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Aeva Technologies Reports Fourth Quarter and Full Year 2023 Results

05 March 2024
  • Selected by Daimler Truck for Series Production Program with an Order Book* of $1Bn
  • Announced and Demonstrated Atlas, World’s First Automotive-Grade 4D LiDAR for Mass Production
  • Growing Momentum in Automotive with Multiple Passenger Vehicle RFQs, Including with a New Global Top 10 Passenger Vehicle OEM

MOUNTAIN VIEW, Calif. / Mar 05, 2024 / Business Wire / Aeva® (NYSE: AEVA), a leader in next-generation sensing and perception systems, today announced its fourth quarter and full year 2023 results.

Key Company Highlights

  • Daimler Truck selected Aeva to supply long and ultra-long range LiDARs and perception software for its series production vehicle program with an order book* of $1 billion and Aeva SOP in 2026
  • Advancing on multiple passenger vehicle RFQs, including with a new global top 10 passenger vehicle OEM
  • Announced Aeva Atlas™, world’s first automotive-grade 4D LiDAR that is powered by Aeva’s latest silicon innovations, including the Aeva CoreVision™ fourth-generation LiDAR-on-Chip module, and Aeva X1™ System-on-Chip processor
  • On track for first industrial program deployment with Nikon by end of 2024

“2023 was a landmark year for Aeva, as we secured multiple production awards, including our first major automotive production win with Daimler Truck, one of the world’s largest commercial trucking OEMs,” said Soroush Salehian, Co-Founder and CEO at Aeva. “We believe this win is just the beginning of the growing consensus around FMCW as OEMs look to introduce highway speed autonomy at mass scale. The unique performance and maturity of Aeva’s 4D LiDAR, along with our financial strength, position us to lead this adoption, as we progress on multiple additional automotive RFQs anticipated to be awarded this year.”

Fourth Quarter and Full Year 2023 Financial Highlights

  • Cash, Cash Equivalents and Marketable Securities
    • Cash, cash equivalents and marketable securities of $221.0 million and undrawn facility of $125.0 million as of December 31, 2023
  • Revenue
    • Revenue of $1.6 million in Q4 2023, compared to revenue of $0.2 million in Q4 2022
    • Revenue of $4.3 million for full year 2023, compared to revenue of $4.2 million for full year 2022
  • GAAP and Non-GAAP Operating Loss**
    • GAAP operating loss of $36.8 million in Q4 2023, compared to GAAP operating loss of $44.4 million in Q4 2022
    • GAAP operating loss of $147.8 million for full year 2023, compared to GAAP operating loss of $152.0 million for full year 2022
    • Non-GAAP operating loss of $31.3 million in Q4 2023, compared to non-GAAP operating loss of $38.5 million in Q4 2022
    • Non-GAAP operating loss of $124.1 million for full year 2023, compared to non-GAAP operating loss of $127.7 million for full year 2022
  • GAAP and Non-GAAP Net Loss per Share**
    • GAAP net loss per share of $0.18 in Q4 2023, compared to GAAP net loss per share of $0.20 in Q4 2022
    • GAAP net loss per share of $0.66 for full year 2023, compared to GAAP net loss per share of $0.68 for full year 2022
    • Non-GAAP net loss per share of $0.12 in Q4 2023, compared to non-GAAP net loss per share of $0.17 in Q4 2022
    • Non-GAAP net loss per share of $0.51 for full year 2023, compared to non-GAAP net loss per share of $0.57 for full year 2022
  • Shares Outstanding
    • Weighted average shares outstanding of 245.0 million in Q4 2023 and 227.1 million for full year 2023

*Order Book is defined as the forward-looking cumulative billings estimate of Aeva’s products over the estimated lifetime of given production programs which Aeva expects to be integrated into or provided for, based primarily on projected pricing terms and our good faith estimates of “take rate” of Aeva’s technology on production programs. “Take rates” are the anticipated percentage of new vehicles or products to be equipped with Aeva’s technology based on Aeva’s projected product offerings and growth rates.

**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 5, 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 fourth quarter and full year 2023 and business objectives for 2024, along with our expectations with respect to the production agreements with Daimler Truck, including our forward-looking order book, and Nikon, as well as engagement and deployments with other customers, anticipated benefits of the capital raise 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-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 Sheets

(Unaudited)

(In thousands)

     
  

December 31,
2023

 

December 31,
2022

     

ASSETS

    

CURRENT ASSETS:

    

Cash and cash equivalents

 

$

38,547

 

 

$

67,420

 

Marketable securities

 

 

182,481

 

 

 

256,392

 

Accounts receivable

 

 

628

 

 

 

2,887

 

Inventories

 

 

2,374

 

 

 

2,951

 

Other current assets

 

 

