Aeva (AEVA) 10-Q11 May 232023 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	May 01, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Registrant Name	AEVA TECHNOLOGIES, INC.
Entity Central Index Key	0001789029
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-39204
Entity Tax Identification Number	84-3080757
Entity Address, Address Line One	555 Ellis Street
Entity Address, City or Town	Mountain View
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94043
City Area Code	650
Local Phone Number	481-7070
Entity Common Stock, Shares Outstanding		220,360,889
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
Common Stock [Member]
Document Information [Line Items]
Trading Symbol	AEVA
Title of 12(b) Security	Common stock, $0.0001 par value per share
Security Exchange Name	NYSE
Warrant [Member]
Document Information [Line Items]
Trading Symbol	AEVA.WS
Title of 12(b) Security	Warrants to purchase one share of common stock
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 31,864	$ 67,420
Marketable securities	256,542	256,392
Accounts receivable	2,445	2,887
Inventories	3,006	2,951
Other current assets	4,683	5,473
Total current assets	298,540	335,123
Operating lease right-of-use assets	6,658	7,402
Property, plant and equipment, net	10,689	9,720
Intangible assets, net	3,300	3,525
Other noncurrent assets	862	862
Total assets	320,049	356,632
Liabilities and stockholders' equity
Accounts payable	3,857	5,182
Accrued liabilities	3,856	9,063
Accrued employee costs	3,414	4,721
Lease liability, current portion	2,535	2,667
Other current liabilities	194	194
Total current liabilities	13,856	21,827
Lease liability, noncurrent portion	4,167	4,789
Warrant liability	62	90
Total liabilities	18,085	26,706
Commitments and contingencies (Note 12)
Convertible preferred stock $0.0001 par value; 10,000 shares authorized; no,shares issued and outstanding	0	0
Stockholders' Deficit
Common stock $0.0001 par value; 422,000 shares authorized; 220,050 and 218,748 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	22	22
Additional paid-in capital	649,756	643,756
Accumulated other comprehensive loss	(2,373)	(3,585)
Accumulated deficit	(345,441)	(310,267)
Total stockholders' equity	301,964	329,926
Total liabilities and stockholders' equity	$ 320,049	$ 356,632

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	422,000,000	422,000,000
Common stock, shares issued	220,050,000	218,748,000
Common stock, shares outstanding	220,050,000	218,748,000
Convertible Preferred Stock [Member]
Temporary equity, par value per share	$ 0.0001	$ 0.0001
Temporary equity, shares authorized	10,000,000	10,000,000
Temporary equity, shares issued	0	0
Temporary equity, shares outstanding	0	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue	$ 1,148	$ 1,137
Cost of revenue	2,529	1,375
Gross profit	(1,381)	(238)
Research and development expenses	25,454	25,315
General and administrative expenses	7,833	6,872
Selling and marketing expenses	2,598	1,648
Total operating expenses	35,885	33,835
Operating loss	(37,266)	(34,073)
Interest income	2,064	283
Other income, net	28	633
Loss before income taxes	(35,174)	(33,157)
Income tax provision	0	0
Net loss	(35,174)	(33,157)
Unrealized gain (loss) on available-for-sale securities	1,212	(2,455)
Total comprehensive loss	$ (33,962)	$ (35,612)
Net loss per share, Basic	$ (0.16)	$ (0.15)
Net loss per share, Diluted	$ (0.16)	$ (0.15)
Weighted-average shares used in computing net loss per share - Basic	219,627,827	216,017,186
Weighted-average shares used in computing net loss per share - diluted	219,627,827	216,017,186

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive loss	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2021	$ 456,376	$ 21	$ 619,841	$ (524)	$ (162,962)
Beginning balance, Shares at Dec. 31, 2021		214,997,014
Share-based compensation	5,784		5,784
Issuance of common stock upon exercise of stock options	186	$ 1	185
Issuance of common stock upon exercise of stock options, Shares		1,029,266
Issuance of common stock upon release of restricted stock units, Shares		671,621
Shares withheld for the withholding tax on vesting of restricted stock	(244)		(244)
Shares withheld for the withholding tax on vesting of restricted stock, Shares		(53,553)
Issuance of common stock upon exercise of warrants	1		1
Issuance of common stock upon exercise of warrants, shares		120
Unrealized gain (loss) on available-for-sale securities	(2,455)			(2,455)
Net loss	(33,157)				(33,157)
Ending balance at Mar. 31, 2022	426,491	$ 22	625,567	(2,979)	(196,119)
Ending balance, Shares at Mar. 31, 2022		216,644,468
Beginning balance at Dec. 31, 2022	329,926	$ 22	643,756	(3,585)	(310,267)
Beginning balance, Shares at Dec. 31, 2022		218,748,423
Share-based compensation	5,963		5,963
Issuance of common stock upon exercise of stock options	$ 57		57
Issuance of common stock upon exercise of stock options, Shares	236,642	236,642
Issuance of common stock upon release of restricted stock units, Shares		1,077,527
Shares withheld for the withholding tax on vesting of restricted stock	$ (20)		(20)
Shares withheld for the withholding tax on vesting of restricted stock, Shares		(12,497)
Unrealized gain (loss) on available-for-sale securities	1,212			1,212
Net loss	(35,174)				(35,174)
Ending balance at Mar. 31, 2023	$ 301,964	$ 22	$ 649,756	$ (2,373)	$ (345,441)
Ending balance, Shares at Mar. 31, 2023		220,050,095

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net loss	$ (35,174)	$ (33,157)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	955	630
Impairment of inventories	45	767
Change in fair value of warrant liability	(28)	(634)
Stock-based compensation	5,963	5,784
Amortization of right-of-use assets	744	707
Amortization of premium and accretion of discount on available-for-sale securities, net	(632)	435
Changes in operating assets and liabilities:
Accounts receivable	442	2,130
Inventories	(100)	(312)
Other current assets	790	403
Other noncurrent assets	0	(1)
Accounts payable	(1,749)	1,890
Accrued liabilities	(5,207)	(2,653)
Accrued employee costs	(1,307)	(1,332)
Lease liability	(754)	(696)
Other current liabilities	0	(499)
Net cash used in operating activities	(36,012)	(26,538)
Cash flows from investing activities:
Purchase of property, plant and equipment	(1,275)	(1,283)
Purchase of available-for-sale securities	(54,520)	(82,284)
Proceeds from maturities of available-for-sale securities	56,214	105,607
Net cash provided by investing activities	419	22,040
Cash flows from financing activities:
Payments of taxes withheld on net settled vesting of restricted stock units	(20)	0
Proceeds from exercise of warrants	0	1
Proceeds from exercise of stock options	57	186
Net cash provided by financing activities	37	187
Net decrease in cash and cash equivalents	(35,556)	(4,311)
Beginning cash and cash equivalents	67,420	66,810
Ending cash and cash equivalents	31,864	62,499
Supplemental disclosures of cash flow information:
Cash paid for interest	0	0
Cash paid for income taxes	0	0
Supplemental disclosures of non-cash investing and financing activities:
Unpaid property, plant and equipment purchases	503	1,265
Taxes withheld on net settled vesting of restricted stock units	$ 0	$ 244

