Aeva Reports Fourth Quarter and Full Year 2022 Results
Selected by top-10 global OEM for vehicle development
Progressing on a growing number of vehicle programs to advanced / RFQ stage
Completed core development of LiDAR on chip perception platform for industrial automation
MOUNTAIN VIEW, Calif., March 22, 2023--(BUSINESS WIRE)--Aeva® (NYSE: AEVA), a leader in next-generation sensing and perception systems, today announced its fourth quarter and full year 2022 results.
Key Company Highlights
Successful launch of Aeries II, with shipments to 40+ customers in 2022
Selected by a top-10 global OEM for development program, which defines specifications for production vehicles targeting 2025 start of production
Progressing on a growing number of vehicle programs to the advanced or RFQ stage with leading OEMs
Completed core development of LiDAR on chip perception platform for existing customers and additional opportunities in industrial automation
"Aeva achieved important commercial milestones in 2022 that are enabling us to further our momentum in 2023," said Soroush Salehian, Co-Founder and CEO at Aeva. "It has been an exciting start to the year, with the selection by a top-10 global OEM for development towards production and meaningful progress on other customer engagements. Our focus in 2023 is on securing new wins as we continue on our vision of bringing the next generation of perception to the market."
Fourth Quarter and Full Year 2022 Financial Highlights
Cash, Cash Equivalents and Marketable Securities
Cash, cash equivalents and marketable securities of $323.8 million as of December 31, 2022
Revenue
Revenue of $0.2 million in Q4 2022, which includes revenue of $4.1 million partially offset by an adjustment of $3.9 million for an existing customer‘s contract modification. This compares to revenue of $2.9 million in Q4 2021
Revenue of $4.2 million for full year 2022, which includes revenue of $8.1 million partially offset by an adjustment of $3.9 million for an existing customer‘s contract modification. This compares to revenue of $9.3 million for full year 2021
GAAP and Non-GAAP Operating Loss*
GAAP operating loss of $44.4 million in Q4 2022, compared to GAAP operating loss of $31.9 million in Q4 2021
GAAP operating loss of $152.0 million for full year 2022, compared to GAAP operating loss of $104.2 million for full year 2021
Non-GAAP operating loss of $38.5 million in Q4 2022, compared to non-GAAP operating loss of $25.7 million in Q4 2021
Non-GAAP operating loss of $127.7 million for full year 2022, compared to non-GAAP operating loss of $81.9 million for full year 2021
GAAP and Non-GAAP Net Loss per Share*
GAAP net loss per share of $0.20 in Q4 2022, compared to GAAP net loss per share of $0.15 in Q4 2021
GAAP net loss per share of $0.68 for full year 2022, compared to GAAP net loss per share of $0.51 for full year 2021
Non-GAAP net loss per share of $0.17 in Q4 2022, compared to non-GAAP net loss per share of $0.12 in Q4 2021
Non-GAAP net loss per share of $0.57 for full year 2022, compared to non-GAAP net loss per share of $0.41 for full year 2021
Shares Outstanding
Weighted average shares outstanding of 218.4 million in Q4 2022 and 217.3 million for full year 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, March 22, 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 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 fourth quarter and full year of 2022 and business objectives for 2023, along with our expectations with respect to our orders, product shipments, manufacturing plans and engagement 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) | ||||||||
December 31, | December 31, | |||||||
ASSETS | ||||||||
