Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 01, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | AEVA TECHNOLOGIES, INC. | |
Entity Central Index Key | 0001789029 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
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 | 218,230,729 | |
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 | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and cash equivalents | $ 117,885 | $ 66,810 |
Marketable securities | 232,927 | 378,200 |
Accounts receivable | 3,387 | 2,341 |
Inventories | 1,513 | 2,063 |
Other current assets | 9,685 | 9,070 |
Total current assets | 365,397 | 458,484 |
Operating lease right-of-use assets | 8,137 | 10,284 |
Property, plant and equipment, net | 9,376 | 5,136 |
Intangible assets, net | 3,750 | 4,425 |
Other noncurrent assets | 863 | 859 |
Total assets | 387,523 | 479,188 |
Liabilities, convertible preferred stock and stockholders' equity | ||
Accounts payable | 5,883 | 4,386 |
Accrued liabilities | 4,045 | 4,110 |
Accrued employee costs | 3,586 | 2,196 |
Lease liability, current portion | 2,797 | 2,872 |
Other current liabilities | 149 | 733 |
Total current liabilities | 16,460 | 14,297 |
Lease liability, noncurrent portion | 5,397 | 7,455 |
Warrant liability | 138 | 1,060 |
Total liabilities | 21,995 | 22,812 |
Commitments and contingencies (Note 14) | ||
Convertible preferred stock $0.0001 par value; 10,000 shares authorized; no shares issued and outstanding | ||
Stockholders' Deficit | ||
Common stock $0.0001 par value; 422,000 shares authorized; 218,153 and 214,997 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively | 22 | 21 |
Additional paid-in capital | 637,780 | 619,841 |
Accumulated other comprehensive loss | (4,681) | (524) |
Accumulated deficit | (267,593) | (162,962) |
Total stockholders' equity | 365,528 | 456,376 |
Total liabilities, convertible preferred stock and stockholders' equity | $ 387,523 | $ 479,188 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Temporary equity, shares authorized | 432,000,000 | |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 422,000,000 | 422,000,000 |
Common stock, shares issued | 218,153,000 | 214,997,000 |
Common stock, shares outstanding | 218,153,000 | 214,997,000 |
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues [Abstract] | ||||
Total revenues | $ 1,374 | $ 3,483 | $ 4,004 | $ 6,392 |
Cost of revenues: | ||||
Total cost of revenues | 2,765 | 2,301 | 5,131 | 3,903 |
Gross profit | (1,391) | 1,182 | (1,127) | 2,489 |
Research and development expenses | 26,123 | 20,908 | 77,376 | 51,019 |
General and administrative expenses | 8,093 | 6,739 | 23,642 | 21,641 |
Selling and marketing expenses | 2,195 | 922 | 5,415 | 2,079 |
Operating Expenses, Total | 36,411 | 28,569 | 106,433 | 74,739 |
Operating loss | (37,802) | (27,387) | (107,560) | (72,250) |
Interest income | 1,164 | 119 | 2,033 | 228 |
Other income, net | 135 | 663 | 896 | 1,886 |
Loss before income taxes | (36,503) | (26,605) | (104,631) | (70,136) |
Income taxes | 0 | 0 | 0 | 0 |
Net loss | (36,503) | (26,605) | (104,631) | (70,136) |
Unrealized loss on available-for-sale securities | (752) | 59 | (4,157) | (81) |
Total comprehensive loss | $ (37,255) | $ (26,546) | $ (108,788) | $ (70,217) |
Net loss per share, basic | $ (0.17) | $ (0.13) | $ (0.48) | $ (0.36) |
Net loss per share, diluted | $ (0.17) | $ (0.13) | $ (0.48) | $ (0.36) |
Weighted-average shares used in computing net loss per share, basic | 217,888,470 | 212,587,878 | 216,937,433 | 196,302,040 |
Weighted-average shares used in computing net loss per share, diluted | 217,888,470 | 212,587,878 | 216,937,433 | 196,302,040 |
Product | ||||
Revenues [Abstract] | ||||
Total revenues | $ 625 | $ 531 | $ 1,302 | $ 1,065 |
Cost of revenues: | ||||
Total cost of revenues | 2,438 | 617 | 3,792 | 934 |
Professional service | ||||
Revenues [Abstract] | ||||
Total revenues | 749 | 2,952 | 2,702 | 5,327 |
Cost of revenues: | ||||
Total cost of revenues | $ 327 | $ 1,684 | $ 1,339 | $ 2,969 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (UNAUDITED) - USD ($) $ in Thousands | Total | Business combination and PIPE [Member] | Previously Reported [Member] | Revision of Prior Period, Adjustment [Member] | Convertible Preferred Stock [Member] | Convertible Preferred Stock [Member] Previously Reported [Member] | Convertible Preferred Stock [Member] Revision of Prior Period, Adjustment [Member] | Common Stock [Member] | Common Stock [Member] Business combination and PIPE [Member] | Common Stock [Member] Previously Reported [Member] | Common Stock [Member] Revision of Prior Period, Adjustment [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] Business combination and PIPE [Member] | Additional Paid-in Capital [Member] Previously Reported [Member] | Additional Paid-in Capital [Member] Revision of Prior Period, Adjustment [Member] | Accumulated Other Comprehensive loss | Accumulated Deficit [Member] | Accumulated Deficit [Member] Previously Reported [Member] |
Beginning balance at Dec. 31, 2020 | $ 79,204 | $ (79,204) | ||||||||||||||||
Beginning balance, Shares at Dec. 31, 2020 | 8,606,780 | (8,606,780) | ||||||||||||||||
Beginning balance at Dec. 31, 2020 | $ 26,913 | $ (52,291) | $ 79,204 | $ 15 | $ 9 | $ 6 | $ 87,982 | $ 8,784 | $ 79,198 | $ (61,084) | $ (61,084) | |||||||
Beginning balance, Shares at Dec. 31, 2020 | 151,365,509 | 8,069,693 | 143,295,816 | |||||||||||||||
Share-based compensation | 4,513 | 4,513 | ||||||||||||||||
Issuance of common stock upon exercise of stock options | 198 | 198 | ||||||||||||||||
Issuance of common stock upon exercise of stock options, Shares | 701,139 | |||||||||||||||||
Business combination and PIPE financing, net of acquired private placement warrant | $ 557,763 | $ 6 | $ 557,757 | |||||||||||||||
Business combination and PIPE financing, net of acquired private placement warrant, Shares | 59,343,104 | |||||||||||||||||
Offering cost in connection with Business combination and PIPE financing | (47,983) | (47,983) | ||||||||||||||||
Issuance of common stock upon release of restricted stock units, Shares | 41,408 | |||||||||||||||||
Unrealized loss on available-for-sale securities | (29) | $ (29) | ||||||||||||||||
Net loss | (19,458) | (19,458) | ||||||||||||||||
Ending balance at Mar. 31, 2021 | 521,917 | $ 21 | 602,467 | (29) | (80,542) | |||||||||||||
Ending balance, Shares at Mar. 31, 2021 | 211,451,160 | |||||||||||||||||
Beginning balance at Dec. 31, 2020 | $ 79,204 | $ (79,204) | ||||||||||||||||
Beginning balance, Shares at Dec. 31, 2020 | 8,606,780 | (8,606,780) | ||||||||||||||||
Beginning balance at Dec. 31, 2020 | 26,913 | $ (52,291) | $ 79,204 | $ 15 | $ 9 | $ 6 | 87,982 | $ 8,784 | $ 79,198 | (61,084) | $ (61,084) | |||||||
Beginning balance, Shares at Dec. 31, 2020 | 151,365,509 | 8,069,693 | 143,295,816 | |||||||||||||||
Unrealized loss on available-for-sale securities | (81) | |||||||||||||||||
Net loss | (70,136) | |||||||||||||||||
Ending balance at Sep. 30, 2021 | 482,148 | $ 21 | 613,428 | (81) | (131,220) | |||||||||||||
Ending balance, Shares at Sep. 30, 2021 | 213,529,234 | |||||||||||||||||
Beginning balance at Mar. 31, 2021 | 521,917 | $ 21 | 602,467 | (29) | (80,542) | |||||||||||||
Beginning balance, Shares at Mar. 31, 2021 | 211,451,160 | |||||||||||||||||
Share-based compensation | 4,009 | 4,009 | ||||||||||||||||
Issuance of common stock upon exercise of stock options | 162 | 162 | ||||||||||||||||
Issuance of common stock upon exercise of stock options, Shares | 507,745 | |||||||||||||||||
Offering cost in connection with Business combination and PIPE financing | $ 275 | $ 275 | ||||||||||||||||
Issuance of common stock upon release of restricted stock units, Shares | 2,836 | |||||||||||||||||
Unrealized loss on available-for-sale securities | (111) | (111) | ||||||||||||||||
Net loss | (24,073) | (24,073) | ||||||||||||||||
Ending balance at Jun. 30, 2021 | 502,179 | $ 21 | 606,913 | (140) | (104,615) | |||||||||||||
Ending balance, Shares at Jun. 30, 2021 | 211,961,741 | |||||||||||||||||
Share-based compensation | 7,523 | 7,523 | ||||||||||||||||
Issuance of common stock upon exercise of stock options | 330 | 330 | ||||||||||||||||
Issuance of common stock upon exercise of stock options, Shares | 1,250,340 | |||||||||||||||||
Issuance of common stock upon release of restricted stock units, Shares | 488,940 | |||||||||||||||||
Shares withheld for the withholding tax on vesting of restricted stock | (1,338) | (1,338) | ||||||||||||||||
Shares withheld for the withholding tax on vesting of restricted stock, Shares | (171,787) | |||||||||||||||||
Unrealized loss on available-for-sale securities | 59 | 59 | ||||||||||||||||
Net loss | (26,605) | (26,605) | ||||||||||||||||
Ending balance at Sep. 30, 2021 | 482,148 | $ 21 | 613,428 | (81) | (131,220) | |||||||||||||
Ending balance, Shares at Sep. 30, 2021 | 213,529,234 | |||||||||||||||||
Beginning balance, Shares at Dec. 31, 2021 | 0 | |||||||||||||||||
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 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, Shares at Dec. 31, 2021 | 0 | |||||||||||||||||
Beginning balance at Dec. 31, 2021 | $ 456,376 | $ 21 | 619,841 | (524) | (162,962) | |||||||||||||
Beginning balance, Shares at Dec. 31, 2021 | 214,997,014 | |||||||||||||||||
Issuance of common stock upon exercise of stock options, Shares | 1,330,431 | |||||||||||||||||
Unrealized loss on available-for-sale securities | $ (4,157) | |||||||||||||||||
Net loss | (104,631) | |||||||||||||||||
Ending balance, Shares at Sep. 30, 2022 | 0 | |||||||||||||||||
Ending balance at Sep. 30, 2022 | 365,528 | $ 22 | 637,780 | (4,681) | (267,593) | |||||||||||||
Ending balance, Shares at Sep. 30, 2022 | 218,152,618 | |||||||||||||||||
Beginning balance at Mar. 31, 2022 | 426,491 | $ 22 | 625,567 | (2,979) | (196,119) | |||||||||||||
Beginning balance, Shares at Mar. 31, 2022 | 216,644,468 | |||||||||||||||||
Share-based compensation | 6,434 | 6,434 | ||||||||||||||||
Issuance of common stock upon exercise of stock options | 58 | 58 | ||||||||||||||||
Issuance of common stock upon exercise of stock options, Shares | 170,055 | |||||||||||||||||
Issuance of common stock upon release of restricted stock units, Shares | 458,399 | |||||||||||||||||
Shares withheld for the withholding tax on vesting of restricted stock | (174) | (174) | ||||||||||||||||
Shares withheld for the withholding tax on vesting of restricted stock, Shares | (60,516) | |||||||||||||||||
Unrealized loss on available-for-sale securities | (950) | (950) | ||||||||||||||||
Net loss | (34,971) | (34,971) | ||||||||||||||||
Ending balance at Jun. 30, 2022 | 396,888 | $ 22 | 631,885 | (3,929) | (231,090) | |||||||||||||
Ending balance, Shares at Jun. 30, 2022 | 217,212,406 | |||||||||||||||||
Share-based compensation | 6,140 | 6,140 | ||||||||||||||||
Issuance of common stock upon exercise of stock options | 57 | 57 | ||||||||||||||||
Issuance of common stock upon exercise of stock options, Shares | 131,110 | |||||||||||||||||
Issuance of common stock upon release of restricted stock units, Shares | 929,585 | |||||||||||||||||
Shares withheld for the withholding tax on vesting of restricted stock | (302) | (302) | ||||||||||||||||
Shares withheld for the withholding tax on vesting of restricted stock, Shares | (120,483) | |||||||||||||||||
Unrealized loss on available-for-sale securities | (752) | (752) | ||||||||||||||||
Net loss | (36,503) | (36,503) | ||||||||||||||||
Ending balance, Shares at Sep. 30, 2022 | 0 | |||||||||||||||||
Ending balance at Sep. 30, 2022 | $ 365,528 | $ 22 | $ 637,780 | $ (4,681) | $ (267,593) | |||||||||||||
Ending balance, Shares at Sep. 30, 2022 | 218,152,618 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS EQUITY (DEFICIT) (UNAUDITED) (Parenthetical) $ in Thousands | 3 Months Ended |
Mar. 31, 2021 USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Net of acquired private placement warrant | $ 3,014 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (104,631) | $ (70,136) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 2,305 | 741 |
Loss on write down of fixed assets | 0 | 52 |
Change in fair value of warrant liability | (922) | (1,904) |
Stock-based compensation | 18,358 | 16,045 |
Impairment of inventories | 1,363 | 0 |
Amortization of right-of-use assets | 2,147 | 1,204 |
Realized loss on available-for-sale securities | 29 | 0 |
Amortization of premium on available-for-sale securities | 641 | 960 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,046) | (1,072) |
Inventories | (580) | (2,118) |
Other current assets | (615) | (6,673) |
Other noncurrent assets | (4) | (791) |
Accounts payable | 1,751 | 3,275 |
Accrued liabilities | (456) | 3,343 |
Accrued employee costs | 1,283 | 771 |
Lease liability | (2,133) | (1,101) |
Other current liabilities | (583) | 247 |
Net cash used in operating activities | (83,093) | (57,157) |
Cash flows from investing activities: | ||
Purchase of property, plant and equipment | (5,967) | (2,241) |
Purchase of available-for-sale securities | (143,730) | (454,357) |
Proceeds from sale of available-for-sale securities | 0 | 20,122 |
Proceeds from maturities of available-for-sale securities | 284,176 | 62,980 |
Net cash provided by (used in) investing activities | 134,479 | (373,496) |
Cash flows from financing activities: | ||
Proceeds from business combination and private offering | 0 | 560,777 |
Transaction costs related to business combination and private offering | 0 | (47,487) |
Payments of taxes withheld on net settled vesting of restricted stock units | (613) | (495) |
Proceeds from exercise of warrants | 1 | 0 |
Proceeds from exercise of stock options | 301 | 690 |
Net cash provided by (used in) financing activities | (311) | 513,485 |
Net increase (decrease) in cash and cash equivalents | 51,075 | 82,832 |
Beginning cash and cash equivalents | 66,810 | 24,624 |
Ending cash and cash equivalents | 117,885 | 107,456 |
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: | ||
Changes in purchases of property and equipment recorded in accounts payable and accrued liabilities | (97) | 693 |
Taxes withheld on net settled vesting of restricted stock units | 107 | 843 |
Private placement of warrants acquired as part of merger | 0 | 3,014 |
Right-of-use assets obtained in exchange for lease liability | 0 | 10,515 |
Non-cash lease adoption | $ 0 | $ 1,671 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
