AEye, Inc.

Second quarter revenue was $202,000, roughly double the $101,000 in Q1 and about 9x the $22,000 in Q2 2025. First-half revenue was $303,000, already above full-year 2025 revenue of $233,000. GAAP operating expenses were $10.6 million versus $8.9 million in Q1; non-GAAP operating expenses were $8.2 million versus $7.4 million. GAAP net loss was $10 million, or $0.22 per share, versus $8.3 million, or $0.18 per share; non-GAAP net loss was $7.6 million, or $0.17 per share, versus $6.7 million, or $0.15 per share. Cash consumption was $7.5 million versus $9.2 million in Q1, and cash, cash equivalents and marketable securities ended at about $71.5 million. Management reaffirmed 2026 full-year cash use of $30 million to $35 million, including about $5 million in working capital, and said second-half consumption should run higher as production ramps.

Matt Fisch framed the quarter as evidence that AEye is “hitting our stride,” citing record pipeline engagement, new vertical expansion, and a growing number of customers coming to them with novel use cases. He emphasized the software-defined architecture as the key strategic differentiator, saying it lets the company reconfigure Apollo without redesigning the sensor and address markets ranging from defense and automotive to sports analytics. His tone was upbeat and confident, with repeated references to accelerating commercial interest and expectations for more conversions in the back half of 2026.

Conor Tierney highlighted that revenue was $202,000, with $30,000 coming from contract development revenue that did not exist six months ago and should become a more regular contributor. He said GAAP operating expenses rose to $10.6 million because of noncash stock-based compensation and nonrecurring engineering, tooling and test costs, while non-GAAP operating expenses were $8.2 million. He also noted GAAP net loss of $10 million and cash consumption of $7.5 million, with quarter-end cash of about $71.5 million, and reaffirmed full-year cash use of $30 million to $35 million inclusive of about $5 million in working capital. He characterized spending as investment ahead of volume rather than a change in underlying run rate.

Analysts focused on how to quantify the expected second-half manufacturing ramp, and management said the increase is being driven by a deep pipeline, with 25 customer programs in play and some opportunities “on the one yard line.” On contract development revenue, management said the first customer was in aerospace and defense and that these fees should become more meaningful over the next few years as customers seek software and modular hardware changes, with product sales often following. In defense, management said demand has broadened from UAV and UGV use cases into counter-UAS, while in automotive they said activity remains steady but evaluations and RFQs take much longer and a new evaluation started this quarter.