AEVA Aeva Technologies Inc

On Track with Daimler Truck Program Milestones and 2026 Start of Production Timeline

Advanced with Global Top 10 Passenger OEM RFQ, Award Decision Expected This Year

Top U.S. National Defense Security Organization Selected 4D LiDAR to Protect Critical Energy Infrastructure

First Industrial Launch with Nikon On Schedule for Q4 2024

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

Key Company Highlights

• Daimler Truck program is on track with continued scaling of sensor shipments for the OEM’s on-road vehicles. Daimler Truck unveiled its battery electric autonomous Freightliner eCascadia vehicle technology demonstrator equipped with Aeva 4D LiDAR
• Strong momentum in passenger vehicles: continued expectation for a global top 10 OEM RFQ award decision this year; a new collaboration with an additional global top 10 OEM for integration concept of next-generation FMCW LiDAR
• Completed final validation for the first industrial precision product with Nikon ahead of Aeva deliveries in Q4 2024
• First expansion into security with Aeva 4D LiDAR selected by a top U.S. National Defense Security organization to protect critical energy infrastructure
• Germany’s AutomatedTrain program selected Aeva 4D LiDAR to help enable driverless, fully automated passenger train dispatch and parking functionality
• Achieved ISO/IEC 27001:2022 certification of Aeva’s information security management system, demonstrating continued progress on automotive Tier-1 readiness

“We continue to achieve key milestones on our production programs with Daimler Truck in auto and Nikon in industrial, while also making significant strides on additional automotive opportunities with multiple global top 10 passenger OEMs looking to adopt 4D LiDAR,” said Soroush Salehian, Co-Founder and CEO at Aeva. “We believe the demand for Aeva’s unique FMCW technology across a broad range of applications is only beginning, as evidenced by recent wins in new areas including security, and we see opportunity to continue securing additional program wins in 2024.”

Second Quarter 2024 Financial Highlights

• Cash, Cash Equivalents and Marketable Securities
  • Cash, cash equivalents and marketable securities of $160.2 million and available facility of $125.0 million as of June 30, 2024
• Revenue
  • Revenue of $2.0 million in Q2 2024, compared to revenue of $0.7 million in Q2 2023
• GAAP and Non-GAAP Operating Loss*
  • GAAP operating loss of $48.9 million in Q2 2024, compared to GAAP operating loss of $38.2 million in Q2 2023
  • Non-GAAP operating loss of $32.0 million in Q2 2024, compared to non-GAAP operating loss of $31.1 million in Q2 2023
• GAAP and Non-GAAP Net Loss per Share*
  • GAAP net loss per share of $0.82 in Q2 2024, compared to GAAP net loss per share of $0.82 in Q2 2023
  • Non-GAAP net loss per share of $0.57 in Q2 2024, compared to non-GAAP net loss per share of $0.66 in Q2 2023
• Shares Outstanding
  • Weighted average shares outstanding of 53.0 million in Q2 2024

*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, August 7, 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 for the second quarter 2024 and business objectives for 2024, along with our expectations with respect to the production agreement with Daimler Truck and Nikon as well as engagement and deployments with other customers, and our ability to access capital under the Facility Agreement. 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, (v) the ability to manufacture at volumes and costs needed for commercial programs, (vi) no assurance or guarantee that any of our customers, including any programs which we included in our order book estimates will ever complete such testing and validation with us or that we will receive any billings or revenues forecasted in connection with such program, and (vii) 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-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.

AEVA TECHNOLOGIES, INC.

