Aeva Technologies Announces Second Quarter 2024 Financial Results
Intellectia.AI Updated: 2024-08-08
Aeva Technologies Announces Second Quarter 2024 Financial Results
Aeva Technologies, Inc. (NYSE:AEVA), a leader in next-generation sensing and perception systems, has reported its financial results for the second quarter of 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus Estimate (Q2 2024) |
|---|---|---|---|---|
| Revenue | $2.0M | $0.7M | +185.7% | $1.57M |
| GAAP Operating Loss | $48.9M | $38.2M | N/A | N/A |
| Non-GAAP Operating Loss | $32.0M | $31.1M | N/A | N/A |
| GAAP Net Loss per Share | $0.82 | $0.82 | No Change | N/A |
| Non-GAAP Net Loss per Share | $0.57 | $0.66 | N/A | $0.58 |
Aeva reported a significant year-over-year increase in revenue, growing by 185.7% to $2.0 million, surpassing the consensus estimate of $1.57 million. However, the company continued to experience substantive GAAP and Non-GAAP operating losses, indicating ongoing operational challenges despite revenue growth.
Segment Revenue Performance
| Segment | Q2 2024 Revenue | Previous Guidance (if any) |
|---|---|---|
| Daimler Truck Program | On Track | N/A |
| Global Top 10 OEM RFQ Award | Awaiting Decision | N/A |
| Nikon - Industrial Precision | On Schedule | N/A |
| Security with U.S. National Defense | N/A | N/A |
| Automated Train Program - Germany | N/A | N/A |
Aeva’s revenue performance across its major segments showed notable progression, particularly in the Daimler Truck program which continues to scale sensor shipments. Additionally, the company anticipates a favorable decision for an RFQ award with a global top 10 OEM by the end of this year, and precise industrial product validation for Nikon is on schedule for Q4 2024.
Operational Highlights and Comments
| Cash, Cash Equivalents and Marketable Securities (as of June 30, 2024) | $160.2M |
|---|---|
| Available Facility | $125.0M |
Key operational advances include: - Aeva’s 4D LiDAR was selected to protect critical energy infrastructure by a top U.S. National Defense Security organization. - The company achieved ISO/IEC 27001:2022 certification, indicating progress in automotive Tier-1 readiness.
Comments from Company Officers
Soroush Salehian, Co-Founder and CEO at Aeva, stated, "We continue to achieve key milestones on our production programs with Daimler Truck in auto and Nikon in industrial, while also making significant strides on additional automotive opportunities with multiple global top 10 passenger OEMs looking to adopt 4D LiDAR. We believe the demand for Aeva's unique FMCW technology across a broad range of applications is only beginning, as evidenced by recent wins in new areas including security, and we see opportunity to continue securing additional program wins in 2024."
Dividend or Share Repurchase Program
No information regarding dividends or share repurchase programs was provided in the earnings release.
Forward Guidance
There was no specific forward guidance mentioned in the earnings release, although the company indicated it expects continued momentum and project opportunities across various sectors.
Stock Price Movement
Following the earnings release, Aeva’s stock price fell by 3.44%.
Aeva remains on a promising path with its significant advances in LiDAR technology, although it needs to address its ongoing operating losses to ensure sustainable financial health.
For further details on Aeva’s financial performance, the replay of their conference call can be accessed at investors.aeva.com .
The report is well-organized and contains useful information for investors. No changes are required.