AEVA Aeva Technologies Inc

Progressing with Top-10 OEM: First vehicles built using Aeva 4D LiDAR, in discussion to deepen relationship around perception software development

Working with Fabrinet to expand capacity to support ongoing customer development and increasing opportunities

Aeva® (NYSE: AEVA), a leader in next-generation sensing and perception systems, today announced its first quarter 2023 results.

Key Company Highlights

• Strong progress with Top-10 OEM, including enabling key safety use case previously unachievable with 3D ToF LiDAR and in discussion for perception software development
• Continued traction in automotive with increasing number of RFQs
• Multiple engagements to implement Aeva’s perception platform for precision distance measurement
• Successfully completed bring-up of new final assembly manufacturing line to support ongoing and additional engagements
• Working with Fabrinet to increase capacity and further automate LiDAR-on-chip module manufacturing

“We are progressing well on our engagement with a Top-10 OEM and are in discussion to deepen our relationship,” said Soroush Salehian, Co-Founder and CEO at Aeva. “This highlights the growing interest from industry leaders to leverage the unique capabilities and scalability of Aeva’s 4D LiDAR-on-chip technology to bring next-generation perception to market. Our focus in 2023 continues to be on ongoing development with key partners and securing additional wins toward production.”

First Quarter 2023 Financial Highlights

• Cash, Cash Equivalents and Marketable Securities
  • Cash, cash equivalents and marketable securities of $288.4 million as of March 31, 2023
• Revenue
  • Revenue of $1.1 million in Q1 2023, compared to revenue of $1.1 million in Q1 2022
• GAAP and Non-GAAP Operating Loss*
  • GAAP operating loss of $37.3 million in Q1 2023, compared to GAAP operating loss of $34.1 million in Q1 2022
  • Non-GAAP operating loss of $31.3 million in Q1 2023, compared to non-GAAP operating loss of $28.3 million in Q1 2022
• GAAP and Non-GAAP Net Loss per Share*
  • GAAP net loss per share of $0.16 in Q1 2023, compared to GAAP net loss per share of $0.15 in Q1 2022
  • Non-GAAP net loss per share of $0.13 in Q1 2023, compared to non-GAAP net loss per share of $0.13 in Q1 2022
• Shares Outstanding
  • Weighted average shares outstanding of 219.6 million in Q1 2023

*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, May 10, 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 first quarter 2023 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)

 

March 31, 2023

December 31, 2022

 

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

31,864

 

$

67,420

 

Marketable securities

 

256,542

 

 

256,392

 

Accounts receivable

 

2,445

 

 

2,887

 

Inventories

 

3,006

 

 

2,951

 

Other current assets

 

4,683

 

 

5,473

 

Total current assets

 

298,540

 

 

335,123

 

Operating lease right-of-use assets

 

6,658

 

 

7,402

 

Property, plant and equipment, net

 

10,689

 

 

9,720

 

Intangible assets, net

 

3,300

 

 

3,525

 

Other noncurrent assets

 

862

 

 

862

 

TOTAL ASSETS

$

320,049

 

$

356,632

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Accounts payable

$

3,857

 

$

5,182

 

Accrued liabilities

 

3,856

 

 

9,063

 

Accrued employee costs

 

3,414

 

 

4,721

 

Lease liability, current portion

 

2,535

 

 

2,667

 

Other current liabilities

 

194

 

 

194

 

Total current liabilities

 

13,856

 

 

21,827

 

Lease liability, noncurrent portion

 

4,167

 

 

4,789

 

Warrant liability

 

62

 

 

90

 

TOTAL LIABILITIES

 

18,085

 

 

26,706

 

STOCKHOLDERS’ EQUITY:

Common stock

 

22

 

 

22

 

Additional paid-in capital

 

649,756

 

 

643,756

 

Accumulated other comprehensive loss

 

(2,373

)

 

(3,585

)

Accumulated deficit

 

(345,441

)

 

(310,267

)

TOTAL STOCKHOLDERS’ EQUITY

 

301,964

 

 

329,926

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

320,049

 

$

356,632

 

 

AEVA TECHNOLOGIES, INC.

