Aeva® (NYSE: AEVA), a leader in next-generation sensing and perception systems, today announced its fourth quarter and full year 2021 results.
Key Company Highlights
“Aeva delivered on all of our objectives in 2021 - from product and commercial to financial - enabling us to accelerate our path to commercialization,” said Soroush Salehian, Co-Founder and CEO at Aeva. “We have continued our momentum into 2022, with the release of Aeries II, the world’s first commercially available 4D LiDAR that offers automotive grade reliability and Ultra Resolution to enable the next generation of autonomy.
“The industry response to Aeries II has been quite strong, giving us added confidence to broaden our commercial traction as we progress towards scaling deployment later this year and accelerate our timeline for industrial applications.”
Fourth Quarter and Full Year 2021 Financial Highlights
*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. 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 Twitter 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 fourth quarter of 2021 and business objectives for 2022, along with our expectations with respect to our collaborations with third parties. 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 ability to maintain the listing of Aeva’s securities on the New York Stock Exchange, (ii) the price of Aeva’s securities, which may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which Aeva plans to operate, variations in performance across competitors, changes in laws and regulations affecting Aeva’s business and changes in the combined capital structure, (iii) the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities, (iv) the risk of downturns and the possibility of rapid change in the highly competitive industry in which Aeva operates, (v) the risk that Aeva and its current and future collaborators are unable to successfully develop and commercialize Aeva’s products or services, or experience significant delays in doing so, (vi) the risk that Aeva may never achieve or sustain profitability; (vii) the risk that Aeva will need to raise additional capital to execute its business plan, which many not be available on acceptable terms or at all; (viii) the risk that Aeva experiences difficulties in managing its growth and expanding operations, (ix) the risk that third-parties suppliers and manufacturers are not able to fully and timely meet their obligations, (x) the risk of product liability or regulatory lawsuits or proceedings relating to Aeva’s products and services, (xi) the risk that Aeva is unable to secure or protect its intellectual property; and (xii) the effects of the ongoing coronavirus (COVID-19) pandemic or other infectious diseases, health epidemics, pandemics and natural disasters on Aeva’s business. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors, and for a further discussion of the material risks and other important factors that could affect our financial results, please refer to our filings with the SEC, including our Form 10-Q for the quarter ended September 30, 2021. 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) | ||||||||
December 31, | December 31, | |||||||
ASSETS | ||||||||
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | $ | 66,810 |
| $ | 24,624 |
| ||
Marketable securities |
| 378,200 |
|
| — |
| ||
Accounts receivable, net |
| 2,341 |
|
| 141 |
| ||
Inventory |
| 2,063 |
|
| 1,219 |
| ||
Other current assets |
| 9,070 |
|
| 4,970 |
| ||
Total current assets |
| 458,484 |
|
| 30,954 |
| ||
Operating lease right-of-use assets |
| 10,284 |
|
| — |
| ||
Property and equipment, net |
| 5,136 |
|
| 1,614 |
| ||
Intangible assets, net |
| 4,425 |
|
| — |
| ||
Other assets |
| 859 |
|
| 64 |
| ||
TOTAL ASSETS | $ | 479,188 |
| $ | 32,632 |
| ||
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY | ||||||||
