8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 04, 2022

Aeva Technologies, Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware	001-39204	84-3080757
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
555 Ellis Street
Mountain View, California		94043
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: (650) 481-7070

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.0001 per share	AEVA	New York Stock Exchange LLC
Warrants to purchase one share of common stock	AEVA.WS	New York Stock Exchange LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On May 4, 2022, Aeva Technologies, Inc. issued a press release announcing financial results for the first quarter ended March 31, 2022. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information set forth in Item 2.02 (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number	Description
99.1	Press Release dated May 4, 2022
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			Aeva Technologies, Inc.
Date:	May 4, 2022	By:	/s/ Saurabh Sinha
			Saurabh Sinha Chief Financial Officer

EX-99.1

Exhibit 99.1

Aeva Reports First Quarter 2022 Results

On track to begin Aeries II deliveries in late Q2

Developing common LiDAR-on-chip platform for industrial automation to meet growing demand and accelerate adoption

Broadened commercial reach, with first FMCW 4D LiDAR on NVIDIA DRIVE platform, new sales leadership and Asia Pacific office to accelerate momentum

MOUNTAIN VIEW, Calif., – May 4, 2022 – Aeva® (NYSE: AEVA), a leader in next-generation sensing and perception systems, today announced its first quarter 2022 results.

Key Company Highlights

•Achieved key milestones for Aeries IITM deployment, with first units manufactured and initial system and performance validation completed

•Strong demand for Aeries II, with deliveries on track to begin in late Q2

•Developing common LiDAR-on-chip platform for a range of applications in industrial automation to meet growing demand and accelerate adoption

•First FMCW 4D LiDARTM integrated on the NVIDIA DRIVE autonomous vehicle platform

•NASA to use Aeva 4D LiDAR to navigate and map the Moon, leveraging Aeva’s same core perception platform used for automotive

•Strengthened team with new sales leadership and Asia Pacific office to build commercial momentum across multiple applications and regions

“We continue to strengthen our position as the leader in FMCW sensing technology and expanded our commercial reach to bring next-generation perception to a growing list of applications and markets,” said Soroush Salehian, Co-Founder and CEO at Aeva. “As demand for our unique 4D LiDAR continues to increase, we look forward to first deliveries of Aeries II in late Q2 and converting additional programs towards production, while our solid balance sheet positions Aeva to continue to execute on our mission to enable perception for everything.”

First Quarter 2022 Financial Highlights

•Cash, Cash Equivalents and Marketable Securities

oCash, cash equivalents and marketable securities of $414.5 million as of March 31, 2022

•Revenue

oRevenue of $1.1 million in Q1 2022, compared to $0.3 million in Q1 2021

•GAAP and Non-GAAP Operating Loss*

oGAAP operating loss of $34.1 million in Q1 2022, compared to GAAP operating loss of $20.1 million in Q1 2021

oNon-GAAP operating loss of $28.3 million in Q1 2022, compared to non-GAAP operating loss of $15.6 million in Q1 2021

•GAAP and Non-GAAP Net Loss per Share*

oGAAP net loss per share of $0.15 in Q1 2022, compared to GAAP net loss per share of $0.12 in Q1 2021

oNon-GAAP net loss per share of $0.13 in Q1 2022, compared to non-GAAP net loss per share of $0.10 in Q1 2021

•Shares Outstanding

oWeighted average shares outstanding of 216.0 million in Q1 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. 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 of 2022 and business objectives for 2022, along with our expectations with respect to our orders, engagements and potential engagements with third parties. 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 ability to maintain the listing of Aeva’s securities on the New York Stock Exchange, (ii) the price of Aeva’s securities, which may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which Aeva plans to operate, variations in performance across competitors, changes in laws and regulations affecting Aeva’s business and changes in the combined capital structure, (iii) the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities, (iv) the risk of downturns and the possibility of rapid change in the highly competitive industry in which Aeva operates, (v) the risk that Aeva and its current and future collaborators are unable to successfully develop and commercialize Aeva’s products or services, or experience significant delays in doing so, (vi) the risk that Aeva may never achieve or sustain profitability; (vii) the risk that Aeva will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; (viii) the risk that Aeva experiences difficulties in managing its growth and expanding operations, (ix) the risk that third-parties suppliers and manufacturers are not able to fully and timely meet their obligations, (x) the risk of product liability or regulatory lawsuits or proceedings relating to Aeva’s products and services, (xi) the risk that Aeva is unable to secure or protect its intellectual property; and (xii) the effects of the ongoing coronavirus (COVID-19) pandemic or other infectious diseases, health epidemics, pandemics and natural disasters on Aeva’s business. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors, and for a further discussion of the material risks and other important factors that could affect our financial results, please refer to our filings with the SEC, including our Form 10-K for the year ended December 31, 2021. 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.

