Doubling of Customer Base
AEye doubled its customer base to 12 contracts signed year-to-date, including a win with a global defense contractor using Apollo on UAVs. This demonstrates strong market traction for Apollo.
Strong Financial Position
AEye ended Q3 with $84 million in cash, providing runway well into 2028. A further $10 million was raised post-quarter, strengthening its financial position.
Expanded Manufacturing Capacity
AEye expanded its agreement with LITEON to produce up to 60,000 Apollo units annually. This expansion is backed by an investment from a leading global institutional investor.
Significant Increase in Commercial Pipeline
The commercial pipeline has grown significantly with prospects increasing from fewer than 100 to nearly 600. Technical engagements increased by nearly 50%, quotes tripled, and signed contracts doubled since Q2.
Non-GAAP Net Loss Reduction
The non-GAAP net loss improved, reducing to $5.4 million in Q3 from $6.7 million in the previous quarter, driven by operating expense reductions and increased interest income.