CURRENT LIABILITIES: | ||||||||
Accounts payable | $ | 4,386 |
| $ | 2,071 |
| ||
Accrued liabilities |
| 4,110 |
|
| 2,606 |
| ||
Accrued employee costs |
| 2,196 |
|
| 722 |
| ||
Lease liability, current portion |
| 2,872 |
|
| — |
| ||
Other current liabilities |
| 733 |
|
| 275 |
| ||
Total current liabilities |
| 14,297 |
|
| 5,674 |
| ||
Lease liability, noncurrent portion |
| 7,455 |
|
| — |
| ||
Warrant liability |
| 1,060 |
|
| — |
| ||
Other liabilities |
| — |
|
| 45 |
| ||
TOTAL LIABILITIES |
| 22,812 |
|
| 5,719 |
| ||
STOCKHOLDERS’ EQUITY: | ||||||||
Common stock |
| 21 |
|
| 15 |
| ||
Additional paid-in capital |
| 619,841 |
|
| 87,982 |
| ||
Accumulated other comprehensive loss |
| (524 | ) |
| — |
| ||
Accumulated deficit |
| (162,962 | ) |
| (61,084 | ) | ||
TOTAL STOCKHOLDERS’ EQUITY |
| 456,376 |
|
| 26,913 |
| ||
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY | $ | 479,188 |
| $ | 32,632 |
| ||
AEVA TECHNOLOGIES, INC. | ||||||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(In thousands, except share and per share data) | ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Revenues: | ||||||||||||||||
Product | $ | 586 |
| $ | 732 |
| $ | 1,776 |
| $ | 1,534 |
| ||||
Professional service |
| 2,287 |
|
| — |
|
| 7,489 |
|
| 3,309 |
| ||||
Total revenues |
| 2,873 |
|
| 732 |
|
| 9,265 |
|
| 4,843 |
| ||||
Cost of revenues: | ||||||||||||||||
Product |
| 431 |
|
| 550 |
|
| 1,365 |
|
| 717 |
| ||||
Professional service (1) |
| 1,499 |
|
| — |
|
| 4,468 |
|
| 2,024 |
| ||||
Total cost of revenues |
| 1,930 |
|
| 550 |
|
| 5,833 |
|
| 2,741 |
| ||||
Gross profit |
| 943 |
|
| 182 |
|
| 3,432 |
|
| 2,102 |
| ||||
Research and development expenses (1) |
| 23,749 |
|
| 6,214 |
|
| 74,768 |
|
| 20,497 |
| ||||
General and administrative expenses (1) |
| 6,766 |
|
| 2,325 |
|
| 28,407 |
|
| 5,664 |
| ||||
Selling and marketing expenses (1) |
| 2,364 |
|
| 655 |
|
| 4,443 |
|
| 1,682 |
| ||||
Total operating expenses |
| 32,879 |
|
| 9,194 |
|
| 107,618 |
|
| 27,843 |
| ||||
Operating loss |
| (31,936 | ) |
| (9,012 | ) |
| (104,186 | ) |
| (25,741 | ) | ||||
Interest income |
| 144 |
|
| 1 |
|
| 372 |
|
| 195 |
| ||||
Other income (expense), net |
| 50 |
|
| (2 | ) |
| 1,936 |
|
| (24 | ) | ||||
Net loss before taxes |
| (31,742 | ) |
| (9,013 | ) |
| (101,878 | ) |
| (25,570 | ) | ||||
Income tax provision |
| — |
|
| — |
|
| — |
|
| — |
| ||||
Net loss | $ | (31,742 | ) | $ | (9,013 | ) | $ | (101,878 | ) | $ | (25,570 | ) | ||||
Net loss per share, basic and diluted | $ | (0.15 | ) | $ | (0.06 | ) | $ | (0.51 | ) | $ | (0.18 | ) | ||||
Shares used in computing net loss per share, basic and diluted |
| 214,344,240 |
|
| 148,335,598 |
|
| 200,849,663 |
|
| 141,741,752 |
| ||||
(1) Includes stock-based compensation as follows: | ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Cost of revenues | $ | 480 |
| $ | — |
| $ | 1,483 |
| $ | 470 |
| ||||
Research and development expenses |
| 4,130 |
|
| 640 |
|
| 12,754 |
|
| 1,895 |
| ||||
General and administrative expenses |
| 1,420 |
|
| 345 |
|
| 7,629 |
|
| 1,415 |
| ||||
Selling and marketing expenses |
| 162 |
|
| 6 |
|
| 371 |
|
| 26 |
| ||||
Total stock-based compensation expense | $ | 6,192 |
| $ | 991 |
| $ | 22,237 |
| $ | 3,806 |
| ||||
AEVA TECHNOLOGIES, INC. | ||||||||
Statements of Cash Flows | ||||||||
(Unaudited) | ||||||||
(In thousands) | ||||||||
Year Ended December 31, | ||||||||
2021 | 2020 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (101,878 | ) | $ | (25,570 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization |
| 1,147 |
|
| 798 |
| ||
Loss on write down of fixed assets |
| 52 |
|
| — |
| ||
Change in fair value of warrant liability |
| (1,954 | ) |
| — |
| ||
Stock-based compensation |
| 22,237 |
|
| 3,806 |
| ||
