Aeva Reports Fourth Quarter and Full Year 2023 Results
- Aeva secures a major production win with Daimler Truck for long and ultra-long range LiDARs and perception software with a $1 billion order book.
- The company introduces Aeva Atlas™, the first automotive-grade 4D LiDAR powered by cutting-edge silicon innovations.
- Aeva reports revenue of $1.6 million in Q4 2023 and $4.3 million for full year 2023, showing growth compared to the previous year.
- The company maintains a strong financial position with cash, cash equivalents, and marketable securities of $221.0 million as of December 31, 2023, and an undrawn facility of $125.0 million.
- Aeva's GAAP and non-GAAP operating loss decreases in Q4 2023 compared to Q4 2022, showcasing improved financial performance.
- The company's non-GAAP net loss per share also improves in Q4 2023 compared to Q4 2022, indicating positive growth.
- Aeva is positioned for further growth in the automotive industry with multiple passenger vehicle RFQs and industrial program deployment plans by the end of 2024.
- None.
Insights
The announcement of Aeva's selection by Daimler Truck for a series production program, accompanied by a significant $1 billion order book, marks a pivotal development for the company. This partnership with one of the world's largest commercial trucking OEMs signals a strong vote of confidence in Aeva's LiDAR technology and its potential for large-scale deployment in the automotive industry. The move towards highway speed autonomy represents a growing market segment and Aeva's positioning within this space is critical as it indicates the company's potential to capture a substantial market share.
The introduction of the Aeva Atlas™, touted as the world's first automotive-grade 4D LiDAR, showcases Aeva's commitment to innovation and could serve as a differentiator in a competitive landscape. The integration of Aeva's latest silicon innovations such as the CoreVision™ and X1™ System-on-Chip processor, may provide Aeva with a technological edge, potentially leading to increased market penetration and future revenue streams.
Examining Aeva's financial health, the reported cash reserves of $221.0 million, bolstered by an undrawn facility of $125.0 million, suggest a solid liquidity position that could support the company's operational needs in the near term. However, the reported GAAP operating loss of $36.8 million for Q4 2023 and $147.8 million for the full year, despite being an improvement from the previous year, indicates ongoing challenges in achieving profitability. The non-GAAP figures, which exclude certain expenses, also reflect a similar trend of operational losses.
While the revenue growth from $0.2 million in Q4 2022 to $1.6 million in Q4 2023 shows progress, it remains modest relative to the scale of the company's ambitions and the size of the automotive market. The relatively flat year-over-year revenue underscores the need for Aeva to convert its technological advancements and partnerships into substantial revenue growth to reassure investors of its long-term viability.
The adoption of Frequency Modulated Continuous Wave (FMCW) technology, which Aeva's 4D LiDAR utilizes, is significant for the automotive industry. FMCW offers advantages over traditional time-of-flight (ToF) systems, such as improved velocity measurement and resistance to interference from sunlight or other LiDAR systems. Aeva's emphasis on this technology and its integration into Daimler Truck's series production vehicles could catalyze wider industry adoption, potentially setting new standards for autonomous vehicle sensor technology.
The strategic partnership with a heavyweight like Daimler Truck not only validates Aeva's technology but could also serve as a catalyst for further deals within the OEM space. The reference to 'multiple passenger vehicle RFQs' suggests that Aeva is actively expanding its customer base, which could lead to diversification of revenue sources and reduced dependency on single contracts, thereby mitigating business risks.
Selected by Daimler Truck for Series Production Program with an Order Book* of
Announced and Demonstrated Atlas, World’s First Automotive-Grade 4D LiDAR for Mass Production
Growing Momentum in Automotive with Multiple Passenger Vehicle RFQs, Including with a New Global Top 10 Passenger Vehicle OEM
Key Company Highlights
-
Daimler Truck selected Aeva to supply long and ultra-long range LiDARs and perception software for its series production vehicle program with an order book* of
$1 billion - Advancing on multiple passenger vehicle RFQs, including with a new global top 10 passenger vehicle OEM
- Announced Aeva Atlas™, world’s first automotive-grade 4D LiDAR that is powered by Aeva’s latest silicon innovations, including the Aeva CoreVision™ fourth-generation LiDAR-on-Chip module, and Aeva X1™ System-on-Chip processor
- On track for first industrial program deployment with Nikon by end of 2024
“2023 was a landmark year for Aeva, as we secured multiple production awards, including our first major automotive production win with Daimler Truck, one of the world’s largest commercial trucking OEMs,” said Soroush Salehian, Co-Founder and CEO at Aeva. “We believe this win is just the beginning of the growing consensus around FMCW as OEMs look to introduce highway speed autonomy at mass scale. The unique performance and maturity of Aeva’s 4D LiDAR, along with our financial strength, position us to lead this adoption, as we progress on multiple additional automotive RFQs anticipated to be awarded this year.”
