Aeva Reports First Quarter 2023 Results

Progressing with Top-10 OEM: First vehicles built using Aeva 4D LiDAR, in discussion to deepen relationship around perception software development

 Working with Fabrinet to expand capacity to support ongoing customer development and increasing opportunities

MOUNTAIN VIEW, Calif., May 10, 2023 – Aeva® (NYSE: AEVA), a leader in next-generation sensing and perception systems, today announced its first quarter 2023 results.

Key Company Highlights

  • Strong progress with Top-10 OEM, including enabling key safety use case previously unachievable with 3D ToF LiDAR and in discussion for perception software development
  • Continued traction in automotive with increasing number of RFQs
  • Multiple engagements to implement Aeva’s perception platform for precision distance measurement
  • Successfully completed bring-up of new final assembly manufacturing line to support ongoing and additional engagements
  • Working with Fabrinet to increase capacity and further automate LiDAR-on-chip module manufacturing

“We are progressing well on our engagement with a Top-10 OEM and are in discussion to deepen our relationship,” said Soroush Salehian, Co-Founder and CEO at Aeva. “This highlights the growing interest from industry leaders to leverage the unique capabilities and scalability of Aeva’s 4D LiDAR-on-chip technology to bring next-generation perception to market. Our focus in 2023 continues to be on ongoing development with key partners and securing additional wins toward production.”

First Quarter 2023 Financial Highlights

  • Cash, Cash Equivalents and Marketable Securities
    • Cash, cash equivalents and marketable securities of $288.4 million as of March 31, 2023
  • Revenue
    • Revenue of $1.1 million in Q1 2023, compared to revenue of $1.1 million in Q1 2022
  • GAAP and Non-GAAP Operating Loss*
    • GAAP operating loss of $37.3 million in Q1 2023, compared to GAAP operating loss of $34.1 million in Q1 2022
    • Non-GAAP operating loss of $31.3 million in Q1 2023, compared to non-GAAP operating loss of $28.3 million in Q1 2022
  • GAAP and Non-GAAP Net Loss per Share*
    • GAAP net loss per share of $0.16 in Q1 2023, compared to GAAP net loss per share of $0.15 in Q1 2022
    • Non-GAAP net loss per share of $0.13 in Q1 2023, compared to non-GAAP net loss per share of $0.13 in Q1 2022
  • Shares Outstanding
    • Weighted average shares outstanding of 219.6 million in Q1 2023

*Tables reconciling GAAP to non-GAAP measures are provided at the end of this release. Aeva believes that such non-GAAP measures are useful as supplemental measures of Aeva’s performance.

Conference Call Details
The company will host a conference call and live webcast to discuss results at 2:00 p.m. PT / 5:00 p.m. ET today, May 10, 2023. The live webcast and replay can be accessed at investors.aeva.com.

About Aeva Technologies, Inc. (NYSE: AEVA)
Aeva’s mission is to bring the next wave of perception to a broad range of applications from automated driving to industrial robotics, consumer electronics, consumer health, security and beyond. Aeva is transforming autonomy with its groundbreaking sensing and perception technology that integrates all key LiDAR components onto a silicon photonics chip in a compact module. Aeva 4D LiDAR® sensors uniquely detect instant velocity in addition to 3D position, allowing autonomous devices like vehicles and robots to make more intelligent and safe decisions. For more information, visit www.aeva.com, or connect with us on Twitter or LinkedIn.

Aeva, the Aeva logo, 4D LiDAR, Aeries, Ultra Resolution, 4D Perception, and 4D Localization are trademarks/registered trademarks of Aeva, Inc. All rights reserved. Third-party trademarks are the property of their respective owners.

Forward looking statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Forward-looking statements in this press release include our beliefs regarding our financial position and operating performance for the first quarter 2023 and business objectives for 2023, along with our expectations with respect to our orders, product shipments, manufacturing plans and engagement with other customers. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including, but not limited to: (i) the fact that Aeva is an early stage company with a history of operating losses and may never achieve profitability, (ii) Aeva’s limited operating history, (iii) the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities, (iv) the ability for Aeva to have its products selected for inclusion in OEM products and (v) other material risks and other important factors that could affect our financial results.  Please refer to our filings with the SEC, including our most recent Form 10-Q and Form 10-K. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Aeva assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Aeva does not give any assurance that it will achieve its expectations.


Andrew Fung

Michael Oldenburg