Aeva Reports Fourth Quarter and Full Year 2021 Results: Delivers on All Objectives in 2021, Advances Perception with Aeries II and Accelerates Commercialization Timeline

Rhea-AI Summary

Aeva (NYSE: AEVA) announced its Q4 and full-year 2021 results, highlighting the launch of Aeries II™, the world's first 4D LiDAR™ with camera-level resolution. The company achieved revenue of $2.9 million in Q4 2021, a significant increase from $0.7 million in Q4 2020, and $9.3 million for the full year, compared to $4.8 million in 2020. However, the GAAP operating loss rose to $31.9 million in Q4 2021, up from $9.0 million in Q4 2020. Cash reserves stood at $445 million as of December 31, 2021, supporting future growth and commercialization efforts.

Positive

• Revenue increased to $2.9 million in Q4 2021 from $0.7 million in Q4 2020.
• Total revenue for 2021 was $9.3 million, up from $4.8 million in 2020.
• Achieved significant technological milestone with the launch of Aeries II, leading in 4D LiDAR technology.
• Cash, cash equivalents, and marketable securities reached $445 million as of December 31, 2021.

Negative

• GAAP operating loss in Q4 2021 was $31.9 million, compared to $9.0 million in Q4 2020.
• Full-year GAAP operating loss increased to $104.2 million in 2021 from $25.7 million in 2020.
• Net loss per share increased to $0.15 in Q4 2021 from $0.06 in Q4 2020.

Unveiled Aeries II™, the world’s first 4D LiDAR™ with camera-level resolution and automotive grade reliability in a compact form factor

On track to begin Aeries II deliveries in late Q2 and scale deployment by year end

Defined first product in industrial metrology with Nikon. Pulling forward industrial launch by one year, targeting 2024

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

Key Company Highlights

• Completed all 2021 objectives on or ahead of schedule
• Aeva 4D LiDAR enabled world’s first driver-less fully autonomous truck on open public roads with TuSimple
• Unveiled Aeries II, the world’s first 4D LiDAR with automotive grade reliability in a compact form factor and configurable for a broad range of autonomous applications
• Announced advanced 4D Perception™ software with camera-level Ultra Resolution™ and 4D Localization™ enabling real-time ego vehicle motion estimation
• Accelerated first launch for industrial segment by one year to 2024. First product defined with Nikon in industrial metrology
• Continued to advance Aeva’s technology leadership with the largest portfolio of FMCW LiDAR patents among peers in the industry
• Progressed on automotive readiness with ISO 9001:2015 certification for Aeva’s quality management system by Intertek

“Aeva delivered on all of our objectives in 2021 - from product and commercial to financial - enabling us to accelerate our path to commercialization,” said Soroush Salehian, Co-Founder and CEO at Aeva. “We have continued our momentum into 2022, with the release of Aeries II, the world’s first commercially available 4D LiDAR that offers automotive grade reliability and Ultra Resolution to enable the next generation of autonomy.

“The industry response to Aeries II has been quite strong, giving us added confidence to broaden our commercial traction as we progress towards scaling deployment later this year and accelerate our timeline for industrial applications.”

Fourth Quarter and Full Year 2021 Financial Highlights

• Cash, Cash Equivalents and Marketable Securities
  • Cash, cash equivalents and marketable securities of $445.0 million as of December 31, 2021
• Revenue
  • Revenue of $2.9 million in Q4 2021, compared to $0.7 million in Q4 2020
  • Revenue of $9.3 million for full year 2021, compared to $4.8 million for full year 2020
• GAAP and Non-GAAP Operating Loss*
  • GAAP operating loss of $31.9 million in Q4 2021, compared to GAAP operating loss of $9.0 million in Q4 2020
  • GAAP operating loss of $104.2 million for full year 2021, compared to GAAP operating loss of $25.7 million for full year 2020
  • Non-GAAP operating loss of $25.7 million in Q4 2021, compared to non-GAAP operating loss of $8.0 million in Q4 2020
  • Non-GAAP operating loss of $81.9 million for full year 2021, compared to non-GAAP operating loss of $21.9 million for full year 2020
• GAAP and Non-GAAP Net Loss per Share*
  • GAAP net loss per share of $0.15 in Q4 2021, compared to GAAP net loss per share of $0.06 in Q4 2020
  • GAAP net loss per share of $0.51 for full year 2021, compared to GAAP net loss per share of $0.18 for full year 2020
  • Non-GAAP net loss per share of $0.12 in Q4 2021, compared to non-GAAP net loss per share of $0.05 in Q4 2020
  • Non-GAAP net loss per share of $0.41 for full year 2021, compared to non-GAAP net loss per share of $0.15 for full year 2020
• Shares Outstanding
  • Weighted average shares outstanding of 214.3 million in Q4 2021 and 200.8 million in 2021

