Production Win with May Mobility as Exclusive
Supplier of Long-Range LiDAR
Nikon Awarded Production Program for High
Precision Industrial Inspection Products
Appointment of Dr. Stefan Sommer, Former CEO of
ZF and Board Member at Volkswagen Group, to Aeva’s Board of
Directors
$145M Capital Raise in Combined Private
Placement and Preferred Facility from Existing Long-term
Stockholders Strengthens Aeva’s Position to Win Additional OEM
Programs
Aeva® (NYSE: AEVA), a leader in next-generation sensing and
perception systems, today announced its third quarter 2023
results.
Key Company Highlights
- May Mobility selected Aeva 4D LiDAR as the exclusive production
supplier of long-range LiDAR through 2028, replacing ToF long-range
LiDAR to help expand May Mobility’s operational design domain
- Awarded multi-year production program to use Aeva’s
LiDAR-on-Chip technology on Nikon’s high precision industrial
inspection products with Aeva SOP planned for late-2024
- In the final phase with top-10 OEM. Continued progress ahead of
production award decision, including receiving their highest
manufacturing readiness rating
- Appointment of Dr. Stefan Sommer, former CEO of ZF Group and
Board member at Volkswagen Group, to Aeva’s Board of Directors
brings leading automotive OEM and Tier 1 supplier expertise to help
advance Aeva’s automotive opportunities
- $145M capital raise in combined private placement of $20M and
non-voting preferred shares facility of $125M with existing
long-term stockholders strategically strengthens Aeva’s position to
win additional OEM programs while structured to minimize near-term
dilution
“Aeva is delivering significant breakthroughs with production
wins in both automotive and industrial, expanding our Board of
Directors with a proven leader in automotive and a further
bolstering of our strong balance sheet that builds confidence in
Aeva’s ability to support additional programs, including with
larger automotive OEMs looking to select suppliers who can support
their programs beyond SOP,” said Soroush Salehian, Co-Founder and
CEO at Aeva. “With growing interest for Aeva’s unique 4D
LiDAR-on-chip technology and continued advancement on a number of
large opportunities, we believe Aeva is in a strong position for
success.”
Third Quarter 2023 Financial Highlights
- Cash, Cash Equivalents and Marketable Securities
- Cash, cash equivalents and marketable securities of $233.7
million as of September 30, 2023
- Revenue
- Revenue of $0.8 million in Q3 2023, compared to revenue of $1.4
million in Q3 2022
- GAAP and Non-GAAP Operating Loss*
- GAAP operating loss of $35.5 million in Q3 2023, compared to
GAAP operating loss of $37.8 million in Q3 2022
- Non-GAAP operating loss of $30.3 million in Q3 2023, compared
to non-GAAP operating loss of $31.7 million in Q3 2022
- GAAP and Non-GAAP Net Loss per Share*
- GAAP net loss per share of $0.15 in Q3 2023, compared to GAAP
net loss per share of $0.17 in Q3 2022
- Non-GAAP net loss per share of $0.13 in Q3 2023, compared to
non-GAAP net loss per share of $0.14 in Q3 2022
- Shares Outstanding
- Weighted average shares outstanding of 222.8 million in Q3
2023
*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.
Capital Raise
Subsequent to the quarter end, Aeva made the strategic decision
to bolster its balance sheet with additional capital and entered
into agreements for a capital raise of $145 million with existing
long-term stockholders.
On November 8, 2023, Aeva entered into agreements with Adage
Capital (“Adage”) and Sylebra Capital (“Sylebra”) to purchase
approximately $20 million of common stock in a private placement
offering at the average closing price of the prior five trading
days as of November 7, 2023, without a discount. The private
placement is expected to close on or about November 9, 2023,
subject to customary closing conditions.
In addition, on November 8, 2023, the Company entered into a
Standby Equity Purchase Agreement (the “Facility Agreement”) with Sylebra. Pursuant to the
Facility Agreement, the Company will have the right, but not the
obligation, to sell to Sylebra up to $125 million of its shares of
preferred stock, at the Company’s request until November 8, 2026.
