AEVA - Earnings call transcript Q1 2022

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Operator

Good day. My name is Vaishnavi, and I will be your conference operator. I would like to welcome everyone to Aeva Technologies First Quarter 2022 Earnings Conference Call.

During the opening remarks, all participants will be in a listen-only mode. [Operator Instructions] Following the opening remarks, we will conduct a question-and-answer session. reminder, call a and being As webcast. simultaneously Instructions] today's is conference recorded [Operator like the to Andrew now would I turn of Relations. Fung, call Investor Director to over Andrew, ahead. please go

Andrew Fung

welcome XXXX and Thank first to call. quarter you, earnings everyone conference Aeva's

Investor to relied Salehian, based found release on expectations CEO; website, our Co-Founder views on we as and Relations of Ahead current views this uncertainties presentation, to reflect and Joining variety representative any our are subject on as issued our refer CFO. cause and call, statements and Aeva's These materially which risks statements subsequent Aeva's a we risks that will Please be from are and today results only to Sinha, as on could and first investors.aeva.com. call are be note actual today call, of this upon assumptions, the These our expectations. be and Soroush differ of can Saurabh today, forward-looking subject quarter making statements at will press that and of uncertainties. of date. which not to should we

further discussion factors could refer material ended year our risks of and XXXX. that including please with other to XX-K financial important results, the filings the for the affect our SEC, a Form For our December XX,

And on non-GAAP the Aeva's replay and be These GAAP over financial we turn isolation to this believe in which webcast a our performance. Investor with call substitute website the discuss I'll should are in measures, during available from supplemental Soroush. addition, call non-GAAP or company for we as measures call, as that, to under In of of will today's be not Relations link. A will useful addition results. measures considered

Soroush Salehian

good everyone. and Andrew, you, Thank afternoon

broaden continue plan. Aeries QX, are to that deployment summarized a on off of highlight which and us X. start execute excited I'm achieved towards moved strong commercial to II In reach. Slide key our we are to on continue to XXXX few a in accomplishments and our milestones our We

on are been system manufactured Aeries deliveries of successfully in Initial we initial First, first and late track performance units completed. QX. for validation have with II

building in Automation. we Industrial are momentum strong Second,

make receiving to Nikon, FMCW technology LiDAR inbound additional precision industrial interest on industrial Aeva's sensing chip product precision. are with continue with our to while We uniquely first due significant progress automation superior applications, which also achievable on for

Third, vehicle on a first includes adoption number technology. platform. developments unique autonomous This of the of XD NVIDIA's accelerate being DRIVE to LiDAR FMCW only enable LiDAR will us our and

across board, for continues we We plan perception our to execute end as the and our to fourth, cash mass announced of reflect across and in position also to to demand Together XD wide allocation LiDAR variety disciplined Aeva's to of we increase strengthen team at response scale. the on global China to look to accelerate applications. office of presence XD to as the capital LiDAR And approach well also and bring opening our million our the Aeva continued with to market $XXX QX, plans. go-to-market this, sales including help the growing new our leadership

color would Slide business more over I Moving to on past the provide key X, development to quarter. like

to very a includes Aeries Aeries II initial has II for and the to our surpassed completed important we manufactured. unveiling validation I, reliability manufacturing ingress QX This We market to bringing QX. in closer The performance II, Aeries following that initial successfully test target encouraging. completed the in the protection. unit temperature on and initial been system Aeries on including customers reception and of move meaningfully line-on-line First system with delivery us number of late milestones start

applications differentiated non-auto measure autonomy to ability customers see faster of safely We consensus non-inferior to levels enables detection higher with solution pixel, automotive resolution with at a velocity, range, perception automotive industrial and of delivers to including world's measurement confidence a a to higher reliability. the on-chip that grade and LiDAR bring and growing of FMCW every together levels for for velocity instantly XXX direct LiDAR variety meters markets. incorporates camera and among continue that us automotive first XD Aeries XD level designed II

commercial II Aeries our deliveries on expand of we begin As engagements units. and

