Aeva(AEVA) - 2024 Q2 - Quarterly Results

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].