AEVA Aeva Technologies Inc

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 06, 2024

 

 

Aeva Technologies, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware			001-39204	84-3080757
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
555 Ellis Street
Mountain View, California				94043
(Address of Principal Executive Offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (650) 481-7070

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common stock, par value $0.0001 per share		AEVA		New York Stock Exchange LLC
Warrants to purchase one share of common stock		AEVA.WS		New York Stock Exchange LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

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Item 2.02 Results of Operations and Financial Condition.

 

On November 6, 2024, Aeva Technologies, Inc. issued a press release announcing financial results for the third quarter ended September 30, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference in this Item 2.02.

 

The information set forth in Item 2.02 (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number						Description
99.1						Press Release dated November 6, 2024
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			Aeva Technologies, Inc.
Date:	November 6, 2024	By:	/s/ Saurabh Sinha
			Saurabh Sinha Chief Financial Officer

 

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Exhibit 99.1

Aeva Reports Third Quarter 2024 Results

The Indoor Lab Awarded Aeva a Multi-year Production Program Agreement with Planned Deployments at Major U.S. Airports, Mass Transit and Other Large Venues

Strong Traction in Passenger Vehicle Programs, Including Selection by a Major European OEM for its Automated Vehicle Validation Program, and Advancing on Track with a Global Top 10 OEM’s Vehicle Program RFQ

Our Partners Torc Robotics and Daimler Truck using Aeva 4D as the Exclusive Long-Range LiDAR Successfully Validated Fully Driverless Operations at Highway Speeds

MOUNTAIN VIEW, Calif., Nov. 6, 2024 – Aeva® (NYSE: AEVA), a leader in next-generation sensing and perception systems, today announced its third quarter 2024 results.

Key Company Highlights

“Aeva continues to convert the growing interest in our unique 4D LiDAR technology to new wins while also achieving critical milestones for our existing production programs,” said Soroush Salehian, Co-Founder and CEO at Aeva. “With more industries looking to adopt FMCW technology, we made the strategic decision and executed on pulling forward first shipments of Atlas to the third quarter to meet more of our strong demand. We believe this further places Aeva on the path to leading the market and expanding our commercial momentum with additional wins in automotive, industrial and beyond.”

Third Quarter 2024 Financial Highlights

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*Tables reconciling GAAP to non-GAAP measures are provided at the end of this release.

Conference Call Details

Aeva will host a conference call and live webcast to discuss results at 2:00 p.m. PT / 5:00 p.m. ET today, November 6, 2024. 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, Aeva 4D LiDAR, Aeva Atlas, Aeries, Aeva Ultra Resolution, Aeva CoreVision, and Aeva X1 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 and business objectives for 2024, along with our expectations with respect to the production agreements with Daimler Truck and The Indoor Lab as well as engagement and deployments with other customers and partners, our future production plans and our ability to access capital under our preferred equity facility. 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 and limited history of shipping significant product volumes, (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, (v) the ability to manufacture at volumes and costs needed for commercial programs, (vi) no assurance that any of our customers will ever complete such testing and validation with us or that we will receive any billings or revenues in connection with such programs, (vii) the need to conclude definitive deployment agreements with potential end

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customers, including those mentioned in this release, (viii) that any validation orders will result in larger orders, (ix) that any programs into which our products may be designed will result in significant end customer sales, (x) that any of the locations referenced in this press release will result in significant deployments of our products, (xi) unforeseen project delays or product issues, such as difficulties or delays in shipping, manufacturing or installation, (xii) end customer acceptance of the platform, (xiii) revenue recognition rules, and (xiv) other material risks and other important factors that could affect our financial results that are further described in our filings with the SEC. Please refer to our filings with the SEC, including our most recent Form 10-K and Form 10-Q. 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.

Non-GAAP Information

In addition to our financial results determined in accordance with U.S. GAAP, we present non-GAAP operating loss and non-GAAP net loss per share. “Non-GAAP operating loss” is defined as GAAP operating loss before stock-based compensation and litigation settlement, net. “Non-GAAP net loss per share” is defined as non-GAAP net loss divided by weighted average shares outstanding, basic and diluted. “Non-GAAP net loss” is defined as GAAP net loss before stock-based compensation, litigation settlement, net and change in fair value of warrant liability.

