Detailed financial statements for AEye, Inc. (LIDR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
AEye, Inc., headquartered in Dublin, California, and founded in 2013, is a prominent supplier of lidar systems. The company's technology supports a range of critical applications including autonomous vehicles, advanced driver-assistance systems (ADAS), and robotic vision, with operations spanning the United States, Europe, and Asia. Its product lineup includes two primary software-definable lidar solutions.
Analysis Summary
AEye, Inc. reported revenue of $233000 in the most recent fiscal year, growing at a 5-year CAGR of -31.8%.
Trailing-twelve-month margins: gross margin -103.1%, operating margin -80.0%, net margin -77.9%.
At the current price of $1.18, LIDR has negative trailing earnings (P/E not meaningful) and an ROE of -41.75%. Market capitalisation stands at $55M.
Balance sheet quality for LIDR: current ratio of 10.5, net cash position of $85.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | $1.6M | $3.0M | $3.6M | $1.5M | $202000 | $233000 |
| Cost of Revenue | 0 | $253000 | $808000 | $3.6M | $8.7M | $15.3M | $778000 | $554000 |
| Gross Profit | 0 | $1.2M | $771000 | -$630000 | -$5.1M | -$13.9M | -$576000 | -$321000 |
| Research & Development | 0 | $18.7M | $17.1M | $26.5M | $37.6M | $26.2M | $16.4M | $13.9M |
| Selling, General & Admin | $551 | $11.4M | $10.1M | $36.1M | $56.1M | $37.8M | $18.9M | $17.5M |
| Operating Expenses | $551 | $548 | $27.3M | $62.6M | $93.7M | $73.9M | $35.3M | $31.4M |
| Operating Income | -$550 | -$28.8M | -$26.5M | -$63.2M | -$98.8M | -$87.8M | -$35.8M | -$31.7M |
| EBITDA | -$550 | $342452 | -$24.2M | -$61.4M | -$96.5M | -$76.3M | -$35.7M | -$31.5M |
| Interest Expense | 0 | 0 | $1.5M | $4.9M | $778000 | $34000 | 0 | $2.3M |
| Pre-tax Income | -$551 | -$28.7M | -$26.6M | -$65.0M | -$98.7M | -$87.1M | -$35.5M | -$33.9M |
| Income Tax | 0 | 0 | 0 | 0 | $58000 | $57000 | -$2000 | $11000 |
| Net Income | -$551 | -$548 | -$26.6M | -$65.0M | -$98.7M | -$87.1M | -$35.5M | -$34.0M |
| EPS | $-0.00 | $-0.00 | $-29.10 | $-12.57 | $-18.82 | $-14.95 | $-4.47 | $-0.90 |
| EPS (Diluted) | $-0.00 | $-0.00 | $-29.10 | $-12.57 | $-18.82 | $-14.95 | $-4.47 | $-0.90 |
| Shares Outstanding (Diluted) | $849999 | $849999 | $912499 | $5.2M | $5.2M | $5.8M | $7.9M | $37.9M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $50000 | $97000 | $101000 | $202000 |
| Gross Profit | -$53000 | -$150000 | -$100000 | -$161000 |
| Operating Income | -$7.8M | -$8.4M | -$9.0M | -$10.8M |
| EBITDA | -$9.2M | -$7.3M | -$8.3M | -$9.9M |
| Net Income | -$9.3M | -$7.3M | -$8.3M | -$10.0M |
| EPS | $-0.30 | $-0.17 | $-0.18 | $-0.22 |
| EPS (Diluted) | $-0.30 | $-0.17 | $-0.18 | $-0.22 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | 0 | $5.9M | $15.3M | $14.2M | $19.1M | $16.9M | $10.3M | $43.4M |
| Short-term Investments | 0 | 0 | 0 | $149.8M | $75.1M | $19.6M | $12.0M | $43.1M |
| Receivables | $25000 | $143000 | $156000 | $4.2M | $617000 | $131000 | $1.7M | $77000 |
| Inventory | 0 | $2.4M | $2.7M | $4.1M | $4.6M | $583000 | $176000 | $1.0M |
| Total Current Assets | $25000 | $13.6M | $19.5M | $177.4M | $105.5M | $39.8M | $25.2M | $89.6M |
| Property, Plant & Equipment | 0 | $5.0M | $4.9M | $5.1M | $23.2M | $11.5M | $1.3M | $1.0M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $25000 | $21.1M | $25.9M | $186.2M | $133.3M | $54.3M | $27.1M | $90.9M |
| Accounts Payable | 0 | $4.5M | $1.8M | $2.5M | $3.2M | $3.4M | $3.6M | $3.6M |
| Short-term Debt | $1350 | $1.3M | $31.8M | 0 | $8.6M | 0 | 0 | 0 |
| Total Current Liabilities | $1901 | $8.8M | $37.6M | $13.6M | $22.6M | $10.0M | $11.3M | $8.6M |
| Long-term Debt | 0 | $2.5M | $2.9M | 0 | 0 | 0 | $146000 | $146000 |
| Total Liabilities | $1901 | $15.3M | $44.1M | $17.4M | $39.4M | $25.3M | $12.0M | $9.6M |
