$AEVA
Aeva Technologies, Inc.

2024 Q3 Form 10-Q Financial Statement

#000095017024094209 Filed on August 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $2.250M $2.012M
YoY Change 177.78% 170.79%
Cost Of Revenue $2.971M $2.860M
YoY Change 17.66% 7.48%
Gross Profit -$721.0K -$848.0K
YoY Change -57.96% -55.79%
Gross Profit Margin -32.04% -42.15%
Selling, General & Admin $10.04M $10.37M
YoY Change 0.45% 12.73%
% of Gross Profit
Research & Development $27.12M $26.20M
YoY Change 14.0% -3.21%
% of Gross Profit
Depreciation & Amortization $1.100M $1.200M
YoY Change 37.5% 20.0%
% of Gross Profit
Operating Expenses $37.16M $48.07M
YoY Change 9.99% 32.55%
Operating Profit -$37.88M -$48.91M
YoY Change 6.7% 28.11%
Interest Expense $1.770M $2.099M
YoY Change -18.81% -5.87%
% of Operating Profit
Other Income/Expense, Net -$1.268M $3.544M
YoY Change -3351.28% 354300.0%
Pretax Income -$37.37M -$43.27M
YoY Change 12.44% 20.34%
Income Tax $22.00K $123.0K
% Of Pretax Income
Net Earnings -$37.40M -$43.39M
YoY Change 12.51% 20.69%
Net Earnings / Revenue -1662.04% -2156.71%
Basic Earnings Per Share -$0.70 -$0.82
Diluted Earnings Per Share -$0.70 -$0.82
COMMON SHARES
Basic Shares Outstanding 53.65M 52.85M
Diluted Shares Outstanding 53.70M 53.00M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $134.8M $160.2M
YoY Change -42.31% -38.68%
Cash & Equivalents $30.46M $23.62M
Short-Term Investments $104.4M $136.6M
Other Short-Term Assets $7.752M $8.351M
YoY Change 37.94% 43.32%
Inventory $2.125M $2.999M
Prepaid Expenses $2.536M $3.008M
Receivables $575.0K $844.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $145.3M $172.4M
YoY Change -40.16% -36.32%
LONG-TERM ASSETS
Property, Plant & Equipment $11.39M $12.16M
YoY Change 1.7% 8.64%
Goodwill
YoY Change
Intangibles $1.950M $2.175M
YoY Change -31.58% -29.27%
Long-Term Investments $5.000M $5.000M
YoY Change
Other Assets $5.815M $5.815M
YoY Change 444.99% 570.7%
Total Long-Term Assets $23.87M $25.73M
YoY Change 4.29% 22.33%
TOTAL ASSETS
Total Short-Term Assets $145.3M $172.4M
Total Long-Term Assets $23.87M $25.73M
Total Assets $169.1M $198.1M
YoY Change -36.33% -32.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.010M $3.824M
YoY Change -8.95% -36.27%
Accrued Expenses $4.632M $2.936M
YoY Change 67.1% 26.28%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $33.62M $32.63M
YoY Change 128.22% 124.37%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $6.261M $5.514M
YoY Change 39.13% 53.17%
Total Long-Term Liabilities $6.261M $5.514M
YoY Change 39.13% 53.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $33.62M $32.63M
Total Long-Term Liabilities $6.261M $5.514M
Total Liabilities $39.88M $38.15M
YoY Change 107.13% 110.29%
SHAREHOLDERS EQUITY
Retained Earnings -$575.7M -$538.3M
YoY Change 38.86% 41.14%
Common Stock $704.9M $698.5M
YoY Change 6.47% 6.34%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $129.3M $160.0M
YoY Change
Total Liabilities & Shareholders Equity $169.1M $198.1M
YoY Change -36.33% -32.09%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$37.40M -$43.39M
YoY Change 12.51% 20.69%
Depreciation, Depletion And Amortization $1.100M $1.200M
YoY Change 37.5% 20.0%
Cash From Operating Activities -$25.89M -$29.17M
YoY Change -7.77% 6.4%
INVESTING ACTIVITIES
Capital Expenditures $542.0K $779.0K
YoY Change -47.38% -29.82%
Acquisitions
YoY Change
Other Investing Activities $33.39M $24.18M
YoY Change -4.57% -22.69%
Cash From Investing Activities $32.85M $23.41M
YoY Change -3.24% -22.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -122.0K -223.0K
YoY Change 1120.0% -471.67%
NET CHANGE
Cash From Operating Activities -25.89M -29.17M
Cash From Investing Activities 32.85M 23.41M
Cash From Financing Activities -122.0K -223.0K
Net Change In Cash 6.840M -5.983M
YoY Change 16.52% -312.92%
FREE CASH FLOW
Cash From Operating Activities -$25.89M -$29.17M
Capital Expenditures $542.0K $779.0K
Free Cash Flow -$26.43M -$29.94M
YoY Change -9.18% 4.99%

Facts In Submission

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us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
1498000
aeva Amortization Of Premium On Available For Sale Securities
AmortizationOfPremiumOnAvailableForSaleSecurities
-2096000
aeva Amortization Of Premium On Available For Sale Securities
AmortizationOfPremiumOnAvailableForSaleSecurities
-1420000
us-gaap Other Noncash Expense
OtherNoncashExpense
118000
us-gaap Other Noncash Expense
OtherNoncashExpense
0
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
216000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-2019000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
1184000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-61000
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
3156000
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
352000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-317000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
5000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
199000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
85000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
288000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-6738000
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-2999000
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-1205000
aeva Increase Decrease In Lease Liabilities
IncreaseDecreaseInLeaseLiabilities
-1749000
aeva Increase Decrease In Lease Liabilities
IncreaseDecreaseInLeaseLiabilities
-1459000
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
16522000
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
45000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-60127000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-63419000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2427000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2388000
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
52072000
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
74126000
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
99940000
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
107094000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
45441000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
30580000
aeva Restricted Stock Units
RestrictedStockUnits
293000
aeva Restricted Stock Units
RestrictedStockUnits
20000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
54000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
116000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-239000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
96000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-14925000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-32743000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
38547000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
67420000
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
23622000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
34677000
us-gaap Interest Paid
InterestPaid
0
us-gaap Interest Paid
InterestPaid
0
us-gaap Income Taxes Paid
IncomeTaxesPaid
66000
us-gaap Income Taxes Paid
IncomeTaxesPaid
0
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
113000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
812000
CY2024Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
On March 18, 2024, the Company filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation (the “Amendment”) with the Secretary of State of the State of Delaware to effect a 1-for-5 reverse stock split (the “Reverse Stock Split”) of the Company’s shares of common stock, $0.0001 par value (the “Common Stock”). Pursuant to the Reverse Stock Split, every five (5) shares of issued and outstanding shares of common stock were combined into one (1) share of common stock.
