Business Wire | Nov 10, 2021 04:06PM EST

Aeva Reports Third Quarter 2021 Results

Nov. 10, 2021

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Nov. 10, 2021--Aeva (NYSE: AEVA), a leader in next-generation sensing and perception systems, today announced its third quarter 2021 results.

Key Company Highlights

* Key production win with Plus to implement Aeva's 4D LiDAR as long-range LiDAR on PlusDrive autonomous trucks * On track with key development milestones across other automotive and non-automotive collaborations * Selected Fabrinet as automotive-grade manufacturing partner (IATF 16949 certified) to produce 4D LiDAR chip module and accelerate manufacturing capabilities * Completed product design release for B sample, providing path to final cost structure and deliveries to our partners in 2022

"Aeva is solidifying the path to commercialization of our breakthrough 4D LiDAR," said Soroush Salehian, Co-Founder and CEO at Aeva. "The production win with Plus is significant because it highlights our growing commercial momentum as the industry increasingly transitions to FMCW LiDAR to enable safe automated driving, and it validates the leading performance and scalability of Aeva's automotive-grade LiDAR on chip technology. We remain laser focused on supporting our partners and working towards realizing Aeva's mission to bring perception to all devices."

Third Quarter 2021 Financial Highlights

* Cash, Cash Equivalents and Marketable Securities Cash, cash equivalents and marketable securities of $477.7 million as of September 30, 2021 * Revenue Revenue of $3.5 million in Q3 2021, compared to $1.9 million in Q3 2020 * GAAP and Non-GAAP Operating Loss* GAAP operating loss of $27.4 million in Q3 2021, compared to GAAP operating loss of $4.8 million in Q3 2020 Non-GAAP operating loss of $19.9 million in Q3 2021, compared to non-GAAP operating loss of $3.7 million in Q3 2020 * GAAP and Non-GAAP Net Loss per Share* GAAP net loss per share of $0.13 in Q3 2021, compared to GAAP net loss per share of $0.03 in Q3 2020 Non-GAAP net loss per share of $0.09 in Q3 2021, compared to non-GAAP net loss per share of $0.02 in Q3 2020 * Shares Outstanding Weighted average shares outstanding of 212.6 million in Q3 2021

*Tables reconciling GAAP to Non-GAAP measures are provided at the end of this release.

2021 Objectives

Aeva has already achieved three of the four objectives for 2021 and is on track to deliver the final objective. Our 2021 objectives are summarized below:

* Build on momentum with two additional programs towards production: Completed goal with Plus and Nikon collaborations; remain on track with other collaborations * Accelerate engagements in non-automotive applications: Completed goal with Nikon collaboration for industrial metrology and automation * Strengthen supply chain for production to bring Aeva 4D LiDAR to scale: Completed goal with a number of key developments including finalizing key supply chain for our silicon processing chip and selecting Fabrinet to produce our 4D LiDAR chip module * Complete next-generation B sample development: On track to finish by year end and working with supply chain to prepare for deliveries in 2022

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.ai.

About Aeva Technologies, Inc. (NYSE: AEVA)

Founded in 2017 by former Apple engineers Soroush Salehian and Mina Rezk, and led by a multidisciplinary team of engineers and operators experienced in the field of sensing and perception, Aeva's mission is to bring the next wave of perception technology to broad applications from automated driving to consumer electronics, consumer health, industrial robotics, and security. For more information, visit www.aeva.com.

Aeva(r), the Aeva logo and 4D LiDAR 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 of 2021 and business objectives for 2021, 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 June 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)



September December 30, 31, 2021 2020



ASSETS

CURRENT ASSETS:

Cash and cash equivalents $ 107,456 $ 24,624

Marketable securities 370,214 -

Accounts receivable, net 1,213 141

Inventory 3,337 1,219

Other current assets 8,457 4,970

Total current assets 490,677 30,954

Operating lease right-of-use assets 10,981 -

Property and equipment, net 3,755 1,614

Other assets 855 64

TOTAL ASSETS $ 506,268 $ 32,632

LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:

Accounts payable $ 5,156 $ 2,071

Accrued liabilities 3,987 2,606

Accrued employee costs 2,335 722

Lease liability, current portion 2,816 -

Other current liabilities 522 275

Total current liabilities 14,816 5,674

Lease liability, noncurrent portion 8,194 -

Warrant liability 1,110 -

Other liabilities - 45

TOTAL LIABILITIES 24,120 5,719

STOCKHOLDERS' EQUITY:

