Company Announcements

Aeva Reports Second Quarter 2022 Results

Achieved key milestone with first Aeries II sensors shipped to strategic customers

Entered strategic collaboration with SICK AG, a global leader in sensing solutions for industrial automation, to bring 4D LiDAR to a broad range of industrial sensing applications

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Aug. 3, 2022-- Aeva® (NYSE: AEVA), a leader in next-generation sensing and perception systems, today announced its second quarter 2022 results.

Key Company Highlights

  • Began shipping Aeries II™, the world’s first commercially available FMCW LiDAR-on-chip on the market, to strategic customers
  • Focused on scaling manufacturing to meet growing demand for Aeva 4D perception technology from both existing and new engagements across multiple applications in automotive and non-automotive
  • Solidified expansion in industrial automation, with a multi-year strategic collaboration with SICK AG, to bring Aeva’s 4D LiDAR™ to a broad range of applications in high performance industrial sensing

“Aeva is progressing on track towards the next phase on our path to production,” said Soroush Salehian, Co-Founder and CEO at Aeva. “As the world’s first commercially available FMCW LiDAR offering high performance, automotive reliability and chip level integration, Aeries II will enable us to qualify our leading technology toward production with strategic customers and solidify additional commercial program opportunities. We remain focused on meeting the growing demand for our technology across automotive and beyond.”

Second Quarter 2022 Financial Highlights

  • Cash, Cash Equivalents and Marketable Securities
    • Cash, cash equivalents and marketable securities of $378.9 million as of June 30, 2022
  • Revenue
    • Revenue of $1.5 million in Q2 2022, compared to $2.6 million in Q2 2021
  • GAAP and Non-GAAP Operating Loss*
    • GAAP operating loss of $35.7 million in Q2 2022, compared to GAAP operating loss of $24.7 million in Q2 2021
    • Non-GAAP operating loss of $29.3 million in Q2 2022, compared to non-GAAP operating loss of $20.7 million in Q2 2021
  • GAAP and Non-GAAP Net Loss per Share*
    • GAAP net loss per share of $0.16 in Q2 2022, compared to GAAP net loss per share of $0.11 in Q2 2021
    • Non-GAAP net loss per share of $0.13 in Q2 2022, compared to non-GAAP net loss per share of $0.10 in Q2 2021
  • Shares Outstanding
    • Weighted average shares outstanding of 216.9 million in Q2 2022

*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. 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 Twitter 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 of 2022 and business objectives for 2022, along with our expectations with respect to our orders, engagements and potential engagements with third parties. 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 ability to maintain the listing of Aeva’s securities on the New York Stock Exchange, (ii) the price of Aeva’s securities, which may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which Aeva plans to operate, variations in performance across competitors, changes in laws and regulations affecting Aeva’s business and changes in the combined capital structure, (iii) the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities, (iv) the risk of downturns and the possibility of rapid change in the highly competitive industry in which Aeva operates, (v) the risk that Aeva and its current and future collaborators are unable to successfully develop and commercialize Aeva’s products or services, or experience significant delays in doing so, (vi) the risk that Aeva may never achieve or sustain profitability; (vii) the risk that Aeva will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; (viii) the risk that Aeva experiences difficulties in managing its growth and expanding operations, (ix) the risk that third-party suppliers and manufacturers are not able to fully and timely meet their obligations, (x) the risk of product liability or regulatory lawsuits or proceedings relating to Aeva’s products and services, (xi) the risk that Aeva is unable to secure or protect its intellectual property; and (xii) the effects of the ongoing coronavirus (COVID-19) pandemic or other infectious diseases, health epidemics, pandemics and natural disasters on Aeva’s business. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors, and for a further discussion of the material risks and other important factors that could affect our financial results, please refer to our filings with the SEC, including our Form 10-Q for the quarter ended March 31, 2022. 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,
2022

December 31,
2021

 

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

83,048

 

$

66,810

 

Marketable securities

 

295,876

 

 

378,200

 

Accounts receivable, net

 

353

 

 

2,341

 

Inventory

 

1,854

 

 

2,063

 

Other current assets

 

12,300

 

 

9,070

 

Total current assets

 

393,431

 

 

458,484

 

Operating lease right-of-use assets

 

