Aeva(US:AEVA)2024-11-06 21:10Financial 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].