Aeva Reports Fourth Quarter and Full Year 2024 Results
Aeva (NASDAQ: AEVA) reported its Q4 and full year 2024 results, highlighting significant commercial progress. The company secured a development program with a Global Top 10 Passenger OEM for their Atlas Ultra 4D LiDAR, with a letter of intent for large-scale production targeting 2027 SOP. Revenue reached $2.7M in Q4 2024 (vs $1.6M in Q4 2023) and $9.1M for full year 2024 (vs $4.3M in 2023).
The company maintained $112.0M in cash and equivalents, with an additional $125.0M facility available. GAAP operating loss was $34.2M in Q4 and $158.4M for the full year. For 2025, Aeva projects revenue between $15-18M, representing 70-100% year-over-year growth.
Key achievements include progress with Daimler Truck's production program (2026 SOP), expanded collaboration with SICK AG for industrial automation, and demonstration of industry-first behind-windshield 4D LiDAR integration.
Aeva (NASDAQ: AEVA) ha riportato i risultati del quarto trimestre e dell'intero anno 2024, evidenziando un notevole progresso commerciale. L'azienda ha ottenuto un programma di sviluppo con un OEM passeggeri tra i primi dieci al mondo per il loro Atlas Ultra 4D LiDAR, con una lettera di intenti per una produzione su larga scala mirata al 2027. I ricavi hanno raggiunto 2,7 milioni di dollari nel quarto trimestre del 2024 (rispetto a 1,6 milioni di dollari nel quarto trimestre del 2023) e 9,1 milioni di dollari per l'intero anno 2024 (rispetto a 4,3 milioni di dollari nel 2023).
L'azienda ha mantenuto 112,0 milioni di dollari in contante e equivalenti, con un ulteriore finanziamento di 125,0 milioni di dollari disponibile. La perdita operativa secondo i principi contabili GAAP è stata di 34,2 milioni di dollari nel quarto trimestre e di 158,4 milioni di dollari per l'intero anno. Per il 2025, Aeva prevede ricavi tra 15 e 18 milioni di dollari, rappresentando una crescita del 70-100% rispetto all'anno precedente.
I risultati chiave includono progressi con il programma di produzione di Daimler Truck (SOP 2026), una collaborazione ampliata con SICK AG per l'automazione industriale e la dimostrazione della prima integrazione al mondo del LiDAR 4D dietro il parabrezza.
Aeva (NASDAQ: AEVA) informó sobre sus resultados del cuarto trimestre y del año completo 2024, destacando un progreso comercial significativo. La empresa aseguró un programa de desarrollo con un OEM de pasajeros entre los diez principales a nivel mundial para su Atlas Ultra 4D LiDAR, con una carta de intención para la producción a gran escala con fecha objetivo de inicio en 2027. Los ingresos alcanzaron 2,7 millones de dólares en el cuarto trimestre de 2024 (frente a 1,6 millones de dólares en el cuarto trimestre de 2023) y 9,1 millones de dólares para el año completo 2024 (frente a 4,3 millones de dólares en 2023).
La empresa mantuvo 112,0 millones de dólares en efectivo y equivalentes, con una instalación adicional de 125,0 millones de dólares disponible. La pérdida operativa según GAAP fue de 34,2 millones de dólares en el cuarto trimestre y de 158,4 millones de dólares para el año completo. Para 2025, Aeva proyecta ingresos entre 15 y 18 millones de dólares, lo que representa un crecimiento del 70-100% interanual.
Los logros clave incluyen avances con el programa de producción de Daimler Truck (SOP 2026), una colaboración ampliada con SICK AG para la automatización industrial y la demostración de la integración del LiDAR 4D detrás del parabrisas, la primera en la industria.
Aeva (NASDAQ: AEVA)는 2024년 4분기 및 전체 연도 결과를 발표하며 상당한 상업적 진전을 강조했습니다. 이 회사는 세계 10대 승용차 OEM과 함께 Atlas Ultra 4D LiDAR의 개발 프로그램을 확보했으며, 2027년 대량 생산을 목표로 하는 의향서도 체결했습니다. 매출은 2024년 4분기에 270만 달러에 달했으며(2023년 4분기 160만 달러 대비) 2024년 전체 연도 매출은 910만 달러에 이릅니다(2023년 430만 달러 대비).
