Aeva (AEVA) 6 Nov 242024 Q3 Earnings call transcript

Good day. My name is Chloe, and I will be your conference facilitator. I would like to welcome everyone to the Aeva Technologies Third Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, today's conference call is being recorded and simultaneously webcast.

I would now like to turn the call over to Andrew Fung, Senior Director of Investor Relations and Corporate Development. ahead. go please Andrew,

welcome, Aeva's and Earnings Quarter Conference Call. everyone, you, Third to XXXX Thank

call Soroush today website of today and the we Investor XXXX on Joining are Relations presentation, and be Saurabh issued third which Aeva's found press we our release CEO; refer Salehian, Sinha, CFO. can call, at Ahead to investors.aeva.com. this will our quarter and and Co-Founder Aeva's on

cause and as based assumptions, this on we upon be not results from on materially subject relied any call, risks current a to subsequent statements our uncertainties. our expectations These and are Please statements expectations. as be note that could and views to which as and making of will actual representative to of subject of risks variety reflect differ are statements forward-looking should of These date. views that today uncertainties only

and affect to For with Form material discussion factors our most Form risks the XX-Q refer please important results, recent and could a XX-K. of our SEC, financial including other that the further filings our

we to discuss a for In non-GAAP today's results. call, or should isolation These Aeva's supplemental in we measures useful as will addition, of performance. which non-GAAP financial considered measures from GAAP be and believe during not are addition measures, as in substitute

Soroush. Investor to replay of over And link. Relations with the our on the that, under call webcast The me website this call available will company let turn be

progress partners to achieved wins, this Aeva and major securing LiDAR more enable gain few to achieved From programs solutions. look excited towards new Thank technology milestones across additional you, to production and Andrew, production on and as a XD them. I'm Aeva with next-generation quarter, Aeva's continued of accomplishments afternoon, good customer existing to unique highlight awards adopt momentum QX everyone. multiple fronts in and to industries key

by opportunity to applications. major large grow followed the The revenue airports, a win that an at SFO LiDAR supply deploy on other with offers plans the this multiple and a starting Indoor win Aeva exciting deployments on for locations we builds multiyear earlier additional First, with security agreement and year. industrial in Lab with XD is first secured production to across our potential security applications JFK in expansion for meaningful Aeva This U.S.,

In Truck production scalable automotive, and an successful milestone commercialization validation safe our and of with a partners operations driverless Torc Daimler achieved fully highway towards speeds. at important

part exclusive bringing autonomous to to XD autonomous and Torc's rewarding Of trucks as the is ultra-long-range incredibly Aeva be LiDAR of course, a with are tangible long truck such progress supplier. It production. equipped program towards Truck's LiDAR Daimler

next-generation selected OEM's OEMs Aeva was for automation major the program FMCW used automated because like to direct be vehicle help of a validate velocity European measurement, passenger our will which also validation systems. advantages vehicle

on with XX we to passenger remains of Aeva further towards top for OEM's advance programs. global track the multiple RFQs continued finalization for lastly, a vehicle production RFQ program. And In production passenger particular, the

developments. more in now Let's our discuss business detail recent

smart expansion over With production in operational to at a AI-powered AI-powered outdoor next-generation Platform company indoor Overwatch and the analytics monitor major enable our production. efficiency be Indoor in airports, designed a Perception integrated to major mass for lab. perform Atlas, is our environments. experience, agriculture first agreement used Under infrastructure a analytics enterprise LiDAR and sensors production LiDAR also XD leader be We solutions are is multiyear U.S. improve years XX and with into Labs win transit, suite excited and the and will manage agreement, Atlas for industrial to the indoor The for awarded and Aeva security This win critical around-the-clock for to of security mass safety, supply the production represents and analytics infrastructure. applications

interference, Indoor of LiDAR transitioning the measurements to importantly, of such XD immunity our product. as direct Lab to leverage order our velocity also Atlas superior and and capabilities product production is maturity scalability in deployments but for to Aeva because our

first International terminal are airports some starting York U.S., largest installations at in the San multiple in and busiest JFK with a at of the terminals and at Our New new Airport. Francisco