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Description of Business and Summary of Significant Accounting Policies	Note 1. Description of Business and Summary of Significant Accounting Policies Description of Business Aeva Technologies, Inc. (the “Company”), through its Frequency Modulated Continuous Wave (“FMCW”) sensing technology, designs a 4D LiDAR-on-chip that, along with its proprietary software applications, has the potential to enable the adoption of LiDAR across broad applications from automated driving to consumer electronics, consumer health, industrial automation and security application. On March 12, 2021 (the “Closing Date”), Aeva, Inc. consummated a business combination (the “Business Combination”) with InterPrivate Acquisition Corp. (the Company’s predecessor, which was originally incorporated in Delaware as a special purpose acquisition company (“IPV”)) pursuant to the Business Combination Agreement dated as of November 2, 2020 (the “BCA”), by and among IPV, WLLY Merger Sub Corp., a wholly owned subsidiary of IPV, and Aeva, Inc. Immediately upon the consummation of the Business Combination, WLLY Merger Sub Corp. merged with and into Aeva, Inc., with Aeva, Inc. surviving the merger as a wholly owned subsidiary of IPV. IPV changed its name to Aeva Technologies, Inc. and the pre-combination Aeva retained its name of Aeva, Inc. Aeva, Inc. was incorporated in the State of Delaware on December 5, 2016 and is headquartered in Mountain View, California. Unless the context otherwise requires, “we,” “us,” “our,” “Aeva,” and the “Company” refers to Aeva Technologies Inc., the combined company and its subsidiaries following the Business Combination. Refer to Reverse Capitalization with IPV in Note 2 to the financial statements of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional information relating to the BCA. The Company’s common stock and warrants are now listed on the New York Stock Exchange stock market under the symbols “AEVA” and "AEVA.WS". Basis of Presentation and Unaudited Interim Financial Statements The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The condensed consolidated financial statements include the accounts of the Company’s wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation. The accompanying condensed consolidated financial statements are unaudited and have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations, comprehensive loss and cash flows for the periods presented, but are not necessarily indicative of the results of operations to be anticipated for any future annual or interim period. These condensed consolidated financial statements and other information presented in this Form 10-Q should be read in conjunction with the consolidated financial statements and the related notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the SEC. Principal of Consolidation and Liquidity The condensed consolidated financial statements are prepared in accordance with U.S. GAAP. The condensed consolidated financial statements include the accounts of the Company’s wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company has funded its operations primarily through the Business Combination and issuances of stock. As of March 31, 2023, the Company’s existing sources of liquidity included cash and cash equivalents and marketable securities of $ 288.4 million. The Company has a limited history of operations and has incurred negative cash flows from operating activities and losses from operations in the past as reflected in the accumulated deficit of $ 345.4 million as of March 31, 2023. The Company expects to continue to incur operating losses due to the investments it intends to make in its business, including product development. Management believes that existing cash and cash equivalents and marketable securities will be sufficient to fund operating and capital expenditure requirements through at least 12 months from the date of issuance of these financial statements. Significant Risks and Uncertainties The Company is subject to those risks common in the technology industry and also those risks common to early stage companies including, but not limited to, the possibility of not being able to successfully develop or market its products, technological obsolescence, competition, dependence on key personnel and key external alliances, the successful protection of its proprietary technologies, compliance with government regulations, and the possibility of not being able to obtain additional financing when needed. Concentration of Credit Risk 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. 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. As of March 31, 2023, one customer accounted for 59 % of the accounts receivable. As of December 31, 2022, one customer accounted for 66 % of accounts receivable. As of March 31, 2023, two vendors accounted for 22 % of accounts payable. As of December 31, 2022, two vendors accounted for 20 % of accounts payable. Recent Adopted Accounting Pronouncements In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2021-08, “Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” (“ASU 2021-08”), which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured in accordance with ASC 606, Revenue from Contracts with Customers. ASU 2021-08 is effective for interim and annual periods beginning after December 15, 2022 on a prospective basis, with early adoption permitted. The adoption of ASU 2021-08 on January 1, 2023 did not have any impact on the Company’s condensed consolidated financial statements.

Revenue

Revenue	3 Months Ended
Revenue	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Note 2. Revenue Disaggregation of Revenues The Company disaggregates its revenue from contracts with customers by geographic region based on the primary billing address of the customer and timing of transfer of goods or services to customers (point-in-time or over time), as it believes it best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors. Total revenue for the three months ended March 31, 2023 and 2022, based on the disaggregation criteria described above were as follows (in thousands): Three Months Ended March 31, 2023 2022 Revenue % of Revenue Revenue % of Revenue Revenue by primary geographical market: North America $ 730 64 % $ 1,111 98 % EMEA 244 21 % 26 2 % Asia 174 15 % — 0 % Total $ 1,148 100 % $ 1,137 100 % Revenue by timing of recognition: Recognized at a point in time $ 947 82 % $ 211 19 % Recognized over time 201 18 % 926 81 % Total $ 1,148 100 % $ 1,137 100 % The point in time revenue was primarily related to the product revenue and overtime revenue was from non-recurring engineering services. For the three months March 31, 2023, three customers accounted for 20 %, 19 % and 17 % of the Company’s revenue, respectively. For the three months ended March 31, 2022, one customer accounted for 81 % of the Company’s revenue. Contract Assets and Contract Liabilities As of March 31, 2023, and December 31, 2022, the Company had contract assets of $ 0.4 million and $ 0.2 million, recognized in other current assets. The Company had no contract liability, as of March 31, 2023 and December 31, 2022.