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
0
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
aeva Number Of Months Required To Fund Operating And Capital Expenditure
NumberOfMonthsRequiredToFundOperatingAndCapitalExpenditure
P12M
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-size:10pt;margin-top:10.8pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentration of Credit Risk</span></p><p style="text-indent:4%;font-size:10pt;margin-top:7.2pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;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 the 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%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">The Company’s accounts receivable are derived from customers located in North America, 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%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">As of June 30, 2024, </span><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">one customer</span></span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;"> accounted for </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">80</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">% of the accounts receivable. As of December 31, 2023, </span><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">one customer</span></span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;"> accounted for </span><span style="font-size:9pt;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:9pt;font-family:Times New Roman;min-width:fit-content;">% of accounts receivable. As of June 30, 2024, </span><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">one vendor</span></span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;"> accounted for </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">10</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">% of the accounts payable. As of December 31, 2023, </span><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">three vendors</span></span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;"> accounted for </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">12</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">%, </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">11</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">%, and </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">11</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">% each of the accounts payable, respectively.</span></p>
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2012000
CY2024Q2 aeva Revenue From Contract With Customer Excluding Assessed Tax Percentage
RevenueFromContractWithCustomerExcludingAssessedTaxPercentage
1
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
743000
CY2023Q2 aeva Revenue From Contract With Customer Excluding Assessed Tax Percentage
RevenueFromContractWithCustomerExcludingAssessedTaxPercentage
1
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2012000
CY2024Q2 aeva Revenue From Contract With Customer Excluding Assessed Tax Percentage
RevenueFromContractWithCustomerExcludingAssessedTaxPercentage
1
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
743000
CY2023Q2 aeva Revenue From Contract With Customer Excluding Assessed Tax Percentage
RevenueFromContractWithCustomerExcludingAssessedTaxPercentage
1
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4119000
aeva Revenue From Contract With Customer Excluding Assessed Tax Percentage
RevenueFromContractWithCustomerExcludingAssessedTaxPercentage
1
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1891000
aeva Revenue From Contract With Customer Excluding Assessed Tax Percentage
RevenueFromContractWithCustomerExcludingAssessedTaxPercentage
1
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4119000
aeva Revenue From Contract With Customer Excluding Assessed Tax Percentage
RevenueFromContractWithCustomerExcludingAssessedTaxPercentage
1
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1891000
aeva Revenue From Contract With Customer Excluding Assessed Tax Percentage
RevenueFromContractWithCustomerExcludingAssessedTaxPercentage
1
CY2024Q2 us-gaap Cash
Cash
16352000
CY2024Q2 us-gaap Cash
Cash
16352000
CY2024Q2 us-gaap Cash
Cash
16352000
CY2024Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
160417000
us-gaap Available For Sale Debt Securities Gross Unrealized Gain
AvailableForSaleDebtSecuritiesGrossUnrealizedGain
2000
us-gaap Available For Sale Debt Securities Gross Unrealized Loss
AvailableForSaleDebtSecuritiesGrossUnrealizedLoss
238000
CY2024Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
160182000
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
23622000
CY2024Q2 us-gaap Marketable Securities
MarketableSecurities
136560000
CY2024Q2 aeva Financial Liabilities Adjusted Cost
FinancialLiabilitiesAdjustedCost
3692000
CY2024Q2 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
3692000
CY2023Q4 us-gaap Cash
Cash
21799000
CY2023Q4 us-gaap Cash
Cash
21799000
CY2023Q4 us-gaap Cash
Cash
21799000
CY2023Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
221115000
CY2023 us-gaap Available For Sale Debt Securities Gross Unrealized Gain
AvailableForSaleDebtSecuritiesGrossUnrealizedGain
170000
CY2023 us-gaap Available For Sale Debt Securities Gross Unrealized Loss
AvailableForSaleDebtSecuritiesGrossUnrealizedLoss
257000
CY2023Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
221028000
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
38547000
CY2023Q4 us-gaap Marketable Securities
MarketableSecurities
182481000
CY2023Q4 aeva Financial Liabilities Adjusted Cost
FinancialLiabilitiesAdjustedCost
6772000
CY2023Q4 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
6772000
CY2023Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
6772000
CY2022Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
90000
aeva Warrant At Issuance
WarrantAtIssuance
0
CY2023 aeva Warrant At Issuance
WarrantAtIssuance
6450000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
-19000
CY2023 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
-68000
CY2024Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
3692000
CY2023Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
6772000
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
450000
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
900000
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
825000
CY2024Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2175000
CY2024Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
300000
CY2023Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
300000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
500000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
500000
CY2024Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
2108000
CY2023Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
2178000
CY2024Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
42000
CY2023Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
136000
CY2024Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
849000
CY2023Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
60000
CY2024Q2 us-gaap Inventory Net
InventoryNet
2999000
CY2023Q4 us-gaap Inventory Net
InventoryNet
2374000
CY2024Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
22965000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
20710000
CY2024Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
