Aeva Technologies, Inc. (AEVA) Bundle
A Brief History of Aeva Technologies, Inc.
Aeva Technologies, Inc. has made significant strides in the field of sensor technology, particularly in the automotive sector, since its inception. Founded in 2017, Aeva specializes in developing advanced sensing systems that enable autonomous vehicles to perceive their surroundings with high precision.
Financial Overview as of 2024
As of September 30, 2024, Aeva reported substantial growth in revenue compared to the previous year. The following table summarizes key financial metrics for the nine months ended September 30, 2024, versus the same period in 2023:
| Metric | 2024 (in thousands) | 2023 (in thousands) | Change ($) | Change (%) |
|---|---|---|---|---|
| Revenue | $6,369 | $2,701 | $3,668 | 136% |
| Cost of Revenue | $9,330 | $7,715 | $1,615 | 21% |
| Gross Loss | $(2,961) | $(5,014) | $2,053 | (41%) |
| Total Operating Expenses | $121,172 | $105,929 | $15,243 | 14% |
| Net Loss | $(116,115) | $(104,367) | $(11,748) | 11% |
Cash Flow and Liquidity
For the nine months ended September 30, 2024, Aeva's cash flow summary indicates a net cash used in operating activities of $86.0 million. The following table outlines the cash flow activities:
| Activity | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Cash used in Operating Activities | $(86,015) | $(91,492) |
| Cash provided by Investing Activities | $78,291 | $64,532 |
| Net cash (used in) provided by Financing Activities | $(361) | $90 |
| Net Decrease in Cash and Cash Equivalents | $(8,085) | $(26,870) |
Research and Development
Aeva's commitment to innovation is evident in its R&D expenditures. For the nine months ended September 30, 2024, R&D expenses totaled $78.3 million, reflecting a 3% increase from the previous year. The breakdown of operating expenses is as follows:
| Expense Type | 2024 (in thousands) | 2023 (in thousands) | Change ($) | Change (%) |
|---|---|---|---|---|
| Research and Development | $78,324 | $76,306 | $2,018 | 3% |
| General and Administrative | $25,530 | $24,020 | $1,510 | 6% |
| Selling and Marketing | $5,818 | $5,603 | $215 | 4% |
Stockholder Equity
As of September 30, 2024, Aeva's total stockholders' equity was reported at $129.3 million, a decrease from $228.4 million at the end of the previous year. The following table provides a summary of stockholders' equity:
| Equity Component | September 30, 2024 (in thousands) | December 31, 2023 (in thousands) |
|---|---|---|
| Common Stock | $6 | $5 |
| Additional Paid-in Capital | $704,853 | $688,124 |
| Accumulated Deficit | $(575,715) | $(459,600) |
| Total Stockholders' Equity | $129,260 | $228,442 |
As Aeva continues to innovate and expand its product offerings, the company remains focused on leveraging its technological advancements to capture market share in the rapidly evolving autonomous vehicle sector.
A Who Owns Aeva Technologies, Inc. (AEVA)
Ownership Structure
As of September 30, 2024, Aeva Technologies, Inc. had a total of 53,832,057 shares of common stock issued and outstanding. The company's ownership is primarily distributed among institutional investors, insiders, and retail shareholders.
Major Shareholders
The following table outlines the major shareholders of Aeva Technologies as of 2024:
| Shareholder | Type of Ownership | Number of Shares | Percentage of Ownership |
|---|---|---|---|
| Sylebra Capital | Institutional | ~8,000,000 | ~14.8% |
| BlackRock, Inc. | Institutional | ~5,000,000 | ~9.3% |
| Vanguard Group, Inc. | Institutional | ~4,500,000 | ~8.4% |
| Insider Holdings | Insiders | ~3,500,000 | ~6.5% |
| Other Institutional Investors | Institutional | ~12,000,000 | ~22.3% |
| Retail Investors | Retail | ~21,832,057 | ~40.6% |
Institutional Ownership
As of September 30, 2024, institutional ownership represented approximately 52.3% of the total shares, a significant portion that indicates a strong interest from institutional investors in Aeva's business model and growth potential.
Insider Ownership
Insider ownership is reported to be around 6.5%, which includes shares held by executive officers and board members. This level of insider ownership can often align management's interests with those of shareholders, potentially leading to better company performance.
Recent Developments
In November 2023, Aeva entered into Subscription Agreements resulting in net proceeds of $20.6 million. This capital raise is expected to bolster the company's liquidity and support ongoing operations and development initiatives.