Financial Instruments

Financial Instruments	3 Months Ended
Financial Instruments	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Financial Instruments	Note 3. Financial Instruments The following tables summarize the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy: March 31, 2023 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalent Marketable Securities (in thousands) Assets Cash $ 27,933 $ — $ — $ 27,933 $ 27,933 $ — Level 1 Money market funds 3,931 — — 3,931 3,931 — Level 2 U.S. agency securities 70,659 17 ( 1,081 ) 69,595 — 69,595 U.S. Treasury securities 7,476 — ( 77 ) 7,399 — 7,399 Commercial paper 39,674 1 ( 46 ) 39,629 — 39,629 Corporate bonds 141,106 6 ( 1,193 ) 139,919 — 139,919 Subtotal 258,915 24 ( 2,397 ) 256,542 — 256,542 Total assets $ 290,779 $ 24 $ ( 2,397 ) $ 288,406 $ 31,864 $ 256,542 Liabilities Level 3 Warrant liabilities 62 — 62 — — Total liabilities $ 62 $ — $ — $ 62 $ — $ — December 31, 2022 Adjusted Cost Unrealized Losses Fair Value Cash and Cash Equivalent Marketable Securities (in thousands) Assets Cash $ 17,980 $ — $ 17,980 $ 17,980 $ — Level 1 Money market funds 44,443 — 44,443 44,443 — Level 2 U.S. agency securities 65,493 ( 1,518 ) 63,975 — 63,975 U.S. Treasury securities 14,953 ( 111 ) 14,842 — 14,842 Commercial paper 40,859 ( 100 ) 40,759 4,997 35,762 Corporate bonds 143,669 ( 1,856 ) 141,813 — 141,813 Subtotal 264,974 ( 3,585 ) 261,389 4,997 256,392 Total assets $ 327,397 $ ( 3,585 ) $ 323,812 $ 67,420 $ 256,392 Liabilities Level 3 Warrant liabilities 90 — 90 — — Total liabilities $ 90 $ — $ 90 $ — $ — The fair value of the private placement warrant liabilities is based on significant unobservable inputs, which represent Level 3 measurements within the fair value hierarchy. In determining the fair value of the warrant liabilities, the Company used the Black-Scholes option-pricing model to estimate the fair value using unobservable inputs including the expected term, expected volatility, risk-free interest rate, and dividend yield. The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments (in thousand): March 31, 2023 December 31, 2022 Fair value, beginning balance $ 90 $ 1,060 Change in the fair value included in other income, net ( 28 ) ( 970 ) Fair value, closing balance $ 62 $ 90 The key inputs into the Black-Scholes option pricing model for the private warrants were as follows for the relevant periods: March 31, 2023 December 31, 2022 Expected term (years) 3.0 3.2 Expected volatility 89.7 % 88.2 % Risk-free interest rate 3.81 % 4.22 % Dividend yield 0 % 0 % Exercise Price $ 11.50 $ 11.50

Acquisition and Intangible Asse

Acquisition and Intangible Assets	3 Months Ended
Acquisition and Intangible Assets	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Acquisition and Intangible Assets	Note 4. Acquisition of Intangible Assets As of March 31, 2023, expected amortization expense relating to purchased intangible assets was as follows (in thousands): Remainder of 2023 $ 675 2024 900 2025 900 2026 825 Total future amortization $ 3,300

Inventories

Inventories	3 Months Ended
Inventories	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventories	Note 5. Inventories Inventories consisted of the following (in thousands): March 31, December 31, 2023 2022 Raw materials $ 2,750 $ 2,743 Work-in-progress 59 42 Finished goods 197 166 Total inventories $ 3,006 $ 2,951

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
Property, Plant and Equipment	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Note 6. Property, Plant and Equipment Property, plant and equipment consisted of the following (in thousands): March 31, December 31, 2023 2022 Computer equipment $ 2,363 $ 2,363 Lab equipment 5,386 5,055 Leasehold improvements 2,965 2,961 Construction in progress 2,086 1,488 Testing equipment 776 692 Manufacturing equipment 2,513 1,831 Furniture, fixtures and other equipment 535 535 Total property, plant and equipment $ 16,624 $ 14,925 Less: accumulated depreciation ( 5,935 ) ( 5,205 ) Total property, plant and equipment, net $ 10,689 $ 9,720 Depreciation related to property, plant, and equipment wa s $ 0.7 mil lion and $ 0.4 million for the three months ended March 31, 2023 and 2022, respectively.

Other Current Assets

Other Current Assets	3 Months Ended
Other Current Assets	Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Current Assets	Note 7. Other current assets Other current assets consisted of the following (in thousands): March 31, December 31, 2023 2022 Prepaid expenses $ 1,918 $ 2,343 Contract assets 421 247 Vendor deposits 540 1,398 Other current assets 1,804 1,485 Total other current assets $ 4,683 $ 5,473

Capital Structure

Capital Structure	3 Months Ended
Capital Structure	Mar. 31, 2023
Equity [Abstract]
Capital Structure	Note 8. Capital Structure As of March 31, 2023, the Company had authorized to issue up to 422,000,000 shares of common stock, each with a par value of $ 0.0001 per share. Preferred Stock The Company is authorized to issue up to 10,000,000 shares of preferred stock, each with a par value of $ 0.0001 per share. As of March 31, 2023 and December 31, 2022, no shares of preferred stock were issued and outstanding. Warrants As of March 31, 2023, the Company had 12,074,880 public and 384,000 private warrants outstanding. Each warrant entitles the registered holder to purchase one share of common stock at a price of $ 11.50 per share.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
Earnings (Loss) Per Share	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Note 9. Earnings (Loss) Per Share The following table sets forth the computation of the basic and diluted net loss per share attributable to common stockholders for the periods presented (in thousands, except per share data): Three Months Ended March 31, 2023 2022 Numerator: Net loss attributable to common stockholders $ ( 35,174 ) $ ( 33,157 ) Denominator: Weighted average shares of common stock outstanding — Basic 219,627,827 216,017,186 Dilutive effect of potential common stock — — Weighted average shares of common stock outstanding — Diluted 219,627,827 216,017,186 Net loss per share attributable to common stockholders — Basic and Diluted $ ( 0.16 ) $ ( 0.15 ) The following table presents the potential common shares outstanding that were excluded from the computation of diluted net loss per share of common stock as of the periods presented because including them would have been anti-dilutive: Three Months Ended March 31, 2023 2022 Common stock options issued and outstanding 13,173,030 12,787,299 Restricted stock units 21,744,565 6,829,309 Warrants 12,458,880 12,458,880 Total 47,376,475 32,075,488

