AEVA Aeva Technologies Inc

Aeries II driving strong growth in engagements and advancement to RFQ stage on multiple automotive and industrial programs

Entered next phase with Nikon for first product, with joint development agreement that defines milestones through to production

Aeva® (NYSE: AEVA), a leader in next-generation sensing and perception systems, today announced its third quarter 2022 results.

Key Company Highlights

• Increased pace of Aeries II™ production by 300% in the quarter and shipped to 25+ customers
• Significant growth in customer engagements since introducing Aeries II, including advancing to RFQ stage on multiple automotive and industrial programs
• Signed joint development agreement with Nikon, which defines the key development plan and milestones for the first high precision product through to start of production targeting 2024
• Strengthened Board of Directors with three new members bringing leading expertise in product commercialization, strategy and public company leadership
• Surpassed 130 granted patents globally, with additional 135 patents pending, further expanding Aeva’s moat and industry-leading portfolio of Frequency Modulated Continuous Wave (FMCW) IP

“We are making meaningful progress in scaling up Aeries II to meet the broad customer interest in Aeva’s 4D LiDAR,” said Soroush Salehian, Co-Founder and CEO at Aeva. “Importantly, this is driving significant commercial momentum, as more customers experience first-hand how the unique capabilities and scalability of Aeva’s products can enable next-generation autonomy across automotive, industrial and beyond. We continue to strategically position Aeva as the leader in FMCW technology and remain focused on further scaling manufacturing and on our mission to bring perception to everything.”

Third Quarter 2022 Financial Highlights

• Cash, Cash Equivalents and Marketable Securities
  • Cash, cash equivalents and marketable securities of $350.8 million as of September 30, 2022
• Revenue
  • Revenue of $1.4 million in Q3 2022, compared to $3.5 million in Q3 2021
• GAAP and Non-GAAP Operating Loss*
  • GAAP operating loss of $37.8 million in Q3 2022, compared to GAAP operating loss of $27.4 million in Q3 2021
  • Non-GAAP operating loss of $31.7 million in Q3 2022, compared to non-GAAP operating loss of $19.9 million in Q3 2021
• GAAP and Non-GAAP Net Loss per Share*
  • GAAP net loss per share of $0.17 in Q3 2022, compared to GAAP net loss per share of $0.13 in Q3 2021
  • Non-GAAP net loss per share of $0.14 in Q3 2022, compared to non-GAAP net loss per share of $0.09 in Q3 2021
• Shares Outstanding
  • Weighted average shares outstanding of 217.9 million in Q3 2022

*Tables reconciling GAAP to non-GAAP measures are provided at the end of this release. Aeva believes that such non-GAAP measures are useful as supplemental measures of Aeva’s performance.

Conference Call Details

The company will host a conference call and live webcast to discuss results at 2:00 p.m. PT / 5:00 p.m. ET today, November 8, 2022. The live webcast and replay can be accessed at investors.aeva.com.

About Aeva Technologies, Inc. (NYSE: AEVA)

Aeva’s mission is to bring the next wave of perception to a broad range of applications from automated driving to industrial robotics, consumer electronics, consumer health, security and beyond. Aeva is transforming autonomy with its groundbreaking sensing and perception technology that integrates all key LiDAR components onto a silicon photonics chip in a compact module. Aeva 4D LiDAR® sensors uniquely detect instant velocity in addition to 3D position, allowing autonomous devices like vehicles and robots to make more intelligent and safe decisions. For more information, visit www.aeva.com, or connect with us on Twitter or LinkedIn.

Aeva, the Aeva logo, 4D LiDAR, Aeries, Ultra Resolution, 4D Perception, and 4D Localization are trademarks/registered trademarks of Aeva, Inc. All rights reserved. Third-party trademarks are the property of their respective owners.

Forward looking statements

This press release contains certain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Forward-looking statements in this press release include our beliefs regarding our financial position and operating performance for the third quarter of 2022 and business objectives for 2022, along with our expectations with respect to our orders, product shipments, engagement with Nikon and other customers, new Board appointments and our patent portfolio. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including, but not limited to: (i) the ability to maintain the listing of Aeva’s securities on the New York Stock Exchange, (ii) the price of Aeva’s securities, which may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which Aeva plans to operate, variations in performance across competitors, changes in laws and regulations affecting Aeva’s business and changes in the combined capital structure, (iii) the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities, (iv) the risk of downturns and the possibility of rapid change in the highly competitive industry in which Aeva operates, (v) the risk that Aeva and its current and future collaborators are unable to successfully develop and commercialize Aeva’s products or services, or experience significant delays in doing so, (vi) the risk that Aeva may never achieve or sustain profitability; (vii) the risk that Aeva will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; (viii) the risk that Aeva experiences difficulties in managing its growth and expanding operations, (ix) the risk that third-party suppliers and manufacturers are not able to fully and timely meet their obligations, (x) the risk of product liability or regulatory lawsuits or proceedings relating to Aeva’s products and services, (xi) the risk that Aeva is unable to secure or protect its intellectual property; and (xii) the effects of the ongoing coronavirus (COVID-19) pandemic or other infectious diseases, health epidemics, pandemics and natural disasters on Aeva’s business. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors, and for a further discussion of the material risks and other important factors that could affect our financial results, please refer to our filings with the SEC, including our Form 10-Q for the quarter ended June 30, 2022. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Aeva assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Aeva does not give any assurance that it will achieve its expectations.

