2024 Q1 Form 10-K Financial Statement

#000095017024032299 Filed on March 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $2.107M $1.611M $4.312M
YoY Change 83.54% 756.91% 2.86%
Cost Of Revenue $3.499M $2.483M $10.20M
YoY Change 38.36% -17.67% 20.73%
Gross Profit -$1.392M -$872.0K -$5.886M
YoY Change 0.8% -69.17% 38.33%
Gross Profit Margin -66.07% -54.13% -136.5%
Selling, General & Admin $10.94M $9.776M $39.40M
YoY Change 4.88% 7.95% 3.37%
% of Gross Profit
Research & Development $25.01M $26.20M $102.5M
YoY Change -1.74% -18.67% -6.46%
% of Gross Profit
Depreciation & Amortization $1.100M $1.477M $3.700M
YoY Change 57.14% 53.85% 54.17%
% of Gross Profit
Operating Expenses $35.95M $35.97M $141.9M
YoY Change 0.19% -12.83% -3.93%
Operating Profit -$37.34M -$36.85M -$147.8M
YoY Change 0.21% -16.44% -2.74%
Interest Expense $2.458M $2.717M $9.157M
YoY Change 20.73% 67.1% 234.56%
% of Operating Profit
Other Income/Expense, Net -$439.0K -$10.84M -$10.47M
YoY Change -1667.86% -11508.42% -1210.29%
Pretax Income -$35.33M -$44.97M -$149.3M
YoY Change 0.43% 5.37% 1.38%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$35.33M -$44.97M -$149.3M
YoY Change 0.43% 5.37% 1.38%
Net Earnings / Revenue -1676.6% -2791.19% -3463.2%
Basic Earnings Per Share -$0.67 -$0.66
Diluted Earnings Per Share -$0.67 -$0.92 -$0.66
COMMON SHARES
Basic Shares Outstanding 263.8M 223.4M 227.1M
Diluted Shares Outstanding 52.74M 227.1M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $189.3M $221.0M $221.0M
YoY Change -34.35% -31.74% -31.74%
Cash & Equivalents $29.61M $38.55M $38.55M
Short-Term Investments $159.7M $182.5M $182.5M
Other Short-Term Assets $4.882M $5.195M $5.055M
YoY Change 4.25% -5.08% -3.27%
Inventory $2.163M $2.374M $2.374M
Prepaid Expenses $2.222M $2.228M
Receivables $978.0K $628.0K $768.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $197.4M $229.2M $229.2M
YoY Change -33.89% -31.6% -31.6%
LONG-TERM ASSETS
Property, Plant & Equipment $12.55M $12.11M $19.40M
YoY Change 17.43% 24.63% 13.32%
Goodwill
YoY Change
Intangibles $2.400M $2.625M
YoY Change -27.27% -25.53%
Long-Term Investments $5.000M $5.000M $5.000M
YoY Change
Other Assets $6.062M $6.132M $1.132M
YoY Change 603.25% 611.37% 31.32%
Total Long-Term Assets $27.46M $28.16M $28.16M
YoY Change 27.66% 30.92% 30.92%
TOTAL ASSETS
Total Short-Term Assets $197.4M $229.2M $229.2M
Total Long-Term Assets $27.46M $28.16M $28.16M
Total Assets $224.8M $257.4M $257.4M
YoY Change -29.76% -27.83% -27.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.424M $3.602M $3.602M
YoY Change -11.23% -30.49% -30.49%
Accrued Expenses $2.639M $2.648M $12.28M
YoY Change -31.56% -70.78% -25.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $16.59M $18.40M $18.40M
YoY Change 19.75% -15.68% -15.68%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $10.02M $10.54M $10.54M
YoY Change 136.84% 116.01% 116.01%
Total Long-Term Liabilities $10.02M $10.54M $10.54M
YoY Change 136.84% 116.01% 116.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.59M $18.40M $18.40M
Total Long-Term Liabilities $10.02M $10.54M $10.54M
Total Liabilities $26.61M $28.94M $28.94M
YoY Change 47.13% 8.38% 8.38%
SHAREHOLDERS EQUITY
Retained Earnings -$494.9M -$459.6M
YoY Change 43.29% 48.11%
Common Stock $693.4M $688.1M
YoY Change 6.71% 6.89%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $198.2M $228.4M $228.4M
YoY Change
Total Liabilities & Shareholders Equity $224.8M $257.4M $257.4M
YoY Change -29.76% -27.83% -27.83%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$35.33M -$44.97M -$149.3M
YoY Change 0.43% 5.37% 1.38%
Depreciation, Depletion And Amortization $1.100M $1.477M $3.700M
YoY Change 57.14% 53.85% 54.17%
Cash From Operating Activities -$30.96M -$27.33M -$118.8M
YoY Change -14.02% 1.92% 8.11%
INVESTING ACTIVITIES
Capital Expenditures $1.648M $2.681M $6.104M
YoY Change 29.25% 82.13% -17.95%
Acquisitions
YoY Change
Other Investing Activities $23.68M $7.426M $75.38M
YoY Change 1298.11% -133.58% -36.3%
Cash From Investing Activities $22.04M $4.745M $69.28M
YoY Change 5159.19% -120.12% -37.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -16.00K 20.59M 20.68M
YoY Change -143.24% -35593.1% -5703.25%
NET CHANGE
Cash From Operating Activities -30.96M -27.33M -118.8M
Cash From Investing Activities 22.04M 4.745M 69.28M
Cash From Financing Activities -16.00K 20.59M 20.68M
Net Change In Cash -8.942M -2.003M -28.87M
YoY Change -74.85% -96.03% -4833.28%
FREE CASH FLOW
Cash From Operating Activities -$30.96M -$27.33M -$118.8M
Capital Expenditures $1.648M $2.681M $6.104M
Free Cash Flow -$32.61M -$30.01M -$124.9M
YoY Change -12.54% 6.1% 6.46%

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CY2022 aeva Issuance Of Series A Warrants
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CY2021 aeva Issuance Of Series A Warrants
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CY2022 aeva Amortization Of Premium On Available For Sale Securities
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CY2021 aeva Amortization Of Premium On Available For Sale Securities
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CY2021 us-gaap Increase Decrease In Other Current Assets
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CY2022 us-gaap Increase Decrease In Other Noncurrent Assets
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CY2021 us-gaap Increase Decrease In Other Noncurrent Assets
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CY2021 us-gaap Increase Decrease In Accounts Payable
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CY2022 us-gaap Increase Decrease In Accrued Liabilities
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CY2021 us-gaap Increase Decrease In Accrued Liabilities
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CY2022 us-gaap Increase Decrease In Other Employee Related Liabilities
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CY2022 aeva Increase Decrease In Lease Liabilities
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CY2021 aeva Increase Decrease In Lease Liabilities
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CY2022 us-gaap Increase Decrease In Other Current Liabilities
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CY2021 us-gaap Increase Decrease In Other Current Liabilities
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CY2022 aeva Paymentstoacquirenonmarketableequityinvestments
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CY2021 aeva Paymentstoacquirenonmarketableequityinvestments
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CY2022 us-gaap Payments To Acquire Available For Sale Securities Debt