5,195

 

 

 

5,473

 

Total current assets

 

 

229,225

 

 

 

335,123

 

Operating lease right-of-use assets

 

 

7,289

 

 

 

7,402

 

Property, plant and equipment, net

 

 

12,114

 

 

 

9,720

 

Intangible assets, net

 

 

2,625

 

 

 

3,525

 

Other noncurrent assets

 

 

6,132

 

 

 

862

 

TOTAL ASSETS

 

$

257,385

 

 

$

356,632

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

    

CURRENT LIABILITIES:

    

Accounts payable

 

$

3,602

 

 

$

5,182

 

Accrued liabilities

 

 

2,648

 

 

 

9,063

 

Accrued employee costs

 

 

6,043

 

 

 

4,721

 

Lease liability, current portion

 

 

3,587

 

 

 

2,667

 

Other current liabilities

 

 

2,524

 

 

 

194

 

Total current liabilities

 

 

18,404

 

 

 

21,827

 

Lease liability, noncurrent portion

 

 

3,767

 

 

 

4,789

 

Warrant liabilities

 

 

6,772

 

 

 

90

 

TOTAL LIABILITIES

 

 

28,943

 

 

 

26,706

 

STOCKHOLDERS’ EQUITY:

    

Common stock

 

 

26

 

 

 

22

 

Additional paid-in capital

 

 

688,103

 

 

 

643,756

 

Accumulated other comprehensive loss

 

 

(87

)

 

 

(3,585

)

Accumulated deficit

 

 

(459,600

)

 

 

(310,267

)

TOTAL STOCKHOLDERS’ EQUITY

 

 

228,442

 

 

 

329,926

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

257,385

 

 

$

356,632

 

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,

  

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Revenue

 

$

1,611

 

 

$

188

 

 

$

4,312

 

 

$

4,192

 

Cost of revenue (1)

 

 

2,483

 

 

 

3,316

 

 

 

10,198

 

 

 

8,447

 

Gross loss

 

 

(872

)

 

 

(3,128

)

 

 

(5,886

)

 

 

(4,255

)

Operating expenses:

        

Research and development expenses (1)

 

 

26,197

 

 

 

32,211

 

 

 

102,503

 

 

 

109,587

 

General and administrative expenses (1)

 

 

7,741

 

 

 

7,428

 

 

 

31,761

 

 

 

31,070

 

Selling and marketing expenses (1)

 

 

2,035

 

 

 

1,628

 

 

 

7,638

 

 

 

7,043

 

Total operating expenses

 

 

35,973

 

 

 

41,267

 

 

 

141,902

 

 

 

147,700

 

Operating loss

 

 

(36,845

)

 

 

(44,395

)

 

 

(147,788

)

 

 

(151,955

)

Interest income

 

 

2,417

 

 

 

1,674

 

 

 

8,925

 

 

 

3,707

 

Other income (expense), net

 

 

(10,538

)

 

 

47

 

 

 

(10,470

)

 

 

943

 

Loss before income taxes

 

$

(44,966

)

 

$

(42,674

)

 

$

(149,333

)

 

$

(147,305

)

Income tax provision

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(44,966

)

 

$

(42,674

)

 

$

(149,333

)

 

$

(147,305

)

Net loss per share, basic and diluted

 

$

(0.18

)

 

$

(0.20

)

 

$

(0.66

)

 

$

(0.68

)

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

 

 

245,035,523

 

 

 

218,407,208

 

 

 

227,060,773

 

 

 

217,307,896

 

         

(1) Includes stock-based compensation as follows:

        
         
  

Three Months Ended December 31,

 

Year Ended December 31,

  

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Cost of revenue

 

$

107

 

 

$

423

 

 

$

965

 

 

$

1,161

 

Research and development expenses

 

 

4,043

 

 

 

4,045

 

 

 

16,760

 

 

 

17,197

 

General and administrative expenses

 

 

1,142

 

 

 

1,205

 

 

 

5,131

 

 

 

4,972

 

Selling and marketing expenses

 

 

230

 

 

 

216

 

 

 

819

 

 

 

917

 

Total stock-based compensation expense

 

$

5,522

 

 

$

5,889

 

 

$

23,675

 

 

$

24,247

 

AEVA TECHNOLOGIES, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

  

Year Ended December 31,

  

 

2023

 

 

 

2022

 

Cash flows from operating activities:

    

Net loss

 

$

(149,333

)

 

$

(147,305

)

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

    

Depreciation and amortization

 

 

4,622

 

 

 

3,265

 

Impairment of inventories

 

 

224

 

 

 

1,664

 

Fair value at issuance of Series A warrants

 

 

6,500

 

 

 

 

Change in fair value of warrant liabilities

 

 

182

 

 

 

