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Aeva Technologies Reports Fourth Quarter and Full Year 2022 Results

22 March 2023
  • Selected by top-10 global OEM for vehicle development
  • Progressing on a growing number of vehicle programs to advanced / RFQ stage
  • Completed core development of LiDAR on chip perception platform for industrial automation

MOUNTAIN VIEW, Calif. / Mar 22, 2023 / Business Wire / Aeva® (NYSE: AEVA), a leader in next-generation sensing and perception systems, today announced its fourth quarter and full year 2022 results.

Key Company Highlights

  • Successful launch of Aeries II, with shipments to 40+ customers in 2022
  • Selected by a top-10 global OEM for development program, which defines specifications for production vehicles targeting 2025 start of production
  • Progressing on a growing number of vehicle programs to the advanced or RFQ stage with leading OEMs
  • Completed core development of LiDAR on chip perception platform for existing customers and additional opportunities in industrial automation

“Aeva achieved important commercial milestones in 2022 that are enabling us to further our momentum in 2023,” said Soroush Salehian, Co-Founder and CEO at Aeva. “It has been an exciting start to the year, with the selection by a top-10 global OEM for development towards production and meaningful progress on other customer engagements. Our focus in 2023 is on securing new wins as we continue on our vision of bringing the next generation of perception to the market.”

Fourth Quarter and Full Year 2022 Financial Highlights

  • Cash, Cash Equivalents and Marketable Securities
    • Cash, cash equivalents and marketable securities of $323.8 million as of December 31, 2022
  • Revenue
    • Revenue of $0.2 million in Q4 2022, which includes revenue of $4.1 million partially offset by an adjustment of $3.9 million for an existing customer‘s contract modification. This compares to revenue of $2.9 million in Q4 2021
    • Revenue of $4.2 million for full year 2022, which includes revenue of $8.1 million partially offset by an adjustment of $3.9 million for an existing customer‘s contract modification. This compares to revenue of $9.3 million for full year 2021
  • GAAP and Non-GAAP Operating Loss*
    • GAAP operating loss of $44.4 million in Q4 2022, compared to GAAP operating loss of $31.9 million in Q4 2021
    • GAAP operating loss of $152.0 million for full year 2022, compared to GAAP operating loss of $104.2 million for full year 2021
    • Non-GAAP operating loss of $38.5 million in Q4 2022, compared to non-GAAP operating loss of $25.7 million in Q4 2021
    • Non-GAAP operating loss of $127.7 million for full year 2022, compared to non-GAAP operating loss of $81.9 million for full year 2021
  • GAAP and Non-GAAP Net Loss per Share*
    • GAAP net loss per share of $0.20 in Q4 2022, compared to GAAP net loss per share of $0.15 in Q4 2021
    • GAAP net loss per share of $0.68 for full year 2022, compared to GAAP net loss per share of $0.51 for full year 2021
    • Non-GAAP net loss per share of $0.17 in Q4 2022, compared to non-GAAP net loss per share of $0.12 in Q4 2021
    • Non-GAAP net loss per share of $0.57 for full year 2022, compared to non-GAAP net loss per share of $0.41 for full year 2021
  • Shares Outstanding
    • Weighted average shares outstanding of 218.4 million in Q4 2022 and 217.3 million for full year 2022

*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, March 22, 2023. 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 and full year of 2022 and business objectives for 2023, along with our expectations with respect to our orders, product shipments, manufacturing plans and engagement with other customers. 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 and (v) 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-Q and 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)

     
  

December 31,
2022

 

December 31,
2021

     

ASSETS

    

CURRENT ASSETS:

    

Cash and cash equivalents

 

$

67,420

 

 

$

66,810

 

Marketable securities

 

 

256,392

 

 

 

378,200

 

Accounts receivable

 

 

2,887

 

 

 

2,341

 

Inventories

 

 

2,951

 

 

 

2,063

 

Other current assets

 

 

5,473

 

 

 

9,070

 

Total current assets

 

 

335,123

 

 

 

458,484

 

Operating lease right-of-use assets

 

 

7,402

 

 

 

10,284

 

Property, plant and equipment, net

 

 

9,720

 

 

 

5,136

 

Intangible assets, net

 

 

3,525

 

 

 

4,425

 

Other noncurrent assets

 

 

862

 