We the our leveraging on-chip for product. core platform, our meet perception as module as the Aeries expect demand LiDAR to II well

the of module months and terms on-chip over our bring few the remains on demand up that and deployments ahead, the of next preparation we for meet are for strong Aeries the for automated work LiDAR scale In the our focused assembly to II.

now accelerate X, and at scale. NVIDIA and broader Aeva's Slide on to is an stack automotive NVIDIA's will our technology. are enable interim safe implement of engagements existing the is LiDAR Aeva's validate expanding with self-driving Based OEM's in develop we and players announced And their customers. DRIVE first believe group tools, next-generation on into OEMs, momentum help this we to to DRIVE to their XD FMCW automotive. FMCW adoption of as increasingly that believe looking using unique perception platform, continue build the FMCW with Aeva OEM automotive XD ability they brings DRIVE the platform will technology earlier NVIDIA programs. software autonomy LiDAR OEMs to on and integration to NVIDIA our and we to which development our a enables only Moving platform

non-automotive on Now XX. to switching gears Slide

proud have lunar moon. on next surface, help to This our leveraging and system and NASA rovers that to terrain exploration. will Lunar solve LiDAR of map uniquely the capabilities We mobile Aeva's proprietary planetary navigation and a astronauts challenges the system navigate use are and generation to to XD critical create support mapping the

navigation a unavailable automated velocity estimate vehicles, can case, those independent or the moon, for completely unavailable. garages technology of the environments positioning, in the in precise It instant surface or every even an solution or effectively One is provides tunnels such on environment, that measure GPS-free motion, serving where of it's as and parking its challenges pixel. GPS as where Aeva's in unreliable, can key navigation because directly in for FMCW also own

and sun In addition, immune that the of is enabling in above sensors more FMCW interference, the moon dark or the is interference horizon to effective had degrees surface navigation. allow surface certain operate prohibit the shadows safely never and the lunar the regions, the their needed generation which exposed These or sensors. operate South vehicles, ability during which perception. sensing long than of astronaut day of that autonomous directly interference to and This capabilities critical have persistence Aeva's region the pole. This shedding are permanently night. significant map where legacy safely photogrammetry-based three out optical in rovers cameras need optical is sun as next interference the appears the also shadowed for and LiDAR of will prevents to period the of to to areas on are Aeva's lunar moon and anytime sun technology also such that use optical the particularly with immunity from optical for explore

cases. beyond to use for of for automotive. and is But Central a glimpse NASA in use broad the opportunity the deliver platform FMCW different use perception that We the a applications common cases automotive. technology always on-chip core wave enable significant to for we range Aeries be architecture to same of believed next the the in for can our our a perception chip requirements technology a module platform. a wide for performance different is tune provides And of that potential Aeva's have platform LiDAR

where of automation, cannot module form achieve our automation, level Slide opportunities, in year, on small are requiring good number chip high-precision we common same move applications. factor as building already across meet and enable on-chip the last a for on and progress automation precision automotive precise centimeter of This to and to used measurement track is with the this for Let's first achieved flight our be application solutions. XD with demand for our LiDAR XX, range launch current our development our time we timeline such less, architecture industrial unique particular, And In a module based target making of with off remain our to industrial developing year. applications of unlock a adoption, also collaboration which our by LiDAR chip micron knowledge, this completing product growing QX industrial wide XXXX. utilize of there a aligns To chip or in for achieved which LiDAR on Nikon highlights on faster platform are LiDAR a where we demand of to ability new growing progress module.

scale towards announced programs, us agility. decision example Our deployment how to for platform opportunities accelerate higher platforms our industrial is common of pursue strategic planned level from common is an with shift and NRE efficiency of for last quarter a of enabling to commercial automation our

for objectives highlighted key are our to XXXX, XX. Now on which Slide

We this key made more bit so well each good I achieve believe for have we progress our are share objectives a and to like year, would on positioned to far XXXX. one.