8,862

 

 

10,284

 

Property and equipment, net

 

8,520

 

 

5,136

 

Intangible assets, net

 

3,975

 

 

4,425

 

Other assets

 

860

 

 

859

 

TOTAL ASSETS

$

415,648

 

$

479,188

 

LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Accounts payable

$

4,501

 

$

4,386

 

Accrued liabilities

 

2,677

 

 

4,110

 

Accrued employee costs

 

2,166

 

 

2,196

 

Lease liability, current portion

 

2,925

 

 

2,872

 

Other current liabilities

 

220

 

 

733

 

Total current liabilities

 

12,489

 

 

14,297

 

Lease liability, noncurrent portion

 

5,998

 

 

7,455

 

Warrant liability

 

273

 

 

1,060

 

TOTAL LIABILITIES

 

18,760

 

 

22,812

 

STOCKHOLDERS’ EQUITY:

Common stock

 

22

 

 

21

 

Additional paid-in capital

 

631,885

 

 

619,841

 

Accumulated other comprehensive loss

 

(3,929

)

 

(524

)

Accumulated deficit

 

(231,090

)

 

(162,962

)

TOTAL STOCKHOLDERS’ EQUITY

 

396,888

 

 

456,376

 

TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY

$

415,648

 

$

479,188

 

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,

2022

2021

2022

2021

Revenues:

Product

$

466

 

$

241

 

$

677

 

$

534

 

Professional service

 

1,027

 

 

2,360

 

 

1,953

 

 

2,375

 

Total revenues

 

1,493

 

 

2,601

 

 

2,630

 

 

2,909

 

Cost of revenues:

Product

 

434

 

 

137

 

 

1,354

 

 

316

 

Professional service (1)

 

557

 

 

1,285

 

 

1,012

 

 

1,286

 

Total cost of revenues

 

991

 

 

1,422

 

 

2,366

 

 

1,602

 

Gross profit (loss)

 

502

 

 

1,179

 

 

264

 

 

1,307

 

Research and development expenses (1)

 

25,938

 

 

18,732

 

 

51,253

 

 

30,111

 

General and administrative expenses (1)

 

8,677

 

 

6,685

 

 

15,549

 

 

14,902

 

Selling and marketing expenses (1)

 

1,572

 

 

498

 

 

3,220

 

 

1,157

 

Total operating expenses

 

36,187

 

 

25,915

 

 

70,022

 

 

46,170

 

Operating loss

 

(35,685

)

 

(24,736

)

 

(69,758

)

 

(44,863

)

Interest income

 

586

 

 

106

 

 

869

 

 

109

 

Other income, net

 

128

 

 

557

 

 

761

 

 

1,223

 

Net loss before taxes

 

(34,971

)

 

(24,073

)

 

(68,128

)

 

(43,531

)

Income tax provision

 

 

 

 

 

 

 

 

Net loss

$

(34,971

)

$

(24,073

)

$

(68,128

)

$

(43,531

)

Net loss per share, basic and diluted

$

(0.16

)

$

(0.11

)

$

(0.31

)

$

(0.23

)

Shares used in computing net loss per share, basic and diluted

 

216,886,078

 

 

211,551,522

 

 

216,454,032

 

 

188,024,155

 

 

(1) Includes stock-based compensation as follows:

 

Three Months Ended June 30,

Six Months Ended June 30,

2022

2021

2022

2021

Cost of revenues

$

206

 

$

410

 

$

342

 

$

410

 

Research and development expenses

 

4,652

 

 

2,022

 

 

8,975

 

 

3,818

 

General and administrative expenses

 

1,275

 

 

1,496

 

 

2,504

 

 

4,192

 

Selling and marketing expenses

 

301

 

 

81

 

 

397

 

 

102

 

Total stock-based compensation expense

$

6,434

 

$

4,009

 

$

12,218

 

$

8,522

 

AEVA TECHNOLOGIES, INC.

