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Here are 1-3 brief analogies for AEye (LIDR):

• Qualcomm for LiDAR perception in autonomous vehicles.
• Intel for the "eyes" of self-driving cars.

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• 4Sight M Lidar Sensor: A software-definable, solid-state lidar sensor providing high-performance perception for automotive, industrial, and intelligent infrastructure applications.
• iDAR Platform: This proprietary perception platform combines adaptive lidar and computer vision to deliver intelligent, real-time data collection and configurability for AEye's sensing solutions.

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Major Customers of AEye (LIDR)

AEye (LIDR) primarily sells its AI-powered lidar technology to other companies (B2B) for integration into various products and systems, particularly within the automotive sector.

Major Customer Company:

• Continental AG (Symbol: FRA: CON)

  Continental AG is a leading German automotive parts manufacturing company and one of the largest automotive suppliers in the world. AEye has a strategic partnership and a significant design win with Continental AG for the mass production of lidar sensors. Continental integrates AEye's lidar technology into its advanced driver-assistance systems (ADAS) and autonomous driving solutions, which are then supplied to various automotive original equipment manufacturers (OEMs) globally. This partnership represents a major pathway for AEye's technology to reach production vehicles.

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Matthew Fisch, CEO and Chairman

Matthew Fisch is the CEO and Chairman of AEye, appointed in February 2023. He is a deeply technical C-level leader with 30 years of experience delivering breakout products and scaling software-driven organizations at multi-billion-dollar global companies. Most recently, Fisch served as Chief Technology Officer at Gentherm, where he led the company's transformation to align with the automotive industry's focus on electrification, software, and systems, and established the company's first technology investment portfolio. Prior to Gentherm, he was the Executive Vice President of Global Engineering at Verifone, leading a comprehensive product line transformation that introduced a new category of software-based payment services widely adopted by major global retailers, banks, and hospitality providers. Fisch also held the position of Vice President of R&D at HARMAN International, where he led a global engineering organization responsible for creating and delivering the automotive industry's first services-based premium car-audio platform. He spent the first 22 years of his career at Intel, ultimately serving as General Manager of Android and Windows software engineering, where he spearheaded software product development and cultivated deep technical partnerships with companies such as Apple, Google, and Microsoft across various mobile computing and consumer product lines.

Conor Tierney, CFO and Chief Business Development Officer

Conor Tierney serves as the Chief Financial Officer and Treasurer of AEye, Inc., having been appointed in May 2023. He joined AEye in January 2022 as Chief Accounting Officer and later served as Interim Chief Financial Officer. Tierney brings 20 years of financial leadership and management experience from top technology companies. Before his tenure at AEye, he was the Head of Finance and Corporate Controller at Alphabet's Wing Aviation division, which focuses on drone delivery. He also held the role of Corporate Controller at Glu Mobile, a company in the mobile gaming sector, where he managed a global team. Tierney's background includes working in public accounting at "Big Four" firms, including Deloitte and PricewaterhouseCoopers.

Luis Dussan, Founder, CTO and Director

Luis Dussan is a co-founder of AEye, Inc., which he launched in 2013 with a vision to revolutionize perception systems using laser light pulses for autonomous driving. He is a 20+ year veteran of the aerospace and defense industry. Dussan started his career at NASA's Jet Propulsion Lab, working in the Deep Space Network. He spent a significant portion of his career at Lockheed Martin in their Missiles and Fire Control Division, where he worked in the Advanced Concepts group, developing state-of-the-art Intelligence, Surveillance, and Reconnaissance (ISR) and Targeting systems. Following his time at Lockheed Martin, Dussan joined Northrop Grumman Laser Systems as Chief Technologist, managing the division's Electro-Optical Sensors Research and Development. He put his PhD in Computational Physics on hold to establish AEye.

Andrew Hughes, General Counsel

Andrew Hughes serves as the General Counsel of AEye, bringing decades of leadership experience in negotiating technology-related transactions for high-growth companies. He has held roles at several Fortune 1000 companies, where he was responsible for negotiating domestic and international transactions, mitigating risk and legal exposure, and ensuring public company compliance. Most recently, he was the Vice President and General Counsel (US) at Renesas Electronics Corp., an automotive and industrial technology company. Prior to Renesas, Hughes held General Counsel positions at a number of technology-driven companies, including Intersil Corp., Ikanos Communications, Bell Microproducts, Inc., and LSI Logic Corporation.

Bernd Reichert, Senior Vice President of Automotive

Bernd Reichert is the Senior Vice President of Automotive at AEye, Inc. Before joining AEye, Reichert managed the LiDAR and Global Driver Assistance business at Valeo.

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Here are the key risks to AEye's business:

1. Sustained Losses and Cash Burn: AEye continues to report net losses, negative earnings per share (EPS), and significant cash burn, with profitability remaining elusive. The company currently generates very low revenue, relying on equity financing to fund operations, which places it in a high-risk category.
2. Execution and Scaling Risks: A significant risk lies in the company's ability to successfully convert its technical engagements into substantial revenue streams and to scale up production to meet the stringent quality and volume demands of large automotive manufacturers (OEMs). Potential supply chain disruptions could further complicate cost management and delivery.
3. Market and Competitive Pressures: AEye operates in a highly crowded and competitive LiDAR and Intelligent Transportation Systems (ITS) market, facing established rivals vying for automotive contracts. Furthermore, the company faces customer concentration risk, as reliance on a few significant deals or a single major OEM makes it vulnerable if those orders are reduced or canceled.

