Strategic collaboration agreement with Top-10 OEM to develop perception software stack around Aeva 4D data
First win in rail with Railergy to enable automated trains for a major European freight carrier
Industrial on track for 2024 with LiDAR-on-chip module validated for first Nikon product
Aeva® (NYSE:AEVA), a leader in next-generation sensing and perception systems, today announced its second quarter 2023 results.
Key Company Highlights
- Deepened integration with Top-10 OEM with a strategic collaboration agreement to use Aeva's perception stack built around its velocity data to achieve the OEM's use cases, and expansion of on-road deployment into 2024
- Selected by Railergy to replace conventional 3D LiDAR with Aeva 4D LiDAR to meet use case requirements for automated train operations for Europe's largest freight carrier
- Completed development of LiDAR-on-chip module for first Nikon product with all performance specifications validated by Nikon
- Continue to advance on opportunities for large scale deployment in automotive and industrial automation
"Aeva continues to make in-roads towards commercialization, including in automotive with a Top-10 OEM, and we look forward to deepening our integration by leveraging Aeva's perception stack to help the OEM achieve key automated driving use cases," said Soroush Salehian, Co-Founder and CEO at Aeva. "This along with our entrance into rail is further recognition of the differentiated performance of Aeva's FMCW technology and the growing interest for our capabilities to safely enable next-generation automation. Our priority remains on progressing with our partners and converting additional ongoing opportunities to program wins."
Second Quarter 2023 Financial Highlights
-
Cash, Cash Equivalents and Marketable Securities
- Cash, cash equivalents and marketable securities of $261.2 million as of June 30, 2023
-
Revenue
- Revenue of $0.7 million in Q2 2023, compared to revenue of $1.5 million in Q2 2022
-
GAAP and Non-GAAP Operating Loss*
- GAAP operating loss of $38.2 million in Q2 2023, compared to GAAP operating loss of $35.7 million in Q2 2022
- Non-GAAP operating loss of $31.1 million in Q2 2023, compared to non-GAAP operating loss of $29.3 million in Q2 2022
-
GAAP and Non-GAAP Net Loss per Share*
- GAAP net loss per share of $0.16 in Q2 2023, compared to GAAP net loss per share of $0.16 in Q2 2022
- Non-GAAP net loss per share of $0.13 in Q2 2023, compared to non-GAAP net loss per share of $0.13 in Q2 2022
-
Shares Outstanding
- Weighted average shares outstanding of 220.5 million in Q2 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.
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, August 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 second quarter 2023 and business objectives for 2023, along with our expectations with respect to the collaboration agreement with a Top OEM, Railergy as well as engagement and deployments 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) |
||||||||
June 30,
|
December 31,
|
|||||||
ASSETS |
||||||||
CURRENT ASSETS: |
||||||||
Cash and cash equivalents |
$ |
34,677 |
|
$ |
67,420 |
|
||
Marketable securities |
|
226,533 |
|
|
256,392 |
|
||
Accounts receivable |
|
868 |
|
|
2,887 |
|
||
Inventories |
|
2,787 |
|
|
2,951 |
|
||
Other current assets |
|
5,827 |
|
|
5,473 |
|
||
Total current assets |
|
270,692 |
|
|
335,123 |
|
||
Operating lease right-of-use assets |
|
5,904 |
|
|
7,402 |
|
||
Property, plant and equipment, net |
|
11,188 |
|
|
9,720 |
|
||
Intangible assets, net |
|
3,075 |
|
|
3,525 |
|
||
Other noncurrent assets |
|
867 |
|
|
862 |
|
||
TOTAL ASSETS |
$ |
291,726 |
|
$ |
356,632 |
|
