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, 2023			December 31, 2022

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	)

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Aeva Reports Second Quarter 2023 Results