MOUNTAIN VIEW, Calif. / Nov 06, 2024 / Business Wire / Aeva® (NYSE: AEVA), a leader in next-generation sensing and perception systems, today announced its third quarter 2024 results.
Key Company Highlights
“Aeva continues to convert the growing interest in our unique 4D LiDAR technology to new wins while also achieving critical milestones for our existing production programs,” said Soroush Salehian, Co-Founder and CEO at Aeva. “With more industries looking to adopt FMCW technology, we made the strategic decision and executed on pulling forward first shipments of Atlas to the third quarter to meet more of our strong demand. We believe this further places Aeva on the path to leading the market and expanding our commercial momentum with additional wins in automotive, industrial and beyond.”
Third Quarter 2024 Financial Highlights
*Tables reconciling GAAP to non-GAAP measures are provided at the end of this release.
Conference Call Details
Aeva will host a conference call and live webcast to discuss results at 2:00 p.m. PT / 5:00 p.m. ET today, November 6, 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 and business objectives for 2024, along with our expectations with respect to the production agreements with Daimler Truck and The Indoor Lab as well as engagement and deployments with other customers and partners, our future production plans and our ability to access capital under our preferred equity facility. 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 and limited history of shipping significant product volumes, (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 that any of our customers will ever complete such testing and validation with us or that we will receive any billings or revenues in connection with such programs, (vii) the need to conclude definitive deployment agreements with potential end customers, including those mentioned in this release, (viii) that any validation orders will result in larger orders, (ix) that any programs into which our products may be designed will result in significant end customer sales, (x) that any of the locations referenced in this press release will result in significant deployments of our products, (xi) unforeseen project delays or product issues, such as difficulties or delays in shipping, manufacturing or installation, (xii) end customer acceptance of the platform, (xiii) revenue recognition rules, and (xiv) other material risks and other important factors that could affect our financial results that are further described in our filings with the SEC. 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.
Non-GAAP Information
In addition to our financial results determined in accordance with U.S. GAAP, we present non-GAAP operating loss and non-GAAP net loss per share. “Non-GAAP operating loss” is defined as GAAP operating loss before stock-based compensation and litigation settlement, net. “Non-GAAP net loss per share” is defined as non-GAAP net loss divided by weighted average shares outstanding, basic and diluted. “Non-GAAP net loss” is defined as GAAP net loss before stock-based compensation, litigation settlement, net and change in fair value of warrant liability.
We believe that non-GAAP operating loss and non-GAAP net loss per share, when taken together with the corresponding U.S. GAAP financial measures, provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our core business, results of operations, or outlook. We consider non-GAAP operating loss and non-GAAP net loss per share to be important measures because they help illustrate underlying trends in our business and our historical operating performance on a more consistent basis.
However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with U.S. GAAP. Non-GAAP financial measures have limitations, including that they exclude certain expenses that are required under GAAP, which adjustments reflect the exercise of judgment by management. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP financial measures or ratios differently or may use other financial measures or ratios to evaluate their performance, all of which could reduce the usefulness of non-GAAP operating loss and non-GAAP net loss per share as tools for comparison. Reconciliations are provided at the end of this release to the most directly comparable financial measures in accordance with U.S. GAAP. Investors are encouraged to review our U.S. GAAP financial measures and not to rely on any single financial measure to evaluate our business.
AEVA TECHNOLOGIES, INC. | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
(Unaudited) | ||||||||
(In thousands) | ||||||||
September 30, | December 31, | |||||||
ASSETS | ||||||||
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | $ | 30,462 |
| $ | 38,547 |
| ||
Marketable securities |
| 104,355 |
|
| 182,481 |
| ||
Accounts receivable |
| 575 |
|
| 628 |
| ||
Inventories |
| 2,125 |
|
| 2,374 |
| ||
Other current assets |
| 7,752 |
|
| 5,195 |
| ||
Total current assets |
| 145,269 |
|
| 229,225 |
| ||
Operating lease right-of-use assets |
| 4,713 |
|
| 7,289 |
| ||
Property, plant and equipment, net |
| 11,389 |
|
| 12,114 |
| ||
Intangible assets, net |
| 1,950 |
|
| 2,625 |
| ||
Other noncurrent assets |
| 5,815 |
|
| 6,132 |
| ||
TOTAL ASSETS | $ | 169,136 |
| $ | 257,385 |
| ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
CURRENT LIABILITIES: | ||||||||
Accounts payable | $ | 3,010 |
| $ | 3,602 |
| ||
Accrued liabilities |
| 4,632 |
|
| 2,648 |
| ||
Accrued employee costs |
| 4,456 |
|
| 6,043 |
| ||
Lease liability, current portion |
| 3,385 |
|
| 3,587 |
| ||
Other current liabilities |
| 18,132 |
|
| 2,524 |
| ||
Total current liabilities |
| 33,615 |
|
| 18,404 |
| ||
Lease liability, noncurrent portion |
| 1,306 |
|
| 3,767 |
| ||
Warrant liability |
| 4,955 |
|
| 6,772 |
| ||
TOTAL LIABILITIES |
| 39,876 |
|
| 28,943 |
| ||
STOCKHOLDERS’ EQUITY: | ||||||||
Common stock |
| 6 |
|
| 5 |
| ||
Additional paid-in capital |
| 704,853 |
|
| 688,124 |
| ||
Accumulated other comprehensive income (loss) |
| 116 |
|
| (87 | ) | ||
Accumulated deficit |
| (575,715 | ) |
| (459,600 | ) | ||
TOTAL STOCKHOLDERS’ EQUITY |
| 129,260 |
|
| 228,442 |
| ||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 169,136 |
| $ | 257,385 |
| ||
AEVA TECHNOLOGIES, INC. | ||||||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(In thousands, except share and per share data) | ||||||||||||||||
Three Months Ended |
| Nine Months Ended | ||||||||||||||
| 2024 |
|
|
| 2023 |
|
|
| 2024 |
|
|
| 2023 |
| ||
Revenue | $ | 2,250 |
| $ | 810 |
|
| $ | 6,369 |
| $ | 2,701 |
| |||
Cost of revenue (1) |
| 2,971 |
|
| 2,525 |
|
| 9,330 |
|
| 7,715 |
| ||||
Gross loss |
|
| (721 | ) |
| (1,715 | ) |
| (2,961 | ) |
| (5,014 | ) | |||
Operating expenses: | ||||||||||||||||
Research and development expenses (1) |
|
| 27,116 |
|
| 23,787 |
|
| 78,324 |
|
| 76,306 |
| |||
General and administrative expenses (1) |
| 8,456 |
|
| 8,474 |
|
| 25,530 |
|
| 24,020 |
| ||||
Selling and marketing expenses (1) |
|
| 1,583 |
|
| 1,520 |
|
| 5,818 |
|
| 5,603 |
| |||
Litigation settlement, net (2) |
| — |
|
| — |
|
| 11,500 |
|
| — |
| ||||
Total operating expenses |
| 37,155 |
|
| 33,781 |
|
| 121,172 |
|
| 105,929 |
| ||||
Operating loss |
| (37,876 | ) |
| (35,496 | ) |
| (124,133 | ) |
| (110,943 | ) | ||||
Interest income |
| 1,770 |
|
| 2,219 |
|
| 6,327 |
|
| 6,508 |
| ||||
Other income (expense), net |
| (1,268 | ) |
| 39 |
|
| 1,836 |
|
| 68 |
| ||||
Loss before income taxes | $ | (37,374 | ) | $ | (33,238 | ) | $ | (115,970 | ) | $ | (104,367 | ) | ||||
Income tax provision |
| 22 |
|
| — |
|
| 145 |
|
| — |
| ||||
Net loss | $ | (37,396 | ) | $ | (33,238 | ) | $ | (116,115 | ) | $ | (104,367 | ) | ||||
Net loss per share, basic and diluted | $ | (0.70 | ) | $ | (0.75 | ) | $ | (2.18 | ) | $ | (2.36 | ) | ||||
Weighted-average shares used in computing net loss per share, basic and diluted |
| 53,704,039 |
|
| 44,565,164 |
|
| 53,149,318 |
|
| 44,200,670 |
| ||||
(1) Includes stock-based compensation as follows: | ||||||||||||||||
Three Months Ended |
| Nine Months Ended | ||||||||||||||
| 2024 |
|
|
| 2023 |
|
|
| 2024 |
|
|
| 2023 |
| ||
Cost of revenue |
| $ | 42 |
|
| $ | 161 |
|
| $ | 208 |
|
| $ | 858 |
|
Research and development expenses |
| 4,261 |
|
| 3,094 |
|
| 12,439 |
|
| 12,717 |
| ||||
General and administrative expenses |
|
| 1,983 |
|
|
| 1,654 |
|
|
| 3,803 |
|
|
| 3,989 |
|
Selling and marketing expenses |
| 219 |
|
| 240 |
|
| 680 |
|
| 589 |
| ||||
Total stock-based compensation expense |
| $ | 6,505 |
|
| $ | 5,149 |
|
| $ | 17,130 |
| $ | 18,153 |
| |
