Aeva Reports First Quarter 2021 Results

Aeva Technologies, Inc. (NYSE: AEVA, “Aeva” or the “Company”), a leader in next-generation sensing and perception systems, today announced its first quarter 2021 results.

Key Company Highlights

• Completed business combination with InterPrivate Acquisition Corp on March 12, 2021, resulting in listing on the NYSE as “AEVA” and net proceeds of $513 million
• Foundational agreement with an undisclosed large company to develop best-in-class LiDAR solutions for their autonomous program
• Third generation LiDAR chip module is in final architecture and integrates all core LiDAR components. Reduced size and improved reliability enables final cost structure, form factor, and is already being produced at production intent factory
• Announced collaboration with Denso, a top tier-1 automotive supplier, to bring Aeva’s 4D LiDAR to the consumer vehicle market
• Announced partnership with TuSimple, a leading autonomous trucking technology company, to utilize Aeva’s 4D LiDAR in TuSimple’s self-driving trucks
• Extended Aeva’s 4D LiDAR detection range to an industry-leading 500m distance through software updates on existing hardware
• Strengthened Aeva team, including key leadership hires in supply chain, manufacturing, and engineering
• Formed new Advisory Board with the addition of veteran Apple and Volkswagen executives

“Our mission at Aeva is to bring the next wave of perception for all devices, and becoming a public company was an important step toward realizing this vision,” stated Soroush Salehian, Co-founder and CEO of Aeva.

“We have executed on our product development ahead of schedule, which is accelerating our commercial traction in the market. Today, we’re excited to announce another major step forward with a foundational agreement with an undisclosed company to utilize Aeva’s proprietary FMCW 4D LiDAR to enable safe autonomy at production scale. The opportunities ahead are tremendous as we continue to execute on our strategy to bring Aeva’s 4D LiDAR to mass market.”

First Quarter 2021 Financial Highlights

• Cash, Cash Equivalents and Marketable Securities
  • Cash, cash equivalents and marketable securities of $523 million as of March 31, 2021, compared to $24.6 million as of December 31, 2020
• Revenue
  • Revenue of $0.3 million, compared to $0.5 million in the prior-year period
• GAAP and Non-GAAP Operating Loss
  • GAAP operating loss of $20.1 million, compared to a GAAP operating loss of $7.0 million in the prior year period
  • Non-GAAP operating loss of $15.6 million, which excludes stock-based compensation of $4.5 million, compared to non-GAAP operating loss of $6.1 million, which excludes stock-based compensation of $0.9 million, in the prior year period
• Shares Outstanding
  • Weighted average shares outstanding of 164.0 million in first quarter 2021
  • Shares outstanding of 211.5 million as of March 31, 2021

2021 Objectives