Aeva Reports Fourth Quarter and Full Year 2023 Results
Selected by Daimler Truck for Series Production Program with an Order Book* of
Announced and Demonstrated Atlas, World’s First Automotive-Grade 4D LiDAR for Mass Production
Growing Momentum in Automotive with Multiple Passenger Vehicle RFQs, Including with a New Global Top 10 Passenger Vehicle OEM
Key Company Highlights
-
Daimler Truck selected
Aeva to supply long and ultra-long range LiDARs and perception software for its series production vehicle program with an order book* of$1 billion and Aeva SOP in 2026 - Advancing on multiple passenger vehicle RFQs, including with a new global top 10 passenger vehicle OEM
- Announced Aeva Atlas™, world’s first automotive-grade 4D LiDAR that is powered by Aeva’s latest silicon innovations, including the Aeva CoreVision™ fourth-generation LiDAR-on-Chip module, and Aeva X1™ System-on-Chip processor
- On track for first industrial program deployment with Nikon by end of 2024
“2023 was a landmark year for
Fourth Quarter and Full Year 2023 Financial Highlights
-
Cash,
Cash Equivalents and Marketable Securities -
Cash, cash equivalents and marketable securities of
$221.0 million and undrawn facility of$125.0 million as ofDecember 31, 2023
-
Cash, cash equivalents and marketable securities of
-
Revenue
-
Revenue of
$1.6 million in Q4 2023, compared to revenue of$0.2 million in Q4 2022 -
Revenue of
$4.3 million for full year 2023, compared to revenue of$4.2 million for full year 2022
-
Revenue of
-
GAAP and Non-GAAP Operating Loss**
-
GAAP operating loss of
$36.8 million in Q4 2023, compared to GAAP operating loss of$44.4 million in Q4 2022 -
GAAP operating loss of
$147.8 million for full year 2023, compared to GAAP operating loss of$152.0 million for full year 2022 -
Non-GAAP operating loss of
$31.3 million in Q4 2023, compared to non-GAAP operating loss of$38.5 million in Q4 2022 -
Non-GAAP operating loss of
$124.1 million for full year 2023, compared to non-GAAP operating loss of$127.7 million for full year 2022
-
GAAP operating loss of
-
GAAP and Non-GAAP Net Loss per Share**
-
GAAP net loss per share of
$0.18 in Q4 2023, compared to GAAP net loss per share of$0.20 in Q4 2022 -
GAAP net loss per share of
$0.66 for full year 2023, compared to GAAP net loss per share of$0.68 for full year 2022 -
Non-GAAP net loss per share of
$0.12 in Q4 2023, compared to non-GAAP net loss per share of$0.17 in Q4 2022 -
Non-GAAP net loss per share of
$0.51 for full year 2023, compared to non-GAAP net loss per share of$0.57 for full year 2022
-
GAAP net loss per share of
-
Shares Outstanding
- Weighted average shares outstanding of 245.0 million in Q4 2023 and 227.1 million for full year 2023
*Order Book is defined as the forward-looking cumulative billings estimate of Aeva’s products over the estimated lifetime of given production programs which
**Tables reconciling GAAP to non-GAAP measures are provided at the end of this release.
Conference Call Details
The company will host a conference call and live webcast to discuss results at
About
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.
