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Aeva Technologies Reports First Quarter 2024 Results

07 May 2024
  • Record Product Shipments to Customers Including Daimler Truck
  • On Track with Daimler Truck Program Milestones and Start of Production Timeline
  • Strong Progress with Multiple Automotive RFQs, Including Completing Audit with a Global Top 10 Passenger OEM

MOUNTAIN VIEW, Calif. / May 07, 2024 / Business Wire / Aeva® (NYSE: AEVA), a leader in next-generation sensing and perception systems, today announced its first quarter 2024 results.

Key Company Highlights

  • Shipped record number of sensors to customers, including to Daimler Truck
  • On track with Daimler Truck’s milestones and SOP timeline, with first trucks integrating Aeva sensors on the road for data collection
  • Strong momentum in automotive, including completing manufacturing and quality audit with a global top 10 passenger OEM
  • Advancement on multiple RFQs with award decisions expected this year
  • Established new Automotive Center of Excellence (COE) in Germany to support growing commercial momentum, with team of industry veterans bringing 20+ years of ADAS, autonomy and software experience at leading OEMs and Tier 1 suppliers

“In the first quarter, Aeva continued to build on our exciting start to the year, with significant milestones achieved for Daimler Truck’s series production program and strong progress in passenger vehicles including multiple automotive RFQs,” said Soroush Salehian, Co-Founder and CEO at Aeva. “With growing interest for our differentiated 4D LiDAR technology, we have also added leading talent to the Aeva team to support our commercial momentum, which together with our solid financial position gives us added confidence to continue delivering on our existing programs and new wins in 2024.”

First Quarter 2024 Financial Highlights

  • Cash, Cash Equivalents and Marketable Securities
    • Cash, cash equivalents and marketable securities of $189.3 million and available facility of $125.0 million as of March 31, 2024
  • Revenue
    • Revenue of $2.1 million in Q1 2024, compared to revenue of $1.1 million in Q1 2023
  • GAAP and Non-GAAP Operating Loss*
    • GAAP operating loss of $37.3 million in Q1 2024, compared to GAAP operating loss of $37.3 million in Q1 2023
    • Non-GAAP operating loss of $32.1 million in Q1 2024, compared to non-GAAP operating loss of $31.3 million in Q1 2023
  • GAAP and Non-GAAP Net Loss per Share*
    • GAAP net loss per share of $0.67 in Q1 2024, compared to GAAP net loss per share of $0.80 in Q1 2023
    • Non-GAAP net loss per share of $0.56 in Q1 2024, compared to non-GAAP net loss per share of $0.67 in Q1 2023
  • Shares Outstanding
    • Weighted average shares outstanding of 52.7 million in Q1 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, May 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 first quarter 2024 and business objectives for 2024, along with our expectations with respect to the production agreement with Daimler Truck 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. 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,
2024

 

December 31,
2023

     

ASSETS

    

CURRENT ASSETS:

    

Cash and cash equivalents

 

$

29,605

 

 

$

38,547

 

Marketable securities

 

 

159,723

 

 

 

182,481

 

Accounts receivable

 

 

978

 

 

 

628

 

Inventories

 

 

2,163

 

 

 

2,374

 

Other current assets

 

 

4,882

 

 

 

5,195

 

Total current assets

 

 

197,351

 

 

 

229,225

 

Operating lease right-of-use assets

 

 

6,444

 

 

 

7,289

 

Property, plant and equipment, net

 

 

12,552

 

 

 

12,114

 

Intangible assets, net

 

 

2,400

 

 

 

2,625

 

Other noncurrent assets

 

 

6,062

 

 

 

6,132

 

TOTAL ASSETS

 

$

224,809

 

 

$

257,385

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

    

CURRENT LIABILITIES:

    

Accounts payable

 

$

3,424

 

 

$

3,602

 

Accrued liabilities

 

 

2,639

 

 

 

2,648

 

Accrued employee costs

 

 

2,443

 

 

 

6,043

 

Lease liability, current portion

 

 

3,681

 

 

 

3,587

 

Other current liabilities

 

 

4,406

 

 

 

2,524

 

Total current liabilities

 

 

16,593

 

 

 

18,404

 

Lease liability, noncurrent portion

 

 

2,807

 

 

 

3,767

 

Warrant liability

 

 

7,209

 

 

 

6,772

 

TOTAL LIABILITIES

 

 

26,609

 

 

 

28,943

 

STOCKHOLDERS’ EQUITY:

    

Common stock

 

 

5

 

 

 

5

 

Additional paid-in capital

 

 

693,369

 

 

 

688,124

 

Accumulated other comprehensive loss

 

 

(248

)

 

 

(87

)

Accumulated deficit

 

 

(494,926

)

 

 

(459,600

)

TOTAL STOCKHOLDERS’ EQUITY

 

 

198,200

 

 

 

228,442

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

224,809

 

 

$

257,385

 

AEVA TECHNOLOGIES, INC.

