Company: LIDRW
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001437749-25-015868
Chunk: 100

Company: AEye, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 100
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4. This decrease was primarily due to fewer units sold in the current quarter to Non-Automotive customers. The decrease was also due to inventory write-downs and losses on purchase commitments recorded in the three months ended March 31, 2024, which was primarily associated with transitioning to certain higher-grade components in our products for the Automotive market as a result of our revised strategic plan.

Operating Expenses

Research and Development

Research and development expenses decreased by $1,042, or 23%, to $3,490 for the three months ended March 31, 2025, from $4,532 for the three months ended March 31, 2024. This decrease was primarily driven by decreases in personnel costs of $323, stock-based compensation expense of $477, and information technology and facilities expense of $463. The decrease was offset by a $350 increase in fees paid to third parties for development work. 

       25

Sales and Marketing

Sales and marketing expenses increased by $42, or 12%, to $383 for the three months ended March 31, 2025, from $341 for the three months ended March 31, 2024. This increase was primarily driven by increases in allocated personnel costs of $294 as we pursue Non-Automotive opportunities. The increase is partially offset by decreases in stock-based compensation of $181 and facilities and information technology allocations of $90.

General and Administrative

General and administrative expenses decreased by $2,720, or 48%, to $2,895 for the three months ended March 31, 2025, from $5,615 for the three months ended March 31, 2024. This decrease was primarily driven by a favorable adjustment of $1,685 upon settlement of a lease dispute, decreases in personnel cost of $803 and insurance of $106. These decreases were partially offset by an increase in stock-based compensation of $146.

Change in Fair Value of Convertible Note and Warrant Liabilities 

Change in fair value of convertible note and warrant liabilities increased by $678 to a gain of $680 for the three months ended March 31, 2025, from a gain of $2 for the three months ended March 31, 2024. This increase was primarily due to the change in fair value of the the 2025 Note and related warrants in January 202