*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 fourth quarter of 2021 and business objectives for 2022, 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 September 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)
		December 31, 2021				December 31, 2020
ASSETS
CURRENT ASSETS:
Cash and cash equivalents		$	66,810			$	24,624
Marketable securities			378,200				—
Accounts receivable, net			2,341				141
Inventory			2,063				1,219
Other current assets			9,070				4,970
Total current assets			458,484				30,954
Operating lease right-of-use assets			10,284				—
Property and equipment, net			5,136				1,614
Intangible assets, net			4,425				—
Other assets			859				64
TOTAL ASSETS		$	479,188			$	32,632
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable		$	4,386			$	2,071
Accrued liabilities			4,110				2,606
Accrued employee costs			2,196				722
Lease liability, current portion			2,872				—
Other current liabilities			733				275
Total current liabilities			14,297				5,674
Lease liability, noncurrent portion			7,455				—
Warrant liability			1,060				—
Other liabilities			—				45
TOTAL LIABILITIES			22,812				5,719
STOCKHOLDERS’ EQUITY:
Common stock			21				15
Additional paid-in capital			619,841				87,982
Accumulated other comprehensive loss			(524	)			—
Accumulated deficit			(162,962	)			(61,084	)
TOTAL STOCKHOLDERS’ EQUITY			456,376				26,913
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY		$	479,188			$	32,632

AEVA TECHNOLOGIES, INC.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except share and per share data)
		Three Months Ended December 31,								Year Ended December 31,
		2021				2020				2021				2020
Revenues:
Product		$	586			$	732			$	1,776			$	1,534
Professional service			2,287				—				7,489				3,309
Total revenues			2,873				732				9,265				4,843
Cost of revenues:
Product			431				550				1,365				717
Professional service (1)			1,499				—				4,468				2,024
Total cost of revenues			1,930				550				5,833				2,741
Gross profit			943				182				3,432				2,102
Research and development expenses (1)			23,749				6,214				74,768				20,497
General and administrative expenses (1)			6,766				2,325				28,407				5,664
Selling and marketing expenses (1)			2,364				655				4,443				1,682
Total operating expenses			32,879				9,194				107,618				27,843
Operating loss			(31,936	)			(9,012	)			(104,186	)			(25,741	)
Interest income			144				1				372				195
Other income (expense), net			50				(2	)			1,936				(24	)
Net loss before taxes			(31,742	)			(9,013	)			(101,878	)			(25,570	)
Income tax provision			—				—				—				—
Net loss		$	(31,742	)		$	(9,013	)		$	(101,878	)		$	(25,570	)
Net loss per share, basic and diluted		$	(0.15	)		$	(0.06	)		$	(0.51	)		$	(0.18	)
Shares used in computing net loss per share, basic and diluted			214,344,240				148,335,598				200,849,663				141,741,752
(1) Includes stock-based compensation as follows:
		Three Months Ended December 31,								Year Ended December 31,
		2021				2020				2021				2020
Cost of revenues		$	480			$	—			$	1,483			$	470
Research and development expenses			4,130				640				12,754				1,895
General and administrative expenses			1,420				345				7,629				1,415
Selling and marketing expenses			162				6				371				26
Total stock-based compensation expense		$	6,192			$	991			$	22,237			$	3,806

