AEye, Inc.

Ladies and gentlemen, thank you for standing by. At this time, I would like to welcome everyone to the AIQ3 2025 earnings conference call. All lines has been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, again, press the star one. I would now like to turn the conference over to Jeremy Apple. You may begin.

Good afternoon, and thank you for joining AI's third quarter 2025 earnings call. With me today are Matt Fish, Chief Executive Officer and Chairman, and Connor Tierney, Chief Financial Officer. Earlier today, IAI announced its financial results for the third quarter. A copy of this press release can be found on the investor relations section of the company's website. Before we begin, I would like to remind participants that today's discussion may include forward-looking statements as defined in the securities laws and regulations of the United States with reference to future events, operating results, or financial performance, and such forward-looking statements are based on our current expectations and assumptions regarding our business, the industry, and other conditions. These forward-looking statements are subject to inherent risks, uncertainties, and changes in circumstances that are difficult or impossible to predict. Our actual results may differ materially from those contemplated by these forward-looking statements. We caution you, therefore, against placing undue reliance on any of these forward-looking statements. You can find more information about the risks, uncertainties, and other factors in the reports AI files from time to time with the Securities and Exchange Commission, including in the most recent periodic report. The statements to be made are, as of today only, and AI does not intend to update any forward-looking statements regardless of any new information, future developments, or otherwise, except as may be required by law. In addition, we will be discussing non-GAAP financial measures on this call, which we believe are relevant in assessing the financial performance of the business. These measures are presented as supplemental information only and should not be considered a substitute for financial information presented in accordance with GAAP. You can find reconciliations of these metrics to the most directly comparable gap measures within the press release. Now I'll pass the call over to Matt.

Thanks, Jeremy, and thank you all for joining our third quarter 2025 earnings call. This quarter marked another step forward for AI as we continue to build on the progress made over the past year. Over the last several quarters, we've executed the strategy that we set forth, brought spending under control, developed and launched a differentiated product ready for commercialization, and established a foundation for scalable growth. Now, with Apollo in the market and gaining traction, our focus has shifted to building and converting a strong revenue pipeline. We're winning new customers, expanding partnerships, and gearing up to scale Apollo. As we just announced, increased investor confidence in what we've been building has allowed us to secure the capital needed to ramp our production line. With a strong cash position providing visibility for the next few years, we are well positioned to translate momentum into sustained revenue growth. Further, Apollo's unique combination of long-range sensing from behind the windshield compact design, software-driven versatility, and competitive pricing continues to resonate with customers, and we're securing new contracts across our target markets. We believe no one else offers this same blend of performance and adaptability, which continues to fuel our commercial momentum. Today, we want to focus on sharing details around our progress towards revenue growth via commercialization of Apollo and Optus. I'll start with where we're seeing the most momentum right now, our growing customer base and the real-world programs that are putting Apollo to work. We doubled our customer base since the end of the second quarter, bringing us to 12 customer contracts signed year-to-date. One of those wins came from a global defense contractor using Apollo on UAVs to improve wire detection, a perfect example of Apollo's strength in identifying small objects at long range and high speed. These kind of programs not only create near-term revenue opportunities, but also open the door to broader adoption across defense and aerospace OEMs. Our commercial pipeline also continued to strengthen in Q3, with two dozen active quotes tripling last quarter's level. The pull from customers is real, and we're converting more opportunities into active programs. The pipeline is deepening, giving us better visibility to future revenue and a solid base to build from as we grow. Across these programs, interest is growing rapidly in physical AI, a concept focused on bringing vision to intelligence. Put another way, this is the equivalent of giving eyes to an AI model like ChatGPT. We're already seeing this come to life through real deployments, including the UAV wire detection application I just mentioned, as well as optical detection for rail, and waystation automation powered by Optus Analytics. Together, these programs show how Apollo and Optus are enabling intelligent perception in challenging environments, while we continue to drive expanded engagement with automotive OEMs who value Apollo's long range behind-the-windshield visibility. Next, I'll touch on our expanding manufacturing capacity. As I mentioned earlier, we've announced an expansion of the agreement with our Tier 1 manufacturing partner, LightOn, and an investment from a leading global institutional investor to fund a new dedicated production line for Apollo with capacity to produce up to 60,000 units annually. We're seeing an inflection point in customer demand, and this expansion ensures we can meet the growth head-on. Our capital light model allows us to channel investment directly into working capital for production rather than fixed infrastructure, enabling rapid and efficient scaling. This decision reflects our conviction in Apollo's commercial momentum and positions us to capture the accelerating demand ahead. In addition, Recent developments in the LIDAR industry have validated and reinforced our conviction that our capital light model is the most viable path to sustainable commercialization. Turning to markets and partnerships. Engagement with the automotive industry remains strong, with active discussions underway with about two-thirds of major Western OEMs. What's capturing their attention is Apollo's compact design. It sits cleanly behind the windshield without compromising long-range performance, giving OEMs a vehicle packaging solution for meeting hands-off, eyes-off sensing requirements that doesn't require exterior vehicle modifications. We believe that this packaging advantage provides AI with a key differentiator as the next generation of programs are sourced. As automotive programs progress, we forge critical software partnerships that are opening new markets and already translating into scale across defense, aviation, rail, and smart infrastructure. These collaborations are helping us mature Apollo, enhance cost efficiency, and expand adoption. Recent examples include partnerships with Blueband, which uses Apollo's long-range sensing for AI-driven traffic management, and FlashEye, whose 3D perception software enhances safety and logistics applications in complex scenarios, such as at airports and transportation hubs. Internationally, our partnership with Black Sesame Technologies in China combines Apollo's 1550 nanometer sensor with their automotive-grade compute platform to deliver a full-stack obstacle detection capability. This solution has already been selected by a leading transportation OEM, representing a potential multi-million dollar revenue opportunity in underscoring Apollo's performance, reliability, and scalability in one of the world's most competitive mobility markets. Together, these partnerships are turning opportunity into action, driving real Apollo and Optus sales today. In closing, we're executing with focus and delivering results. Apollo's clear differentiation is driving real sales and strengthening our customer base, and our strategic partnerships are translating into commercial wins. We're adding customers, broadening our market reach, and scaling production alongside partners who share our vision. Backed by a strong cash position, that gives us a clear path to execute our plans for growth in the coming years. We have the resources and flexibility to advance commercialization. The pieces are in place. We have the technology, the partnerships, and the balance sheet to continue this progress and drive consistent revenue expansion. I'll now turn the call over to Connor to review our financial performance.