our on for QX. order with late we of preparation II this achieve for are deliveries earlier, Aeries chain, given our demand mentioned on schedule our in as equipment us the on bring on automated the which LiDAR Aeries for First II, to Qualification milestone. to assembly on in Deployment strong focused module, Customers focus keep continue manufacturing up And begin laser and supply to we includes and chip

a track of two as on begin year. for see to as commercial engagements automotive multiple are further additional converting both applications, non-automotive and to well we programs opportunity vehicle, towards LiDAR mobility, including II and Aeries as win deployment. to momentum we continue automation. program module progress We in this expand and chip we on such number Second, industrial trucking production, on believe our non-automotive passenger And as

the with timeline and release industrial achieving non-automotive progress first in first of our XXXX precision our accelerated we production to launch. product confident on Third, remain on for accelerating continue application, our Nikon

grow Beyond meet the LiDAR and we that, and in preparing and interest processes to automation module commercial continues and are platform chip that common developing on supply accelerate deployments. for chain perception to our core industrial fourth, market inbound adoption the on demand growing utilizes a

certification supply discuss information We closely working security. with partners with our and to I continue the over SPICE continue deployment. the to to that, prepare on chain Saurabh Automotive turn And to in work commercial will financials. Efforts toward call also for

Saurabh Sinha

everyone. Thank and afternoon, Soroush, good you,

turn financial in $X.X Slide Let's line our expectations. first quarter summarizes our results. XX, to with quarter the Revenue first in was million, which

with quarter, During progress continued quarter which our to II first product Aeries the reflects our operating related deployment. was we milestones million, in customers development. loss good the $XX.X their expenses to development primarily on make R&D of Non-GAAP ahead

Our cash first $XX.X million for gross was flow cash less CapEx use operating defined the as quarter.

securities. As such, quarter strong $XXX.X the a with in marketable cash, ended cash and million we equivalents

in million. objectives we outstanding remarks. positioned shares average, for first to the our weighted Based XXX our accomplish well and strong XXXX on that, plan. our are quarter I and QX closing with nutshell, we a the far was to Our consistent on balance so over mission. execute With our turn call was In believe Soroush progress will sheet,

Soroush Salehian

Thank you, Saurabh.

growing start quarter. appreciation I to would Aeva's year, on with for support. the to it's see Before their technology. continue chip that significant utilize Aeries the exciting thank we LiDAR this for would their XD like our again to unique making Aeva also team been us our commercial of like all incredibly II introducing stakeholders Since continued to to earlier Q&A, this momentum progress contribution on express I enabled to milestone

of the for deliveries path Thank We partners for and QX II everyone, first are your to Aeva's on realizing today. look track and mission production everything. you, supporting in perception for to on our time to Aeries forward enable late

for line let's Now, the questions. up open

Operator

question Instructions] Research. with from first [Operator Street ahead. comes go Antoine you. Please Thank Our New Chkaiban

Antoine Chkaiban

Hello and question. the thanks for

Thank would validation Aeva last DRIVE color the as with I to vehicle you highlighted of adoption mentioned provide which has a Could integration XX you. accelerated beyond them back quick You [ph] were And NVIDIA's say looking you of slowed? a months, autonomy XD XD? at or process, autonomous the just platform. bit NVIDIA most timeline maybe important LiDAR follow-up of

Soroush Salehian

the happy question sure. Antoine, Thanks, to Yes, for answer.

-- of as technology as first you obviously, know the to I a So mentioned in bringing market. is leader all, new NVIDIA

NVIDIA from has around, by the lot I standpoint. being And on I differentiation think fact far the is a the the platform so the important. of performance think first and driven FMCW our unique been a only of process DRIVE

work as that the before, have to of dimension and addition Ultra launch, the I instant and of well we about announced In that features think velocity important as we're of them. that process validation course, we part talked Aeries the some as II doing Resolution, been have new which including with

with or continues interest this accelerate our of NVIDIA's work, of and of of automotive, I in they continues is, question And both passenger momentum to and non-automotive that across say since general and slowdown, and engagements both that's growing think, have I technologies we expand new in if we automotive what what and is platform platform the for the Aeries follow-up that already kind your we to end-to-end seeing. timelines So, key course fact space. due our LiDAR think, I can a of vehicle seeing and a board adoption commercial are an II, are the to course, factor customers of especially, there is OEMs being hope on partnership that, adoption analysis and

