approximately doubled sequentially, first-half revenue already exceeds all of 2025, and repeat orders are now increasingly a feature of our business. Just as important, we generated revenue from our first contract development engagement in Q2, a second, distinct source of revenue that did not exist for us six months ago. With
2026 Cash Consumption Outlook
The Company reaffirms its expectation that cash consumption for the full year 2026 will be in the range of
Conference Call and Webcast Details
AEye management will webcast its investor conference call today, August 6, 2026, 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://edge.media-server.com/mmc/p/tmd5jc68/
About AEye
AEye offers a suite of unique software-defined lidar solutions that address a wide range of real-world needs including advanced driver-assistance, vehicle autonomy, smart infrastructure, security, defense, and logistics applications. AEye’s flagship product, Apollo™, has been widely recognized for its small form factor and its ability to detect objects at up to one kilometer. In addition to Apollo™, AEye also offers STRATOS™ with the ability to detect objects at up to one-and-a-half kilometers as well as a full-stack solution through its OPTIS™ platform. OPTIS™ provides a complete system that captures a high-resolution 3D image of the world, interprets it, and provides direction to act upon what it sees in real-time.
Non-GAAP Financial Measures
The non-GAAP 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
This press release includes non-GAAP financial measures, including:
- Non-GAAP net loss which is defined as GAAP net loss plus stock-based compensation, plus stock issuance and debt issuance costs, less change in fair value of convertible note and warrant liabilities, plus expenses related to contested proxy, plus loss (gain) on termination of operating lease, net; and
- Adjusted EBITDA, defined as non-GAAP net loss plus depreciation and amortization expense, less interest income and other, less interest expense and other, plus provision for income tax.
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 included in this press release include, without limitation, statements about AEye’s operational runway well into 2028, its expected cash consumption for the 2026 full year period, the conversion of its commercial engagements and pipeline into revenue, the anticipated performance and capabilities of its products, including STRATOS™, and the benefits and advantages of AEye’s products and technologies, 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 AEye’s operational runway may not extend well into 2028 due to unforeseen expenses or otherwise; (ii) the risks that cash consumption for the full year of 2026 may exceed
Investors 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.
| AEYE, INC. Consolidated Balance Sheets (In thousands) (Unaudited) |
||||||||
| As of June 30, 2026 | As of December 31, 2025 | |||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ |
11,210 |
|
$ |
43,356 |
|
||
| Marketable securities |
|
60,293 |
|
|
43,104 |
|
||
| Accounts receivable, net |
|
216 |
|
|
77 |
|
||
| Inventories, net |
|
1,003 |
|
|
1,015 |
|
||
| Prepaid and other current assets |
|
1,601 |
|
|
2,081 |
|
||
| Total current assets |
|
74,323 |
|
|
89,633 |
|
||
| Right-of-use assets |
|
1,281 |
|
|
441 |
|
||
| Property and equipment, net |
|
783 |
|
|
577 |
|
||
| Other noncurrent assets |
|
189 |
|
|
242 |
|
||
| Total assets | $ |
76,576 |
|
$ |
90,893 |
|
||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ |
3,765 |
|
$ |
3,615 |
|
||
| Accrued expenses and other current liabilities |
|
3,099 |
|
|
4,957 |
|
||
| Total current liabilities |
|
6,864 |
|
|
8,572 |
|
||
| Operating lease liabilities, noncurrent |
|
803 |
|
|
235 |
|
||
| Convertible note, noncurrent |
|
146 |