Stock-based Compensation

Stock-based Compensation	3 Months Ended
Stock-based Compensation	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	Note 10. Stock-based Compensation Stock Options The Company maintains the 2016 Stock Incentive Plan and the 2021 Incentive Award Plan (the “Stock Plans”) under which incentive stock options, non-qualified stock options and RSUs may be granted to employees. Under the Stock Plans, the Company has 26,790,558 shares available for issuance as of March 31, 2023. Under the terms of the Stock Plans, incentive stock options must have an exercise price at or above the fair market value of the stock on the date of the grant, while non-qualified stock options are permitted to be granted below fair market value of the stock on the date of grant. The majority of stock options granted have service-based vesting conditions only. The service-based vesting conditions vary though typically, stock options vest over four years with 25 % of stock options vesting on the first anniversary of the grant and the remaining 75 % vesting monthly over the remaining 36 months. Option holders have a ten-year period to exercise the options before they expire. A summary of the Company’s stock option activity for three months ended March 31, 2023, was as follows: Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2022 13,434,083 $ 0.67 6.77 $ 11,593 Granted — — — — Exercised ( 236,642 ) 0.24 — — Forfeited ( 24,411 ) 0.45 — — Outstanding as of March 31, 2023 13,173,030 $ 0.68 6.57 $ 9,293 Vested and exercisable as of March 31, 2023 10,852,329 $ 0.48 6.32 $ 8,407 Vested and expected to vest as of March 31, 2023 13,173,030 $ 0.68 6.57 $ 9,293 There were no options granted during the three months ended March 31, 2023. As of March 31, 2023, the Company had $ 3.0 million of unrecognized stock-based compensation expense related to the stock options. This cost is expected to be recognized over a weighted-average period of 1.6 years. Restricted Stock Units and Performance-based Restricted Stock Units Beginning November 2020, the Company granted RSUs and PBRSUs to certain employees and consultants pursuant to the 2016 and 2020 Stock Plan. RSUs typically vest 25 percent upon the one-year anniversary date from the initial vesting date, with 12.5 % vesting on each six-month anniversary date over the following three years . The RSUs are subject to a time-based vesting condition and a performance condition tied to the completion of the merger with InterPrivate, both of which must be satisfied in order for the RSUs to be vested and settled for shares of Common Stock. The performance vesting condition for these RSU were met on March 12, 2021. The following table summarizes our RSU activity which includes performance-based RSUs, for the three months ended March 31, 2023: Shares Weighted Average Outstanding as of December 31, 2022 11,945,375 $ 5.22 Granted 12,130,011 1.48 Released ( 1,077,527 ) 6.09 Forfeited ( 1,253,294 ) 4.03 Outstanding as of March 31, 2023 21,744,565 $ 3.16 As of March 31, 2023, the Company had $ 59.4 million of unrecognized stock-based compensation expense related to the RSUs. This cost is expected to be recognized over a weighted-average period of 3.2 years. Employee Stock Purchase Plan In November 2022, the Board and the Company’s stockholders adopted the 2022 Employee Stock Purchase Plan (“ESPP”) under which 12,769,233 shares were authorized for issuance. The ESPP permits eligible employees to purchase the Company’s common stock through payroll deduction with up to 15 % of their pre-tax earnings subject to certain Internal Revenue Code limitations. The purchase price of shares is 85 % of the lower of the fair market value of the Company’s common stock on the first day of a six-month offering period, or the relevant purchase date. In addition, participants are subject to $ 25,000 annual purchase restriction. No ESPP shares were purchased during period ended March 31, 2023. Compensation expense Total stock-based compensation expense by function was as follows (in thousands): Three Months Ended March 31, 2023 2022 Cost of revenue $ 330 $ 136 Research and development expenses 4,410 4,323 General and administrative expenses 1,119 1,229 Sales and marketing expenses 104 96 Total $ 5,963 $ 5,784

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 11. Income Taxes Components of Income (Loss) Before Taxes For financial reporting purposes, income (loss) before income taxes includes the following components (in thousand): Three Months Ended March 31, 2023 2022 Domestic $ ( 35,174 ) $ ( 33,157 ) Foreign — — Loss before income taxes $ ( 35,174 ) $ ( 33,157 ) There has historically been no federal or state provision for income taxes because the Company has historically incurred operating losses and maintains a full valuation allowance against its net deferred tax assets. For the three months ended March 31, 2023 and 2022, the Company recognized no provision for income taxes. The federal and state net operating loss carryforwards may be subject to significant limitations under Section 382 and Section 383 of the Internal Revenue Code of 1986, as amended, and similar provisions under state law. The Tax Reform Act of 1986 contains provisions that limit the federal net operating loss carryforwards that may be used in any given year in the event of special occurrences, including significant ownership changes. The Company has completed an analysis as of December 31, 2022 and doesn’t expect any net operating loss carryforwards or tax credit carryforwards to expire due to a limitation.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12. Commitments and Contingencies Leases The weighted-average remaining lease terms were 2.6 years and 2.8 years as of March 31, 2023 and December 31, 2022, respectively. The weighted-average discount rates were 5.25 % as of March 31, 2023 and December 31, 2022, respectively. Operating lease cost for three months ended March 31, 2023 and 2022, were $ 0.8 million and $ 0.8 million, respectively. The following is a maturity analysis of the annual undiscounted cash flows reconciled to the carrying value of the operating lease liabilities as of March 31, 2023 (in thousands): Operating Leases Remainder of 2023 $ 2,133 2024 2,748 2025 1,969 2026 290 Total minimum lease payments 7,140 Less: imputed interest ( 438 ) Total lease liability $ 6,702 Litigation From time to time, the Company is involved in actions, claims, suits, and other proceedings in the ordinary course of business, including assertions by third parties relating to intellectual property infringement, breaches of contract or warranties, or employment-related matters. When it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated, the Company records a liability for such loss contingencies. The Company’s estimates regarding potential losses and materiality are based on the Company’s judgment and assessment of the claims utilizing currently available information. Although the Company will continue to reassess its reserves and estimates based on future developments, the Company’s objective assessment of the legal merits of such claims may not always be predictive of the outcome and actual results may vary from the Company’s current estimates. Indemnifications In the ordinary course of business, the Company is not subject to potential obligations under guarantees that fall within the scope of FASB ASC Guarantees, (Topic 460), except for standard indemnification provisions that are contained within many of the Company’s customer agreements and give rise only to disclosure requirements prescribed by Topic 460. Indemnification provisions contained within the Company’s customer agreements are generally consistent with those prevalent in the Company’s industry. The Company has not incurred any obligations under customer indemnification provisions and does not expect to incur significant obligations in the future. Accordingly, the Company does not maintain accruals for potential customer indemnification obligations.

Segment Information

Segment Information	3 Months Ended
Segment Information	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Information	Note 13. Segment Information The Company operates as one operating segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision-maker (“CODM”), consisting of the Company’s chief executive officer and the Company’s chief technology officer as a group, in deciding how to allocate resources and assess the Company’s financial and operational performance. In addition, the Company’s CODM evaluates the Company’s financial information and resources and assesses the performance of these resources on a consolidated basis. As a result, the Company has determined that the Company’s business operates in a single operating segment. Since the Company operates as one operating segment, all required financial segment information can be found in the financial statements. Long-Lived Assets The following table set s forth the Company’s property and equipment, net by geographic region (in thousand): March 31, December 31, 2023 2022 North America $ 9,038 $ 8,236 Asia 1,597 1,379 EMEA 54 105 Total $ 10,689 $ 9,720

