Aeva Technologies, Inc. Q1 FY2024 earnings call

• Shipped a record number of sensors to customers in Q1, including to Daimler Truck, with first Daimler Truck vehicles equipped with Aeva sensors on the road. - Made significant progress on multiple automotive RFQs, including advancing as a finalist on a global top 10 passenger OEM's RFQ and progressing on other automotive engagements. - Established a new automotive center of excellence in Germany to collaborate with existing and new partners in Europe. - On track with Nikon industrial program for start-up production later this year.

Revenue in Q1 was $2.1 million, driven by scaling of Aeries II shipments and NRE revenues. Non-GAAP operating loss was $32.1 million, near flat year-over-year. Gross cash use was $32.6 million in the quarter. Finished Q1 with total liquidity of $314.3 million, including $189.3 million in cash, cash equivalents, and marketable securities, and a $125 million available facility.

• Remain in a good position to continue executing with existing production partners and build on commercial momentum with additional production program wins. - Expect a number of automotive RFQs to be awarded this year. - Timing of start-up production and market entry aligned around 2026-2027 timeframe.

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

Q: Starting off with the Daimler win, is Aeva experiencing any halo effects after this win to show other start of production wins?

A: Yes, seeing growing interest for their technology, especially FMCW, with feedback from OEMs derisking their decisions. Progressing on multiple automotive RFQs, including a top 10 passenger OEM where they advanced as a finalist. Established automotive center of excellence in Germany to support expansion.

Q: Now that you've got a number of units - test units out and you've run your own system on the software side, Can you talk about how much compute efficiency you're seeing for customers because of the real time velocity data? And then also how important the lower power consumption is in some of the decisions that you may end up seeing later this year from customers?

A: Customers are focused on advancing automation at highway speeds. Real-time velocity data allows reduction in compute needs and potential reduction in other sensing modalities. Lower power consumption is important as OEMs look to future-proof their stacks and transition to FMCW technology.

Q: Have you gotten more interest from other trucking OEMs as well?

A: Yes, engaged in multiple RFQs for both passenger and commercial vehicles. Daimler Truck win helps derisk decisions for other OEMs moving from pilot to production deployments. Interest in FMCW technology is growing across both segments.

Q: Can you enumerate three or four key steps in winning Daimler Truck and how many potential customers are past that phase?

A: Key steps include transition from RFI to RFQ, manufacturing quality audit, down selection phase. Have advanced on multiple other programs, including a top 10 passenger OEM that has passed RFQ and manufacturing audit phases, with significant progress made recently.