Company: LIDRW
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001437749-25-004906
Chunk: 1127

Company: AEye, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 1A
Chunk 1127
---
 31, 2024 
        
       $
       —

       $
       297

       $
       3,313

       $
       5

       $
       3,615

       94

    19.  EMPLOYEE BENEFIT PLAN 

   Employees of the Company  may participate in the AEye, Inc. 401(k) Plan (the "401(k) Plan"), a defined contribution plan, which qualifies under Section 401(k) of the Internal Revenue Code. Participating employees  may contribute into a traditional plan with pretax salary or into a Roth plan with after tax salary up to statutory limits. In 2024 and 2023, the 401(k) Plan provides for Company safe harbor matching contributions of 100% of the employee contribution, up to 5% of each employee's earnings, which vest upon the first day of employment. The Company made contributions of $447 and $899 for the years ended  December 31, 2024 and 2023, respectively.

    20.  INCOME TAXES 

   For the years ended  December 31, 2024 and 2023, the Company recognized a (benefit) provision for income taxes of $(2) and $57, respectively. The benefit for the year ended  December 31, 2024 was comprised of $2 and $(4) in state and foreign taxes, respectively. The provision for the year ended  December 31, 2023 was comprised of $3 and $54 in state and foreign taxes, respectively.
    
   The following table presents a reconciliation of the federal statutory rate of 21% to the Company's effective tax rate for the periods presented:

       Year ended December 31,  
   2024    2023  
 U.S. federal tax benefit at statutory rate   21%  21%
 Non-deductible expenses and other   (0.8)%  (0.4)%
 Stock-based compensation   (6.7)%  (4.6)%
 Research and development credits   2.2%  2.3%
 Change in valuation allowance, net   (15.7)%  (18.4)%
 Effective tax rate   0.0%  (0.1)%

   For 2024 and 2023, the Company's effective tax rate differs from