Description of Business and S_2

Description of Business and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Description of Business	Description of Business Aeva Technologies, Inc. (the “Company”), through its Frequency Modulated Continuous Wave (“FMCW”) sensing technology, designs a 4D LiDAR-on-chip that, along with its proprietary software applications, has the potential to enable the adoption of LiDAR across broad applications from automated driving to consumer electronics, consumer health, industrial automation and security application. On March 12, 2021 (the “Closing Date”), Aeva, Inc. consummated a business combination (the “Business Combination”) with InterPrivate Acquisition Corp. (the Company’s predecessor, which was originally incorporated in Delaware as a special purpose acquisition company (“IPV”)) pursuant to the Business Combination Agreement dated as of November 2, 2020 (the “BCA”), by and among IPV, WLLY Merger Sub Corp., a wholly owned subsidiary of IPV, and Aeva, Inc. Immediately upon the consummation of the Business Combination, WLLY Merger Sub Corp. merged with and into Aeva, Inc., with Aeva, Inc. surviving the merger as a wholly owned subsidiary of IPV. IPV changed its name to Aeva Technologies, Inc. and the pre-combination Aeva retained its name of Aeva, Inc. Aeva, Inc. was incorporated in the State of Delaware on December 5, 2016 and is headquartered in Mountain View, California. Unless the context otherwise requires, “we,” “us,” “our,” “Aeva,” and the “Company” refers to Aeva Technologies Inc., the combined company and its subsidiaries following the Business Combination. Refer to Reverse Capitalization with IPV in Note 2 to the financial statements of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional information relating to the BCA. The Company’s common stock and warrants are now listed on the New York Stock Exchange stock market under the symbols “AEVA” and "AEVA.WS".
Basis of Presentation and Unaudited Interim Financial Statements	Basis of Presentation and Unaudited Interim Financial Statements The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The condensed consolidated financial statements include the accounts of the Company’s wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation. The accompanying condensed consolidated financial statements are unaudited and have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations, comprehensive loss and cash flows for the periods presented, but are not necessarily indicative of the results of operations to be anticipated for any future annual or interim period. These condensed consolidated financial statements and other information presented in this Form 10-Q should be read in conjunction with the consolidated financial statements and the related notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the SEC.
Principal of Consolidation and Liquidity	Principal of Consolidation and Liquidity The condensed consolidated financial statements are prepared in accordance with U.S. GAAP. The condensed consolidated financial statements include the accounts of the Company’s wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company has funded its operations primarily through the Business Combination and issuances of stock. As of March 31, 2023, the Company’s existing sources of liquidity included cash and cash equivalents and marketable securities of $ 288.4 million. The Company has a limited history of operations and has incurred negative cash flows from operating activities and losses from operations in the past as reflected in the accumulated deficit of $ 345.4 million as of March 31, 2023. The Company expects to continue to incur operating losses due to the investments it intends to make in its business, including product development. Management believes that existing cash and cash equivalents and marketable securities will be sufficient to fund operating and capital expenditure requirements through at least 12 months from the date of issuance of these financial statements.
Significant Risks and Uncertainties	Significant Risks and Uncertainties The Company is subject to those risks common in the technology industry and also those risks common to early stage companies including, but not limited to, the possibility of not being able to successfully develop or market its products, technological obsolescence, competition, dependence on key personnel and key external alliances, the successful protection of its proprietary technologies, compliance with government regulations, and the possibility of not being able to obtain additional financing when needed.
Concentration of Credit Risk	Concentration of Credit Risk 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. 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. As of March 31, 2023, one customer accounted for 59 % of the accounts receivable. As of December 31, 2022, one customer accounted for 66 % of accounts receivable. As of March 31, 2023, two vendors accounted for 22 % of accounts payable. As of December 31, 2022, two vendors accounted for 20 % of accounts payable.
Recent Accounting Pronouncements	Recent Adopted Accounting Pronouncements In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2021-08, “Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” (“ASU 2021-08”), which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured in accordance with ASC 606, Revenue from Contracts with Customers. ASU 2021-08 is effective for interim and annual periods beginning after December 15, 2022 on a prospective basis, with early adoption permitted. The adoption of ASU 2021-08 on January 1, 2023 did not have any impact on the Company’s condensed consolidated financial statements.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
Revenue (Tables)	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Summary of Disaggregated Revenue by Geographic Region	Total revenue for the three months ended March 31, 2023 and 2022, based on the disaggregation criteria described above were as follows (in thousands): Three Months Ended March 31, 2023 2022 Revenue % of Revenue Revenue % of Revenue Revenue by primary geographical market: North America $ 730 64 % $ 1,111 98 % EMEA 244 21 % 26 2 % Asia 174 15 % — 0 % Total $ 1,148 100 % $ 1,137 100 % Revenue by timing of recognition: Recognized at a point in time $ 947 82 % $ 211 19 % Recognized over time 201 18 % 926 81 % Total $ 1,148 100 % $ 1,137 100 %

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
Financial Instruments (Tables)	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Summary of Financial assets and Liabilities Measured at Fair Value on Recurring Basis	The following tables summarize the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy: March 31, 2023 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalent Marketable Securities (in thousands) Assets Cash $ 27,933 $ — $ — $ 27,933 $ 27,933 $ — Level 1 Money market funds 3,931 — — 3,931 3,931 — Level 2 U.S. agency securities 70,659 17 ( 1,081 ) 69,595 — 69,595 U.S. Treasury securities 7,476 — ( 77 ) 7,399 — 7,399 Commercial paper 39,674 1 ( 46 ) 39,629 — 39,629 Corporate bonds 141,106 6 ( 1,193 ) 139,919 — 139,919 Subtotal 258,915 24 ( 2,397 ) 256,542 — 256,542 Total assets $ 290,779 $ 24 $ ( 2,397 ) $ 288,406 $ 31,864 $ 256,542 Liabilities Level 3 Warrant liabilities 62 — 62 — — Total liabilities $ 62 $ — $ — $ 62 $ — $ — December 31, 2022 Adjusted Cost Unrealized Losses Fair Value Cash and Cash Equivalent Marketable Securities (in thousands) Assets Cash $ 17,980 $ — $ 17,980 $ 17,980 $ — Level 1 Money market funds 44,443 — 44,443 44,443 — Level 2 U.S. agency securities 65,493 ( 1,518 ) 63,975 — 63,975 U.S. Treasury securities 14,953 ( 111 ) 14,842 — 14,842 Commercial paper 40,859 ( 100 ) 40,759 4,997 35,762 Corporate bonds 143,669 ( 1,856 ) 141,813 — 141,813 Subtotal 264,974 ( 3,585 ) 261,389 4,997 256,392 Total assets $ 327,397 $ ( 3,585 ) $ 323,812 $ 67,420 $ 256,392 Liabilities Level 3 Warrant liabilities 90 — 90 — — Total liabilities $ 90 $ — $ 90 $ — $ —
Summary of Changes in Fair Value of Level 3 Financial Instruments	The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments (in thousand): March 31, 2023 December 31, 2022 Fair value, beginning balance $ 90 $ 1,060 Change in the fair value included in other income, net ( 28 ) ( 970 ) Fair value, closing balance $ 62 $ 90
Schedule of Black-Scholes Option Pricing Model For Private Warrants	The key inputs into the Black-Scholes option pricing model for the private warrants were as follows for the relevant periods: March 31, 2023 December 31, 2022 Expected term (years) 3.0 3.2 Expected volatility 89.7 % 88.2 % Risk-free interest rate 3.81 % 4.22 % Dividend yield 0 % 0 % Exercise Price $ 11.50 $ 11.50