Common stock 21 15

Additional paid-in capital 613,428 87,982

Accumulated other comprehensive loss (81 ) -

Accumulated deficit (131,220 ) (61,084 )

TOTAL STOCKHOLDERS' EQUITY 482,148 26,913

TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND $ 506,268 $ 32,632 STOCKHOLDERS' EQUITY

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,

2021

2020

2021

2020

Revenue

$

3,483

$

1,945

$

6,392

$

4,111

Cost of revenue (1)

2,301

986

3,903

2,191

Gross profit

1,182

959

2,489

1,920

Research and development expenses (1)

20,908

4,303

51,019

14,283

General and administrative expenses (1)

6,739

1,208

21,641

3,339

Selling and marketing expenses (1)

922

203

2,079

1,027

Total operating expenses

28,569

5,714

74,739

18,649

Loss from operations

(27,387

)

(4,755

)

(72,250

)

(16,729

)

Interest income

119

3

228

194

Other expense, net

663

(2

)

1,886

(22

)

Net loss before taxes

(26,605

)

(4,754

)

(70,136

)

(16,557

)

Income tax provision

-

-

-

-

Net loss

$

(26,605

)

$

(4,754

)

$

(70,136

)

$

(16,557

)

Net loss per share, basic and diluted

$

(0.13

)

$

(0.03

)

$

(0.36

)

$

(0.12

)

Shares used in computing net loss per share, basic and diluted

212,587,878

143,942,078

196,302,040

139,526,408

(1) Includes stock-based compensation as follows:

Three Months Ended September 30,

Nine Months Ended September 30,

2021

2020

2021

2020

Cost of revenue

$

593

$

241

$

1,003

$

470

Research and development expenses

4,806

388

8,624

1,255

General and administrative expenses

2,017

367

6,209

1,070

Selling and marketing expenses

107

13

209

20

Total stock-based compensation expense

$

7,523

$

1,009

$

16,045

$

2,815

AEVA TECHNOLOGIES, INC.

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except share and per share data)



Three Months Ended September Nine Months Ended September 30, 30,

2021 2020 2021 2020

Revenue $ 3,483 $ 1,945 $ 6,392 $ 4,111

Cost of 2,301 986 3,903 2,191 revenue^ (1)

Gross profit 1,182 959 2,489 1,920

Research anddevelopment 20,908 4,303 51,019 14,283 expenses^ (1)

General andadministrative 6,739 1,208 21,641 3,339 expenses ^(1)

Selling andmarketing 922 203 2,079 1,027 expenses ^(1)

Totaloperating 28,569 5,714 74,739 18,649 expenses

Loss from (27,387 ) (4,755 ) (72,250 ) (16,729 )operations

Interest 119 3 228 194 income

Other expense, 663 (2 ) 1,886 (22 )net

Net loss (26,605 ) (4,754 ) (70,136 ) (16,557 )before taxes

Income tax - - - - provision

Net loss $ (26,605 ) $ (4,754 ) $ (70,136 ) $ (16,557 )

Net loss pershare, basic $ (0.13 ) $ (0.03 ) $ (0.36 ) $ (0.12 )and diluted

Shares used incomputing netloss per 212,587,878 143,942,078 196,302,040 139,526,408 share, basicand diluted



^(1) Includesstock-based compensationas follows:



Three Months Ended September Nine Months Ended September 30, 30,

2021 2020 2021 2020

Cost of $ 593 $ 241 $ 1,003 $ 470 revenue

Research anddevelopment 4,806 388 8,624 1,255 expenses

General andadministrative 2,017 367 6,209 1,070 expenses

Selling andmarketing 107 13 209 20 expenses

Totalstock-based $ 7,523 $ 1,009 $ 16,045 $ 2,815 compensationexpense

Aeva Technologies, Inc.

Statements of Cash Flows

(Unaudited)

(In thousands)

Nine Months Ended September 30,

2021

2020

Cash flows from operating activities:

Net loss

$

(70,136

)

$

(16,557

)

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

Depreciation

741

603

Loss on write down of fixed assets

52

-

Amortization of right-of-use assets

1,204

-

Change in fair value of warrant liability

(1,904

)

-

Stock-based compensation

16,045

2,815

Amortization of premium on available-for-sale securities

960

-

Changes in operating assets and liabilities:

Accounts receivable

(1,072

)

369

Inventories

(2,118

)

(465

)

Other current assets

(6,673

)

(1,421

)

Other noncurrent assets

(791

)

(5

)