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. 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. 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 The Business Combination is accounted for as a reverse recapitalization as the pre-combination Aeva was determined to be the accounting acquirer under Financial Accounting Standards Board (“FASB”)’s Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“ASC 805”). The determination is primarily based on the evaluation of the following facts and circumstances: • the equity holders of the pre-combination Aeva hold the majority of voting rights in the Company; • the board of directors of the pre-combination Aeva represent a majority of the members of the board of directors of the Company; • the senior management of the pre-combination Aeva became the senior management of the Company; and • the operations of the pre-combination Aeva comprise the ongoing operations of the Company. In connection with the Business Combination, outstanding capital stock of the pre-combination Aeva was converted into common stock of the Company, par value $ 0.0001 per share, representing a recapitalization, and the net assets of the Company were acquired at historical cost, with no goodwill or intangible assets recorded. The pre-combination Aeva was deemed to be the predecessor of the Company, and the consolidated assets and liabilities and results of operations prior to the Closing Date are those of the pre-combination Aeva. The shares and corresponding capital amounts and net loss per share available to common stockholders, prior to the Business Combination, have been retroactively restated as shares reflecting the exchange ratio established in the BCA. The number of shares of preferred stock was also retroactively converted into common shares based on the exchange ratio. 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. 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 September 30, 2022, the Company’s existing sources of liquidity included cash and cash equivalents and marketable securities of $ 350.8 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 $ 267.6 million as of September 30, 2022. 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. The COVID-19 pandemic has disrupted everyday life and markets worldwide, leading to significant business and supply-chain disruption, as well as broad-based changes in supply and demand. While the quarantine, social distancing and other regulatory measures instituted or recommended in response to COVID-19 are expected to be temporary, the duration of the business disruptions, and related financial impact, cannot be estimated at this time. Nevertheless, COVID-19 presents material uncertainty and risk with respect to the Company, its performance, and its financial results and could adversely affect the Company’s financial information. 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. Risks associated with cash and cash equivalents are mitigated by banking with creditworthy institutions and the Company’s marketable securities having investment-grade ratings when purchased. The Company’s accounts receivable are derived from customers located in the United States, Asia, and EMEA. 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 September 30, 2022, two customers accounted for 82 % of the accounts receivable. As of December 31, 2021, one customer accounted for 90 % of accounts receivable. As of September 30, 2022, one vendor accounted for 45 % of accounts payable. As of December 31, 2021, two vendors accounted for 37 % of accounts payable. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant items subject to such estimates and assumptions include professional services revenue, valuation allowance for deferred tax assets, stock-based compensation, useful lives of property and equipment, valuation of inventory, useful lives of intangible assets, accrued liabilities, incremental borrowing rate for leases, and the valuation of the private warrants. The Company bases its estimates on historical experience and also on assumptions that it believes are reasonable. Actual results could differ from those estimates, and such differences could be material to the Company’s financial condition and results of operations. Fair Value of Financial Instruments The Company’s cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair value due to their short maturities. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines the fair value of its financial instruments based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2 – Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and Level 3 – Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data. Leases The Company adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) using the modified retrospective approach with a cumulative-effect adjustment as of January 1, 2021. Upon adoption of Topic 842, the Company recorded operating right-of-use assets of $ 1.7 million and operating lease liabilities of $ 1.7 million and derecognized the deferred rent liability of $ 0.1 million. Prior period amounts have not been adjusted and continue to be reported in accordance with the Company’s historical accounting under previous lease guidance, ASC 840: Leases (Topic 840). The lease liability is determined as the present value of future lease payments using an incremental borrowing rate that the Company would have to pay to borrow equivalent funds on a collateralized basis at the lease commencement date. The right-of-use asset is based on the liability adjusted for any prepaid or deferred rent. The lease term at the commencement date is determined by considering whether renewal options and termination options are reasonably assured of exercise. Rent expense for operating leases is recognized on a straight-line basis over the lease term and is included in operating expenses on the condensed consolidated statements of operations and comprehensive loss. Variable lease payments include lease operating expenses. The Company elected to exclude from its balance sheets recognition of leases having a term of 12 months or less (short-term leases) and elected to not separate lease components and non-lease components for its long-term real estate leases. Cash and Cash Equivalent and Marketable Securities The Company considers all highly liquid investments purchased with a remaining maturity of three months or less to be cash equivalents. Marketable securities have been classified as available-for-sale and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. The Company determines the appropriate classification of its investments at the time of purchase. The Company evaluates, on a quarterly basis, its marketable securities for potential impairment. For marketable securities in an unrealized loss position, the Company assesses whether such declines are due to credit loss based on factors such as changes to the rating of the security by a ratings agency, market conditions and supportable forecasts of economic and market conditions, among others. If credit loss exists, the Company assesses whether it has plans to sell the security or it is more likely than not it will be required to sell any marketable security before recovery of its amortized cost basis. If either condition is met, the security’s amortized cost basis is written down to fair value and is recognized through other income, net. If neither condition is met, declines as a result of credit losses, if any, are recognized as an allowance for credit loss, limited to the amount of unrealized loss, through other income, net. Any portion of the unrealized loss that is not a result of a credit loss, is recognized in other comprehensive loss. Realized gains and losses, if any, on marketable securities are included in other income, net. The cost of investments sold is based on the specific identification method. Interest on marketable securities is included in interest income. Accounts Receivable Accounts receivable are recorded at the invoiced amount and do not bear interest. The Company reviews the need for an allowance for doubtful accounts quarterly based on historical experience with each customer and the specifics of each arrangement. As of September 30, 2022, and December 31, 2021, the Company did no t have an allowance for doubtful accounts or write-offs. Inventories Inventories consist of raw materials and supplies, work in process, and finished goods. Inventories are stated at the lower of cost or net realizable value. Costs are computed under the standard cost method, which approximates actual costs determined on a first-in, first-out basis. Net realizable value is determined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of disposal and transportation. The Company assesses inventories quarterly for slow-moving products and potential impairment, and records write-downs of inventories to cost of revenue. Deferred Transaction Costs The Company capitalized qualified legal, accounting, and other direct costs related to the Business Combination which were deferred until completion of the Business Combination. In March 2021, upon the completion of the Business Combination, all deferred costs were offset against the proceeds from the Business Combination and the PIPE financing. Property, Plant, and Equipment Property, plant, and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets. Assets are held as construction in progress until placed into service, upon which date the Company begins to depreciate the assets over their estimated useful lives. The estimated useful lives of the Company’s assets are as follows: Estimated useful lives Computer equipment 3 years Lab equipment 5 years Manufacturing equipment 4 years Testing equipment 3 years Leasehold improvements Lesser of estimated useful life or Furniture and fixtures 5 years Expenditures for repairs and maintenance are charged to expense as incurred. When an asset is sold or otherwise disposed of, the cost and associated accumulated depreciation are removed from the accounts and the resulting gain or loss is recognized in the statement of operations . Impairment of Long-Lived Assets Long-lived assets, such as property and equipment and other long-term assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent the carrying amount of the underlying asset exceeds its fair value. Product Warranty The Company typically provides a warranty on its products of one year or less. Estimated future warranty costs are accrued to cost of revenue in the period in which the related revenue is recognized. These estimates are based on historical warranty experience and any known or expected changes in warranty exposure, such as trends of product reliability and costs of repairing and replacing defective products. The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Provision for product warranties was immaterial for all periods presented. Revenue Recognition The Company adopted ASU No. 2014-09, Revenue from Contracts with Customers, and the related amendments (“Topic 606”) effective January 1, 2017, using the full retrospective method. Under Topic 606, the Company determines revenue recognition through the following steps: • Identifying the contract, or contracts, with the customer; • Identifying the performance obligations in the contract; • Determining the transaction price; • Allocating the transaction price to performance obligations in the contract; and • Recognizing revenue when, or as, the Company satisfies performance obligations by transferring the promised good or services. Nature of Products and Services and Revenue Recognition The Company’s revenue is derived from the sales of perception solution to direct customers and distributors. Revenue is recognized at a point in time when control of the goods is transferred to the customer, generally occurring upon shipment or delivery dependent upon the terms of the underlying contract. The Company typically provides a warranty of one year or less on its products. If the warranty period is sold or extended beyond the standard term, revenue related to the extended warranty is recognized ratably over the related extended warranty period. For certain custom products that require engineering and development based on customer specifications, the Company recognizes revenue over time using a cost-to-cost measure of progress which the Company believes faithfully depicts the transfer of control of the goods or services to the customer. Amounts billed to customers for shipping and handling are included in revenue. Some of the Company’s arrangements provide software embedded in hardware, and promises to update the Company’s software represent immaterial promises in contracts with customers. Taxes collected from customers and remitted to governmental authorities are excluded from revenue. Arrangements with Multiple Performance Obligations When a contract involves multiple performance obligations, the Company accounts for individual products and services separately if the customer can benefit from the product or service on its own or with other resources that are readily available to the customer and the product or service is separately identifiable from other promises in the contract. The consideration is allocated between separate performance obligations in proportion to their estimated standalone selling price. Other Policies, Judgments and Practical Expedients Right of return. The Company’s general terms and conditions for its contracts contain rights of return. However, the Company does not have a history of returns and therefore estimates of returns are immaterial. As such, the Company generally recognizes revenue at the contract price upon product shipment or delivery. Contract balances. Contract assets and liabilities represent the differences in the timing of revenue recognition from the receipt of cash from the Company’s customers and billings. Contract assets reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities relate to payments received in advance of the satisfaction of performance under the contract. Receivables represents the right to consideration that is unconditional. Such rights are considered unconditional if only the passage of time is required before payment of that consideration is due. Remaining performance obligations. Revenue allocated to remaining performance obligations represents the transaction price allocated to the performance obligations that are unsatisfied or partially unsatisfied. It includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods and does not include contracts where the customer is not committed. The customer is not considered committed where they can terminate for convenience without payment of a substantive penalty under the contract. Additionally, as a practical expedient, the Company has not disclosed the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. Because the majority of the Company’s customer contracts allow customers to terminate for convenience or have an original duration of one year or less, the total amount of the transaction price allocated to unsatisfied performance obligations with a duration of more than 12 months was immaterial as of September 30, 2022 and December 31, 2021. Significant financing component. In certain arrangements, the Company receives payment from a customer either before or after the performance obligation has been satisfied. However, the Company’s contracts are generally one year or less; therefore, the Company applies a practical expedient and does not consider the effects of the time value of money. Contract modifications. The Company may modify contracts to offer customers additional products or services. Each of the additional products and services are generally considered distinct from those products or services transferred to the customer before the modification. The Company evaluates whether the contract price for the additional products and services reflects the standalone selling price as adjusted for facts and circumstances applicable to that contract. In these cases, the Company accounts for the additional products or services as a separate contract. In other cases where the pricing in the modification does not reflect the standalone selling price as adjusted for facts and circumstances applicable to that contract, the Company accounts for the modification on a prospective basis where the remaining goods and services are distinct from the original items and on a cumulative catch-up basis when the remaining goods and services are not distinct from the original items. Judgments and estimates. Judgement is required in the identification of performance obligations within the Company’s contracts with customers, especially those for certain custom products that