Acquisition and Intangible As_2

Acquisition and Intangible Assets (Tables)	3 Months Ended
Acquisition and Intangible Assets (Tables)	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of expected amortization expense relating to purchased intangible assets	As of March 31, 2023, expected amortization expense relating to purchased intangible assets was as follows (in thousands): Remainder of 2023 $ 675 2024 900 2025 900 2026 825 Total future amortization $ 3,300

Inventories (Tables)

Inventories (Tables)	3 Months Ended
Inventories (Tables)	Mar. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following (in thousands): March 31, December 31, 2023 2022 Raw materials $ 2,750 $ 2,743 Work-in-progress 59 42 Finished goods 197 166 Total inventories $ 3,006 $ 2,951

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
Property, Plant and Equipment (Tables)	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, plant and equipment consisted of the following (in thousands): March 31, December 31, 2023 2022 Computer equipment $ 2,363 $ 2,363 Lab equipment 5,386 5,055 Leasehold improvements 2,965 2,961 Construction in progress 2,086 1,488 Testing equipment 776 692 Manufacturing equipment 2,513 1,831 Furniture, fixtures and other equipment 535 535 Total property, plant and equipment $ 16,624 $ 14,925 Less: accumulated depreciation ( 5,935 ) ( 5,205 ) Total property, plant and equipment, net $ 10,689 $ 9,720

Other Current Assets (Tables)

Other Current Assets (Tables)	3 Months Ended
Other Current Assets (Tables)	Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Current Assets	Other current assets consisted of the following (in thousands): March 31, December 31, 2023 2022 Prepaid expenses $ 1,918 $ 2,343 Contract assets 421 247 Vendor deposits 540 1,398 Other current assets 1,804 1,485 Total other current assets $ 4,683 $ 5,473

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
Earnings (Loss) Per Share (Tables)	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of the basic and diluted net loss per share attributable to common stockholders for the periods presented (in thousands, except per share data): Three Months Ended March 31, 2023 2022 Numerator: Net loss attributable to common stockholders $ ( 35,174 ) $ ( 33,157 ) Denominator: Weighted average shares of common stock outstanding — Basic 219,627,827 216,017,186 Dilutive effect of potential common stock — — Weighted average shares of common stock outstanding — Diluted 219,627,827 216,017,186 Net loss per share attributable to common stockholders — Basic and Diluted $ ( 0.16 ) $ ( 0.15 )
Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share	The following table presents the potential common shares outstanding that were excluded from the computation of diluted net loss per share of common stock as of the periods presented because including them would have been anti-dilutive: Three Months Ended March 31, 2023 2022 Common stock options issued and outstanding 13,173,030 12,787,299 Restricted stock units 21,744,565 6,829,309 Warrants 12,458,880 12,458,880 Total 47,376,475 32,075,488

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
Stock-based Compensation (Tables)	Mar. 31, 2023
Schedule of Stock Options Activity	A summary of the Company’s stock option activity for three months ended March 31, 2023, was as follows: Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2022 13,434,083 $ 0.67 6.77 $ 11,593 Granted — — — — Exercised ( 236,642 ) 0.24 — — Forfeited ( 24,411 ) 0.45 — — Outstanding as of March 31, 2023 13,173,030 $ 0.68 6.57 $ 9,293 Vested and exercisable as of March 31, 2023 10,852,329 $ 0.48 6.32 $ 8,407 Vested and expected to vest as of March 31, 2023 13,173,030 $ 0.68 6.57 $ 9,293 There were no options granted during the three months ended March 31, 2023.
Schedule of Restricted Stock Activity	The following table summarizes our RSU activity which includes performance-based RSUs, for the three months ended March 31, 2023: Shares Weighted Average Outstanding as of December 31, 2022 11,945,375 $ 5.22 Granted 12,130,011 1.48 Released ( 1,077,527 ) 6.09 Forfeited ( 1,253,294 ) 4.03 Outstanding as of March 31, 2023 21,744,565 $ 3.16
Summary of Stock-Based Compensation Expense	Total stock-based compensation expense by function was as follows (in thousands): Three Months Ended March 31, 2023 2022 Cost of revenue $ 330 $ 136 Research and development expenses 4,410 4,323 General and administrative expenses 1,119 1,229 Sales and marketing expenses 104 96 Total $ 5,963 $ 5,784

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
Income Taxes (Tables)	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Income before Income Taxes	For financial reporting purposes, income (loss) before income taxes includes the following components (in thousand): Three Months Ended March 31, 2023 2022 Domestic $ ( 35,174 ) $ ( 33,157 ) Foreign — — Loss before income taxes $ ( 35,174 ) $ ( 33,157 )

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
Commitments and Contingencies (Tables)	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Summary of Maturity Analysis of the Annual Undiscounted Cash Flows of Operating Lease Liabilities	The following is a maturity analysis of the annual undiscounted cash flows reconciled to the carrying value of the operating lease liabilities as of March 31, 2023 (in thousands): Operating Leases Remainder of 2023 $ 2,133 2024 2,748 2025 1,969 2026 290 Total minimum lease payments 7,140 Less: imputed interest ( 438 ) Total lease liability $ 6,702

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
Segment Information (Tables)	Mar. 31, 2023
Geographic Areas, Long-Lived Assets [Abstract]
Schedule of Property and Equipment by Geographic Region	The following table set s forth the Company’s property and equipment, net by geographic region (in thousand): March 31, December 31, 2023 2022 North America $ 9,038 $ 8,236 Asia 1,597 1,379 EMEA 54 105 Total $ 10,689 $ 9,720

Description of Business and S_3

Description of Business and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Significant Accounting Policies [Line Items]
Common stock, par value	$ 0.0001	$ 0.0001
Intangible assets	$ 3,300	$ 3,525
Cash and cash equivalents	31,864	67,420
Accumulated deficit	$ 345,441	310,267
Number of months required to fund operating and capital expenditure	12 months
Accounts receivable	$ 2,445	2,887
Operating lease right-of-use assets	6,658	$ 7,402
Operating lease liabilities	6,702
Money Market Funds [Member]
Significant Accounting Policies [Line Items]
Cash and cash equivalents	$ 288,400
Credit Concentration Risk [Member] \| Accounts Receivable [Member] \| Customer One [Member]
Significant Accounting Policies [Line Items]
Number of customer accounted for accounts receivable	one customer	one customer
Concentration risk, percentage	59%	66%
Credit Concentration Risk [Member] \| Accounts Payable [Member] \| Two Vendors [Member]
Significant Accounting Policies [Line Items]
Concentration risk, percentage	22%	20%
Number of vendors accounted for accounts payable	two vendors	two vendors