We believe that non-GAAP operating loss and non-GAAP net loss per share, when taken together with the corresponding U.S. GAAP financial measures, provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our core business, results of operations, or outlook. We consider non-GAAP operating loss and non-GAAP net loss per share to be important measures because they help illustrate underlying trends in our business and our historical operating performance on a more consistent basis.

However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with U.S. GAAP. Non-GAAP financial measures have limitations, including that they exclude certain expenses that are required under GAAP, which adjustments reflect the exercise of judgment by management. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP financial measures or ratios differently or may use other financial measures or ratios to evaluate their performance, all of which could reduce the usefulness of non-GAAP operating loss and non-GAAP net loss per share as tools for comparison. Reconciliations are provided at the end of this release to the most directly comparable financial measures in accordance with U.S. GAAP. Investors are encouraged to review our U.S. GAAP financial measures and not to rely on any single financial measure to evaluate our business.

Contacts

Investors:

Andrew Fung

investors@aeva.ai

Media:

Michael Oldenburg

press@aeva.ai

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AEVA TECHNOLOGIES, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
		September 30, 2024				December 31, 2023
ASSETS
CURRENT ASSETS:
Cash and cash equivalents		$	30,462			$	38,547
Marketable securities			104,355				182,481
Accounts receivable			575				628
Inventories			2,125				2,374
Other current assets			7,752				5,195
Total current assets			145,269				229,225
Operating lease right-of-use assets			4,713				7,289
Property, plant and equipment, net			11,389				12,114
Intangible assets, net			1,950				2,625
Other noncurrent assets			5,815				6,132
TOTAL ASSETS		$	169,136			$	257,385
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable		$	3,010			$	3,602
Accrued liabilities			4,632				2,648
Accrued employee costs			4,456				6,043
Lease liability, current portion			3,385				3,587
Other current liabilities			18,132				2,524
Total current liabilities			33,615				18,404
Lease liability, noncurrent portion			1,306				3,767
Warrant liability			4,955				6,772
TOTAL LIABILITIES			39,876				28,943
STOCKHOLDERS’ EQUITY:
Common stock			6				5
Additional paid-in capital			704,853				688,124
Accumulated other comprehensive income (loss)			116				(87	)
Accumulated deficit			(575,715	)			(459,600	)
TOTAL STOCKHOLDERS’ EQUITY			129,260				228,442
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	169,136			$	257,385

 

 

 

 

 

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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,
		2024				2023				2024				2023
Revenue		$	2,250			$	810			$	6,369			$	2,701
Cost of revenue (1)			2,971				2,525				9,330				7,715
Gross loss			(721	)			(1,715	)			(2,961	)			(5,014	)
Operating expenses:
Research and development expenses (1)			27,116				23,787				78,324				76,306
General and administrative expenses (1)			8,456				8,474				25,530				24,020
Selling and marketing expenses (1)			1,583				1,520				5,818				5,603
Litigation settlement, net (2)			—				—				11,500				—
Total operating expenses			37,155				33,781				121,172				105,929
Operating loss			(37,876	)			(35,496	)			(124,133	)			(110,943	)
Interest income			1,770				2,219				6,327				6,508
Other income (expense), net			(1,268	)			39				1,836				68
Loss before income taxes		$	(37,374	)		$	(33,238	)		$	(115,970	)		$	(104,367	)
Income tax provision			22				—				145				—
Net loss		$	(37,396	)		$	(33,238	)		$	(116,115	)		$	(104,367	)
Net loss per share, basic and diluted		$	(0.70	)		$	(0.75	)		$	(2.18	)		$	(2.36	)
Weighted-average shares used in computing net loss per share, basic and diluted			53,704,039				44,565,164				53,149,318				44,200,670
(1) Includes stock-based compensation as follows:
		Three Months Ended September 30,								Nine Months Ended September 30,
		2024				2023				2024				2023
Cost of revenue		$	42			$	161			$	208			$	858
Research and development expenses			4,261				3,094				12,439				12,717
General and administrative expenses			1,983				1,654				3,803				3,989
Selling and marketing expenses			219				240				680				589
Total stock-based compensation expense		$	6,505			$	5,149			$	17,130			$	18,153
(2) Relates to the settlement of litigation related to the de-SPAC transaction and Aeva's indemnification obligations related thereto.

