Aeva Technologies (AEVA) Q2 2024 earnings summary

Executive summary

• Achieved key milestones in Q2 2024, including new customer wins and progress with Daimler Truck, global top 10 passenger OEMs, Nikon, and expansion into security and rail sectors.

• Continued scaling of sensor shipments for Daimler Truck, with start of production on track for 2026 and unveiling of autonomous vehicles using 4D LiDAR.

• Completed final validation of LiDAR-on-Chip for Nikon, with Q4 2024 industrial launch and multi-year production program.

• Selected by a top U.S. National Defense organization for critical infrastructure protection and by Deutsche Bahn for Germany's automated train program.

• Revenue for Q2 2024 increased 171% year-over-year to $2.0 million, driven by higher unit sales and engineering services.

Financial highlights

• Q2 2024 revenue was $2.0 million, driven by sensor shipments, NRE from Daimler Truck, and product deliveries to multiple customers.

• Non-GAAP operating loss was $32.0 million, while GAAP operating loss was $48.9 million, reflecting litigation settlement and disciplined spending.

• Net loss widened to $43.4 million for Q2 2024, up 21% from Q2 2023, mainly due to a $11.5 million litigation settlement expense.

• Gross cash use in Q2 was $29.9 million; cash, equivalents, and marketable securities totaled $160.2 million as of June 30, 2024, with $125 million in undrawn facility.

• Weighted average shares outstanding were 53.0 million in Q2 2024.

Outlook and guidance

• Remain on track for Daimler Truck's start of production in 2026 and Q4 2024 industrial launch with Nikon.

• Expect to convert additional commercial opportunities to production wins in the coming months, with award decisions for top 10 passenger OEMs expected by year end.

• Anticipate further expansion in security, industrial automation, and transportation markets.

• Management expects continued operating losses as investments in product development and commercialization persist.

• Current liquidity is expected to fund operations and capital expenditures for at least 12 months; additional capital may be required if revenue growth does not accelerate.