LIDR

AEye is a lidar hopeful whose actual business has all but evaporated. Revenue fell from $3.65M in FY2022 to $1.46M (FY2023) to just $233K in FY2025 — the company's own 10-K admits design wins 'require years of development, testing, and validation' and that proof-of-concept evaluations offer 'no guarantee' of commercial deployment, with timelines that 'may extend sometimes significantly.' At the same time gross profit is negative (-$321K), so the tiny revenue it does book costs more to deliver than it earns. This is a pre-commercialization science project, not a scaling business, and a 274x price-to-sales multiple on $233K of sales is untethered from the numbers.

The income statement bleeds: -$34.0M net loss and -$27.8M operating cash flow in FY2025. The balance sheet looks superficially clean — $43.4M cash, only $9.55M total liabilities, 0.12x liabilities/equity — but that cash was bought with brutal dilution: shares outstanding jumped 142.6% year over year, and the -$407M accumulated deficit shows how much capital has already been incinerated. At the current ~$28M burn rate, $43.4M funds roughly 1.5 years before the next raise, which on this track record means more shares issued into a $64M market cap.