# EDGAR Filing Document

**Accession Number:** 0001789029
**File Stem:** 0000950170-23-009183
**Filing Date:** 2023-3
**Character Count:** 23753
**Document Hash:** d7794ebd0bad0cbeda1b3945607ecde8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-23-009183.hdr.sgml**: 20230322

**ACCESSION NUMBER**: 0000950170-23-009183

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230322

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230322

**DATE AS OF CHANGE**: 20230322

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Aeva Technologies, Inc.
- **CENTRAL INDEX KEY:** 0001789029
- **STANDARD INDUSTRIAL CLASSIFICATION:** MOTOR VEHICLE PARTS & ACCESSORIES [3714]
- **IRS NUMBER:** 843080757
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39204
- **FILM NUMBER:** 23753126

**BUSINESS ADDRESS:**
- **STREET 1:** 555 ELLIS STREET
- **CITY:** MOUNTAIN VIEW
- **STATE:** CA
- **ZIP:** 94043
- **BUSINESS PHONE:** 6504817070

**MAIL ADDRESS:**
- **STREET 1:** 555 ELLIS STREET
- **CITY:** MOUNTAIN VIEW
- **STATE:** CA
- **ZIP:** 94043

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** InterPrivate Acquisition Corp.
- **DATE OF NAME CHANGE:** 20190920

?xml version="1.0" encoding="ASCII"? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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**FORM** 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** March 22, 2023<br>

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Aeva Technologies, Inc.

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| Delaware | 001-39204 | 84-3080757 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 555 Ellis Street |  |  |
| Mountain View**,** California |  | 94043 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

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**Registrant's Telephone Number, Including Area Code:** (650) 481-7070<br>

Not Applicable<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common stock, par value $0.0001 per share | AEVA | New York Stock Exchange LLC |
| Warrants to purchase one share of common stock | AEVA.WS | New York Stock Exchange LLC |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02 Results of Operations and Financial Condition.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March 22, 2023, Aeva Technologies, Inc. issued a press release announcing financial results for the quarter and the year ended December 31, 2022. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information set forth in Item 2.02 (including Exhibit 99.1) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits.

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| | |
|:---|:---|
| Exhibit Number | Description |
| 99.1 | [<u>Press Release dated March 22, 2023</u>](aeva-ex99_1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | Aeva Technologies, Inc. |
| Date: | March 22, 2023 | By:  | /s/ Saurabh Sinha |
|  |  |  | Saurabh Sinha<br>Chief Financial Officer |

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## Ex-99

Exhibit 99.1

**Aeva Reports Fourth Quarter and Full Year 2022 Results**

Selected by top-10 global OEM for vehicle development

Progressing on a growing number of vehicle programs to advanced / RFQ stage

Completed core development of LiDAR on chip perception platform for industrial automation

**MOUNTAIN VIEW, Calif., Mar. 22, 2023 –** Aeva® (NYSE: AEVA), a leader in next-generation sensing and perception systems, today announced its fourth quarter and full year 2022 results.

**Key Company Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Successful launch of Aeries II, with shipments to 40+ customers in 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Selected by a top-10 global OEM for development program, which defines specifications for production vehicles targeting 2025 start of production

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Progressing on a growing number of vehicle programs to the advanced or RFQ stage with leading OEMs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Completed core development of LiDAR on chip perception platform for existing customers and additional opportunities in industrial automation

"Aeva achieved important commercial milestones in 2022 that are enabling us to further our momentum in 2023," said Soroush Salehian, Co-Founder and CEO at Aeva. "It has been an exciting start to the year, with the selection by a top-10 global OEM for development towards production and meaningful progress on other customer engagements. Our focus in 2023 is on securing new wins as we continue on our vision of bringing the next generation of perception to the market."