AEVA TECHNOLOGIES, INC.

Condensed Consolidated Balance Sheet

(Unaudited)

(In thousands)

 

September 30, 2022

December 31, 2021

 

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

117,885

 

$

66,810

 

Marketable securities

 

232,927

 

 

378,200

 

Accounts receivable, net

 

3,387

 

 

2,341

 

Inventory

 

1,513

 

 

2,063

 

Other current assets

 

9,685

 

 

9,070

 

Total current assets

 

365,397

 

 

458,484

 

Operating lease right-of-use assets

 

8,137

 

 

10,284

 

Property and equipment, net

 

9,376

 

 

5,136

 

Intangible assets, net

 

3,750

 

 

4,425

 

Other assets

 

863

 

 

859

 

TOTAL ASSETS

$

387,523

 

$

479,188

 

LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Accounts payable

$

5,883

 

$

4,386

 

Accrued liabilities

 

4,045

 

 

4,110

 

Accrued employee costs

 

3,586

 

 

2,196

 

Lease liability, current portion

 

2,797

 

 

2,872

 

Other current liabilities

 

149

 

 

733

 

Total current liabilities

 

16,460

 

 

14,297

 

Lease liability, noncurrent portion

 

5,397

 

 

7,455

 

Warrant liability

 

138

 

 

1,060

 

TOTAL LIABILITIES

 

21,995

 

 

22,812

 

STOCKHOLDERS’ EQUITY:

Common stock

 

22

 

 

21

 

Additional paid-in capital

 

637,780

 

 

619,841

 

Accumulated other comprehensive loss

 

(4,681

)

 

(524

)

Accumulated deficit

 

(267,593

)

 

(162,962

)

TOTAL STOCKHOLDERS’ EQUITY

 

365,528

 

 

456,376

 

TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY

$

387,523

 

$

479,188

 

AEVA TECHNOLOGIES, INC.

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except share and per share data)

 

Three Months Ended September 30,

Nine Months Ended September 30,

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Revenues:

Product

$

625

 

$

531

 

$

1,302

 

$

1,065

 

Professional service

 

749

 

 

2,952

 

 

2,702

 

 

5,327

 

Total revenues

 

1,374

 

 

3,483

 

 

4,004

 

 

6,392

 

Cost of revenues:

Product

 

2,438

 

 

617

 

 

3,792

 

 

934

 

Professional service (1)

 

327

 

 

1,684

 

 

1,339

 

 

2,969

 

Total cost of revenues

 

2,765

 

 

2,301

 

 

5,131

 

 

3,903

 

Gross profit (loss)

 

(1,391

)

 

1,182

 

 

(1,127

)

 

2,489

 

Operating expenses:

Research and development expenses (1)

 

26,123

 

 

20,908

 

 

77,376

 

 

51,019

 

General and administrative expenses (1)

 

8,093

 

 

6,739

 

 

23,642

 

 

21,641

 

Selling and marketing expenses (1)

 

2,195

 

 

922

 

 

5,415

 

 

2,079

 

Total operating expenses

 

36,411

 

 

28,569

 

 

106,433

 

 

74,739

 

Operating loss

 

(37,802

)

 

(27,387

)

 

(107,560

)

 

(72,250

)

Interest income

 

1,164

 

 

119

 

 

2,033

 

 

228

 

Other income, net

 

135

 

 

663

 

 

896

 

 

1,886

 

Net loss before income taxes

 

(36,503

)

 

(26,605

)

 

(104,631

)

 

(70,136

)

Income tax provision

 

—

 

 

—

 

 

—

 

 

—

 

Net loss

$

(36,503

)

$

(26,605

)

$

(104,631

)

$

(70,136

)

Net loss per share, basic and diluted

$

(0.17

)

$

(0.13

)

$

(0.48

)

$

(0.36

)

Shares used in computing net loss per share, basic and diluted

 

217,888,470

 

 

212,587,878

 

 

216,937,433

 

 

196,302,040

 

 

(1) Includes stock-based compensation as follows:

 

Three Months Ended September 30,

Nine Months Ended September 30,

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Cost of revenues

$

396

 

$

593

 

$

738

 

$

1,003

 

Research and development expenses

 

 

4,177

 

 

 

4,806

 

 

 

13,152

 

 

 

8,624

 

General and administrative expenses

 

1,263

 

 

2,017

 

 

3,767

 

 

6,209

 

Selling and marketing expenses

 

 

304

 

 

 

107

 

 

 

701

 

 

 

209

 

Total stock-based compensation expense

$

6,140

 

$

7,523

 

$

18,358

 

$

16,045

 

AEVA TECHNOLOGIES, INC.

