Sign in
AT

Aeva Technologies, Inc. (AEVA)·Q1 2024 Earnings Summary

Executive Summary

  • Q1 2024 revenue was $2.1M vs $1.1M in Q1 2023, reflecting continued Aeries II shipments and NRE; GAAP EPS was -$0.67 vs -$0.80 YoY and non-GAAP EPS -$0.56 vs -$0.67 YoY .
  • Record product shipments, progress on Daimler Truck program milestones, and finalist status with a global top-10 passenger OEM; total liquidity stood at $314.3M ($189.3M cash/securities + $125.0M available facility) .
  • Non-GAAP operating loss of $32.1M was near flat YoY ($31.3M prior year), while gross loss remained negative; cash use was $32.6M driven by operations and capex .
  • Wall Street consensus estimates from S&P Global were unavailable for comparison in this recap; no explicit quarterly guidance was provided, but prior messages indicated at least 100% FY24 revenue growth and OpEx discipline was maintained .

What Went Well and What Went Wrong

What Went Well

  • Record sensor shipments and successful integration into Daimler Truck vehicles for on-road data collection; “on track with OEM development milestones and start of production timelines” .
  • Automotive pipeline advanced: finalist position after comprehensive audit with a global top-10 passenger OEM; multiple RFQs in progress with decisions expected this year .
  • Strong liquidity: cash, cash equivalents, and marketable securities of $189.3M plus an undrawn $125.0M facility, enabling execution on existing and prospective programs .
    Quote: “We shipped a record number of sensors… and are overall on track with the OEM development milestones and start-up production timelines.” — CEO Soroush Salehian .

What Went Wrong

  • Continued operating losses: GAAP operating loss of $37.3M and non-GAAP operating loss of $32.1M; gross loss of $1.4M, highlighting ongoing scale-up costs ahead of SOP .
  • Elevated cash consumption: gross cash use of $32.6M in Q1 as the company invests in product and manufacturing readiness .
  • Limited quarterly revenue scale ($2.1M) vs long-dated commercialization timelines, with near-term visibility tied to RFQ awards and industrial ramp later in 2024 .

Financial Results

MetricQ3 2023Q4 2023Q1 2024
Revenue ($USD Millions)$0.810 $1.611 $2.107
GAAP Net Loss ($USD Millions)$(33.238) $(44.966) $(35.326)
GAAP EPS ($USD)$(0.15) $(0.18) $(0.67)
Non-GAAP Net Loss ($USD Millions)$(28.129) $(28.906) $(29.628)
Non-GAAP EPS ($USD)$(0.13) $(0.12) $(0.56)
GAAP Operating Loss ($USD Millions)$(35.496) $(36.845) $(37.344)
Non-GAAP Operating Loss ($USD Millions)$(30.347) $(31.323) $(32.083)
Gross Loss ($USD Millions)$(1.715) $(0.872) $(1.392)

Liquidity and cash use:

MetricQ3 2023Q4 2023Q1 2024
Cash, Cash Equivalents & Marketable Securities ($USD Millions)$233.7 $221.0 $189.3
Available Facility ($USD Millions)$125.0 (established Nov 8, 2023) $125.0 $125.0
Gross Cash Use ($USD Millions)$29.1 N/A$32.6

Notes:

  • Revenue drivers included scaling of Aeries II shipments and NRE .
  • Non-GAAP figures primarily exclude stock-based compensation and warrant liability changes .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
RevenueFY 2024“Grow by at least 100% YoY” (from Q4 call) No explicit update in Q1 materialsMaintained (implied)
Non-GAAP OpExFY 2024Target similar to 2023 levels No explicit update in Q1 materialsMaintained (implied)
Industrial SOP (Nikon)2H 2024SOP planned late 2024 “On track… first industrial SOP later this year” Maintained
Automotive SOP (Atlas/Daimler Truck)2026 SOP; 2027 market entrySOP 2026; ramp by 2027 “On track… Aeva SOP in 2026; Daimler Truck market entry in 2027” Maintained

