Record Product Shipments to Customers Including
Daimler Truck
On Track with Daimler Truck Program Milestones
and Start of Production Timeline
Strong Progress with Multiple Automotive RFQs,
Including Completing Audit with a Global Top 10 Passenger OEM
Aeva® (NYSE: AEVA), a leader in next-generation sensing and
perception systems, today announced its first quarter 2024
results.
Key Company Highlights
- Shipped record number of sensors to customers, including to
Daimler Truck
- On track with Daimler Truck’s milestones and SOP timeline, with
first trucks integrating Aeva sensors on the road for data
collection
- Strong momentum in automotive, including completing
manufacturing and quality audit with a global top 10 passenger
OEM
- Advancement on multiple RFQs with award decisions expected this
year
- Established new Automotive Center of Excellence (COE) in
Germany to support growing commercial momentum, with team of
industry veterans bringing 20+ years of ADAS, autonomy and software
experience at leading OEMs and Tier 1 suppliers
“In the first quarter, Aeva continued to build on our exciting
start to the year, with significant milestones achieved for Daimler
Truck’s series production program and strong progress in passenger
vehicles including multiple automotive RFQs,” said Soroush
Salehian, Co-Founder and CEO at Aeva. “With growing interest for
our differentiated 4D LiDAR technology, we have also added leading
talent to the Aeva team to support our commercial momentum, which
together with our solid financial position gives us added
confidence to continue delivering on our existing programs and new
wins in 2024.”
First Quarter 2024 Financial Highlights
- Cash, Cash Equivalents and Marketable Securities
- Cash, cash equivalents and marketable securities of $189.3
million and available facility of $125.0 million as of March 31,
2024
- Revenue
- Revenue of $2.1 million in Q1 2024, compared to revenue of $1.1
million in Q1 2023
- GAAP and Non-GAAP Operating Loss*
- GAAP operating loss of $37.3 million in Q1 2024, compared to
GAAP operating loss of $37.3 million in Q1 2023
- Non-GAAP operating loss of $32.1 million in Q1 2024, compared
to non-GAAP operating loss of $31.3 million in Q1 2023
- GAAP and Non-GAAP Net Loss per Share*
- GAAP net loss per share of $0.67 in Q1 2024, compared to GAAP
net loss per share of $0.80 in Q1 2023
- Non-GAAP net loss per share of $0.56 in Q1 2024, compared to
non-GAAP net loss per share of $0.67 in Q1 2023
- Shares Outstanding
- Weighted average shares outstanding of 52.7 million in Q1
2024
*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, May 7, 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 first quarter
2024 and business objectives for 2024, along with our expectations
with respect to the production agreement with Daimler Truck as well
as engagement and deployments with other customers, 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-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)
March 31, 2024
December 31, 2023
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
29,605
$
38,547
Marketable securities
159,723
182,481
Accounts receivable
978
628
Inventories
2,163
2,374
Other current assets
4,882
5,195
Total current assets
197,351
229,225
Operating lease right-of-use assets
6,444
7,289
Property, plant and equipment, net
12,552
12,114
Intangible assets, net
2,400
2,625
Other noncurrent assets
6,062
6,132
TOTAL ASSETS
$
224,809
$
257,385
LIABILITIES AND STOCKHOLDERS’
EQUITY
CURRENT LIABILITIES:
Accounts payable
$
3,424
$
3,602
Accrued liabilities
2,639
2,648
Accrued employee costs
2,443
6,043
Lease liability, current portion
3,681
3,587
Other current liabilities
4,406
2,524
Total current liabilities
16,593
18,404
Lease liability, noncurrent portion
2,807
3,767
Warrant liability
7,209
6,772
TOTAL LIABILITIES
26,609
28,943
STOCKHOLDERS’ EQUITY:
Common stock
5
5
Additional paid-in capital
693,369
688,124
Accumulated other comprehensive loss
(248
)
(87
)
Accumulated deficit
(494,926
)
(459,600
)
TOTAL STOCKHOLDERS’ EQUITY
198,200
228,442
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY
$
224,809
$
257,385
AEVA TECHNOLOGIES,
INC.