Financial Performance Overview
For the nine months ended September 30, 2024, Aeva reported revenue of $6.37 million, a 136% increase compared to the prior year. However, the company also reported a net loss of $116.1 million during the same period, reflecting the ongoing investments in research and development and operational expenses.
Stock Performance
The stock price of Aeva Technologies has fluctuated, with a reported share price of $5.10 as of September 30, 2024. The company continues to navigate market challenges while focusing on technological advancements and market expansion.
Conclusion
The ownership structure of Aeva Technologies, Inc. is diverse, with significant institutional and insider holdings. This distribution, combined with the company's recent financial performance and capital-raising activities, positions Aeva for potential growth in the rapidly evolving technology landscape.
Aeva Technologies, Inc. (AEVA) Mission Statement
Company Overview
Aeva Technologies, Inc. specializes in developing advanced sensor technology for autonomous vehicles. Their mission is to enhance the perception capabilities of machines, enabling safe and reliable autonomous driving experiences.
Financial Overview
As of September 30, 2024, Aeva reported the following financial metrics:
| Metric | Value (in thousands) |
|---|---|
| Total Revenue | $6,369 |
| Cost of Revenue | $9,330 |
| Gross Loss | $(2,961) |
| Operating Expenses | $121,172 |
| Net Loss | $(116,115) |
| Cash and Cash Equivalents | $30,462 |
| Marketable Securities | $104,000 |
| Accumulated Deficit | $(575,715) |
Revenue Growth
For the nine months ended September 30, 2024, revenue increased by $3.7 million, or 136%, compared to the same period in 2023. This growth was attributed to:
- Higher units sold.
- Increased non-recurring engineering services.
Operating Expenses Breakdown
The following table summarizes the operating expenses for the nine months ended September 30, 2024:
| Expense Type | Amount (in thousands) |
|---|---|
| Research and Development | $78,324 |
| General and Administrative | $25,530 |
| Selling and Marketing | $5,818 |
| Litigation Settlement | $11,500 |
Liquidity and Capital Resources
Aeva's cash and marketable securities totaled $134.8 million as of September 30, 2024. The company has access to a Facility Agreement allowing for up to $125 million in preferred stock sales through November 2026.
Stockholder Equity
The following table outlines the stockholders' equity as of September 30, 2024:
| Equity Component | Value (in thousands) |
|---|---|
| Total Stockholders' Equity | $129,260 |
| Common Stock Issued | 53,832,057 shares |
| Additional Paid-In Capital | $704,853 |
| Accumulated Other Comprehensive Income | $116 |
Market Positioning
Aeva continues to position itself as a leader in the sensor technology space, targeting the autonomous vehicle market, which is projected to grow significantly in the coming years. Their innovative technology aims to provide superior perception capabilities that are crucial for autonomous navigation.
How Aeva Technologies, Inc. (AEVA) Works
Company Overview
Aeva Technologies, Inc. (AEVA) specializes in the development of advanced sensing technology utilizing its proprietary 4D LiDAR technology. This technology is designed for automotive applications, enabling autonomous and semi-autonomous driving capabilities.
Financial Performance
As of September 30, 2024, Aeva reported significant financial metrics:
| Metric | 2024 (9 Months) | 2023 (9 Months) | Change (%) |
|---|---|---|---|
| Revenue | $6,369,000 | $2,701,000 | 136% |
| Cost of Revenue | $9,330,000 | $7,715,000 | 21% |
| Gross Loss | ($2,961,000) | ($5,014,000) | 41% |
| Operating Loss | ($124,133,000) | ($110,943,000) | 12% |
| Net Loss | ($116,115,000) | ($104,367,000) | 11% |
Cash Flow Summary
For the nine months ended September 30, 2024, Aeva's cash flow metrics were as follows:
| Cash Flow Activity | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Cash used in Operating Activities | ($86,015) | ($91,492) |
| Cash provided by Investing Activities | $78,291 | $64,532 |
| Net cash (used in) provided by Financing Activities | ($361) | $90 |
| Net Decrease in Cash and Cash Equivalents | ($8,085) | ($26,870) |
Operational Insights
Aeva's operational performance reflects ongoing investments in research and development, with R&D expenses totaling $78.3 million for the nine months ended September 30, 2024, an increase of 3% compared to $76.3 million in the prior year. This increase primarily stems from higher personnel costs and increased material expenses related to product development.