States. addition, and Indoor as at transit, LiDAR of to applications smart is In other other mass infrastructure The planning airports opportunities Lab expand the agriculture as applications for across to well XD deployment United scale

the we millions X we in supply scale deployments volumes support deployments, over estimated security years. X our tens resulting revenue to to other expect in on As dollars to the of of deliver applications, the to and next multiple initial opportunity significant industrial the

We Indoor scale volumes last Lab in plan month have to begun already and shipments XXXX. to The

accomplishment Daimler successfully of field coverage and are making partners trucks is the of LiDAR Moving illustrates XD subsidiary Torc highway program. Torc hour. Truck latest on Truck degrees XX equipped highways significant scalable completed Truck's and a production with OEM's on technology, a driverless the runs clearly This a U.S. Torc, the safe trucks fully that now to developing milestone, is autonomous the trucks. comprehensive with major per progress autonomous tremendous achieved autonomous validation towards at In Aeva miles speeds view to by of that the and and Daimler step XXXX. Daimler commercialize dedication XXX driving commercialization a

program, to to starting in LiDAR ultra-long-range production into Driver autonomous technology platform. track of our enable truck and market supplier XXXX. for We Truck's LiDARs integrated Daimler XXXX Torc's Virtual remain long-range planned entry start truck with by the for Freightliner autonomy production exclusive operation speed Daimler support Aeva XD multiple being Cascadia Truck's on each with the highway As with are

to decision LiDAR vehicle gather for and selected Aeva will vehicle OEM's The In simulation European control XD benchmark validation program. perception, for look are a validating a use the with leverage its providing conventional as the other capabilities was LiDAR differentiated sensors. experience this OEM growing next-generation provide including leading its Aeva ability vehicle, sensing, with LiDAR project to to of automation collaboration passenger technology the and technology validation real-world serve to supporting due forward LiDAR. with passenger XD and natively the in the data, velocity instant dimension Aeva to ground We missing OEM's of major is which FMCW another work provider, additional XD data, In validation advantages of interest truth example automated systems. for along systems, Aeva the decision-making will that

Now moving opportunities on that engaged to are we additional on.

and course over this through extensive the of encouraged have XX their phases we that global QX with passenger highly growing our leading FMCW top multiple We strong multiple with OEMs. now, are we jointly RFQs made worked having unique and a advanced technology automotive particular, OEM year, in on progress manufacturing In with interest by the of remain audits have potential thousands alignment through on program. across technical discussed engagements RFQ in of supplier. their has spec to RFQ collaboration they production be the the the their and finalization requirements RFQ, the of on close commercial Aeva and Tier of for quality stage the passing down-selected been the we work X technical final and to as OEM teams

organization first this production Atlas deliveries and such of to number of am we the To wins, Indoor additional support meaningfully that made support strategic that the superb almost of our and decision X to for execution to Lab, Atlas our pleased unique by a forward as production The with shipments have pull technology. massive and our ongoing recent to share months our I on changes was team the scaling wins, pull-forward This quarter. engagements ability effort interest Aeva capitalize across growing

to Based designed from that was is are deployed production scale significantly positions to and to the believe our not our our be in at solutions this accelerating on but Atlas, grade can wins. production increasingly continue deliver automotive recent further to be By the for production solutions. only mass Aeva position product a volume. intent of to today's looking greater Atlas additional that than convert wins, up customers to engagements, ground on we be scalable availability market-leading opportunities

me the financials. to let to Saurabh discuss that, With call the turn over

afternoon, Thanks, Soroush, good and everyone.

our review financial QX let's Now results.