Condensed Consolidated
Statements of Operations
(Unaudited)
(In thousands, except share
and per share data)
Three Months Ended March
31,
2024
2023
Revenue
$
2,107
$
1,148
Cost of revenue (1)
3,499
2,529
Gross loss
(1,392
)
(1,381
)
Operating expenses:
Research and development expenses (1)
25,012
25,454
General and administrative expenses
(1)
8,411
7,833
Selling and marketing expenses (1)
2,529
2,598
Total operating expenses
35,952
35,885
Operating loss
(37,344
)
(37,266
)
Interest income
2,457
2,064
Other income, net
(439
)
28
Loss before income taxes
$
(35,326
)
$
(35,174
)
Income tax provision
—
—
Net loss
$
(35,326
)
$
(35,174
)
Net loss per share, basic and diluted
$
(0.67
)
$
(0.80
)
Weighted-average shares used in computing
net loss per share, basic and diluted
52,742,725
43,925,565
(1) Includes stock-based compensation as
follows:
Three Months Ended March
31,
2024
2023
Cost of revenue
$
102
$
330
Research and development expenses
3,989
4,410
General and administrative expenses
907
1,119
Selling and marketing expenses
263
104
Total stock-based compensation expense
$
5,261
$
5,963
AEVA TECHNOLOGIES,
INC.
Condensed Consolidated
Statements of Cash Flows
(Unaudited)
(In thousands)
Three Months Ended March
31,
2024
2023
Cash flows from operating
activities:
Net loss
$
(35,326
)
$
(35,174
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
1,345
955
Impairment of inventories
465
45
Change in fair value of warrant
liabilities
437
(28
)
Stock-based compensation
5,261
5,963
Amortization of right-of-use assets
845
744
Amortization of premium and accretion of
discount on available-for-sale securities, net
(1,087
)
(632
)
Changes in operating assets and
liabilities:
Accounts receivable
(350
)
442
Inventories
(251
)
(100
)
Other current assets
312
790
Other noncurrent assets
70
—
Accounts payable
(89
)
(1,749
)
Accrued liabilities
(10
)
(5,207
)
Accrued employee costs
(3,600
)
(1,307
)
Lease liability
(866
)
(754
)
Other current liabilities
1,882
—
Net cash used in operating activities
(30,962
)
(36,012
)
Cash flows from investing
activities:
Purchase of property, plant and
equipment
(1,648
)
(1,275
)
Purchase of available-for-sale
securities
(38,881
)
(54,520
)
Proceeds from maturities of
available-for-sale securities
62,565
56,214
Net cash provided by investing
activities
22,036
419
Cash flows from financing
activities:
Payments of taxes withheld on net settled
vesting of restricted stock units
(55
)
(20
)
Proceeds from exercise of stock
options
39
57
Net cash provided by (used in) financing
activities
(16
)
37
Net decrease in cash and cash
equivalents
(8,942
)
(35,556
)
Beginning cash and cash
equivalents
38,547
67,420
Ending cash and cash
equivalents
$
29,605
$
31,864
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 March
31,
2024
2023
GAAP operating loss
$
(37,344
)
$
(37,266
)
Stock-based compensation
5,261
5,963
Non-GAAP operating loss
$
(32,083
)
$
(31,303
)
Reconciliation from GAAP to non-GAAP
net loss
Three Months Ended March
31,
2024
2023
GAAP net loss
$
(35,326
)
$
(35,174
)
Stock-based compensation
5,261
5,963
Change in fair value of warrant
liability
437
(28
)
Non-GAAP net loss
$
(29,628
)
$
(29,239
)
Reconciliation between GAAP and
non-GAAP net loss per share
Three Months Ended March
31,
2024
2023
Shares used in computing GAAP net loss per
share:
Basic and diluted
52,742,725
43,925,565
GAAP net loss per share
Basic and diluted
$
(0.67
)
$
(0.80
)
Stock-based compensation
0.10
0.13
Change in fair value of warrant
liability
0.01
(0.00
)
Non-GAAP net loss per share
Basic and diluted
$
(0.56
)
$
(0.67
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240507396826/en/
Investors: Andrew Fung investors@aeva.ai
Media: Michael Oldenburg press@aeva.ai
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