회사는 1억 1200만 달러의 현금 및 현금성 자산을 유지하고 있으며, 추가로 1억 2500만 달러의 자금 조달이 가능합니다. GAAP 기준 운영 손실은 4분기에 3420만 달러, 전체 연도에 1억 5840만 달러였습니다. 2025년에는 Aeva가 1500만 달러에서 1800만 달러 사이의 매출을 예상하며, 이는 전년 대비 70-100% 성장에 해당합니다.
주요 성과로는 다임러 트럭의 생산 프로그램(2026 SOP)과의 진행 상황, 산업 자동화를 위한 SICK AG와의 협력 확대, 업계 최초의 앞 유리 뒤에 설치된 4D LiDAR 통합 시연이 포함됩니다.
Aeva (NASDAQ: AEVA) a publié ses résultats du quatrième trimestre et de l'année entière 2024, mettant en avant des progrès commerciaux significatifs. L'entreprise a sécurisé un programme de développement avec un OEM de passagers parmi les dix premiers mondiaux pour son Atlas Ultra 4D LiDAR, avec une lettre d'intention pour une production à grande échelle visant un lancement en 2027. Les revenus ont atteint 2,7 millions de dollars au quatrième trimestre 2024 (contre 1,6 million de dollars au quatrième trimestre 2023) et 9,1 millions de dollars pour l'année entière 2024 (contre 4,3 millions de dollars en 2023).
L'entreprise a maintenu 112,0 millions de dollars en liquidités et équivalents, avec une facilité additionnelle de 125,0 millions de dollars disponible. La perte opérationnelle selon les normes GAAP s'élevait à 34,2 millions de dollars au quatrième trimestre et à 158,4 millions de dollars pour l'année entière. Pour 2025, Aeva prévoit des revenus compris entre 15 et 18 millions de dollars, représentant une croissance de 70 à 100 % d'une année sur l'autre.
Les réalisations clés comprennent des progrès avec le programme de production de Daimler Truck (SOP 2026), une collaboration élargie avec SICK AG pour l'automatisation industrielle et la démonstration de l'intégration du LiDAR 4D derrière le pare-brise, première dans l'industrie.
Aeva (NASDAQ: AEVA) hat seine Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 bekannt gegeben und dabei erhebliche kommerzielle Fortschritte hervorgehoben. Das Unternehmen sicherte sich ein Entwicklungsprogramm mit einem der zehn größten Passagier-OEMs weltweit für ihr Atlas Ultra 4D LiDAR, mit einem Letter of Intent für die Großproduktion, die auf 2027 abzielt. Der Umsatz erreichte im vierten Quartal 2024 2,7 Millionen Dollar (gegenüber 1,6 Millionen Dollar im vierten Quartal 2023) und 9,1 Millionen Dollar für das gesamte Jahr 2024 (gegenüber 4,3 Millionen Dollar im Jahr 2023).
Das Unternehmen hielt 112,0 Millionen Dollar in bar und liquiden Mitteln, mit einer zusätzlichen Kreditlinie von 125,0 Millionen Dollar. Der GAAP-Betriebsverlust betrug im vierten Quartal 34,2 Millionen Dollar und für das gesamte Jahr 158,4 Millionen Dollar. Für 2025 plant Aeva einen Umsatz zwischen 15 und 18 Millionen Dollar, was einem Wachstum von 70-100% im Jahresvergleich entspricht.
Zu den wichtigsten Erfolgen gehören Fortschritte mit dem Produktionsprogramm von Daimler Truck (SOP 2026), eine erweiterte Zusammenarbeit mit SICK AG für die industrielle Automatisierung und die Demonstration der ersten Integration eines 4D LiDAR hinter der Windschutzscheibe in der Branche.
- Secured development program with Global Top 10 Passenger OEM with potential large-scale production
- Revenue grew 111% YoY to $9.1M in 2024
- Strong 2025 guidance projecting 70-100% revenue growth
- On track with Daimler Truck production program for 2026 SOP
- Expanded industrial automation market presence through SICK AG collaboration
- GAAP operating loss increased to $158.4M in 2024 from $147.8M in 2023
- Net loss per share of $2.85 for full year 2024
- Significant cash burn continues with high operating losses
Insights
Aeva's Q4 2024 results reveal solid commercial momentum despite ongoing financial challenges. Revenue doubled to $9.1 million for full-year 2024 compared to $4.3 million in 2023, with Q4 contributions of $2.7 million. The company projects 70-100% revenue growth for 2025, targeting $15-18 million.