**Fourth Quarter and Full Year 2022 Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Cash, Cash Equivalents and Marketable Securities

oCash, cash equivalents and marketable securities of $323.8 million as of December 31, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Revenue

oRevenue of $0.2 million in Q4 2022, which includes revenue of $4.1 million partially offset by an adjustment of $3.9 million for an existing customer's contract modification. This compares to revenue of $2.9 million in Q4 2021

oRevenue of $4.2 million for full year 2022, which includes revenue of $8.1 million partially offset by an adjustment of $3.9 million for an existing customer's contract modification. This compares to revenue of $9.3 million for full year 2021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•GAAP and Non-GAAP Operating Loss\*

oGAAP operating loss of $44.4 million in Q4 2022, compared to GAAP operating loss of $31.9 million in Q4 2021

oGAAP operating loss of $152.0 million for full year 2022, compared to GAAP operating loss of $104.2 million for full year 2021

oNon-GAAP operating loss of $38.5 million in Q4 2022, compared to non-GAAP operating loss of $25.7 million in Q4 2021

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oNon-GAAP operating loss of $127.7 million for full year 2022, compared to non-GAAP operating loss of $81.9 million for full year 2021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•GAAP and Non-GAAP Net Loss per Share\*

oGAAP net loss per share of $0.20 in Q4 2022, compared to GAAP net loss per share of $0.15 in Q4 2021

oGAAP net loss per share of $0.68 for full year 2022, compared to GAAP net loss per share of $0.51 for full year 2021

oNon-GAAP net loss per share of $0.17 in Q4 2022, compared to non-GAAP net loss per share of $0.12 in Q4 2021

oNon-GAAP net loss per share of $0.57 for full year 2022, compared to non-GAAP net loss per share of $0.41 for full year 2021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Shares Outstanding

oWeighted average shares outstanding of 218.4 million in Q4 2022 and 217.3 million for full year 2022

\*Tables reconciling GAAP to non-GAAP measures are provided at the end of this release. Aeva believes that such non-GAAP measures are useful as supplemental measures of Aeva's performance.

**Conference Call Details**

The company will host a conference call and live webcast to discuss results at 2:00 p.m. PT / 5:00 p.m. ET today, March 22, 2023. The live webcast and replay can be accessed at investors.aeva.com.

**About Aeva Technologies, Inc. (NYSE: AEVA)**

Aeva's mission is to bring the next wave of perception to a broad range of applications from automated driving to industrial robotics, consumer electronics, consumer health, security and beyond. Aeva is transforming autonomy with its groundbreaking sensing and perception technology that integrates all key LiDAR components onto a silicon photonics chip in a compact module. Aeva 4D LiDAR® sensors uniquely detect instant velocity in addition to 3D position, allowing autonomous devices like vehicles and robots to make more intelligent and safe decisions. For more information, visit www.aeva.com, or connect with us on Twitter or LinkedIn.

Aeva, the Aeva logo, 4D LiDAR, Aeries, Ultra Resolution, 4D Perception, and 4D Localization are trademarks/registered trademarks of Aeva, Inc. All rights reserved. Third-party trademarks are the property of their respective owners.

**Forward looking statements**

This press release contains certain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Forward-looking statements in this press release include our beliefs regarding our financial position and operating performance for the fourth quarter and full year of 2022 and business objectives for 2023, along with our expectations with respect to our orders, product shipments, manufacturing plans and engagement with other customers. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including, but not limited to: (i) the fact that Aeva is an early stage company with a history of operating losses and may never achieve profitability, (ii) Aeva's limited operating history, (iii) the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities, (iv) the ability for Aeva to have its products selected for inclusion in OEM products and (v) other material risks and other important factors that could affect our financial results. Please refer to our filings with the SEC, including our most recent Form 10-Q and Form 10-K. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak

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only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Aeva assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Aeva does not give any assurance that it will achieve its expectations.

**Contacts**

Investors:

Andrew Fung

investors@aeva.ai

Media:

