Selected by top-10 global OEM for vehicle
development
Progressing on a growing number of vehicle
programs to advanced / RFQ stage
Completed core development of LiDAR on chip
perception platform for industrial automation
Aeva® (NYSE: AEVA), a leader in next-generation sensing and
perception systems, today announced its fourth quarter and full
year 2022 results.
Key Company Highlights
- Successful launch of Aeries II, with shipments to 40+ customers
in 2022
- Selected by a top-10 global OEM for development program, which
defines specifications for production vehicles targeting 2025 start
of production
- Progressing on a growing number of vehicle programs to the
advanced or RFQ stage with leading OEMs
- Completed core development of LiDAR on chip perception platform
for existing customers and additional opportunities in industrial
automation
“Aeva achieved important commercial milestones in 2022 that are
enabling us to further our momentum in 2023,” said Soroush
Salehian, Co-Founder and CEO at Aeva. “It has been an exciting
start to the year, with the selection by a top-10 global OEM for
development towards production and meaningful progress on other
customer engagements. Our focus in 2023 is on securing new wins as
we continue on our vision of bringing the next generation of
perception to the market.”
Fourth Quarter and Full Year 2022 Financial
Highlights
- Cash, Cash Equivalents and Marketable Securities
- Cash, cash equivalents and marketable securities of $323.8
million as of December 31, 2022
- Revenue
- Revenue of $0.2 million in Q4 2022, which includes revenue of
$4.1 million partially offset by an adjustment of $3.9 million for
an existing customer‘s contract modification. This compares to
revenue of $2.9 million in Q4 2021
- Revenue of $4.2 million for full year 2022, which includes
revenue of $8.1 million partially offset by an adjustment of $3.9
million for an existing customer‘s contract modification. This
compares to revenue of $9.3 million for full year 2021
- GAAP and Non-GAAP Operating Loss*
- GAAP operating loss of $44.4 million in Q4 2022, compared to
GAAP operating loss of $31.9 million in Q4 2021
- GAAP operating loss of $152.0 million for full year 2022,
compared to GAAP operating loss of $104.2 million for full year
2021
- Non-GAAP operating loss of $38.5 million in Q4 2022, compared
to non-GAAP operating loss of $25.7 million in Q4 2021
- Non-GAAP operating loss of $127.7 million for full year 2022,
compared to non-GAAP operating loss of $81.9 million for full year
2021
- GAAP and Non-GAAP Net Loss per Share*
- GAAP net loss per share of $0.20 in Q4 2022, compared to GAAP
net loss per share of $0.15 in Q4 2021
- GAAP net loss per share of $0.68 for full year 2022, compared
to GAAP net loss per share of $0.51 for full year 2021
- Non-GAAP net loss per share of $0.17 in Q4 2022, compared to
non-GAAP net loss per share of $0.12 in Q4 2021
- Non-GAAP net loss per share of $0.57 for full year 2022,
compared to non-GAAP net loss per share of $0.41 for full year
2021
- Shares Outstanding
- Weighted average shares outstanding of 218.4 million in Q4 2022
and 217.3 million for full year 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, March 22,
2023. 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 fourth quarter
and full year of 2022 and business objectives for 2023, along with
our expectations with respect to our orders, product shipments,
manufacturing plans and engagement with other customers. 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 fact that Aeva is an early stage
company with a history of operating losses and may never achieve
profitability, (ii) Aeva’s limited operating history, (iii) the
ability to implement business plans, forecasts, and other
expectations and to identify and realize additional opportunities,
(iv) the ability for Aeva to have its products selected for
inclusion in OEM products and (v) other material risks and other
important factors that could affect our financial results. Please
refer to our filings with the SEC, including our most recent Form
10-Q and Form 10-K. 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)
December 31, 2022
December 31, 2021
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
67,420
$
66,810
Marketable securities
256,392
378,200
Accounts receivable
2,887
2,341
Inventories
2,951
2,063
Other current assets
5,473
9,070
Total current assets
335,123
458,484
Operating lease right-of-use assets
7,402
10,284
Property, plant and equipment, net
9,720
5,136
Intangible assets, net
3,525
4,425
Other noncurrent assets
862
859
TOTAL ASSETS
$
356,632
$
479,188
LIABILITIES, CONVERTIBLE PREFERRED
STOCK AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
5,182
$
4,386
Accrued liabilities
9,063
4,110
Accrued employee costs
4,721
2,196
Lease liability, current portion
2,667
2,872
Other current liabilities
194
733
Total current liabilities
21,827
14,297
Lease liability, noncurrent portion
4,789
7,455
Warrant liability
90
1,060
TOTAL LIABILITIES
26,706
22,812
STOCKHOLDERS’ EQUITY:
Common stock
22
21
Additional paid-in capital
643,756
619,841
Accumulated other comprehensive loss
(3,585
)
(524
)
Accumulated deficit
(310,267
)
(162,962
)
TOTAL STOCKHOLDERS’ EQUITY
329,926
456,376
TOTAL LIABILITIES, CONVERTIBLE PREFERRED
STOCK AND STOCKHOLDERS’ EQUITY
$
356,632
$
479,188
AEVA TECHNOLOGIES,
INC.
