Financial Data and Key Metrics Changes - Revenue in Q3 2024 was $2.3 million, reflecting an increase in sensor shipments to automotive and industrial customers, including the Daimler Truck program [23] - Non-GAAP operating loss for the quarter was $31.4 million, with gross cash used amounting to $26.4 million [23][24] - Aeva's liquidity at the end of Q3 totaled $259.8 million, consisting of $134.8 million in cash, cash equivalents, and marketable securities, along with a $125 million undrawn equity facility [24] Business Line Data and Key Metrics Changes - Aeva secured a multiyear production supply agreement with The Indoor Lab for security applications, starting with deployments at JFK and SFO airports, with estimated revenue potential of multiple tens of millions over the next two to three years [7][14] - In automotive, Aeva's partners Torc and Daimler Truck achieved a milestone with successful validation of fully driverless operations at highway speeds, indicating progress towards commercialization [8][15] - Aeva was selected for a major European passenger OEM's automated vehicle validation program, showcasing the growing interest in its FMCW technology [9][17] Market Data and Key Metrics Changes - The company is experiencing increased interest in its 4D LiDAR technology across various sectors, including automotive, industrial, and security applications [26][27] - Aeva is advancing through multiple RFQs with leading OEMs, particularly a global top 10 passenger OEM, indicating strong market engagement [19][41] Company Strategy and Development Direction - Aeva is focused on executing multiple passenger RFQs and expanding its presence in industrial automation and security applications, leveraging its FMCW technology [27] - The company has made a strategic decision to accelerate the first shipments of its Atlas product by nearly six months to meet growing demand [20][54] - Aeva aims to capitalize on its recent production wins and convert additional opportunities into production contracts [56] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's growing momentum and the potential for further production wins in various sectors [26][27] - The successful validation of autonomous driving technology by partners is seen as a confidence booster for Aeva's timeline towards production [35] Other Important Information - Aeva's Atlas product is designed to be automotive-grade and scalable for mass production, which is crucial for meeting customer demands [21] - The company is actively working on expanding its technology applications beyond automotive to include industrial and security sectors [52][58] Q&A Session Summary Question: Growth in security applications and potential customers - Management highlighted the significant opportunity in industrial security applications, estimating revenue potential of approximately $50 million over the next few years [32][33] Question: Manufacturing hurdles for Torc production - Management confirmed that all milestones have been met with Daimler Truck and Torc, with a focus on scaling sensor shipments and preparing for mass production [36][37] Question: Update on Tier 1 OEM win - Management provided an update on progress with a global Tier 1 OEM, indicating that they are in the final stages of the RFQ process and discussing commercial terms [43][44] Question: Financial opportunity with Indoor Lab partnership - Management reiterated the multiyear production deal with Indoor Lab, estimating revenue potential of around $50 million, with opportunities for growth as deployments expand [47][48] Question: Differences between indoor and outdoor applications - Management explained that the applications for both indoor and outdoor settings utilize the same Atlas product, emphasizing its flexibility and configurability for various environments [58][59]