 

 

859

 

TOTAL ASSETS

 

$

356,632

 

 

$

479,188

 

LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY

    

CURRENT LIABILITIES:

    

Accounts payable

 

$

5,182

 

 

$

4,386

 

Accrued liabilities

 

 

9,063

 

 

 

4,110

 

Accrued employee costs

 

 

4,721

 

 

 

2,196

 

Lease liability, current portion

 

 

2,667

 

 

 

2,872

 

Other current liabilities

 

 

194

 

 

 

733

 

Total current liabilities

 

 

21,827

 

 

 

14,297

 

Lease liability, noncurrent portion

 

 

4,789

 

 

 

7,455

 

Warrant liability

 

 

90

 

 

 

1,060

 

TOTAL LIABILITIES

 

 

26,706

 

 

 

22,812

 

STOCKHOLDERS’ EQUITY:

    

Common stock

 

 

22

 

 

 

21

 

Additional paid-in capital

 

 

643,756

 

 

 

619,841

 

Accumulated other comprehensive loss

 

 

(3,585

)

 

 

(524

)

Accumulated deficit

 

 

(310,267

)

 

 

(162,962

)

TOTAL STOCKHOLDERS’ EQUITY

 

 

329,926

 

 

 

456,376

 

TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY

 

$

356,632

 

 

$

479,188

 

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,

  

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Revenue

 

 

188

 

 

 

2,873

 

 

 

4,192

 

 

 

9,265

 

Cost of revenue (1)

 

 

3,316

 

 

 

1,930

 

 

 

8,447

 

 

 

5,833

 

Gross profit (loss)

 

 

(3,128

)

 

 

943

 

 

 

(4,255

)

 

 

3,432

 

Operating expenses:

        

Research and development expenses (1)

 

 

32,211

 

 

 

23,749

 

 

 

109,587

 

 

 

74,768

 

General and administrative expenses (1)

 

 

7,428

 

 

 

6,766

 

 

 

31,070

 

 

 

28,407

 

Selling and marketing expenses (1)

 

 

1,628

 

 

 

2,364

 

 

 

7,043

 

 

 

4,443

 

Total operating expenses

 

 

41,267

 

 

 

32,879

 

 

 

147,700

 

 

 

107,618

 

Operating loss

 

 

(44,395

)

 

 

(31,936

)

 

 

(151,955

)

 

 

(104,186

)

Interest income

 

 

1,674

 

 

 

144

 

 

 

3,707

 

 

 

372

 

Other income, net

 

 

47

 

 

 

50

 

 

 

943

 

 

 

1,936

 

Net loss before income taxes

 

 

(42,674

)

 

 

(31,742

)

 

 

(147,305

)

 

 

(101,878

)

Income tax provision

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(42,674

)

 

$

(31,742

)

 

$

(147,305

)

 

$

(101,878

)

Net loss per share, basic and diluted

 

$

(0.20

)

 

$

(0.15

)

 

$

(0.68

)

 

$

(0.51

)

Shares used in computing net loss per share, basic and diluted

 

 

218,407,208

 

 

 

214,344,240

 

 

 

217,307,896

 

 

 

200,849,663

 

         

(1) Includes stock-based compensation as follows:

        
         
  

Three Months Ended December 31,

 

Year Ended December 31,

  

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Cost of revenue

 

$

423

 

 

$

480

 

 

$

1,161

 

 

$

1,483

 

Research and development expenses

 

 

4,045

 

 

 

4,130

 

 

 

17,197

 

 

 

12,754

 

General and administrative expenses

 

 

1,205

 

 

 

1,420

 

 

 

4,972

 

 

 

7,629

 

Selling and marketing expenses

 

 

216

 

 

 

162

 

 

 

917

 

 

 

371

 

Total stock-based compensation expense

 

$

5,889

 

 

$

6,192

 

 

$

24,247

 

 

$

22,237

 

AEVA TECHNOLOGIES, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

  

Year Ended December 31,

  

 

2022

 

 

 

2021

 

Cash flows from operating activities:

    

Net loss

 

$

(147,305

)

 

$

(101,878

)

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

    

Depreciation and amortization

 

 

3,265

 

 

 

1,147

 

Loss on write down of fixed assets

 

 

 

 

 

52

 

Change in fair value of warrant liability

 