as the shipments Truck as and QX representing expectations, of program. our well was in defined non-GAAP our expenditure quarter, line $X.X of quarter. Daimler third capital sensor $XX.X of Gross used cash the $XX.X is and our in for operating million In $XX.X million, loss use Revenue million our was automotive industrial million. cash with $X.X to operating which customers scaling as million was

in at is end QX, wins and a SOP a believe places $XXX.X to the We $XXX.X production partners cash, comprised cash available of as this additional securing their team million facility. liquidity in launches marketable Aeva totaled engaged for and position support that on. current production strong our of undrawn of equity program million $XXX well as Aeva's securities equivalents our million

our see to continues Aeva XD shared, growing Soroush LiDAR. unique for interest As

and securing demand on We this production are increasing focused meeting additional wins.

I remarks. to would Soroush turn like to for back closing Now it

Thank you, Saurabh.

wonderful wins like we the Aeva XXXX, Truck delivering production seen shipments expansion and converting wins, the Aeva Over security product year multiple of well in to the our Starting our a major production this to these with converting as announced uptick engagements to would programs for commercial of into growing with achievements. I are as our won has the Daimler sharp of at beginning recently, team more course applications to the more revenues. award momentum. thank

applications. and and we such global XX in momentum the RFQs advantages XD beyond. looking build security focused Looking industrial top adoption are for Aeva solutions list the to automation, about security as spoke a to ahead, passenger perception and expanding that other solutions, interest on passenger position an FMCW drive perception multiple to to further strong our executing we see for in With in automotive, leverage industrial, on and well the growing the our responding engagements as OEM opportunity is on and automation industries of as of LiDAR growing

With the line for that, questions. open up we now will

Colin we'll Instructions] Oppenheimer. Rusch And to move [Operator first with

what's and and areas? those many XX on or of that of shipments. sense over Now little opportunity on a you growth months tripping, How ground scope next a with of talk wins just number the the got us customers of the the XX potential side for in that bit about customers -- a the security you've with in going the to give can couple

Yes. Soroush. that. This to Colin, is answer happy

course, obviously, to we've of with and capitalize production with So now on up the the continued really we Daimler year, as started of the market, win over momentum past build Truck. you've off major the have quarters, number seen in the seen that

the We customers out in that well as with have since executed product the we the forward pulling actually a company as all as for and set have milestones market on us to now with the really Atlas was, in demand. get scale and by months, which this I growing organization with response to deal company across think, a big the nearly X the

us with with this question, now production excited major industrial to win, really industrial obviously a additional for win. the So about we're your with It's answer lab, security production opportunity this. Indoor

Indoor Lab deal We're space is infrastructure starting is This the production first have. applications a leader large venues. analytics LiDAR-based U.S., deployments time, airports, around across across AI to other the Francisco with at we're supply smart locations in additional airports as and multiyear to Airport, in the with starting time. well excited in JFK we're expand over this San we going about. And over which as

see we we So the now security a win had national that organization opportunity. plus earlier, this, significant

as other well bottom to million as your here $XX years. to up get revenue security about Indoor these of with the few the to next estimate the be in question, applications, approximately potential industrial to we So

we this opportunity. first So that's is as obviously the see something

see deployments The grow continue with And the and time. other revenue over Indoor potential the to Lab time, today we could over and applications their grow new sites, as platforms

about So but well. in also in which well progress as It's we've the really working applications excited we're industrial progressing automotive, and just and made. really in nutshell, well, not a we're other

towards then about and the markets can over production Excellent. at we'll with the couple work able hurdles talk guys years? to talk that key looking start remaining with of And the you you as next you are be about manufacturing public Torc,

sure. Yes,

So, and Daimler so well well really far, here. with been track we've Torc, production aligned and really our Truck on for partners,

made been have a but Daimler release critical days, milestones, Truck talked milestones, milestones. been Daimler and and for few Torc in we've Torc of a for is towards hitting on in Daimler Truck, their this right? importantly, a everything without Torc we've validation the planning not driverless We have about and cab their with just seen all operations hit highway milestone speeds SOP the also past continuing and Torc what And driver So with about, and their also the industry. the at

the they And the line this way, entry obviously Daimler building our confidence as towards of but also further few by which, in SOP, is which even is the in XXXX, of have past reiterated Torc XXXX, Truck's time and market days.