Fourth Quarter and Full Year 2023 Financial Highlights
-
Cash, Cash Equivalents and Marketable Securities
-
Cash, cash equivalents and marketable securities of
$221.0 million $125.0 million
-
Cash, cash equivalents and marketable securities of
-
Revenue
-
Revenue of
$1.6 million $0.2 million -
Revenue of
$4.3 million $4.2 million
-
Revenue of
-
GAAP and Non-GAAP Operating Loss**
-
GAAP operating loss of
$36.8 million $44.4 million -
GAAP operating loss of
$147.8 million $152.0 million -
Non-GAAP operating loss of
$31.3 million $38.5 million -
Non-GAAP operating loss of
$124.1 million $127.7 million
-
GAAP operating loss of
-
GAAP and Non-GAAP Net Loss per Share**
-
GAAP net loss per share of
$0.18 $0.20 -
GAAP net loss per share of
$0.66 $0.68 -
Non-GAAP net loss per share of
$0.12 $0.17 -
Non-GAAP net loss per share of
$0.51 $0.57
-
GAAP net loss per share of
-
Shares Outstanding
- Weighted average shares outstanding of 245.0 million in Q4 2023 and 227.1 million for full year 2023
*Order Book is defined as the forward-looking cumulative billings estimate of Aeva’s products over the estimated lifetime of given production programs which Aeva expects to be integrated into or provided for, based primarily on projected pricing terms and our good faith estimates of “take rate” of Aeva’s technology on production programs. “Take rates” are the anticipated percentage of new vehicles or products to be equipped with Aeva’s technology based on Aeva’s projected product offerings and growth rates.
**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, March 5, 2024. 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, Aeva 4D LiDAR, Aeva Atlas, Aeries, Aeva Ultra Resolution, Aeva CoreVision, and Aeva X1 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 and full year 2023 and business objectives for 2024, along with our expectations with respect to the production agreements with Daimler Truck, including our forward-looking order book, and Nikon, as well as engagement and deployments with other customers, anticipated benefits of the capital raise and our ability to access 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, (vi) no assurance or guarantee that any of our customers, including any programs which we included in our order book estimates will ever complete such testing and validation with us or that we will receive any billings or revenues forecasted in connection with such program, and (vii) 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 Sheets |
||||||||
(Unaudited) |
||||||||
(In thousands) |
||||||||
December 31,
|
December 31,
|
|||||||
ASSETS |
||||||||
CURRENT ASSETS: |
||||||||
Cash and cash equivalents |
$ |
38,547 |
|
$ |
67,420 |
|
||
Marketable securities |
|
182,481 |
|
|
256,392 |
|
||
Accounts receivable |
|
628 |
|
|
2,887 |
|
||
Inventories |
|
2,374 |
|
|
2,951 |
|
||
Other current assets |
|
5,195 |
|
|
5,473 |
|
||
Total current assets |
|
229,225 |
|
|
335,123 |
|
||
Operating lease right-of-use assets |
|
7,289 |
|
|
7,402 |
|
||
Property, plant and equipment, net |
|
12,114 |
|
|
9,720 |
|
||
Intangible assets, net |
|
2,625 |
|
|
3,525 |
|
||
Other noncurrent assets |
|
6,132 |
|
|
862 |
|
||
TOTAL ASSETS |
$ |
257,385 |
|
$ |
356,632 |
|
||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||
CURRENT LIABILITIES: |
||||||||
Accounts payable |
$ |
3,602 |
|
$ |
5,182 |
|
||
Accrued liabilities |
|
2,648 |
|
|
9,063 |
|
||
Accrued employee costs |
|
6,043 |
|
|
4,721 |
|
||
Lease liability, current portion |
|
3,587 |
|
|
2,667 |
|
||
Other current liabilities |
|
2,524 |
|
|
194 |
|
||
Total current liabilities |
|
18,404 |
|
|
21,827 |
|
||
Lease liability, noncurrent portion |
|
3,767 |
|
|
4,789 |
|
||
Warrant liabilities |
|
6,772 |
|
|
90 |
|
||
TOTAL LIABILITIES |
|
28,943 |
|
|
26,706 |
|
||
STOCKHOLDERS’ EQUITY: |
||||||||
Common stock |
|
26 |
