Aeva Technologies, Inc.: Form 10-Q for the period ended Sep 30, 2023
Filed with the SEC on Nov 14, 2023 and accepted by EDGAR at Nov 13, 2023, 19:34 ET.
Management's discussion and analysis
As filed, 27,185 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
The following discussion of Aeva’s results of operations and financial condition should be read in conjunction with the information set forth in the financial statements and the notes thereto included elsewhere in this Quarterly Report on Form 10-Q. This discussion may contain forward-looking statements based upon Aeva’s current expectations, estimates, and projections that involve risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements due to, among other considerations, the matters discussed in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K”) under the heading “Risk Factors” and “Special Note Regarding Forward-Looking Statements.” Unless the context otherwise requires, all references in this section to “we,” “our,” “us” “the Company” or “Aeva” refer to the business of Aeva Technologies, Inc., a Delaware corporation, and its subsidiaries.
Overview
Our vision is to bring perception to broad applications. Through our FMCW sensing technology, we believe we are introducing the world’s first 4D LiDAR-on-chip that, along with our proprietary software applications, has the potential to enable the adoption of LIDAR across broad applications.
Founded in 2017 by former Apple engineers Soroush Salehian and Mina Rezk and led by a multidisciplinary team of engineers and operators experienced in the field of sensing and perception, Aeva’s mission is to bring the next wave of perception technology to broad applications from automated driving to industrial automation, consumer device applications, and security. Our 4D LiDAR-on-chip combines silicon photonics technology that is proven in the telecom industry with precise instant velocity measurements and long-range performance for commercialization.
As a development stage company, we work closely with our customers on the development and commercialization of their programs and the utilization of our products in such programs. Thus far, our customers have purchased prototype products and engineering services from us for use in their research and development programs. We are expanding our manufacturing capacity through third-party manufacturers to meet our customers’ anticipated demand for the production of our products.
Unlike legacy 3D LiDAR, which relies on Time-of-Flight (“ToF”) technology and measures only depth and reflectivity, Aeva’s solution leverages a proprietary FMCW technology to measure velocity in addition to depth, reflectivity and inertial motion. We believe the ability of Aeva’s solution to measure instant velocity for every pixel is a major advantage over ToF-based sensing solutions. Furthermore, Aeva’s technology is free from interference from other LiDAR and sunlight, and our core innovations within FMCW are intended to enable autonomous vehicles to see at significantly higher distances of up to 500 meters.
We believe Aeva is uniquely positioned to provide a superior solution with the potential to enable higher level of automation for vehicles. Furthermore, we believe the advantages of our 4D LiDAR-on-chip allow us to provide the first LiDAR solution that is fully integrated onto a chip with superior performance at scale, with the potential to drive new categories of perception across industrial automation, consumer devices, and security markets.
Key Factors Affecting Aeva’s Operating Results
Aeva believes that its future performance and success depends to a substantial extent on its ability to capitalize on the following opportunities, which in turn is subject to significant risks and challenges, including those discussed in Part I, Item 1A of the 2022 Form 10-K under the heading “Risk Factors.”
Pricing, Product Cost and Margins. Our pricing and margins will depend on the volumes and the features, as well as specific market applications of the solutions we provide to our customers. We have customers with technologies in various stages of development across different market segments. We anticipate that our prices will vary by market and application due to market-specific product and commercial requirements, supply and demand dynamics and product lifecycles.
Aeva's future performance will depend on its ability to deliver on economies of scale with lower product costs to enable industry adoption. Aeva believes its business model is positioned for scalability due to the ability to leverage the same product platform across markets and customer base, relationships with leading foundries and contract manufacturers. Our customers will require that our perception solutions be manufactured and sold at per-unit prices that are competitive. Our ability to compete in key markets will depend on the success of our efforts to efficiently and reliably produce cost-effective perception solutions that are competitively priced and affordable for our commercial-stage customers.
Additionally, the macroeconomic conditions in the industry, the growing emergence of competition in advanced assisted driving sensing and software technologies globally can negatively impact pricing, margins and market share. If Aeva does not generate the margins it expects upon commercialization of its perception solutions, Aeva may be required to raise additional debt or equity capital, which may not be available or may only be available on terms that are onerous to Aeva’s stockholders.
Commercialization of LiDAR-based Applications. We expect that our results of operations, including revenue and gross margins, will fluctuate on a quarterly basis for the foreseeable future as our customers continue on research and development projects and begin to commercialize advanced driver assist, autonomous and industrial automation solutions that rely on LiDAR technology. As more customers reach the commercialization phase and as the market for LiDAR solutions matures, these fluctuations in our operating results may become less pronounced.
Sales Volume. Each product program will have an expected range of sales volumes, depending on the end market demand for our customers’ products as well as market application. This can depend on several factors, including market penetration, product capabilities, size of the end market that the product addresses and our end customers’ ability to sell their products. In addition to end market demand, sales volumes also depend on whether our customer is in the development or production phase. In certain cases, we may provide volume discounts or strategic customer pricing on sales of our solutions, which may or may not be offset by lower manufacturing costs related to higher volumes which in turn could adversely impact our gross margins. Aeva’s ability to ultimately achieve profitability is dependent upon progression of existing relationships to production and our ability to meet required volumes and required cost targets and gross margins. Delays of our current and future customers’ programs could result in Aeva being unable to achieve its revenue targets and profitability in the time frame it anticipates. Such delays could result in Aeva requiring to raise additional debt or equity capital, which may not be available or may only be available on terms that are onerous to Aeva’s stockholders.
Basis of Presentation
Aeva currently conducts its business through one operating segment.
Components of Results of Operations
Revenue
Revenue consists of sales of perception solutions or sensing systems and non-recurring engineering services.