Revenue Growth - Revenue increased by $1.4 million or 178% during the three months ended September 30, 2024 compared to the same period in 2023, driven by higher unit sales and non-recurring engineering revenue[80] - Revenue increased by $3.7 million, or 136%, to $6.4 million for the nine months ended September 30, 2024, compared to $2.7 million in the same period in 2023, driven by higher unit sales and non-recurring engineering services[87] Cost of Revenue - Cost of revenue increased by $0.4 million or 18% in Q3 2024 compared to Q3 2023, primarily due to higher costs related to units sold and non-recurring engineering revenue[81] - Cost of revenue increased by $1.6 million, or 21%, to $9.3 million for the nine months ended September 30, 2024, primarily due to higher prototype unit sales and inventory impairment[88] Research and Development Expenses - Research and development expenses increased by $3.3 million or 14% to $27.1 million in Q3 2024, mainly due to higher material expenses for product development[82] - Research and development expenses increased by $2.0 million, or 3%, to $78.3 million for the nine months ended September 30, 2024, driven by higher employee costs and software subscriptions[89] General and Administrative Expenses - General and administrative expenses remained virtually flat at $8.5 million in Q3 2024 compared to Q3 2023[82] - General and administrative expenses increased by $1.5 million, or 6%, to $25.5 million for the nine months ended September 30, 2024, primarily due to higher employee-related expenses and professional fees[90] Selling and Marketing Expenses - Selling and marketing expenses increased by $0.1 million or 4% to $1.6 million in Q3 2024, primarily due to higher payroll-related expenses[83] - Selling and marketing expenses increased by $0.2 million, or 4%, to $5.8 million for the nine months ended September 30, 2024, mainly due to higher payroll-related expenses[92] Interest and Other Income - Interest income decreased by $0.4 million or 20% in Q3 2024 compared to Q3 2023 due to lower balances of interest-bearing cash equivalents and marketable securities[84] - Other income decreased by $1.3 million in Q3 2024 primarily due to an increase in the fair value of Series A warrants[85] Gross and Net Loss - Gross loss improved by $0.9 million or 58% to $0.7 million in Q3 2024 compared to $1.7 million in Q3 2023[77] - Net loss increased by $4.2 million or 13% to $37.4 million in Q3 2024 compared to $33.2 million in Q3 2023[77] - Net loss increased by $11.7 million, or 11%, to $116.1 million for the nine months ended September 30, 2024, compared to $104.4 million in the same period in 2023[86] Litigation and Legal Expenses - Litigation settlement expense of $11.5 million was recorded for the nine months ended September 30, 2024, related to the Delaware Stockholder Litigation[92] Cash and Investments - Cash and cash equivalents and marketable securities totaled $134.8 million as of September 30, 2024, with access to an additional $125.0 million through a standby equity purchase agreement[95] - Cash used in operating activities decreased to $86.0 million for the nine months ended September 30, 2024, compared to $91.5 million in the same period in 2023[97] - Net cash provided by investing activities was $78.3 million for the nine months ended September 30, 2024, primarily due to the maturity of available-for-sale investments[99] Stock and Equity - The company completed a 1-for-5 reverse stock split on March 18, 2024, with no change to authorized shares or par value[67]

Aeva Technologies, Inc. (AEVA) came out with a quarterly loss of $0.55 per share versus the Zacks Consensus Estimate of a loss of $0.60. This compares to loss of $0.65 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 8.33%. A quarter ago, it was expected that this company would post a loss of $0.58 per share when it actually produced a loss of $0.57, delivering a surprise of 1.72%.Over the last four quarters, the company has su ...

Financial Performance - Aeva reported Q3 2024 revenue of $2.3 million, a significant increase from $0.8 million in Q3 2023, representing a growth of 187.5% year-over-year[3]. - GAAP operating loss for Q3 2024 was $37.9 million, compared to a loss of $35.5 million in Q3 2023, indicating an increase in losses of approximately 6.8%[3]. - Non-GAAP operating loss for Q3 2024 was $31.4 million, slightly higher than the $30.3 million loss reported in Q3 2023, reflecting a year-over-year increase of 3.6%[3]. - Total revenue for the nine months ended September 30, 2024, was $858 million, compared to $1.08 billion for the same period in 2023, representing a decrease of approximately 20.4%[14]. - GAAP net loss for the nine months ended September 30, 2024, was $(116,115) million, compared to $(104,367) million for the same period in 2023, reflecting an increase in net loss of approximately 11.3%[17]. - Non-GAAP operating loss for the nine months ended September 30, 2024, was $(95,503) million, compared to $(92,790) million for the same period in 2023, indicating a rise of about 2.9%[16]. - The company reported a basic and diluted GAAP net loss per share of $(2.18) for the nine months ended September 30, 2024, compared to $(2.36) for the same period in 2023, reflecting an improvement of about 7.6%[18]. Cash and Securities - Aeva's cash, cash equivalents, and marketable securities totaled $134.8 million as of September 30, 2024, with an additional available facility of $125.0 million[3]. - Ending cash and cash equivalents decreased to $30,462 million as of September 30, 2024, down from $40,550 million at the end of the same period in 2023, a decline of about 25%[15]. - Cash flows from operating activities resulted in a net cash used of $(86,015) million for the nine months ended September 30, 2024, compared to $(91,492) million for the same period in 2023, showing an improvement of approximately 6.4%[15]. Research and Development - Research and development expenses increased to $12,439 million for the nine months ended September 30, 2024, from $12,717 million in the same period of 2023, a decrease of about 2.2%[14]. - Stock-based compensation expense for the nine months ended September 30, 2024, was $17,130 million, compared to $18,153 million for the same period in 2023, a decrease of approximately 5.6%[16]. - Total stock-based compensation expense for the three months ended September 30, 2024, was $6,505 million, up from $5,149 million for the same period in 2023, an increase of approximately 26.3%[14]. Business Developments - Aeva has secured a multi-year production program agreement with The Indoor Lab for deploying Aeva 4D LiDAR at major U.S. airports and other large venues[2]. - Aeva's 4D LiDAR technology has been selected by a major European OEM for its automated vehicle validation program, showcasing strong traction in passenger vehicle programs[2]. - The company has advanced towards finalizing the RFQ for a global top 10 passenger OEM's vehicle program, indicating ongoing progress in securing new contracts[2]. - Aeva successfully validated fully driverless operations at highway speeds of up to 65 miles per hour with Torc Robotics and Daimler Truck, marking a key milestone for commercialization[2]. - The first shipments of Aeva Atlas were pulled forward by approximately two quarters to meet growing demand, demonstrating the company's responsiveness to market needs[2]. Financial Challenges - Aeva's accumulated deficit increased to $575.7 million as of September 30, 2024, compared to $459.6 million at the end of 2023, highlighting ongoing financial challenges[12]. - The change in fair value of warrant liabilities for the nine months ended September 30, 2024, was $(1,817) million, compared to $(68) million for the same period in 2023, indicating a significant increase in liability[15].