Accounts payable

3,275

(86

)

Accrued liabilities

3,343

(1

)

Accrued employee costs

771

105

Lease liability

(1,101

)

-

Other current liabilities

247

54

Other noncurrent liabilities

-

13

Net cash used in operating activities

(57,157

)

(14,576

)

Cash flows from investing activities:

Purchase of property, plant and equipment

(2,241

)

(726

)

Purchase of available-for-sale securities

(454,357

)

-

Sale of available-for-sale securities

20,122

-

Proceeds from maturities of marketable securities

62,980

-

Net cash used in investing activities

(373,496

)

(726

)

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

(495

)

-

Proceeds from exercise of stock options

690

37

Net cash provided by financing activities

513,485

37

Net increase (decrease) in cash and cash equivalents

82,832

(15,265

)

Beginning cash and cash equivalents

24,624

46,637

Ending cash and cash equivalents

$

107,456

$

31,372

Aeva Technologies, Inc.

Statements of Cash Flows

(Unaudited)

(In thousands)

Nine Months Ended September 30,

2021 2020

Cash flows from operating activities:

Net loss $ (70,136 ) $ (16,557 )

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

Depreciation 741 603

Loss on write down of fixed assets 52 -

Amortization of right-of-use assets 1,204 -

Change in fair value of warrant liability (1,904 ) -

Stock-based compensation 16,045 2,815

Amortization of premium on available-for-sale 960 - securities

Changes in operating assets and liabilities:

Accounts receivable (1,072 ) 369

Inventories (2,118 ) (465 )

Other current assets (6,673 ) (1,421 )

Other noncurrent assets (791 ) (5 )

Accounts payable 3,275 (86 )

Accrued liabilities 3,343 (1 )

Accrued employee costs 771 105

Lease liability (1,101 ) -

Other current liabilities 247 54

Other noncurrent liabilities - 13

Net cash used in operating activities (57,157 ) (14,576 )

Cash flows from investing activities:

Purchase of property, plant and equipment (2,241 ) (726 )

Purchase of available-for-sale securities (454,357 ) -

Sale of available-for-sale securities 20,122 -

Proceeds from maturities of marketable securities 62,980 -

Net cash used in investing activities (373,496 ) (726 )

Cash flows from financing activities:

Proceeds from business combination and private 560,777 - offering

Transaction costs related to business combination (47,487 ) - and private offering

Payments of taxes withheld on net settled vesting (495 ) - of restricted stock units

Proceeds from exercise of stock options 690 37

Net cash provided by financing activities 513,485 37

Net increase (decrease) in cash and cash 82,832 (15,265 )equivalents

Beginning cash and cash equivalents 24,624 46,637

Ending cash and cash equivalents $ 107,456 $ 31,372

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,

2021

2020

2021

2020

GAAP operating loss

$

(27,387

)

$

(4,755

)

$

(72,250

)

$

(16,729

)

Stock-based compensation

7,523

1,009

16,045

2,815

Non-GAAP operating loss

$

(19,864

)

$

(3,746

)

$

(56,205

)

$

(13,914

)

Reconciliation from GAAP to non-GAAP net loss

Three Months Ended September 30,

Nine Months Ended September 30,

2021

2020

2021

2020

GAAP net loss

$

(26,605

)

$

(4,754

)

$

(70,136

)

$

(16,557

)

Stock-based compensation

7,523

1,009

16,045

2,815

Change in fair value of warrant liability

(664

)

-

(1,904

)

-

Non-GAAP net loss

$

(19,746

)

$

(3,745

)

$

(55,995

)

$

(13,742

)

Reconciliation from GAAP to non-GAAP net loss per share

Three Months Ended September 30,

Nine Months Ended September 30,

2021

2020

2021

2020

Shares used in computing GAAP net loss per share:

Basic and diluted

212,587,878

143,942,078

196,302,040

139,526,408

GAAP net loss per share

Basic and diluted

$

(0.13

)

$

(0.03

)

$

(0.36

)

$

(0.12

)

Stock-based compensation

0.04

0.01

0.08

0.02

Change in fair value of warrant liability

0.00

-

(0.01

)

-

Non-GAAP net loss per share

Basic and diluted

$

(0.09

)

$

(0.02

)

$

(0.29

)

$

(0.10

)

View source version on businesswire.com: https://www.businesswire.com/news/home/20211110006307/en/

CONTACT: Investors: Andrew Fung investors@aeva.ai

CONTACT: Media: Michael Oldenburg press@aeva.ai