||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||
CURRENT LIABILITIES: |
||||||||
Accounts payable |
$ |
6,000 |
|
$ |
5,182 |
|
||
Accrued liabilities |
|
2,325 |
|
|
9,063 |
|
||
Accrued employee costs |
|
3,516 |
|
|
4,721 |
|
||
Lease liability, current portion |
|
2,463 |
|
|
2,667 |
|
||
Other current liabilities |
|
240 |
|
|
194 |
|
||
Total current liabilities |
|
14,544 |
|
|
21,827 |
|
||
Lease liability, noncurrent portion |
|
3,534 |
|
|
4,789 |
|
||
Warrant liability |
|
62 |
|
|
90 |
|
||
TOTAL LIABILITIES |
|
18,140 |
|
|
26,706 |
|
||
STOCKHOLDERS' EQUITY: |
||||||||
Common stock |
|
22 |
|
|
22 |
|
||
Additional paid-in capital |
|
656,856 |
|
|
643,756 |
|
||
Accumulated other comprehensive loss |
|
(1,896 |
) |
|
(3,585 |
) |
||
Accumulated deficit |
|
(381,396 |
) |
|
(310,267 |
) |
||
TOTAL STOCKHOLDERS' EQUITY |
|
273,586 |
|
|
329,926 |
|
||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
291,726 |
|
$ |
356,632 |
|
||
AEVA TECHNOLOGIES, INC. |
||||||||||||||||
Condensed Consolidated Statements of Operations |
||||||||||||||||
(Unaudited) |
||||||||||||||||
(In thousands, except share and per share data) |
||||||||||||||||
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|||||
Revenue |
$ |
743 |
|
$ |
1,493 |
|
$ |
1,891 |
|
$ |
2,630 |
|
||||
Cost of revenue (1) |
|
2,661 |
|
|
991 |
|
|
5,190 |
|
|
2,366 |
|
||||
Gross profit (loss) |
|
(1,918 |
) |
|
502 |
|
|
(3,299 |
) |
|
264 |
|
||||
Operating expenses: |
||||||||||||||||
Research and development expenses (1) |
|
27,065 |
|
|
25,938 |
|
|
52,519 |
|
|
51,253 |
|
||||
General and administrative expenses (1) |
|
7,713 |
|
|
8,677 |
|
|
15,546 |
|
|
15,549 |
|
||||
Selling and marketing expenses (1) |
|
1,485 |
|
|
1,572 |
|
|
4,083 |
|
|
3,220 |
|
||||
Total operating expenses |
|
36,263 |
|
|
36,187 |
|
|
72,148 |
|
|
70,022 |
|
||||
Operating loss |
|
(38,181 |
) |
|
(35,685 |
) |
|
(75,447 |
) |
|
(69,758 |
) |
||||
Interest income |
|
2,225 |
|
|
586 |
|
|
4,289 |
|
|
869 |
|
||||
Other income, net |
|
1 |
|
|
128 |
|
|
29 |
|
|
761 |
|
||||
Loss before income taxes |
|
(35,955 |
) |
|
(34,971 |
) |
|
(71,129 |
) |
|
(68,128 |
) |
||||
Income tax provision |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
||||
Net loss |
$ |
(35,955 |
) |
$ |
(34,971 |
) |
$ |
(71,129 |
) |
$ |
(68,128 |
) |
||||
Net loss per share, basic and diluted |
$ |
(0.16 |
) |
$ |
(0.16 |
) |
$ |
(0.32 |
) |
$ |
(0.31 |
) |
||||
Weighted-average shares used in computing net loss per share, basic and diluted |
|
220,521,255 |
|
|
216,886,078 |
|
|
220,077,009 |
|
|
216,454,032 |
|
||||
(1) Includes stock-based compensation as follows: |
||||||||||||||||
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|||||
Cost of revenue |
$ |
367 |
|
$ |
206 |
|
$ |
697 |
|
$ |
342 |
|
||||
Research and development expenses |
|
|
5,213 |
|
|
|
4,652 |
|
|
|
9,623 |
|
|
|
8,975 |
|
General and administrative expenses |
|
1,216 |
|
|
1,275 |
|
|
2,335 |
|
|
2,504 |
|
||||
Selling and marketing expenses |
|
|
245 |
|
|
|
301 |
|
|
|
349 |
|
|
|
397 |
|
Total stock-based compensation expense |
$ |
7,041 |
|
$ |
6,434 |
|
$ |
13,004 |
|
$ |
12,218 |
|
||||
AEVA TECHNOLOGIES, INC. |
||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||
(Unaudited) |
||||||||
(In thousands) |
||||||||
Six Months Ended June 30, |
||||||||
|
2023 |
|
|
2022 |
|
|||
Cash flows from operating activities: |
||||||||
Net loss |
$ |
(71,129 |
) |
$ |
(68,128 |
) |
||
Adjustments to reconcile net loss to net cash used in operating activities: |
||||||||
Depreciation and amortization |
|
2,103 |
|
|
1,429 |
|
||
Impairment of inventories |
|
102 |
|
|
842 |
|
||
Change in fair value of warrant liability |