However, financial fundamentals remain concerning with a GAAP operating loss of $158.4 million for 2024, slightly exceeding 2023's $147.8 million loss. On a non-GAAP basis, operating losses showed marginal improvement at $123.2 million versus $124.1 million in 2023. The GAAP net loss per share decreased to $2.85 from $3.29 year-over-year.
Securing a development program with a Global Top 10 Passenger OEM represents a significant commercialization milestone, especially with a letter of intent for a large-scale production program expected this year. The Daimler Truck program progressing toward 2026 start-of-production and expanded collaboration with SICK AG further validates Aeva's FMCW technology in the $10+ billion industrial automation market.
The company's liquidity position shows $112 million in cash and marketable securities plus an available $125 million facility. At current burn rates, this runway should support operations while pursuing production contracts. Market recognition of Aeva's frequency modulated continuous wave (FMCW) technology appears to be accelerating across automotive and industrial applications, potentially positioning 2025 as an inflection point for commercial adoption.
Aeva's FMCW LiDAR technology is gaining significant market traction as evidenced by their expanding commercial partnerships. The development program with a Global Top 10 Passenger OEM for their Atlas Ultra 4D LiDAR represents a critical validation of their approach versus traditional time-of-flight LiDAR competitors.
The technical advantages of Aeva's solutions are substantial. Their Atlas Ultra offers 3x the resolution while being 35% slimmer than standard Atlas, enabling more flexible integration options for automotive applications. Particularly impressive is their industry-first functional behind-windshield integration demonstration, leveraging smaller form factors, lower power consumption, and passive cooling capabilities.
Aeva's expanding footprint in industrial automation through SICK AG collaboration indicates the versatility of their technology beyond automotive applications. FMCW technology's inherent advantages in precision sensing make it particularly valuable for robotics and factory automation, representing significant diversification.
The deepened collaboration with Torc for autonomous trucking applications further demonstrates how Aeva's perception systems contribute to enhanced safety architectures. The combination of high-resolution spatial awareness and direct velocity measurement provides critical redundancy for autonomous systems.
Looking at the competitive landscape, Aeva appears to be breaking through in the commercialization phase where many LiDAR companies have struggled. The simultaneous advancement in both automotive OEM contracts and industrial applications suggests their technology platform is reaching the maturity and cost structure necessary for volume production, potentially giving them a differentiated position as the market transitions toward FMCW solutions.
Global Top 10 Passenger OEM Awarded Aeva a Development Program for Next Generation Global Vehicle Production Platform; OEM Letter of Intent to Aeva for Large Scale Production Program Award This Year
On Track with Daimler Truck’s Production Program Milestones with Aeva SOP in 2026; Deepened Collaboration with Torc to Advance Autonomous Truck Development
Expanded Collaboration with SICK AG on Precision Sensing for Industrial Robotics and Factory Automation Applications
Key Company Highlights
- Selected by a Global Top 10 Passenger OEM for joint development of Aeva Atlas Ultra 4D LiDAR for the OEM’s global platform across multiple vehicle model lines. Secured a letter of intent from the OEM for large scale production program award opportunity expected this year, with Atlas Ultra SOP targeting 2027
- On track with Daimler Truck’s series production program, delivered on all development milestones in 2024. Deepened collaboration with Torc on data share to strengthen the safety architecture for autonomous trucking applications
-
Expanded collaboration with SICK to incorporate Aeva’s FMCW technology across SICK’s portfolio of high accuracy contactless sensors for a broad range of robotics and factory automation applications in the
$10 + Billion industrial automation market -
Showcased Atlas Ultra, our latest 4D LiDAR that offers 3x the resolution and is
35% slimmer than the standard Atlas, enabling seamless and flexible integration for passenger cars - Demonstrated the industry-first functional 4D LiDAR behind-windshield integration with an automotive partner, leveraging Aeva’s small form factor, lower power consumption and passive cooling
- Successful 2024 achievements with key commercial wins, product and supply chain maturity and financial results that exceeded targets
“Aeva in 2024 accelerated the growing adoption of FMCW technology, with expanded partnerships in automotive and our growing pace of new production wins in industrial robotics, security and infrastructure,” said Soroush Salehian, Co-founder and CEO at Aeva. “We are thrilled to start 2025 with our first award for a development program with a global top 10 passenger OEM for their next-generation production platform planned for multiple vehicle model lines. With our 4D LiDAR’s unique combination of performance, maturity and scalability, we believe 2025 is the year where Aeva will be in a strong position to further drive the automotive and industrial automation markets transition to FMCW and deliver a year of record revenues with significant growth, while reducing our spend.”
