Group 1 - Aeva Technologies reported a quarterly loss of $0.55 per share, better than the Zacks Consensus Estimate of a loss of $0.60, and an improvement from a loss of $0.65 per share a year ago, representing an earnings surprise of 8.33% [1] - The company achieved revenues of $2.25 million for the quarter ended September 2024, exceeding the Zacks Consensus Estimate by 19.05%, and showing significant growth from $0.81 million in the same quarter last year [2] - Aeva Technologies has surpassed consensus EPS estimates for four consecutive quarters, indicating a positive trend in earnings performance [2] Group 2 - The stock has underperformed the market with a gain of about 6.9% since the beginning of the year, compared to the S&P 500's gain of 21.2% [3] - The company's earnings outlook is mixed, with the current consensus EPS estimate for the upcoming quarter at -$0.59 on revenues of $2.76 million, and for the current fiscal year at -$2.32 on revenues of $8.76 million [7] - The Zacks Industry Rank for Automotive - Original Equipment is in the bottom 29% of over 250 Zacks industries, suggesting potential challenges for stock performance in this sector [8]

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]

Financial Data and Key Metrics Changes - Revenue in Q2 2024 was $2 million, driven by sensor shipments and non-recurring engineering (NRE) from Daimler Trucks [17] - Non-GAAP operating loss was $32 million, reflecting a disciplined spending approach [17] - Gross cash use was $29.9 million, with total liquidity at $285.2 million, including $160.2 million in cash and equivalents [18] Business Line Data and Key Metrics Changes - In automotive, significant progress was made with multiple global top 10 passenger vehicle OEMs, with expectations for award decisions later this year [8][11] - The first industrial launch is scheduled for Q4 2024, with successful validation of the LiDAR-on-Chip in Nikon's product [12][13] - Aeva's 4D LiDAR was selected by a top U.S. National Defense Security organization for critical energy infrastructure protection [14][15] Market Data and Key Metrics Changes - Aeva is experiencing growing recognition in the industry for its FMCW technology, which enables advanced capabilities including automated driving at highway speeds [12] - The company is expanding into security and rail markets, with a collaboration for Germany's automated train program [16] Company Strategy and Development Direction - Aeva aims to diversify its applications beyond automotive, focusing on industrial automation, security, and rail [14][16] - The company is committed to supporting existing production partners while converting commercial momentum into additional production program wins [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growing demand for Aeva's products across various markets and highlighted the importance of recent wins as a vote of confidence in their technology [19] - The company remains on track with key milestones for production partners and anticipates further engagement with top OEMs [19] Other Important Information - Aeva's dedicated manufacturing line for the LiDAR-on-Chip module is operational ahead of schedule, supporting production readiness [26][27] - The company achieved ISO 27001 certification, enhancing its credibility as a direct supplier [27] Q&A Session Summary Question: How leverageable is the security opportunity? - Management highlighted the significant potential for higher average selling prices (ASPs) in the security market and expressed excitement about expanding into this area [21][22] Question: Can you discuss the performance and efficiency of the production line? - Management reported that the dedicated manufacturing line was set up ahead of schedule, allowing for smooth production scaling [25][26] Question: What is the status of the top 10 passenger OEM opportunity? - Management confirmed ongoing collaboration and commercial discussions with the top 10 OEM, with expectations for a decision later this year [31][32] Question: What is the revenue run rate from Nikon? - Management indicated that the program with Nikon is a multi-year commitment with strong ASPs, similar to mobility programs [35][36] Question: Are there any delays in decision-making for the top 10 OEM? - Management noted that while some competitors may be experiencing delays, Aeva's current programs are on track, and they are encouraged by the interest in their technology [39][40]

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 ...

Company Performance - Aeva Technologies reported a quarterly loss of $0.57 per share, slightly better than the Zacks Consensus Estimate of a loss of $0.58, and an improvement from a loss of $0.65 per share a year ago, indicating a positive trend in earnings performance [1] - The company achieved revenues of $2.01 million for the quarter ended June 2024, exceeding the Zacks Consensus Estimate by 27.34%, and showing significant growth from $0.74 million in the same quarter last year [1] - Aeva has surpassed consensus EPS estimates in all four of the last quarters, demonstrating consistent performance [1] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.59 on revenues of $1.91 million, and for the current fiscal year, it is -$2.31 on revenues of $8.5 million [4] - The estimate revisions trend for Aeva Technologies is mixed, leading to a Zacks Rank of 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [4] Industry Context - Aeva Technologies operates within the Automotive - Original Equipment industry, which is currently ranked in the bottom 14% of over 250 Zacks industries, indicating potential challenges in the sector [5] - The performance of Aeva Technologies may be influenced by the overall outlook of the industry, as research indicates that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [5] - Westport Innovations, another company in the same industry, is expected to report a quarterly loss of $0.55 per share, reflecting an 8.3% year-over-year change, with revenues anticipated to be $86.23 million, up 1.4% from the previous year [5][6]

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].

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