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Earnings call: Aeva Technologies reports Q3 2024 results

EditorAhmed Abdulazez Abdulkadir
Published 11/07/2024, 11:11 AM
AEVA
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Aeva Technologies (Ticker: AEVA), a leader in next-generation sensing and perception systems, held its third-quarter earnings conference call for 2024, discussing financial results and company performance. The call, facilitated by Chloe and led by Andrew Fung, Senior Director of Investor Relations and Corporate Development, included insights from Soroush Salehian, Co-Founder and CEO, and Saurabh Sinha, CFO.

The company issued a press release and presentation ahead of the call, accessible on the Aeva Investor Relations website. The discussion included forward-looking statements and non-GAAP financial measures, with the caveat that actual results may differ due to various risks and uncertainties.

Key Takeaways

  • Aeva Technologies reported on its third-quarter 2024 financial performance.
  • The earnings call included forward-looking statements and non-GAAP financial measures.
  • The company's press release and presentation are available on its Investor Relations website.
  • Risks and uncertainties that may affect financial results were acknowledged.
  • The call was recorded and is available as a webcast.

Company Outlook

  • Forward-looking statements indicated expectations for the company's future performance.
  • The discussion was framed within the context of current market assumptions and conditions.

Bearish Highlights

  • Acknowledgment of risks and uncertainties that could impact the company's financial results.

Bullish Highlights

  • Optimistic forward-looking statements were made regarding Aeva's prospects.

Misses

  • No specific financial misses were mentioned in the provided summary.

Q&A Highlights

  • The summary did not include details from a Q&A session, if one occurred.

In summary, Aeva Technologies has shared its third-quarter 2024 financial results with an emphasis on future expectations and the potential impact of market risks. The company remains transparent with its financial measures and cautious about the various factors that could affect its performance. The full recording of the earnings call and related materials are available for review on Aeva's Investor Relations website.

InvestingPro Insights

Aeva Technologies' recent earnings call paints a picture of a company navigating the complexities of the next-generation sensing and perception systems market. To complement this overview, InvestingPro data and tips offer additional context for investors.

According to InvestingPro, Aeva's market capitalization stands at $910.02 million, reflecting its position in the competitive tech landscape. The company's revenue for the last twelve months as of Q3 2024 was $7.98 million, with an impressive revenue growth of 176.22% over the same period. This aligns with the company's forward-looking statements and expectations for future performance discussed in the earnings call.

However, it's crucial to note that Aeva is currently operating at a loss, with a negative gross profit of $3.83 million and an operating income of -$149.48 million for the last twelve months. This is reflected in an InvestingPro Tip stating that Aeva "Quickly burning through cash," which investors should consider in light of the company's future projections.

On a more positive note, another InvestingPro Tip highlights that Aeva "Holds more cash than debt on its balance sheet," suggesting a degree of financial stability despite the current losses. This could provide some reassurance to investors concerned about the company's ability to fund its ongoing operations and research.

The stock has shown strong recent performance, with InvestingPro data indicating a 24.93% price return over the past month and a 53.38% return over the last three months. This positive momentum may reflect market optimism about Aeva's technology and future prospects.

For investors seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for Aeva Technologies, providing a deeper dive into the company's financial health and market position.

Full transcript - Aeva Technologies Inc (NYSE:AEVA) Q3 2024:

Operator: Good day. My name is Chloe, and I will be your conference facilitator. I would like to welcome everyone to the Aeva Technologies Third Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, today's conference call is being recorded and simultaneously webcast. I would now like to turn the call over to Andrew Fung, Senior Director of Investor Relations and Corporate Development. Andrew, please go ahead.

Andrew Fung: Thank you, and welcome, everyone, to Aeva's third quarter 2024 earnings conference call. Joining on the call today are Soroush Salehian, Aeva's Co-Founder and CEO; and Saurabh Sinha, Aeva's CFO. Ahead of this call, we issued our third quarter 2024 press release and presentation, which we will refer to today and can be found on our Investor Relations website at investors.aeva.com. Please note that on this call, we will be making forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties. These statements reflect our views only as of today and should not be relied upon as representative of our views as of any subsequent date. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For a further discussion of the 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. In addition, during today's call, we will discuss non-GAAP financial measures, which

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