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AEye Inc. (LIDR-8.66%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports total revenue of $104,000 for the quarter, a decrease from $188,000 in the same quarter of the previous year. The decrease is attributed to lower development contract revenues.
Cost of revenue for the quarter was $306,000, down from $4,479,000 in the previous year, primarily due to non-routine inventory write-downs in the prior year.
Research and development expenses decreased to $3,767,000 from $5,654,000, reflecting the implementation of a revised strategic plan.
Sales and marketing expenses were reduced to $74,000 from $1,910,000, as part of cost-cutting measures.
General and administrative expenses decreased to $3,803,000 from $5,380,000, including a net gain on lease termination.
The company reported a net loss of $8,706,000 for the quarter, compared to a net loss of $17,048,000 in the previous year.
AEye's cash and cash equivalents were $5,851,000 as of September 30, 2024, compared to $16,932,000 at the end of 2023.
The filing discusses the company's reliance on third-party suppliers and the potential impact of supply chain disruptions.
AEye continues to focus on the automotive market, with efforts to establish partnerships with Tier 1 automotive suppliers.
The company acknowledges the risks associated with market adoption of lidar technology and the competitive landscape.
AEye is subject to various legal proceedings, including a complaint related to a lease for its former headquarters.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the AEye Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.