$AEVA
Aeva Technologies, Inc.

2021 Q1 Form 10-Q Financial Statement

#000095017021000296 Filed on June 02, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $308.0K $527.0K
YoY Change -41.56%
Cost Of Revenue $180.0K $277.0K
YoY Change -35.02%
Gross Profit $128.0K $250.0K
YoY Change -48.8%
Gross Profit Margin 41.56% 47.44%
Selling, General & Admin $8.876M $1.938M
YoY Change 358.0%
% of Gross Profit 6934.38% 775.2%
Research & Development $11.38M $5.309M
YoY Change 114.33%
% of Gross Profit 8889.84% 2123.6%
Depreciation & Amortization $200.0K $200.0K
YoY Change 0.0%
% of Gross Profit 156.25% 80.0%
Operating Expenses $20.26M $7.247M
YoY Change 179.49%
Operating Profit -$20.13M -$6.997M
YoY Change 187.65%
Interest Expense $3.000K $1.690M
YoY Change -99.82%
% of Operating Profit
Other Income/Expense, Net $666.0K -$17.00K
YoY Change -4017.65%
Pretax Income -$19.46M -$6.852M
YoY Change 183.98%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$19.46M -$6.852M
YoY Change 183.98%
Net Earnings / Revenue -6317.53% -1300.19%
Basic Earnings Per Share
Diluted Earnings Per Share -$118.7K $54.40K
COMMON SHARES
Basic Shares Outstanding 164.0M 135.0M
Diluted Shares Outstanding 164.0M 135.0M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $522.9M $700.0K
YoY Change 74596.71%
Cash & Equivalents $469.4M $40.69M
Short-Term Investments $53.47M
Other Short-Term Assets $2.043M $100.0K
YoY Change 1943.0%
Inventory $1.529M
Prepaid Expenses $919.0K
Receivables $245.0K
Other Receivables $0.00
Total Short-Term Assets $526.7M $800.0K
YoY Change 65736.75%
LONG-TERM ASSETS
Property, Plant & Equipment $2.281M
YoY Change
Goodwill $0.00
YoY Change
Intangibles $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets $360.0K $243.2M
YoY Change -99.85%
Total Long-Term Assets $8.775M $243.2M
YoY Change -96.39%
TOTAL ASSETS
Total Short-Term Assets $526.7M $800.0K
Total Long-Term Assets $8.775M $243.2M
Total Assets $535.5M $244.0M
YoY Change 119.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.576M
YoY Change
Accrued Expenses $1.840M $100.0K
YoY Change 1740.0%
Deferred Revenue $36.00K
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.357M $100.0K
YoY Change 6257.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.195M
YoY Change
Total Long-Term Liabilities $7.195M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $6.357M $100.0K
Total Long-Term Liabilities $7.195M $0.00
Total Liabilities $13.55M $400.0K
YoY Change 3288.0%
SHAREHOLDERS EQUITY
Retained Earnings -$80.54M
YoY Change
Common Stock $602.5M $735.00
YoY Change 81971056.46%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $521.9M $42.64M
YoY Change
Total Liabilities & Shareholders Equity $535.5M $244.0M
YoY Change 119.45%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$19.46M -$6.852M
YoY Change 183.98%
Depreciation, Depletion And Amortization $200.0K $200.0K
YoY Change 0.0%
Cash From Operating Activities -$14.80M -$5.713M
YoY Change 159.01%
INVESTING ACTIVITIES
Capital Expenditures $669.0K $241.0K
YoY Change 177.59%
Acquisitions
YoY Change
Other Investing Activities -$53.50M -$241.5M
YoY Change -77.85%
Cash From Investing Activities -$54.17M -$241.0K
YoY Change 22377.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 513.7M 5.000K
YoY Change 10274840.0%
NET CHANGE
Cash From Operating Activities -14.80M -5.713M
Cash From Investing Activities -54.17M -241.0K
Cash From Financing Activities 513.7M 5.000K
Net Change In Cash 444.8M -5.949M
YoY Change -7576.55%
FREE CASH FLOW
Cash From Operating Activities -$14.80M -$5.713M
Capital Expenditures $669.0K $241.0K
Free Cash Flow -$15.47M -$5.954M
YoY Change 159.76%

