Aeva(AEVA) - 2025 Q1 - Quarterly Report

Revenue and Profitability - Revenue increased by $1.3 million or 60$3.368 million for the three months ended March 31, 2025, compared to $2.107 million for the same period in 2024[118]. - Gross profit improved by$1.702 million, resulting in a gross profit of $310, compared to a loss of$1.392 million in the prior year[118]. - Net loss for the three months ended March 31, 2025, was $34.867 million, a decrease of$0.459 million or 1% compared to the net loss of $35.326 million in the prior year[118]. Expenses - Cost of revenue decreased by$0.4 million or 13% to $3.058 million for the three months ended March 31, 2025, from$3.499 million for the same period in 2024[120]. - Research and development expenses decreased by $3.4 million or 14$21.569 million for the three months ended March 31, 2025[121]. - General and administrative expenses decreased by $1.2 million or 14$7.217 million for the three months ended March 31, 2025[122]. - Selling and marketing expenses decreased by $0.6 million or 23$1.942 million for the three months ended March 31, 2025[123]. - Total operating expenses decreased by $5.224 million or 15$30.728 million for the three months ended March 31, 2025[118]. Cash Flow and Liquidity - For the three months ended March 31, 2025, net cash used in operating activities was $30.8 million, with a net loss of$34.9 million[131]. - Cash and cash equivalents, along with marketable securities, totaled $81.0 million as of March 31, 2025[129]. - Aeva has the ability to draw up to$125.0 million under the Facility Agreement until November 8, 2026, to support capital needs[129]. - Net cash provided by investing activities was $23.3 million for the three months ended March 31, 2025, primarily from the maturity of available-for-sale investments[132]. Legal and Settlement Matters - Aeva agreed to a total settlement cost of$14.0 million related to the Delaware Stockholder Litigation, with an expected insurance recovery of $2.5 million[128]. Other Financial Information - Interest income decreased by$1.5 million or 59% to $1.007 million for the three months ended March 31, 2025[124]. - Other income (expense), net changed by$5.0 million primarily due to an increase in the fair value of Series A warrants[125]. - Aeva's accumulated deficit reached $646.7 million as of March 31, 2025, indicating ongoing operating losses[129]. - The company incurred a net change in net operating assets and liabilities of$7.7 million for the three months ended March 31, 2025[131]. - Aeva paid Sylebra a facility fee of $2.5 million and issued Series A warrants to purchase 3,000,000 shares of common stock at an exercise price of$5.00[127]. - As of March 31, 2025, Aeva has not engaged in any off-balance sheet arrangements[134].