AEye, Inc.

Ladies and gentlemen, thank you for standing by. My name is Desiree and I will be your conference operator today. At this time, I would like to welcome everyone to the AI fourth quarter 2025 earnings conference call. All lines have 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 a question again, press the star one. I would now like to turn the conference over to Keaton Olson, Investor Relations Manager. You may begin.

Good afternoon, and thank you for joining AI's fourth quarter 2025 earnings call. I'm Keaton Olson, Investor Relations Manager for AI, and with me today are Matt Fish, Chief Executive Officer, and Conor Tierney, Chief Financial Officer. Earlier today, AI announced its financial results for the fourth quarter and full year ended December 31st, 2025. A copy of the press release is available in the investor relations section of the company's website. Before we begin, today's discussion may include forward-looking statements as defined in securities laws and regulations of the United States with reference to future events, operating results, or performance, and are based on our current expectations and assumptions. Any forward-looking statements are subject to inherent risks, uncertainties, and changes in circumstances. Our actual results may differ materially from those contemplated by these forward-looking statements. You can find more information about the risks, uncertainties, and other factors in the report's AI files from time to time with the Securities and Exchange Commission, including in the most recent periodic report. The statements to be made today 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 GAAP measures within the press release. Now let me pass the call over to Matt.

Thank you, Zetan, and thank you all for joining our fourth quarter and full year 2025 earnings call. 2025 marked an important year for AI as we continued building the foundation for commercial scale. Over the course of the year, we expanded our customer base, increased engagement activity, and delivered revenue growth as customers progressed through their evaluation cycles. At the same time, we significantly strengthened our balance sheet, ending the year with nearly $87 million in cash, and we believe we are funded well into 2028. Importantly, we are also seeing broader market interest, including new RFIs, new strategic partnerships, and additional autonomous trucking evaluations. We began 2025 with a plan to demonstrate that our technology, business model, and balance sheet all positions us as one of the most innovative companies in the LIDAR industry. And we executed against the key milestones we set out for the year, with momentum on our business accelerating each quarter. Throughout the year, we made continuous progress against our growth strategies, including launching multiple products, Optis, our fully integrated physical AI solution, and Stratos that firmly set the industry bar for detection range. Executing on our commercialization strategy, keeping our spending under rigorous control while investing in sales, marketing, and operations, and we built a financial foundation that offers the long-term stability that partners in our sector look for. We believe AI is emerging as a differentiated provider in long-range LIDAR with capabilities that address some of the most challenging perception problems in autonomy. The LIDAR sector has undergone significant consolidation over the past several years And AI has emerged from this period with a stronger balance sheet, a capital-wide operating model, and a growing commercial pipeline. Our Apollo Center with near-infinite software programmability and a one-kilometer detection range is driving increased engagement with a growing set of prospective customers. We are also advancing several commercial discussions that stem from successful POCs, which are creating clear pathways toward higher-volume programs. In defense and aviation, we are now engaged across multiple opportunities, including repeat business with an existing defense customer. We are also supporting programs in UGV, UAV, and counter-detection applications. where our long range performance and ability to tune scan patterns in software are particularly valuable. We've seen this momentum translate into concrete activity. We've received multiple new RFQs and we entered a new strategic partnership with a distributor which strengthens our positioning and helps unlock opportunities outside of the United States. Taken together, These developments validate the inroads we've made in sectors where our performance advantages matter most. We are also seeing promising traction in commercial and ground mobility, including early conversations in long-haul trucking and rail, where long-range sensing and software-defined field-of-view control are increasingly important for next-generation safety systems. In the transportation and infrastructure sectors, our momentum is equally strong. As announced in June, we were selected by a major global transportation OEM for a program representing a $30 million revenue opportunity. We are now in the first stage of deployment, and based on the current outlook from the customer, we expect to enter a broader phase of deployment in the second half of 2026. We recently completed a successful intelligent transportation system, POC, in Australia, and are now discussing commercial term. Multiple smart intersection deployments are in progress across the U.S., and we also signed an LOI with an IPF solutions provider, which we expect will unlock opportunities in Korea and the broader AFAC region. These engagements reinforce the strength of our diversified go-to-market strategy and support our expectation that non-automotive will be a meaningful contributor to near-term revenue. This increased deal flow is feeding directly into our POC and quoting pipeline, and we expect this level of activity to continue throughout the year as our technology becomes increasingly visible across strategic markets. As these engagements progress, we expect to see increased conversion into deployment phases, which is where revenue can begin to scale. CES 2026 served as a barometer of strong market interest, and as a result, we generated over 130 high-quality leads across automotive, trucking, and a broader set of physical AI-driven markets. The physical AI market is estimated to represent a $5 billion market today, and according to a recent analysis by Barclay, a potential trillion-dollar opportunity by 2035. AI's software-defined ladder architecture positions us as a core enabling layer of this emerging ecosystem. The launch of Stratos Our ultra-long range third generation LiDAR sensor sets the tone with its unprecedented detection range at a disruptive price point. Stratos is not merely an addition to our portfolio, it is a value multiplier for our software-defined architecture. By delivering a 1.5 kilometer detection range and resolution greater than twice that of our flagship Apollo sensor, Stratos redefines the boundaries of high-performance sensing while maintaining a form factor automotive OEMs can fit behind a windshield. By preserving a 500-meter range, even when placed behind glass, we offer OEMs a streamlined packaging solution that simplifies weather mitigation and avoids the aesthetic compromises required when employing roof-mounted sensors. Apollo and Strato are built around a 1550 nanometer architecture, which allows higher power transmission while remaining eye safe. The result is improved long-range detection and more reliable classification of low reflectivity objects at distance. Capabilities that are increasingly important for applications such as highway autonomy, industrial automation, and defense. Through our global SIR-1 manufacturing partner, LightOn, we have secured dedicated manufacturing capacity of 60,000 Apollo units annually. Our supply chain is globally diversified, giving us the flexibility and resiliency to mitigate geopolitical risks and shifting trade policies. Our tech stack was derived from off-the-shelf components from the telecom industry. allowing us to compete on cost while providing mass manufacturability and high performance to customers. Our partnership with NVIDIA remains a cornerstone of our automotive and industrial market opportunity. We have demonstrated Apollo Liner integrated with NVIDIA's next-generation DRIVE EGS Thor platform, the future centralized brain of NVIDIA-equipped autonomous vehicles. This helps ensure compatibility with leading autonomous compute platforms and meets rigorous standards and transparency with regard to sensor performance. I'm also very excited to confirm that we are joining the NVIDIA Thalos AI Systems Inspection Lab, which bolsters our commitment to build products that meet the safety and robustness requirements of the automotive industry. Beyond automotive, our Optus platform, powered by NVIDIA Jetson Oren, is transforming legacy infrastructure. By providing a turnkey vision-to-action pipeline, we are delivering real-time detection and analysis to sectors that lack the resources to build their own AI perception stack. We have expanded this ecosystem through strategic partnerships with software partners like SplashEye or ICS, airport security, and other applications, blue vans for smart city traffic management, black specimen technologies for high-speed rail, and most recently, V-ROM for dynamic perception required by moving vehicles such as rail and trucks. Together, these partnerships are turning technological opportunities into actionable revenue pipelines today. I will now turn the call over to Connor Kennedy, who will review our fourth quarter results in our uniquely strong capital position in the performance LIDAR sector.