Amortization of right-of-use assets |
| 1,901 |
|
| — |
| ||
Amortization of premium on available-for-sale securities |
| 1,498 |
|
| — |
| ||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable |
| (2,200 | ) |
| 228 |
| ||
Inventories |
| (844 | ) |
| (865 | ) | ||
Other current assets |
| (7,285 | ) |
| (3,513 | ) | ||
Other noncurrent assets |
| (795 | ) |
| (5 | ) | ||
Accounts payable |
| 2,667 |
|
| 1,360 |
| ||
Accrued liabilities |
| 3,202 |
|
| 2,263 |
| ||
Accrued employee costs |
| 1,474 |
|
| 256 |
| ||
Lease liability |
| (1,785 | ) |
| — |
| ||
Other current liabilities |
| 458 |
|
| 5 |
| ||
Other noncurrent liabilities |
| — |
|
| 6 |
| ||
Net cash used in operating activities |
| (82,105 | ) |
| (21,231 | ) | ||
Cash flows from investing activities: | ||||||||
Purchase of property, plant and equipment |
| (3,850 | ) |
| (855 | ) | ||
Purchase of available-for-sale securities |
| (571,925 | ) |
| — |
| ||
Proceeds from sale of available-for-sale securities |
| 20,123 |
|
| — |
| ||
Proceeds from maturities of marketable securities |
| 171,580 |
|
| — |
| ||
Purchase of intangible assets |
| (4,500 | ) |
| — |
| ||
Net cash used in investing activities |
| (388,572 | ) |
| (855 | ) | ||
Cash flows from financing activities: | ||||||||
Proceeds from business combination and private offering |
| 560,777 |
|
| — |
| ||
Transaction costs related to business combination and private offering |
| (47,487 | ) |
| — |
| ||
Payments of taxes withheld on net settled vesting of restricted stock units |
| (1,338 | ) |
| — |
| ||
Proceeds from exercise of stock options |
| 911 |
|
| 73 |
| ||
Net cash provided by financing activities |
| 512,863 |
|
| 73 |
| ||
Net increase (decrease) in cash and cash equivalents |
| 42,186 |
|
| (22,013 | ) | ||
Beginning cash and cash equivalents |
| 24,624 |
|
| 46,637 |
| ||
Ending cash and cash equivalents | $ | 66,810 |
| $ | 24,624 |
| ||
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 December 31, | Year Ended December 31, | ||||||||||||||
2021 |
| 2020 | 2021 |
| 2020 | |||||||||||
|
| |||||||||||||||
GAAP operating loss |
| $ | (31,936 | ) |
| $ | (9,012 | ) |
| $ | (104,186 | ) |
| $ | (25,741 | ) |
Stock-based compensation |
|
| 6,192 |
|
|
| 991 |
|
| 22,237 |
|
|
| 3,806 |
| |
Non-GAAP operating loss |
| $ | (25,744 | ) |
| $ | (8,021 | ) |
| $ | (81,949 | ) |
| $ | (21,935 | ) |
Reconciliation from GAAP to non-GAAP net loss | ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2021 |
| 2020 | 2021 |
| 2020 | |||||||||||
|
| |||||||||||||||
GAAP net loss |
| $ | (31,742 | ) |
| $ | (9,013 | ) |
| $ | (101,878 | ) |
| $ | (25,570 | ) |
Stock-based compensation |
|
| 6,192 |
|
|
| 991 |
|
| 22,237 |
|
|
| 3,806 |
| |
Change in fair value of warrant liability |
|
| (50 | ) |
|
| — |
|
|
| (1,954 | ) |
|
| — |
|
Non-GAAP net loss | $ | (25,600 | ) | $ | (8,022 | ) | $ | (81,595 | ) | $ | (21,764 | ) | ||||
Reconciliation between GAAP and non-GAAP net loss per share | ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2021 |
| 2020 | 2021 |
| 2020 | |||||||||||
Shares used in computing GAAP net loss per share: |
|
|
|
|
|
|
|
| ||||||||
Basic and diluted |
| 214,344,240 |
|
| 148,335,598 |
|
| 200,849,663 |
|
| 141,741,752 |
| ||||
GAAP net loss per share |
|
|
|
|
|
|
|
| ||||||||
Basic and diluted | $ | (0.15 | ) | $ | (0.06 | ) | $ | (0.51 | ) | $ | (0.18 | ) | ||||
Stock-based compensation |
|
| 0.03 |
|
|
| 0.01 |
|
|
| 0.11 |
|
|
| 0.03 |
|
Warrant liability |
| (0.00 | ) |
| — |
|
| (0.01 | ) |
| — |
| ||||
Non-GAAP net loss per share |
|
|
|
|
|
|
|
| ||||||||
Basic and diluted | $ | (0.12 | ) | $ | (0.05 | ) | $ | (0.41 | ) | $ | (0.15 | ) | ||||
| Last Trade: | US$4.48 |
| Daily Change: | -0.02 -0.44 |
| Daily Volume: | 206,063 |
| Market Cap: | US$241.380M |
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