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CY2021 us-gaap Payments To Acquire Available For Sale Securities Debt
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CY2022 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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CY2021 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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CY2022 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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CY2021 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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CY2023 us-gaap Finite Lived Intangible Assets Purchase Accounting Adjustments
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CY2022 us-gaap Finite Lived Intangible Assets Purchase Accounting Adjustments
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CY2021 us-gaap Finite Lived Intangible Assets Purchase Accounting Adjustments
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CY2023 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023 aeva Proceeds From Business Combination And Private Offering
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CY2022 aeva Proceeds From Business Combination And Private Offering
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CY2021 aeva Proceeds From Business Combination And Private Offering
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CY2023 aeva Payments Of Merger And Private Offering Related Costs Financing Activities
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CY2022 aeva Payments Of Merger And Private Offering Related Costs Financing Activities
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CY2021 aeva Payments Of Merger And Private Offering Related Costs Financing Activities
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CY2023 us-gaap Proceeds From Issuance Of Private Placement
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CY2022 us-gaap Proceeds From Issuance Of Private Placement
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CY2021 us-gaap Proceeds From Issuance Of Private Placement
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CY2023 aeva Transaction Costs Related To Issuance Of Stock In Private Placement
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CY2022 aeva Transaction Costs Related To Issuance Of Stock In Private Placement
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CY2021 aeva Transaction Costs Related To Issuance Of Stock In Private Placement
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CY2023 aeva Restricted Stock Units
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CY2022 aeva Restricted Stock Units
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CY2021 aeva Restricted Stock Units
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CY2022 us-gaap Proceeds From Stock Options Exercised
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CY2021 us-gaap Proceeds From Stock Options Exercised
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CY2023 us-gaap Proceeds From Warrant Exercises
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CY2022 us-gaap Proceeds From Warrant Exercises
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CY2021 us-gaap Proceeds From Warrant Exercises
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CY2023 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022 us-gaap Interest Paid Net
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CY2021 us-gaap Interest Paid Net
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CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2023 aeva Noncash Or Part Noncash Acquisition Private Placement Of Warrants Acquired Value
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CY2022 aeva Noncash Or Part Noncash Acquisition Private Placement Of Warrants Acquired Value
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CY2021 aeva Noncash Or Part Noncash Acquisition Private Placement Of Warrants Acquired Value
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3014000
CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2023 aeva Non Cash Lease Adoption
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CY2022 aeva Non Cash Lease Adoption
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CY2021 aeva Non Cash Lease Adoption
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1671000
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
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CY2019Q4 aeva Recapitalization Applied To Convertible Preferred Stock Outstanding
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CY2019Q4 aeva Recapitalization Applied To Convertible Preferred Stock Outstanding Effected For Exchange Ratio
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CY2021Q1 aeva Common Stock Shares Effected For Exchange Ratio
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CY2023Q4 us-gaap Intangible Assets Net Including Goodwill
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CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2023 aeva Number Of Months Required To Fund Operating And Capital Expenditure
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CY2023 us-gaap Concentration Risk Credit Risk
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<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentration of Credit Risk</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, marketable securities, and trade receivables. The Company maintains majority of its cash and cash equivalents in accounts with large financial institutions. At times, balances in these accounts may exceed federally insured limits; however, to date, the Company has not incurred any losses on its deposits of cash and cash equivalents and believes the exposure to risk of loss is not material. Risks associated with the Company’s marketable securities is mitigated by investing in investment-grade rated securities when purchased.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company’s accounts receivable are derived from customers located in the United States, 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:4.533%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:2pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">As of December 31, 2023 and 2022, </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">one customer</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> accounted for </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">42</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">66</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of accounts receivable, respectively. As of December 31, 2023,</span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> three vendors</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> accounted for </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">34</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% accounts payable and as of December 31, 2022, </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">two vendors</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> accounted for </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">20</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of accounts payable.</span></p>