(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) | ||||||||
Nine Months Ended | ||||||||
| 2024 |
|
|
| 2023 |
| ||
Cash flows from operating activities: | ||||||||
Net loss | $ | (116,115 | ) | $ | (104,367 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization |
| 4,042 |
|
| 3,145 |
| ||
Impairment of inventories |
| 883 |
|
| 170 |
| ||
Change in fair value of warrant liabilities |
| (1,817 | ) |
| (68 | ) | ||
Stock-based compensation |
| 17,130 |
|
| 18,153 |
| ||
Amortization of right-of-use assets |
| 2,576 |
|
| 2,278 |
| ||
Amortization of premium and accretion of discount on available-for-sale securities, net |
| (2,932 | ) |
| (2,102 | ) | ||
Other |
| 298 |
|
| — |
| ||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable |
| 53 |
|
| 2,118 |
| ||
Inventories |
| (634 | ) |
| 89 |
| ||
Other current assets |
| (2,557 | ) |
| (147 | ) | ||
Other noncurrent assets |
| 317 |
|
| (204 | ) | ||
Accounts payable |
| (563 | ) |
| (2,402 | ) | ||
Accrued liabilities |
| 1,985 |
|
| (6,291 | ) | ||
Accrued employee costs |
|
| (1,626 | ) |
|
| 139 |
|
Lease liability |
| (2,663 | ) |
| (2,253 | ) | ||
Other current liabilities |
| 15,608 |
|
| 250 |
| ||
Net cash used in operating activities |
| (86,015 | ) |
| (91,492 | ) | ||
Cash flows from investing activities: | ||||||||
Purchase of property, plant and equipment |
| (2,969 | ) |
| (3,423 | ) | ||
Purchase of available-for-sale securities |
|
| (62,848 | ) |
|
| (97,642 | ) |
Proceeds from maturities of available-for-sale securities |
| 144,108 |
|
| 165,597 |
| ||
Net cash provided by investing activities |
| 78,291 |
|
| 64,532 |
| ||
Cash flows from financing activities: | ||||||||
Payments of taxes withheld on net settled vesting of restricted stock units |
| (438 | ) |
| (62 | ) | ||
Proceeds from exercise of stock options |
| 77 |
|
| 152 |
| ||
Net cash (used in) provided by financing activities |
|
| (361 | ) |
|
| 90 |
|
Net decrease in cash and cash equivalents |
| (8,085 | ) |
| (26,870 | ) | ||
Beginning cash and cash equivalents |
| 38,547 |
|
| 67,420 |
| ||
Ending cash and cash equivalents | $ | 30,462 |
| $ | 40,550 |
| ||
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 |
| Nine Months Ended | ||||||||||||||
| 2024 |
|
|
| 2023 |
|
|
| 2024 |
|
|
| 2023 |
| ||
GAAP operating loss |
| $ | (37,876 | ) |
| $ | (35,496 | ) |
| $ | (124,133 | ) |
| $ | (110,943 | ) |
Stock-based compensation |
| 6,505 |
|
| 5,149 |
|
| 17,130 |
|
| 18,153 |
| ||||
Litigation settlement, net |
|
| — |
|
|
| — |
|
|
| 11,500 |
|
|
| — |
|
Non-GAAP operating loss | $ | (31,371 | ) | $ | (30,347 | ) | $ | (95,503 | ) | $ | (92,790 | ) | ||||
Reconciliation from GAAP to non-GAAP net loss | ||||||||||||||||
Three Months Ended |
| Nine Months Ended | ||||||||||||||
| 2024 |
|
|
| 2023 |
|
|
| 2024 |
|
|
| 2023 |
| ||
GAAP net loss |
| $ | (37,396 | ) |
| $ | (33,238 | ) |
| $ | (116,115 | ) |
| $ | (104,367 | ) |
Stock-based compensation |
| 6,505 |
|
| 5,149 |
|
| 17,130 |
|
| 18,153 |
| ||||
Litigation settlement, net |
|
| — |
|
|
| — |
|
|
| 11,500 |
|
|
| — |
|
Change in fair value of warrant liability |
| 1,263 |
|
| (40 | ) |
| (1,817 | ) |
| (68 | ) | ||||
Non-GAAP net loss |
| $ | (29,628 | ) |
| $ | (28,129 | ) |
| $ | (89,302 | ) |
| $ | (86,282 | ) |
Reconciliation between GAAP and non-GAAP net loss per share | ||||||||||||||||
Three Months Ended |
| Nine Months Ended | ||||||||||||||
| 2024 |
|
|
| 2023 |
|
|
| 2024 |
|
|
| 2023 |
| ||
Shares used in computing GAAP net loss per share: |
|
|
|
|
|
|
|
| ||||||||
Basic and diluted |
| 53,704,039 |
|
| 44,565,164 |
|
| 53,149,318 |
|
| 44,200,670 |
| ||||
GAAP net loss per share |
|
|
|
|
|
|
|
| ||||||||
Basic and diluted | $ | (0.70 | ) | $ | (0.75 | ) | $ | (2.18 | ) | $ | (2.36 | ) | ||||
Stock-based compensation |
|
| 0.13 |
|
|
| 0.12 |
|
|
| 0.31 |
|
|
| 0.41 |
|
Litigation settlement, net |
| — |
|
| — |
|
| 0.22 |
|
| — |
| ||||
Change in fair value of warrant liability |
|
| 0.02 |
|
|
| (0.00 | ) |
|
| (0.03 | ) |
|
| — |
|
Non-GAAP net loss per share | ||||||||||||||||
Basic and diluted |
| $ | (0.55 | ) |
| $ | (0.63 | ) |
| $ | (1.68 | ) |
| $ | (1.95 | ) |
| Last Trade: | US$4.31 |
| Daily Change: | 0.26 6.42 |
| Daily Volume: | 633,374 |
| Market Cap: | US$231.230M |
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