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
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
MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–
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 of $0.8 million in Q3 2023, compared to revenue of $1.4 million in Q3 2022
- 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 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
- 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, |
|
December 31, |
||||
|
|
|
|
|
|
||||
|
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 |
) |
Contacts
Investors:
Andrew Fung
[email protected]
Media:
Michael Oldenburg
[email protected]