CY2023 us-gaap Use Of Estimates
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<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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 but not limited to revenue recognition, valuation allowance for deferred tax assets, product warranty reserves, stock-based compensation, useful lives of property and equipment, inventory valuation and reserves, useful lives of intangible assets, accrued liabilities, incremental borrowing rate for leases, impairment of long-lived assets, allowance for expected credit losses, fair value estimates and impairment of investments, loss contingencies and the valuation of the warrants. 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>
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2022 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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CY2023 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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CY2021Q1 us-gaap Temporary Equity Shares Authorized
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CY2021Q1 us-gaap Preferred Stock Shares Authorized
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CY2023 aeva Proceeds From Business Combination And Pipe Financing Before Offsetting
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CY2021 aeva Business Combination Cash Acquired From Acquisition
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CY2021Q1 aeva Common Stock Outstanding Prior To Business Combination
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24150000
CY2021Q1 aeva Number Of Share Redemption Of Ipv Share
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CY2021Q1 aeva Adjustment To Common Stock Issued Shares
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24119126
CY2021Q1 us-gaap Stock Issued During Period Shares Acquisitions
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CY2021Q1 aeva Issuance Of Common Stock In Private Investment Public Equity Offering Shares
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CY2021Q1 aeva Business Combination And Pipe Shares
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CY2021Q1 aeva Common Stock Shares Outstanding Prior To Conversion
CommonStockSharesOutstandingPriorToConversion
152066648
CY2021Q1 aeva Common Stock Share After Business Combination
CommonStockShareAfterBusinessCombination
211409752
CY2021Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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0
CY2021Q1 us-gaap Common Stock Shares Outstanding
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211409752
CY2019 aeva Common Stock Shares
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CY2019Q4 aeva Common Stock Shares Effected For Exchange Ratio
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72894258
CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023 aeva Revenue From Contract With Customer Excluding Assessed Tax Percentage
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1
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022 aeva Revenue From Contract With Customer Excluding Assessed Tax Percentage
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CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2021 aeva Revenue From Contract With Customer Excluding Assessed Tax Percentage
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CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023 aeva Revenue From Contract With Customer Excluding Assessed Tax Percentage
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CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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4192000
CY2022 aeva Revenue From Contract With Customer Excluding Assessed Tax Percentage
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CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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9265000
CY2021 aeva Revenue From Contract With Customer Excluding Assessed Tax Percentage
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1
CY2023Q4 us-gaap Revenue Remaining Performance Obligation
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CY2023 aeva Revenue Recognized Percentage
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0.20
CY2023Q4 us-gaap Cash
Cash
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CY2023Q4 us-gaap Cash
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CY2023Q4 us-gaap Cash
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CY2023Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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221115000
CY2023 us-gaap Available For Sale Debt Securities Gross Unrealized Gain
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170000
CY2023 us-gaap Available For Sale Debt Securities Gross Unrealized Loss
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257000
CY2023Q4 us-gaap Available For Sale Securities Debt Securities
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CY2022Q4 us-gaap Available For Sale Securities Debt Securities
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CY2023Q4 aeva Trading Price Of The Common Stock
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5205000
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CY2022Q4 us-gaap Deposits Assets Noncurrent
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854000
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CY2022Q4 us-gaap Other Assets Miscellaneous Noncurrent
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8000
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862000
CY2023 aeva Financing Transaction
FinancingTransaction