Facts In Submission

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CY2021Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0pt;font-size:10.0pt;margin-top:10.8pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:bold;font-size:9.0pt;font-family:Times New Roman;font-style:italic;">Concentration of Credit Risk</span></p><p style="text-indent:21.6pt;font-size:10.0pt;margin-top:7.2pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, marketable securities, and trade receivables. Risks associated with cash and cash equivalents are mitigated by banking with creditworthy institutions and the Company’s marketable securities have investment-grade ratings when purchased.</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:9.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:21.6pt;font-size:10.0pt;margin-top:9.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">The Company’s accounts receivable are derived from customers located in the US, Asia, and Europe. The Company mitigates its credit risks by performing ongoing credit evaluations of its customers’ financial conditions and requires customer advance payments in certain circumstances. The Company generally does not require collateral.</span></p><p style="text-indent:21.6pt;font-size:10.0pt;margin-top:9.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">As of March 31, 2021, </span><span style="font-size:9.0pt;font-family:Times New Roman;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">two customers</span></span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:9.0pt;font-family:Times New Roman;"> accounted for </span><span style="font-size:9.0pt;font-family:Times New Roman;color:rgba(0,0,0,1);font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">78</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">% of the accounts receivable. As of December 31, 2020, </span><span style="font-size:9.0pt;font-family:Times New Roman;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">one customer</span></span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:9.0pt;font-family:Times New Roman;"> accounted for </span><span style="font-size:9.0pt;font-family:Times New Roman;color:rgba(0,0,0,1);font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">68</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">% of accounts receivable. As of March 31, 2021, </span><span style="font-size:9.0pt;font-family:Times New Roman;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">two vendors</span></span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:9.0pt;font-family:Times New Roman;"> accounted for </span><span style="font-size:9.0pt;font-family:Times New Roman;color:rgba(0,0,0,1);font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">28</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">% of accounts payable. As of December 31, 2020, </span><span style="font-size:9.0pt;font-family:Times New Roman;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">two vendors</span></span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:9.0pt;font-family:Times New Roman;"> accounted for </span><span style="font-size:9.0pt;font-family:Times New Roman;color:rgba(0,0,0,1);font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">62</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">% of accounts payable.</span></p>
CY2021Q1 us-gaap Use Of Estimates
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<p style="text-indent:0.0pt;font-size:10.0pt;margin-top:10.8pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:bold;font-size:9.0pt;font-family:Times New Roman;font-style:italic;">Use of Estimates</span></p><p style="text-indent:21.6pt;font-size:10.0pt;margin-top:7.2pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant items subject to such estimates and assumptions include valuation allowance for deferred tax assets, stock-based compensation, useful lives of property and equipment, incremental borrowing rate for leases, and the valuation of the private warrants</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">. The Company bases its estimates on historical experience and also on assumptions that it believes are reasonable. Actual results could differ from those estimates, and such differences could be material to the Company’s financial condition and results of operations.</span></p>
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CY2021Q1 dei Entity File Number
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CY2021Q1 dei Entity Registrant Name
EntityRegistrantName
AEVA TECHNOLOGIES, INC.
CY2021Q1 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
CY2021Q1 dei Entity Tax Identification Number
EntityTaxIdentificationNumber
84-3080757
CY2021Q1 dei Entity Address Address Line1
EntityAddressAddressLine1
555 Ellis Street
CY2021Q1 dei Entity Address City Or Town
EntityAddressCityOrTown
Mountain View
CY2021Q1 dei Entity Address State Or Province
EntityAddressStateOrProvince
CA
CY2021Q1 dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
94043
CY2021Q1 dei City Area Code
CityAreaCode
650
CY2021Q1 dei Local Phone Number
LocalPhoneNumber
481-7070
CY2021Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2021Q1 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2021Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2021Q1 dei Entity Small Business
EntitySmallBusiness
true
CY2021Q1 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
CY2021Q1 dei Entity Ex Transition Period
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CY2021Q1 dei Entity Shell Company
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CommonStockSharesAuthorized
422000000
CY2021Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2021Q1 us-gaap Preferred Stock Conversion Basis
PreferredStockConversionBasis
1:1 basis
CY2021Q1 aeva Conversion Ratio
ConversionRatio
0.0907659
CY2021Q1 aeva Convertible Preferred Stock Shares
ConvertiblePreferredStockShares
8606780
CY2021Q1 aeva Common Stock Shares Issued Upon Conversion
CommonStockSharesIssuedUponConversion
78120214
CY2021Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2021Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-19458000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-6852000
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
19458000
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6852000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
163955593

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