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Aeva Reports Second Quarter 2022 Results

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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., August 03, 2022--(BUSINESS WIRE)--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

)

View source version on businesswire.com: https://www.businesswire.com/news/home/20220803005891/en/

Contacts

Investors:
Andrew Fung
investors@aeva.ai

Media:
Michael Oldenburg
press@aeva.ai