Fourth Quarter and Full Year 2024 Financial Highlights
-
Cash, Cash Equivalents and Marketable Securities
-
Cash, cash equivalents and marketable securities of
$112.0 million $125.0 million
-
Cash, cash equivalents and marketable securities of
-
Revenue
-
Revenue of
$2.7 million $1.6 million -
Revenue of
$9.1 million $4.3 million
-
Revenue of
-
GAAP and Non-GAAP Operating Loss*
-
GAAP operating loss of
$34.2 million $36.8 million -
GAAP operating loss of
$158.4 million $147.8 million -
Non-GAAP operating loss of
$27.7 million $31.3 million -
Non-GAAP operating loss of
$123.2 million $124.1 million
-
GAAP operating loss of
-
GAAP and Non-GAAP Net Loss per Share*
-
GAAP net loss per share of
$0.67 $0.92 -
GAAP net loss per share of
$2.85 $3.29 -
Non-GAAP net loss per share of
$0.49 $0.59 -
Non-GAAP net loss per share of
$2.17 $2.54
-
GAAP net loss per share of
-
Shares Outstanding
- Weighted average shares outstanding of 54.0 million in Q4 2024 and 53.4 million for full year 2024
2025 Financial Outlook
-
Revenue in the range of
$15 million $18 million 70% to100% year-over-year
*Tables reconciling GAAP to non-GAAP measures are provided at the end of this release.
Conference Call Details
Aeva will host a conference call and live webcast to discuss results at 2:00 p.m. PT / 5:00 p.m. ET today, March 19, 2025. The live webcast and replay can be accessed at investors.aeva.com.
About Aeva Technologies, Inc. (NASDAQ: 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 and business objectives for 2025, along with our expectations with respect to the production agreements, including with Daimler Truck, as well as engagement and deployments with other customers and partners during 2025 and after, including the global top 10 passenger OEM mentioned in this press release and SICK AG, our future production plans, the timing of Atlas Ultra SOP and our ability to access capital under our preferred equity facility. 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 and limited history of shipping significant product volumes, (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 that any of our customers will ever complete testing and validation with us or that we will receive any billings or revenues in connection with such programs or that such customers will continue such programs, (vii) the need to conclude definitive deployment or production agreements with potential customers, including those mentioned in this release, (viii) that any validation orders will result in larger orders, (ix) that any programs into which our products may be designed will result in significant end customer sales, (x) that any of the opportunities referenced in this press release will result in significant deployments of our products, (xi) unforeseen project delays or product issues, such as difficulties or delays in shipping, manufacturing or installation, (xii) end customer acceptance of the platform, (xiii) revenue recognition rules, (xiv) our ability to reduce costs and unforeseen expenses, and (xv) other material risks and other important factors that could affect our financial results that are further described in our filings with the SEC. Please refer to our filings with the SEC, including our most recent Form 10-K and Form 10-Q. 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.