require engineering and development. Accounting for contracts recognized over time under Topic 606 involves the use of various techniques to estimate total contract revenue and costs. Due to uncertainties inherent in the estimation process, estimates of costs to complete a performance obligation may be revised. The Company reviews and updates its contract-related estimates regularly, and records adjustments as needed. For those performance obligations for which revenue is recognized using a cost-to-cost method, changes in total estimated costs, and related progress towards complete satisfaction of the performance obligation, are recognized on a cumulative catch-up basis in the period in which the revisions to the estimates are made. Cost of Revenue The cost of revenue principally includes direct material, direct labor, and allocation of overhead associated with manufacturing operations, including inbound freight charges and depreciation. Cost of revenue also includes the direct cost and appropriate allocation of overhead costs involved in the execution of service contracts. Research and Development Research and development expenses consist primarily of payroll expenses, consulting and contractor expenses, allocated overhead costs, and tooling and prototype materials to the extent no future benefit is expected. Substantially all of the Company’s research and development expenses are related to developing new products and services and improving existing products and services. To date, research and development expenses have been expensed as incurred and included in the statements of operations. Stock-based Compensation The Company measures the cost of share-based awards granted to employees and directors based on the grant-date fair value of the awards. The grant-date fair value of the stock options is calculated using a Black-Scholes option pricing model. The Black-Scholes pricing model requires the use of subjective assumptions including the option’s expected term, the volatility of the underlying stock, the fair value of the stock, dividend yield rate and the risk-free rate. The fair value of the performance based restricted stock units (the “PBRSUs”) and restricted stock units (the “RSUs”) is equal to the closing price of the Company’s common stock on the grant date. The fair value of the stock-based grants except for PBRSUs is recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the award. The fair value of PBRSUs is recognized using the graded-vesting attribution method over the requisite service period. Income Taxes Income taxes are accounted under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent that these assets are more likely than not to be realized. In making such a determination, all available positive and negative evidence is considered, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If it is determined that deferred tax assets would be realized in the future, in excess of their net recorded amount, an adjustment would be made to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions in accordance with Topic 740: Simplifying the Accounting for Income Taxes (“Topic 740”) on the basis of a two-step process which includes (1) determination of whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position, and (2) recognition of tax positions that meet the more-likely-than-not recognition threshold. Recognized income tax positions are measured at the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying statement of operations. Accrued interest and penalties are included on the related tax liability line in the balance sheet. Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount within a range of loss can be reasonably estimated. When no amount within the range is a better estimate than any other amount, the Company accrues for the minimum amount within the range. Legal costs incurred in connection with loss contingencies are expensed as incurred. Foreign Currency Translation Gains and losses resulting from foreign exchange transactions and revaluation of monetary assets and liabilities in non-functional currencies are included in other income (expense) in the statements of operations. Net foreign exchange gain (loss) recorded in the Company’s statements of operations was immaterial for all periods. Net Loss Attributable Per Share to Common Stockholders Basic net loss per share attributable to common stockholders is computed by dividing the Company’s net loss attributable per share to common stockholders by the weighted-average number of common shares used in the loss per share calculation during the period. Diluted net loss per share attributable to common stockholders is computed by giving effect to all potentially dilutive securities, including stock options and convertible preferred shares. Basic and diluted net loss per share attributable to common stockholders was the same for all periods presented as the inclusion of all potentially dilutive securities outstanding was anti-dilutive. Warrant Liabilities The Company accounts for the private placement warrants issued in connection with our initial public offering in accordance with the guidance contained in ASC 815-40 under which the warrants do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, the Company classifies the private placement warrants as liabilities at their fair value and adjusts the warrants to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until the warrants are exercised, and any change in fair value is recognized in the statement of operations. The Company utilizes the Black-Scholes option pricing model to value the warrants at each reporting period. The key assumptions in the option pricing model utilized include the following: • The expected share-price volatility assumption is based on a blend of the implied volatilities of the Company’s public warrants and a set of comparable publicly traded warrants for other similar companies. • The expected term of the warrants is assumed to be the expected period until the close of a Business Combination, and the contractual five-year term subsequently. • The risk-free interest rate is based on the U.S. Treasury rate for the applicable expected terms. • The dividend yield is based on the historical rate, which the Company anticipates to remain at zero . Intangible Assets Intangible assets, consists of purchased patents that are stated at cost less accumulated amortization. Intangible assets have been determined to have finite lives and are amortized on a straight-line basis over their estimated remaining economic lives, which is estimated at five years. Amortization expense is included in general and administrative expenses . Recent Accounting Pronouncements In October 2021, the FASB issued Accounting Standards Update 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 Company is currently evaluating the potential impact of ASU 2021-08 to its consolidated financial statements. Recently Adopted Accounting Guidance In June 2016, the FASB issued ASU No. 2016-13, which amends the incurred loss impairment methodology in current GAAP with a methodology that requires measurement and recognition of expected credit losses for most financial assets and certain other instruments, including but not limited to available-for-sale debt securities. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security. ASU 2016-13 is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2019, and requires |
Reverse Capitalization
Reverse Capitalization | 9 Months Ended |
Sep. 30, 2022 | |
Business Combinations [Abstract] | |
Reverse Capitalization | Note 2. Reverse Capitalization On March 12, 2021 , Aeva, Inc. and IPV consummated the merger contemplated by the BCA, with Aeva, Inc. surviving the merger as a wholly-owned subsidiary of IPV. As part of the consummation of the merger, IPV changed its name to Aeva Technologies, Inc. Upon the closing of the Business Combination, the Company's certificate of incorporation was amended and restated to, among other things, increase the total number of authorized shares of capital stock to 432,000,000 shares, of which 422,000,000 shares were designated common stock, $ 0.0001 par value per share, and of which 10,000,000 shares were designated preferred stock, $ 0.0001 par value per share. Immediately prior to the closing of the Business Combination, each issued and outstanding share of Aeva, Inc.’s redeemable, convertible preferred stock, was converted into shares of common stock based on a one-to-one ratio (see Note 10). The Business Combination is accounted for with a retrospective application of the Business Combination that results in 78,120,214 shares of redeemable convertible preferred stock converting into the same number of shares of Aeva, Inc. common stock. Upon the consummation of the Business Combination, each share of Aeva, Inc. common stock issued and outstanding was canceled and converted into the right to receive 9.07659 shares (the “Exchange Ratio”) of the Company’s common stock (the “Per Share Merger Consideration”). Outstanding stock options, whether vested or unvested, to purchase shares of Aeva, Inc. common stock granted under the 2016 Plan (“Legacy Options”) (see Note 12) converted into stock options for shares of the Company’s common stock upon the same terms and conditions that were in effect with respect to such stock options immediately prior to the Business Combination, after giving effect to the Exchange Ratio. Outstanding warrants to purchase shares of common stock remained outstanding after the closing of the Business Combination. The warrants became exercisable 30 days after the completion of the Business Combination, subject to other conditions, including with respect to the effectiveness of a registration statement covering the shares of common stock underlying such warrants, and will expire five years after the completion of the Business Combination or earlier upon redemption or liquidation. In connection with the Business Combination, • certain IPV stockholders exercised their right to redeem certain of their outstanding shares for cash, resulting in the redemption of 30,874 shares of IPV common stock for gross redemption payments of $ 0.3 million; and • a number of investors purchased from the Company an aggregate of 28,318,478 shares of common stock (the “PIPE Shares”), for a purchase price of $ 10.00 per share, $ 11.50 per share or $ 16.00 per share, as applicable, for an aggregate purchase price of $ 320.0 million pursuant to separate subscription agreements (the “PIPE”). The PIPE investment closed simultaneously with the consummation of the Business Combination. In connection with the Business Combination, the Company incurred direct and incremental costs of approximately $ 47.7 million related to the equity issuance, consisting primarily of investment banking, legal, accounting and other professional fees, which were recorded to additional paid-in capital as a reduction of proceeds. The Business Combination is accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, IPV was treated as the “acquired” company for financial reporting purposes. See Note 1 "Description of Business and Summary of Significant Accounting Policies" for further details. Accordingly, for accounting purposes, the Business Combination was treated as the equivalent of Aeva, Inc. issuing stock for the net assets of IPV, accompanied by a recapitalization. The net assets of IPV are stated at historical cost, with no goodwill or intangible assets recorded. Prior to the Business Combination, Aeva, Inc., and IPV filed separate standalone federal, state and local income tax returns. As a result of the Business Combination Aeva, Inc. will file a consolidated income tax return. Although, for legal purposes, IPV acquired Aeva, Inc., and the transaction represents a reverse acquisition for federal income tax purposes. IPV will be the parent of the consolidated group with Aeva, Inc. as a subsidiary, but in the year of the closing of the Business Combination, Aeva, Inc. will file a full-year tax return with IPV joining in the return the day after the Closing Date. Upon closing of the Business Combination, the Company received gross proceeds of $ 560.8 million from the Business Combination and PIPE financing, offset by offerings costs of $ 47.7 million. The following table reconciles the elements of the Business Combination to the consolidated statements of cash flows and the consolidated statement of changes in stockholders’ equity (in thousands): Cash - InterPrivate’s trust and cash (net of redemption) $ 240,777 Cash - Private offering 320,000 Less: transaction costs and advisory fees paid ( 47,708 ) Net Business Combination and Private Offering $ 513,069 The number of shares of common stock issued immediately following the consummation of the Business Combination were: Common stock, outstanding prior to Business Combination 24,150,000 Less: redemption of IPV shares ( 30,874 ) Common stock of IPV Corp 24,119,126 IPV founder shares 6,905,500 Shares issued in PIPE 28,318,478 Business Combination and PIPE shares 59,343,104 Legacy Aeva shares (1) 152,066,648 Total shares of common stock immediately after Business Combination 211,409,752 Aeva exercise of warrants — Total shares of common stock at March 12, 2021 211,409,752 (1) The number of Legacy Aeva shares was determined as follows: Aeva shares Aeva shares, Balance at December 31, 2019 8,031,018 72,894,258 Recapitalization applied to Convertible Preferred Stock outstanding at December 31, 2019 8,606,780 78,120,214 Exercise of common stock options - 2020 38,675 351,037 Exercise of common stock options - 2021 (pre-Closing) 77,247 701,139 Total 152,066,648 |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Note 3. 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 September 30, 2022 and 2021, based on the disaggregation criteria described above are as follows (in thousands): Three Months Ended September 30, 2022 2021 Revenue % of Revenue Revenue % of Revenue Revenue by primary geographical market: North America $ 1,119 81 % $ 3,461 99 % EMEA 233 17 % 22 1 % Asia 22 2 % — 0 % Total $ 1,374 100 % $ 3,483 100 % Revenue by timing of recognition: Recognized at a point in time $ 625 45 % $ 531 15 % Recognized over time 749 55 % 2,952 85 % Total $ 1,374 100 % $ 3,483 100 % Total revenue for the nine months ended September 30, 2022 and 2021, based on the disaggregation criteria described above are as follows (in thousands): Nine Months Ended September 30, 2022 2021 Revenue % of Revenue Revenue % of Revenue Revenue by primary geographical market: North America $ 3,640 91 % $ 6,143 96 % EMEA 317 8 % 77 1 % Asia 47 1 % 172 3 % Total $ 4,004 100 % $ 6,392 100 % Revenue by timing of recognition: Recognized at a point in time $ 1,302 33 % $ 1,065 17 % Recognized over time 2,702 67 % 5,327 83 % Total $ 4,004 100 % $ 6,392 100 % For the three months ended September 30, 2022, one customer accounted for 55 % and for the three months ended September 30, 2021 two customers accounted for 96 % of the Company’s revenue, respectively. For the nine months ended September 30, 2022 and 2021, two customers accounted for 67 % and 92 % of the Company’s revenue, respectively. Contract Assets and Contract Liabilities As of September 30, 2022, and December 31, 2021, the Company had contract assets of $ 4.0 million and $ 4.1 million, recognized in other current assets. The Company had no contract liability, as of September 30, 2022 and December 31, 2021. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | Note 4. Financial Instruments The following tables summarize the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy: September 30, 2022 Adjusted Cost Unrealized Losses Fair Value Cash and Cash Equivalent Marketable Securities (in thousands) Assets Cash $ 4,915 $ — $ 4,915 $ 4,915 $ — Level 1 Money market funds 51,312 — 51,312 51,312 — Level 2 U.S. Government securities 62,485 ( 1,782 ) 60,703 — 60,703 U.S. Treasury securities 21,926 ( 143 ) 21,783 — 21,783 Commercial paper 108,463 ( 293 ) 108,170 61,658 46,512 Corporate bonds 106,392 ( 2,463 ) 103,929 — 103,929 Subtotal 299,266 ( 4,681 ) 294,585 61,658 232,927 Total assets $ 355,493 $ ( 4,681 ) $ 350,812 $ 117,885 $ 232,927 Liabilities Level 3 Warrant liabilities 138 — 138 — — Total liabilities $ 138 $ — $ 138 $ — $ — December 31, 2021 Adjusted Cost Unrealized Losses Fair Value Cash and Cash Equivalent Marketable Securities (in thousands) Assets Cash $ 2,765 $ — $ 2,765 $ 2,765 $ — Level 1 Money market funds 38,045 — 38,045 38,045 — Level 2 U.S. Government securities 45,982 ( 66 ) 45,916 — 45,916 U.S. Treasury securities 80,500 ( 7 ) 80,493 26,000 54,493 Commercial paper 94,887 ( 15 ) 94,872 — 94,872 Corporate bonds 182,338 ( 435 ) 181,903 — 181,903 Municipal securities 1,017 ( 1 ) 1,016 — 1,016 Subtotal 404,724 ( 524 ) 404,200 26,000 378,200 Total assets $ 445,534 $ ( 524 ) $ 445,010 $ 66,810 $ 378,200 Liabilities Level 3 Warrant liabilities 1,060 — 1,060 — — Total liabilities $ 1,060 $ — $ 1,060 $ — $ — 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): September 30, 2022 December 31, 2021 Fair value, beginning balance $ 1,060 $ — Private placement warrant liability acquired as part of the merger — 3,014 Change in the fair value included in other income, net ( 922 ) ( 1,954 ) Fair value, closing balance $ 138 $ 1,060 The key inputs into the Black-Scholes option pricing model for the private warrants were as follows for the relevant periods: September 30, 2022 December 31, 2021 Expected term (years) 3.5 4.2 Expected volatility 80.5 % 60.3 % Risk-free interest rate 4.16 % 1.14 % Dividend yield 0 % 0 % Exercise Price $ 11.50 $ 11.50 |