Operator

Please ahead. Craig-Hallum Capital with Our question next Peterman from comes Group. Sam go

Sam Peterman

factors, -- deployment wanted sounds cited about back a side you presumably did two engagements launch a closely year, on question. part you're there. commercial of shipping supply timeframe. they on the to year a TuSimple. XXXX? ask ready one being whole, past to have kind in that progress want and their is couple seeing and to industry commercial being Aeries have XXXX their the LiDAR, guys, kind with guys at timeline I of and for a not ask as this talking talked chain about reason guys moved that are like with of for Hi production from of they earnings II couple just times, taking It are Do you call, I thanks within working in trucking. life my different the of mentioned They

it is out push about So relationship [ph] my is question I guess is, readiness? your timeline commercial and they how where say with for stand your TuSimple automotive

Soroush Salehian

the for Thanks question. sure. Yes,

II have first working with Aeries our all, on that. of we we're will autonomous So and

TuSimple we we with to confident continue closely. feel So on And with work them specifically, that.

I think we are progressing well.

working time. in few are this support program, space in fact as quite two that course, right. generation LiDAR them only world for addition the out technology of the As we driver have months -- provide of their you far, Aeva them with a our that, on these you course, so as the And be as long-range autonomous of in driver to trucks company TuSimple to and matter of technology on using are aware, their to out we enabling LiDAR fully a using LiDAR previous truck they're been with actually some first

your end in including So begin the and deployment to other to towards we point, of scale rate II others. with this year, of some vehicle confident about the adoption with and the yes we overall, commercial players feel of plan us Aeries And space.

Operator

Desilva next with Suji Capital. go ROTH The comes Please from ahead. question

Suji Desilva

progress hi, here. Soroush, the Congratulations Hi, Saurabh. on

office So I'm an in opened curious region. the just you Asia

penetrate about can had you the the there landscape there? already ways you And perhaps Is You would helpful opportunity I'm market? some in being are be you Any seems different on does current talk in partnership does to some about to are very and give traction announced, which that - your the be opportunity the versus competitive to [ph] that color curious there opportunity understand? DENSO. of outside China market. for traction, there China, Thanks. NVIDIA

Soroush Salehian

Sure, Suji.

office us. there of mentioned, an I absolutely up about all, expanding first including an APAC important for and opening as excited pretty region We're So is China.

of end day. are interesting first all, seeing at really there have growing for this technology already and I we because next where we Aeva, that's of partners so, to And Gen the interest think the use and becomes

for relationships the in and production to to with that are at timeline. up also today, bring And it automation from if at as the customer APAC end looking you doesn't specifically, Other - simply well, and and production FMCW establish and market We're - are the and to the differentiate to track exist through thing, to look expect partnerships already well to at XXXX automotive general, look also partnered there industrial you looking non-auto, we continue we If and technology non-automotive, we're also. competition. it, Nikon but there. general on OEMs forward

think and centimeter, are we're chip and that a there a inspection, the down So one is one really growing either but a I is, those applications, this are robust platform, cannot bunch to that variety building under existing a centimeter. - of I perception - we sensing able are business as measurement see opportunity LiDAR and not really also or to we providing manufacturing with that platform go unique below to volume different demand for fact type Because with an want highlight really achieve for in thing Aeva. solutions done are capabilities very for a especially laser-based by camera solutions, opportunity of currently

So because a we opportunity a centimeter, we unique FMCW now to platform that we going way. perception in can that, only after robust see with this, under be an that are achieve Aeva for believe

we so, beyond APAC that in the automotive some as of And applications continue well. grow that region to the to also expect

Operator

Colin with [Operator Instructions] comes And next Rusch Please go question from ahead. Oppenheimer.