Earnings Call Themes & Trends

TopicPrevious Mentions (Q3 2023)Previous Mentions (Q4 2023)Current Period (Q1 2024)Trend
Daimler Truck program (Tier-1)Progress; highest manufacturing readiness; foundation for scale $1B order book, SOP 2026, market entry 2027; ramp plans First trucks with Aeva sensors collecting data; milestones on track Execution advancing to on-road data collection
Passenger OEM RFQsFinal phase with top-10 OEM; manufacturing readiness rating Multiple RFQs; awards expected in 6–9 months Finalist with global top-10 OEM; audit completed; decisions expected this year Pipeline strengthening; award visibility increasing
FMCW adoption narrativeBroadening across auto and industrial 3 of top 4 Class 8 OEMs moving to FMCW NHTSA AEB rule seen as tailwind for LiDAR/FMCW at higher speeds Structural tailwinds building
Industrial (Nikon)Production award; late-2024 SOP plan On track to begin commercialization by end of 2024 “On track with first industrial SOP later this year” On schedule to SOP
Liquidity and spend discipline$233.7M cash/securities; capital raise plans $346M cash+facility; OpEx similar to 2023 $314.3M total liquidity; gross cash use $32.6M Strong liquidity; continued spend discipline

Management Commentary

  • Strategic message: “We shipped a record number of sensors… and are overall on track with the OEM development milestones and start-up production timelines.” — CEO .
  • RFQs/passenger OEM: “We have advanced as a finalist… having completed the comprehensive audit and final assessment ahead of their award decision.” — CEO .
  • Regulatory tailwinds: “NHTSA… requiring passenger vehicles… standard AEB by 2029… has the potential to accelerate OEM adoption of LiDAR.” — CEO .
  • Financial positioning: “We finished Q1 with total liquidity of $314.3M… remain in a good position to continue executing… and build on growing commercial momentum.” — CFO .

Q&A Highlights

  • Halo effects from Daimler win: Management reports de-risking of FMCW decisions among OEMs, improving RFQ conversion prospects, including passenger OEMs; established Automotive COE in Germany to support engagements .
  • Compute efficiency and power: Instant velocity data reduces perception compute and may enable replacement or downgrading of other sensor modalities (e.g., advanced radar), aiding mass-market economics .
  • Non-automotive/AI: Industrial opportunities beyond Nikon are emerging as FMCW’s precision supports metrology and robotics; leveraging economies of scale from automotive production .
  • RFQ process rigor and SOP timelines: Stringent manufacturing/quality audits and down-selections; multiple RFQs across passenger and commercial; SOP timing broadly aligned with Daimler program .
  • Expansion potential with Daimler: Opportunity to extend beyond North America trucking into other geographies/applications over time; near-term focus remains 2026 SOP .

Estimates Context

  • S&P Global Wall Street consensus estimates for Q1 2024 (EPS, revenue, EBITDA) were unavailable at the time of this analysis due to data access limits. As a result, we do not present beat/miss versus consensus for Q1 2024 in this recap.
  • Where investors typically compare actuals to consensus, revenue of $2.1M and GAAP EPS of -$0.67 should be evaluated against your internal estimate set until S&P Global data can be retrieved .

Key Takeaways for Investors

  • Execution on Daimler Truck program has moved from lab to road, validating FMCW 4D LiDAR in real-world conditions and reinforcing Aeva’s Tier-1 posture ahead of 2026 SOP/2027 market entry .
  • Passenger OEM pipeline is maturing (finalist after audit), supporting potential 2024 award catalysts that can broaden automotive exposure and future scale .
  • Liquidity remains robust ($314.3M total) to fund qualification, manufacturing line readiness, and program execution, while maintaining OpEx discipline .
  • Industrial Nikon program is on track for late-2024 SOP, offering higher ASPs and earlier commercialization relative to auto, diversifying near-term revenue sources .
  • Regulatory developments (NHTSA AEB) are tailwinds for LiDAR adoption at higher speeds, aligning with Aeva’s velocity-centric FMCW advantages .
  • Near-term trading: Stock narrative hinges on RFQ award headlines and continued Daimler/Torc program updates; absence of quarterly guidance and small revenue base could keep volatility high around news flow .
  • Medium-term thesis: If Aeva secures additional auto awards in 2024 and executes Nikon SOP, the path to scale by 2026–2027 remains intact; monitor cash use trajectory and any updates to FY24 revenue growth targets .

Citations: