AEVA Aeva Technologies Inc

Strategic collaboration agreement with Top-10 OEM to develop perception software stack around Aeva 4D data

First win in rail with Railergy to enable automated trains for a major European freight carrier

Industrial on track for 2024 with LiDAR-on-chip module validated for first Nikon product

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

Key Company Highlights

• Deepened integration with Top-10 OEM with a strategic collaboration agreement to use Aeva’s perception stack built around its velocity data to achieve the OEM’s use cases, and expansion of on-road deployment into 2024
• Selected by Railergy to replace conventional 3D LiDAR with Aeva 4D LiDAR to meet use case requirements for automated train operations for Europe’s largest freight carrier
• Completed development of LiDAR-on-chip module for first Nikon product with all performance specifications validated by Nikon
• Continue to advance on opportunities for large scale deployment in automotive and industrial automation

“Aeva continues to make in-roads towards commercialization, including in automotive with a Top-10 OEM, and we look forward to deepening our integration by leveraging Aeva’s perception stack to help the OEM achieve key automated driving use cases,” said Soroush Salehian, Co-Founder and CEO at Aeva. “This along with our entrance into rail is further recognition of the differentiated performance of Aeva's FMCW technology and the growing interest for our capabilities to safely enable next-generation automation. Our priority remains on progressing with our partners and converting additional ongoing opportunities to program wins.”

Second Quarter 2023 Financial Highlights

• Cash, Cash Equivalents and Marketable Securities
  • Cash, cash equivalents and marketable securities of $261.2 million as of June 30, 2023
• Revenue
  • Revenue of $0.7 million in Q2 2023, compared to revenue of $1.5 million in Q2 2022
• GAAP and Non-GAAP Operating Loss*
  • GAAP operating loss of $38.2 million in Q2 2023, compared to GAAP operating loss of $35.7 million in Q2 2022
  • Non-GAAP operating loss of $31.1 million in Q2 2023, compared to non-GAAP operating loss of $29.3 million in Q2 2022
• GAAP and Non-GAAP Net Loss per Share*
  • GAAP net loss per share of $0.16 in Q2 2023, compared to GAAP net loss per share of $0.16 in Q2 2022
  • Non-GAAP net loss per share of $0.13 in Q2 2023, compared to non-GAAP net loss per share of $0.13 in Q2 2022
• Shares Outstanding
  • Weighted average shares outstanding of 220.5 million in Q2 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

Aeva will host a conference call and live webcast to discuss results at 2:30 p.m. PT / 5:30 p.m. ET today, August 8, 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 X 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 second quarter 2023 and business objectives for 2023, along with our expectations with respect to the collaboration agreement with a Top OEM, Railergy as well as engagement and deployments 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)

 

June 30, 2023

December 31, 2022

 

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

34,677

 

$

67,420

 

Marketable securities

 

226,533

 

 

256,392

 

Accounts receivable

 

868

 

 

2,887

 

Inventories

 

2,787

 

 

2,951

 

Other current assets

 

5,827

 

 

5,473

 

Total current assets

 

270,692

 

 

335,123

 

Operating lease right-of-use assets

 

5,904

 

 

7,402

 

Property, plant and equipment, net

 

11,188

 

 

9,720

 

Intangible assets, net

 

3,075

 

 

3,525

 

Other noncurrent assets

 

867

 

 

862

 

TOTAL ASSETS

$

291,726

 

$

356,632

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Accounts payable

$

6,000

 

$

5,182

 

Accrued liabilities

 

2,325

 

 

9,063

 

Accrued employee costs

 

3,516

 

 

4,721

 

Lease liability, current portion

 

2,463

 

 

2,667

 

Other current liabilities

 

240

 

 

194

 

Total current liabilities

 

14,544

 

 

21,827

 

Lease liability, noncurrent portion

 

3,534

 

 

4,789

 

Warrant liability

 

62

 

 

90

 

TOTAL LIABILITIES

 

18,140

 

 

26,706

 

STOCKHOLDERS’ EQUITY:

Common stock

 

22

 

 

22

 

Additional paid-in capital

 

656,856

 

 

643,756

 

Accumulated other comprehensive loss

 

(1,896

)

 

(3,585

)

Accumulated deficit

 

(381,396

)

 

(310,267

)

TOTAL STOCKHOLDERS’ EQUITY

 

273,586

 

 

329,926

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

291,726

 

$

356,632

 

AEVA TECHNOLOGIES, INC.

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except share and per share data)

 

Three Months Ended June 30,

Six Months Ended June 30,

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenue

$

743

 

$

1,493

 

$

1,891

 

$

2,630

 

Cost of revenue (1)

 

2,661

 

 

991

 

 

5,190

 

 

2,366

 

Gross profit (loss)

 

(1,918

)

 

502

 

 

(3,299

)

 

264

 

Operating expenses:

Research and development expenses (1)

 

27,065

 

 

25,938

 

 

52,519

 

 

51,253

 

General and administrative expenses (1)

 

7,713

 

 

8,677

 

 

15,546

 

 

15,549

 

Selling and marketing expenses (1)

 

1,485

 

 

1,572

 

 

4,083

 

 

3,220

 

Total operating expenses

 

36,263

 

 

36,187

 

 

72,148

 

 

70,022

 

Operating loss

 

(38,181

)

 

(35,685

)

 

(75,447

)

 

(69,758

)

Interest income

 

2,225

 

 

586

 

 

4,289

 

 

869

 

Other income, net

 