Michael Oldenburg

press@aeva.ai

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| | | |
|:---|:---|:---|
| **AEVA TECHNOLOGIES, INC.** | **AEVA TECHNOLOGIES, INC.** | **AEVA TECHNOLOGIES, INC.** |
| **Condensed Consolidated Balance Sheet** | **Condensed Consolidated Balance Sheet** | **Condensed Consolidated Balance Sheet** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **(In thousands)** | **(In thousands)** | **(In thousands)** |
|  | **December 31,<br>2022** | **December 31,<br>2021** |
| **ASSETS** |  |  |
| CURRENT ASSETS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $67420 | $66810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketable securities | 256392 | 378200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 2887 | 2341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 2951 | 2063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 5473 | 9070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 335123 | 458484 |
| Operating lease right-of-use assets | 7402 | 10284 |
| Property, plant and equipment, net | 9720 | 5136 |
| Intangible assets, net | 3525 | 4425 |
| Other noncurrent assets | 862 | 859 |
| TOTAL ASSETS | $356632 | $479188 |
| **LIABILITIES, CONVERTIBLE PREFERRED STOCK AND<br> STOCKHOLDERS' EQUITY** |  |  |
| CURRENT LIABILITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $5182 | $4386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 9063 | 4110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued employee costs | 4721 | 2196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liability, current portion | 2667 | 2872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 194 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 21827 | 14297 |
| Lease liability, noncurrent portion | 4789 | 7455 |
| Warrant liability | 90 | 1060 |
| TOTAL LIABILITIES | 26706 | 22812 |
| STOCKHOLDERS' EQUITY: |  |  |
| Common stock | 22 | 21 |
| Additional paid-in capital | 643756 | 619841 |
| Accumulated other comprehensive loss | (3585) | (524) |
| Accumulated deficit | (310267) | (162962) |
| TOTAL STOCKHOLDERS' EQUITY | 329926 | 456376 |
| TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND<br> STOCKHOLDERS' EQUITY | $356632 | $479188 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **AEVA TECHNOLOGIES, INC.** | **AEVA TECHNOLOGIES, INC.** | **AEVA TECHNOLOGIES, INC.** | **AEVA TECHNOLOGIES, INC.** | **AEVA TECHNOLOGIES, INC.** |
| **Condensed Consolidated Statements of Operations** | **Condensed Consolidated Statements of Operations** | **Condensed Consolidated Statements of Operations** | **Condensed Consolidated Statements of Operations** | **Condensed Consolidated Statements of Operations** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **(In thousands, except share and per share data)** | **(In thousands, except share and per share data)** | **(In thousands, except share and per share data)** | **(In thousands, except share and per share data)** | **(In thousands, except share and per share data)** |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| Revenue | $188 | $2873 | $4192 | $9265 |
| Cost of revenue (1) | 3316 | 1930 | 8447 | 5833 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit (loss) | (3128) | 943 | (4255) | 3432 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;Research and development expenses (1) | 32211 | 23749 | 109587 | 74768 |
| &nbsp;&nbsp;General and administrative expenses (1) | 7428 | 6766 | 31070 | 28407 |
| &nbsp;&nbsp;Selling and marketing expenses (1) | 1628 | 2364 | 7043 | 4443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 41267 | 32879 | 147700 | 107618 |
| Operating loss | (44395) | (31936) | (151955) | (104186) |
| Interest income | 1674 | 144 | 3707 | 372 |
| Other income, net | 47 | 50 | 943 | 1936 |
| Net loss before income taxes | (42674) | (31742) | (147305) | (101878) |
| Income tax provision |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(42674) | $(31742) | $(147305) | $(101878) |
| Net loss per share, basic and diluted | $(0.20) | $(0.15) | $(0.68) | $(0.51) |
| Shares used in computing net loss per share, basic and diluted | 218407208 | 214344240 | 217307896 | 200849663 |
| (1) Includes stock-based compensation as follows: |  |  |  |  |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| Cost of revenue | $423 | $480 | $1161 | $1483 |
| Research and development expenses | 4045 | 4130 | 17197 | 12754 |
| General and administrative expenses | 1205 | 1420 | 4972 | 7629 |
| Selling and marketing expenses | 216 | 162 | 917 | 371 |
| Total stock-based compensation expense | $5889 | $6192 | $24247 | $22237 |

