Aeva(US:AEVA)2025-03-20 23:53Revenue Performance - Revenue increased by $4.8 million, or 110%, to $9.1 million for the year ended December 31, 2024, compared to $4.3 million in 2023, primarily due to increased sales of prototype units and non-recurring engineering services [254]. - Total revenue for the year ended December 31, 2024, was $9,065,000, representing a 110% increase from $4,312,000 in 2023 [364]. - North America accounted for 86% of total revenue in 2024, up from 65% in 2023, while Asia's contribution decreased to 7% from 17% [364]. - Revenue recognized at a point in time was $5,681,000 (63% of total revenue) in 2024, compared to $3,877,000 (90%) in 2023 [364]. - Two customers accounted for 56% and 16% of the Company's revenue in 2024, compared to 23% and 22% in 2023 [365]. Expenses and Losses - Cost of revenue rose by $2.7 million, or 26%, to $12.9 million during the year ended December 31, 2024, from $10.2 million in 2023, driven by higher unit sales and increased non-recurring engineering services [255]. - Gross loss improved by $2.1 million, or 36%, to $(3.8) million in 2024 from $(5.9) million in 2023 [253]. - Total operating expenses increased by $12.7 million, or 9%, to $154.6 million in 2024 from $141.9 million in 2023 [253]. - Net loss before income taxes increased by $10.6 million, or 7%, to $(158.4) million in 2024 compared to $(147.8) million in 2023 [253]. - The net loss for 2024 was $152.261 million, compared to a net loss of $149.333 million in 2023, resulting in a net loss per share of $2.85 [306]. Cash Flow and Financial Position - Cash used in operating activities was $106.9 million, attributed to a net loss of $152.3 million, partially offset by non-cash charges of $32.3 million [269]. - Cash provided by investing activities was $97.9 million, mainly from the maturity and sale of available-for-sale investments totaling $183.0 million [270]. - As of December 31, 2024, the company had cash and cash equivalents and marketable securities totaling $112.0 million [267]. - Cash and cash equivalents decreased to $28.864 million as of December 31, 2024, down from $38.547 million in 2023 [304]. - The company expects existing cash and cash equivalents to fund operations for at least 12 months from the issuance of the financial statements [320]. Assets and Liabilities - Total assets decreased to $147.489 million in 2024, compared to $257.385 million in 2023 [304]. - The warrant liability as of December 31, 2024, was $8.258 million, an increase from $6.772 million in 2023 [304]. - The fair value of the Series A warrant liability was determined to be $8.3 million as of December 31, 2024 [300]. - The Company recorded a litigation settlement liability of $14,000,000 as of December 31, 2024, which was not present in 2023 [380]. - The Company had contract assets of $0.1 million as of December 31, 2024, and contract liabilities of $4.0 million [366]. Research and Development - Research and development expenses slightly increased by $0.2 million to $102.7 million in 2024, primarily due to higher professional and subscription expenses [256]. - Research and development expenses remained relatively stable, totaling $102.667 million in 2024 compared to $102.503 million in 2023 [306]. - Research and development expenses primarily consist of payroll, consulting, and contractor expenses, with a focus on developing new products and improving existing ones [349]. Tax and Deferred Tax Assets - The Company reported a total current income tax expense of $171,000 for the year ended December 31, 2024, with no federal or state tax expenses recorded [413]. - The deferred tax assets increased from $122.4 million in 2023 to $159.0 million in 2024, primarily due to an increase in net operating loss carryforwards [414]. - The Company established a full valuation allowance on its net deferred tax assets of $158.1 million as of December 31, 2024, reflecting uncertainty in realizing these assets [414]. - The Company has $308.7 million of U.S. federal and $230.5 million of state net operating loss carryforwards available to reduce future taxable income [416]. Stock-Based Compensation - Total stock-based compensation expense for 2024 was $23.7 million, slightly up from $23.7 million in 2023 [411]. - The intrinsic value of options exercised in 2024 was $0.1 million, down from $0.5 million in 2023 [402]. - The company granted a total of 4,502,661 RSUs in 2024, with a weighted average grant date fair value of $3.57 per share [408]. - As of December 31, 2024, the company had $28.8 million of unrecognized stock-based compensation expense related to RSUs, expected to be recognized over 2.6 years [409]. Other Financial Metrics - The Company recorded amortization expense related to acquired intangible assets of $900,000 for each of the years ended December 31, 2024, 2023, and 2022 [373]. - The basic and diluted net loss per share attributable to common stockholders for 2024 was $(2.85), an improvement from $(3.29) in 2023 [396]. - The weighted average shares of common stock outstanding increased to 53,359,685 in 2024 from 45,412,155 in 2023, representing a 17.5% increase [396]. - The Company is currently evaluating the impact of ASU 2023-09 on its financial statement disclosures, effective January 1, 2025 [363].