The preferred stock will be issued at a price per share of $10,000
and holders of the preferred stock will be entitled to a quarterly
dividend at the rate of 7.0% per annum payable in cash or in kind
at the option of the Company. The facility is currently undrawn,
and Aeva can draw on the facility at its discretion, subject to a
new passenger auto-OEM or commercial OEM production program
award.
The Company believes the additional capital strategically puts
Aeva in a stronger position to win additional programs by building
OEM confidence in our ability to support multiple programs,
including with major automotive OEMs looking at a select few
suppliers who can support their high-volume production programs
beyond SOP.
Oppenheimer & Co. Inc. acted as sole placement agent in
connection with the offering.
The securities sold in the private placement have not been
registered under the Securities Act of 1933, as amended (the
“Securities Act”), or securities laws of any state or other
jurisdiction, and may not be resold absent registration under, or
exemption from registration under, the Securities Act.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction.
Conference Call Details
Aeva will host a conference call and live webcast to discuss
results at 2:30 p.m. PT / 5:30 p.m. ET today, November 8, 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 X 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 third quarter
2023 and business objectives for 2023, along with our expectations
with respect to the production agreements with May Mobility and
Nikon, the collaboration agreement with a Top OEM, as well as
engagement and deployments with other customers, the anticipated
closing of our capital raise, anticipated benefits of the capital
raise and our ability access to 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 and (vi) 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)
September 30, 2023
December 31, 2022
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
40,550
$
67,420
Marketable securities
193,141
256,392
Accounts receivable
769
2,887
Inventories
2,692
2,951
Other current assets
5,620
5,473
Total current assets
242,772
335,123
Operating lease right-of-use assets
7,770
7,402
Property, plant and equipment, net
11,199
9,720
Intangible assets, net
2,850
3,525
Other noncurrent assets
1,067
862
TOTAL ASSETS
$
265,658
$
356,632
LIABILITIES AND STOCKHOLDERS’
EQUITY
CURRENT LIABILITIES:
Accounts payable
$
3,306
$
5,182
Accrued liabilities
2,772
9,063
Accrued employee costs
4,860
4,721
Lease liability, current portion
3,347
2,667
Other current liabilities
444
194
Total current liabilities
14,729
21,827
Lease liability, noncurrent portion
4,501
4,789
Warrant liability
22
90
TOTAL LIABILITIES
19,252
26,706
STOCKHOLDERS’ EQUITY:
Common stock
22
22
Additional paid-in capital
661,999
643,756
Accumulated other comprehensive loss
(981
)
(3,585
)
Accumulated deficit
(414,634
)
(310,267
)
TOTAL STOCKHOLDERS’ EQUITY
246,406
329,926
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY
$
265,658
$
356,632
AEVA TECHNOLOGIES,
INC.
Condensed Consolidated
Statements of Operations
(Unaudited)
(In thousands, except share
and per share data)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Revenue
$
810
$
1,374
$
2,701
$
4,004
Cost of revenue (1)
2,525
2,765
7,715
5,131
Gross loss
(1,715
)
(1,391
)
(5,014
)
(1,127
)
Operating expenses:
Research and development expenses (1)
23,787
26,123
76,306
77,376
General and administrative expenses
(1)
8,474
8,093
24,020
23,642
Selling and marketing expenses (1)
1,520
2,195
5,603
5,415
Total operating expenses
33,781
36,411
105,929
106,433
Operating loss
(35,496
)
(37,802
)
(110,943
)
(107,560
)
Interest income
2,219
1,164
6,508
2,033
Other income, net
39
135
68
896
Loss before income taxes
$
(33,238
)
$
(36,503
)
$
(104,367
)
$
(104,631
)
Income tax provision
—
—
—
—
Net loss
$
(33,238
)
$
(36,503
)
$
(104,367
)
$
(104,631
)
Net loss per share, basic and diluted
$
(0.15
)
$
(0.17
)
$
(0.47
)
$
(0.48
)
Weighted-average shares used in computing
net loss per share, basic and diluted
222,825,819
217,888,470
221,003,348
216,937,433
(1) Includes stock-based compensation as
follows:
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Cost of revenue
$
161
$
396
$
858
$
738
Research and development expenses
3,094
4,177
12,717
13,152
General and administrative expenses
1,654
1,263
3,989
3,767
Selling and marketing expenses
240
304
589
701
Total stock-based compensation expense
$
5,149
$
6,140
$
18,153
$
18,358
AEVA TECHNOLOGIES,
INC.
Condensed Consolidated
Statements of Cash Flows
(Unaudited)
(In thousands)
Nine Months Ended September
30,
2023
2022
Cash flows from operating
activities:
Net loss
$
(104,367
)
$
(104,631
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
3,145
2,305
Inventory reserve
170
1,363
Change in fair value of warrant
liability
(68
)
(922
)
Stock-based compensation
18,153
18,358
Amortization of right-of-use assets
2,278
2,147
Realized loss on available-for-sale
securities
—
29
Amortization of premium and accretion of
discount on available-for-sale securities, net
(2,102
)
641
Changes in operating assets and
liabilities:
Accounts receivable
2,118
(1,046
)
Inventories
89
(580
)
Other current assets
(147
)
(615
)
Other noncurrent assets
(204
)
(4
)
Accounts payable
(2,402
)
1,751
Accrued liabilities
(6,291
)
(456
)
Accrued employee costs
139
1,283
Lease liability
(2,253
)
(2,133
)
Other current liabilities
250
(583
)
Net cash used in operating activities
(91,492
)
(83,093
)
Cash flows from investing
activities:
Purchase of property, plant and
equipment
(3,423
)
(5,967
)
Purchase of available-for-sale
securities
(97,642
)
(143,730
)
Proceeds from maturities of
available-for-sale securities
165,597
284,176
Net cash provided by investing
activities
64,532
134,479
Cash flows from financing
activities:
Payments of taxes withheld on net settled
vesting of restricted stock units
(62
)
(613
)
Proceeds from exercise of warrants
—
1
Proceeds from exercise of stock
options
152
301
Net cash (used in) provided by financing
activities
90
(311
)
Net (decrease) increase in cash and
cash equivalents
(26,870
)
51,075
Beginning cash and cash
equivalents
67,420
66,810
Ending cash and cash
equivalents
$
40,550
$
117,885
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 September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
GAAP operating loss
$
(35,496
)
$
(37,802
)
$
(110,943
)
$
(107,560
)
Stock-based compensation
5,149
6,140
18,153
18,358
Non-GAAP operating loss
$
(30,347
)
$
(31,662
)
$
(92,790
)
$
(89,202
)
Reconciliation from GAAP to non-GAAP
net loss
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
GAAP net loss
$
(33,238
)
$
(36,503
)
$
(104,367
)
$
(104,631
)
Stock-based compensation
5,149
6,140
18,153
18,358
Change in fair value of warrant
liability
(40
)
(135
)
(68
)
(922
)
Non-GAAP net loss
$
(28,129
)
$
(30,498
)
$
(86,282
)
$
(87,195
)
Reconciliation between GAAP and
non-GAAP net loss per share
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Shares used in computing GAAP net loss per
share:
Basic and diluted
222,825,819
217,888,470
221,003,348
216,937,433
GAAP net loss per share
Basic and diluted
$
(0.15
)
$
(0.17
)
$
(0.47
)
$
(0.48
)
Stock-based compensation
0.02
0.03
0.08
0.08
Change in fair value of warrant
liability
(0.00
)
(0.00
)
(0.00
)
(0.00
)
Non-GAAP net loss per share
Basic and diluted
$
(0.13
)
$
(0.14
)
$
(0.39
)
$
(0.40
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231108171465/en/
Investors: Andrew Fung investors@aeva.ai
Media: Michael Oldenburg press@aeva.ai
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