Statements of Cash Flows

(Unaudited)

(In thousands)

Six Months Ended June 30,

2022

2021

Cash flows from operating activities:

Net loss

$

(68,128

)

$

(43,531

)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

 

1,429

 

 

469

 

Change in fair value of warrant liability

 

(787

)

 

(1,240

)

Stock-based compensation

 

12,218

 

 

8,522

 

Impairment of inventories

 

842

 

 

 

Amortization of right-of-use assets

 

1,422

 

 

582

 

Realized loss on investment

 

29

 

 

 

Amortization of premium on available-for-sale securities

 

636

 

 

416

 

Changes in operating assets and liabilities:

Accounts receivable

 

1,988

 

 

(1,397

)

Inventories

 

(296

)

 

(528

)

Other current assets

 

(3,230

)

 

(5,028

)

Other noncurrent assets

 

(1

)

 

(296

)

Accounts payable

 

(359

)

 

1,905

 

Accrued liabilities

 

(1,788

)

 

6,332

 

Accrued employee costs

 

(30

)

 

182

 

Lease liability

 

(1,404

)

 

(414

)

Other current liabilities

 

(512

)

 

34

 

Net cash used in operating activities

 

(57,971

)

 

(33,992

)

Cash flows from investing activities:

Purchase of property, plant and equipment

 

(3,872

)

 

(1,202

)

Purchase of available-for-sale securities

 

(139,714

)

 

(366,204

)

Proceeds from maturities of marketable securities

 

217,968

 

 

20,123

 

Net cash provided by (used in) investing activities

 

74,382

 

 

(347,283

)

Cash flows from financing activities:

Proceeds from business combination and private offering

 

 

 

560,777

 

Transaction costs related to business combination and private offering

 

 

 

(47,487

)

Payments of taxes withheld on net settled vesting of restricted stock units

 

(418

)

 

 

Proceeds from exercise of warrants

 

1

 

 

 

Proceeds from exercise of stock options

 

244

 

 

360

 

Net cash provided by financing activities

 

(173

)

 

513,650

 

Net increase (decrease) in cash and cash equivalents

 

16,238

 

 

132,375

 

Beginning cash and cash equivalents

 

66,810

 

 

24,624

 

Ending cash and cash equivalents

$

83,048

 

$

156,999

 

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,

2022

2021

2022

2021

 

GAAP operating loss

 

$

(35,685

)

 

$

(24,736

)

 

$

(69,758

)

 

$

(44,863

)

Stock-based compensation

 

 

6,434

 

 

 

4,009

 

 

12,218

 

 

 

8,522

 

Non-GAAP operating loss

 

$

(29,251

)

 

$

(20,727

)

 

$

(57,540

)

 

$

(36,341

)

 
 

Reconciliation from GAAP to non-GAAP net loss

Three Months Ended June 30,

Six Months Ended June 30,

2022

2021

2022

2021

 

GAAP net loss

 

$

(34,971

)

 

$

(24,073

)

 

$

(68,128

)

 

$

(43,531

)

Stock-based compensation

 

 

6,434

 

 

 

4,009

 

 

12,218

 

 

 

8,522

 

Change in fair value of warrant liability

 

 

(153

)

 

 

(572

)

 

 

(787

)

 

 

(1,240

)

Non-GAAP net loss

$

(28,690

)

$

(20,636

)

$

(56,697

)

$

(36,249

)

 
 

Reconciliation between GAAP and non-GAAP net loss per share

Three Months Ended June 30,

Six Months Ended June 30,

2022

2021

2022

2021

Shares used in computing GAAP net loss per share:

 

 

 

 

 

 

 

 

Basic and diluted

 

216,886,078

 

 

211,551,522

 

 

216,454,032

 

 

188,024,155

 

GAAP net loss per share

 

 

 

 

 

 

 

 

Basic and diluted

$

(0.16

)

$

(0.11

)

$

(0.31

)

$

(0.23

)

Stock-based compensation

 

 

0.03

 

 

 

0.01

 

 

 

0.05

 

 

 

0.05

 

Warrant liability

 

(0.00

)

 

(0.00

)

 

(0.00

)

 

(0.01

)

Non-GAAP net loss per share

 

 

 

 

 

 

 

 

Basic and diluted

$

(0.13

)

$

(0.10

)

$

(0.26

)

$

(0.19

)

 

Investors:
Andrew Fung
investors@aeva.ai

Media:
Michael Oldenburg
press@aeva.ai

Source: Aeva Technologies, Inc.