Aeva(AEVA) - 2024 Q2 - Quarterly Report

Revenue Performance - Revenue increased by $1.3 million or 171$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$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$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$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]