$AEVA

Aeva Technologies, Inc.

CIK:0001789029|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue	$ 6,136	$ 5,511	$ 12,398	$ 8,879
Cost of revenue	3,947	8,231	8,268	11,289
Gross profit	2,189	(2,720)	4,130	(2,410)
Research and development expenses	24,889	22,841	47,715	44,410
General and administrative expenses	10,216	7,969	22,568	15,186
Selling and marketing expenses	1,644	1,393	3,543	3,335
Total operating expenses	36,749	32,203	73,826	62,931
Operating loss	(34,560)	(34,923)	(69,696)	(65,341)
Interest income	893	619	1,770	1,626
Change in fair value of warrant liabilities	(44,700)	(88,478)	(44,250)	(93,878)
Fair value loss on share subscription liability	0	(69,996)	0	(69,996)
Interest expense	(1,196)	0	(2,379)	0
Other income (expense), net	(3)	106	42	107
Loss before income taxes	(79,566)	(192,672)	(114,513)	(227,482)
Income tax provision	58	70	90	127
Net income	(79,624)	(192,742)	(114,603)	(227,609)
Unrealized loss on available-for-sale securities, net of tax	(58)	2	(84)	(52)
Total comprehensive loss	$ (79,682)	$ (192,740)	$ (114,687)	$ (227,661)
Net loss per share, Basic	$ (1.23)	$ (3.49)	$ (1.8)	$ (4.14)
Net loss per share, Diluted	$ (1.23)	$ (3.49)	$ (1.8)	$ (4.14)
Weighted-average shares used in computing net income (loss) per share - Basic	64,672,666	55,161,124	63,745,534	54,956,722
Weighted-average shares used in computing net income (loss) per share - Diluted	64,672,666	55,161,124	63,745,534	54,956,722
Product
Revenue	$ 2,546	$ 4,203	$ 4,973	$ 6,684
Cost of revenue	2,614	3,992	5,651	6,575
Professional service
Revenue	3,590	1,308	7,425	2,195
Cost of revenue	$ 1,333	$ 4,239	$ 2,617	$ 4,714

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (114,603)	$ (227,609)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,579	2,716
Loss on joint development (2)	0	3,785
Impairment of inventories	0	134
Issuance of shares for Convertible note interest payment	2,297	0
Change in fair value of warrant liabilities	44,250	93,878
Fair value loss on share subscription liability	0	69,996
Stock-based compensation	17,878	10,588
Amortization of right-of-use assets	1,129	1,830
Amortization of premium and accretion of discount on available-for-sale securities, net	(1,024)	(795)
Accretion of convertible notes issuance cost	203	0
Changes in operating assets and liabilities:
Accounts receivable, net	(349)	(2,709)
Inventories	78	(1,448)
Other current assets	586	2,849
Other noncurrent assets	589	505
Accounts payable	1,992	(1,779)
Accrued liabilities	(2,580)	(2,940)
Accrued employee costs	(9,987)	(3,337)
Lease liability	(758)	(1,932)
Other current liabilities	705	(5,820)
Other noncurrent liabilities		1,472
Net cash used in operating activities	(57,015)	(60,616)
Cash flows from investing activities:
Purchase of property, plant and equipment	(2,410)	(1,825)
Purchase of available-for-sale securities	(148,072)	(23,369)
Proceeds from maturities of available-for-sale securities	63,966	79,149
Net cash (used in) provided by investing activities	(86,516)	53,955
Cash flows from financing activities:
Proceeds from issuance of common stock	114,999	0
Transaction costs related to issuance of common stock	(5,750)	0
Proceeds from equity-related funding in connection with the JDA	5,500	0
Payments of taxes withheld on net settled vesting of restricted stock units	0	(578)
Transaction costs related to issuance of convertible notes	(297)	0
Proceeds from exercise of stock options	23	118
Net cash provided by (used in) financing activities	114,475	(460)
Net decrease in cash and cash equivalents	(29,056)	(7,121)
Beginning cash and cash equivalents	72,291	28,864
Ending cash and cash equivalents	43,235	21,743
Supplemental disclosures of cash flow information:
Cash paid for interest	0	0
Cash paid for income taxes	101	73
Supplemental disclosures of non-cash investing and financing activities:
Issuance of shares for Convertible note interest payment	2,297	0
Public offering issuance cost included in accounts payable	445
Right-of-use asset obtained in exchange for lease liability	532	0
Joint development agreement receivable	0	7,500
Share subscription liability	0	8,632
Unpaid property, plant and equipment purchases	$ 0	$ 1,206

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 43,235	$ 72,291
Marketable securities	134,654	49,608
Accounts receivable	3,712	3,363
Inventories	5,709	5,787
Other current assets	16,390	22,476
Total current assets	203,700	153,525
Operating lease right-of-use assets	4,883	5,480
Property, plant and equipment, net	12,399	12,845
Intangible assets, net	375	825
Other noncurrent assets	6,437	7,026
Total assets	227,794	179,701
Liabilities and stockholders' equity
Accounts payable	7,298	5,885
Accrued liabilities	9,483	12,063
Accrued employee costs	3,958	13,945
Lease liability, current portion	2,031	1,488
Other current liabilities	3,193	2,488
Total current liabilities	25,963	35,869
Lease liability, noncurrent portion	3,444	4,213
Convertible Notes Payable	96,896	96,693
Warrant liability	73,961	29,711
Total liabilities	200,264	166,486
Commitments and contingencies (Note 15)
Convertible preferred stock $0.0001 par value; 10,000 shares authorized; no,shares issued and outstanding	0	0
Stockholders' Deficit
Common stock $0.0001 par value; 422,000 shares authorized; 68,683 and 61,580 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	7	6
Additional paid-in capital	899,503	770,502
Accumulated other comprehensive loss	(88)	(4)
Accumulated deficit	(871,892)	(757,289)
Total stockholders' equity	27,530	13,215
Total liabilities and stockholders' equity	$ 227,794	$ 179,701