Truck Daimler continue So Torc. what's have now of we here to we all first for to into Daimler We've need to a of this point, we focused course, Atlas time now from II sensor year, on, from our shipments little scale completed -- on Aeries that now, this with do and this ahead on deliveries going the shipment of on on bit. And or platform all, Torc actually year at time sensor with year. next and we're deliveries

of the that's focus where key So is. kind

next to the And year to be and as that up our the up production the the levels of sure qualifications of throughout that fleets is year. for scale line they making into for going some mass scaling bring key needed the the for automotive milestone Torc validation well next SOP Atlas rest as as our we

next quarters us. focus of kind the number that's So of in we of see ahead that the

really We're also on And pull-forward Atlas deliveries, programs on we're track. in our this we've vehicle OEMs. actually momentum other been well. capitalize using to that automotive, But we are including we passenger overall, able other because now progressing to -- obviously in

[Operator We'll move Desilva to with next Suji ROTH Instructions] Capital.

on X win Tier have OEM the that the here. progress here. on Congrats you Question

give ramp. and there on or like Just Any program? remaining would a milestones the volume point progress there an X the coming us color Tier for to that can decision you be it's update It helpful. close global sounds

answer Yes, that. Suji, happy to

of talking we passenger traction space obviously, the past the in car in So vehicle been have our about couple quarters.

continued of this deployments top and Aeva technology to think FMCW the I the OEMs. across vehicle all Atlas our automotive pull-forward with the uptick with actually with audit over Daimler production vehicle our and And milestones ability really passenger engagements have certifications, ISO in for and our we our with seen interest hitting for year have an Following for course we passenger market. our our Truck, and multiple

worked top I OEM, this year, continue this of to Specifically that and and we you're we on you're extensively OEM XX for referring we're to, -- have the course the track think over little all top a this really so do testing the XX more with have on bit technology working going we evaluation In year the from in OEM. the that. extensive throughout context, been together of earlier obviously through with

We gotten have for them. leading maturity and all supplier to that the approvals build manufacturing passed for that, a completed critical helps our quality X us to audits and as ability manufacture the to Tier

technical all done. technical close of discussing requirements We and have final jointly of now the engagement there been aligned the commercial teams, have then requirements, been on also in worked have we are thousands together past here through that aligning more recently, their the stages number we've And very months terms. now that down-selected and

So I what share. can that's

move the gaining they into we are and we have passenger program, done And decision mentioned. but this OEM second this RFQ in and now, OEM Daimler with confidence towards vehicle that this continued lastly, is, Truck first about of good now -- you we that the are many progress finalization go in with And as this time obviously, as have Obviously, the for overall car feeling with space. had the factors that there's this the OEM. the we

Okay. able milestones? other Great. just or moving would if kind there Soroush, And into share, in of the to new whether competitors you are it's be you down-select

Yes.

have been we're final this obviously, position is multiple and of RFQ in we the that, So look, in say, right, passenger can we the good are think stages what win. and at I with down-selects, a

switching I opportunity I'm as does out pipeline together guess, ] Labs a That's [ you that customers partnership, for start fair. to Indoor wondering how (sic) And the or together? develop, the to then over financial The Innovation Lab play

absolutely. Yes,

transit But that transit this The a and across about production of obviously, partnership XD Lab -- with is well earlier. bit volumes. general, in have large our little a airports, deal to with spoke committed LiDAR really analytics solution venues their deploy we mass as together Indoor a we as applications. And multiyear starting technology So we're number

airport We're installments. with go overall a of the Lab Indoor progress is number JFK to airport. application Francisco of and And starting really different San after

our well with to some is $XX And approximately point industrial these of what revenue range this the with as With we're opportunities. security the see that years. the the potential of be as Indoor here we million applications, for estimate over the next this about that talking we opportunity few other starting in

And as grow there and is new applications, opportunity growing the interest think the we potential for platforms time. revenue sites to and over here

kind ceiling by of of just first is means this any we -- think the deployment. here kind don't So any

So that your hopefully, answers question.