1

 

 

128

 

 

29

 

 

761

 

Loss before income taxes

 

(35,955

)

 

(34,971

)

 

(71,129

)

 

(68,128

)

Income tax provision

 

—

 

 

—

 

 

—

 

 

—

 

Net loss

$

(35,955

)

$

(34,971

)

$

(71,129

)

$

(68,128

)

Net loss per share, basic and diluted

$

(0.16

)

$

(0.16

)

$

(0.32

)

$

(0.31

)

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

 

220,521,255

 

 

216,886,078

 

 

220,077,009

 

 

216,454,032

 

 

(1) Includes stock-based compensation as follows:

 

Three Months Ended June 30,

Six Months Ended June 30,

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Cost of revenue

$

367

 

$

206

 

$

697

 

$

342

 

Research and development expenses

 

 

5,213

 

 

 

4,652

 

 

 

9,623

 

 

 

8,975

 

General and administrative expenses

 

1,216

 

 

1,275

 

 

2,335

 

 

2,504

 

Selling and marketing expenses

 

 

245

 

 

 

301

 

 

 

349

 

 

 

397

 

Total stock-based compensation expense

$

7,041

 

$

6,434

 

$

13,004

 

$

12,218

 

AEVA TECHNOLOGIES, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

Six Months Ended June 30,

 

2023

 

 

2022

 

Cash flows from operating activities:

Net loss

$

(71,129

)

$

(68,128

)

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

Depreciation and amortization

 

2,103

 

 

1,429

 

Impairment of inventories

 

102

 

 

842

 

Change in fair value of warrant liability

 

(28

)

 

(787

)

Stock-based compensation

 

13,004

 

 

12,218

 

Amortization of right-of-use assets

 

1,498

 

 

1,422

 

Realized loss on available-for-sale securities

 

—

 

 

29

 

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

 

(1,420

)

 

636

 

Changes in operating assets and liabilities:

Accounts receivable

 

2,019

 

 

1,988

 

Inventories

 

61

 

 

(296

)

Other current assets

 

(352

)

 

(3,230

)

Other noncurrent assets

 

(5

)

 

(1

)

Accounts payable

 

85

 

 

(359

)

Accrued liabilities

 

(6,738

)

 

(1,788

)

Accrued employee costs

 

(1,205

)

 

(30

)

Lease liability

 

(1,459

)

 

(1,404

)

Other current liabilities

 

45

 

 

(512

)

Net cash used in operating activities

 

(63,419

)

 

(57,971

)

Cash flows from investing activities:

Purchase of property, plant and equipment

 

(2,388

)

 

(3,872

)

Purchase of available-for-sale securities

 

(74,126

)

 

(139,714

)

Proceeds from maturities of available-for-sale securities

 

107,094

 

 

217,968

 

Net cash provided by investing activities

 

30,580

 

 

74,382

 

Cash flows from financing activities:

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

 

(20

)

 

(418

)

Proceeds from exercise of warrants

 

—

 

 

1

 

Proceeds from exercise of stock options

 

116

 

 

244

 

Net cash provided by (used in) financing activities

 

96

 

 

(173

)

Net increase (decrease) in cash and cash equivalents

 

(32,743

)

 

16,238

 

Beginning cash and cash equivalents

 

67,420

 

 

66,810

 

Ending cash and cash equivalents

$

34,677

 

$

83,048

 

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 June 30,

Six Months Ended June 30,

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

GAAP operating loss

 

$

(38,181

)

 

$

(35,685

)

 

$

(75,447

)

 

$

(69,758

)

Stock-based compensation

 

 

7,041

 

 

 

6,434

 

 

13,004

 

 

 

12,218

 

Non-GAAP operating loss

 

$

(31,140

)

 

$

(29,251

)

 

$

(62,443

)

 

$

(57,540

)

   

Reconciliation from GAAP to non-GAAP net loss

Three Months Ended June 30,

Six Months Ended June 30,

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

GAAP net loss

 

$

(35,955

)

 

$

(34,971

)

 

$

(71,129

)

 

$

(68,128

)

Stock-based compensation

 

 

7,041

 

 

 

6,434

 

 

13,004

 

 

 

12,218

 

Change in fair value of warrant liability

 

 

—

 

 

 

(153

)

 

 

(28

)

 

 

(787

)

Non-GAAP net loss

$

(28,914

)

$

(28,690

)

$

(58,153

)

$

(56,697

)

   

Reconciliation between GAAP and non-GAAP net loss per share

Three Months Ended June 30,

Six Months Ended June 30,

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Shares used in computing GAAP net loss per share:

 

 

 

 

 

 

 

 

Basic and diluted

 

220,521,255

 

 

216,886,078

 

 

220,077,009

 

 

216,454,032

 

GAAP net loss per share

 

 

 

 

 

 

 

 

Basic and diluted

$

(0.16

)

$

(0.16

)

$

(0.32

)

$

(0.31

)

Stock-based compensation

 

 

0.03

 

 

 

0.03

 

 

 

0.06

 

 

 

0.05

 

Change in fair value of warrant liability

—

 

 

(0.00

)

 

(0.00

)

 

(0.00

)

Non-GAAP net loss per share

 

 

 

 

 

 

 

 

Basic and diluted

$

(0.13

)

$

(0.13

)

$

(0.26

)

$

(0.26

)

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230808931660/en/

Investors: Andrew Fung investors@aeva.ai

Media: Michael Oldenburg press@aeva.ai