Non-GAAP Information
In addition to our financial results determined in accordance with
We believe that non-GAAP operating loss and non-GAAP net loss per share, when taken together with the corresponding
However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with
AEVA TECHNOLOGIES, INC. |
||||||||
Condensed Consolidated Balance Sheets |
||||||||
(Unaudited) |
||||||||
(In thousands) |
||||||||
December 31,
|
December 31,
|
|||||||
ASSETS |
||||||||
CURRENT ASSETS: |
||||||||
Cash and cash equivalents |
$ |
28,864 |
|
$ |
38,547 |
|
||
Marketable securities |
|
83,143 |
|
|
182,481 |
|
||
Accounts receivable |
|
1,187 |
|
|
628 |
|
||
Inventories |
|
2,345 |
|
|
2,374 |
|
||
Other current assets |
|
7,761 |
|
|
5,195 |
|
||
Total current assets |
|
123,300 |
|
|
229,225 |
|
||
Operating lease right-of-use assets |
|
3,826 |
|
|
7,289 |
|
||
Property, plant and equipment, net |
|
10,332 |
|
|
12,114 |
|
||
Intangible assets, net |
|
1,725 |
|
|
2,625 |
|
||
Other noncurrent assets |
|
8,306 |
|
|
6,132 |
|
||
TOTAL ASSETS |
$ |
147,489 |
|
$ |
257,385 |
|
||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||
CURRENT LIABILITIES: |
||||||||
Accounts payable |
$ |
5,453 |
|
$ |
3,602 |
|
||
Accrued liabilities |
|
5,710 |
|
|
2,648 |
|
||
Accrued employee costs |
|
5,783 |
|
|
6,043 |
|
||
Lease liability, current portion |
|
3,039 |
|
|
3,587 |
|
||
Other current liabilities |
|
19,174 |
|
|
2,524 |
|
||
Total current liabilities |
|
39,159 |
|
|
18,404 |
|
||
Lease liability, noncurrent portion |
|
720 |
|
|
3,767 |
|
||
Warrant liability |
|
8,258 |
|
|
6,772 |
|
||
TOTAL LIABILITIES |
|
48,137 |
|
|
28,943 |
|
||
STOCKHOLDERS’ EQUITY: |
||||||||
Common stock |
|
6 |
|
|
5 |
|
||
Additional paid-in capital |
|
711,160 |
|
|
688,124 |
|
||
Accumulated other comprehensive income (loss) |
|
47 |
|
|
(87 |
) |
||
Accumulated deficit |
|
(611,861 |
) |
|
(459,600 |
) |
||
TOTAL STOCKHOLDERS’ EQUITY |
|
99,352 |
|
|
228,442 |
|
||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ |
147,489 |
|
$ |
257,385 |
|
||
AEVA TECHNOLOGIES, INC. |
||||||||||||||||
Condensed Consolidated Statements of Operations |
||||||||||||||||
(Unaudited) |
||||||||||||||||
(In thousands, except share and per share data) |
||||||||||||||||
Three Months Ended
|
|
Year Ended December 31, |
||||||||||||||
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
||
| Revenue | $ |
2,696 |
|
$ |
1,611 |
|
|
$ |
9,065 |
|
$ |
4,312 |
|
|||
| Cost of revenue (1) |
|
3,525 |
|
|
2,483 |
|
|
12,855 |
|
|
10,198 |
|
||||
| Gross loss |
|
|
(829 |
) |
|
(872 |
) |
|
(3,790 |
) |
|
(5,886 |
) |
|||
| Operating expenses: | ||||||||||||||||
| Research and development expenses (1) |
|
|
24,343 |
|
|
26,197 |
|
|
102,667 |
|
|
102,503 |
|
|||
| General and administrative expenses (1) |
|
7,729 |
|
|
7,741 |
|
|
33,259 |
|
|
31,761 |
|
||||
| Selling and marketing expenses (1) |
|
|
1,338 |
|
|
2,035 |
|
|
7,156 |
|
|
7,638 |
|
|||
| Litigation settlement, net (2) |
|
— |
|
|
— |
|
|
11,500 |
|
|
— |
|
||||
| Total operating expenses |
|
33,410 |
|
|
35,973 |
|
|
154,582 |
|
|
141,902 |
|
||||
| Operating loss |
|
(34,239 |
) |
|
(36,845 |
) |
|
(158,372 |
) |
|
(147,788 |
) |
||||
| Interest income |
|
1,385 |
|
|
2,417 |
|
|
