Aeva(AEVA) - 2024 Q3 - Quarterly Report

Revenue Growth - Revenue increased by $1.4 million or 178$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$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$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$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$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$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$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$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]