Condensed Consolidated
Statements of Operations
(Unaudited)
(In thousands, except share
and per share data)
Three Months Ended December
31,
Year Ended December
31,
2022
2021
2022
2021
Revenue
188
2,873
4,192
9,265
Cost of revenue (1)
3,316
1,930
8,447
5,833
Gross profit (loss)
(3,128
)
943
(4,255
)
3,432
Operating expenses:
Research and development expenses (1)
32,211
23,749
109,587
74,768
General and administrative expenses
(1)
7,428
6,766
31,070
28,407
Selling and marketing expenses (1)
1,628
2,364
7,043
4,443
Total operating expenses
41,267
32,879
147,700
107,618
Operating loss
(44,395
)
(31,936
)
(151,955
)
(104,186
)
Interest income
1,674
144
3,707
372
Other income, net
47
50
943
1,936
Net loss before income taxes
(42,674
)
(31,742
)
(147,305
)
(101,878
)
Income tax provision
—
—
—
—
Net loss
$
(42,674
)
$
(31,742
)
$
(147,305
)
$
(101,878
)
Net loss per share, basic and diluted
$
(0.20
)
$
(0.15
)
$
(0.68
)
$
(0.51
)
Shares used in computing net loss per
share, basic and diluted
218,407,208
214,344,240
217,307,896
200,849,663
(1) Includes stock-based compensation as
follows:
Three Months Ended December
31,
Year Ended December
31,
2022
2021
2022
2021
Cost of revenue
$
423
$
480
$
1,161
$
1,483
Research and development expenses
4,045
4,130
17,197
12,754
General and administrative expenses
1,205
1,420
4,972
7,629
Selling and marketing expenses
216
162
917
371
Total stock-based compensation expense
$
5,889
$
6,192
$
24,247
$
22,237
AEVA TECHNOLOGIES,
INC.
Condensed Consolidated
Statements of Cash Flows
(Unaudited)
(In thousands)
Year Ended December
31,
2022
2021
Cash flows from operating
activities:
Net loss
$
(147,305
)
$
(101,878
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
3,265
1,147
Loss on write down of fixed assets
—
52
Change in fair value of warrant
liability
(970
)
(1,954
)
Stock-based compensation
24,247
22,237
Impairment of inventories
1,664
—
Amortization of right-of-use assets
2,882
1,901
Realized loss on available-for-sale
securities
29
—
Amortization of premium on
available-for-sale securities
389
1,498
Changes in operating assets and
liabilities:
Accounts receivable
(546
)
(2,200
)
Inventories
(2,552
)
(844
)
Other current assets
3,634
(7,285
)
Other noncurrent assets
(3
)
(795
)
Accounts payable
1,287
2,667
Accrued liabilities
4,953
3,202
Accrued employee costs
2,525
1,474
Lease liability
(2,871
)
(1,785
)
Other current liabilities
(539
)
458
Net cash used in operating activities
(109,911
)
(82,105
)
Cash flows from investing
activities:
Purchase of property, plant and
equipment
(7,439
)
(3,850
)
Purchase of available-for-sale
securities
(210,197
)
(571,925
)
Proceeds from sale of available-for-sale
securities
—
20,123
Proceeds from maturities of
available-for-sale securities
328,526
171,580
Purchase of intangible assets
—
(4,500
)
Net cash provided by (used in) investing
activities
110,890
(388,572
)
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
(720
)
(1,338
)
Proceeds from exercise of warrants
1
—
Proceeds from exercise of stock
options
350
911
Net cash provided by (used in) financing
activities
(369
)
512,863
Net increase in cash and cash
equivalents
610
42,186
Beginning cash and cash
equivalents
66,810
24,624
Ending cash and cash
equivalents
$
67,420
$
66,810
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 December
31,
Year Ended December
31,
2022
2021
2022
2021
GAAP operating loss
$
(44,395
)
$
(31,936
)
$
(151,955
)
$
(104,186
)
Stock-based compensation
5,889
6,192
24,247
22,237
Non-GAAP operating loss
$
(38,506
)
$
(25,744
)
$
(127,708
)
$
(81,949
)
Reconciliation from GAAP to non-GAAP
net loss
Three Months Ended December
31,
Year Ended December
31,
2022
2021
2022
2021
GAAP net loss
$
(42,674
)
$
(31,742
)
$
(147,305
)
$
(101,878
)
Stock-based compensation
5,889
6,192
24,247
22,237
Change in fair value of warrant
liability
(48
)
(50
)
(970
)
(1,954
)
Non-GAAP net loss
$
(36,833
)
$
(25,600
)
$
(124,028
)
$
(81,595
)
Reconciliation between GAAP and
non-GAAP net loss per share
Three Months Ended December
31,
Year Ended December
31,
2022
2021
2022
2021
Shares used in computing GAAP net loss per
share:
Basic and diluted
218,407,208
214,344,240
217,307,896
200,849,663
GAAP net loss per share
Basic and diluted
$
(0.20
)
$
(0.15
)
$
(0.68
)
$
(0.51
)
Stock-based compensation
0.03
0.03
0.11
0.11
Change in fair value of warrant
liability
(0.00
)
(0.00
)
(0.00
)
(0.01
)
Non-GAAP net loss per share
Basic and diluted
$
(0.17
)
$
(0.12
)
$
(0.57
)
$
(0.41
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230322005660/en/
Investors: Andrew Fung investors@aeva.ai
Media: Michael Oldenburg press@aeva.ai
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