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| | | |
|:---|:---|:---|
| **AEVA TECHNOLOGIES, INC.** | **AEVA TECHNOLOGIES, INC.** | **AEVA TECHNOLOGIES, INC.** |
| **Condensed Consolidated Statements of Cash Flows** | **Condensed Consolidated Statements of Cash Flows** | **Condensed Consolidated Statements of Cash Flows** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **(In thousands)** | **(In thousands)** | **(In thousands)** |
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
| **Cash flows from operating activities:** |  |  |
| Net loss | $(147305) | $(101878) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 3265 | 1147 |
| &nbsp;&nbsp;&nbsp;Loss on write down of fixed assets |  | 52 |
| &nbsp;&nbsp;&nbsp;Change in fair value of warrant liability | (970) | (1954) |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 24247 | 22237 |
| &nbsp;&nbsp;&nbsp;Impairment of inventories | 1664 |  |
| &nbsp;&nbsp;&nbsp;Amortization of right-of-use assets | 2882 | 1901 |
| &nbsp;&nbsp;&nbsp;Realized loss on available-for-sale securities | 29 |  |
| &nbsp;&nbsp;&nbsp;Amortization of premium on available-for-sale securities | 389 | 1498 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable | (546) | (2200) |
| &nbsp;&nbsp;&nbsp;Inventories | (2552) | (844) |
| &nbsp;&nbsp;&nbsp;Other current assets | 3634 | (7285) |
| &nbsp;&nbsp;&nbsp;Other noncurrent assets | (3) | (795) |
| &nbsp;&nbsp;&nbsp;Accounts payable | 1287 | 2667 |
| &nbsp;&nbsp;&nbsp;Accrued liabilities | 4953 | 3202 |
| &nbsp;&nbsp;&nbsp;Accrued employee costs | 2525 | 1474 |
| &nbsp;&nbsp;&nbsp;Lease liability | (2871) | (1785) |
| &nbsp;&nbsp;&nbsp;Other current liabilities | (539) | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (109911) | (82105) |
| **Cash flows from investing activities:** |  |  |
| Purchase of property, plant and equipment | (7439) | (3850) |
| Purchase of available-for-sale securities | (210197) | (571925) |
| Proceeds from sale of available-for-sale securities |  | 20123 |
| Proceeds from maturities of available-for-sale securities | 328526 | 171580 |
| Purchase of intangible assets |  | (4500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | 110890 | (388572) |
| **Cash flows from financing activities:** |  |  |
| Proceeds from business combination and private offering |  | 560777 |
| Transaction costs related to business combination and private offering |  | (47487) |
| Payments of taxes withheld on net settled vesting of restricted stock units | (720) | (1338) |
| Proceeds from exercise of warrants | 1 |  |
| Proceeds from exercise of stock options | 350 | 911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (369) | 512863 |
| **Net increase in cash and cash equivalents** | 610 | 42186 |
| **Beginning cash and cash equivalents** | 66810 | 24624 |
| **Ending cash and cash equivalents** | $67420 | $66810 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **AEVA TECHNOLOGIES, INC.** | **AEVA TECHNOLOGIES, INC.** | **AEVA TECHNOLOGIES, INC.** | **AEVA TECHNOLOGIES, INC.** | **AEVA TECHNOLOGIES, INC.** |
| **Reconciliation of GAAP to Non-GAAP Operating Results** | **Reconciliation of GAAP to Non-GAAP Operating Results** | **Reconciliation of GAAP to Non-GAAP Operating Results** | **Reconciliation of GAAP to Non-GAAP Operating Results** | **Reconciliation of GAAP to Non-GAAP Operating Results** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **(In thousands, except share and per share data)** | **(In thousands, except share and per share data)** | **(In thousands, except share and per share data)** | **(In thousands, except share and per share data)** | **(In thousands, except share and per share data)** |
| **Reconciliation from GAAP to non-GAAP operating loss** |  |  |  |  |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| GAAP operating loss | $(44395) | $(31936) | $(151955) | $(104186) |
| Stock-based compensation | 5889 | 6192 | 24247 | 22237 |
| Non-GAAP operating loss | $(38506) | $(25744) | $(127708) | $(81949) |
| **Reconciliation from GAAP to non-GAAP net loss** |  |  |  |  |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| GAAP net loss | $(42674) | $(31742) | $(147305) | $(101878) |
| Stock-based compensation | 5889 | 6192 | 24247 | 22237 |
| Change in fair value of warrant liability | (48) | (50) | (970) | (1954) |
| Non-GAAP net loss | $(36833) | $(25600) | $(124028) | $(81595) |
| **Reconciliation between GAAP and non-GAAP net loss per share** |  |  |  |  |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| Shares used in computing GAAP net loss per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted | 218407208 | 214344240 | 217307896 | 200849663 |
| GAAP net loss per share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted | $(0.20) | $(0.15) | $(0.68) | $(0.51) |
| Stock-based compensation | 0.03 | 0.03 | 0.11 | 0.11 |
| Change in fair value of warrant liability | (0.00) | (0.00) | (0.00) | (0.01) |
| Non-GAAP net loss per share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted | $(0.17) | $(0.12) | $(0.57) | $(0.41) |

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