Acquisition and Intangible Asse
Acquisition and Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Acquisition and Intangible Assets | Note 5. Acquisition and Intangible Assets On November 23, 2021, the Company entered into an agreement to purchas ed certain intellectual property for a total consideration of approximately $ 4.5 million in cash. The assets acquired primarily consists of intellectual property (patents). The Company applied a screen test to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets and determine the transaction should be accounted for as an asset acquisition. Since the only substantive assets acquired was intellectual property, the entire purchase price was allocated to the intellectual property. The acquired intellectual property has a weighted-average useful life of 5 years. The Company recorded amortization expense related to the acquired intangible assets of $ 0.2 million and $ 0.7 million, for the three and nine months ended September 30, 2022. As of September 30, 2022, expected amortization expense relating to purchased intangible assets for each of the next five years and thereafter was as follows (in thousands): Remainder of 2022 $ 225 2023 900 2024 900 2025 900 2026 825 Total future amortization $ 3,750 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 6. Inventories Inventories consist of the following (in thousands): September 30, December 31, 2022 2021 Raw materials $ 1,310 $ 1,668 Work-in-progress $ 118 116 Finished goods 85 279 Total inventories $ 1,513 $ 2,063 |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 7. Property, Plant and Equipment Property, plant and equipment consists of the following (in thousands): September 30, December 31, 2022 2021 Computer equipment $ 2,218 $ 1,572 Lab equipment 4,703 2,760 Leasehold improvements 2,848 1,330 Construction in progress 1,361 980 Testing equipment 680 521 Manufacturing equipment 1,574 374 Furniture, fixtures and other equipment 463 439 Total property, plant and equipment $ 13,847 $ 7,976 Less: accumulated depreciation ( 4,471 ) ( 2,840 ) Total property, plant and equipment, net $ 9,376 $ 5,136 Depreciation related to property, plant, and equipment wa s $ 0.6 mil lion and $ 0.3 million for the three months ended September 30, 2022, and September 30, 2021, respectively, and $ 1.6 million and $ 0.7 million for the nine months ended September 30, 2022, and September 30, 2021, respectively. |
Other Current Assets
Other Current Assets | 9 Months Ended |
Sep. 30, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets | Note 8. Other current assets Other current assets consist of the following (in thousands): September 30, December 31, 2022 2021 Prepaid expenses $ 3,697 $ 2,819 Contract assets 3,965 4,069 Vendor deposits 1,137 1,057 Other current assets 886 1,125 Total other current assets $ 9,685 $ 9,070 |
Other Current Liabilities
Other Current Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Other Liabilities, Current [Abstract] | |
Other Current Liabilities | Note 9. Other current liabilities Other current liabilities consist of the following (in thousands): September 30, December 31, 2022 2021 Sales tax payable $ 73 $ 551 Other current liabilities 76 182 Total other current liabilities $ 149 $ 733 |
Capital Structure
Capital Structure | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Capital Structure | Note 10. Capital Structure As of September 30, 2022, the Company had authorized a total of 432,000,000 shares for issuance, with 422,000,000 shares designated as common stock and 10,000,000 shares designated as preferred stock. As discussed in Note 2, Business Combination , the Company has retroactively adjusted the shares issued and outstanding prior to March 12, 2021 to give effect to the exchange ratio established in the BCA to determine the number of shares of common stock into which they were converted. Prior to the Business Combination, Aeva had shares of $ 0.001 par value Series Seed, Series A, Series A-1, and Series B preferred stock outstanding, all of which were convertible into shares of common stock of the pre-combination Aeva on a 1:1 basis , subject to certain anti-dilution protections. Upon the Closing, the outstanding shares of preferred stock were converted into common stock of Aeva, Inc., and then into common stock of the Company at a ratio of 1: 9.07659 , the exchange rate established in the BCA. March 12, 2021 (Closing Date) Preferred Stock Shares Exchange Ratio Common Stock Shares Series Seed Convertible Preferred Stock (pre-combination) 3,198,556 9.07659 29,031,982 Series A Convertible Preferred Stock (pre-combination) 2,851,057 9.07659 25,877,876 Series B Convertible Preferred Stock (pre-combination) 1,032,888 9.07659 9,375,100 Series B-1 Convertible Preferred Stock (pre-combination) 1,524,279 9.07659 13,835,256 Total 8,606,780 78,120,214 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 September 30, 2022 and December 31, 2021, no shares of preferred stock were issued and outstanding. Warrants As of September 30, 2022, the Company had 12,074,880 public and 384,000 private warrants outstanding. Each warrant e ntitles 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 | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Note 11. 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Numerator: Net Loss $ ( 36,503 ) $ ( 26,605 ) $ ( 104,631 ) $ ( 70,136 ) Net loss attributable per share to common stockholders ( 36,503 ) ( 26,605 ) ( 104,631 ) ( 70,136 ) Denominator: Weighted average shares of common stock outstanding — Basic 217,888,470 212,587,878 216,937,433 196,302,040 Dilutive effect of potential common stock — — — — Weighted average shares of common stock outstanding — Diluted 217,888,470 212,587,878 216,937,433 196,302,040 Net loss per share attributable to common stockholders — Basic and Diluted $ ( 0.17 ) $ ( 0.13 ) $ ( 0.48 ) $ ( 0.36 ) 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: Nine Months Ended September 30, 2022 2021 Common stock options issued and outstanding 13,686,976 15,309,123 Restricted stock units 10,798,551 6,550,785 Total 24,485,527 21,859,908 |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation | Note 12. 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 1,869,879 shares available for issuance as of September 30, 2022. 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. The fair value of stock option awards was determined on the grant date using the Black-Scholes option-pricing model. No new options were granted during the period ended September 30, 2021. The assumptions for the Black-Scholes model for options granted during the period ended September 30, 2022, were as follows: Nine Months Ended September 30, 2022 2021 Expected term (years) (1) 6.02 5.79 — 6.02 Expected volatility (2) 48.7 % — 49.0 % 43.5 % — 44.6 % Common stock value 2.92 — 3.28 14.32 — 14.50 Risk-free interest rate (3) 2.73 % — 2.93 % 1.20 % — 1.60 % Dividend yield (4) 0 % 0 % (1) Expected term is the length of time the grant is expected to be outstanding before it is exercised or terminated. This number is calculated as the midpoint between the vesting term and the original contractual term (contractual period to exercise). If the option contains graded vesting, then the vesting term would be based on the vesting pattern. (2) Expected volatility was estimated based on comparable companies' reported volatilities. (3) The risk-free rate is an interpolation of yields on U.S. Treasury securities with maturities equivalent to the expected term. (4) The Company has assumed a dividend yield of zero as they have no plans to declare dividends in the foreseeable future. A summary of the Company’s stock option activity for nine months ended September 30, 2022, is as follows: Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2021 13,858,356 $ 0.39 7.47 $ 99,406 Granted 1,335,000 3.08 — — Exercised ( 1,330,431 ) 0.23 — — Forfeited ( 175,949 ) 0.49 — — Outstanding as of September 30, 2022 13,686,976 0.66 7.04 18,122 Vested and exercisable as of September 30, 2022 10,145,685 0.43 6.74 14,880 Vested and expected to vest as of September 30, 2022 13,686,976 0.66 7.04 18,122 T he Company had $ 4.6 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 1.9 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. RSU’s expire in 10 years from the date of grant and 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. As a result, the Company’s outstanding RSUs vested to the extent the applicable service condition was satisfied as of such date. The vesting of these outstanding RSUs resulted in approximately $ 2.7 million of incremental stock-based compensation expense for the three and nine months ended September 30, 2021. The following table summarizes our RSU activity which includes performance-based RSUs for the nine months ended September 30, 2022: Shares Weighted Average Outstanding as of December 31, 2021 6,631,079 $ 10.04 Granted 7,207,201 3.55 Released ( 2,059,605 ) 8.84 Forfeited ( 980,124 ) 9.39 Outstanding as of September 30, 2022 10,798,551 $ 6.00 As of September 30, 2022, the Company had $ 55.6 million of unrecognized stock-based compensation expense related to the RSUs. This cost is expected to be recognized over a weighted-average period of 3.0 years. Compensation expense Total stock-based compensation expense by function was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Cost of revenue $ 396 $ 593 $ 738 $ 1,003 Research and development expenses 4,177 4,806 13,152 8,624 General and administrative expenses 1,263 2,017 3,767 6,209 Sales and marketing expenses 304 107 701 209 Total $ 6,140 $ 7,523 $ 18,358 $ 16,045 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 13. Income Taxes Components of Income Before Taxes For financial reporting purposes, income before income taxes includes the following components (in thousand): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Domestic $ ( 36,503 ) $ ( 26,605 ) $ ( 104,631 ) $ ( 70,136 ) Loss before income taxes $ ( 36,503 ) $ ( 26,605 ) $ ( 104,631 ) $ ( 70,136 ) The Company does no t have significant foreign loss before income tax. 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 and nine months ended September 30, 2022 and 2021, 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, 2021 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 | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 14. Commitments and Contingencies Leases The weighted average incremental borrowing rate used to measure the operating lease liability is 5.25 %. Operating lease cost for three months ended September 30, 2022, and 2021, was $ 0.8 million and $ 0.8 million, respectively. Operating lease cost for nine months ended September 30, 2022, and 2021, was $ 2.5 million and $ 1.5 million, respectively. Short-term lease costs for the three and nine months ended September 30, 2022 and 2021, were no t material. The variable lease costs for the three months ended September 30, 2022 and 2021, were $ 0.1 million and $ 0.1 million, respectively. The variable lease costs for the nine months ended September 30, 2022 and 2021, were $ 0.3 million and $ 0.2 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 September 30, 2022 (in thousands): Operating Leases Remainder of 2022 $ 840 2023 2,977 2024 2,748 2025 1,969 2026 290 Total minimum lease payments 8,824 Less: imputed interest ( 630 ) Total lease liability $ 8,194 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 | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Note 15. 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): September 30, December 31, 2022 2021 (in thousands) North America $ 8,349 $ 4,676 Asia 951 351 EMEA 76 109 Total $ 9,376 $ 5,136 |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
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. 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. 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 | Basis of Presentation The Business Combination is accounted for as a reverse recapitalization as the pre-combination Aeva was determined to be the accounting acquirer under Financial Accounting Standards Board (“FASB”)’s Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“ASC 805”). The determination is primarily based on the evaluation of the following facts and circumstances: • the equity holders of the pre-combination Aeva hold the majority of voting rights in the Company; • the board of directors of the pre-combination Aeva represent a majority of the members of the board of directors of the Company; • the senior management of the pre-combination Aeva became the senior management of the Company; and • the operations of the pre-combination Aeva comprise the ongoing operations of the Company. In connection with the Business Combination, outstanding capital stock of the pre-combination Aeva was converted into common stock of the Company, par value $ 0.0001 per share, representing a recapitalization, and the net assets of the Company were acquired at historical cost, with no goodwill or intangible assets recorded. The pre-combination Aeva was deemed to be the predecessor of the Company, and the consolidated assets and liabilities and results of operations prior to the Closing Date are those of the pre-combination Aeva. The shares and corresponding capital amounts and net loss per share available to common stockholders, prior to the Business Combination, have been retroactively restated as shares reflecting the exchange ratio established in the BCA. The number of shares of preferred stock was also retroactively converted into common shares based on the exchange ratio. |