|
(28 |
) |
|
(787 |
) |
||
Stock-based compensation |
|
13,004 |
|
|
12,218 |
|
||
Amortization of right-of-use assets |
|
1,498 |
|
|
1,422 |
|
||
Realized loss on available-for-sale securities |
|
— |
|
|
29 |
|
||
Amortization of premium and accretion of discount on available-for-sale securities, net |
|
(1,420 |
) |
|
636 |
|
||
Changes in operating assets and liabilities: |
||||||||
Accounts receivable |
|
2,019 |
|
|
1,988 |
|
||
Inventories |
|
61 |
|
|
(296 |
) |
||
Other current assets |
|
(352 |
) |
|
(3,230 |
) |
||
Other noncurrent assets |
|
(5 |
) |
|
(1 |
) |
||
Accounts payable |
|
85 |
|
|
(359 |
) |
||
Accrued liabilities |
|
(6,738 |
) |
|
(1,788 |
) |
||
Accrued employee costs |
|
(1,205 |
) |
|
(30 |
) |
||
Lease liability |
|
(1,459 |
) |
|
(1,404 |
) |
||
Other current liabilities |
|
45 |
|
|
(512 |
) |
||
Net cash used in operating activities |
|
(63,419 |
) |
|
(57,971 |
) |
||
Cash flows from investing activities: |
||||||||
Purchase of property, plant and equipment |
|
(2,388 |
) |
|
(3,872 |
) |
||
Purchase of available-for-sale securities |
|
(74,126 |
) |
|
(139,714 |
) |
||
Proceeds from maturities of available-for-sale securities |
|
107,094 |
|
|
217,968 |
|
||
Net cash provided by investing activities |
|
30,580 |
|
|
74,382 |
|
||
Cash flows from financing activities: |
||||||||
Payments of taxes withheld on net settled vesting of restricted stock units |
|
(20 |
) |
|
(418 |
) |
||
Proceeds from exercise of warrants |
|
— |
|
|
1 |
|
||
Proceeds from exercise of stock options |
|
116 |
|
|
244 |
|
||
Net cash provided by (used in) financing activities |
|
96 |
|
|
(173 |
) |
||
Net increase (decrease) in cash and cash equivalents |
|
(32,743 |
) |
|
16,238 |
|
||
Beginning cash and cash equivalents |
|
67,420 |
|
|
66,810 |
|
||
Ending cash and cash equivalents |
$ |
34,677 |
|
$ |
83,048 |
|
||
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 June 30, |
Six Months Ended June 30, |
|||||||||||||||
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|||||
GAAP operating loss |
|
$ |
(38,181 |
) |
|
$ |
(35,685 |
) |
|
$ |
(75,447 |
) |
|
$ |
(69,758 |
) |
Stock-based compensation |
|
|
7,041 |
|
|
|
6,434 |
|
|
13,004 |
|
|
|
12,218 |
|
|
Non-GAAP operating loss |
|
$ |
(31,140 |
) |
|
$ |
(29,251 |
) |
|
$ |
(62,443 |
) |
|
$ |
(57,540 |
) |
Reconciliation from GAAP to non-GAAP net loss |
||||||||||||||||
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|||||
|
||||||||||||||||
GAAP net loss |
|
$ |
(35,955 |
) |
|
$ |
(34,971 |
) |
|
$ |
(71,129 |
) |
|
$ |
(68,128 |
) |
Stock-based compensation |
|
|
7,041 |
|
|
|
6,434 |
|
|
13,004 |
|
|
|
12,218 |
|
|
Change in fair value of warrant liability |
|
|
— |
|
|
|
(153 |
) |
|
|
(28 |
) |
|
|
(787 |
) |
Non-GAAP net loss |
$ |
(28,914 |
) |
$ |
(28,690 |
) |
$ |
(58,153 |
) |
$ |
(56,697 |
) |
||||
Reconciliation between GAAP and non-GAAP net loss per share |
||||||||||||||||
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|||||
Shares used in computing GAAP net loss per share: |
|
|
|
|
|
|
|
|
||||||||
Basic and diluted |
|
220,521,255 |
|
|
216,886,078 |
|
|
220,077,009 |
|
|
216,454,032 |
|
||||
GAAP net loss per share |
|
|
|
|
|
|
|
|
||||||||
Basic and diluted |
$ |
(0.16 |
) |
$ |
(0.16 |
) |
$ |
(0.32 |
) |
$ |
(0.31 |
) |
||||
Stock-based compensation |
|
|
0.03 |
|
|
|
0.03 |
|
|
|
0.06 |
|
|
|
0.05 |
|
Change in fair value of warrant liability |
— |
|
|
(0.00 |
) |
|
(0.00 |
) |
|
(0.00 |
) |
|||||
Non-GAAP net loss per share |
|
|
|
|
|
|
|
|
||||||||
Basic and diluted |
$ |
(0.13 |
) |
$ |
(0.13 |
) |
$ |
(0.26 |
) |
$ |
(0.26 |
) |
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20230808931660/en/