We'll take with next our Richard Shannon question Craig-Hallum. from

was to Anderson between us? about? indoor you shipment I for for on places a the or that Shannon. differences outdoor. looking was matter? that This what was all was Richard the into and qualitative technical is of a Tyler any the something wondering for a also, that there And if Could for manufacturing Is get that pull-forward you're describe bit

Yes. Sure.

So with the growing obviously, really for our with our our on XD LiDAR growing capitalizing and expanding in FMCW, market. and applications interest technology the we're interest

I win applications, besides passenger secured what won, automotive But this is industrial question we that we about in actually your indoor with The that So have production and we the think this the side. validation OEM with on OEMs Indoor program Lab and outdoor applications. a European vehicle Daimler around obviously, industrial have on, we advanced for talked besides

obviously that just the not there application. indoor it's the in technologies So they've them for been actually space. But key looking at has different been

to around dimension, interference they they're interference, of our of going just not advantages behavior, different and That's drivers, analytics as, the advantages the of our LiDAR of kind not to monitoring decided they're reason, maturity settings we've also superior the especially people as that velocity having transition of Atlas you as validated key with talk products. think, capability, I some immunity, inside scale. were have is go is the XD over ability and right, the They blooming, well seen different as as but these the And with well importantly, Part terms go and show outside. of making. airports production of different types where of issues technologies over, of about when this in in

obviously your in decision saw Atlas and the made same in Truck, The And that with team interest year. the across with really Atlas in the we these announced of moment we about a as been the for following operations And or win uptick about for together this a to past time pull-in, to as pull-forward sharp earlier we number months has question the engineering Daimler been other X our our working so. products. has market by our Atlas well strategic months deliveries manufacturing

So a that's has something that effort taken team. the of we amount from significant

completed general, nonautomotive the applications, qualifications in obviously certifications often because But don't of yet, be forward of to course, to ability some for our time see those Truck so on pull this we which necessarily automotive they Daimler with need ongoing and is or SOP.

think, I additional we programs also programs existing to this, resulted on the but just have, win that us not programs. all with has deliver in ability So our production

do converting those production going additional on on opportunities what our is And and what executing on shipments to to wins we're those and growing also here, to not then we're revenue. capitalizing just planning but on programs, continue wins momentum, existing this forward

So we've of that's been kind operating. how

population a space? a looking that And at? you're geographical Is that looking entering there a then, and into between opportunities there situation or you're for indoor you're outdoor are when commonalities the

specific the industrial right, about You're to Tyler? sensing, talking

or transit Industrial and mass smart infrastructure.

Yes. Sure.

regions, this we across the with Lab. with first Indoor the that actually is there our program -- national of first these in industrial are the seeing, organization indoor deployment U.S., and in starting security And all, first So we have now are in interest security, different is growing facing. our both -- obviously, there what

that. So inside times, at these, behavior, the example, queue or with looking monitoring JFK the SFO analytics, some behavior terminals terminal, and tracking for people, of things for wrong in are looking like of bad

number So applications. different of there's a

perimeters, example, there which are also, monitoring undocking. defenses on for some the the outdoor just and But at docking other outside, on-time around for looking It's applications airplanes customers. monitoring of also different is and and security

industrial outdoor, a commonality for been from indoor, automotive for on applications, about here is all be security the Atlas same talking have the, or it it and built though it applications. you're those of providing flexible that perimeter we that's highly of mass platform these of I have So that transit in is some working that product be we're guess, applications, kind is configurable be that that software for the beauty we

does conclude thank further participation. no questions We you today's for are This There at your this program. time.

You may at any wonderful afternoon. and a have disconnect time,