Aeva Technologies Inc
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Information Technology : Electronic Equipment, Instruments & Components | Small Cap Growth
Company profile

Aeva Technologies, Inc. is engaged in designing, manufacturing, and sale of LiDAR sensing systems and related perception and autonomy-enabling software solutions. The Company through its frequency modulated continuous wave (FMCW) sensing technology, enables the adoption of LiDAR across broad applications. The Company's products include Aeries I and Aeries II. Its product Aeries I is the 4D LiDAR sensing system that meets the requirements for the development and testing of autonomous vehicles and industrial programs. Its Aeries II is a 4D LiDAR with Camera-Level Ultra Resolution, which includes features, such as instant velocity detection, automotive grade, ultra-long range, compact design, and multiple fovs. Its 4D LiDAR technology is a custom digital processing application-specific integrated circuit (ASIC). The 4D LiDAR architecture enables resolution and velocity sensing for industrial automation, consumer electronics, consumer health, and security applications.

Closing Price
$3.59
Day's Change
0.16 (4.66%)
Bid
--
Ask
--
B/A Size
--
Day's High
3.60
Day's Low
3.27
Volume
(Heavy Day)
Volume:
3,153,496

10-day average volume:
1,295,768
3,153,496

Aeva Reports First Quarter 2022 Results

4:05 pm ET May 4, 2022 (BusinessWire) Print

--Developing common LiDAR-on-chip platform for industrial automation to meet growing demand and accelerate adoption

--Broadened commercial reach, with first FMCW 4D LiDAR on NVIDIA DRIVE platform, new sales leadership and Asia Pacific office to accelerate momentum

Aeva(R) (NYSE: AEVA), a leader in next-generation sensing and perception systems, today announced its first quarter 2022 results.

Key Company Highlights

Achieved key milestones for Aeries II(TM) deployment, with first units manufactured and initial system and performance validation completed Strong demand for Aeries II, with deliveries on track to begin in late Q2 Developing common LiDAR-on-chip platform for a range of applications in industrial automation to meet growing demand and accelerate adoption First FMCW 4D LiDAR(TM) integrated on the NVIDIA DRIVE autonomous vehicle platform NASA to use Aeva 4D LiDAR to navigate and map the Moon, leveraging Aeva's same core perception platform used for automotive Strengthened team with new sales leadership and Asia Pacific office to build commercial momentum across multiple applications and regions

"We continue to strengthen our position as the leader in FMCW sensing technology and expanded our commercial reach to bring next-generation perception to a growing list of applications and markets," said Soroush Salehian, Co-Founder and CEO at Aeva. "As demand for our unique 4D LiDAR continues to increase, we look forward to first deliveries of Aeries II in late Q2 and converting additional programs towards production, while our solid balance sheet positions Aeva to continue to execute on our mission to enable perception for everything."

First Quarter 2022 Financial Highlights

Cash, Cash Equivalents and Marketable Securities Cash, cash equivalents and marketable securities of $414.5 million as of March 31, 2022 Revenue Revenue of $1.1 million in Q1 2022, compared to $0.3 million in Q1 2021 GAAP and Non-GAAP Operating Loss* GAAP operating loss of $34.1 million in Q1 2022, compared to GAAP operating loss of $20.1 million in Q1 2021 Non-GAAP operating loss of $28.3 million in Q1 2022, compared to non-GAAP operating loss of $15.6 million in Q1 2021 GAAP and Non-GAAP Net Loss per Share* GAAP net loss per share of $0.15 in Q1 2022, compared to GAAP net loss per share of $0.12 in Q1 2021 Non-GAAP net loss per share of $0.13 in Q1 2022, compared to non-GAAP net loss per share of $0.10 in Q1 2021 Shares Outstanding Weighted average shares outstanding of 216.0 million in Q1 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 first 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-parties 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-K for the year ended December 31, 2021. 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)
                                                                                                                                    
                                                                                                       March 31,                                          December 31,
                                                                                                                                               2022                                                                    2021
                                                                                                                        ------------------------------------------------                        ------------------------------------------------
                                                                                                                                    