Revenue - Summary of Disaggrega

Revenue - Summary of Disaggregated Revenue by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation Of Revenue [Line Items]
Revenue	$ 1,148	$ 1,137
% of Revenue	100%	100%
Recognized at a point in time [Member]
Disaggregation Of Revenue [Line Items]
Revenue	$ 947	$ 211
% of Revenue	82%	19%
Recognized over time [Member]
Disaggregation Of Revenue [Line Items]
Revenue	$ 201	$ 926
% of Revenue	18%	81%
North America [Member]
Disaggregation Of Revenue [Line Items]
Revenue	$ 730	$ 1,111
% of Revenue	64%	98%
Europe [Member]
Disaggregation Of Revenue [Line Items]
Revenue	$ 244	$ 26
% of Revenue	21%	2%
Asia [Member]
Disaggregation Of Revenue [Line Items]
Revenue	$ 174	$ 0
% of Revenue	15%	0%

Revenue - Additional Informatio

Revenue - Additional Information (Details) $ in Thousands	3 Months Ended
Revenue - Additional Information (Details) $ in Thousands	Mar. 31, 2023 USD ($) Customer	Mar. 31, 2022 Customer	Dec. 31, 2022 USD ($)
Disaggregation of Revenue [Line Items]
Contract assets	$ 421		$ 247
Customer Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Number Of customers meeting concentration risk threshold \| Customer	3	1
Concentration risk percentage 2	19%
Concentration risk percentage 3	17%
Maximum [Member] \| Customer Concentration Risk [Member] \| Accounts Receivable [Member]
Disaggregation of Revenue [Line Items]
Concentration risk, percentage		81%
Minimum [Member] \| Customer Concentration Risk [Member] \| Accounts Receivable [Member]
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	20%
Other current assets [Member]
Disaggregation of Revenue [Line Items]
Contract assets	$ 400		200
Other current liabilities [Member]
Disaggregation of Revenue [Line Items]
Contract liabilities	$ 0		$ 0

Financial Instruments - Summary

Financial Instruments - Summary of Financial assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Available-for-sale [Abstract]
Cash	$ 27,933	$ 17,980
Adjusted Cost	290,779	327,397
Unrealized Gains	24
Unrealized Losses	(2,397)	(3,585)
Fair Value	288,406	323,812
Cash and cash equivalents	31,864	67,420
Marketable Securities	256,542	256,392
Financial liabilities, Adjusted cost	62	90
Financial liabilities, Fair value	62	90
Fair Value, Inputs, Level 2 [Member]
Available-for-sale [Abstract]
Adjusted Cost	258,915	264,974
Unrealized Gains	24
Unrealized Losses	(2,397)	(3,585)
Fair Value	256,542	261,389
Cash and cash equivalents		4,997
Marketable Securities	256,542	256,392
Fair Value, Inputs, Level 3 [Member] \| Warrant Liabilities [Member]
Available-for-sale [Abstract]
Financial liabilities, Adjusted cost	62	90
Financial liabilities, Fair value	62	90
Money Market Funds [Member] \| Fair Value, Inputs, Level 1 [Member]
Available-for-sale [Abstract]
Adjusted Cost	3,931	44,443
Fair Value	3,931	44,443
Cash and cash equivalents	3,931	44,443
U.S. agency securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Available-for-sale [Abstract]
Adjusted Cost	70,659	65,493
Unrealized Gains	17
Unrealized Losses	(1,081)	(1,518)
Fair Value	69,595	63,975
Marketable Securities	69,595	63,975
U.S. Treasury Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Available-for-sale [Abstract]
Adjusted Cost	7,476	14,953
Unrealized Losses	(77)	(111)
Fair Value	7,399	14,842
Marketable Securities	7,399	14,842
Commercial Paper [Member] \| Fair Value, Inputs, Level 2 [Member]
Available-for-sale [Abstract]
Adjusted Cost	39,674	40,859
Unrealized Gains	1
Unrealized Losses	(46)	(100)
Fair Value	39,629	40,759
Cash and cash equivalents		4,997
Marketable Securities	39,629	35,762
Corporate Bonds [Member] \| Fair Value, Inputs, Level 2 [Member]
Available-for-sale [Abstract]
Adjusted Cost	141,106	143,669
Unrealized Gains	6
Unrealized Losses	(1,193)	(1,856)
Fair Value	139,919	141,813
Marketable Securities	$ 139,919	$ 141,813

Financial Instruments - Summa_2

Financial Instruments - Summary of Changes in Fair Value of Level 3 Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value, Beginning Balance	$ 90	$ 1,060
Change in the fair value included in other income (expense), net	(28)	(970)
Fair Value, Ending Balance	$ 62	$ 90

Financial Instruments - Schedul

Financial Instruments - Schedule of Black-Scholes Option Pricing Model For Private Warrants (Details)	Mar. 31, 2023	Dec. 31, 2022
Expected Term [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	3	3.2
Expected Volatility [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	89.7	88.2
Risk-free Interest Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	3.81	4.22
Dividend Yield [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	0	0
Exercise Price [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	11.50	11.50

Acquisition and Intangible As_3

Acquisition and Intangible Assets - Schedule of expected amortization expense relating to purchased intangible assets (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2023	$ 675
2024	900
2025	900
2026	825
Total future amortization	$ 3,300

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 2,750	$ 2,743
Work-in-progress	59	42
Finished goods	197	166
Total inventory	$ 3,006	$ 2,951

Property, Plant and Equipment -

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 16,624	$ 14,925
Less: accumulated depreciation	(5,935)	(5,205)
Total property, plant and equipment, net	10,689	9,720
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	2,363	2,363
Lab Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	5,386	5,055
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	2,965	2,961
Construction In Progress [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	2,086	1,488
Testing Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	776	692
Manufacturing Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	2,513	1,831
Furniture, Fixtures and Other Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 535	$ 535

Property, Plant and Equipment_2

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation	$ 0.7	$ 0.4

Other Current Assets - Schedule

Other Current Assets - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 1,918	$ 2,343
Contract assets	421	247
Vendor deposits	540	1,398
Other current assets	1,804	1,485
Total other current assets	$ 4,683	$ 5,473

Other Current Liabilities - Sc

Other Current Liabilities - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Other Liabilities, Current [Abstract]
Total other current liabilities	$ 194	$ 194