Revenue Performance - Revenue increased by $1.3 million or 171% to $2.012 million for the three months ended June 30, 2024, compared to $743,000 for the same period in 2023[117] - Revenue increased by $2.2 million, or 118%, to $4.1 million for the six months ended June 30, 2024, compared to the same period in 2023[128] Expenses and Losses - Gross loss improved by $1.07 million or 56%, decreasing from a loss of $1.918 million in 2023 to a loss of $848,000 in 2024[117] - Total operating expenses rose by $11.8 million or 33% to $48.065 million for the three months ended June 30, 2024, compared to $36.263 million in 2023[117] - Research and development expenses decreased by $0.9 million or 3% to $26.196 million for the three months ended June 30, 2024[120] - General and administrative expenses increased by $1 million or 12% to $8.663 million for the three months ended June 30, 2024[122] - Selling and marketing expenses increased by $0.2 million or 15% to $1.706 million for the three months ended June 30, 2024[123] - The company recorded a litigation settlement expense of $11.5 million during the three months ended June 30, 2024[124] - Total operating expenses increased by $11.9 million, or 16%, to $84.0 million for the six months ended June 30, 2024, driven by litigation settlement expenses of $11.5 million[133] - Net loss increased by $7.438 million or 21% to $43.393 million for the three months ended June 30, 2024, compared to $35.955 million in 2023[117] - Net loss for the six months ended June 30, 2024, was $78.7 million, an increase of $7.6 million, or 11%, compared to the same period in 2023[127] Cash Flow and Financial Position - Cash used in operating activities was $60.1 million for the six months ended June 30, 2024, compared to $63.4 million for the same period in 2023[141] - Net cash provided by investing activities was $45.4 million for the six months ended June 30, 2024, primarily due to the maturity of available-for-sale investments[142] - As of June 30, 2024, Aeva had cash, cash equivalents, and marketable securities totaling $160.2 million[136] Future Outlook - Aeva expects to continue incurring operating losses due to ongoing investments in product development and market expansion[139] - The company has an accumulated deficit of $538.3 million as of June 30, 2024[139] - Aeva entered into Subscription Agreements resulting in net proceeds of $20.6 million on November 8, 2023[137] Other Income - Interest income decreased by $0.1 million or 6% to $2.099 million for the three months ended June 30, 2024[125] - Other income increased significantly by $3.5 million, primarily due to changes in the fair value of Series A warrants[126]

Aeva Technologies, Inc. (NYSE:AEVA) Q2 2024 Earnings Conference Call August 7, 2024 5:00 PM ET Company Participants Andrew Fung - Senior Director of IR and Corporate Development Soroush Salehian - Co-Founder and CEO Saurabh Sinha - CFO Conference Call Participants Colin Rusch - Oppenheimer Joe Moore - Morgan Stanley Richard Shannon - Craig-Hallum Operator Good day. My name is Calia, and I will be your conference facilitator. I would like to welcome everyone to the Aeva Technologies Second Quarter 2024 Earni ...