7,712 |
|
|
8,925 |
|
||||
| Other income (expense), net |
|
(3,266 |
) |
|
(10,538 |
) |
|
(1,430 |
) |
|
(10,470 |
) |
||||
| Loss before income taxes | $ |
(36,120 |
) |
$ |
(44,966 |
) |
$ |
(152,090 |
) |
$ |
(149,333 |
) |
||||
| Income tax provision |
|
26 |
|
|
— |
|
|
171 |
|
|
— |
|
||||
| Net loss | $ |
(36,146 |
) |
$ |
(44,966 |
) |
$ |
(152,261 |
) |
$ |
(149,333 |
) |
||||
| Net loss per share, basic and diluted | $ |
(0.67 |
) |
$ |
(0.92 |
) |
$ |
(2.85 |
) |
$ |
(3.29 |
) |
||||
| Weighted-average shares used in computing net loss per share, basic and diluted |
|
53,986,214 |
|
|
49,007,105 |
|
|
53,359,685 |
|
|
45,412,155 |
|
||||
| (1) Includes stock-based compensation as follows: | ||||||||||||||||
Three Months Ended
|
|
Year Ended December 31, |
||||||||||||||
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
||
| Cost of revenue |
|
$ |
71 |
|
|
$ |
107 |
|
|
$ |
279 |
|
|
$ |
965 |
|
| Research and development expenses |
|
4,218 |
|
|
4,043 |
|
|
16,657 |
|
|
16,760 |
|
||||
| General and administrative expenses |
|
|
2,072 |
|
|
|
1,142 |
|
|
|
5,875 |
|
|
|
5,131 |
|
| Selling and marketing expenses |
|
217 |
|
|
230 |
|
|
897 |
|
|
819 |
|
||||
| Total stock-based compensation expense |
|
$ |
6,578 |
|
|
$ |
5,522 |
|
|
$ |
23,708 |
|
$ |
23,675 |
|
|
| (2) Relates to the settlement of litigation related to the de-SPAC transaction and Aeva's indemnification obligations related thereto. | ||||||||||||||||
AEVA TECHNOLOGIES, INC. |
||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||
(Unaudited) |
||||||||
(In thousands) |
||||||||
Year Ended December 31, |
||||||||
|
2024 |
|
|
|
2023 |
|
||
Cash flows from operating activities: |
||||||||
Net loss |
$ |
(152,261 |
) |
$ |
(149,333 |
) |
||
Adjustments to reconcile net loss to net cash used in operating activities: |
||||||||
Depreciation and amortization |
|
5,480 |
|
|
4,622 |
|
||
Impairment of inventories |
|
1,140 |
|
|
224 |
|
||
Fair value at issuance of Series A warrants |
|
— |
|
|
6,500 |
|
||
Change in fair value of warrant liabilities |
|
1,486 |
|
|
182 |
|
||
Stock-based compensation |
|
23,708 |
|
|
23,675 |
|
||
Amortization of right-of-use assets |
|
3,463 |
|
|
3,108 |
|
||
Realized loss on available-for-sale securities |
|
— |
|
|
— |
|
||
Amortization of premium and accretion of discount on available-for-sale securities, net |
|
(3,537 |
) |
|
(2,973 |
) |
||
Other |
|
563 |
|
|
— |
|
||
Changes in operating assets and liabilities: |
||||||||
Accounts receivable |
|
(559 |
) |
|
2,259 |
|
||
Inventories |
|
(1,111 |
) |
|
353 |
|
||
Other current assets |
|
(2,566 |
) |
|
279 |
|
||
Other noncurrent assets |
|
318 |
|
|
(270 |
) |
||
Accounts payable |
|
1,835 |
|
|
(1,592 |
) |
||
Accrued liabilities |
|
2,334 |
|
|
(6,415 |
) |
||
Accrued employee costs |
|
(260 |
) |
|
1,322 |
|
||
Lease liability |
|
(3,595 |
) |
|
(3,097 |
) |
||
Other current liabilities |
|
16,649 |
|
|
2,330 |
|
||
Net cash used in operating activities |
|
(106,913 |
) |
|
(118,826 |
) |
||
Cash flows from investing activities: |
||||||||
Purchase of property, plant and equipment |
|
(5,107 |
) |
|
(6,104 |
) |
||
Purchase of non-marketable equity investments |
|
— |
|
|
(5,000 |
) |
||
Purchase of available-for-sale securities |
