Aeva Technologies Inc

NYSE:AEVAUnited States

May 7, 2024

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• -- Earnings Flash (AEVA) AEVA TECHNOLOGIES Reports Q1 Revenue $2.1M, vs. Street Est of $1.8M, from 4:46PM ET on Tuesday May 07, 2024 by MT Newswires

  4:46PM ET on Tuesday May 07, 2024 by MT Newswires
  Companies Mentioned: AEVA
  04:46 PM EDT, 05/07/2024 (MT Newswires) -- ...

• Press Release: Aeva Reports First Quarter 2024 Results, from 4:09PM ET on Tuesday May 07, 2024 by Dow Jones

  4:09PM ET on Tuesday May 07, 2024 by Dow Jones
  Companies Mentioned: AEVA
  AEVA TECHNOLOGIES, INC. Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except share and per share data) Three Months Ended March 31, ---------------------------------- 2024 2023 ------------ ----------- Revenue $ 2,107 $ 1,148 Cost of revenue (1) 3,499 2,529 ------------ ----------- Gross loss (1,392) (1,381) ------------ ----------- Operating expenses: Research and development expenses (1) 25,012 25,454 General and administrative expenses (1) 8,411 7,833 Selling and marketing expenses (1) 2,529 2,598 ------------ ----------- Total operating expenses 35,952 35,885 ------------ ----------- Operating loss (37,344) (37,266) Interest income 2,457 2,064 Other income, net (439) 28 ------------ ----------- Loss before income taxes $ (35,326) $ (35,174) Income tax provision -- -- ------------ ----------- Net loss $ (35,326) $ (35,174) ============ =========== Net loss per share, basic and diluted $ (0.67) $ (0.80) ------------ ----------- Weighted-average shares used in computing net loss per share, basic and diluted 52,742,725 43,925,565 ============ =========== (1) Includes stock-based compensation as follows: Three Months Ended March 31, ---------------------------------- 2024 2023 ------------ ----------- Cost of revenue $ 102 $ 330 Research and development expenses 3,989 4,410 General and administrative expenses 907 1,119 Selling and marketing expenses 263 104 ------------ ----------- Total stock-based compensation expense $ 5,261 $ 5,963 ============ =========== AEVA TECHNOLOGIES, INC. Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) Three Months Ended March 31, -------------------------------------- 2024 2023 ----------- ---------- Cash flows from operating activities: Net loss $ (35,326) $ (35,174) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 1,345 955 Impairment of inventories 465 45 Change in fair value of warrant liabilities 437 (28) Stock-based compensation 5,261 5,963 Amortization of right-of-use assets 845 744 Amortization of premium and accretion of discount on available-for-sale securities, net (1,087) (632) Changes in operating assets and liabilities: Accounts receivable (350) 442 Inventories (251) (100) Other current assets 312 790 Other noncurrent assets 70 -- Accounts payable (89) (1,749) Accrued liabilities (10) (5,207) Accrued employee costs (3,600) (1,307) Lease liability (866) (754) Other current liabilities 1,882 -- ----------- ---------- Net cash used in operating activities (30,962) (36,012) ----------- ---------- Cash flows from investing activities: Purchase of property, plant and equipment (1,648) (1,275) Purchase of available-for-sale securities (38,881) (54,520) Proceeds from maturities of available-for-sale securities 62,565 56,214 ----------- ---------- Net cash provided by investing activities 22,036 419 ----------- ---------- Cash flows from financing activities: Payments of taxes withheld on net settled vesting of restricted stock units (55) (20) Proceeds from exercise of stock options 39 57 ----------- ---------- Net cash provided by (used in) financing activities (16) 37 ----------- ---------- Net decrease in cash and cash equivalents (8,942) (35,556) Beginning cash and cash equivalents 38,547 67,420 ----------- ---------- Ending cash and cash equivalents $ 29,605 $ 31,864 =========== ========== 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 March 31, ---------------------------------- 2024 2023 ------------ ----------- GAAP operating loss $ (37,344) $ (37,266) Stock-based compensation 5,261 5,963 ------------ ----------- Non-GAAP operating loss $ (32,083) $ (31,303) ============ =========== Reconciliation from GAAP to non-GAAP net loss Three Months Ended March 31, ---------------------------------- 2024 2023 ------------ ----------- GAAP net loss $ (35,326) $ (35,174) Stock-based compensation 5,261 5,963 Change in fair value of warrant liability 437 (28) ------------ ----------- Non-GAAP net loss $ (29,628) $ (29,239) ============ =========== Reconciliation between GAAP and non-GAAP net loss per share Three Months Ended March 31, ---------------------------------- 2024 2023 ------------ ----------- Shares used in computing GAAP net loss per share: Basic and diluted 52,742,725 43,925,565 GAAP net loss per share Basic and diluted $ (0.67) $ (0.80) Stock-based compensation 0.10 0.13 Change in fair value of warrant liability 0.01 (0.00) Non-GAAP net loss per share Basic and diluted $ (0.56) $ (0.67)
  

• Aeva Reports First Quarter 2024 Results, from 4:05PM ET on Tuesday May 07, 2024 by Business Wire

  4:05PM ET on Tuesday May 07, 2024 by Business Wire
  Companies Mentioned: AEVA

  --On Track with Daimler Truck Program Milestones and Start of Production Timeline

  --Strong Progress with Multiple Automotive RFQs, Including Completing Audit with a Global Top 10 Passenger OEM

  Aeva(R) (NYSE: AEVA), a leader in next-generation sensing and perception systems, today announced its first quarter 2024 results.