Statements of Cash Flows

(Unaudited)

(In thousands)

Nine Months Ended September 30,

 

2022

 

 

2021

 

Cash flows from operating activities:

Net loss

$

(104,631

)

$

(70,136

)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

 

2,305

 

 

741

 

Loss on write down of fixed assets

 

—

 

 

52

 

Change in fair value of warrant liability

 

(922

)

 

(1,904

)

Stock-based compensation

 

18,358

 

 

16,045

 

Impairment of inventories

 

1,363

 

 

—

 

Amortization of right-of-use assets

 

2,147

 

 

1,204

 

Realized loss on available-for-sale securities

 

29

 

 

—

 

Amortization of premium on available-for-sale securities

 

641

 

 

960

 

Changes in operating assets and liabilities:

Accounts receivable

 

(1,046

)

 

(1,072

)

Inventories

 

(580

)

 

(2,118

)

Other current assets

 

(615

)

 

(6,673

)

Other noncurrent assets

 

(4

)

 

(791

)

Accounts payable

 

1,751

 

 

3,275

 

Accrued liabilities

 

(456

)

 

3,343

 

Accrued employee costs

 

1,283

 

 

771

 

Lease liability

 

(2,133

)

 

(1,101

)

Other current liabilities

 

(583

)

 

247

 

Net cash used in operating activities

 

(83,093

)

 

(57,157

)

Cash flows from investing activities:

Purchase of property, plant and equipment

 

(5,967

)

 

(2,241

)

Purchase of available-for-sale securities

 

(143,730

)

 

(454,357

)

Proceeds from sale of available-for-sale securities

 

—

 

 

20,122

 

Proceeds from maturities of available-for-sale securities

 

284,176

 

 

62,980

 

Net cash provided by (used in) investing activities

 

134,479

 

 

(373,496

)

Cash flows from financing activities:

Proceeds from business combination and private offering

 

—

 

 

560,777

 

Transaction costs related to business combination and private offering

 

—

 

 

(47,487

)

Payments of taxes withheld on net settled vesting of restricted stock units

 

(613

)

 

495

)

Proceeds from exercise of warrants

 

1

 

 

—

 

Proceeds from exercise of stock options

 

301

 

 

690

 

Net cash provided by (used in) financing activities

 

(311

)

 

513,485

 

Net increase in cash and cash equivalents

 

51,075

 

 

82,832

 

Beginning cash and cash equivalents

 

66,810

 

 

24,624

 

Ending cash and cash equivalents

$

117,885

 

$

107,456

 

AEVA TECHNOLOGIES, INC.

Reconciliation of GAAP to Non-GAAP Operating Results

(Unaudited)

(In thousands, except share and per share data)

 

Reconciliation from GAAP to non-GAAP operating loss

Three Months Ended September 30,

Nine Months Ended September 30,

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

GAAP operating loss

 

$

(37,802

)

 

$

(27,387

)

 

$

(107,560

)

 

$

(72,250

)

Stock-based compensation

 

 

6,140

 

 

 

7,523

 

 

18,358

 

 

 

16,045

 

Non-GAAP operating loss

 

$

(31,662

)

 

$

(19,864

)

 

$

(89,202

)

 

$

(56,205

)

   

Reconciliation from GAAP to non-GAAP net loss

Three Months Ended September 30,

Nine Months Ended September 30,

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

GAAP net loss

 

$

(36,503

)

 

$

(26,605

)

 

$

(104,631

)

 

$

(70,136

)

Stock-based compensation

 

 

6,140

 

 

 

7,523

 

 

18,358

 

 

 

16,045

 

Change in fair value of warrant liability

 

 

(135

)

 

 

(664

)

 

 

(922

)

 

 

(1,904

)

Non-GAAP net loss

$

(30,498

)

$

(19,746

)

$

(87,195

)

$

(55,995

)

   

Reconciliation between GAAP and non-GAAP net loss per share

Three Months Ended September 30,

Nine Months Ended September 30,

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Shares used in computing GAAP net loss per share:

 

 

 

 

 

 

 

 

Basic and diluted

 

217,888,470

 

 

212,587,878

 

 

216,937,433

 

 

196,302,040

 

GAAP net loss per share

 

 

 

 

 

 

 

 

Basic and diluted

$

(0.17

)

$

(0.13

)

$

(0.48

)

$

(0.36

)

Stock-based compensation

 

 

0.03

 

 

 

0.04

 

 

 

0.08

 

 

 

0.08

 

Change in fair value of warrant liability

 

(0.00

)

 

(0.00

)

 

(0.00

)

 

(0.01

)

Non-GAAP net loss per share

 

 

 

 

 

 

 

 

Basic and diluted

$

(0.14

)

$

(0.09

)

$

(0.40

)

$

(0.29

)

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20221108006178/en/

Investors: Andrew Fung investors@aeva.ai

Media: Michael Oldenburg press@aeva.ai