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except share and per share data)

     
  

Three Months Ended March 31,

  

 

2024

 

 

 

2023

 

Revenue

 

$

2,107

 

 

$

1,148

 

Cost of revenue (1)

 

 

3,499

 

 

 

2,529

 

Gross loss

 

 

(1,392

)

 

 

(1,381

)

Operating expenses:

    

Research and development expenses (1)

 

 

25,012

 

 

 

25,454

 

General and administrative expenses (1)

 

 

8,411

 

 

 

7,833

 

Selling and marketing expenses (1)

 

 

2,529

 

 

 

2,598

 

Total operating expenses

 

 

35,952

 

 

 

35,885

 

Operating loss

 

 

(37,344

)

 

 

(37,266

)

Interest income

 

 

2,457

 

 

 

2,064

 

Other income, net

 

 

(439

)

 

 

28

 

Loss before income taxes

 

$

(35,326

)

 

$

(35,174

)

Income tax provision

 

 

 

 

 

 

Net loss

 

$

(35,326

)

 

$

(35,174

)

Net loss per share, basic and diluted

 

$

(0.67

)

 

$

(0.80

)

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

 

 

52,742,725

 

 

 

43,925,565

 

     

(1) Includes stock-based compensation as follows:

    
     
  

Three Months Ended March 31,

  

 

2024

 

 

 

2023

 

Cost of revenue

 

$

102

 

 

$

330

 

Research and development expenses

 

 

3,989

 

 

 

4,410

 

General and administrative expenses

 

 

907

 

 

 

1,119

 

Selling and marketing expenses

 

 

263

 

 

 

104

 

Total stock-based compensation expense

 

$

5,261

 

 

$

5,963

 

AEVA TECHNOLOGIES, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

  

Three Months Ended March 31,

  

 

2024

 

 

 

2023

 

Cash flows from operating activities:

    

Net loss

 

$

(35,326

)

 

$

(35,174

)

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

    

Depreciation and amortization

 

 

1,345

 

 

 

955

 

Impairment of inventories

 

 

465

 

 

 

45

 

Change in fair value of warrant liabilities

 

 

437

 

 

 

(28

)

Stock-based compensation

 

 

5,261

 

 

 

5,963

 

Amortization of right-of-use assets

 

 

845

 

 

 

744

 

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

 

 

(1,087

)

 

 

(632

)

Changes in operating assets and liabilities:

    

Accounts receivable

 

 

(350

)

 

 

442

 

Inventories

 

 

(251

)

 

 

(100

)

Other current assets

 

 

312

 

 

 

790

 

Other noncurrent assets

 

 

70

 

 

 

 

Accounts payable

 

 

(89

)

 

 

(1,749

)

Accrued liabilities

 

 

(10

)

 

 

(5,207

)

Accrued employee costs

 

 

(3,600

)

 

 

(1,307

)

Lease liability

 

 

(866

)

 

 

(754

)

Other current liabilities

 

 

1,882

 

 

 

 

Net cash used in operating activities

 

 

(30,962

)

 

 

(36,012

)

Cash flows from investing activities:

    

Purchase of property, plant and equipment

 

 

(1,648

)

 

 

(1,275

)

Purchase of available-for-sale securities

 

 

(38,881

)

 

 

(54,520

)

Proceeds from maturities of available-for-sale securities

 

 

62,565

 

 

 

56,214

 

Net cash provided by investing activities

 

 

22,036

 

 

 

419

 

Cash flows from financing activities:

    

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

 

 

(55

)

 

 

(20

)

Proceeds from exercise of stock options

 

 

39

 

 

 

57

 

Net cash provided by (used in) financing activities

 

 

(16

)

 

 

37

 

Net decrease in cash and cash equivalents

 

 

(8,942

)

 

 

(35,556

)

Beginning cash and cash equivalents

 

 

38,547

 

 

 

67,420

 

Ending cash and cash equivalents

 

$

29,605

 

 

$

31,864

 

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,

  

 

2024

 

 

 

2023

 

   

GAAP operating loss

 

$

(37,344

)

 

$

(37,266

)

Stock-based compensation

 

 

5,261

 

 

 

5,963

 

Non-GAAP operating loss

 

$

(32,083

)

 

$

(31,303

)

     
     

Reconciliation from GAAP to non-GAAP net loss

    
  

Three Months Ended March 31,

  

 

2024

 

 

 

2023

 

   

GAAP net loss

 

$

(35,326

)

 

$

(35,174

)

Stock-based compensation

 

 

5,261

 

 

 

5,963

 

Change in fair value of warrant liability

 

 

437

 

 

 

(28

)

Non-GAAP net loss

 

$

(29,628

)

 

$

(29,239

)

     
     

Reconciliation between GAAP and non-GAAP net loss per share

    
  

Three Months Ended March 31,

  

 

2024

 

 

 

2023

 

Shares used in computing GAAP net loss per share:

 

 

 

 

Basic and diluted

 

 

52,742,725

 

 

 

43,925,565

 

GAAP net loss per share

 

 

 

 

Basic and diluted

 

$

(0.67

)

 

$

(0.80

)

Stock-based compensation

 

 

0.10

 

 

 

0.13

 

Change in fair value of warrant liability

 

 

0.01

 

 

 

(0.00

)

Non-GAAP net loss per share

 

 

 

 

Basic and diluted

 

$

(0.56

)

 

$

(0.67

)

 

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