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 fourth quarter and full year 2023 and business objectives for 2024, along with our expectations with respect to the production agreements with Daimler Truck, including our forward-looking order book, and Nikon, as well as engagement and deployments with other customers, anticipated benefits of the capital raise 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
|
||||||||
Condensed Consolidated Balance Sheets |
||||||||
(Unaudited) |
||||||||
(In thousands) |
||||||||
|
|
|||||||
ASSETS |
||||||||
CURRENT ASSETS: |
||||||||
Cash and cash equivalents |
$ |
38,547 |
|
$ |
67,420 |
|
||
Marketable securities |
|
182,481 |
|
|
256,392 |
|
||
Accounts receivable |
|
628 |
|
|
2,887 |
|
||
Inventories |
|
2,374 |
|
|
2,951 |
|
||
Other current assets |
|
5,195 |
|
|
5,473 |
|
||
Total current assets |
|
229,225 |
|
|
335,123 |
|
||
Operating lease right-of-use assets |
|
7,289 |
|
|
7,402 |
|
||
Property, plant and equipment, net |
|
12,114 |
|
|
9,720 |
|
||
Intangible assets, net |
|
2,625 |
|
|
3,525 |
|
||
Other noncurrent assets |
|
6,132 |
|
|
862 |
|
||
TOTAL ASSETS |
$ |
257,385 |
|
$ |
356,632 |
|
||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||
CURRENT LIABILITIES: |
||||||||
Accounts payable |
$ |
3,602 |
|
$ |
5,182 |
|
||
Accrued liabilities |
|
2,648 |
|
|
9,063 |
|
||
Accrued employee costs |
|
6,043 |
|
|
4,721 |
|
||
Lease liability, current portion |
|
3,587 |
|
|
2,667 |
|
||
Other current liabilities |
|
2,524 |
|
|
194 |
|
||
Total current liabilities |
|
18,404 |
|
|
21,827 |
|
||
Lease liability, noncurrent portion |
|
3,767 |
|
|
4,789 |
|
||
Warrant liabilities |
|
6,772 |
|
|
90 |
|
||
TOTAL LIABILITIES |
|
28,943 |
|
|
26,706 |
|
||
STOCKHOLDERS’ EQUITY: |
||||||||
Common stock |
|
26 |
|
|
22 |
|
||
Additional paid-in capital |
|
688,103 |
|
|
643,756 |
|
||
Accumulated other comprehensive loss |
|
(87 |
) |
|
(3,585 |
) |
||
Accumulated deficit |
|
(459,600 |
) |
|
(310,267 |
) |
||
TOTAL STOCKHOLDERS’ EQUITY |
|
228,442 |
|
|
329,926 |
|
||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ |
257,385 |
|
$ |
356,632 |
|
|
||||||||||||||||
Condensed Consolidated Statements of Operations |
||||||||||||||||
(Unaudited) |
||||||||||||||||
(In thousands, except share and per share data) |
||||||||||||||||
Three Months Ended |
Year Ended |
|||||||||||||||
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|||||
Revenue |
$ |
1,611 |
|
$ |
188 |
|
|
$ |
4,312 |
|
$ |
4,192 |
|
|||
Cost of revenue (1) |
|
2,483 |
|
|
3,316 |
|
|
10,198 |
|
|
8,447 |
|
||||
Gross loss |
|
(872 |
) |
|
(3,128 |
) |
|
(5,886 |
) |
|
(4,255 |
) |
||||
Operating expenses: |
||||||||||||||||
Research and development expenses (1) |
|
26,197 |
|
|
32,211 |
|
|
102,503 |
|
|
109,587 |
|
||||
General and administrative expenses (1) |
|
7,741 |
|
|
7,428 |
|
|
31,761 |
|
|
31,070 |
|
||||
Selling and marketing expenses (1) |
|
2,035 |
|
|
1,628 |
|
|
7,638 |
|
|
7,043 |
|
||||
Total operating expenses |
|
35,973 |
|
|
41,267 |
|
|
141,902 |
|
|
147,700 |
|
||||
Operating loss |
|
(36,845 |
) |
|
(44,395 |
) |
|
(147,788 |
) |
|
(151,955 |
) |
||||