 

 

 

 

 

 

 

 

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AEVA TECHNOLOGIES, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
		Nine Months Ended September 30,
		2024				2023
Cash flows from operating activities:
Net loss		$	(116,115	)		$	(104,367	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization			4,042				3,145
Impairment of inventories			883				170
Change in fair value of warrant liabilities			(1,817	)			(68	)
Stock-based compensation			17,130				18,153
Amortization of right-of-use assets			2,576				2,278
Amortization of premium and accretion of discount on available-for-sale securities, net			(2,932	)			(2,102	)
Other			298				—
Changes in operating assets and liabilities:
Accounts receivable			53				2,118
Inventories			(634	)			89
Other current assets			(2,557	)			(147	)
Other noncurrent assets			317				(204	)
Accounts payable			(563	)			(2,402	)
Accrued liabilities			1,985				(6,291	)
Accrued employee costs			(1,626	)			139
Lease liability			(2,663	)			(2,253	)
Other current liabilities			15,608				250
Net cash used in operating activities			(86,015	)			(91,492	)
Cash flows from investing activities:
Purchase of property, plant and equipment			(2,969	)			(3,423	)
Purchase of available-for-sale securities			(62,848	)			(97,642	)
Proceeds from maturities of available-for-sale securities			144,108				165,597
Net cash provided by investing activities			78,291				64,532
Cash flows from financing activities:
Payments of taxes withheld on net settled vesting of restricted stock units			(438	)			(62	)
Proceeds from exercise of stock options			77				152
Net cash (used in) provided by financing activities			(361	)			90
Net decrease in cash and cash equivalents			(8,085	)			(26,870	)
Beginning cash and cash equivalents			38,547				67,420
Ending cash and cash equivalents		$	30,462			$	40,550

 

 

 

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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,
		2024				2023				2024				2023
GAAP operating loss		$	(37,876	)		$	(35,496	)		$	(124,133	)		$	(110,943	)
Stock-based compensation			6,505				5,149				17,130				18,153
Litigation settlement, net			—				—				11,500				—
Non-GAAP operating loss		$	(31,371	)		$	(30,347	)		$	(95,503	)		$	(92,790	)
Reconciliation from GAAP to non-GAAP net loss
		Three Months Ended September 30,								Nine Months Ended September 30,
		2024				2023				2024				2023
GAAP net loss		$	(37,396	)		$	(33,238	)		$	(116,115	)		$	(104,367	)
Stock-based compensation			6,505				5,149				17,130				18,153
Litigation settlement, net			—				—				11,500				—
Change in fair value of warrant liability			1,263				(40	)			(1,817	)			(68	)
Non-GAAP net loss		$	(29,628	)		$	(28,129	)		$	(89,302	)		$	(86,282	)
Reconciliation between GAAP and non-GAAP net loss per share
		Three Months Ended September 30,								Nine Months Ended September 30,
		2024				2023				2024				2023
Shares used in computing GAAP net loss per share:
Basic and diluted			53,704,039				44,565,164				53,149,318				44,200,670
GAAP net loss per share
Basic and diluted		$	(0.70	)		$	(0.75	)		$	(2.18	)		$	(2.36	)
Stock-based compensation			0.13				0.12				0.31				0.41
Litigation settlement, net			—				—				0.22				—
Change in fair value of warrant liability			0.02				(0.00	)			(0.03	)			—
Non-GAAP net loss per share
Basic and diluted		$	(0.55	)		$	(0.63	)		$	(1.68	)		$	(1.95	)

 

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v3.24.3

Document And Entity Information	Nov. 06, 2024
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 06, 2024
Entity Registrant Name	Aeva Technologies, Inc.
Entity Central Index Key	0001789029
Entity Emerging Growth Company	false
Entity File Number	001-39204
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-3080757
Entity Address, Address Line One	555 Ellis Street
Entity Address, City or Town	Mountain View
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94043
City Area Code	(650)
Local Phone Number	481-7070
Entity Information, Former Legal or Registered Name	Not Applicable
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	AEVA
Security Exchange Name	NYSE
Warrants to Purchase [Member]
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase one share of common stock
Trading Symbol	AEVA.WS
Security Exchange Name	NYSE

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