Unaudited Interim Financial Statements | 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. |
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 September 30, 2022, the Company’s existing sources of liquidity included cash and cash equivalents and marketable securities of $ 350.8 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 $ 267.6 million as of September 30, 2022. 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. The COVID-19 pandemic has disrupted everyday life and markets worldwide, leading to significant business and supply-chain disruption, as well as broad-based changes in supply and demand. While the quarantine, social distancing and other regulatory measures instituted or recommended in response to COVID-19 are expected to be temporary, the duration of the business disruptions, and related financial impact, cannot be estimated at this time. Nevertheless, COVID-19 presents material uncertainty and risk with respect to the Company, its performance, and its financial results and could adversely affect the Company’s financial information. |
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. Risks associated with cash and cash equivalents are mitigated by banking with creditworthy institutions and the Company’s marketable securities having investment-grade ratings when purchased. The Company’s accounts receivable are derived from customers located in the United States, Asia, and EMEA. 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 September 30, 2022, two customers accounted for 82 % of the accounts receivable. As of December 31, 2021, one customer accounted for 90 % of accounts receivable. As of September 30, 2022, one vendor accounted for 45 % of accounts payable. As of December 31, 2021, two vendors accounted for 37 % of accounts payable. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant items subject to such estimates and assumptions include professional services revenue, valuation allowance for deferred tax assets, stock-based compensation, useful lives of property and equipment, valuation of inventory, useful lives of intangible assets, accrued liabilities, incremental borrowing rate for leases, and the valuation of the private warrants. The Company bases its estimates on historical experience and also on assumptions that it believes are reasonable. Actual results could differ from those estimates, and such differences could be material to the Company’s financial condition and results of operations. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair value due to their short maturities. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines the fair value of its financial instruments based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2 – Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and Level 3 – Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data. |
Leases | Leases The Company adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) using the modified retrospective approach with a cumulative-effect adjustment as of January 1, 2021. Upon adoption of Topic 842, the Company recorded operating right-of-use assets of $ 1.7 million and operating lease liabilities of $ 1.7 million and derecognized the deferred rent liability of $ 0.1 million. Prior period amounts have not been adjusted and continue to be reported in accordance with the Company’s historical accounting under previous lease guidance, ASC 840: Leases (Topic 840). The lease liability is determined as the present value of future lease payments using an incremental borrowing rate that the Company would have to pay to borrow equivalent funds on a collateralized basis at the lease commencement date. The right-of-use asset is based on the liability adjusted for any prepaid or deferred rent. The lease term at the commencement date is determined by considering whether renewal options and termination options are reasonably assured of exercise. Rent expense for operating leases is recognized on a straight-line basis over the lease term and is included in operating expenses on the condensed consolidated statements of operations and comprehensive loss. Variable lease payments include lease operating expenses. The Company elected to exclude from its balance sheets recognition of leases having a term of 12 months or less (short-term leases) and elected to not separate lease components and non-lease components for its long-term real estate leases. |
Cash and Cash Equivalent and Marketable Securities | Cash and Cash Equivalent and Marketable Securities The Company considers all highly liquid investments purchased with a remaining maturity of three months or less to be cash equivalents. Marketable securities have been classified as available-for-sale and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. The Company determines the appropriate classification of its investments at the time of purchase. The Company evaluates, on a quarterly basis, its marketable securities for potential impairment. For marketable securities in an unrealized loss position, the Company assesses whether such declines are due to credit loss based on factors such as changes to the rating of the security by a ratings agency, market conditions and supportable forecasts of economic and market conditions, among others. If credit loss exists, the Company assesses whether it has plans to sell the security or it is more likely than not it will be required to sell any marketable security before recovery of its amortized cost basis. If either condition is met, the security’s amortized cost basis is written down to fair value and is recognized through other income, net. If neither condition is met, declines as a result of credit losses, if any, are recognized as an allowance for credit loss, limited to the amount of unrealized loss, through other income, net. Any portion of the unrealized loss that is not a result of a credit loss, is recognized in other comprehensive loss. Realized gains and losses, if any, on marketable securities are included in other income, net. The cost of investments sold is based on the specific identification method. Interest on marketable securities is included in interest income. |
Accounts Receivable | Accounts Receivable Accounts receivable are recorded at the invoiced amount and do not bear interest. The Company reviews the need for an allowance for doubtful accounts quarterly based on historical experience with each customer and the specifics of each arrangement. As of September 30, 2022, and December 31, 2021, the Company did no t have an allowance for doubtful accounts or write-offs. |
Inventories | Inventories Inventories consist of raw materials and supplies, work in process, and finished goods. Inventories are stated at the lower of cost or net realizable value. Costs are computed under the standard cost method, which approximates actual costs determined on a first-in, first-out basis. Net realizable value is determined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of disposal and transportation. The Company assesses inventories quarterly for slow-moving products and potential impairment, and records write-downs of inventories to cost of revenue. |
Deferred Transaction Costs | Deferred Transaction Costs The Company capitalized qualified legal, accounting, and other direct costs related to the Business Combination which were deferred until completion of the Business Combination. In March 2021, upon the completion of the Business Combination, all deferred costs were offset against the proceeds from the Business Combination and the PIPE financing. |
Property, Plant, and Equipment | Property, Plant, and Equipment Property, plant, and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets. Assets are held as construction in progress until placed into service, upon which date the Company begins to depreciate the assets over their estimated useful lives. The estimated useful lives of the Company’s assets are as follows: Estimated useful lives Computer equipment 3 years Lab equipment 5 years Manufacturing equipment 4 years Testing equipment 3 years Leasehold improvements Lesser of estimated useful life or Furniture and fixtures 5 years Expenditures for repairs and maintenance are charged to expense as incurred. When an asset is sold or otherwise disposed of, the cost and associated accumulated depreciation are removed from the accounts and the resulting gain or loss is recognized in the statement of operations |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets, such as property and equipment and other long-term assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent the carrying amount of the underlying asset exceeds its fair value. |
Product Warranty | Product Warranty The Company typically provides a warranty on its products of one year or less. Estimated future warranty costs are accrued to cost of revenue in the period in which the related revenue is recognized. These estimates are based on historical warranty experience and any known or expected changes in warranty exposure, such as trends of product reliability and costs of repairing and replacing defective products. The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Provision for product warranties was immaterial for all periods presented. |
Revenue Recognition | Revenue Recognition The Company adopted ASU No. 2014-09, Revenue from Contracts with Customers, and the related amendments (“Topic 606”) effective January 1, 2017, using the full retrospective method. Under Topic 606, the Company determines revenue recognition through the following steps: • Identifying the contract, or contracts, with the customer; • Identifying the performance obligations in the contract; • Determining the transaction price; • Allocating the transaction price to performance obligations in the contract; and • Recognizing revenue when, or as, the Company satisfies performance obligations by transferring the promised good or services. Nature of Products and Services and Revenue Recognition The Company’s revenue is derived from the sales of perception solution to direct customers and distributors. Revenue is recognized at a point in time when control of the goods is transferred to the customer, generally occurring upon shipment or delivery dependent upon the terms of the underlying contract. The Company typically provides a warranty of one year or less on its products. If the warranty period is sold or extended beyond the standard term, revenue related to the extended warranty is recognized ratably over the related extended warranty period. For certain custom products that require engineering and development based on customer specifications, the Company recognizes revenue over time using a cost-to-cost measure of progress which the Company believes faithfully depicts the transfer of control of the goods or services to the customer. Amounts billed to customers for shipping and handling are included in revenue. Some of the Company’s arrangements provide software embedded in hardware, and promises to update the Company’s software represent immaterial promises in contracts with customers. Taxes collected from customers and remitted to governmental authorities are excluded from revenue. Arrangements with Multiple Performance Obligations When a contract involves multiple performance obligations, the Company accounts for individual products and services separately if the customer can benefit from the product or service on its own or with other resources that are readily available to the customer and the product or service is separately identifiable from other promises in the contract. The consideration is allocated between separate performance obligations in proportion to their estimated standalone selling price. Other Policies, Judgments and Practical Expedients Right of return. The Company’s general terms and conditions for its contracts contain rights of return. However, the Company does not have a history of returns and therefore estimates of returns are immaterial. As such, the Company generally recognizes revenue at the contract price upon product shipment or delivery. Contract balances. Contract assets and liabilities represent the differences in the timing of revenue recognition from the receipt of cash from the Company’s customers and billings. Contract assets reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities relate to payments received in advance of the satisfaction of performance under the contract. Receivables represents the right to consideration that is unconditional. Such rights are considered unconditional if only the passage of time is required before payment of that consideration is due. Remaining performance obligations. Revenue allocated to remaining performance obligations represents the transaction price allocated to the performance obligations that are unsatisfied or partially unsatisfied. It includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods and does not include contracts where the customer is not committed. The customer is not considered committed where they can terminate for convenience without payment of a substantive penalty under the contract. Additionally, as a practical expedient, the Company has not disclosed the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. Because the majority of the Company’s customer contracts allow customers to terminate for convenience or have an original duration of one year or less, the total amount of the transaction price allocated to unsatisfied performance obligations with a duration of more than 12 months was immaterial as of September 30, 2022 and December 31, 2021. Significant financing component. In certain arrangements, the Company receives payment from a customer either before or after the performance obligation has been satisfied. However, the Company’s contracts are generally one year or less; therefore, the Company applies a practical expedient and does not consider the effects of the time value of money. Contract modifications. The Company may modify contracts to offer customers additional products or services. Each of the additional products and services are generally considered distinct from those products or services transferred to the customer before the modification. The Company evaluates whether the contract price for the additional products and services reflects the standalone selling price as adjusted for facts and circumstances applicable to that contract. In these cases, the Company accounts for the additional products or services as a separate contract. In other cases where the pricing in the modification does not reflect the standalone selling price as adjusted for facts and circumstances applicable to that contract, the Company accounts for the modification on a prospective basis where the remaining goods and services are distinct from the original items and on a cumulative catch-up basis when the remaining goods and services are not distinct from the original items. Judgments and estimates. Judgement is required in the identification of performance obligations within the Company’s contracts with customers, especially those for certain custom products that require engineering and development. Accounting for contracts recognized over time under Topic 606 involves the use of various techniques to estimate total contract revenue and costs. Due to uncertainties inherent in the estimation process, estimates of costs to complete a performance obligation may be revised. The Company reviews and updates its contract-related estimates regularly, and records adjustments as needed. For those performance obligations for which revenue is recognized using a cost-to-cost method, changes in total estimated costs, and related progress towards complete satisfaction of the performance obligation, are recognized on a cumulative catch-up basis in the period in which the revisions to the estimates are made. |
