Company: LIDRW
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001437749-25-004906
Chunk: 333

Company: AEye, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 1C
Chunk 333
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 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 the amount computed by applying the statutory federal and state income tax rates to net loss before income tax, primarily as the result of state income taxes, R&D credits and changes in the Company's valuation allowance.

       95

   Significant components of the Company’s deferred tax assets and liabilities as of  December 31, 2024 and 2023 are presented below (in thousands):

       As of December 31,  
   2024    2023  
 Deferred tax assets:         
 Net operating loss carryforwards  $80,580  $69,612 
 Research and development credit carryforward   10,719   9,941 
 Stock-based compensation   215   301 
 Property and equipment   1,090