Second Quarter 2024 Results © 2024 Aeva, Inc. Legal Disclaimer Forward-looking Statements This presentation 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 ...

Aeva Technologies, Inc. (AEVA) came out with a quarterly loss of $0.57 per share versus the Zacks Consensus Estimate of a loss of $0.58. This compares to loss of $0.65 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 1.72%. A quarter ago, it was expected that this company would post a loss of $0.58 per share when it actually produced a loss of $0.56, delivering a surprise of 3.45%.Over the last four quarters, the company has su ...

Financial Performance - Aeva reported revenue of $2.0 million in Q2 2024, a significant increase from $0.7 million in Q2 2023, representing a growth of approximately 185.7% year-over-year[6]. - The GAAP operating loss for Q2 2024 was $48.9 million, compared to a loss of $38.2 million in Q2 2023, indicating a decline of 28.0%[12]. - Aeva achieved a non-GAAP operating loss of $32.0 million in Q2 2024, slightly higher than the non-GAAP operating loss of $31.1 million in Q2 2023[12]. - For the six months ended June 30, 2024, the net loss was $78,719,000, compared to a net loss of $71,129,000 for the same period in 2023, representing an increase of approximately 10%[20]. - The GAAP operating loss for the six months ended June 30, 2024, was $86,257,000, compared to $75,447,000 for the same period in 2023, indicating a year-over-year increase of about 14%[22]. - Non-GAAP net loss for the six months ended June 30, 2024, was $59,674,000, slightly higher than $58,153,000 for the same period in 2023, reflecting a 3% increase[23]. - The company reported a GAAP net loss per share of $1.49 for the six months ended June 30, 2024, compared to $1.62 for the same period in 2023, indicating a slight improvement[24]. - The number of shares used in computing GAAP net loss per share increased to 52,868,909 for the six months ended June 30, 2024, from 44,104,251 in the same period of 2023[24]. Cash and Investments - The company has cash, cash equivalents, and marketable securities totaling $160.2 million as of June 30, 2024, with an available facility of $125.0 million[6]. - Cash flows from operating activities resulted in a net cash used of $60,127,000 for the six months ended June 30, 2024, compared to $63,419,000 for the same period in 2023, showing an improvement of about 5%[20]. - The company generated net cash provided by investing activities of $45,441,000 for the six months ended June 30, 2024, compared to $30,580,000 in the same period of 2023, an increase of approximately 48%[20]. - The ending cash and cash equivalents as of June 30, 2024, were $23,622,000, down from $34,677,000 at the end of June 2023, representing a decrease of about 32%[20]. Business Developments - Aeva's 4D LiDAR technology was selected by a top U.S. National Defense Security organization to protect critical energy infrastructure, marking its first expansion into the security sector[5]. - The Daimler Truck program is on track, with continued scaling of sensor shipments for the OEM's on-road vehicles, including the Freightliner eCascadia equipped with Aeva 4D LiDAR[5]. - Aeva completed final validation for its first industrial precision product with Nikon, with deliveries scheduled for Q4 2024[5]. - The company expects a decision on a global top 10 OEM RFQ award within this year, indicating strong momentum in passenger vehicles[5]. Accumulated Deficit - Aeva's accumulated deficit increased to $538.3 million as of June 30, 2024, compared to $459.6 million at the end of Q2 2023[16]. Stock-Based Compensation - The company reported stock-based compensation of $10,625,000 for the six months ended June 30, 2024, down from $13,004,000 in the same period of 2023, a decrease of approximately 18%[22]. Litigation Settlement - The company recognized a litigation net settlement of $11,500,000 for the six months ended June 30, 2024, which was not present in the same period of 2023[22].

Now that the world is embracing electric vehicles (EVs), many investors are ready for self-driving technology to advance. While you’re seeing some form of autonomous driving in passenger cars today, the real breakthrough for EVs may come from commercial vehicles. That’s why it may be a good time to speculate on autonomous trucking stocks.The reason why many trucking companies are exploring autonomous technology is asset utilization. Simply, an autonomous truck doesn’t need sleep to drive safely. Also, becau ...