Selected by top-10 global OEM for vehicle development

Progressing on a growing number of vehicle programs to advanced / RFQ stage

Completed core development of LiDAR on chip perception platform for industrial automation

Aeva® (NYSE:AEVA), a leader in next-generation sensing and perception systems, today announced its fourth quarter and full year 2022 results.

Key Company Highlights

Successful launch of Aeries II, with shipments to 40+ customers in 2022
Selected by a top-10 global OEM for development program, which defines specifications for production vehicles targeting 2025 start of production
Progressing on a growing number of vehicle programs to the advanced or RFQ stage with leading OEMs
Completed core development of LiDAR on chip perception platform for existing customers and additional opportunities in industrial automation

"Aeva achieved important commercial milestones in 2022 that are enabling us to further our momentum in 2023," said Soroush Salehian, Co-Founder and CEO at Aeva. "It has been an exciting start to the year, with the selection by a top-10 global OEM for development towards production and meaningful progress on other customer engagements. Our focus in 2023 is on securing new wins as we continue on our vision of bringing the next generation of perception to the market."

Fourth Quarter and Full Year 2022 Financial Highlights

Cash, Cash Equivalents and Marketable Securities
- Cash, cash equivalents and marketable securities of $323.8 million as of December 31, 2022
Revenue
- Revenue of $0.2 million in Q4 2022, which includes revenue of $4.1 million partially offset by an adjustment of $3.9 million for an existing customer‘s contract modification. This compares to revenue of $2.9 million in Q4 2021
- Revenue of $4.2 million for full year 2022, which includes revenue of $8.1 million partially offset by an adjustment of $3.9 million for an existing customer‘s contract modification. This compares to revenue of $9.3 million for full year 2021
GAAP and Non-GAAP Operating Loss*
- GAAP operating loss of $44.4 million in Q4 2022, compared to GAAP operating loss of $31.9 million in Q4 2021
- GAAP operating loss of $152.0 million for full year 2022, compared to GAAP operating loss of $104.2 million for full year 2021
- Non-GAAP operating loss of $38.5 million in Q4 2022, compared to non-GAAP operating loss of $25.7 million in Q4 2021
- Non-GAAP operating loss of $127.7 million for full year 2022, compared to non-GAAP operating loss of $81.9 million for full year 2021
GAAP and Non-GAAP Net Loss per Share*
- GAAP net loss per share of $0.20 in Q4 2022, compared to GAAP net loss per share of $0.15 in Q4 2021
- GAAP net loss per share of $0.68 for full year 2022, compared to GAAP net loss per share of $0.51 for full year 2021
- Non-GAAP net loss per share of $0.17 in Q4 2022, compared to non-GAAP net loss per share of $0.12 in Q4 2021
- Non-GAAP net loss per share of $0.57 for full year 2022, compared to non-GAAP net loss per share of $0.41 for full year 2021
Shares Outstanding
- Weighted average shares outstanding of 218.4 million in Q4 2022 and 217.3 million for full year 2022

*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, March 22, 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 fourth quarter and full year of 2022 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.

AEVA TECHNOLOGIES, INC.
Condensed Consolidated Balance Sheet
(Unaudited)
(In thousands)

	December 31, 2022			December 31, 2021

ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	67,420		$	66,810
Marketable securities		256,392			378,200
Accounts receivable		2,887			2,341
Inventories		2,951			2,063
Other current assets		5,473			9,070
Total current assets		335,123			458,484
Operating lease right-of-use assets		7,402			10,284
Property, plant and equipment, net		9,720			5,136
Intangible assets, net		3,525			4,425
Other noncurrent assets		862			859
TOTAL ASSETS	$	356,632		$	479,188
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	5,182		$	4,386
Accrued liabilities		9,063			4,110
Accrued employee costs		4,721			2,196
Lease liability, current portion		2,667			2,872
Other current liabilities		194			733
Total current liabilities		21,827			14,297
Lease liability, noncurrent portion		4,789			7,455
Warrant liability		90			1,060
TOTAL LIABILITIES		26,706			22,812
STOCKHOLDERS' EQUITY:
Common stock		22			21
Additional paid-in capital		643,756			619,841
Accumulated other comprehensive loss		(3,585	)		(524	)
Accumulated deficit		(310,267	)		(162,962	)
TOTAL STOCKHOLDERS' EQUITY		329,926			456,376
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY	$	356,632		$	479,188

AEVA TECHNOLOGIES, INC.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except share and per share data)

