LiDAR Quarterly Insights: 2023 Results Summary And 2024 Outlook

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2023 was challenging for LiDAR companies, especially in the Western market. Most faced setbacks and uncertainties in the consumer auto ADAS sector.Financially, despite a combined revenue of $200M, ...

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Most faced setbacks and uncertainties in the consumer auto ADAS sector.Financially, despite a combined revenue of $200M, ...</p>\n\n<a href=\"https://seekingalpha.com/article/4681436-lidar-quarterly-insights-2023-results-summary-2024-outlook\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4539","symbol_name":"次新股","start_time":0,"source_url":"https://seekingalpha.com/article/4681436-lidar-quarterly-insights-2023-results-summary-2024-outlook","article_id":"2424379395","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2424379395","pubTimestamp":1711964938,"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"2023 was challenging for LiDAR companies, especially in the Western market. 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Most faced setbacks and uncertainties in the consumer auto ADAS sector.Financially, despite a combined revenue of $200M, operating expenses exceeding $1.1B highlighted the struggle to sustain operations and fund R&D efforts.Looking ahead to 2024, only Ouster is showing positive growth, while others face financial constraints and limited revenue prospects.Chip Somodevilla/Getty Images News 2023 Update It has been a tough year for LiDAR companies in 2023. Apart from one, most Western LiDAR companies focused on the consumer auto ADAS market. However, this market brought more uncertainty about their future than secured confidence from investors. Cepton (CPTN) and AEye (LIDR) faced significant setbacks with canceled production programs, drastically reducing their capabilities. The OEMs switching sensor providers added to the confusion, and despite participating in RFQ and RFIs, nominations were not made, but two trucking deals for Aeva (AEVA) and Cepton were finalized. The first deal with Daimler Truck/Torc has been worked on since August; the second was mentioned in November. LiDAR companies continue to spend a lot of cash. In 2023, seven companies combined operating cash flow of $750M and produced $200M in revenue. Their combined operating expenses, including cashless transactions and stock-based compensation, exceeded $1.1B. Out of that amount, $661M was spent on R&D. To extend the runways, almost $300M in equity was sold in 2023. No Chinese company could secure significant contracts from a Western OEM, or at least there was no public announcement. Hesai (HSAI) landed on the DOJ list of companies not to do business with, which, according to Cepton, helped eliminate it from negotiations for nominations. In the US, a review initiated by the Department of Commerce over connected cars and the utilization of LiDAR for data transfer or even manipulation of mobility will likely ban Chinese devices. The EU may become a battlefield for the influence of the US and Chinese companies, but the advancements in cost and product benefit Chinese companies, so the regulation may be the only action to save that market. Looking towards 2024, only Ouster is experiencing positive gross margins and significant revenue growth. The other companies face financial deficiencies and operating delays, significantly reducing their revenue expectations. As their cash reserves diminish, their need for funding increases. Among the group, Luminar (LAZR) is the only company with the potential to mass-produce LiDAR for its customers in 2024. However, its expectations are limited to 35K Volvo cars this year, which raises questions about its $115M forecast for 2024. Despite having the highest valuation among the seven companies, Luminar's story warns investors that LiDAR remains an expensive R&D shop. The future of these companies is becoming unsustainable without cash injections; they are not investment targets under those conditions. Cepton and Aeye are basically in hibernation; Cepton is awaiting the finalization of their going-private offer from their partner Koito. AEye is holding on with $36M, looking for interest from tier1s for support. The company cannot achieve anything alone at this stage. Slowing down operations with limited headcounts only extends life a little longer, but there is not a lot of future in this state. 2023 Revenue Ouster (OUST) was the revenue leader for 2023. The company had a 10% gross margin and a gross profit of $8.3M. 2023 LiDAR Revenue (Financial statements, Author) 2023 LiDAR Cost of Goods Sold (financial statements, Author) 2023 LiDAR Gross Profit (Financial statements, Author) 2023 Operating Expenses The group's highest OPEX is for Luminar, which the company spent $247M of operating cash flow in 2023, while Ouster spent $137M completing a merger. 2023 LiDAR Operating Expenses (Financial Statements, Author) 2023 Operating Cash Flow Consumed (Financial statements, Author) 2023 Sold Equity by Company (Financial Statements, Author) 2024 Runway The tables represent the most recent revenue forecasts. I have utilized the Q4 OCF spent to estimate the 2024 running rate unless the company has indicated it, like Luminar or Innoviz (INVZ). 2024 Cash on Hand VS Operating Cash Flow Consumption Estimate (Financial Statements, Author)2024 Revenue and Gross Profit Forecasts (Financial Statements, Author) Based on the above and to quote my recent article: I continue to rate Ouster a \"strong buy.\" Before the release, Ouster closed at $4.98, reaching just over $200M in market cap. The company holds $192M in cash and $43M in debt, with the opportunity to bring in $43M in gross profit in 2024 if it achieves a median revenue growth of 40% and a gross margin of 37.5%. In November, I issued a target of $12 per share or about $490M in market capitalization. I still believe this is a very reasonable target for the shares. My ratings The following table represents my recommendation ratings. Recommendations and Ratings (Author) My recent analysis for Luminar was published in this article, while I covered Aeva here.  Editor's Note: This article covers one or more microcap stocks. Please be aware of the risks associated with these stocks.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2424379395"}