Aeva Technologies, Inc. Q3 FY2024 earnings call

• Secured a major industrial production win for security applications with The Indoor Lab in a multiyear supply agreement, with revenue potential up to tens of millions of dollars over the next 2-3 years.
• Torc and Daimler Truck achieved a milestone in validating fully driverless operations at highway speeds with Aeva 4D LiDAR, with Aeva on track for start of production in 2026 to support Daimler Truck's market entry in 2027.
• Selected for a major European passenger OEM's automated vehicle validation program to gather ground truth data for validating next-generation vehicle automation systems.
• Pulled forward the first shipments of Atlas by almost six months to meet growing demand and support recent production wins.

Revenue in Q3 was $2.3 million, representing scaling of sensor shipments to automotive and industrial customers. The company's non-GAAP operating loss was $31.4 million for the quarter, with gross cash used of $26.4 million, and liquidity totaled $259.8 million at the end of Q3.

• Estimates revenue potential from industrial security to be approximately $50 million in the next few years.
• Remains on track for start of production in 2026 to support Daimler Truck's planned market entry by 2027.
• Progressing with a global top 10 passenger OEM, having advanced through RFQ phases and being in final stages of the RFQ process.

• Forward-looking statements are subject to risks and uncertainties; actual results could differ materially from expectations. Material risks and other important factors affecting financial results are discussed in SEC filings, including Form 10-Q and Form 10-K.

Q: Can you talk about potential customers and growth in the security area?

A: Secured a multiyear production supply deal with The Indoor Lab, starting with airport deployments, estimating revenue potential up to $50 million in the next few years.

Q: Update on Tier 1 OEM win progress?

A: Worked extensively with a global top 10 passenger OEM, passed manufacturing quality audits, aligned on technical requirements, and are in final stages of the RFQ discussing commercial terms.

Q: Qualitative differences in indoor/outdoor applications and pull-forward of Atlas shipments?

A: The Indoor Lab partnership is for indoor and outdoor industrial applications, and Atlas shipments were pulled forward by six months through strategic effort to meet growing demand and capitalize on momentum in other programs