10810000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8596000
CY2024Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
12155000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
12114000
CY2024Q2 us-gaap Depreciation
Depreciation
1200000
CY2023Q2 us-gaap Depreciation
Depreciation
1000000
us-gaap Depreciation
Depreciation
2300000
us-gaap Depreciation
Depreciation
1700000
CY2024Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
3008000
CY2023Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
2228000
CY2024Q2 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
0
CY2023Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
140000
CY2024Q2 aeva Vendor Deposits Current
VendorDepositsCurrent
1321000
CY2023Q4 aeva Vendor Deposits Current
VendorDepositsCurrent
1104000
CY2024Q2 us-gaap Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
4022000
CY2023Q4 us-gaap Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
1723000
CY2024Q2 us-gaap Other Assets Current
OtherAssetsCurrent
8351000
CY2023Q4 us-gaap Other Assets Current
OtherAssetsCurrent
5195000
CY2024Q2 us-gaap Equity Method Investments
EquityMethodInvestments
5000000
CY2023Q4 us-gaap Equity Method Investments
EquityMethodInvestments
5000000
CY2024Q2 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
815000
CY2023Q4 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
1116000
CY2024Q2 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
0
CY2023Q4 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
16000
CY2024Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
5815000
CY2023Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
6132000
CY2024Q2 aeva Litigation Settlement
LitigationSettlement
14000000
CY2023Q4 aeva Litigation Settlement
LitigationSettlement
0
CY2024Q2 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
5046000
CY2023Q4 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
2524000
CY2024Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
19046000
CY2023Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
2524000
aeva Financing Transaction
FinancingTransaction
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">Note 10. Financing transaction</span></p><p style="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="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Private Investment</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;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:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">7,360,460</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;"> shares of the Company’s common stock, $</span><span style="font-size:9pt;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:9pt;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:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">2.90</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;"> per PIPE Share for an aggregate purchase price of approximately $</span><span style="font-size:9pt;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:9pt;font-family:Times New Roman;min-width:fit-content;"> million (the “Private Placement”). The PIPE Shares are recorded as outstanding common stock.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Standby Equity Purchase Agreement</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;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”) 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:9pt;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:9pt;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 “Advance” 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:9pt;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:9pt;font-family:Times New Roman;min-width:fit-content;"> million but not more than $</span><span style="font-size:9pt;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:9pt;font-family:Times New Roman;min-width:fit-content;"> million (except with Sylebra’s consent).</span></p><p style="text-indent:6.667%;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:9pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;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:9pt;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:9pt;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:9pt;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:9pt;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:9pt;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:9pt;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 matters enumerated in the facility agreement related to the protection of the preferred stock.</span></p><p style="text-indent:6.667%;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:9pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;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:9pt;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:9pt;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-outstanding 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:9pt;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:9pt;font-family:Times New Roman;min-width:fit-content;">% of the then-applicable conversion price for at least </span><span style="font-size:9pt;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:9pt;font-family:Times New Roman;min-width:fit-content;"> out of </span><span style="font-size:9pt;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:9pt;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 in the holder thereof becoming the beneficial owner of more than </span><span style="font-size:9pt;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:9pt;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:6.667%;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:9pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;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:9pt;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:9pt;font-family:Times New Roman;min-width:fit-content;"> unit volume</span></span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">, </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">the trading price of the Common Stock</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">being </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">below $</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">15</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;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:6.667%;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:9pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;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:9pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="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:9pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;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 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:6.667%;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:9pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;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:9pt;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:9pt;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:9pt;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:9pt;font-family:Times New Roman;min-width:fit-content;"> out of </span><span style="font-size:9pt;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:9pt;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="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:9pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;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:9pt;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:9pt;font-family:Times New Roman;min-width:fit-content;"> million, (b) an origination fee in the amount of $</span><span style="font-size:9pt;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:9pt;font-family:Times New Roman;min-width:fit-content;"> million, (c) an administrative fee in the amount of $</span><span style="font-size:9pt;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:9pt;font-family:Times New Roman;min-width:fit-content;"> million and (d) fees and expenses of the investor and its counsel, of approximately $</span><span style="font-size:9pt;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:9pt;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 June 30, 2024.