Aeva(AEVA) - 2025 Q2 - Quarterly Results

Event Highlights and Strategic Collaborations Aeva showcased its perception platform, announcing key collaborations with LG Innotek and Bendix for market expansion - Announced a strategic collaboration with LG Innotek to accelerate the expansion of Aeva's perception platform into new markets, including manufacturing Atlas Ultra for a Top 10 Passenger OEM and developing new products for robotics and consumer applications[1][3][4] - Partnered with Bendix, a leader in ADAS for commercial vehicles, to integrate Aeva's 4D LiDAR into L2+ collision mitigation systems for high-volume markets, targeting the approximately 300,000 new trucks sold annually in North America[1][4] - Showcased progress with key automotive partners, including Mercedes-Benz for L3 automated driving, and Daimler Truck and Torc Robotics for L4 autonomy in trucking[4] - Highlighted expanding use cases in non-automotive sectors, such as smart infrastructure with Sotereon.ai, and industrial automation with LMI Technologies and Nikon[4] Second Quarter 2025 Financial Highlights Aeva reported record Q2 2025 revenue of $5.5 million (up 174%), narrowed GAAP operating loss, and held $49.8 million in cash Q2 2025 Key Financial Metrics | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Revenue | $5.5 million | $2.0 million | | GAAP Operating Loss | $(34.9) million | $(48.9) million | | Non-GAAP Operating Loss | $(25.1) million | $(32.0) million | | GAAP Net Loss per Share | $(3.49) | $(0.82) | | Non-GAAP Net Loss per Share | $(0.44) | $(0.57) | | Cash, Cash Equivalents & Marketable Securities | $49.8 million | N/A | - The strategic investment by LG Innotek has been recorded as a share subscription liability with a fair value of $77.5 million as of June 30, 2025, which is expected to convert to equity upon closing[10] - A warrant liability of $102.1 million was recorded at fair value as of June 30, 2025, which is not expected to be settled in cash[10] Financial Statements This section presents Aeva Technologies, Inc.'s unaudited condensed consolidated financial statements: Balance Sheet, Statements of Operations, and Cash Flows Condensed Consolidated Balance Sheet Aeva's total assets decreased to $91.1 million, liabilities surged to $209.3 million from new share subscription and warrant liabilities, leading to a $118.2 million stockholders' deficit Key Balance Sheet Items (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $21,743 | $28,864 | | Marketable securities | $28,106 | $83,143 | | Total Assets | $91,149 | $147,489 | | Share subscription liability | $77,496 | $0 | | Warrant liability | $102,136 | $8,258 | | Total Liabilities | $209,330 | $48,137 | | Total Stockholders' Equity (Deficit) | $(118,181) | $99,352 | Condensed Consolidated Statements of Operations Q2 2025 revenue increased to $5.5 million, GAAP operating loss improved to $34.9 million, but non-cash charges led to a $192.7 million GAAP net loss, or $3.49 per share Statement of Operations Summary - Three Months Ended June 30 (in thousands) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | $5,511 | $2,012 | | Gross Profit (Loss) | $(2,720) | $(848) | | Operating Loss | $(34,923) | $(48,913) | | Net Loss | $(192,742) | $(43,393) | | Net Loss Per Share | $(3.49) | $(0.82) | Condensed Consolidated Statements of Cash Flows For H1 2025, Aeva used $60.6 million in operating cash, generated $54.0 million from investing, resulting in a $7.1 million cash decrease, ending at $21.7 million Cash Flow Summary - Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(60,616) | $(60,127) | | Net cash provided by investing activities | $53,955 | $45,441 | | Net cash provided by (used in) financing activities | $(460) | $(239) | | Net decrease in cash and cash equivalents | $(7,121) | $(14,925) | Reconciliation of GAAP to Non-GAAP Financial Measures This section reconciles GAAP to non-GAAP measures, showing Q2 2025 non-GAAP operating loss of $25.1 million and net loss of $24.5 million after excluding non-cash items Reconciliation of GAAP to Non-GAAP Operating Loss (in thousands) | Description | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | GAAP operating loss | $(34,923) | $(48,913) | | Stock-based compensation | $6,024 | $5,364 | | Loss on joint development agreement | $3,785 | $0 | | Litigation settlement, net | $0 | $11,500 | | Non-GAAP operating loss | $(25,114) | $(32,049) | Reconciliation of GAAP to Non-GAAP Net Loss (in thousands) | Description | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | GAAP net loss | $(192,742) | $(43,393) | | Adjustments (Stock-based comp, warrant liability, etc.) | $168,283 | $13,347 | | Non-GAAP net loss | $(24,459) | $(30,046) |