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Aeva Reports First Quarter 2022 Results

On track to begin Aeries II deliveries in late Q2

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® (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™ 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™ 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,

2022

 

December 31,

2021

 

 

 

ASSETS

 

 

CURRENT ASSETS:

 

 

Cash and cash equivalents

$

62,499

 

$

66,810

 

Marketable securities

 

351,988

 

 

378,200

 

Accounts receivable, net

 

211

 

 

2,341

 

Inventory

 

1,926

 

 

2,063

 

Other current assets

 

8,667

 

 

9,070

 

Total current assets

 

425,291

 

 

458,484

 

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:

 

 

Accounts payable

$

6,645

 

$

4,386

 

Accrued liabilities

 

2,671

 

 

4,110

 

Accrued employee costs

 

1,109

 

 

2,196

 

Lease liability, current portion

 

2,929

 

 

2,872

 

Other current liabilities

 

234

 

 

733

 

Total current liabilities

 

13,588

 

 

14,297

 

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:

 

 

Product

$

211

 

$

293

 

Professional service

 

926

 

 

15

 

Total revenues

 

1,137

 

 

308

 

Cost of revenues:

 

 

Product

 

920

 

 

180

 

Professional service (1)

 

455

 

 

 

Total cost of revenues

 

1,375

 

 

180

 

Gross profit (loss)

 

(238

)

 

128

 

Research and development expenses (1)

 

25,315

 

 

11,379

 

General and administrative expenses (1)

 

6,872

 

 

8,217

 

Selling and marketing expenses (1)

 

1,648

 

 

659

 

Total operating expenses

 

33,835

 

 

20,255

 

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

 

 

 

 

Net loss

$

(33,157

)

$

(19,458

)

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,

 

2022

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

 

Total stock-based compensation expense

$

5,784

 

$

4,513

 

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:

 

 

Depreciation and amortization

 

630

 

 

215

 

Change in fair value of warrant liability

 

(634

)

 

(668

)

Stock-based compensation

 

5,784

 

 

4,513

 

Amortization of right-of-use assets

 

707

 

 

223

 

Amortization of premium on available-for-sale securities

 

435

 

 

 

Changes in operating assets and liabilities:

 

 

Accounts receivable

 

2,130

 

 

(104

)

Inventories

 

137

 

 

(310

)

Other current assets

 

403

 

 

(258

)

Other noncurrent assets

 

(1

)

 

(296

)

Accounts payable

 

1,890

 

 

964

 

Accrued liabilities

 

(2,335

)

 

872

 

Accrued employee costs

 

(1,332

)

 

(358

)

Lease liability

 

(696

)

 

(141

)

Other current liabilities

 

(499

)

 

9

 

Net cash used in operating activities

 

(26,538

)

 

(14,797

)

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

 

 

 

Net cash provided by (used in) investing activities

 

22,040

 

 

(54,170

)

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

 

Net cash provided by financing activities

 

187

 

 

513,747

 

Net increase (decrease) in cash and cash equivalents

 

(4,311

)

 

444,781

 

Beginning cash and cash equivalents

 

66,810

 

 

24,624

 

Ending cash and cash equivalents

$

62,499

 

$

469,405

 

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,

 

2022

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,

 

2022

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

 

 

Basic and diluted

$

(0.13

)

$

(0.10

)

 

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