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands)

 

June 30, 2024

December 31, 2023

 

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

23,622

 

$

38,547

 

Marketable securities

 

136,560

 

 

182,481

 

Accounts receivable

 

844

 

 

628

 

Inventories

 

2,999

 

 

2,374

 

Other current assets

 

8,351

 

 

5,195

 

Total current assets

 

172,376

 

 

229,225

 

Operating lease right-of-use assets

 

5,586

 

 

7,289

 

Property, plant and equipment, net

 

12,155

 

 

12,114

 

Intangible assets, net

 

2,175

 

 

2,625

 

Other noncurrent assets

 

5,815

 

 

6,132

 

TOTAL ASSETS

$

198,107

 

$

257,385

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Accounts payable

$

3,824

 

$

3,602

 

Accrued liabilities

 

2,936

 

 

2,648

 

Accrued employee costs

 

3,044

 

 

6,043

 

Lease liability, current portion

 

3,783

 

 

3,587

 

Other current liabilities

 

19,046

 

 

2,524

 

Total current liabilities

 

32,633

 

 

18,404

 

Lease liability, noncurrent portion

 

1,822

 

 

3,767

 

Warrant liability

 

3,692

 

 

6,772

 

TOTAL LIABILITIES

 

38,147

 

 

28,943

 

STOCKHOLDERS’ EQUITY:

Common stock

 

5

 

 

5

 

Additional paid-in capital

 

698,510

 

 

688,124

 

Accumulated other comprehensive loss

 

(236

)

 

(87

)

Accumulated deficit

 

(538,319

)

 

(459,600

)

TOTAL STOCKHOLDERS’ EQUITY

 

159,960

 

 

228,442

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

198,107

 

$

257,385

 

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,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenue

$

2,012

 

$

743

 

 

$

4,119

 

$

1,891

 

Cost of revenue (1)

 

2,860

 

 

2,661

 

 

6,359

 

 

5,190

 

Gross loss

 

 

(848

)

 

(1,918

)

 

(2,240

)

 

(3,299

)

Operating expenses:

Research and development expenses (1)

 

 

26,196

 

 

27,065

 

 

51,208

 

 

52,519

 

General and administrative expenses (1)

 

8,663

 

 

7,713

 

 

17,074

 

 

15,546

 

Selling and marketing expenses (1)

 

 

1,706

 

 

1,485

 

 

4,235

 

 

4,083

 

Litigation settlement, net (2)

 

11,500

 

 

—

 

 

11,500

 

 

—

 

Total operating expenses

 

48,065

 

 

36,263

 

 

84,017

 

 

72,148

 

Operating loss

 

(48,913

)

 

(38,181

)

 

(86,257

)

 

(75,447

)

Interest income

 

2,099

 

 

2,225

 

 

4,557

 

 

4,289

 

Other income, net

 

3,544

 

 

1

 

 

3,104

 

 

29

 

Loss before income taxes

$

(43,270

)

$

(35,955

)

$

(78,596

)

$

(71,129

)

Income tax provision

 

123

 

 

—

 

 

123

 

 

—

 

Net loss

$

(43,393

)

$

(35,955

)

$

(78,719

)

$

(71,129

)

Net loss per share, basic and diluted

$

(0.82

)

$

(0.82

)

$

(1.49

)

$

(1.62

)

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

 

52,995,093

 

 

44,104,251

 

 

52,868,909

 

 

44,015,402

 

 

(1) Includes stock-based compensation as follows:

 

Three Months Ended June 30,

Six Months Ended June 30,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Cost of revenue

 

$

64

 

 

$

367

 

 

$

166

 

 

$

697

 

Research and development expenses

 

4,189

 

 

5,213

 

 

8,178

 

 

9,623

 

General and administrative expenses

 

 

913

 

 

 

1,216

 

 

 

1,820

 

 

 

2,335

 

Selling and marketing expenses

 

198

 

 

245

 

 

461

 

 

349

 

Total stock-based compensation expense

 

$

5,364

 

 

$

7,041

 

 

$

10,625

 

$

13,004

 

 

(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)

Six Months Ended June 30,

 

2024

 

 

2023

 

Cash flows from operating activities:

Net loss

$

(78,719

)

$

(71,129

)

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

Depreciation and amortization

 

2,741

 

 

2,103

 

Impairment of inventories

 

559

 

 

102

 

Change in fair value of warrant liabilities

 

(3,080

)

 

(28

)

Stock-based compensation

 

10,625

 

 

13,004

 

Amortization of right-of-use assets

 

1,703

 

 

1,498

 

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

 

(2,096

)

 

(1,420

)

Other

 

118

 

 

—

 

Changes in operating assets and liabilities:

Accounts receivable

 

(216

)

 

2,019

 

Inventories

 

(1,184

)

 

61

 

Other current assets

 

(3,156

)

 

(352

)

Other noncurrent assets

 

317

 

 

(5

)

Accounts payable

 

199

 

 

85

 

Accrued liabilities

 

288

 

 

(6,738

)

Accrued employee costs

 

 

(2,999

)

 

 

(1,205

)

Lease liability

 

(1,749

)

 

(1,459

)

Other current liabilities

 

16,522

 

 

45

 

Net cash used in operating activities

 

(60,127

)

 

(63,419

)

Cash flows from investing activities:

Purchase of property, plant and equipment

 

(2,427

)

 

(2,388

)

Purchase of available-for-sale securities

 

 

(52,072

)

 

 

(74,126

)

Proceeds from maturities of available-for-sale securities

 

99,940

 

 

107,094

 

Net cash provided by investing activities

 

45,441

 

 

30,580

 

Cash flows from financing activities:

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

 

(293

)

 

(20

)

Proceeds from exercise of stock options

 

54

 

 

116

 

Net cash used in (provided by) financing activities

 

 

(239

)

 

 

96

 

Net decrease in cash and cash equivalents

 

(14,925

)

 

(32,743

)

Beginning cash and cash equivalents

 

38,547

 

 

67,420

 

Ending cash and cash equivalents

$

23,622

 

$

34,677

 

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,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

GAAP operating loss

 

$

(48,913

)

 

$

(38,181

)

 

$

(86,257

)

 

$

(75,447

)

Stock-based compensation

 

5,364

 

 

7,041

 

 

10,625

 

 

13,004

 

Litigation settlement, net

 

 

11,500

 

 

 

—

 

 

 

11,500

 

 

 

—

 

Non-GAAP operating loss

$

(32,049

)

$

(31,140

)

$

(64,132

)

$

(62,443

)

   

Reconciliation from GAAP to non-GAAP net loss

Three Months Ended June 30,

Six Months Ended June 30,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

GAAP net loss

 

$

(43,393

)

 

$

(35,955

)

 

$

(78,719

)

 

$

(71,129

)

Stock-based compensation

 

5,364

 

 

7,041

 

 

10,625

 

 

13,004

 

Litigation settlement, net

 

 

11,500

 

 

 

—

 

 

 

11,500

 

 

 

—

 

Change in fair value of warrant liability

 

(3,517

)

 

—

 

 

(3,080

)

 

(28

)

Non-GAAP net loss

 

$

(30,046

)

 

$

(28,914

)

 

$

(59,674

)

 

$

(58,153

)

   

Reconciliation between GAAP and non-GAAP net loss per share

Three Months Ended June 30,

Six Months Ended June 30,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Shares used in computing GAAP net loss per share:

 

 

 

 

 

 

 

 

Basic and diluted

 

52,995,093

 

 

44,104,251

 

 

52,868,909

 

 

44,015,402

 

GAAP net loss per share

 

 

 

 

 

 

 

 

Basic and diluted

$

(0.82

)

$

(0.82

)

$

(1.49

)

$

(1.62

)

Stock-based compensation

 

 

0.10

 

 

 

0.16

 

 

 

0.20

 

 

 

0.30

 

Litigation settlement, net

 

0.22

 

 

—

 

 

0.22

 

 

—

 

Change in fair value of warrant liability

 

 

(0.07

)

 

 

—

 

 

 

(0.06

)

 

 

—

 

Non-GAAP net loss per share

Basic and diluted

 

$

(0.57

)

 

$

(0.66

)

 

$

(1.13

)

 

$

(1.32

)

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240807293470/en/

Investors: Andrew Fung investors@aeva.ai

Media: Michael Oldenburg press@aeva.ai