Market Segmentation
The revenue breakdown by geographical market for the nine months ended September 30, 2024, shows:
| Geographic Market | Revenue ($) | Percentage of Total Revenue |
|---|---|---|
| North America | $5,511,000 | 87% |
| Europe | $347,000 | 5% |
| Asia | $511,000 | 8% |
Stockholder Equity
As of September 30, 2024, Aeva's stockholder equity metrics included:
| Equity Component | Amount (in thousands) |
|---|---|
| Common Stock | $6 |
| Additional Paid-in Capital | $704,853 |
| Accumulated Other Comprehensive Income | $116 |
| Accumulated Deficit | ($575,715) |
| Total Stockholders' Equity | $129,260 |
Future Prospects
Aeva has access to a Facility Agreement that allows for up to $125 million in financing through November 8, 2026, which is intended to support ongoing operational and capital expenditures. The company believes its liquidity will be sufficient to fund operations for at least 12 months from the date of its latest financial statements.
Customer Dependency
For the three months ended September 30, 2024, one customer accounted for 67% of total revenue, indicating a significant concentration risk. This level of dependency on a limited customer base may impact future revenue stability.
Conclusion
As of 2024, Aeva continues to navigate the complexities of the automotive technology market with a focus on innovation and market penetration, while managing its financial health amidst ongoing operating losses and significant investment requirements.
How Aeva Technologies, Inc. (AEVA) Makes Money
Revenue Streams
Aeva Technologies, Inc. generates revenue primarily through product sales and non-recurring engineering services. For the nine months ended September 30, 2024, the total revenue was $6.369 million, a 136% increase from $2.701 million during the same period in 2023.
Revenue Breakdown by Geography
The geographical distribution of revenue for the nine months ended September 30, 2024, is as follows:
| Region | Revenue (in thousands) | Percentage of Total Revenue |
|---|---|---|
| North America | $5,511 | 87% |
| Europe | $347 | 5% |
| Asia | $511 | 8% |
Revenue Recognition Timing
Revenue is recognized based on the timing of the transfer of goods or services. For the nine months ended September 30, 2024:
| Timing of Recognition | Revenue (in thousands) | Percentage of Total Revenue |
|---|---|---|
| Recognized at a point in time | $4,503 | 71% |
| Recognized over time | $1,866 | 29% |
Key Customers
For the nine months ended September 30, 2024, two customers accounted for 60% and 19% of the company’s revenue, respectively.
Cost of Revenue
The cost of revenue for the nine months ended September 30, 2024, was $9.330 million, representing a 21% increase from $7.715 million in the prior year. This increase was primarily due to higher sales of prototype units and costs associated with non-recurring engineering services.
Gross Loss
Aeva reported a gross loss of $2.961 million for the nine months ended September 30, 2024, which was an improvement over the gross loss of $5.014 million for the same period in 2023.
Operating Expenses
Operating expenses for the nine months ended September 30, 2024, totaled $121.172 million, up from $105.929 million in the previous year. The breakdown of operating expenses is as follows:
| Expense Type | 2024 (in thousands) | 2023 (in thousands) | Change (%) |
|---|---|---|---|
| Research and Development | $78,324 | $76,306 | 3% |
| General and Administrative | $25,530 | $24,020 | 6% |
| Selling and Marketing | $5,818 | $5,603 | 4% |
| Litigation Settlement, Net | $11,500 | $0 | 100% |
Net Loss
The net loss for the nine months ended September 30, 2024, was $116.115 million compared to a loss of $104.367 million for the same period in the previous year.
Interest Income
Interest income for the nine months ended September 30, 2024, was $6.327 million, slightly down from $6.508 million in 2023.
Liquidity and Capital Resources
As of September 30, 2024, Aeva had cash and cash equivalents and marketable securities totaling $134.8 million. The company also had access to a Facility Agreement allowing it to draw up to $125 million until November 8, 2026.
Cash Flow Summary
For the nine months ended September 30, 2024, the cash flow summary is as follows:
| Cash Flow Type | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Cash used in operating activities | $(86,015) | $(91,492) |
| Cash provided by investing activities | $78,291 | $64,532 |
| Net cash used in financing activities | $(361) | $90 |
Stock Performance
Aeva's stock performance has been influenced by its financial results and market conditions. As of September 30, 2024, the stock was trading at approximately $5.10.
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Resources:
- Aeva Technologies, Inc. (AEVA) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Aeva Technologies, Inc. (AEVA)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Aeva Technologies, Inc. (AEVA)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.