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="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:9pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;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:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">3,000,000</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;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:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">5.00</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;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:9pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;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:9pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">As of June 30, 2024, the Company had </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">3,000,000</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;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 purchase one share of the Company’s common stock at a price of $</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">5.00</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;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:9pt;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:9pt;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:9pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;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:9pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;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:9pt;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
CY2023Q4 aeva Program Award1
ProgramAward1
50000
CY2023Q4 aeva Trading Price Of The Common Stock
TradingPriceOfTheCommonStock
15000
CY2024Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
422000000
CY2024Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2024Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2024Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2024Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2024Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-43393000
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-35955000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-78719000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-71129000
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
52995093
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44104251
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
52868909
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44015402
CY2024Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
52995093
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
44104251
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
52868909
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
44015402
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.82
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.82
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.82
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.82
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.49
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.49
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.62
us-gaap Earnings Per Share Diluted
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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16782937
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12188330
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2414730
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.79
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y8M23D
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
4004000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
33909
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.57
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
398
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
2.74
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2380423
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.81
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y3M
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1341000
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
2322245
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
2.51
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P5Y2M4D
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
1341000
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
2380423
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
2.81
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P5Y3M
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
1341000
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
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5364000
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7041000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10625000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13004000
us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
0
us-gaap Income Tax Expense Benefit
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100000
CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P1Y8M12D
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0604
CY2024Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
1100000
CY2023Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
800000
us-gaap Operating Lease Expense
OperatingLeaseExpense
2100000
us-gaap Operating Lease Expense
OperatingLeaseExpense
1800000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1995000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
3157000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
728000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
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5880000
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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276000
CY2024Q2 us-gaap Operating Lease Liability
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5605000
CY2024Q2 us-gaap Estimated Insurance Recoveries
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2500000
us-gaap Number Of Operating Segments
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1
CY2024Q2 us-gaap Property Plant And Equipment Net
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12155000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
12114000
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
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false
CY2024Q2 aeva Rule10 B51 Arrangement Modified Flag
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false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
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false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
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false
CY2024Q2 aeva Non Rule10 B51 Arr Modified Flag
NonRule10B51ArrModifiedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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