|
|
22 |
|
||
Additional paid-in capital |
|
688,103 |
|
|
643,756 |
|
||
Accumulated other comprehensive loss |
|
(87 |
) |
|
(3,585 |
) |
||
Accumulated deficit |
|
(459,600 |
) |
|
(310,267 |
) |
||
TOTAL STOCKHOLDERS’ EQUITY |
|
228,442 |
|
|
329,926 |
|
||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ |
257,385 |
|
$ |
356,632 |
|
||
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, |
|||||||||||||||
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|||||
Revenue |
$ |
1,611 |
|
$ |
188 |
|
|
$ |
4,312 |
|
$ |
4,192 |
|
|||
Cost of revenue (1) |
|
2,483 |
|
|
3,316 |
|
|
10,198 |
|
|
8,447 |
|
||||
Gross loss |
|
(872 |
) |
|
(3,128 |
) |
|
(5,886 |
) |
|
(4,255 |
) |
||||
Operating expenses: |
||||||||||||||||
Research and development expenses (1) |
|
26,197 |
|
|
32,211 |
|
|
102,503 |
|
|
109,587 |
|
||||
General and administrative expenses (1) |
|
7,741 |
|
|
7,428 |
|
|
31,761 |
|
|
31,070 |
|
||||
Selling and marketing expenses (1) |
|
2,035 |
|
|
1,628 |
|
|
7,638 |
|
|
7,043 |
|
||||
Total operating expenses |
|
35,973 |
|
|
41,267 |
|
|
141,902 |
|
|
147,700 |
|
||||
Operating loss |
|
(36,845 |
) |
|
(44,395 |
) |
|
(147,788 |
) |
|
(151,955 |
) |
||||
Interest income |
|
2,417 |
|
|
1,674 |
|
|
8,925 |
|
|
3,707 |
|
||||
Other income (expense), net |
|
(10,538 |
) |
|
47 |
|
|
(10,470 |
) |
|
943 |
|
||||
Loss before income taxes |
$ |
(44,966 |
) |
$ |
(42,674 |
) |
$ |
(149,333 |
) |
$ |
(147,305 |
) |
||||
Income tax provision |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
||||
Net loss |
$ |
(44,966 |
) |
$ |
(42,674 |
) |
$ |
(149,333 |
) |
$ |
(147,305 |
) |
||||
Net loss per share, basic and diluted |
$ |
(0.18 |
) |
$ |
(0.20 |
) |
$ |
(0.66 |
) |
$ |
(0.68 |
) |
||||
Weighted-average shares used in computing net loss per share, basic and diluted |
|
245,035,523 |
|
|
218,407,208 |
|
|
227,060,773 |
|
|
217,307,896 |
|
||||
(1) Includes stock-based compensation as follows: |
||||||||||||||||
Three Months Ended December 31, |
Year Ended December 31, |
|||||||||||||||
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|||||
Cost of revenue |
$ |
107 |
|
$ |
423 |
|
$ |
965 |
|
$ |
1,161 |
|
||||
Research and development expenses |
|
|
4,043 |
|
|
|
4,045 |
|
|
|
16,760 |
|
|
|
17,197 |
|
General and administrative expenses |
|
1,142 |
|
|
1,205 |
|
|
5,131 |
|
|
4,972 |
|
||||
Selling and marketing expenses |
|
|
230 |
|
|
|
216 |
|
|
|
819 |
|
|
|
917 |
|
Total stock-based compensation expense |
$ |
5,522 |
|
$ |
5,889 |
|
$ |
23,675 |
|
$ |
24,247 |
|
||||
AEVA TECHNOLOGIES, INC. |
||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||
(Unaudited) |
||||||||
(In thousands) |
||||||||
Year Ended December 31, |
||||||||
|
2023 |
|
|
2022 |
|
|||
Cash flows from operating activities: |
||||||||
Net loss |
$ |
(149,333 |
) |
$ |
(147,305 |
) |
||
Adjustments to reconcile net loss to net cash used in operating activities: |
||||||||
Depreciation and amortization |
|
4,622 |
|
|
3,265 |
|
||
Impairment of inventories |
|
224 |
|
|
1,664 |
|
||
Fair value at issuance of Series A warrants |
|
6,500 |
|
|
— |
|
||
Change in fair value of warrant liabilities |
|
182 |
|
|
(970 |
) |
||
Stock-based compensation |
|
23,675 |
|
|
24,247 |
|
||
Amortization of right-of-use assets |
|
3,108 |
|
|
2,882 |
|
||
Realized loss on available-for-sale securities |
|
— |
|
|
29 |
|
||
Amortization of premium and accretion of discount on available-for-sale securities, net |
|
(2,973 |
) |
|
389 |
|
||
Changes in operating assets and liabilities: |
||||||||
Accounts receivable |
|
2,259 |
|
|
(546 |
) |
||
Inventories |
|
353 |
|
|
(2,552 |
) |
||
Other current assets |
|
279 |
|
|
3,634 |
|
||
Other noncurrent assets |
|
(270 |
) |
|
(3 |
) |
||
Accounts payable |
|
(1,592 |
) |
|
1,287 |
|
||
Accrued liabilities |
|
(6,415 |
) |
|
4,953 |
|
||
Accrued employee costs |