|
|
146 |
|
||
| Other noncurrent liabilities |
|
449 |
|
|
598 |
|
||
| Total liabilities |
|
8,262 |
|
|
9,551 |
|
||
| Stockholders’ Equity: | ||||||||
| Preferred stock |
|
- |
|
|
- |
|
||
| Common stock |
|
5 |
|
|
4 |
|
||
| Additional paid-in capital |
|
493,827 |
|
|
488,361 |
|
||
| Accumulated other comprehensive (loss) income |
|
(98 |
) |
|
30 |
|
||
| Accumulated deficit |
|
(425,420 |
) |
|
(407,053 |
) |
||
| Total stockholders’ equity |
|
68,314 |
|
|
81,342 |
|
||
| Total liabilities and stockholders’ equity | $ |
76,576 |
|
$ |
90,893 |
|
||
| AEYE, INC. Consolidated Statements of Operations (In thousands, except share amounts and per share data) (Unaudited) |
||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|||||
| Revenue | $ |
202 |
|
$ |
22 |
|
$ |
303 |
|
$ |
86 |
|
||||
| Cost of revenue |
|
363 |
|
|
108 |
|
|
564 |
|
|
204 |
|
||||
| Gross loss |
|
(161 |
) |
|
(86 |
) |
|
(261 |
) |
|
(118 |
) |
||||
| Operating expenses: | ||||||||||||||||
| Research and development |
|
4,743 |
|
|
3,670 |
|
|
8,508 |
|
|
7,160 |
|
||||
| Sales and marketing |
|
1,147 |
|
|
601 |
|
|
2,133 |
|
|
984 |
|
||||
| General and administrative |
|
4,704 |
|
|
4,348 |
|
|
8,882 |
|
|
7,243 |
|
||||
| Total operating expenses |
|
10,594 |
|
|
8,619 |
|
|
19,523 |
|
|
15,387 |
|
||||
| Loss from operations |
|
(10,755 |
) |
|
(8,705 |
) |
|
(19,784 |
) |
|
(15,505 |
) |
||||
| Other income (expense): | ||||||||||||||||
| Change in fair value of convertible note and warrant liabilities |
|
130 |
|
|
(593 |
) |
|
149 |
|
|
87 |
|
||||
| Interest income and other |
|
591 |
|
|
393 |
|
|
1,236 |
|
|
607 |
|
||||
| Interest expense and other |
|
12 |
|
|
(365 |
) |
|
34 |
|
|
(2,473 |
) |
||||
| Total other income (expense), net |
|
733 |
|
|
(565 |
) |
|
1,419 |
|
|
(1,779 |
) |
||||
| Loss before income tax |
|
(10,022 |
) |
|
(9,270 |
) |
|
(18,365 |
) |
|
(17,284 |
) |
||||
| Provision for income tax |
|
- |
|
|
- |
|
|
2 |
|
|
2 |
|
||||
| Net loss | $ |
(10,022 |
) |
$ |
(9,270 |
) |
$ |
(18,367 |
) |
$ |
(17,286 |
) |
||||
| Per Share Data: | ||||||||||||||||
| Net loss per common share (basic and diluted) | $ |
(0.22 |
) |
$ |
(0.48 |
) |
$ |
(0.40 |
) |
$ |
(0.95 |
) |
||||
| Weighted average common shares outstanding (basic and diluted) |
|
45,915,091 |
|
|
19,125,970 |
|
|
45,414,113 |
|
|
18,137,050 |
|
||||
| AEYE, INC. Consolidated Statements of Cash Flows (In thousands) (Unaudited) |
||||||||
| Six months ended June 30, | ||||||||
|
2026 |
|
|
2025 |
|
|||
| Cash flows from operating activities: | ||||||||
| Net loss | $ |
(18,367 |
) |
$ |
(17,286 |
) |
||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization |
|
95 |
|
|
75 |
|
||
| Noncash lease expense relating to operating lease right-of-use assets |
|
193 |
|
|
103 |
|
||
| Gain on termination of operating lease, net |
|
- |
|
|
(1,612 |
) |
||
| Common stock purchase agreement costs |
|
233 |
|
|
306 |
|
||
| Debt issuance costs |
|
- |
|
|
2,020 |
|
||
| Inventory write-downs, net of scrapped inventory |
|
- |
|
|
24 |
|
||
| Change in fair value of convertible note and warrant liabilities |
|
(149 |
) |
|
(87 |
) |
||
| Stock-based compensation |
|
3,961 |
|
|
3,661 |
|
||
| Amortization of premiums and accretion of discounts on marketable securities, net of change in accrued interest |
|
(106 |
) |
|
(157 |
) |
||
| Expected credit losses, net of write-off |
|
- |
|
|
2 |
|
||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable, net |
|
(139 |
) |
|
(18 |
) |
||
| Inventories, current and noncurrent, net |
|
12 |
|
|
(114 |
) |
||
| Prepaid and other current assets |
|
480 |
|
|
84 |
|
||
| Other noncurrent assets |
|
53 |
|
|
134 |
|
||
| Accounts payable |
|
147 |
|
|
1,761 |
|
||
| Accrued expenses and other current liabilities |
|
(2,054 |
) |
|
(1,522 |
) |
||