Contacts

Investors:

Andrew Fung

investors@aeva.ai

Media:

Michael Oldenburg

press@aeva.ai

AEVA TECHNOLOGIES, INC.
Condensed Consolidated Balance Sheet
(Unaudited)
(In thousands)
	March 31, 2022			December 31, 2021
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	62,499		$	66,810
Marketable securities		351,988			378,200
Accounts receivable, net		211			2,341
Inventory		1,926			2,063
Other current assets		8,667			9,070
Total current assets		425,291			458,484
Operating lease right-of-use assets		9,577			10,284
Property and equipment, net		7,279			5,136
Intangible assets, net		4,200			4,425
Other assets		860			859
TOTAL ASSETS	$	447,207		$	479,188
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND    STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	6,645		$	4,386
Accrued liabilities		2,671			4,110
Accrued employee costs		1,109			2,196
Lease liability, current portion		2,929			2,872
Other current liabilities		234			733
Total current liabilities		13,588			14,297
Lease liability, noncurrent portion		6,702			7,455
Warrant liability		426			1,060
TOTAL LIABILITIES		20,716			22,812
STOCKHOLDERS’ EQUITY:
Common stock		22			21
Additional paid-in capital		625,567			619,841
Accumulated other comprehensive loss		(2,979	)		(524	)
Accumulated deficit		(196,119	)		(162,962	)
TOTAL STOCKHOLDERS’ EQUITY		426,491			456,376
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND    STOCKHOLDERS’ EQUITY	$	447,207		$	479,188

AEVA TECHNOLOGIES, INC.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except share and per share data)
	Three Months Ended March 31,
	2022			2021
Revenues:
Product	$	211		$	293
Professional service		926			15
Total revenues		1,137			308
Cost of revenues:
Product		920			180
Professional service (1)		455			—
Total cost of revenues		1,375			180
Gross profit (loss)		(238	)		128
Research and development expenses (1)		25,315			11,379
General and administrative expenses (1)		6,872			8,217
Selling and marketing expenses (1)		1,648			659
Total operating expenses		33,835			20,255
Operating loss		(34,073	)		(20,127	)
Interest income		283			3
Other income, net		633			666
Net loss before taxes		(33,157	)		(19,458	)
Income tax provision		—			—
Net loss	$	(33,157	)	$	(19,458	)
Net loss per share, basic and diluted	$	(0.15	)	$	(0.12	)
Shares used in computing net loss per share, basic and diluted		216,017,186			163,955,593
(1) Includes stock-based compensation as follows:
	Three Months Ended March 31,
	2022			2021
Cost of revenues	$	136		$	-
Research and development expenses		4,323			1,796
General and administrative expenses		1,229			2,696
Selling and marketing expenses		96			21
Total stock-based compensation expense	$	5,784		$	4,513

Aeva Technologies, Inc.
Statements of Cash Flows
(Unaudited)
(In thousands)
	Three Months Ended March 31,
	2022			2021
Cash flows from operating activities:
Net loss	$	(33,157	)	$	(19,458	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		630			215
Change in fair value of warrant liability		(634	)		(668	)
Stock-based compensation		5,784			4,513
Amortization of right-of-use assets		707			223
Amortization of premium on available-for-sale securities		435			—
Changes in operating assets and liabilities:
Accounts receivable		2,130			(104	)
Inventories		137			(310	)
Other current assets		403			(258	)
Other noncurrent assets		(1	)		(296	)
Accounts payable		1,890			964
Accrued liabilities		(2,335	)		872
Accrued employee costs		(1,332	)		(358	)
Lease liability		(696	)		(141	)
Other current liabilities		(499	)		9
Net cash used in operating activities		(26,538	)		(14,797	)
Cash flows from investing activities:
Purchase of property, plant and equipment		(1,283	)		(669	)
Purchase of available-for-sale securities		(82,284	)		(53,501	)
Proceeds from maturities of marketable securities		105,607			—
Net cash provided by (used in) investing activities		22,040			(54,170	)
Cash flows from financing activities:
Proceeds from business combination and private offering		—			560,777
Transaction costs related to business combination and private offering		—			(47,228	)
Proceeds from exercise of warrants		1			—
Proceeds from exercise of stock options		186			198
Net cash provided by financing activities		187			513,747
Net increase (decrease) in cash and cash equivalents		(4,311	)		444,781
Beginning cash and cash equivalents		66,810			24,624
Ending cash and cash equivalents	$	62,499		$	469,405

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 March 31,
	2022			2021
GAAP operating loss	$	(34,073	)	$	(20,127	)
Stock-based compensation		5,784			4,513
Non-GAAP operating loss	$	(28,289	)	$	(15,614	)
Reconciliation from GAAP to non-GAAP net loss
	Three Months Ended March 31,
	2022			2021
GAAP net loss	$	(33,157	)	$	(19,458	)
Stock-based compensation		5,784			4,513
Change in fair value of warrant liability		(634	)		(668	)
Non-GAAP net loss	$	(28,007	)	$	(15,613	)
Reconciliation between GAAP and non-GAAP net loss per share
	Three Months Ended March 31,
	2022			2021
Shares used in computing GAAP net loss per share:
Basic and diluted		216,017,186			163,955,593
GAAP net loss per share
Basic and diluted	$	(0.15	)	$	(0.12	)
Stock-based compensation		0.02			0.02
Warrant liability		(0.00	)		(0.00	)
Non-GAAP net loss per share
Basic and diluted	$	(0.13	)	$	(0.10	)

XML

Document And Entity Information	May 04, 2022
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	May 04, 2022
Entity Registrant Name	Aeva Technologies, Inc.
Entity Central Index Key	0001789029
Entity Emerging Growth Company	false
Entity File Number	001-39204
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-3080757
Entity Address, Address Line One	555 Ellis Street
Entity Address, City or Town	Mountain View
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94043
City Area Code	(650)
Local Phone Number	481-7070
Entity Information, Former Legal or Registered Name	Not Applicable
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Warrants to Purchase [Member]
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase one share of common stock
Trading Symbol	AEVA.WS
Security Exchange Name	NYSE
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	AEVA
Security Exchange Name	NYSE