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The primary emerging threat to AEye (LIDR) stems from key competitors securing the majority of long-term, high-volume production design wins with major automotive original equipment manufacturers (OEMs) and Tier 1 suppliers. Companies such as Luminar (LAZR) and Innoviz (INVZ) have announced significant production contracts with leading global automakers (e.g., Mercedes-Benz, Volvo, Nissan for Luminar; BMW, Volkswagen Group for Innoviz). This trend indicates a market consolidation where a limited number of lidar providers are being selected for foundational automotive programs, potentially limiting AEye's future market access and revenue opportunities in the crucial autonomous vehicle and ADAS segments.

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AEye (LIDR) focuses on LiDAR technology for several key markets, with addressable market sizes identified for the following:

• Global Automotive LiDAR Market: This market is estimated at USD 1.62 billion in 2025 and is projected to reach approximately USD 10.51 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 23% from 2025 to 2034. Another projection indicates the global automotive LiDAR market size was valued at USD 0.56 billion in 2023 and is expected to grow to USD 16.96 billion by 2033, with a CAGR of 40.45% from 2023 to 2033. The Advanced Driver-Assistance Systems (ADAS) and driverless cars segment is expected to hold the largest market share within this sector.

• U.S. Automotive LiDAR Market: This market was valued at USD 460 million in 2024 and is anticipated to reach USD 3.71 billion by 2034, exhibiting a CAGR of 24.80% from 2025 to 2034. North America held a 38% share of the global automotive LiDAR market in 2024 and is expected to be the largest regional market with a 36.4% share by 2035.

• Global Intelligent Transportation Systems (ITS) Market: This market represents a significant opportunity with a Total Addressable Market (TAM) of USD 20 billion. AEye's solutions in this sector are designed for applications such as traffic management, highway incident detection, rail crossings, and crew safety.

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Expected Drivers of Future Revenue Growth for AEye (LIDR)

AEye (LIDR) anticipates several key drivers for revenue growth over the next two to three years, primarily centered on the commercialization and market expansion of its lidar technology:

1. Mass Production and Commercialization of Apollo Lidar Sensor: AEye is significantly ramping up the production of its Apollo lidar sensor, with manufacturing capacity expanding to 60,000 units annually through a strategic partnership with its Tier-1 supplier, LITEON. The company expects B-sample deliveries to automotive OEMs in the second quarter of 2025, laying the groundwork for substantial revenue generation from product sales.
2. Expansion within the Automotive Sector: The Apollo sensor is being positioned for widespread adoption in Advanced Driver-Assistance Systems (ADAS) and autonomous driving platforms, evidenced by its integration into NVIDIA's DRIVE platform. AEye has also secured a selection by a leading global transportation OEM, representing a potential $30 million revenue opportunity that is expected to begin contributing to revenue in 2025.
3. Diversification into Non-Automotive Markets: AEye is actively pursuing growth in new markets beyond traditional automotive applications, including smart infrastructure, rail, logistics, and defense. The company has delivered Apollo units to a global defense contractor for next-generation aerial systems and launched its OPTIS™ platform for applications such as airport safety and security, perimeter monitoring, and transportation logistics.
4. Significant Growth in Customer Base and Commercial Pipeline: AEye has doubled its customer base to 12 contracts year-to-date in 2025 and reported a substantial increase in its commercial pipeline, growing from fewer than 100 to nearly 600 prospects. This expanded pipeline, coupled with a tripling of active quotes, indicates accelerating commercial traction and a strong foundation for future sales.
5. Strategic Partnerships: The company is leveraging strategic partnerships with key players such as Black Sesame Technologies, Blue-Band, and Flasheye to extend its market reach into global autonomous mobility, rail, and smart-infrastructure sectors. These collaborations are expected to accelerate the commercial adoption of AEye's Apollo and OPTIS™ products.

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Share Issuance

• AEye significantly strengthened its balance sheet by increasing its cash position more than fourfold to $84.3 million from $19.2 million in the previous quarter, with an increase in the weighted average share count from 19.1 million to 31.3 million by Q3 2025, indicating dilution from capital raising activities.
• In July 2025, AEye amended its at-the-market (ATM) equity offering program, increasing the maximum aggregate amount of common stock that may be issued and sold to $23,728,000.
• After Q2 2025, the company closed subsequent financing of approximately $68,844,000, and an additional $10 million was raised post-Q3 2025, further bolstering liquidity.

Inbound Investments

• In Q3 2025, AEye secured a strategic investment from a leading global investor to expand its Tier-1 manufacturing partnership and scale Apollo lidar production to 60,000 units annually.
• The company maintains a "capital-light" business model, leveraging strategic partnerships and outsourced manufacturing to reduce the need for heavy internal capital investments.

Capital Expenditures

• Cash burn excluding net financing proceeds was $6.4 million in Q3 2025.
• AEye expects its full-year 2025 cash burn to be within the range of $27 million to $29 million, reflecting planned investments to scale Apollo production and support commercial expansion.