AEVA Aeva Technologies Inc

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

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

Key Company Highlights

• Major industrial production win for security applications with The Indoor Lab to deploy Aeva 4D LiDAR at multiple planned locations, starting with John F. Kennedy International Airport in New York and San Francisco International Airport, and followed by yet to be disclosed airports, mass transit and other large venues across the U.S.
• A major European passenger vehicle OEM selected Aeva to leverage 4D LiDAR’s unique velocity data to validate its next-generation vehicle automation systems
• Continued to advance towards the finalization of the RFQ for a global top 10 passenger OEM’s vehicle program and ongoing progress on other passenger RFQs and engagements
• Torc Robotics using Aeva 4D LiDAR as the exclusive long and ultra-long range LiDAR successfully validated fully driverless operations at highway speeds up to 65 miles per hour, a key milestone towards commercialization for Daimler Truck’s autonomous truck production program by 2027
• Pulled forward first shipments of Aeva Atlas, our production-intent product, by approximately two quarters in order to meet growing demand from recent production wins for automotive and industrial applications; implementing plans to scale production for next year

“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

• Cash, Cash Equivalents and Marketable Securities
  • Cash, cash equivalents and marketable securities of $134.8 million and available facility of $125.0 million as of September 30, 2024
• Revenue
  • Revenue of $2.3 million in Q3 2024, compared to revenue of $0.8 million in Q3 2023
• GAAP and Non-GAAP Operating Loss*
  • GAAP operating loss of $37.9 million in Q3 2024, compared to GAAP operating loss of $35.5 million in Q3 2023
  • Non-GAAP operating loss of $31.4 million in Q3 2024, compared to non-GAAP operating loss of $30.3 million in Q3 2023
• GAAP and Non-GAAP Net Loss per Share*
  • GAAP net loss per share of $0.70 in Q3 2024, compared to GAAP net loss per share of $0.75 in Q3 2023
  • Non-GAAP net loss per share of $0.55 in Q3 2024, compared to non-GAAP net loss per share of $0.63 in Q3 2023
• Shares Outstanding
  • Weighted average shares outstanding of 53.7 million in Q3 2024

*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 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.

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

 

 

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.

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

 

 

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

)

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20241106706154/en/

Investors: Andrew Fung investors@aeva.ai

Media: Michael Oldenburg press@aeva.ai