ASSETS                                                                                                                                                                
CURRENT ASSETS:                                                                                                                                                       
                                                                                                   $                    $                      62,499   $                    $                      66,810  
   Cash and cash equivalents
                                                                                                        351,988        378,200  
   Marketable securities
                                                                                                            211          2,341  
   Accounts receivable, net
                                                                                                          1,926          2,063  
   Inventory
                                                                                                          8,667          9,070  
   Other current assets
                                                                                                   -------------------- -------------------- -------- -------------------- -------------------- -------------------- -------- --------------------
                                                                                                        425,291        458,484  
      Total current assets
                                                                                                   -------------------- -------------------- -------- -------------------- -------------------- -------------------- -------- --------------------
Operating lease right-of-use assets                                                                       9,577         10,284  
Property and equipment, net                                                                               7,279          5,136  
Intangible assets, net                                                                                    4,200          4,425  
Other assets                                                                                                860            859  
                                                                                                   -------------------- -------------------- -------- -------------------- -------------------- -------------------- -------- --------------------
TOTAL ASSETS                                                                                       $                    $                     447,207   $                    $                     479,188  
                                                                                                   ==================== ==================== ======== ==================== ==================== ==================== ======== ====================
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY                                                                          
CURRENT LIABILITIES:                                                                                                                                                  
                                                                                                   $                    $                       6,645   $                    $                       4,386  
   Accounts payable
                                                                                                          2,671          4,110  
   Accrued liabilities
                                                                                                          1,109          2,196  
   Accrued employee costs
                                                                                                          2,929          2,872  
   Lease liability, current portion
                                                                                                            234            733  
   Other current liabilities
                                                                                                   -------------------- -------------------- -------- -------------------- -------------------- -------------------- -------- --------------------
                                                                                                         13,588         14,297  
      Total current liabilities
Lease liability, noncurrent portion                                                                       6,702          7,455  
Warrant liability                                                                                           426          1,060  
                                                                                                   -------------------- -------------------- -------- -------------------- -------------------- -------------------- -------- --------------------
TOTAL LIABILITIES                                                                                        20,716         22,812  
                                                                                                   -------------------- -------------------- -------- -------------------- -------------------- -------------------- -------- --------------------
STOCKHOLDERS' EQUITY:                                                                                                                      
Common stock                                                                                                 22             21  
Additional paid-in capital                                                                              625,567        619,841  
Accumulated other comprehensive loss                                                                     (2,979 )                            (524 )
Accumulated deficit                                                                                    (196,119 )                        (162,962 )
                                                                                                   -------------------- -------------------- -------- -------------------- -------------------- -------------------- -------- --------------------
TOTAL STOCKHOLDERS' EQUITY                                                   426,491        456,376  
                                                                                                   -------------------- -------------------- -------- -------------------- -------------------- -------------------- -------- --------------------
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY $                    $                     447,207   $                    $                     479,188  
                                                                                                   ==================== ==================== ======== ==================== ==================== ==================== ======== ====================
                                                                                                      AEVA TECHNOLOGIES, INC.
                                                                                          Condensed Consolidated Statements of Operations
                                                                                                            (Unaudited)
                                                                                          (In thousands, except share and per share data)
                                                                                                                 
                                                                                                           Three Months Ended March 31,
                                                                                            --------------------------------------------------------------------------------------------------------------------------------
                                                                                2022                                                       2021
                                                                                            ------------------------------------------------------                        ------------------------------------------------------
Revenues:                                                                                                                                             
                                                               $                            $                               211   $                    $                               293  
    Product
                                                                                      926                   15  
    Professional service
                                                               ---------------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
                                                                                    1,137                  308  
       Total revenues
                                                               ---------------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
Cost of revenues:                                                                                                                                     
                                                                                      920                  180  
    Product
                                                                                      455       --  
    Professional service (1)
                                                               ---------------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
                                                                                    1,375                  180  
       Total cost of revenues
                                                               ---------------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
                                                                                     (238 )                                   128  
   Gross profit (loss)
                                                                                   25,315               11,379  
  Research and development expenses (1)
                                                                                    6,872                8,217  
  General and administrative expenses (1)
                                                                                    1,648                  659  
  Selling and marketing expenses (1)
                                                               ---------------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
                                                                                   33,835               20,255  
            Total operating expenses
                                                               ---------------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
Operating loss                                                                    (34,073 )                               (20,127 )
Interest income                                                                       283                    3  
Other income, net                                                                     633                  666  
                                                               ---------------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
Net loss before taxes                                                             (33,157 )                               (19,458 )
Income tax provision                                                       --       --  
                                                               ---------------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
                                                               $                            $                           (33,157 )                    $                    $                           (19,458 )
            Net loss
                                                               ============================ ==================== ============== ==================== ==================== ==================== ============== ====================
Net loss per share, basic and diluted                          $                            $                             (0.15 )                    $                    $                             (0.12 )
                                                               ============================ ==================== ============== ==================== ==================== ==================== ============== ====================
Shares used in computing net loss per share, basic and diluted                216,017,186          163,955,593  
                                                               ============================ ==================== ============== ==================== ==================== ==================== ============== ====================
                                                                                               
(1) Includes stock-based compensation as follows:                                                                 
                                                                                               
                                            Three Months Ended March 31,                                                      Three Months Ended March 31,
                                                               ---------------------------- --------------------------------------------------------------------------------------------------------------------------------
                                                        2022                                       2022                                   2021                                   2021
                                                               ---------------------------- ------------------------------------------------------   -------------------- ------------------------------------------------------
Cost of revenues                                               $                            $                               136   $                    $                                 -  
Research and development expenses                                                   4,323                1,796  
General and administrative expenses                                                 1,229                2,696  
Selling and marketing expenses                                                         96                   21  
                                                               ---------------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
                                                                                                         AEVA TECHNOLOGIES, INC.
                                                                                                        Statements of Cash Flows
                                                                                                               (Unaudited)
                                                                                                             (In thousands)
                                                                                                                     