	Three Months Ended December 31,						Year Ended December 31,
		2022			2021			2022			2021
Revenue		188			2,873			4,192			9,265
Cost of revenue ⁽¹⁾		3,316			1,930			8,447			5,833
Gross profit (loss)		(3,128	)		943			(4,255	)		3,432
Operating expenses:
Research and development expenses⁽¹⁾		32,211			23,749			109,587			74,768
General and administrative expenses⁽¹⁾		7,428			6,766			31,070			28,407
Selling and marketing expenses ⁽¹⁾		1,628			2,364			7,043			4,443
Total operating expenses		41,267			32,879			147,700			107,618
Operating loss		(44,395	)		(31,936	)		(151,955	)		(104,186	)
Interest income		1,674			144			3,707			372
Other income, net		47			50			943			1,936
Net loss before income taxes		(42,674	)		(31,742	)		(147,305	)		(101,878	)
Income tax provision		—			—			—			—
Net loss	$	(42,674	)	$	(31,742	)	$	(147,305	)	$	(101,878	)
Net loss per share, basic and diluted	$	(0.20	)	$	(0.15	)	$	(0.68	)	$	(0.51	)
Shares used in computing net loss per share, basic and diluted		218,407,208			214,344,240			217,307,896			200,849,663

⁽¹⁾ Includes stock-based compensation as follows:

	Three Months Ended December 31,						Year Ended December 31,
		2022			2021			2022			2021
Cost of revenue	$	423		$	480		$	1,161		$	1,483
Research and development expenses		4,045			4,130			17,197			12,754
General and administrative expenses		1,205			1,420			4,972			7,629
Selling and marketing expenses		216			162			917			371
Total stock-based compensation expense	$	5,889		$	6,192		$	24,247		$	22,237

AEVA TECHNOLOGIES, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
	Year Ended December 31,
		2022			2021
Cash flows from operating activities:
Net loss	$	(147,305	)	$	(101,878	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		3,265			1,147
Loss on write down of fixed assets		—			52
Change in fair value of warrant liability		(970	)		(1,954	)
Stock-based compensation		24,247			22,237
Impairment of inventories		1,664			—
Amortization of right-of-use assets		2,882			1,901
Realized loss on available-for-sale securities		29			—
Amortization of premium on available-for-sale securities		389			1,498
Changes in operating assets and liabilities:
Accounts receivable		(546	)		(2,200	)
Inventories		(2,552	)		(844	)
Other current assets		3,634			(7,285	)
Other noncurrent assets		(3	)		(795	)
Accounts payable		1,287			2,667
Accrued liabilities		4,953			3,202
Accrued employee costs		2,525			1,474
Lease liability		(2,871	)		(1,785	)
Other current liabilities		(539	)		458
Net cash used in operating activities		(109,911	)		(82,105	)
Cash flows from investing activities:
Purchase of property, plant and equipment		(7,439	)		(3,850	)
Purchase of available-for-sale securities		(210,197	)		(571,925	)
Proceeds from sale of available-for-sale securities		—			20,123
Proceeds from maturities of available-for-sale securities		328,526			171,580
Purchase of intangible assets		—			(4,500	)
Net cash provided by (used in) investing activities		110,890			(388,572	)
Cash flows from financing activities:
Proceeds from business combination and private offering		—			560,777
Transaction costs related to business combination and private offering		—			(47,487	)
Payments of taxes withheld on net settled vesting of restricted stock units		(720	)		(1,338	)
Proceeds from exercise of warrants		1			—
Proceeds from exercise of stock options		350			911
Net cash provided by (used in) financing activities		(369	)		512,863
Net increase in cash and cash equivalents		610			42,186
Beginning cash and cash equivalents		66,810			24,624
Ending cash and cash equivalents	$	67,420		$	66,810

AEVA TECHNOLOGIES, INC.
Reconciliation of GAAP to Non-GAAP Operating Results
(Unaudited)
(In thousands, except share and per share data)

*Reconciliation from GAAP to non-GAAP operating loss*
	Three Months Ended December 31,						Year Ended December 31,
		2022			2021			2022			2021

GAAP operating loss	$	(44,395	)	$	(31,936	)	$	(151,955	)	$	(104,186	)
Stock-based compensation		5,889			6,192			24,247			22,237
Non-GAAP operating loss	$	(38,506	)	$	(25,744	)	$	(127,708	)	$	(81,949	)


*Reconciliation from GAAP to non-GAAP net loss*
	Three Months Ended December 31,						Year Ended December 31,
		2022			2021			2022			2021

GAAP net loss	$	(42,674	)	$	(31,742	)	$	(147,305	)	$	(101,878	)
Stock-based compensation		5,889			6,192			24,247			22,237
Change in fair value of warrant liability		(48	)		(50	)		(970	)		(1,954	)
Non-GAAP net loss	$	(36,833	)	$	(25,600	)	$	(124,028	)	$	(81,595	)


*Reconciliation between GAAP and non-GAAP net loss per share*
	Three Months Ended December 31,						Year Ended December 31,
		2022			2021			2022			2021
Shares used in computing GAAP net loss per share:
Basic and diluted		218,407,208			214,344,240			217,307,896			200,849,663
GAAP net loss per share
Basic and diluted	$	(0.20	)	$	(0.15	)	$	(0.68	)	$	(0.51	)
Stock-based compensation		0.03			0.03			0.11			0.11
Change in fair value of warrant liability		(0.00	)		(0.00	)		(0.00	)		(0.01	)
Non-GAAP net loss per share
Basic and diluted	$	(0.17	)	$	(0.12	)	$	(0.57	)	$	(0.41	)

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Aeva Reports Fourth Quarter and Full Year 2022 Results