| Operating lease liabilities |
|
(201 |
) |
|
(1,532 |
) |
||
| Net cash used in operating activities |
|
(15,842 |
) |
|
(14,158 |
) |
||
| Cash flows from investing activities: | ||||||||
| Purchases of property and equipment |
|
(319 |
) |
|
(14 |
) |
||
| Purchases of marketable securities |
|
(31,411 |
) |
|
(14,303 |
) |
||
| Proceeds from redemptions and maturities of marketable securities |
|
14,200 |
|
|
9,631 |
|
||
| Net cash used in investing activities |
|
(17,530 |
) |
|
(4,686 |
) |
||
| Cash flows from financing activities: | ||||||||
| Proceeds from issuance of convertible note |
|
- |
|
|
2,950 |
|
||
| Payments for convertible note redemptions |
|
- |
|
|
(750 |
) |
||
| Transaction costs related to issuance of convertible note |
|
- |
|
|
(608 |
) |
||
| Proceeds from issuance of common stock under Common Stock Purchase Agreements |
|
1,977 |
|
|
10,076 |
|
||
| Stock issuance costs related to Common Stock Purchase Agreements |
|
(341 |
) |
|
(404 |
) |
||
| Taxes paid related to the net share settlement of equity awards |
|
(519 |
) |
|
(364 |
) |
||
| Proceeds from issuance of common stock through the Employee Stock Purchase Plan |
|
109 |
|
|
52 |
|
||
| Net cash provided by financing activities |
|
1,226 |
|
|
10,952 |
|
||
| Net decrease in cash and cash equivalents |
|
(32,146 |
) |
|
(7,892 |
) |
||
| Cash and cash equivalents at beginning of period |
|
43,356 |
|
|
10,266 |
|
||
| Cash and cash equivalents at end of period | $ |
11,210 |
|
$ |
2,374 |
|
||
| AEYE, INC. Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands, except share amounts and per share data) (Unaudited) |
||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|||||
| GAAP net loss | $ |
(10,022 |
) |
$ |
(9,270 |
) |
$ |
(18,367 |
) |
$ |
(17,286 |
) |
||||
| Non-GAAP adjustments: | ||||||||||||||||
| Stock-based compensation |
|
2,419 |
|
|
1,160 |
|
|
3,961 |
|
|
3,661 |
|
||||
| Stock issuance and debt issuance costs |
|
97 |
|
|
231 |
|
|
233 |
|
|
2,326 |
|
||||
| Change in fair value of convertible note and warrant liabilities |
|
(130 |
) |
|
593 |
|
|
(149 |
) |
|
(87 |
) |
||||
| Expenses related to contested proxy |
|
- |
|
|
543 |
|
|
- |
|
|
839 |
|
||||
| Loss (gain) on termination of operating lease, net |
|
- |
|
|
73 |
|
|
- |
|
|
(1,612 |
) |
||||
| Non-GAAP net loss |
|
(7,636 |
) |
|
(6,670 |
) |
|
(14,322 |
) |
|
(12,159 |
) |
||||
| Depreciation and amortization expense |
|
55 |
|
|
38 |
|
|
95 |
|
|
75 |
|
||||
| Interest income and other |
|
(591 |
) |
|
(393 |
) |
|
(1,236 |
) |
|
(607 |
) |
||||
| Interest expense and other |
|
(109 |
) |
|
134 |
|
|
(267 |
) |
|
147 |
|
||||
| Provision for income tax |
|
- |
|
|
- |
|
|
2 |
|
|
2 |
|
||||
| Adjusted EBITDA | $ |
(8,281 |
) |
$ |
(6,891 |
) |
$ |
(15,728 |
) |
$ |
(12,542 |
) |
||||
| GAAP net loss per share attributable to common stockholders: | ||||||||||||||||
| Basic and diluted | $ |
(0.22 |
) |
$ |
(0.48 |
) |
$ |
(0.40 |
) |
$ |
(0.95 |
) |
||||
| Non-GAAP net loss per share attributable to common stockholders: | ||||||||||||||||
| Basic and diluted | $ |
(0.17 |
) |
$ |
(0.35 |
) |
$ |
(0.32 |
) |
$ |
(0.67 |
) |
||||
| Shares used in computing GAAP net loss per share attributable to common stockholders: | ||||||||||||||||
| Basic and diluted |
|
45,915,091 |
|
|
19,125,970 |
|
|
45,414,113 |
|
|
18,137,050 |
|
||||
| Shares used in computing Non-GAAP net loss per share attributable to common stockholders: | ||||||||||||||||
| Basic and diluted |
|
45,915,091 |
|
|
19,125,970 |
|
|
45,414,113 |
|
|
18,137,050 |
|
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20260806308965/en/
Investor Relations
AEye, Inc. Investor Relations
info@aeye.ai
925-400-4366
Keaton Olsen
lidrir@allianceadvisors.com
Media Relations
Alliance Advisors IR
Aayushi
media@allianceadvisors.com
Source: AEye, Inc.