Interest income |
|
2,417 |
|
|
1,674 |
|
|
8,925 |
|
|
3,707 |
|
||||
Other income (expense), net |
|
(10,538 |
) |
|
47 |
|
|
(10,470 |
) |
|
943 |
|
||||
Loss before income taxes |
$ |
(44,966 |
) |
$ |
(42,674 |
) |
$ |
(149,333 |
) |
$ |
(147,305 |
) |
||||
Income tax provision |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
||||
Net loss |
$ |
(44,966 |
) |
$ |
(42,674 |
) |
$ |
(149,333 |
) |
$ |
(147,305 |
) |
||||
Net loss per share, basic and diluted |
$ |
(0.18 |
) |
$ |
(0.20 |
) |
$ |
(0.66 |
) |
$ |
(0.68 |
) |
||||
Weighted-average shares used in computing net loss per share, basic and diluted |
|
245,035,523 |
|
|
218,407,208 |
|
|
227,060,773 |
|
|
217,307,896 |
|
||||
(1) Includes stock-based compensation as follows: |
||||||||||||||||
Three Months Ended |
Year Ended |
|||||||||||||||
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|||||
Cost of revenue |
$ |
107 |
|
$ |
423 |
|
$ |
965 |
|
$ |
1,161 |
|
||||
Research and development expenses |
|
|
4,043 |
|
|
|
4,045 |
|
|
|
16,760 |
|
|
|
17,197 |
|
General and administrative expenses |
|
1,142 |
|
|
1,205 |
|
|
5,131 |
|
|
4,972 |
|
||||
Selling and marketing expenses |
|
|
230 |
|
|
|
216 |
|
|
|
819 |
|
|
|
917 |
|
Total stock-based compensation expense |
$ |
5,522 |
|
$ |
5,889 |
|
$ |
23,675 |
|
$ |
24,247 |
|
|
||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||
(Unaudited) |
||||||||
(In thousands) |
||||||||
Year Ended |
||||||||
|
2023 |
|
|
2022 |
|
|||
Cash flows from operating activities: |
||||||||
Net loss |
$ |
(149,333 |
) |
$ |
(147,305 |
) |
||
Adjustments to reconcile net loss to net cash used in operating activities: |
||||||||
Depreciation and amortization |
|
4,622 |
|
|
3,265 |
|
||
Impairment of inventories |
|
224 |
|
|
1,664 |
|
||
Fair value at issuance of Series A warrants |
|
6,500 |
|
|
— |
|
||
Change in fair value of warrant liabilities |
|
182 |
|
|
(970 |
) |
||
Stock-based compensation |
|
23,675 |
|
|
24,247 |
|
||
Amortization of right-of-use assets |
|
3,108 |
|
|
2,882 |
|
||
Realized loss on available-for-sale securities |
|
— |
|
|
29 |
|
||
Amortization of premium and accretion of discount on available-for-sale securities, net |
|
(2,973 |
) |
|
389 |
|
||
Changes in operating assets and liabilities: |
||||||||
Accounts receivable |
|
2,259 |
|
|
(546 |
) |
||
Inventories |
|
353 |
|
|
(2,552 |
) |
||
Other current assets |
|
279 |
|
|
3,634 |
|
||
Other noncurrent assets |
|
(270 |
) |
|
(3 |
) |
||
Accounts payable |
|
(1,592 |
) |
|
1,287 |
|
||
Accrued liabilities |
|
(6,415 |
) |
|
4,953 |
|
||
Accrued employee costs |
|
1,322 |
|
|
2,525 |
|
||
Lease liability |
|
(3,097 |
) |
|
(2,871 |
) |
||
Other current liabilities |
|
2,330 |
|
|
(539 |
) |
||
Net cash used in operating activities |
|
(118,826 |
) |
|
(109,911 |
) |
||
Cash flows from investing activities: |
||||||||
Purchase of property, plant and equipment |
|
(6,104 |
) |
|
(7,439 |
) |
||
Purchase of non-marketable equity investments |
|
(5,000 |
) |
|
— |
|
||
Purchase of available-for-sale securities |
|
(152,364 |
) |
|
(210,197 |
) |
||
Proceeds from maturities of available-for-sale securities |
|
232,745 |