|
(79,980 |
) |
|
(152,364 |
) |
||
Proceeds from maturities of available-for-sale securities |
|
182,988 |
|
|
232,745 |
|
||
Net cash provided by investing activities |
|
97,901 |
|
|
69,277 |
|
||
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 |
|
(752 |
) |
|
(199 |
) |
||
Proceeds from exercise of stock options |
|
81 |
|
|
238 |
|
||
Net cash (used in) provided by financing activities |
|
(671 |
) |
|
20,676 |
|
||
Net decrease in cash and cash equivalents |
|
(9,683 |
) |
|
(28,873 |
) |
||
Beginning cash and cash equivalents |
|
38,547 |
|
|
67,420 |
|
||
Ending cash and cash equivalents |
$ |
28,864 |
|
$ |
38,547 |
|
||
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
|
|
Year Ended December 31, |
||||||||||||||
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
||
GAAP operating loss |
|
$ |
(34,239 |
) |
|
$ |
(36,845 |
) |
|
$ |
(158,372 |
) |
|
$ |
(147,788 |
) |
Stock-based compensation |
|
6,578 |
|
|
5,522 |
|
|
23,708 |
|
|
23,675 |
|
||||
Litigation settlement, net |
|
|
— |
|
|
|
— |
|
|
|
11,500 |
|
|
|
— |
|
Non-GAAP operating loss |
$ |
(27,661 |
) |
$ |
(31,323 |
) |
$ |
(123,164 |
) |
$ |
(124,113 |
) |
||||
Reconciliation from GAAP to non-GAAP net loss |
||||||||||||||||
Three Months Ended
|
|
Year Ended December 31, |
||||||||||||||
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
||
GAAP net loss |
|
$ |
(36,146 |
) |
|
$ |
(44,966 |
) |
|
$ |
(152,261 |
) |
|
$ |
(149,333 |
) |
Stock-based compensation |
|
6,578 |
|
|
5,522 |
|
|
23,708 |
|
|
23,675 |
|
||||
Financing charges |
|
|
— |
|
|
|
3,788 |
|
|
|
— |
|
|
|
3,788 |
|
Litigation settlement, net |
|
— |
|
|
— |
|
|
11,500 |
|
|
— |
|
||||
Fair value at issuance of Series A warrants |
|
|
— |
|
|
|
6,500 |
|
|
|
— |
|
|
|
6,500 |
|
Change in fair value of warrant liabilities |
|
3,303 |
|
|
250 |
|
|
1,486 |
|
|
182 |
|
||||
Non-GAAP net loss |
|
$ |
(26,265 |
) |
|
$ |
(28,906 |
) |
|
$ |
(115,567 |
) |
|
$ |
(115,188 |
) |
Reconciliation between GAAP and non-GAAP net loss per share |
||||||||||||||||
Three Months Ended
|
|
Year Ended December 31, |
||||||||||||||
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
||
Shares used in computing GAAP net loss per share: |
|
|
|
|
|
|
|
|
||||||||
Basic and diluted |
|
53,986,214 |
|
|
49,007,105 |
|
|
53,359,685 |
|
|
45,412,155 |
|
||||
GAAP net loss per share |
|
|
|
|
|
|
|
|
||||||||
Basic and diluted |
$ |
(0.67 |
) |
$ |
(0.92 |
) |
$ |
(2.85 |
) |
$ |
(3.29 |
) |
||||
Stock-based compensation |
|
|
0.12 |
|
|
|
0.11 |
|
|
|
0.43 |
|
|
|
0.52 |
|
Financing charges |
|
— |
|
|
0.08 |
|
|
— |
|
|
0.09 |
|
||||
Litigation settlement, net |
|
|
— |
|
|
|
— |
|
|
|
0.22 |
|
|
|
— |
|
Fair value at issuance of Series A warrants |
|
— |
|
|
0.13 |
|
|
— |
|
|
0.14 |
|
||||
Change in fair value of warrant liability |
|
|
0.06 |
|
|
|
0.01 |
|
|
|
0.03 |
|
|
|
— |
|
Non-GAAP net loss per share |
||||||||||||||||
Basic and diluted |
|
$ |
(0.49 |
) |
|
$ |
(0.59 |
) |
|
$ |
(2.17 |
) |
|
$ |
(2.54 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250319343204/en/
Investors:
Andrew Fung
investors@aeva.ai
Media:
Michael Oldenburg
press@aeva.ai
Source: Aeva Technologies, Inc.
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