(970

)

Stock-based compensation

 

 

23,675

 

 

 

24,247

 

Amortization of right-of-use assets

 

 

3,108

 

 

 

2,882

 

Realized loss on available-for-sale securities

 

 

 

 

 

29

 

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

 

 

(2,973

)

 

 

389

 

Changes in operating assets and liabilities:

    

Accounts receivable

 

 

2,259

 

 

 

(546

)

Inventories

 

 

353

 

 

 

(2,552

)

Other current assets

 

 

279

 

 

 

3,634

 

Other noncurrent assets

 

 

(270

)

 

 

(3

)

Accounts payable

 

 

(1,592

)

 

 

1,287

 

Accrued liabilities

 

 

(6,415

)

 

 

4,953

 

Accrued employee costs

 

 

1,322

 

 

 

2,525

 

Lease liability

 

 

(3,097

)

 

 

(2,871

)

Other current liabilities

 

 

2,330

 

 

 

(539

)

Net cash used in operating activities

 

 

(118,826

)

 

 

(109,911

)

Cash flows from investing activities:

    

Purchase of property, plant and equipment

 

 

(6,104

)

 

 

(7,439

)

Purchase of non-marketable equity investments

 

 

(5,000

)

 

 

 

Purchase of available-for-sale securities

 

 

(152,364

)

 

 

(210,197

)

Proceeds from maturities of available-for-sale securities

 

 

232,745

 

 

 

328,526

 

Net cash provided by investing activities

 

 

69,277

 

 

 

110,890

 

Cash flows from financing activities:

    

Proceeds from issuance of stock in private placement

 

 

21,455

 

 

 

 

Transaction costs related to issuance of stock in private placement

 

 

(818

)

 

 

 

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

 

 

(199

)

 

 

(720

)

Proceeds from exercise of stock options

 

 

238

 

 

 

350

 

Proceeds from exercise of warrants

 

 

 

 

 

1

 

Net cash provided by (used in) financing activities

 

 

20,676

 

 

 

(369

)

Net (decrease) increase in cash and cash equivalents

 

 

(28,873

)

 

 

610

 

Beginning cash and cash equivalents

 

 

67,420

 

 

 

66,810

 

Ending cash and cash equivalents

 

$

38,547

 

 

$

67,420

 

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,

  

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

     

GAAP operating loss

 

$

(36,845

)

 

$

(44,395

)

 

$

(147,788

)

 

$

(151,955

)

Stock-based compensation

 

 

5,522

 

 

 

5,889

 

 

 

23,675

 

 

 

24,247

 

Non-GAAP operating loss

 

$

(31,323

)

 

$

(38,506

)

 

$

(124,113

)

 

$

(127,708

)

         
         

Reconciliation from GAAP to non-GAAP net loss

        
  

Three Months Ended December 31,

 

Year Ended December 31,

  

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

    

 

GAAP net loss

 

$

(44,966

)

 

$

(42,674

)

 

$

(149,333

)

 

$

(147,305

)

Stock-based compensation

 

 

5,522

 

 

 

5,889

 

 

 

23,675

 

 

 

24,247

 

Financing charges

 

 

3,788

 

 

 

 

 

 

3,788

 

 

 

 

Fair value at issuance of Series A warrants

 

 

6,500

 

 

 

 

 

 

6,500

 

 

 

 

Change in fair value of warrant liabilities

 

 

250

 

 

 

(48

)

 

 

182

 

 

 

(970

)

Non-GAAP net loss

 

$

(28,906

)

 

$

(36,833

)

 

$

(115,188

)

 

$

(124,028

)

         
         

Reconciliation between GAAP and non-GAAP net loss per share

        
  

Three Months Ended December 31,

 

Year Ended December 31,

  

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Shares used in computing GAAP net loss per share:

        

Basic and diluted

 

 

245,035,523

 

 

 

218,407,208

 

 

 

227,060,773

 

 

 

217,307,896

 

GAAP net loss per share

        

Basic and diluted

 

$

(0.18

)

 

$

(0.20

)

 

$

(0.66

)

 

$

(0.68

)

Stock-based compensation

 

 

0.02

 

 

 

0.03

 

 

 

0.11

 

 

 

0.11

 

Financing charges

 

 

0.01

 

 

 

 

 

 

0.01

 

 

 

 

Fair value at issuance of Series A warrants

 

 

0.03

 

 

 

 

 

 

0.03

 

 

 

 

Change in fair value of warrant liabilities

 

 

0.00

 

 

 

(0.00

)

 

 

0.00

 

 

 

(0.00

)

Non-GAAP net loss per share

        

Basic and diluted

 

$

(0.12

)

 

$

(0.17

)

 

$

(0.51

)

 

$

(0.57

)

 

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