Capital Structure - Additional

Capital Structure - Additional Information (Details) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Class Of Stock [Line Items]
Common stock, shares authorized	422,000,000	422,000,000
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Pre-combination Aeva preferred stock outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Public Warrants [Member]
Class Of Stock [Line Items]
Common Stock, Par or Stated Value Per Share	$ 11.50
Class of Warrant or Right, Outstanding	12,074,880
Private Warrants [Member]
Class Of Stock [Line Items]
Common Stock, Par or Stated Value Per Share	$ 11.50
Class of Warrant or Right, Outstanding	384,000

Earnings (Loss) Per Share - Sch

Earnings (Loss) Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net loss	$ (35,174)	$ (33,157)
Net loss attributable to common stockholders	$ (35,174)	$ (33,157)
Denominator:
Weighted-average shares used in computing net loss per share - Basic	219,627,827	216,017,186
Dilutive effect of potential common stock	0	0
Weighted average shares of common stock outstanding - Diluted	219,627,827	216,017,186
Net loss per share, Basic	$ (0.16)	$ (0.15)
Net loss per share, Diluted	$ (0.16)	$ (0.15)

Earnings (Loss) Per Share - S_2

Earnings (Loss) Per Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	47,376,475	32,075,488
Stock Options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	13,173,030	12,787,299
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	21,744,565	6,829,309
Warrant [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	12,458,880	12,458,880

Stock-based Compensation - Addi

Stock-based Compensation - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Nov. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	4 years
Number of option outstanding	13,173,030		13,434,083
Restricted stock units, vesting period		3 years
One Year [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, vesting period	1 year
Six Months [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, vesting period	6 months
First 12 Months [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of stock options vesting	25%
Remaining 36 Months [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of stock options vesting	75%
Twenty Five Vesting Percentage [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, grant and typically vest percentage	25%
Twelve Point Five Vesting Percentage [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, grant and typically vest percentage	12.50%
2016 Stock Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common Stock, Authorized	26,790,558
Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 3,000,000
Unrecognized stock-based compensation expense, weighted average recognition period	1 year 7 months 6 days
Number of Options, Granted	0
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of option outstanding	21,744,565		11,945,375
Performance-Based Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 59,400,000
Restricted stock units, vesting period	3 years 2 months 12 days
Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common Stock, Authorized				12,769,233
Purchase price of share is lower then fair value market	85%
Annual purchase restriction	$ 25,000
Shares issued	0
Employee Stock Purchase Plan [Member] \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Purchase of common stock through payroll deduction	15%

Stock-based Compensation - Sche

Stock-based Compensation - Schedule of Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Number of Options, Outstanding, Beginning as of December 31, 2022	13,434,083
Number of Options, Exercised	(236,642)
Number of Options, Forfeited	(24,411)
Number of Options, Outstanding, Ending At March 31, 2023	13,173,030	13,434,083
Number of Options, Vested and exercisable as of March 31, 2023	10,852,329
Number of Options, Vested and expected to vest as of March 31, 2023	13,173,030
Weighted- Average Exercise Price, Outstanding, Beginning as of December 31, 2022	$ 0.67
Weighted- Average Exercise Price, Exercised	0.24
Weighted- Average Exercise Price, Forfeited	0.45
Weighted- Average Exercise Price, Outstanding, Ending as of March 31, 2023	0.68	$ 0.67
Weighted- Average Exercise Price, Vested and exercisable as of March 31, 2023	0.48
Weighted- Average Exercise Price, Vested and expected to vest as of March 31, 2023	$ 0.68
Weighted-Average Remaining Contractual Life (Years), Outstanding	6 years 6 months 25 days	6 years 9 months 7 days
Weighted-Average Remaining Contractual Life (Years), Vested and exercisable as of March 31, 2023	6 years 3 months 25 days
Weighted-Average Remaining Contractual Life (Years), Vested and expected to vestas of March 31, 2023	6 years 6 months 25 days
Aggregate Intrinsic Value, Outstanding	$ 9,293	$ 11,593
Aggregate Intrinsic Value, Vested and exercisable as of March 31, 2023	8,407
Aggregate Intrinsic Value, Vested and expected to vest as of March 31, 2023	$ 9,293

Stock-based Compensation - Sc_2

Stock-based Compensation - Schedule of Restricted Stock Activity (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Options, Outstanding, Beginning as of December 31, 2022	13,434,083
Number of Options, Outstanding, Ending At March 31, 2023	13,173,030
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Options, Outstanding, Beginning as of December 31, 2022	11,945,375
Shares, Granted	12,130,011
Shares, Released	(1,077,527)
Shares, Forfeited	(1,253,294)
Number of Options, Outstanding, Ending At March 31, 2023	21,744,565
Weighted Average Graint Date Fair Value per Share, Outstanding, Beginningas of December 31, 2022 \| $ / shares	$ 5.22
Weighted Average Graint Date Fair Value per Share, Granted \| $ / shares	1.48
Weighted Average Grant Date Fair Value per Share, Released \| $ / shares	6.09
Weighted Average Graint Date Fair Value per Share, Forfeited \| $ / shares	4.03
Weighted Average Graint Date Fair Value per Share, Outstanding, Ending as of March 31, 2023 \| $ / shares	$ 3.16

Stock-based Compensation - Summ

Stock-based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 5,963	$ 5,784
Cost of Revenue [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	330	136
Research and Development Expenses [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	4,410	4,323
General and Administrative Expenses [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,119	1,229
Sales and Marketing Expenses [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 104	$ 96

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Domestic	$ (35,174)	$ (33,157)
Foreign	0	0
Loss before income taxes	$ (35,174)	$ (33,157)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended
Income Taxes - Additional Information (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Federal provision for income taxes	$ 0	$ 0
State provision for income taxes	0	0
Provision for income taxes	$ 0	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Loss Contingencies [Line Items]
Weighted average discount rate	5.25%		5.25%
Operating lease cost	$ 0.8	$ 0.8
Weighted-average remaining lease term	2 years 7 months 6 days		2 years 9 months 18 days

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Maturity Analysis of the Annual Undiscounted Cash Flows of Operating Lease Liabilities (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2023	$ 2,133
2024	2,748
2025	1,969
2026	290
Total minimum lease payments	7,140
Less: imputed interest	(438)
Total lease liability	$ 6,702

Segment Information - Additiona

Segment Information - Additional Information (Details)	3 Months Ended
Segment Information - Additional Information (Details)	Mar. 31, 2023 Segment
Entity Wide Revenue Major Customer [Line Items]
Number of Operating Segments	1

Segment Information - Schedule

Segment Information - Schedule of Long-Lived Assets, by Geographical Areas (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	$ 10,689	$ 9,720
North America [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	9,038	8,236
Asia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	1,597	1,379
EMEA [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	$ 54	$ 105