AEVA TECHNOLOGIES, INC.
Statements of Cash Flows
(Unaudited)
(In thousands)
		Year Ended December 31,
		2021				2020
Cash flows from operating activities:
Net loss		$	(101,878	)		$	(25,570	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization			1,147				798
Loss on write down of fixed assets			52				—
Change in fair value of warrant liability			(1,954	)			—
Stock-based compensation			22,237				3,806
Amortization of right-of-use assets			1,901				—
Amortization of premium on available-for-sale securities			1,498				—
Changes in operating assets and liabilities:
Accounts receivable			(2,200	)			228
Inventories			(844	)			(865	)
Other current assets			(7,285	)			(3,513	)
Other noncurrent assets			(795	)			(5	)
Accounts payable			2,667				1,360
Accrued liabilities			3,202				2,263
Accrued employee costs			1,474				256
Lease liability			(1,785	)			—
Other current liabilities			458				5
Other noncurrent liabilities			—				6
Net cash used in operating activities			(82,105	)			(21,231	)
Cash flows from investing activities:
Purchase of property, plant and equipment			(3,850	)			(855	)
Purchase of available-for-sale securities			(571,925	)			—
Proceeds from sale of available-for-sale securities			20,123				—
Proceeds from maturities of marketable securities			171,580				—
Purchase of intangible assets			(4,500	)			—
Net cash used in investing activities			(388,572	)			(855	)
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			(1,338	)			—
Proceeds from exercise of stock options			911				73
Net cash provided by financing activities			512,863				73
Net increase (decrease) in cash and cash equivalents			42,186				(22,013	)
Beginning cash and cash equivalents			24,624				46,637
Ending 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 December 31,								Year Ended December 31,
		2021				2020				2021				2020
GAAP operating loss		$	(31,936	)		$	(9,012	)		$	(104,186	)		$	(25,741	)
Stock-based compensation			6,192				991				22,237				3,806
Non-GAAP operating loss		$	(25,744	)		$	(8,021	)		$	(81,949	)		$	(21,935	)
Reconciliation from GAAP to non-GAAP net loss
		Three Months Ended December 31,								Year Ended December 31,
		2021				2020				2021				2020
GAAP net loss		$	(31,742	)		$	(9,013	)		$	(101,878	)		$	(25,570	)
Stock-based compensation			6,192				991				22,237				3,806
Change in fair value of warrant liability			(50	)			—				(1,954	)			—
Non-GAAP net loss		$	(25,600	)		$	(8,022	)		$	(81,595	)		$	(21,764	)
Reconciliation between GAAP and non-GAAP net loss per share
		Three Months Ended December 31,								Year Ended December 31,
		2021				2020				2021				2020
Shares used in computing GAAP net loss per share:
Basic and diluted			214,344,240				148,335,598				200,849,663				141,741,752
GAAP net loss per share
Basic and diluted		$	(0.15	)		$	(0.06	)		$	(0.51	)		$	(0.18	)
Stock-based compensation			0.03				0.01				0.11				0.03
Warrant liability			(0.00	)			—				(0.01	)			—
Non-GAAP net loss per share
Basic and diluted		$	(0.12	)		$	(0.05	)		$	(0.41	)		$	(0.15	)

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220223006189/en/

Investors:

Andrew Fung

investors@aeva.ai

Media:

Michael Oldenburg

press@aeva.ai

Source: Aeva Technologies, Inc.

FAQ

What are Aeva's Q4 and full-year 2021 revenue figures?

Aeva reported Q4 2021 revenue of $2.9 million and a total revenue of $9.3 million for the full year 2021.

What is the significance of Aeva's Aeries II launch?

Aeries II is the world's first 4D LiDAR with camera-level resolution, enhancing automotive-grade reliability.

How did Aeva's net loss per share change in Q4 2021?

The net loss per share increased to $0.15 in Q4 2021 from $0.06 in Q4 2020.

What was Aeva's operating loss in Q4 2021?

Aeva reported a GAAP operating loss of $31.9 million in Q4 2021.

How much cash reserves does Aeva have as of December 31, 2021?

Aeva had cash, cash equivalents, and marketable securities totaling $445 million as of December 31, 2021.