Cost of Revenue | Cost of Revenue The cost of revenue principally includes direct material, direct labor, and allocation of overhead associated with manufacturing operations, including inbound freight charges and depreciation. Cost of revenue also includes the direct cost and appropriate allocation of overhead costs involved in the execution of service contracts. |
Research and Development | Research and Development Research and development expenses consist primarily of payroll expenses, consulting and contractor expenses, allocated overhead costs, and tooling and prototype materials to the extent no future benefit is expected. Substantially all of the Company’s research and development expenses are related to developing new products and services and improving existing products and services. To date, research and development expenses have been expensed as incurred and included in the statements of operations. |
Stock-based Compensation | Stock-based Compensation The Company measures the cost of share-based awards granted to employees and directors based on the grant-date fair value of the awards. The grant-date fair value of the stock options is calculated using a Black-Scholes option pricing model. The Black-Scholes pricing model requires the use of subjective assumptions including the option’s expected term, the volatility of the underlying stock, the fair value of the stock, dividend yield rate and the risk-free rate. The fair value of the performance based restricted stock units (the “PBRSUs”) and restricted stock units (the “RSUs”) is equal to the closing price of the Company’s common stock on the grant date. The fair value of the stock-based grants except for PBRSUs is recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the award. The fair value of PBRSUs is recognized using the graded-vesting attribution method over the requisite service period. |
Income Taxes | Income Taxes Income taxes are accounted under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent that these assets are more likely than not to be realized. In making such a determination, all available positive and negative evidence is considered, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If it is determined that deferred tax assets would be realized in the future, in excess of their net recorded amount, an adjustment would be made to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions in accordance with Topic 740: Simplifying the Accounting for Income Taxes (“Topic 740”) on the basis of a two-step process which includes (1) determination of whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position, and (2) recognition of tax positions that meet the more-likely-than-not recognition threshold. Recognized income tax positions are measured at the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying statement of operations. Accrued interest and penalties are included on the related tax liability line in the balance sheet. |
Commitments and Contingencies | Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount within a range of loss can be reasonably estimated. When no amount within the range is a better estimate than any other amount, the Company accrues for the minimum amount within the range. Legal costs incurred in connection with loss contingencies are expensed as incurred. |
Foreign Currency Translation | Foreign Currency Translation Gains and losses resulting from foreign exchange transactions and revaluation of monetary assets and liabilities in non-functional currencies are included in other income (expense) in the statements of operations. Net foreign exchange gain (loss) recorded in the Company’s statements of operations was immaterial for all periods. |
Net Loss Attributable Per Share to Common Stockholders | Net Loss Attributable Per Share to Common Stockholders Basic net loss per share attributable to common stockholders is computed by dividing the Company’s net loss attributable per share to common stockholders by the weighted-average number of common shares used in the loss per share calculation during the period. Diluted net loss per share attributable to common stockholders is computed by giving effect to all potentially dilutive securities, including stock options and convertible preferred shares. Basic and diluted net loss per share attributable to common stockholders was the same for all periods presented as the inclusion of all potentially dilutive securities outstanding was anti-dilutive. |
Warrant Liabilities | Warrant Liabilities The Company accounts for the private placement warrants issued in connection with our initial public offering in accordance with the guidance contained in ASC 815-40 under which the warrants do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, the Company classifies the private placement warrants as liabilities at their fair value and adjusts the warrants to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until the warrants are exercised, and any change in fair value is recognized in the statement of operations. The Company utilizes the Black-Scholes option pricing model to value the warrants at each reporting period. The key assumptions in the option pricing model utilized include the following: • The expected share-price volatility assumption is based on a blend of the implied volatilities of the Company’s public warrants and a set of comparable publicly traded warrants for other similar companies. • The expected term of the warrants is assumed to be the expected period until the close of a Business Combination, and the contractual five-year term subsequently. • The risk-free interest rate is based on the U.S. Treasury rate for the applicable expected terms. • The dividend yield is based on the historical rate, which the Company anticipates to remain at zero . |
Intangible Assets | Intangible Assets Intangible assets, consists of purchased patents that are stated at cost less accumulated amortization. Intangible assets have been determined to have finite lives and are amortized on a straight-line basis over their estimated remaining economic lives, which is estimated at five years. Amortization expense is included in general and administrative expenses |
Recent Accounting Pronouncements and Recently Adopted Accounting Guidance | Recent Accounting Pronouncements In October 2021, the FASB issued Accounting Standards Update 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 Company is currently evaluating the potential impact of ASU 2021-08 to its consolidated financial statements. Recently Adopted Accounting Guidance In June 2016, the FASB issued ASU No. 2016-13, which amends the incurred loss impairment methodology in current GAAP with a methodology that requires measurement and recognition of expected credit losses for most financial assets and certain other instruments, including but not limited to available-for-sale debt securities. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security. ASU 2016-13 is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2019, and requires a cumulative effect adjustment to the balance sheet as of the beginning of the first reporting period in which the guidance is effective. In November 2019, the FASB issued ASU No. 2019-10, which defers the effective date of this ASU to fiscal years beginning after December 15, 2022 for all entities except SEC reporting companies that are not smaller reporting companies. The Company adopted ASU 2016-13 utilizing the modified retrospective transition method effective January 1, 2022. The adoption of ASU 2016-13 did not have a material impact on the Company’s condensed consolidated financial statements. |
Description of Business and S_3
Description of Business and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Property, Plant, and Equipment Estimated Useful Lives | The estimated useful lives of the Company’s assets are as follows: Estimated useful lives Computer equipment 3 years Lab equipment 5 years Manufacturing equipment 4 years Testing equipment 3 years Leasehold improvements Lesser of estimated useful life or Furniture and fixtures 5 years |
Reverse Capitalization (Tables)
Reverse Capitalization (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Business Combinations [Abstract] | |
Schedule of Reconciliation of Elements of Business Combination | The following table reconciles the elements of the Business Combination to the consolidated statements of cash flows and the consolidated statement of changes in stockholders’ equity (in thousands): Cash - InterPrivate’s trust and cash (net of redemption) $ 240,777 Cash - Private offering 320,000 Less: transaction costs and advisory fees paid ( 47,708 ) Net Business Combination and Private Offering $ 513,069 The number of shares of common stock issued immediately following the consummation of the Business Combination were: Common stock, outstanding prior to Business Combination 24,150,000 Less: redemption of IPV shares ( 30,874 ) Common stock of IPV Corp 24,119,126 IPV founder shares 6,905,500 Shares issued in PIPE 28,318,478 Business Combination and PIPE shares 59,343,104 Legacy Aeva shares (1) 152,066,648 Total shares of common stock immediately after Business Combination 211,409,752 Aeva exercise of warrants — Total shares of common stock at March 12, 2021 211,409,752 (1) The number of Legacy Aeva shares was determined as follows: Aeva shares Aeva shares, Balance at December 31, 2019 8,031,018 72,894,258 Recapitalization applied to Convertible Preferred Stock outstanding at December 31, 2019 8,606,780 78,120,214 Exercise of common stock options - 2020 38,675 351,037 Exercise of common stock options - 2021 (pre-Closing) 77,247 701,139 Total 152,066,648 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Disaggregated Revenue by Geographic Region | Total revenue for the three months ended September 30, 2022 and 2021, based on the disaggregation criteria described above are as follows (in thousands): Three Months Ended September 30, 2022 2021 Revenue % of Revenue Revenue % of Revenue Revenue by primary geographical market: North America $ 1,119 81 % $ 3,461 99 % EMEA 233 17 % 22 1 % Asia 22 2 % — 0 % Total $ 1,374 100 % $ 3,483 100 % Revenue by timing of recognition: Recognized at a point in time $ 625 45 % $ 531 15 % Recognized over time 749 55 % 2,952 85 % Total $ 1,374 100 % $ 3,483 100 % Total revenue for the nine months ended September 30, 2022 and 2021, based on the disaggregation criteria described above are as follows (in thousands): Nine Months Ended September 30, 2022 2021 Revenue % of Revenue Revenue % of Revenue Revenue by primary geographical market: North America $ 3,640 91 % $ 6,143 96 % EMEA 317 8 % 77 1 % Asia 47 1 % 172 3 % Total $ 4,004 100 % $ 6,392 100 % Revenue by timing of recognition: Recognized at a point in time $ 1,302 33 % $ 1,065 17 % Recognized over time 2,702 67 % 5,327 83 % Total $ 4,004 100 % $ 6,392 100 % |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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: September 30, 2022 Adjusted Cost Unrealized Losses Fair Value Cash and Cash Equivalent Marketable Securities (in thousands) Assets Cash $ 4,915 $ — $ 4,915 $ 4,915 $ — Level 1 Money market funds 51,312 — 51,312 51,312 — Level 2 U.S. Government securities 62,485 ( 1,782 ) 60,703 — 60,703 U.S. Treasury securities 21,926 ( 143 ) 21,783 — 21,783 Commercial paper 108,463 ( 293 ) 108,170 61,658 46,512 Corporate bonds 106,392 ( 2,463 ) 103,929 — 103,929 Subtotal 299,266 ( 4,681 ) 294,585 61,658 232,927 Total assets $ 355,493 $ ( 4,681 ) $ 350,812 $ 117,885 $ 232,927 Liabilities Level 3 Warrant liabilities 138 — 138 — — Total liabilities $ 138 $ — $ 138 $ — $ — December 31, 2021 Adjusted Cost Unrealized Losses Fair Value Cash and Cash Equivalent Marketable Securities (in thousands) Assets Cash $ 2,765 $ — $ 2,765 $ 2,765 $ — Level 1 Money market funds 38,045 — 38,045 38,045 — Level 2 U.S. Government securities 45,982 ( 66 ) 45,916 — 45,916 U.S. Treasury securities 80,500 ( 7 ) 80,493 26,000 54,493 Commercial paper 94,887 ( 15 ) 94,872 — 94,872 Corporate bonds 182,338 ( 435 ) 181,903 — 181,903 Municipal securities 1,017 ( 1 ) 1,016 — 1,016 Subtotal 404,724 ( 524 ) 404,200 26,000 378,200 Total assets $ 445,534 $ ( 524 ) $ 445,010 $ 66,810 $ 378,200 Liabilities Level 3 Warrant liabilities 1,060 — 1,060 — — Total liabilities $ 1,060 $ — $ 1,060 $ — $ — |
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): September 30, 2022 December 31, 2021 Fair value, beginning balance $ 1,060 $ — Private placement warrant liability acquired as part of the merger — 3,014 Change in the fair value included in other income, net ( 922 ) ( 1,954 ) Fair value, closing balance $ 138 $ 1,060 |
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: September 30, 2022 December 31, 2021 Expected term (years) 3.5 4.2 Expected volatility 80.5 % 60.3 % Risk-free interest rate 4.16 % 1.14 % Dividend yield 0 % 0 % Exercise Price $ 11.50 $ 11.50 |
Acquisition and Intangible As_2
Acquisition and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of expected amortization expense relating to purchased intangible assets | As of September 30, 2022, expected amortization expense relating to purchased intangible assets for each of the next five years and thereafter was as follows (in thousands): Remainder of 2022 $ 225 2023 900 2024 900 2025 900 2026 825 Total future amortization $ 3,750 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consist of the following (in thousands): September 30, December 31, 2022 2021 Raw materials $ 1,310 $ 1,668 Work-in-progress $ 118 116 Finished goods 85 279 Total inventories $ 1,513 $ 2,063 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment consists of the following (in thousands): September 30, December 31, 2022 2021 Computer equipment $ 2,218 $ 1,572 Lab equipment 4,703 2,760 Leasehold improvements 2,848 1,330 Construction in progress 1,361 980 Testing equipment 680 521 Manufacturing equipment 1,574 374 Furniture, fixtures and other equipment 463 439 Total property, plant and equipment $ 13,847 $ 7,976 Less: accumulated depreciation ( 4,471 ) ( 2,840 ) Total property, plant and equipment, net $ 9,376 $ 5,136 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | Other current assets consist of the following (in thousands): September 30, December 31, 2022 2021 Prepaid expenses $ 3,697 $ 2,819 Contract assets 3,965 4,069 Vendor deposits 1,137 1,057 Other current assets 886 1,125 Total other current assets $ 9,685 $ 9,070 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Other Liabilities, Current [Abstract] | |
Schedule of Other Current Liabilities | Other current liabilities consist of the following (in thousands): September 30, December 31, 2022 2021 Sales tax payable $ 73 $ 551 Other current liabilities 76 182 Total other current liabilities $ 149 $ 733 |
Capital Structure (Tables)
Capital Structure (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Schedule of Conversions of Stock | March 12, 2021 (Closing Date) Preferred Stock Shares Exchange Ratio Common Stock Shares Series Seed Convertible Preferred Stock (pre-combination) 3,198,556 9.07659 29,031,982 Series A Convertible Preferred Stock (pre-combination) 2,851,057 9.07659 25,877,876 Series B Convertible Preferred Stock (pre-combination) 1,032,888 9.07659 9,375,100 Series B-1 Convertible Preferred Stock (pre-combination) 1,524,279 9.07659 13,835,256 Total 8,606,780 78,120,214 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Numerator: Net Loss $ ( 36,503 ) $ ( 26,605 ) $ ( 104,631 ) $ ( 70,136 ) Net loss attributable per share to common stockholders ( 36,503 ) ( 26,605 ) ( 104,631 ) ( 70,136 ) Denominator: Weighted average shares of common stock outstanding — Basic 217,888,470 212,587,878 216,937,433 196,302,040 Dilutive effect of potential common stock — — — — Weighted average shares of common stock outstanding — Diluted 217,888,470 212,587,878 216,937,433 196,302,040 Net loss per share attributable to common stockholders — Basic and Diluted $ ( 0.17 ) $ ( 0.13 ) $ ( 0.48 ) $ ( 0.36 ) |
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: Nine Months Ended September 30, 2022 2021 Common stock options issued and outstanding 13,686,976 15,309,123 Restricted stock units 10,798,551 6,550,785 Total 24,485,527 21,859,908 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Schedule of Fair Value Weighted-Average Assumptions | The fair value of stock option awards was determined on the grant date using the Black-Scholes option-pricing model. No new options were granted during the period ended September 30, 2021. The assumptions for the Black-Scholes model for options granted during the period ended September 30, 2022, were as follows: Nine Months Ended September 30, 2022 2021 Expected term (years) (1) 6.02 5.79 — 6.02 Expected volatility (2) 48.7 % — 49.0 % 43.5 % — 44.6 % Common stock value 2.92 — 3.28 14.32 — 14.50 Risk-free interest rate (3) 2.73 % — 2.93 % 1.20 % — 1.60 % Dividend yield (4) 0 % 0 % (1) Expected term is the length of time the grant is expected to be outstanding before it is exercised or terminated. This number is calculated as the midpoint between the vesting term and the original contractual term (contractual period to exercise). If the option contains graded vesting, then the vesting term would be based on the vesting pattern. (2) Expected volatility was estimated based on comparable companies' reported volatilities. (3) The risk-free rate is an interpolation of yields on U.S. Treasury securities with maturities equivalent to the expected term. (4) The Company has assumed a dividend yield of zero as they have no plans to declare dividends in the foreseeable future. |
Schedule of Stock Options Activity | A summary of the Company’s stock option activity for nine months ended September 30, 2022, is as follows: Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2021 13,858,356 $ 0.39 7.47 $ 99,406 Granted 1,335,000 3.08 — — Exercised ( 1,330,431 ) 0.23 — — Forfeited ( 175,949 ) 0.49 — — Outstanding as of September 30, 2022 13,686,976 0.66 7.04 18,122 Vested and exercisable as of September 30, 2022 10,145,685 0.43 6.74 14,880 Vested and expected to vest as of September 30, 2022 13,686,976 0.66 7.04 18,122 |
Schedule of Restricted Stock Activity | The following table summarizes our RSU activity which includes performance-based RSUs for the nine months ended September 30, 2022: Shares Weighted Average Outstanding as of December 31, 2021 6,631,079 $ 10.04 Granted 7,207,201 3.55 Released ( 2,059,605 ) 8.84 Forfeited ( 980,124 ) 9.39 Outstanding as of September 30, 2022 10,798,551 $ 6.00 |
Summary of Stock-Based Compensation Expense | Total stock-based compensation expense by function was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Cost of revenue $ 396 $ 593 $ 738 $ 1,003 Research and development expenses 4,177 4,806 13,152 8,624 General and administrative expenses 1,263 2,017 3,767 6,209 Sales and marketing expenses 304 107 701 209 Total $ 6,140 $ 7,523 $ 18,358 $ 16,045 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Taxes | For financial reporting purposes, income before income taxes includes the following components (in thousand): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Domestic $ ( 36,503 ) $ ( 26,605 ) $ ( 104,631 ) $ ( 70,136 ) Loss before income taxes $ ( 36,503 ) $ ( 26,605 ) $ ( 104,631 ) $ ( 70,136 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, 2022 (in thousands): Operating Leases Remainder of 2022 $ 840 2023 2,977 2024 2,748 2025 1,969 2026 290 Total minimum lease payments 8,824 Less: imputed interest ( 630 ) Total lease liability $ 8,194 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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): September 30, December 31, 2022 2021 (in thousands) North America $ 8,349 $ 4,676 Asia 951 351 EMEA 76 109 Total $ 9,376 $ 5,136 |
Description of Business and S_4
Description of Business and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Jan. 01, 2021 | ||
Significant Accounting Policies [Line Items] | |||||
Common stock, par value | $ 0.0001 | $ 0.0001 | |||
Intangible assets | $ 3,750,000 | $ 4,425,000 | |||
Cash and cash equivalents | 117,885,000 | 66,810,000 | |||
Accumulated deficit | $ (267,593,000) | (162,962,000) | |||
Number of months required to fund operating and capital expenditure | 12 months | ||||
Accounts receivable | $ 3,387,000 | 2,341,000 | |||
Operating lease right-of-use assets | 8,137,000 | 10,284,000 | $ 1,700,000 | ||
Operating lease liabilities | 8,194,000 | 1,700,000 | |||
Deferred rent liability | $ 100,000 | ||||
Allowance for doubtful accounts | $ 0 | $ 0 | |||
Dividend yield | [1] | 0% | 0% | ||
Private Warrants [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Dividend yield | 0% | ||||
Money Market Funds [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Cash and cash equivalents | $ 350,800,000 | ||||
Credit Concentration Risk [Member] | Accounts Receivable [Member] | Customer Two [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Number of customer accounted for accounts receivable | two customers | ||||
Concentration risk, percentage | 82% | ||||
Credit Concentration Risk [Member] | Accounts Receivable [Member] | Customer One [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Number of customer accounted for accounts receivable | one customer | ||||
Concentration risk, percentage | 90% | ||||
Credit Concentration Risk [Member] | Accounts Payable [Member] | Two Vendors [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Concentration risk, percentage | 37% | ||||
Number of vendors accounted for accounts payable | two vendors | ||||
Credit Concentration Risk [Member] | Accounts Payable [Member] | One Vendor [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Concentration risk, percentage | 45% | ||||
Number of vendors accounted for accounts payable | one vendor | ||||
[1] The Company has assumed a dividend yield of zero as they have no plans to declare dividends in the foreseeable future. |
Description of Business and S_5
Description of Business and Summary of Significant Accounting Policies - Schedule of Property, Plant, and Equipment Estimated Useful Lives (Details) | 9 Months Ended |
Sep. 30, 2022 | |
Computer Equipment [Member] | |
Property Plant And Equipment [Line Items] | |
Property, plant, and equipment estimated useful lives | 3 years |
Lab Equipment [Member] | |
Property Plant And Equipment [Line Items] | |
Property, plant, and equipment estimated useful lives | 5 years |
Manufacturing Equipment [Member] | |
Property Plant And Equipment [Line Items] | |
Property, plant, and equipment estimated useful lives | 4 years |
Testing Equipment [Member] | |
Property Plant And Equipment [Line Items] | |
Property, plant, and equipment estimated useful lives | 3 years |
Leasehold Improvements [Member] | |
Property Plant And Equipment [Line Items] | |
Property, plant, and equipment estimated useful lives | Lesser of estimated useful life orremaining lease term |
Furniture, fixtures and other equipment [Member] | |
Property Plant And Equipment [Line Items] | |
Property, plant, and equipment estimated useful lives | 5 years |
Reverse Capitalization - Reconc
Reverse Capitalization - Reconciliation of Elements of Business Combination (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Business Acquisition [Line Items] | |
Transaction costs and advisory fees paid | $ (47,708) |
Business Combination Cash Acquired From Acquisition | 513,069 |
Inter Private Trust And Cash Net Of Redemption Member | |
Business Acquisition [Line Items] | |
Cash Acquired from Acquisition | 240,777 |
Private Offering Member | |
Business Acquisition [Line Items] | |
Cash - Private offering | $ 320,000 |
Reverse Capitalization - Schedu
Reverse Capitalization - Schedule of Number of Common Stock Issued Following the Business Combination (Details) - $ / shares | Mar. 12, 2021 | Sep. 30, 2022 | Dec. 31, 2021 |
Business Acquisition [Line Items] | |||
Common stock outstanding prior to Business Combination | 24,150,000 | ||
Number of Share Redemption of IPV Share | (30,874) | ||
Adjustment To Common Stock Issued Shares | 24,119,126 | ||
Stock Issued During Period, Shares, Acquisitions | 6,905,500 | ||
Issuance Of Common Stock In Private Investment Public Equity Offering Shares | 28,318,478 | ||
Business Combination and PIPE Shares | 59,343,104 | ||
Common Stock Shares Effected For Exchange Ratio | 152,066,648 | ||
Total shares of common stock immediately after Business Combination | 211,409,752 | ||
Aeva exercise of warrants | $ 0 | ||
Total shares of common stock at March 12, 2021 | 211,409,752 | 218,153,000 | 214,997,000 |
Reverse Capitalization - Sche_2
Reverse Capitalization - Schedule of Number of Common Stock Issued Following the Business Combination (Parenthetical) (Details) - shares | 9 Months Ended | 12 Months Ended | |
Mar. 12, 2021 | Sep. 30, 2022 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | |||
Common Stock Shares | 8,031,018 | ||
Common Stock Shares effected for Exchange Ratio | 152,066,648 | 72,894,258 | |
Recapitalization Applied to Convertible Preferred Stock Outstanding | 8,606,780 | ||
Recapitalization Applied to Convertible Preferred Stock Outstanding Effected for Exchange ratio | 78,120,214 | ||
Exercise of common stock options | 1,330,431 | ||
2020 Stock Options [Member] | |||
Business Acquisition [Line Items] | |||
Exercise of common stock options | 38,675 | ||
Exercise of common stock options, Effected for Exchange Ratio | 351,037 | ||
2021 Stock Options [Member] | |||
Business Acquisition [Line Items] | |||
Exercise of common stock options | 77,247 | ||
Exercise of common stock options, Effected for Exchange Ratio | 701,139 |
Reverse Capitalization - Additi
Reverse Capitalization - Additional Information (Details) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 USD ($) $ / shares shares | Dec. 31, 2019 shares | Dec. 31, 2021 USD ($) $ / shares shares | Mar. 12, 2021 $ / shares shares | |
Business Acquisition [Line Items] | ||||
Authorized shares of capital stock | shares | 432,000,000 | 432,000,000 | ||
Common stock, shares authorized | shares | 422,000,000 | 422,000,000 | 422,000,000 | |
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | ||
Preferred stock, shares authorized | shares | 10,000,000 | 10,000,000 | ||
Preferred stock, par value | $ / shares | $ 0.0001 | |||
Common stock, shares | shares | 8,031,018 | |||
Intangible Assets, Net (Excluding Goodwill) | $ 3,750,000 | $ 4,425,000 | ||
Proceeds from Business Combination and PIPE financing before offsetting | 560,800,000 | |||
Offering costs | $ 47,700,000 | |||
Merger Agreement [Member] | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, effective date | Mar. 12, 2021 | |||
Convertible Preferred Stock, Shares Issued upon Conversion | shares | 78,120,214 | |||
Common stock, par value | $ / shares | $ 0.0001 | |||
Preferred stock, par value | $ / shares | $ 0.0001 | |||
Business combination, direct and incremental costs related Costs | $ 47,700,000 | |||
Exchange Ratio | 9.07659 | |||
InterPrivate [Member] | ||||
Business Acquisition [Line Items] | ||||
Common stock shares redemption | shares | 30,874 | |||
Goodwill | $ 0 | |||
Intangible Assets, Net (Excluding Goodwill) | 0 | |||
InterPrivate [Member] | Maximum [Member] | ||||
Business Acquisition [Line Items] | ||||
Gross Common Stock Redemption Payments | $ 300,000 | |||
PIPE Shares [Member] | ||||
Business Acquisition [Line Items] | ||||
Stock issued during period, new issues, Shares | shares | 28,318,478 | |||
Proceeds from sale of common stock | $ 320,000,000 | |||
PIPE Shares [Member] | Investor One [Member] | ||||
Business Acquisition [Line Items] | ||||
Shares issued, price per share | $ / shares | $ 10 | |||
PIPE Shares [Member] | Investor Two [Member] | ||||
Business Acquisition [Line Items] | ||||
Shares issued, price per share | $ / shares | 11.50 | |||
PIPE Shares [Member] | Investor Three [Member] | ||||
Business Acquisition [Line Items] | ||||
Shares issued, price per share | $ / shares | $ 16 |
Revenue - Summary of Disaggrega
Revenue - Summary of Disaggregated Revenue by Geographic Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation Of Revenue [Line Items] | ||||
Revenue | $ 1,374 | $ 3,483 | $ 4,004 | $ 6,392 |
% of Revenue | 100% | 100% | 100% | 100% |
Recognized at a point in time [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue | $ 625 | $ 531 | $ 1,302 | $ 1,065 |
% of Revenue | 45% | 15% | 33% | 17% |
Recognized over time [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue | $ 749 | $ 2,952 | $ 2,702 | $ 5,327 |
% of Revenue | 55% | 85% | 67% | 83% |
North America [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue | $ 1,119 | $ 3,461 | $ 3,640 | $ 6,143 |
% of Revenue | 81% | 99% | 91% | 96% |
EMEA [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue | $ 233 | $ 22 | $ 317 | $ 77 |
% of Revenue | 17% | 1% | 8% | 1% |
Asia [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue | $ 22 | $ 0 | $ 47 | $ 172 |
% of Revenue | 2% | 0% | 1% | 3% |
Revenue - Additional Informatio
Revenue - Additional Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 USD ($) Customer | Sep. 30, 2021 Customer | Sep. 30, 2022 USD ($) Customer | Sep. 30, 2021 Customer | Dec. 31, 2021 USD ($) | |
Disaggregation of Revenue [Line Items] | |||||
Contract assets | $ 3,965 | $ 3,965 | $ 4,069 | ||
Customer Concentration Risk [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Number Of customers meeting concentration risk threshold | Customer | 1 | 2 | 2 | 2 | |
Minimum [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Concentration risk, percentage | 55% | 96% | 67% | 92% | |
Other current assets [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Contract assets | $ 4,000 | $ 4,000 | 4,100 | ||
Other current liabilities [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Contract liabilities | $ 0 | $ 0 | $ 0 |
Financial Instruments - Summary
Financial Instruments - Summary of Financial assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Available-for-sale [Abstract] | ||
Cash | $ 4,915 | $ 2,765 |
Adjusted Cost | 355,493 | 445,534 |
Unrealized Losses | (4,681) | (524) |
Fair Value | 350,812 | 445,010 |
Cash and cash equivalents | 117,885 | 66,810 |
Marketable Securities | 232,927 | 378,200 |
Financial liabilities, Adjusted cost | 138 | 1,060 |
Financial liabilities, Fair value | 138 | 1,060 |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Available-for-sale [Abstract] | ||
Adjusted Cost | 51,312 | 38,045 |
Fair Value | 51,312 | 38,045 |
Cash and cash equivalents | 51,312 | 38,045 |
Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale [Abstract] | ||
Adjusted Cost | 299,266 | 404,724 |
Unrealized Losses | (4,681) | (524) |
Fair Value | 294,585 | 404,200 |
Cash and cash equivalents | 61,658 | 26,000 |
Marketable Securities | 232,927 | 378,200 |
Fair Value, Inputs, Level 2 [Member] | U.S. Government Securities [Member] | ||
Available-for-sale [Abstract] | ||
Adjusted Cost | 62,485 | 45,982 |
Unrealized Losses | (1,782) | (66) |
Fair Value | 60,703 | 45,916 |
Marketable Securities | 60,703 | 45,916 |
Fair Value, Inputs, Level 2 [Member] | U.S. Treasury Securities [Member] | ||
Available-for-sale [Abstract] | ||
Adjusted Cost | 21,926 | 80,500 |
Unrealized Losses | (143) | (7) |
Fair Value | 21,783 | 80,493 |
Cash and cash equivalents | 26,000 | |
Marketable Securities | 21,783 | 54,493 |
Fair Value, Inputs, Level 2 [Member] | Commercial Paper [Member] | ||
Available-for-sale [Abstract] | ||
Adjusted Cost | 108,463 | 94,887 |
Unrealized Losses | (293) | (15) |
Fair Value | 108,170 | 94,872 |
Cash and cash equivalents | 61,658 | |
Marketable Securities | 46,512 | 94,872 |
Fair Value, Inputs, Level 2 [Member] | Corporate Bonds [Member] | ||
Available-for-sale [Abstract] | ||
Adjusted Cost | 106,392 | 182,338 |
Unrealized Losses | (2,463) | (435) |
Fair Value | 103,929 | 181,903 |
Marketable Securities | 103,929 | 181,903 |
Fair Value, Inputs, Level 2 [Member] | Muncipal Securities [Member] | ||
Available-for-sale [Abstract] | ||
Adjusted Cost | 1,017 | |
Unrealized Losses | (1) | |
Fair Value | 1,016 | |
Marketable Securities | 1,016 | |
Fair Value, Inputs, Level 3 [Member] | Warrant Liabilities [Member] | ||
Available-for-sale [Abstract] | ||
Financial liabilities, Adjusted cost | 138 | 1,060 |
Financial liabilities, Fair value | $ 138 | $ 1,060 |
Financial Instruments - Summa_2
Financial Instruments - Summary of Changes in Fair Value of Level 3 Financial Instruments (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | ||
Fair Value, Beginning Balance | $ 1,060 | $ 0 |
Private placement warrant liability acquired as part of the merger | 0 | 3,014 |
Change in the fair value included in other income, net | (922) | (1,954) |
Fair Value, Ending Balance | $ 138 | $ 1,060 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Black-Scholes Option Pricing Model For Private Warrants (Details) | Sep. 30, 2022 | Dec. 31, 2021 |
Expected Term [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 3.5 | 4.2 |
Expected Volatility [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 80.5 | 60.3 |
Risk-free Interest Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 4.16 | 1.14 |
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 (Additional Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Nov. 23, 2021 | Sep. 30, 2022 | Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Total consideration for intellectual property | $ 4.5 | ||
Weighted-average useful life | 5 years | ||
Amortization of Intangible Assets | $ 0.2 | $ 0.7 |
Acquisition and Intangible As_4
Acquisition and Intangible Assets - Schedule of expected amortization expense relating to purchased intangible assets (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2022 | $ 225 |
2023 | 900 |
2024 | 900 |
2025 | 900 |
2026 | 825 |
Total future amortization | $ 3,750 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 1,310 | $ 1,668 |
Work-in-progress | 118 | 116 |
Finished goods | 85 | 279 |
Total inventories | $ 1,513 | $ 2,063 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 13,847 | $ 7,976 |
Less: accumulated depreciation | (4,471) | (2,840) |
Total property, plant and equipment, net | 9,376 | 5,136 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 2,218 | 1,572 |
Lab Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 4,703 | 2,760 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 2,848 | 1,330 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 1,361 | 980 |
Testing Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 680 | 521 |
Manufacturing Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 1,574 | 374 |
Furniture, Fixtures and Other Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 463 | $ 439 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation | $ 0.6 | $ 0.3 | $ 1.6 | $ 0.7 |
Other Current Assets - Schedule
Other Current Assets - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 3,697 | $ 2,819 |
Contract assets | 3,965 | 4,069 |
Vendor deposits | 1,137 | 1,057 |
Other current assets | 886 | 1,125 |
Total other current assets | $ 9,685 | $ 9,070 |
Other Current Liabilities - Sc
Other Current Liabilities - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Other Liabilities, Current [Abstract] | ||
Sales tax payable | $ 73 | $ 551 |
Other current liabilities | 76 | 182 |
Total other current liabilities | $ 149 | $ 733 |
Capital Structure - Additional
Capital Structure - Additional Information (Details) | 9 Months Ended | ||
Sep. 30, 2022 $ / shares shares | Dec. 31, 2021 $ / shares shares | Mar. 12, 2021 shares | |
Class Of Stock [Line Items] | |||
Temporary equity, shares authorized | shares | 432,000,000 | 432,000,000 | |
Common stock, shares authorized | shares | 422,000,000 | 422,000,000 | 422,000,000 |
Preferred Stock, Conversion Basis | 1:1 basis | ||
Conversion Ratio | 0.0907659 | ||
Preferred stock, par value | $ / shares | $ 0.0001 | ||
Preferred stock, shares authorized | shares | 10,000,000 | 10,000,000 | |
Preferred stock, shares issued | shares | 0 | 0 | |
Pre-combination Aeva preferred stock outstanding | shares | 0 | 0 | |
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.0001 | $ 0.0001 | |
Series Seed Preferred Stock [Member] | |||
Class Of Stock [Line Items] | |||
Preferred stock, par value | $ / shares | 0.001 | ||
Series A-1 Preferred Stock [Member] | |||
Class Of Stock [Line Items] | |||
Preferred stock, par value | $ / shares | 0.001 | ||
Series B Preferred Stock [Member] | |||
Class Of Stock [Line Items] | |||
Preferred stock, par value | $ / shares | 0.001 | ||
Public Warrants [Member] | |||
Class Of Stock [Line Items] | |||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 11.50 | ||
Class of Warrant or Right, Outstanding | shares | 12,074,880 | ||
Private Warrants [Member] | |||
Class Of Stock [Line Items] | |||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 11.50 | ||
Class of Warrant or Right, Outstanding | shares | 384,000 |
Capital Structure - Schedule of
Capital Structure - Schedule of Conversions of Stock (Details) | Mar. 12, 2021 shares |
Conversion of Stock [Line Items] | |
Preferred Stock Shares | 8,606,780 |
Common Stock Shares | 78,120,214 |
Series Seed Preferred Stock [Member] | |
Conversion of Stock [Line Items] | |
Preferred Stock Shares | 3,198,556 |
Exchange Ratio | 9.07659 |
Common Stock Shares | 29,031,982 |
Series A Convertible Preferred Stock (pre-combination) [Member] | |
Conversion of Stock [Line Items] | |
Preferred Stock Shares | 2,851,057 |
Exchange Ratio | 9.07659 |
Common Stock Shares | 25,877,876 |
Series B Convertible Preferred Stock (pre-combination) [Member] | |
Conversion of Stock [Line Items] | |
Preferred Stock Shares | 1,032,888 |
Exchange Ratio | 9.07659 |
Common Stock Shares | 9,375,100 |
Series B-1 Convertible Preferred Stock (pre-combination) [Member] | |
Conversion of Stock [Line Items] | |
Preferred Stock Shares | 1,524,279 |
Exchange Ratio | 9.07659 |
Common Stock Shares | 13,835,256 |
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 | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Numerator: | ||||||||
Net loss | $ (36,503) | $ (34,971) | $ (33,157) | $ (26,605) | $ (24,073) | $ (19,458) | $ (104,631) | $ (70,136) |
Net Income (Loss) Available to Common Stockholders, Basic | $ (36,503) | $ (26,605) | $ (104,631) | $ (70,136) | ||||
Denominator: | ||||||||
Weighted average shares of common stock outstanding - Basic | 217,888,470 | 212,587,878 | 216,937,433 | 196,302,040 | ||||
Dilutive effect of potential common stock | 0 | 0 | 0 | 0 | ||||
Weighted average shares of common stock outstanding - Diluted | 217,888,470 | 212,587,878 | 216,937,433 | 196,302,040 | ||||
Net loss per share attributable to common stockholders -Basic | $ (0.17) | $ (0.13) | $ (0.48) | $ (0.36) | ||||
Net loss per share attributable to common stockholders -Diluted | $ (0.17) | $ (0.13) | $ (0.48) | $ (0.36) |
Earnings (Loss) Per Share - S_2
Earnings (Loss) Per Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share (Details) - shares | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 24,485,527 | 21,859,908 |
Stock Options [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 13,686,976 | 15,309,123 |
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 | 10,798,551 | 6,550,785 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Number of option outstanding | 13,686,976 | 13,858,356 | ||
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 | 1,869,879 | |||
Equity Option [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Unrecognized stock-based compensation expense | $ 4,600 | |||
Unrecognized stock-based compensation expense, weighted average recognition period | 1 year 10 months 24 days | |||
Restricted Stock [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Incremental stock based compensation expense | $ 2,700,000 | $ 2,700,000 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of option outstanding | 10,798,551 | 6,631,079 | ||
Performance-Based Restricted Stock Units [Member] | Restricted Stock [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Unrecognized stock-based compensation expense | $ 55,600,000 | |||
Vesting period | 3 years | |||
Restricted stock units expire period | 10 years | |||
Restricted stock units, vesting period | 3 years |
Stock-based Compensation - Sche
Stock-based Compensation - Schedule of Fair Value Weighted-Average Assumptions (Details) - $ / shares | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility, minimum | [1] | 48.70% | 43.50% |
Expected volatility, maximum | [1] | 49% | 44.60% |
Risk free interest rate, minimum | [2] | 2.73% | 1.20% |
Risk free interest rate, maximum | [2] | 2.93% | 1.60% |
Dividend yield | [3] | 0% | 0% |
Minimum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (years) | [4] | 5 years 9 months 14 days | |
Common stock value | $ 2.92 | $ 14.32 | |
Maximum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (years) | [4] | 6 years 7 days | 6 years 7 days |
Common stock value | $ 3.28 | $ 14.50 | |
[1] Expected volatility was estimated based on comparable companies' reported volatilities. The risk-free rate is an interpolation of yields on U.S. Treasury securities with maturities equivalent to the expected term. The Company has assumed a dividend yield of zero as they have no plans to declare dividends in the foreseeable future. Expected term is the length of time the grant is expected to be outstanding before it is exercised or terminated. This number is calculated as the midpoint between the vesting term and the original contractual term (contractual period to exercise). If the option contains graded vesting, then the vesting term would be based on the vesting pattern. |
Stock-based Compensation - Sc_2
Stock-based Compensation - Schedule of Stock Options Activity (Details) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | ||
Number of Options, Outstanding, Beginning | shares | 13,858,356 | |
Number of Options, Granted | shares | 1,335,000 | |
Number of Options, Exercised | shares | (1,330,431) | |
Number of Options, Forfeited | shares | (175,949) | |
Number of Options, Outstanding, Ending | shares | 13,686,976 | 13,858,356 |
Number of Options, Vested and exercisable | shares | 10,145,685 | |
Number of Options, Vested and expected to vest | shares | 13,686,976 | |
Weighted- Average Exercise Price, Outstanding, Beginning | $ / shares | $ 0.39 | |
Weighted- Average Exercise Price, Granted | $ / shares | 3.08 | |
Weighted- Average Exercise Price, Exercised | $ / shares | 0.23 | |
Weighted- Average Exercise Price, Forfeited | $ / shares | 0.49 | |
Weighted- Average Exercise Price, Outstanding, Ending | $ / shares | 0.66 | $ 0.39 |
Weighted- Average Exercise Price, Vested and exercisable | $ / shares | 0.43 | |
Weighted- Average Exercise Price, Vested and expected to vest | $ / shares | $ 0.66 | |
Weighted-Average Remaining Contractual Life (Years), Outstanding | 7 years 14 days | 7 years 5 months 19 days |
Weighted-Average Remaining Contractual Life (Years), Vested and exercisable | 6 years 8 months 26 days | |
Weighted-Average Remaining Contractual Life (Years), Vested and expected to vest | 7 years 14 days | |
Aggregate Intrinsic Value, Outstanding | $ | $ 18,122 | $ 99,406 |
Aggregate Intrinsic Value, Vested and exercisable | $ | 14,880 | |
Aggregate Intrinsic Value, Vested and expected to vest | $ | $ 18,122 |
Stock-based Compensation - Sc_3
Stock-based Compensation - Schedule of Restricted Stock Activity (Details) | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Options, Outstanding, Beginning | 13,858,356 |
Number of Options, Outstanding, Ending | 13,686,976 |
Restricted Stock Units (RSUs) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Options, Outstanding, Beginning | 6,631,079 |
Shares, Granted | 7,207,201 |
Shares, Released | (2,059,605) |
Shares, Forfeited | (980,124) |
Number of Options, Outstanding, Ending | 10,798,551 |
Weighted Average Graint Date Fair Value per Share, Outstanding, Beginning | $ / shares | $ 10.04 |
Weighted Average Graint Date Fair Value per Share, Granted | $ / shares | 3.55 |
Weighted Average Grant Date Fair Value per Share, Released | $ / shares | 8.84 |
Weighted Average Graint Date Fair Value per Share, Forfeited | $ / shares | 9.39 |
Weighted Average Graint Date Fair Value per Share, Outstanding, Ending | $ / shares | $ 6 |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 6,140 | $ 7,523 | $ 18,358 | $ 16,045 |
Cost of Revenue [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 396 | 593 | 738 | 1,003 |
Research and Development Expenses [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 4,177 | 4,806 | 13,152 | 8,624 |
General and Administrative Expenses [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 1,263 | 2,017 | 3,767 | 6,209 |
Sales and Marketing Expenses [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 304 | $ 107 | $ 701 | $ 209 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income before Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Domestic | $ (36,503) | $ (26,605) | $ (104,631) | $ (70,136) |
Loss before income taxes | $ (36,503) | $ (26,605) | $ (104,631) | $ (70,136) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Foreign loss before income tax | $ 0 | $ 0 | $ 0 | $ 0 |
Federal provision for income taxes | 0 | 0 | ||
State provision for income taxes | 0 | 0 | ||
Provision for income taxes | $ 0 | $ 0 | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Loss Contingencies [Line Items] | ||||
Weighted average incremental borrowing rate | 5.25% | |||
Operating lease cost | $ 800 | $ 800 | $ 2,500 | $ 1,500 |
Short-term lease costs | 0 | 0 | 0 | 0 |
Variable lease costs | $ 100 | $ 100 | $ 300 | $ 200 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Maturity Analysis of the Annual Undiscounted Cash Flows of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jan. 01, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Remainder of 2022 | $ 840 | |
2023 | 2,977 | |
2024 | 2,748 | |
2025 | 1,969 | |
2026 | 290 | |
Total minimum lease payments | 8,824 | |
Less: imputed interest | (630) | |
Total lease liability | $ 8,194 | $ 1,700 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2022 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 | Sep. 30, 2022 | Dec. 31, 2021 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | $ 9,376 | $ 5,136 |
North America [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 8,349 | 4,676 |
Asia [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 951 | 351 |
EMEA [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | $ 76 | $ 109 |