Aeva Technologies, Inc. Q4 FY2023 earnings call

• 2023 was a landmark year with critical milestones achieved, including Daimler Truck selecting Aeva as exclusive supplier of long-range and ultra-long-range LiDARs for series production. • Secured production agreements with May Mobility and Nikon. • Announced and demonstrated Atlas, the world's first automotive grade 4D LiDAR. • Ended 2023 in a strong financial position with $346 million in cash and no debt, enabling support for existing customers and execution on additional program wins.

For the full year 2023, revenue was $4.3 million, driven by growing Aeries II shipments. Non-GAAP operating loss for the full year 2023 was $124.1 million. Aeva ended 2023 with $346 million in cash and facility, comprising $221 million of cash, cash equivalents and marketable securities, and $125 million of facility.

• Target to win two additional production programs in 2024. • Plan to complete Atlas qualification ahead of deployments starting in 2025. • Finalize supply chain and complete design of automated and automotive qualified production line as approaching first SOPs. • Target non-GAAP operating expenses similar to 2023 levels.

• Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For further discussion, refer to filings with the SEC, including most recent Form 10-Q and Form 10-K.

Q: As you look at the tone of customer conversations and strategy around licensing and enabling multiple suppliers for FMCW technology, can you talk about that?

A: Sure, we're excited about momentum in automotive, with Daimler Truck win boosting interest. We're engaged in multiple passenger vehicle RFQs, and Atlas is our final architecture with key silicon innovations. Focus is on capitalizing on increased interest and having resources to support award decisions soon.

Q: Can you talk about de-risking cost structure and manufacturing as you move through the process this year?

A: With Aeries II, BOM cost reduced by over 30%. Atlas further reduces costs. We've demonstrated final architecture and are working on manufacturing line and qualification for SOPs, with strong team and financial backing.

Q: Looking at 2024 sales, can you give a sense of broad brush strokes?

A: We're seeing strong momentum in industrial and automotive, expect full year revenue in 2024 to grow by at least 100%, with multiple RFQs including top 10 passenger car OEM.

Q: How is the ramp with Nikon over time and general industrial opportunity?

A: Nikon is a multi-year program through 2028 with strong ASPs and significant market share in metrology. Expect revenue ramp up through 2025 and expand from there, with other industrial opportunities to grow the business.

Q: Regarding passenger opportunity, how far along are the global top 10 and contrast with Daimler?

A: We're engaged with top 10 passenger OEMs, leveraging work from Daimler win. Feedback is transition to FMCW is a matter of when, not if, with similar timeline to Daimler's SOPs.

Q: About focus on auto vs industrial, will resources switch or be split?

A: Our platform is flexible with same core technology. We have sufficient resources to support both industrial (Nikon, etc.) and automotive programs, as the core components are the same with different software applications.