Aeva Technologies, Inc. Q3 FY2023 earnings call

• Aeva was selected by May Mobility as the exclusive production supplier of long-range LiDAR for their autonomous vehicle, a multiyear agreement with deliveries starting this quarter and production ramping in 2025.
• Awarded a multiyear production program with Nikon for high precision industrial inspection products, planned to start production late 2024, leveraging LiDAR-on-chip technology with micron-level precision.
• Made strong progress with a top 10 OEM, receiving the highest manufacturing readiness rating, near the final phase for a potential production award.
• Welcomed Dr. Stefan Sommer, former CEO of ZF Group and Board member at Volkswagen Group, to Aeva’s Board to advance automotive OEM opportunities.
• Secured $145 million in additional capital from existing stockholders to bolster balance sheet for winning more programs.

Revenue for Q3 2023 was $0.8 million, driven by growing deliveries of Aeries II. No detailed breakdown of product segments with revenue contribution percentages provided.

• Expect to receive the production award decision from the top 10 OEM in the next quarter.
• Production ramping for May Mobility and Nikon is planned for 2025.
• Continued progress with other major OEMs in automotive and industrial applications.

No detailed discussion of specific risks in the transcript, but notes that forward-looking statements are subject to risks and uncertainties as per SEC filings.

Q: Wonder if you could talk about the progress with the Tier 1 win...

A: Yes, we're in the final phase of discussions with the top 10 OEM, expecting to receive the production award decision in the next quarter and hope to name the OEM then.

Q: As you've gotten OEMs starting to work with some of the velocity data...

A: The velocity dimension helps OEMs expand operating design domains, enabling solutions for highway autonomy and industrial applications by addressing interference and enabling new use cases.

Q: On the manufacturing side, as you ramp up with Fabrinet...

A: Working on expanding manufacturing automation for LiDAR-on-Chip module, on track to start production for Nikon late 2024.

Q: For the top 10 OEM, is this engagement for a broad platform win...

A: It's a large-volume, mid-decade production opportunity, not a pilot program.

Q: With the top 10 OEM, you were down selected, does that mean you're the only supplier remaining...

A: We're in the final phase, with OEMs deploying our sensing technology on vehicles, and multiple layers of down-selection having occurred.

Q: How do we think of May Mobility in terms of scale of opportunity...

A: Similar in potential size to initial luxury passenger vehicle programs, with multiyear commitments and higher ASPs due to mobility business model