                                                                                                                Three Months Ended March 31,
                                                                                                 --------------------------------------------------------------------------------------------------------------------------------
                                                                                     2022                                                       2021
                                                                                                 ------------------------------------------------------                        ------------------------------------------------------
Cash flows from operating activities:                                                                                                                      
Net loss                                                                    $                    $                           (33,157 )                    $                    $                           (19,458 )
Adjustments to reconcile net loss to net cash used in operating activities:                                                                                
                                                                                           630                  215  
   Depreciation and amortization
                                                                                          (634 )                                  (668 )
   Change in fair value of warrant liability
                                                                                         5,784                4,513  
   Stock-based compensation
                                                                                           707                  223  
   Amortization of right-of-use assets
                                                                                           435       --  
   Amortization of premium on available-for-sale securities
Changes in operating assets and liabilities:                                                                                                               
                                                                                         2,130                 (104 )
   Accounts receivable
                                                                                           137                 (310 )
   Inventories
                                                                                           403                 (258 )
   Other current assets
                                                                                            (1 )                                  (296 )
   Other noncurrent assets
                                                                                         1,890                  964  
   Accounts payable
                                                                                        (2,335 )                                   872  
   Accrued liabilities
                                                                                        (1,332 )                                  (358 )
   Accrued employee costs
                                                                                          (696 )                                  (141 )
   Lease liability
                                                                                          (499 )                                     9  
   Other current liabilities
                                                                            -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
                                                                                       (26,538 )                               (14,797 )
      Net cash used in operating activities
                                                                            -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
Cash flows from investing activities:                                                                                                                      
Purchase of property, plant and equipment                                               (1,283 )                                  (669 )
Purchase of available-for-sale securities                                              (82,284 )                               (53,501 )
Proceeds from maturities of marketable securities                                      105,607       --  
                                                                            -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
                                                                                        22,040              (54,170 )
      Net cash provided by (used in) investing activities
                                                                            -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
Cash flows from financing activities:                                                                                                                      
Proceeds from business combination and private offering                         --              560,777  
Transaction costs related to business combination and private offering          --              (47,228 )
Proceeds from exercise of warrants                                                           1       --  
Proceeds from exercise of stock options                                                    186                  198  
                                                                            -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
                                                                                           187              513,747  
      Net cash provided by financing activities
                                                                            -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
Net increase (decrease) in cash and cash equivalents                                    (4,311 )                               444,781  
Beginning cash and cash equivalents                                                     66,810               24,624  
                                                                            -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
                                                                                                  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 March 31,
                                                                                         --------------------------------------------------------------------------------------------------------------------------
                                                                            2022                                                    2021
                                                                                         ---------------------------------------------------                        ---------------------------------------------------
                                                                                                          
GAAP operating loss                                         $                            $                        (34,073 )                    $                    $                        (20,127 )
Stock-based compensation                                                      5,784             4,513  
                                                            ---------------------------- -------------------- ----------- -------------------- -------------------- -------------------- ----------- --------------------
Non-GAAP operating loss                                     $                            $                        (28,289 )                    $                    $                        (15,614 )
                                                            ============================ ==================== =========== ==================== ==================== ==================== =========== ====================
                                                                                         
                                                                                         
Reconciliation from GAAP to non-GAAP net loss                                                               
                                         Three Months Ended March 31,                                                   Three Months Ended March 31,
                                                            ---------------------------- --------------------------------------------------------------------------------------------------------------------------
                                                     2022                                      2022                                 2021                                  2021
                                                            ---------------------------- ---------------------------------------------------   -------------------- ---------------------------------------------------
                                                                                                          
GAAP net loss                                               $                            $                        (33,157 )                    $                    $                        (19,458 )
Stock-based compensation                                                      5,784             4,513  
Change in fair value of warrant liability                                      (634 )                               (668 )
                                                            ---------------------------- -------------------- ----------- -------------------- -------------------- -------------------- ----------- --------------------
Non-GAAP net loss                                           $                            $                        (28,007 )                    $                    $                        (15,613 )
                                                            ============================ ==================== =========== ==================== ==================== ==================== =========== ====================
                                                                                         
                                                                                         
Reconciliation between GAAP and non-GAAP net loss per share                                                 
                                         Three Months Ended March 31,                                                   Three Months Ended March 31,
                                                            ---------------------------- --------------------------------------------------------------------------------------------------------------------------
                                                     2022                                      2022                                 2021                                  2021
                                                            ---------------------------- ---------------------------------------------------   -------------------- ---------------------------------------------------
Shares used in computing GAAP net loss per share:                                                                                            
Basic and diluted                                                       216,017,186       163,955,593  
GAAP net loss per share                                                                                                                      
Basic and diluted                                           $                            $                          (0.15 )                    $                    $                          (0.12 )
Stock-based compensation                                                       0.02              0.02  
Warrant liability                                                             (0.00 )                              (0.00 )
Non-GAAP net loss per share                                                                                                                  

View source version on businesswire.com: https://www.businesswire.com/news/home/20220504006054/en/

SOURCE: Aeva Technologies, Inc.

Investors:
Andrew Fung
investors@aeva.ai

Media:
Michael Oldenburg
press@aeva.ai
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COMTEX_406698933/1006/2022-05-04T16:05:16

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