Aeva Reports Third Quarter 2021 Results

Continued momentum in automotive, with Plus production win to implement Aeva’s 4D LiDAR on PlusDrive autonomous trucks

Selected Fabrinet for automotive-grade production of 4D LiDAR chip module

On track to complete B sample development by year end and deliveries to our partners in 2022

MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–Aeva (NYSE: AEVA), a leader in next-generation sensing and perception systems, today announced its third quarter 2021 results.

Key Company Highlights

  • Key production win with Plus to implement Aeva’s 4D LiDAR as long-range LiDAR on PlusDrive autonomous trucks
  • On track with key development milestones across other automotive and non-automotive collaborations
  • Selected Fabrinet as automotive-grade manufacturing partner (IATF 16949 certified) to produce 4D LiDAR chip module and accelerate manufacturing capabilities
  • Completed product design release for B sample, providing path to final cost structure and deliveries to our partners in 2022

Aeva is solidifying the path to commercialization of our breakthrough 4D LiDAR,” said Soroush Salehian, Co-Founder and CEO at Aeva. “The production win with Plus is significant because it highlights our growing commercial momentum as the industry increasingly transitions to FMCW LiDAR to enable safe automated driving, and it validates the leading performance and scalability of Aeva’s automotive-grade LiDAR on chip technology. We remain laser focused on supporting our partners and working towards realizing Aeva’s mission to bring perception to all devices.”

Third Quarter 2021 Financial Highlights

  • Cash, Cash Equivalents and Marketable Securities

    • Cash, cash equivalents and marketable securities of $477.7 million as of September 30, 2021
  • Revenue

    • Revenue of $3.5 million in Q3 2021, compared to $1.9 million in Q3 2020
  • GAAP and Non-GAAP Operating Loss*

    • GAAP operating loss of $27.4 million in Q3 2021, compared to GAAP operating loss of $4.8 million in Q3 2020
    • Non-GAAP operating loss of $19.9 million in Q3 2021, compared to non-GAAP operating loss of $3.7 million in Q3 2020
  • GAAP and Non-GAAP Net Loss per Share*

    • GAAP net loss per share of $0.13 in Q3 2021, compared to GAAP net loss per share of $0.03 in Q3 2020
    • Non-GAAP net loss per share of $0.09 in Q3 2021, compared to non-GAAP net loss per share of $0.02 in Q3 2020
  • Shares Outstanding

    • Weighted average shares outstanding of 212.6 million in Q3 2021

*Tables reconciling GAAP to Non-GAAP measures are provided at the end of this release.

2021 Objectives

Aeva has already achieved three of the four objectives for 2021 and is on track to deliver the final objective. Our 2021 objectives are summarized below:

  • Build on momentum with two additional programs towards production: Completed goal with Plus and Nikon collaborations; remain on track with other collaborations
  • Accelerate engagements in non-automotive applications: Completed goal with Nikon collaboration for industrial metrology and automation
  • Strengthen supply chain for production to bring Aeva 4D LiDAR to scale: Completed goal with a number of key developments including finalizing key supply chain for our silicon processing chip and selecting Fabrinet to produce our 4D LiDAR chip module
  • Complete next-generation B sample development: On track to finish by year end and working with supply chain to prepare for deliveries in 2022

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.ai.

About Aeva Technologies, Inc. (NYSE: AEVA)

Founded in 2017 by former Apple engineers Soroush Salehian and Mina Rezk, and led by a multidisciplinary team of engineers and operators experienced in the field of sensing and perception, Aeva’s mission is to bring the next wave of perception technology to broad applications from automated driving to consumer electronics, consumer health, industrial robotics, and security. For more information, visit www.aeva.com.

Aeva®, the Aeva logo and 4D LiDAR 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 third quarter of 2021 and business objectives for 2021, along with our expectations with respect to our collaborations 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 many 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-Q for the quarter ended June 30, 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)

 

 

 

 

 

 

 

September 30,

2021

 

December 31,

2020

 

 

 

 

 

ASSETS

 

 

 

 

CURRENT ASSETS:

 

 

 

 

Cash and cash equivalents

 

$

107,456

 

 

$

24,624

 

Marketable securities

 

 

370,214

 

 

 

 

Accounts receivable, net

 

 

1,213

 

 

 

141

 

Inventory

 

 

3,337

 

 

 

1,219

 

Other current assets

 

 

8,457

 

 

 

4,970

 

Total current assets

 

 

490,677

 

 

 

30,954

 

Operating lease right-of-use assets

 

 

10,981

 

 

 

 

Property and equipment, net

 

 

3,755

 

 

 

1,614

 

Other assets

 

 

855

 

 

 

64

 

TOTAL ASSETS

 

$

506,268

 

 

$

32,632

 

LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

Accounts payable

 

$

5,156

 

 

$

2,071

 

Accrued liabilities

 

 

3,987

 

 

 

2,606

 

Accrued employee costs

 

 

2,335

 

 

 

722

 

Lease liability, current portion

 

 

2,816

 

 

 

 

Other current liabilities

 

 

522

 

 

 

275

 

Total current liabilities

 

 

14,816

 

 

 

5,674

 

Lease liability, noncurrent portion

 

 

8,194

 

 

 

 

Warrant liability

 

 

1,110

 

 

 

 

Other liabilities

 

 

 

 

 

45

 

TOTAL LIABILITIES

 

 

24,120

 

 

 

5,719

 

STOCKHOLDERS’ EQUITY:

 

 

 

 

Common stock

 

 

21

 

 

 

15

 

Additional paid-in capital

 

 

613,428

 

 

 

87,982

 

Accumulated other comprehensive loss

 

 

(81

)

 

 

 

Accumulated deficit

 

 

(131,220

)

 

 

(61,084

)

TOTAL STOCKHOLDERS’ EQUITY

 

 

482,148

 

 

 

26,913

 

TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY

 

$

506,268

 

 

$

32,632

 

AEVA TECHNOLOGIES, INC.

 

Condensed Consolidated Statements of Operations

 

(Unaudited)

 

(In thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue

 

$

3,483

 

 

$

1,945

 

 

$

6,392

 

 

$

4,111

 

Cost of revenue (1)

 

 

2,301

 

 

 

986

 

 

 

3,903

 

 

 

2,191

 

Gross profit

 

 

1,182

 

 

 

959

 

 

 

2,489

 

 

 

1,920

 

Research and development expenses (1)

 

 

20,908

 

 

 

4,303

 

 

 

51,019

 

 

 

14,283

 

General and administrative expenses (1)

 

 

6,739

 

 

 

1,208

 

 

 

21,641

 

 

 

3,339

 

Selling and marketing expenses (1)

 

 

922

 

 

 

203

 

 

 

2,079

 

 

 

1,027

 

Total operating expenses

 

 

28,569

 

 

 

5,714

 

 

 

74,739

 

 

 

18,649

 

Loss from operations

 

 

(27,387

)

 

 

(4,755

)

 

 

(72,250

)

 

 

(16,729

)

Interest income

 

 

119

 

 

 

3

 

 

 

228

 

 

 

194

 

Other expense, net

 

 

663

 

 

 

(2

)

 

 

1,886

 

 

 

(22

)

Net loss before taxes

 

 

(26,605

)

 

 

(4,754

)

 

 

(70,136

)

 

 

(16,557

)

Income tax provision

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(26,605

)

 

$

(4,754

)

 

$

(70,136

)

 

$

(16,557

)

Net loss per share, basic and diluted

 

$

(0.13

)

 

$

(0.03

)

 

$

(0.36

)

 

$

(0.12

)

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

 

 

212,587,878

 

 

 

143,942,078

 

 

 

196,302,040

 

 

 

139,526,408

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes stock-based compensation as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Cost of revenue

 

$

593

 

 

$

241

 

 

$

1,003

 

 

$

470

 

Research and development expenses

 

 

4,806

 

 

 

388

 

 

 

8,624

 

 

 

1,255

 

General and administrative expenses

 

 

2,017

 

 

 

367

 

 

 

6,209

 

 

 

1,070

 

Selling and marketing expenses

 

 

107

 

 

 

13

 

 

 

209

 

 

 

20

 

Total stock-based compensation expense

 

$

7,523

 

 

$

1,009

 

 

$

16,045

 

 

$

2,815

 

Aeva Technologies, Inc.

 

Statements of Cash Flows

 

(Unaudited)

 

(In thousands)

 

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(70,136

)

 

$

(16,557

)

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

 

 

 

 

 

 

Depreciation

 

 

741

 

 

 

603

 

Loss on write down of fixed assets

 

 

52

 

 

 

 

Amortization of right-of-use assets

 

 

1,204

 

 

 

 

Change in fair value of warrant liability

 

 

(1,904

)

 

 

 

Stock-based compensation

 

 

16,045

 

 

 

2,815

 

Amortization of premium on available-for-sale securities

 

 

960

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(1,072

)

 

 

369

 

Inventories

 

 

(2,118

)

 

 

(465

)

Other current assets

 

 

(6,673

)

 

 

(1,421

)

Other noncurrent assets

 

 

(791

)

 

 

(5

)

Accounts payable

 

 

3,275

 

 

 

(86

)

Accrued liabilities

 

 

3,343

 

 

 

(1

)

Accrued employee costs

 

 

771

 

 

 

105

 

Lease liability

 

 

(1,101

)

 

 

 

Other current liabilities

 

 

247

 

 

 

54

 

Other noncurrent liabilities

 

 

 

 

 

13

 

Net cash used in operating activities

 

 

(57,157

)

 

 

(14,576

)

Cash flows from investing activities:

 

 

 

 

 

 

Purchase of property, plant and equipment

 

 

(2,241

)

 

 

(726

)

Purchase of available-for-sale securities

 

 

(454,357

)

 

 

 

Sale of available-for-sale securities

 

 

20,122

 

 

 

 

Proceeds from maturities of marketable securities

 

 

62,980

 

 

 

 

Net cash used in investing activities

 

 

(373,496

)

 

 

(726

)

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

 

 

(495

)

 

 

 

Proceeds from exercise of stock options

 

 

690

 

 

 

37

 

Net cash provided by financing activities

 

 

513,485

 

 

 

37

 

Net increase (decrease) in cash and cash equivalents

 

 

82,832

 

 

 

(15,265

)

Beginning cash and cash equivalents

 

 

24,624

 

 

 

46,637

 

Ending cash and cash equivalents

 

$

107,456

 

 

$

31,372

 

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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

GAAP operating loss

 

$

(27,387

)

 

$

(4,755

)

 

$

(72,250

)

 

$

(16,729

)

Stock-based compensation

 

 

7,523

 

 

 

1,009

 

 

 

16,045

 

 

 

2,815

 

Non-GAAP operating loss

 

$

(19,864

)

 

$

(3,746

)

 

$

(56,205

)

 

$

(13,914

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation from GAAP to non-GAAP net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

GAAP net loss

 

$

(26,605

)

 

$

(4,754

)

 

$

(70,136

)

 

$

(16,557

)

Stock-based compensation

 

 

7,523

 

 

 

1,009

 

 

 

16,045

 

 

 

2,815

 

Change in fair value of warrant liability

 

 

(664

)

 

 

 

 

 

(1,904

)

 

 

 

Non-GAAP net loss

 

$

(19,746

)

 

$

(3,745

)

 

$

(55,995

)

 

$

(13,742

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation from GAAP to non-GAAP net loss per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Shares used in computing GAAP net loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

212,587,878

 

 

 

143,942,078

 

 

 

196,302,040

 

 

 

139,526,408

 

GAAP net loss per share

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.13

)

 

$

(0.03

)

 

$

(0.36

)

 

$

(0.12

)

Stock-based compensation

 

 

0.04

 

 

 

0.01

 

 

 

0.08

 

 

 

0.02

 

Change in fair value of warrant liability

 

 

0.00

 

 

 

 

 

 

(0.01

)

 

 

 

Non-GAAP net loss per share

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.09

)

 

$

(0.02

)

 

$

(0.29

)

 

$

(0.10

)

 

Contacts

Investors:

Andrew Fung

[email protected]

Media:

Michael Oldenburg

[email protected]

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