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | $ | 67,420 | $ | 66,810 | ||||
Marketable securities | 256,392 | 378,200 | ||||||
Accounts receivable | 2,887 | 2,341 | ||||||
Inventories | 2,951 | 2,063 | ||||||
Other current assets | 5,473 | 9,070 | ||||||
Total current assets | 335,123 | 458,484 | ||||||
Operating lease right-of-use assets | 7,402 | 10,284 | ||||||
Property, plant and equipment, net | 9,720 | 5,136 | ||||||
Intangible assets, net | 3,525 | 4,425 | ||||||
Other noncurrent assets | 862 | 859 | ||||||
TOTAL ASSETS | $ | 356,632 | $ | 479,188 | ||||
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY | ||||||||
CURRENT LIABILITIES: | ||||||||
Accounts payable | $ | 5,182 | $ | 4,386 | ||||
Accrued liabilities | 9,063 | 4,110 | ||||||
Accrued employee costs | 4,721 | 2,196 | ||||||
Lease liability, current portion | 2,667 | 2,872 | ||||||
Other current liabilities | 194 | 733 | ||||||
Total current liabilities | 21,827 | 14,297 | ||||||
Lease liability, noncurrent portion | 4,789 | 7,455 | ||||||
Warrant liability | 90 | 1,060 | ||||||
TOTAL LIABILITIES | 26,706 | 22,812 | ||||||
STOCKHOLDERS’ EQUITY: | ||||||||
Common stock | 22 | 21 | ||||||
Additional paid-in capital | 643,756 | 619,841 | ||||||
Accumulated other comprehensive loss | (3,585 | ) | (524 | ) | ||||
Accumulated deficit | (310,267 | ) | (162,962 | ) | ||||
TOTAL STOCKHOLDERS’ EQUITY | 329,926 | 456,376 | ||||||
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY | $ | 356,632 | $ | 479,188 | ||||
AEVA TECHNOLOGIES, INC. | ||||||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(In thousands, except share and per share data) | ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Revenue | 188 | 2,873 | 4,192 | 9,265 | ||||||||||||
Cost of revenue (1) | 3,316 | 1,930 | 8,447 | 5,833 | ||||||||||||
Gross profit (loss) | (3,128 | ) | 943 | (4,255 | ) | 3,432 | ||||||||||
Operating expenses: | ||||||||||||||||
Research and development expenses (1) | 32,211 | 23,749 | 109,587 | 74,768 | ||||||||||||
General and administrative expenses (1) | 7,428 | 6,766 | 31,070 | 28,407 | ||||||||||||
Selling and marketing expenses (1) | 1,628 | 2,364 | 7,043 | 4,443 | ||||||||||||
Total operating expenses | 41,267 | 32,879 | 147,700 | 107,618 | ||||||||||||
Operating loss | (44,395 | ) | (31,936 | ) | (151,955 | ) | (104,186 | ) | ||||||||
Interest income | 1,674 | 144 | 3,707 | 372 | ||||||||||||
Other income, net | 47 | 50 | 943 | 1,936 | ||||||||||||
Net loss before income taxes | (42,674 | ) | (31,742 | ) | (147,305 | ) | (101,878 | ) | ||||||||
Income tax provision | — | — | — | — | ||||||||||||
Net loss | $ | (42,674 | ) | $ | (31,742 | ) | $ | (147,305 | ) | $ | (101,878 | ) | ||||
Net loss per share, basic and diluted | $ | (0.20 | ) | $ | (0.15 | ) | $ | (0.68 | ) | $ | (0.51 | ) | ||||
Shares used in computing net loss per share, basic and diluted | 218,407,208 | 214,344,240 | 217,307,896 | 200,849,663 | ||||||||||||
(1) Includes stock-based compensation as follows: | ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Cost of revenue | $ | 423 | $ | 480 | $ | 1,161 | $ | 1,483 | ||||||||
Research and development expenses | 4,045 | 4,130 | 17,197 | 12,754 | ||||||||||||
General and administrative expenses | 1,205 | 1,420 | 4,972 | 7,629 | ||||||||||||
Selling and marketing expenses | 216 | 162 | 917 | 371 | ||||||||||||
Total stock-based compensation expense | $ | 5,889 | $ | 6,192 | $ | 24,247 | $ | 22,237 | ||||||||
AEVA TECHNOLOGIES, INC. | ||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||
(Unaudited) | ||||||||
(In thousands) | ||||||||
Year Ended December 31, | ||||||||
2022 | 2021 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (147,305 | ) | $ | (101,878 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 3,265 | 1,147 | ||||||
