Continued momentum in automotive, with Plus
production win to implement Aeva’s 4D LiDAR on PlusDrive autonomous
trucks
Selected Fabrinet for automotive-grade
production of 4D LiDAR chip module
On track to complete B sample development by
year end and deliveries to our partners in 2022
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®, 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 30, 2021
December 31, 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 STOCKHOLDERS’ EQUITY
$
506,268
$
32,632
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,
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.
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.
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/
Investors: Andrew Fung investors@aeva.ai
Media: Michael Oldenburg press@aeva.ai
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