|
|
328,526 |
|
||
Net cash provided by investing activities |
|
69,277 |
|
|
110,890 |
|
||
Cash flows from financing activities: |
||||||||
Proceeds from issuance of stock in private placement |
|
21,455 |
|
|
— |
|
||
Transaction costs related to issuance of stock in private placement |
|
(818 |
) |
|
— |
|
||
Payments of taxes withheld on net settled vesting of restricted stock units |
|
(199 |
) |
|
(720 |
) |
||
Proceeds from exercise of stock options |
|
238 |
|
|
350 |
|
||
Proceeds from exercise of warrants |
|
— |
|
|
1 |
|
||
Net cash provided by (used in) financing activities |
|
20,676 |
|
|
(369 |
) |
||
Net (decrease) increase in cash and cash equivalents |
|
(28,873 |
) |
|
610 |
|
||
Beginning cash and cash equivalents |
|
67,420 |
|
|
66,810 |
|
||
Ending cash and cash equivalents |
$ |
38,547 |
|
$ |
67,420 |
|
|
||||||||||||||||
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 |
Year Ended |
|||||||||||||||
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|||||
GAAP operating loss |
|
$ |
(36,845 |
) |
|
$ |
(44,395 |
) |
|
$ |
(147,788 |
) |
|
$ |
(151,955 |
) |
Stock-based compensation |
|
|
5,522 |
|
|
|
5,889 |
|
|
23,675 |
|
|
|
24,247 |
|
|
Non-GAAP operating loss |
|
$ |
(31,323 |
) |
|
$ |
(38,506 |
) |
|
$ |
(124,113 |
) |
|
$ |
(127,708 |
) |
Reconciliation from GAAP to non-GAAP net loss |
||||||||||||||||
Three Months Ended |
Year Ended |
|||||||||||||||
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|||||
|
||||||||||||||||
GAAP net loss |
|
$ |
(44,966 |
) |
|
$ |
(42,674 |
) |
|
$ |
(149,333 |
) |
|
$ |
(147,305 |
) |
Stock-based compensation |
|
5,522 |
|
|
5,889 |
|
|
23,675 |
|
|
24,247 |
|
||||
Financing charges |
|
|
3,788 |
|
|
|
— |
|
|
|
3,788 |
|
|
|
— |
|
Fair value at issuance of Series A warrants |
|
6,500 |
|
|
— |
|
|
6,500 |
|
|
— |
|
||||
Change in fair value of warrant liabilities |
|
|
250 |
|
|
|
(48 |
) |
|
|
182 |
|
|
|
(970 |
) |
Non-GAAP net loss |
$ |
(28,906 |
) |
$ |
(36,833 |
) |
$ |
(115,188 |
) |
$ |
(124,028 |
) |
||||
Reconciliation between GAAP and non-GAAP net loss per share |
||||||||||||||||
Three Months Ended |
Year Ended |
|||||||||||||||
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|||||
Shares used in computing GAAP net loss per share: |
||||||||||||||||
Basic and diluted |
|
|
245,035,523 |
|
|
|
218,407,208 |
|
|
|
227,060,773 |
|
|
|
217,307,896 |
|
GAAP net loss per share |
||||||||||||||||
Basic and diluted |
|
$ |
(0.18 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.66 |
) |
|
$ |
(0.68 |
) |
Stock-based compensation |
|
0.02 |
|
|
0.03 |
|
|
0.11 |
|
|
0.11 |
|
||||
Financing charges |
|
|
0.01 |
|
|
|
— |
|
|
|
0.01 |
|
|
|
— |
|
Fair value at issuance of Series A warrants |
|
0.03 |
|
|
— |
|
|
0.03 |
|
|
— |
|
||||
Change in fair value of warrant liabilities |
|
|
0.00 |
|
|
|
(0.00 |
) |
|
|
0.00 |
|
|
|
(0.00 |
) |
Non-GAAP net loss per share |
||||||||||||||||
Basic and diluted |
|
$ |
(0.12 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.51 |
) |
|
$ |
(0.57 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240305685087/en/
Investors:
investors@aeva.ai
Media:
press@aeva.ai
Source: