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Aeva Reports Third Quarter 2023 Results

Production Win with May Mobility as Exclusive Supplier of Long-Range LiDAR

Nikon Awarded Production Program for High Precision Industrial Inspection Products

Appointment of Dr. Stefan Sommer, Former CEO of ZF and Board Member at Volkswagen Group, to Aeva’s Board of Directors

$145M Capital Raise in Combined Private Placement and Preferred Facility from Existing Long-term Stockholders Strengthens Aeva’s Position to Win Additional OEM Programs

Aeva® (NYSE: AEVA), a leader in next-generation sensing and perception systems, today announced its third quarter 2023 results.

Key Company Highlights

  • May Mobility selected Aeva 4D LiDAR as the exclusive production supplier of long-range LiDAR through 2028, replacing ToF long-range LiDAR to help expand May Mobility’s operational design domain
  • Awarded multi-year production program to use Aeva’s LiDAR-on-Chip technology on Nikon’s high precision industrial inspection products with Aeva SOP planned for late-2024
  • In the final phase with top-10 OEM. Continued progress ahead of production award decision, including receiving their highest manufacturing readiness rating
  • Appointment of Dr. Stefan Sommer, former CEO of ZF Group and Board member at Volkswagen Group, to Aeva’s Board of Directors brings leading automotive OEM and Tier 1 supplier expertise to help advance Aeva’s automotive opportunities
  • $145M capital raise in combined private placement of $20M and non-voting preferred shares facility of $125M with existing long-term stockholders strategically strengthens Aeva’s position to win additional OEM programs while structured to minimize near-term dilution

“Aeva is delivering significant breakthroughs with production wins in both automotive and industrial, expanding our Board of Directors with a proven leader in automotive and a further bolstering of our strong balance sheet that builds confidence in Aeva’s ability to support additional programs, including with larger automotive OEMs looking to select suppliers who can support their programs beyond SOP,” said Soroush Salehian, Co-Founder and CEO at Aeva. “With growing interest for Aeva’s unique 4D LiDAR-on-chip technology and continued advancement on a number of large opportunities, we believe Aeva is in a strong position for success.”

Third Quarter 2023 Financial Highlights

  • Cash, Cash Equivalents and Marketable Securities
    • Cash, cash equivalents and marketable securities of $233.7 million as of September 30, 2023
  • Revenue
    • Revenue of $0.8 million in Q3 2023, compared to revenue of $1.4 million in Q3 2022
  • GAAP and Non-GAAP Operating Loss*
    • GAAP operating loss of $35.5 million in Q3 2023, compared to GAAP operating loss of $37.8 million in Q3 2022
    • Non-GAAP operating loss of $30.3 million in Q3 2023, compared to non-GAAP operating loss of $31.7 million in Q3 2022
  • GAAP and Non-GAAP Net Loss per Share*
    • GAAP net loss per share of $0.15 in Q3 2023, compared to GAAP net loss per share of $0.17 in Q3 2022
    • Non-GAAP net loss per share of $0.13 in Q3 2023, compared to non-GAAP net loss per share of $0.14 in Q3 2022
  • Shares Outstanding
    • Weighted average shares outstanding of 222.8 million in Q3 2023

*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.

Capital Raise

Subsequent to the quarter end, Aeva made the strategic decision to bolster its balance sheet with additional capital and entered into agreements for a capital raise of $145 million with existing long-term stockholders.

On November 8, 2023, Aeva entered into agreements with Adage Capital (“Adage”) and Sylebra Capital (“Sylebra”) to purchase approximately $20 million of common stock in a private placement offering at the average closing price of the prior five trading days as of November 7, 2023, without a discount. The private placement is expected to close on or about November 9, 2023, subject to customary closing conditions.

In addition, on November 8, 2023, the Company entered into a Standby Equity Purchase Agreement (the “Facility Agreement”) with Sylebra. Pursuant to the Facility Agreement, the Company will have the right, but not the obligation, to sell to Sylebra up to $125 million of its shares of preferred stock, at the Company’s request until November 8, 2026. The preferred stock will be issued at a price per share of $10,000 and holders of the preferred stock will be entitled to a quarterly dividend at the rate of 7.0% per annum payable in cash or in kind at the option of the Company. The facility is currently undrawn, and Aeva can draw on the facility at its discretion, subject to a new passenger auto-OEM or commercial OEM production program award.

The Company believes the additional capital strategically puts Aeva in a stronger position to win additional programs by building OEM confidence in our ability to support multiple programs, including with major automotive OEMs looking at a select few suppliers who can support their high-volume production programs beyond SOP.

Oppenheimer & Co. Inc. acted as sole placement agent in connection with the offering.

The securities sold in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or securities laws of any state or other jurisdiction, and may not be resold absent registration under, or exemption from registration under, the Securities Act.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

Conference Call Details

Aeva will host a conference call and live webcast to discuss results at 2:30 p.m. PT / 5:30 p.m. ET today, November 8, 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 X 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 third quarter 2023 and business objectives for 2023, along with our expectations with respect to the production agreements with May Mobility and Nikon, the collaboration agreement with a Top OEM, as well as engagement and deployments with other customers, the anticipated closing of our capital raise, anticipated benefits of the capital raise and our ability access to capital under the Facility Agreement. 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, (v) the ability to manufacture at volumes and costs needed for commercial programs and (vi) 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)

 

 

 

 

 

 

 

September 30,

2023

 

December 31,

2022

 

 

 

 

 

ASSETS

 

 

 

 

CURRENT ASSETS:

 

 

 

 

Cash and cash equivalents

 

$

40,550

 

 

$

67,420

 

Marketable securities

 

 

193,141

 

 

 

256,392

 

Accounts receivable

 

 

769

 

 

 

2,887

 

Inventories

 

 

2,692

 

 

 

2,951

 

Other current assets

 

 

5,620

 

 

 

5,473

 

Total current assets

 

 

242,772

 

 

 

335,123

 

Operating lease right-of-use assets

 

 

7,770

 

 

 

7,402

 

Property, plant and equipment, net

 

 

11,199

 

 

 

9,720

 

Intangible assets, net

 

 

2,850

 

 

 

3,525

 

Other noncurrent assets

 

 

1,067

 

 

 

862

 

TOTAL ASSETS

 

$

265,658

 

 

$

356,632

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

Accounts payable

 

$

3,306

 

 

$

5,182

 

Accrued liabilities

 

 

2,772

 

 

 

9,063

 

Accrued employee costs

 

 

4,860

 

 

 

4,721

 

Lease liability, current portion

 

 

3,347

 

 

 

2,667

 

Other current liabilities

 

 

444

 

 

 

194

 

Total current liabilities

 

 

14,729

 

 

 

21,827

 

Lease liability, noncurrent portion

 

 

4,501

 

 

 

4,789

 

Warrant liability

 

 

22

 

 

 

90

 

TOTAL LIABILITIES

 

 

19,252

 

 

 

26,706

 

STOCKHOLDERS’ EQUITY:

 

 

 

 

Common stock

 

 

22

 

 

 

22

 

Additional paid-in capital

 

 

661,999

 

 

 

643,756

 

Accumulated other comprehensive loss

 

 

(981

)

 

 

(3,585

)

Accumulated deficit

 

 

(414,634

)

 

 

(310,267

)

TOTAL STOCKHOLDERS’ EQUITY

 

 

246,406

 

 

 

329,926

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

265,658

 

 

$

356,632

 

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,

 

 

2023

 

2022

 

2023

 

2022

Revenue

 

$

810

 

 

$

1,374

 

 

$

2,701

 

 

$

4,004

 

Cost of revenue (1)

 

 

2,525

 

 

 

2,765

 

 

 

7,715

 

 

 

5,131

 

Gross loss

 

 

(1,715

)

 

 

(1,391

)

 

 

(5,014

)

 

 

(1,127

)

Operating expenses:

 

 

 

 

 

 

 

 

Research and development expenses (1)

 

 

23,787

 

 

 

26,123

 

 

 

76,306

 

 

 

77,376

 

General and administrative expenses (1)

 

 

8,474

 

 

 

8,093

 

 

 

24,020

 

 

 

23,642

 

Selling and marketing expenses (1)

 

 

1,520

 

 

 

2,195

 

 

 

5,603

 

 

 

5,415

 

Total operating expenses

 

 

33,781

 

 

 

36,411

 

 

 

105,929

 

 

 

106,433

 

Operating loss

 

 

(35,496

)

 

 

(37,802

)

 

 

(110,943

)

 

 

(107,560

)

Interest income

 

 

2,219

 

 

 

1,164

 

 

 

6,508

 

 

 

2,033

 

Other income, net

 

 

39

 

 

 

135

 

 

 

68

 

 

 

896

 

Loss before income taxes

 

$

(33,238

)

 

$

(36,503

)

 

$

(104,367

)

 

$

(104,631

)

Income tax provision

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(33,238

)

 

$

(36,503

)

 

$

(104,367

)

 

$

(104,631

)

Net loss per share, basic and diluted

 

$

(0.15

)

 

$

(0.17

)

 

$

(0.47

)

 

$

(0.48

)

Weighted-average shares used in computing net loss per share, basic and diluted

 

 

222,825,819

 

 

 

217,888,470

 

 

 

221,003,348

 

 

 

216,937,433

 

 

 

 

 

 

 

 

 

 

(1) Includes stock-based compensation as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2023

 

2022

 

2023

 

2022

Cost of revenue

 

$

161

 

 

$

396

 

 

$

858

 

 

$

738

 

Research and development expenses

 

 

3,094

 

 

 

4,177

 

 

 

12,717

 

 

 

13,152

 