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except share and per share data)

 

Three Months Ended March 31,

 

2023

 

 

 

2022

 

Revenue

$

1,148

 

$

1,137

 

Cost of revenue (1)

 

2,529

 

 

1,375

 

Gross profit (loss)

 

(1,381

)

 

(238

)

Operating expenses:

Research and development expenses (1)

 

25,454

 

 

25,315

 

General and administrative expenses (1)

 

7,833

 

 

6,872

 

Selling and marketing expenses (1)

 

2,598

 

 

1,648

 

Total operating expenses

 

35,885

 

 

33,835

 

Operating loss

 

(37,266

)

 

(34,073

)

Interest income

 

2,064

 

 

283

 

Other income, net

 

28

 

 

633

 

Loss before income taxes

 

(35,174

)

 

(33,157

)

Income tax provision

 

—

 

 

—

 

Net loss

$

(35,174

)

$

(33,157

)

Net loss per share, basic and diluted

$

(0.16

)

$

(0.15

)

Weighted-average shares used in computing net loss per share, basic and diluted

 

219,627,827

 

 

216,017,186

 

 

(1) Includes stock-based compensation as follows:

 

 

 

 

Three Months Ended March 31,

 

2023

 

 

 

2022

 

Cost of revenue

$

330

 

$

136

 

Research and development expenses

 

 

4,410

 

 

 

4,323

 

General and administrative expenses

 

1,119

 

 

1,229

 

Selling and marketing expenses

 

 

104

 

 

 

96

 

Total stock-based compensation expense

$

5,963

 

$

5,784

 

 

AEVA TECHNOLOGIES, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

Three Months Ended March 31,

 

2023

 

 

2022

 

Cash flows from operating activities:

Net loss

$

(35,174

)

$

(33,157

)

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

Depreciation and amortization

 

955

 

 

630

 

Impairment of inventories

 

45

 

 

767

 

Change in fair value of warrant liability

 

(28

)

 

(634

)

Stock-based compensation

 

5,963

 

 

5,784

 

Amortization of right-of-use assets

 

744

 

 

707

 

Amortization of premium and accretion of discount on available-for-sale securities, net

 

(632

)

 

435

 

Changes in operating assets and liabilities:

Accounts receivable

 

442

 

 

2,130

 

Inventories

 

(100

)

 

(312

)

Other current assets

 

790

 

 

403

 

Other noncurrent assets

 

—

 

 

(1

)

Accounts payable

 

(1,749

)

 

1,890

 

Accrued liabilities

 

(5,207

)

 

(2,653

)

Accrued employee costs

 

(1,307

)

 

(1,332

)

Lease liability

 

(754

)

 

(696

)

Other current liabilities

 

—

 

 

(499

)

Net cash used in operating activities

 

(36,012

)

 

(26,538

)

Cash flows from investing activities:

Purchase of property, plant and equipment

 

(1,275

)

 

(1,283

)

Purchase of available-for-sale securities

 

(54,520

)

 

(82,284

)

Proceeds from maturities of available-for-sale securities

 

56,214

 

 

105,607

 

Net cash provided by investing activities

 

419

 

 

22,040

 

Cash flows from financing activities:

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

 

(20

)

 

—

 

Proceeds from exercise of warrants

 

—

 

 

1

 

Proceeds from exercise of stock options

 

57

 

 

186

 

Net cash provided by financing activities

 

37

 

 

187

 

Net decrease in cash and cash equivalents

 

(35,556

)

 

(4,311

)

Beginning cash and cash equivalents

 

67,420

 

 

66,810

 

Ending cash and cash equivalents

$

31,864

 

$

62,499

 

 

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 March 31,

 

2023

 

 

2022

 

 

GAAP operating loss

 

$

(37,266

)

 

$

(34,073

)

Stock-based compensation

 

 

5,963

 

 

 

5,784

 

Non-GAAP operating loss

 

$

(31,303

)

 

$

(28,289

)

   

Reconciliation from GAAP to non-GAAP net loss

Three Months Ended March 31,

 

2023

 

 

2022

 

 

GAAP net loss

 

$

(35,174

)

 

$

(33,157

)

Stock-based compensation

 

 

5,963

 

 

 

5,784

 

Change in fair value of warrant liability

 

 

(28

)

 

 

(634

)

Non-GAAP net loss

$

(29,239

)

$

(28,007

)

   

Reconciliation between GAAP and non-GAAP net loss per share

Three Months Ended March 31,

 

2023

 

 

2022

 

Shares used in computing GAAP net loss per share:

 

 

 

 

Basic and diluted

 

219,627,827

 

 

216,017,186

 

GAAP net loss per share

 

 

 

 

Basic and diluted

$

(0.16

)

$

(0.15

)

Stock-based compensation

 

 

0.03

 

 

 

0.02

 

Change in fair value of warrant liability

 

(0.00

)

 

(0.00

)

Non-GAAP net loss per share

 

 

 

 

Basic and diluted

$

(0.13

)

$

(0.13

)

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230510005940/en/

Investors: Andrew Fung investors@aeva.ai Media: Michael Oldenburg press@aeva.ai