<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Note 10. Financing transaction</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Private Investment</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">On November 8, 2023, the Company entered into Subscription Agreements (the “Subscription Agreements”) with entities affiliated with Sylebra Capital Limited (“Sylebra”) and Adage Capital Management, providing for the purchase of an aggregate of </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">36,802,299</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> shares of the Company’s common stock, $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">0.0001</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> par value per share (the “PIPE Shares”), at a price of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">0.58</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> per PIPE Share for an aggregate purchase price of approximately $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">21.4</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million (the “Private Placement”). The PIPE Sha</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">res are recorded as outstanding common stock.</span></p><p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Standby Equity Purchase Agreement</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">On November 8, 2023, the Company also entered into a Standby Equity Purchase Agreement (the “Facility Agreement”) </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">with entities affiliated with Sylebra, pursuant to which the Company will have the right, but not the obligation to sell to Sylebra up to $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">125</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million of its shares of Preferred Stock, subject to satisfaction of certain conditions, by November 8, 2026. Each sale the Company requests under the Facility Agreement (each, an “Adva</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">nce” and collectively, the “Advances”) may be for a number of shares of preferred stock with an aggregate value of at least $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">25.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million but not more than $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">50.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million (except with Sylebra’s consent).</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">When and if issued, the preferred stock will be issued at a price per share of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">10,000</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">. Holders of the preferred stock will be entitled to a quarterly dividend at the rate of </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">7.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% per annum payable in cash or in kind at the option of the Company. The preferred stock will have an initial liquidation preference of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">12,000</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> per share, plus accrued dividends. The preferred stock will have no voting rights as a class or series except in such instances as required by Delaware law or certain </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">matters enumerated in the facility agreement related to the protection of the preferred stock.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preferred stock will be convertible at the option of the holders into the number of shares of Common Stock equal to $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">10,000</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> divided by the then-applicable conversion price. At any time after the two year anniversary of any issuance of any series of preferred stock, the Company will have the option to convert all (but not less than all) of any series of then-outs</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">tanding preferred stock by paying a make-whole payment, in either stock or cash, equal to three years of dividends, provided that the closing price of the Common Stock exceeds </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">250</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of the then-applicable conversion price for at least </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">20</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> out of </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">30</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> consecutive trading days prior to the date of conversion. To the extent, if any, a conversion would result any the holder thereof becoming the beneficial owner of more than </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">19.9</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of the Company’s outstanding Common Stock, the Company will issue the Investor Pre-Funded Warrant in the form attached to the Facility Agreement. The preferred stock will be subject to customary pre-emptive rights.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company’s right to request Advances is conditioned upon the Company achieving a minimum of one new passenger auto-original equipment manufacturer (“OEM”) or commercial OEM program award with at least a </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">50,000</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> unit volume</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, the trading price of the Common Stock being below $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">3.00</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> at the time of the Advance request and other customary conditions. Prior to any Advance, the Company will assess its capital needs and other factors, including the impact of an Advance on the Company’s outstanding executive pledge arrangements.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Preferred Stock issued in connection with the facility agreement ranks senior to common stock upon the Company’s liquidation, dissolution or winding up. The Preferred Stock is entitled to priority cumulative dividends which shall accrue daily from and after the original issue date of such share and shall compound on a quarterly basis on each dividend payment date. The accrued dividends shall in all cases be payable upon liquidation.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company shall pay dividends on each share of Preferred Stock in cash or in kind through issuance of shares of common stock with an aggregate value equal to the amount of the dividend to have been paid divided by the dividend conversion price. The board of directors of the Company may at its sole discretion elect to pay the</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">dividends in cash in lieu of shares of common stock. The Convertible Redeemable Preferred Stock have no voting rights unless they are converted into shares of common stock.