|
1,322 |
|
|
2,525 |
|
||
Lease liability |
|
(3,097 |
) |
|
(2,871 |
) |
||
Other current liabilities |
|
2,330 |
|
|
(539 |
) |
||
Net cash used in operating activities |
|
(118,826 |
) |
|
(109,911 |
) |
||
Cash flows from investing activities: |
||||||||
Purchase of property, plant and equipment |
|
(6,104 |
) |
|
(7,439 |
) |
||
Purchase of non-marketable equity investments |
|
(5,000 |
) |
|
— |
|
||
Purchase of available-for-sale securities |
|
(152,364 |
) |
|
(210,197 |
) |
||
Proceeds from maturities of available-for-sale securities |
|
232,745 |
|
|
328,526 |
|
||
Net cash provided by investing activities |
|
69,277 |
|
|
110,890 |
|
||
Cash flows from financing activities: |
||||||||
Proceeds from issuance of stock in private placement |
|
21,455 |
|
|
— |
|
||
Transaction costs related to issuance of stock in private placement |
|
(818 |
) |
|
— |
|
||
Payments of taxes withheld on net settled vesting of restricted stock units |
|
(199 |
) |
|
(720 |
) |
||
Proceeds from exercise of stock options |
|
238 |
|
|
350 |
|
||
Proceeds from exercise of warrants |
|
— |
|
|
1 |
|
||
Net cash provided by (used in) financing activities |
|
20,676 |
|
|
(369 |
) |
||
Net (decrease) increase in cash and cash equivalents |
|
(28,873 |
) |
|
610 |
|
||
Beginning cash and cash equivalents |
|
67,420 |
|
|
66,810 |
|
||
Ending cash and cash equivalents |
$ |
38,547 |
|
$ |
67,420 |
|
||
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, |
|||||||||||||||
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|||||
GAAP operating loss |
|
$ |
(36,845 |
) |
|
$ |
(44,395 |
) |
|
$ |
(147,788 |
) |
|
$ |
(151,955 |
) |
Stock-based compensation |
|
|
5,522 |
|
|
|
5,889 |
|
|
23,675 |
|
|
|
24,247 |
|
|
Non-GAAP operating loss |
|
$ |
(31,323 |
) |
|
$ |
(38,506 |
) |
|
$ |
(124,113 |
) |
|
$ |
(127,708 |
) |
Reconciliation from GAAP to non-GAAP net loss |
||||||||||||||||
Three Months Ended December 31, |
Year Ended December 31, |
|||||||||||||||
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|||||
|
||||||||||||||||
GAAP net loss |
|
$ |
(44,966 |
) |
|
$ |
(42,674 |
) |
|
$ |
(149,333 |
) |
|
$ |
(147,305 |
) |
Stock-based compensation |
|
5,522 |
|
|
5,889 |
|
|
23,675 |
|
|
24,247 |
|
||||
Financing charges |
|
|
3,788 |
|
|
|
— |
|
|
|
3,788 |
|
|
|
— |
|
Fair value at issuance of Series A warrants |
|
6,500 |
|
|
— |
|
|
6,500 |
|
|
— |
|
||||
Change in fair value of warrant liabilities |
|
|
250 |
|
|
|
(48 |
) |
|
|
182 |
|
|
|
(970 |
) |
Non-GAAP net loss |
$ |
(28,906 |
) |
$ |
(36,833 |
) |
$ |
(115,188 |
) |
$ |
(124,028 |
) |
||||
Reconciliation between GAAP and non-GAAP net loss per share |
||||||||||||||||
Three Months Ended December 31, |
Year Ended December 31, |
|||||||||||||||
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|||||
Shares used in computing GAAP net loss per share: |
||||||||||||||||
Basic and diluted |
|
|
245,035,523 |
|
|
|
218,407,208 |
|
|
|
227,060,773 |
|
|
|
217,307,896 |
|
GAAP net loss per share |
||||||||||||||||
Basic and diluted |
|
$ |
(0.18 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.66 |
) |
|
$ |
(0.68 |
) |
Stock-based compensation |
|
0.02 |
|
|
0.03 |
|
|
0.11 |
|
|
0.11 |
|
||||
Financing charges |
|
|
0.01 |
|
|
|
— |
|
|
|
0.01 |
|
|
|
— |
|
Fair value at issuance of Series A warrants |
|
0.03 |
|
|
— |
|
|
0.03 |
|
|
— |
|
||||
Change in fair value of warrant liabilities |
|
|
0.00 |
|
|
|
(0.00 |
) |
|
|
0.00 |
|
|
|
(0.00 |
) |
Non-GAAP net loss per share |
||||||||||||||||
Basic and diluted |
|
$ |
(0.12 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.51 |
) |
|
$ |
(0.57 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240305685087/en/
Investors:
Andrew Fung
investors@aeva.ai
Media:
Michael Oldenburg
press@aeva.ai
Source: Aeva Technologies, Inc.
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