Loss on write down of fixed assets | — | 52 | ||||||
Change in fair value of warrant liability | (970 | ) | (1,954 | ) | ||||
Stock-based compensation | 24,247 | 22,237 | ||||||
Impairment of inventories | 1,664 | — | ||||||
Amortization of right-of-use assets | 2,882 | 1,901 | ||||||
Realized loss on available-for-sale securities | 29 | — | ||||||
Amortization of premium on available-for-sale securities | 389 | 1,498 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (546 | ) | (2,200 | ) | ||||
Inventories | (2,552 | ) | (844 | ) | ||||
Other current assets | 3,634 | (7,285 | ) | |||||
Other noncurrent assets | (3 | ) | (795 | ) | ||||
Accounts payable | 1,287 | 2,667 | ||||||
Accrued liabilities | 4,953 | 3,202 | ||||||
Accrued employee costs | 2,525 | 1,474 | ||||||
Lease liability | (2,871 | ) | (1,785 | ) | ||||
Other current liabilities | (539 | ) | 458 | |||||
Net cash used in operating activities | (109,911 | ) | (82,105 | ) | ||||
Cash flows from investing activities: | ||||||||
Purchase of property, plant and equipment | (7,439 | ) | (3,850 | ) | ||||
Purchase of available-for-sale securities | (210,197 | ) | (571,925 | ) | ||||
Proceeds from sale of available-for-sale securities | — | 20,123 | ||||||
Proceeds from maturities of available-for-sale securities | 328,526 | 171,580 | ||||||
Purchase of intangible assets | — | (4,500 | ) | |||||
Net cash provided by (used in) investing activities | 110,890 | (388,572 | ) | |||||
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 | (720 | ) | (1,338 | ) | ||||
Proceeds from exercise of warrants | 1 | — | ||||||
Proceeds from exercise of stock options | 350 | 911 | ||||||
Net cash provided by (used in) financing activities | (369 | ) | 512,863 | |||||
Net increase in cash and cash equivalents | 610 | 42,186 | ||||||
Beginning cash and cash equivalents | 66,810 | 24,624 | ||||||
Ending cash and cash equivalents | $ | 67,420 | $ | 66,810 | ||||
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 December 31, | Year Ended December 31, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
GAAP operating loss | $ | (44,395 | ) | $ | (31,936 | ) | $ | (151,955 | ) | $ | (104,186 | ) | ||||
Stock-based compensation | 5,889 | 6,192 | 24,247 | 22,237 | ||||||||||||
Non-GAAP operating loss | $ | (38,506 | ) | $ | (25,744 | ) | $ | (127,708 | ) | $ | (81,949 | ) | ||||
Reconciliation from GAAP to non-GAAP net loss | ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
GAAP net loss | $ | (42,674 | ) | $ | (31,742 | ) | $ | (147,305 | ) | $ | (101,878 | ) | ||||
Stock-based compensation | 5,889 | 6,192 | 24,247 | 22,237 | ||||||||||||
Change in fair value of warrant liability | (48 | ) | (50 | ) | (970 | ) | (1,954 | ) | ||||||||
Non-GAAP net loss | $ | (36,833 | ) | $ | (25,600 | ) | $ | (124,028 | ) | $ | (81,595 | ) | ||||
Reconciliation between GAAP and non-GAAP net loss per share | ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Shares used in computing GAAP net loss per share: | ||||||||||||||||
Basic and diluted | 218,407,208 | 214,344,240 | 217,307,896 | 200,849,663 | ||||||||||||
GAAP net loss per share | ||||||||||||||||
Basic and diluted | $ | (0.20 | ) | $ | (0.15 | ) | $ | (0.68 | ) | $ | (0.51 | ) | ||||
Stock-based compensation | 0.03 | 0.03 | 0.11 | 0.11 | ||||||||||||
Change in fair value of warrant liability | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.01 | ) | ||||||||
Non-GAAP net loss per share | ||||||||||||||||
Basic and diluted | $ | (0.17 | ) | $ | (0.12 | ) | $ | (0.57 | ) | $ | (0.41 | ) | ||||
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Contacts
Investors:
Andrew Fung
investors@aeva.ai
Media:
Michael Oldenburg
press@aeva.ai