Colin Rusch

guys. much so Thanks

Some in actually about few from little a samples? your testing reliability better feedback of as to test talk Can that cases expected. XD through with of you the go you're our they are customers LiDAR getting pointing - bit just checks than but

Soroush Salehian

Yes sure, Colin.

the commercial based on development actual I at vehicle and really really that B as think, example, and know, TuSimple the I our a We're II even is to Aeries a with that partners. to today deliveries includes in with autonomous moving clear And you others, proof and And So, end have with used samples road earlier think systems years samples capability, continue few quarter. sample. the in - that with on of our of technology. in the track to from A A commercial the for use some start talking pudding. about including our the deployments on side, we Obviously, this be this continued one ago, are

Of know, course, improve been automotive greatness. maturization one those designed for to reliability were mass you B that after of we not really and were the factors and get A manufacturing, but samples sample, the go is, to and continue with they key to that's

the last quarter for our this up scale to place I and critical year. the is focused fall the laser working deliver working base we're and on we're half the end first samples to our is volumes It piece of in on that. think in there the at on of to this supply us and second from that

with but Aeries - So answer II, direct question. to your

already has that's also reliability And to that see that. what temperature call U.S., the improved. conventional as FMCW which especially been for our any so in be inspect [ph] We especially a challenge mentioned on but I we technology, on the

Colin Rusch

those Okay, obviously, of systems of then of the of - [ph] some then a got helpful. you have about some efforts. lot that that's a use - decision-making you've velocity to bit are different and into that you can and lot the really Can little translating streamline supplement that around going super software not other development some your doing been customers? guys that progress provide, guys And you a philosophy can some prepared talk with of for you

Soroush Salehian

the is do any new - surface different new actually really we're across on it what's scratching just dimension here think what can that's the I with the - it. right. what's Yes, And value that different applications capabilities interesting actually

color, white it. I've you information the confirmation is a whole there much to is so world cameras go of always with black new and As possibility from and mentioned, when

we the high to and have we In with that's able for a of confidence there into It's autonomy, safety topics similar So a points bringing provide the being decisions automation being technology, make of play, On level, customers and able go going similar specific things where things right, specifically, time really of protect want able but even global simply for into I'm here. with be and certain quickly. any velocity, automotive, example, level based challenge humans the a the for how do know that. but see something which to dynamic. vehicle to and faster, that decisions in faster in situation that high velocity and that, and topic come a supercritical make is application details a number enables moving the can those vehicles our reaction on being for of you are to be non-automotive, or able to to all not mechanism to course, a able to to industrial warehouse see moving at

play to coming dimension. actually with is that of velocity the All

So to it, to our as use continue applications. across them examples we to new leverage find able continue and be customers

and the they help of our continue - that also able to challenges to capability showcase dimension we efforts so focus before. on really velocity and solve been that building customers So to to them be top to able do haven't

Operator

comes with from Morgan next ahead. question go Stanley. Our [indiscernible] Please

Unidentified Analyst

question. great, thanks my taking Hi for

non-automotive it's that wondering So automation momentum and mentioned. just us announcement other to currently simply related like the and areas opportunity $X hear a or about level give in NASA I'm happening? if recent a engagement industrial versus relative you with on pipeline that the Thanks. But XD could of automotive number great conversations you much and around mapping your are like breakdown other of just robotics of how is

Soroush Salehian

Yes, sure.

from they in on designing module on can can seeing a in general especially and chip opportunities. we see we're providing LiDAR applications. demand the a multiple customer and on are platform, because be interest that, way specifics tell non-automotive, growing not you the is What applied the So we automotive I to are as of we breakdown both space,

with side, in opportunities I year. I the car, automotive we inspection we're well and wins passenger to really feel about on for those, on industrial robotics automation, span as be talked trucking we and we track on with which of this confident side. mentioned, think as includes and And expect the multiple as in engaged the two mobility currently

will share the as - more, opportunities, course, we able and are specific we so of to So do progress future. more disclose near the and in about

Operator

for attending today's Thank has conference The session. question-and-answer the presentation. also you now concludes concluded. This

You may disconnect. now

Aeva (AEVA) 5 May 222022 Q1 Earnings call transcript