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Holders may, at their option, elect to convert some or all Preferred Stock held by such holder, at any time and from time to time prior to a change of control, into a number of shares of common stock per share of the Preferred Stock equal to (x) the quotient of the issuance price divided by the conversion price in effect at the time of conversion. At any time on or after the two-year anniversary of the issuance date, the Company shall have the right to redeem the Preferred Stock of any holder outstanding at such time at the issuance price plus three (3) years of dividend payment (“Redemption price”); provided, that (a) the closing price of a share of common stock exceeds </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">250</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of the then-applicable conversion price per share for at least </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">20</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> out of </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">30</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> consecutive trading days prior to the redemption date and (b) a shelf registration statement that is required to be effective pursuant to the registration rights agreement on such date shall be effective on such date with respect to the applicable holder. The redemption price shall be payable in cash or in shares of common stock. Additionally, upon the occurrence of a change of control, the holders of Preferred Stock shall be entitled to receive in full a liquidating purchase in cash and in the amount per share of the Preferred Stock equal to the sum of (i) the liquidation preference plus (ii) accrued dividends with respect to such shares of Preferred Stock.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In connection with this financing, the Company also paid the entities affiliated with Sylebra, (a) a facility fee in the amount of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">2.5</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million, (b) an origination fee in the amount of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">0.6</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million, (c) an administrative fee in the amount of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">0.3</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million and (d) reasonable fees and expenses of the investor and its counsel, up to approximately $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">0.4</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million. The issuance costs related to the Facility Agreement were expensed as incurred as it failed to meet the equity classification guidance under ASC 815-40, and were deemed to be a derivative asset. The fair value of the derivative asset was not material as of and for the period ended December 31, 2023.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In addition, upon receipt of stockholder approval in December 2023, the Company issued to Sylebra </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">15,000,000</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> Series A Warrants to purchase shares of Common Stock at an exercise price of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">1.00</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">As of December 31, 2023, the Company had </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">15,000,000</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> Series A Warrants outstanding. The Series A Warrants were issued as consideration for entering into the Facility Agreement as discussed above. Each Series A Warrant entitles the holder to purch</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">ase one share of the Company’s common stock at a price of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">1.00</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> per share. Each Series A Warrant is currently exercisable and expires in December 2027. Holders shall not have the right to exercise the Series A Warrants to the extent that after giving effect to such exercise, such person would beneficially own in excess of </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">19.9</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of the Company’s outstanding common stock immediately after giving effect to such exercise.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The exercise price and number of shares of common stock issuable upon exercise of the Series A Warrants may be adjusted in certain circumstances including in the event of a stock dividend or split, subsequent rights offerings, pro rata purchases, merger, reorganization, recapitalization, or spin-off. However, the Series A Warrants will not be adjusted for issuances of shares of common stock at a price below their respective exercise prices. The Series A Warrants do not entitle the holders to any voting rights, dividends or other rights as a stockholder of the Company prior to being exercised for common stock.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company analyzed the Series A Warrants and determined that they are freestanding and do not exhibit any of the characteristics within ASC 480, and as such do not meet the characteristics of a liability under ASC 480. However, Series A Warrants do not meet all requirements for equity classification under ASC 815, and therefore are classified as a liability on the Company’s consolidated balance sheets.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2023Q4 aeva Advance Condition
AdvanceCondition
The Company’s right to request Advances is conditioned upon the Company achieving a minimum of one new passenger auto-original equipment manufacturer (“OEM”) or commercial OEM program award with at least a 50,000 unit volume
CY2023 aeva Description Of Prior To Business Combination
DescriptionOfPriorToBusinessCombination
Prior to the Business Combination, Aeva had shares of $0.001 par value Series Seed, Series A, Series A-1, and Series B preferred stock outstanding, all of which were convertible into shares of common stock of the pre-combination Aeva on a 1:1 basis, subject to certain anti-dilution protections. Upon the Closing, the outstanding shares of preferred stock were converted into common stock of Aeva, Inc., and then into common stock of the Company at a ratio of 1:9.07659, the exchange rate established in the BCA.
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