General and administrative expenses

 

 

1,654

 

 

 

1,263

 

 

 

3,989

 

 

 

3,767

 

Selling and marketing expenses

 

 

240

 

 

 

304

 

 

 

589

 

 

 

701

 

Total stock-based compensation expense

 

$

5,149

 

 

$

6,140

 

 

$

18,153

 

 

$

18,358

 

AEVA TECHNOLOGIES, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

 

 

Nine Months Ended September 30,

 

 

2023

 

2022

Cash flows from operating activities:

 

 

 

 

Net loss

 

$

(104,367

)

 

$

(104,631

)

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

 

 

 

 

Depreciation and amortization

 

 

3,145

 

 

 

2,305

 

Inventory reserve

 

 

170

 

 

 

1,363

 

Change in fair value of warrant liability

 

 

(68

)

 

 

(922

)

Stock-based compensation

 

 

18,153

 

 

 

18,358

 

Amortization of right-of-use assets

 

 

2,278

 

 

 

2,147

 

Realized loss on available-for-sale securities

 

 

 

 

 

29

 

Amortization of premium and accretion of discount on available-for-sale securities, net

 

 

(2,102

)

 

 

641

 

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable

 

 

2,118

 

 

 

(1,046

)

Inventories

 

 

89

 

 

 

(580

)

Other current assets

 

 

(147

)

 

 

(615

)

Other noncurrent assets

 

 

(204

)

 

 

(4

)

Accounts payable

 

 

(2,402

)

 

 

1,751

 

Accrued liabilities

 

 

(6,291

)

 

 

(456

)

Accrued employee costs

 

 

139

 

 

 

1,283

 

Lease liability

 

 

(2,253

)

 

 

(2,133

)

Other current liabilities

 

 

250

 

 

 

(583

)

Net cash used in operating activities

 

 

(91,492

)

 

 

(83,093

)

Cash flows from investing activities:

 

 

 

 

Purchase of property, plant and equipment

 

 

(3,423

)

 

 

(5,967

)

Purchase of available-for-sale securities

 

 

(97,642

)

 

 

(143,730

)

Proceeds from maturities of available-for-sale securities

 

 

165,597

 

 

 

284,176

 

Net cash provided by investing activities

 

 

64,532

 

 

 

134,479

 

Cash flows from financing activities:

 

 

 

 

Payments of taxes withheld on net settled vesting of restricted stock units

 

 

(62

)

 

 

(613

)

Proceeds from exercise of warrants

 

 

 

 

 

1

 

Proceeds from exercise of stock options

 

 

152

 

 

 

301

 

Net cash (used in) provided by financing activities

 

 

90

 

 

 

(311

)

Net (decrease) increase in cash and cash equivalents

 

 

(26,870

)

 

 

51,075

 

Beginning cash and cash equivalents

 

 

67,420

 

 

 

66,810

 

Ending cash and cash equivalents

 

$

40,550

 

 

$

117,885

 

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,

 

 

2023

 

2022

 

2023

 

2022

 

 

 

 

 

GAAP operating loss

 

$

(35,496

)

 

$

(37,802

)

 

$

(110,943

)

 

$

(107,560

)

Stock-based compensation

 

 

5,149

 

 

 

6,140

 

 

 

18,153

 

 

 

18,358

 

Non-GAAP operating loss

 

$

(30,347

)

 

$

(31,662

)

 

$

(92,790

)

 

$

(89,202

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation from GAAP to non-GAAP net loss

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2023

 

2022

 

2023

 

2022

 

 

 

 

 

GAAP net loss

 

$

(33,238

)

 

$

(36,503

)

 

$

(104,367

)

 

$

(104,631

)

Stock-based compensation

 

 

5,149

 

 

 

6,140

 

 

 

18,153

 

 

 

18,358

 

Change in fair value of warrant liability

 

 

(40

)

 

 

(135

)

 

 

(68

)

 

 

(922

)

Non-GAAP net loss

 

$

(28,129

)

 

$

(30,498

)

 

$

(86,282

)

 

$

(87,195

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation between GAAP and non-GAAP net loss per share

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2023

 

2022

 

2023

 

2022

Shares used in computing GAAP net loss per share:

 

 

 

 

 

 

 

 

Basic and diluted

 

 

222,825,819

 

 

 

217,888,470

 

 

 

221,003,348

 

 

 

216,937,433

 

GAAP net loss per share

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.15

)

 

$

(0.17

)

 

$

(0.47

)

 

$

(0.48

)

Stock-based compensation

 

 

0.02

 

 

 

0.03

 

 

 

0.08

 

 

 

0.08

 

Change in fair value of warrant liability

 

 

(0.00

)

 

 

(0.00

)

 

 

(0.00

)

 

 

(0.00

)

Non-GAAP net loss per share

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.13

)

 

$

(0.14

)

 

$

(0.39

)

 

$

(0.40

)

 

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