| Retained Earnings | -$1901 | -$60.2M | -$86.8M | -$151.8M | -$250.5M | -$337.6M | -$373.1M | -$407.1M |
| Total Equity | $23099 | $5.7M | -$18.2M | $168.8M | $94.0M | $29.0M | $15.1M | $81.3M |
| Total Debt | $1350 | $3.8M | $34.7M | 0 | $27.7M | $17.3M | $4.2M | $656000 |
| Net Debt | $1350 | -$2.1M | $19.4M | -$164.0M | -$66.5M | -$19.2M | -$18.1M | -$85.8M |
| Working Capital | $23099 | $4.9M | -$18.1M | $163.8M | $83.0M | $29.7M | $13.9M | $81.1M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $43.0M | $43.4M | $45.2M | $11.2M |
| Total Assets | $87.5M | $90.9M | $82.1M | $76.6M |
| Total Liabilities | $9.4M | $9.6M | $7.8M | $8.3M |
| Total Equity | $78.2M | $81.3M | $74.2M | $68.3M |
| Total Debt | $824000 | $656000 | $1.6M | $1.5M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$28.7M | -$26.6M | -$65.0M | -$98.7M | -$87.1M | -$35.5M | -$34.0M |
| Depreciation & Amortization | $343000 | $922000 | $1.0M | $1.4M | $1.5M | $129000 | -$223000 |
| Stock-based Compensation | $766000 | $2.0M | $10.0M | $24.0M | $18.1M | $9.0M | $5.5M |
| Change in Working Capital | -$130000 | $4.4M | -$4.1M | -$2.0M | -$4.5M | -$1.5M | -$2.6M |
| Operating Cash Flow | -$25.8M | -$19.7M | -$55.7M | -$71.6M | -$50.7M | -$26.6M | -$27.8M |
| Capital Expenditure | -$1.2M | -$4.0M | -$1.0M | -$4.2M | -$2.0M | -$486000 | -$109000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$27.0M | -$23.7M | -$56.7M | -$75.8M | -$52.7M | -$27.1M | -$27.9M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$6.1M | -$7.5M | -$8.6M | -$7.3M |
| Capital Expenditure | -$38000 | -$57000 | -$187000 | -$132000 |
| Free Cash Flow | -$6.1M | -$7.6M | -$8.7M | -$7.4M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $1.1M | $790000 | $1.5M | $2.4M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | | +90.4% | +21.3% | -59.9% | -86.2% | +15.3% |
| Net Income Growth (YoY) | | +0.5% | -4844973.0% | -144.9% | -51.8% | +11.7% | +59.3% | +4.2% |
| EPS Growth (YoY) | | +0.0% | -4849900.0% | +56.8% | -49.7% | +20.6% | +70.1% | +79.9% |
| Shares Change (YoY) | | +0.0% | +7.4% | +466.7% | +1.4% | +11.1% | +36.3% | +376.7% |
| FCF Growth (YoY) | | +12.2% | -139.1% | -33.7% | +30.6% | +48.5% | -2.9% |
| Gross Margin | | | 48.8% | -21.0% | -139.4% | -946.4% | -285.1% | -137.8% |
| Operating Margin | | | -1677.1% | -2102.9% | -2709.3% | -5995.6% | -17736.6% | -13618.5% |
| EBITDA Margin | | | -1534.1% | -2043.5% | -2644.8% | -5210.1% | -17690.1% | -13510.7% |
| Net Margin | | | -1681.5% | -2162.0% | -2706.7% | -5951.2% | -17554.5% | -14574.2% |
| FCF Margin | | -1502.5% | -1886.4% | -2079.8% | -3598.1% | -13418.8% | -11968.2% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.1% | -0.1% | 0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-31.77 | $-26.00 | $-10.97 | $-14.46 | $-9.04 | $-3.41 | $-0.74 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $849999 | $849999 | $912499 | $5.2M | $5.2M | $5.8M | $7.9M | $37.9M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -41.75% |
| Return on Invested Capital | -38.42% |
| Return on Assets | -37.36% |
| Gross Margin | -103.11% |
| Operating Margin | -8002.22% |
| Net Margin | -7786.44% |
Financial Health
| Debt / Equity | 0.02 |
| Current Ratio | 10.83 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -534000.00 | -534000.00 | -11.01 | -11.55 | -0.77 | -0.15 | -0.28 | -2.04 |
| P/B | 11790.11 | 47.69 | -16.04 | 4.45 | 0.80 | 0.46 | 0.67 | 0.86 |
| P/S | 0.00 | 0.00 | 185.16 | 249.71 | 20.74 | 9.12 | 49.93 | 298.97 |
| Gross Margin | 0.0% | 0.0% | 48.8% | -21.0% | -139.4% | -946.4% | -285.1% | -137.8% |
| Operating Margin | 0.0% | 0.0% | -1677.1% | -2102.9% | -2709.3% | -5995.6% | -17736.6% | -13618.5% |
| Net Margin | 0.0% | 0.0% | -1681.5% | -2162.0% | -2706.7% | -5951.2% | -17554.5% | -14574.2% |