 

(970

)

 

 

(1,954

)

Stock-based compensation

 

 

24,247

 

 

 

22,237

 

Impairment of inventories

 

 

1,664

 

 

 

 

Amortization of right-of-use assets

 

 

2,882

 

 

 

1,901

 

Realized loss on available-for-sale securities

 

 

29

 

 

 

 

Amortization of premium on available-for-sale securities

 

 

389

 

 

 

1,498

 

Changes in operating assets and liabilities:

    

Accounts receivable

 

 

(546

)

 

 

(2,200

)

Inventories

 

 

(2,552

)

 

 

(844

)

Other current assets

 

 

3,634

 

 

 

(7,285

)

Other noncurrent assets

 

 

(3

)

 

 

(795

)

Accounts payable

 

 

1,287

 

 

 

2,667

 

Accrued liabilities

 

 

4,953

 

 

 

3,202

 

Accrued employee costs

 

 

2,525

 

 

 

1,474

 

Lease liability

 

 

(2,871

)

 

 

(1,785

)

Other current liabilities

 

 

(539

)

 

 

458

 

Net cash used in operating activities

 

 

(109,911

)

 

 

(82,105

)

Cash flows from investing activities:

    

Purchase of property, plant and equipment

 

 

(7,439

)

 

 

(3,850

)

Purchase of available-for-sale securities

 

 

(210,197

)

 

 

(571,925

)

Proceeds from sale of available-for-sale securities

 

 

 

 

 

20,123

 

Proceeds from maturities of available-for-sale securities

 

 

328,526

 

 

 

171,580

 

Purchase of intangible assets

 

 

 

 

 

(4,500

)

Net cash provided by (used in) investing activities

 

 

110,890

 

 

 

(388,572

)

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

 

 

(720

)

 

 

(1,338

)

Proceeds from exercise of warrants

 

 

1

 

 

 

 

Proceeds from exercise of stock options

 

 

350

 

 

 

911

 

Net cash provided by (used in) financing activities

 

 

(369

)

 

 

512,863

 

Net increase in cash and cash equivalents

 

 

610

 

 

 

42,186

 

Beginning cash and cash equivalents

 

 

66,810

 

 

 

24,624

 

Ending cash and cash equivalents

 

$

67,420

 

 

$

66,810

 

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,

  

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

     

GAAP operating loss

 

$

(44,395

)

 

$

(31,936

)

 

$

(151,955

)

 

$

(104,186

)

Stock-based compensation

 

 

5,889

 

 

 

6,192

 

 

 

24,247

 

 

 

22,237

 

Non-GAAP operating loss

 

$

(38,506

)

 

$

(25,744

)

 

$

(127,708

)

 

$

(81,949

)

         
         

Reconciliation from GAAP to non-GAAP net loss

        
  

Three Months Ended December 31,

 

Year Ended December 31,

  

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

    

 

GAAP net loss

 

$

(42,674

)

 

$

(31,742

)

 

$

(147,305

)

 

$

(101,878

)

Stock-based compensation

 

 

5,889

 

 

 

6,192

 

 

 

24,247

 

 

 

22,237

 

Change in fair value of warrant liability

 

 

(48

)

 

 

(50

)

 

 

(970

)

 

 

(1,954

)

Non-GAAP net loss

 

$

(36,833

)

 

$

(25,600

)

 

$

(124,028

)

 

$

(81,595

)

         
         

Reconciliation between GAAP and non-GAAP net loss per share

        
  

Three Months Ended December 31,

 

Year Ended December 31,

  

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Shares used in computing GAAP net loss per share:

 

 

 

 

 

 

 

 

Basic and diluted

 

 

218,407,208

 

 

 

214,344,240

 

 

 

217,307,896

 

 

 

200,849,663

 

GAAP net loss per share

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.20

)

 

$

(0.15

)

 

$

(0.68

)

 

$

(0.51

)

Stock-based compensation

 

 

0.03

 

 

 

0.03

 

 

 

0.11

 

 

 

0.11

 

Change in fair value of warrant liability

 

 

(0.00

)

 

 

(0.00

)

 

 

(0.00

)

 

 

(0.01

)

Non-GAAP net loss per share

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.17

)

 

$

(0.12

)

 

$

(0.57

)

 

$

(0.41

)

 

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