Aeva is engaged in design, manufacturing and sale of LiDAR sensing systems and related perception and autonomy-enabling software solutions serving customers in automotive, industrial, and other markets. Under the customer agreements, Aeva delivers a specified number of sensing systems at a fixed price under customary terms and conditions. The sensing system units sold under these agreements are typically prototypes that are used by the customer for its research, development, evaluation, pilot, or testing purposes. Aeva also enters into non-recurring engineering service arrangements with certain of its customers to customize Aeva’s perception solution to meet customer specific requirements.
Cost of revenue and gross profit
Cost of revenue principally includes direct material, direct labor and allocation of overhead associated with manufacturing operations, including inbound freight charges and depreciation expense. Cost of revenue also includes the direct cost and appropriate allocation of overhead involved in execution of non-recurring engineering services. Aeva’s gross profit equals total revenue less total cost of revenue.
Operating expenses
Research and development expenses
Aeva’s research and development efforts are focused on enhancing and developing additional functionality for its existing products and on new product development. Research and development expenses consist primarily of:
- Personnel-related expenses, including salaries, benefits, and stock-based compensation expense, for personnel in Aeva’s research and engineering functions; and
- Expenses related to materials, software licenses, supplies, and third-party services.
Aeva recognizes research and development expenses as incurred. Aeva expects its research and development expenses to remain at same level as fiscal 2022 or increase slightly in the foreseeable future as it continues to invest in research and development activities to achieve its product roadmap.
General and administrative expenses
General and administrative expenses consist of personnel and personnel-related expenses, including salaries, benefits, and stock-based compensation expense of Aeva’s executive, finance, information systems, human resources, and legal, as well as legal and accounting fees for professional and contract services. Aeva expects its general and administrative expenses for fiscal 2023 to remain at same level as fiscal 2022 or increase slightly in the foreseeable future as it scales headcount with the growth of its business, and as a result of operating as a public company, including compliance with the rules and regulations of the Securities and Exchange Commission (the “SEC”), legal, audit, additional insurance expenses, investor relations activities, and other administrative and professional services.
Selling and marketing expenses
Selling and marketing expenses consist of personnel and personnel-related expenses, including salaries, benefits, and stock-based compensation expense of Aeva’s business development team as well as advertising and marketing expenses. These include the cost of trade shows, promotional materials, and public relations. Aeva expects to increase its sales and marketing activities and expand customer relationships. Aeva expects that its sales and marketing expenses for fiscal year 2023 will remain at same level as fiscal 2022 or increase slightly over time as it continues to grow its sales force and increase marketing efforts.
Interest income and Interest expense
Interest income consists primarily of income earned on Aeva’s cash equivalents and investments in marketable securities. Interest income will vary based on Aeva’s cash equivalents and marketable securities balance and changes in the interest rates.
Other income and expense
Other income and expense primarily consist of changes in the fair value of private placement warrants, foreign currency conversion gains and losses, and realized gains and losses on marketable securities.
Results of Operations
Comparison of the Three Months Ended September 30, 2023, and 2022
The results of operations presented below should be reviewed in conjunction with the financial statements and notes included elsewhere in this quarterly statement. The following table sets forth Aeva’s results of operations data for the periods presented:
(in thousands, except percentages)
| Three Months Ended September 30, 2023 | 2022 | Change $ | Change % | |
|---|---|---|---|---|
| Revenue | $810 | $1,374 | (564) | (41)% |
| Cost of revenue | 2,525 | 2,765 | (240) | (9)% |
| Gross loss | (1,715) | (1,391) | (324) | 23% |
| Operating expenses: | ||||
| Research and development expenses | 23,787 | 26,123 | (2,336) | (9)% |
| General and administrative expenses | 8,474 | 8,093 | 381 | 5% |
| Selling and marketing expenses | 1,520 | 2,195 | (675) | (31)% |
| Total operating expenses | 33,781 | 36,411 | (2,630) | (7)% |
| Loss from operations | (35,496) | (37,802) | 2,306 | (6)% |
| Interest income | 2,219 | 1,164 | 1,055 | 91% |
| Other income, net | 39 | 135 | (96) | (71)% |
| Net loss before taxes | (33,238) | (36,503) | 3,265 | (9)% |
| Income tax provision | — | — | - | |
| Net loss | $(33,238) | $(36,503) | 3,265 | (9)% |
Revenue
Revenue decreased by $0.6 million or 41% during the three months year ended September 30, 2023 as compared to the three months ended September 30, 2022. The decrease was primarily due to a decrease in the activity related to non-recurring engineering services, which is dependent upon the timing of the work performed for our customers, this was partially offset by an increase in the sale of prototype units sold during three months ended September 30, 2022 as compared to three months ended September 30, 2022.
Cost of revenue
Cost of revenue decreased by $0.2 million or 9%, during the three months ended September 30, 2023, from the three months ended September 30, 2022. The decrease was primarily due to a decrease in cost of revenue related to the non-recurring services revenue.
Operating expenses
Research and development expenses
Research and development expenses decreased by $2.3 million, or 9%, to $23.8 million for the three months ended September 30, 2023, from $26.1 million for the three months ended September 30, 2022. Research and development expenses decreased primarily due to a decrease in research and development material due to the timing of the expense incurred related to our development projects. Research and development material cost decreased by $2.0 million, consulting expense decreased by $0.6 million, stock-based compensation expense decreased by $0.8 million and travel cost decreased by $0.1 million. This was partially offset by an increases in payroll expense of $0.6 million, third party service cost of by $0.5 million and facility expense of $0.1 million.
General and administrative expenses
General and administrative expense increased by $0.4 million, or 5%, to $8.4 million for the three months ended September 30, 2023, from $8.1 million for the three months ended September 30, 2022. General and administrative expense increased primarily due to increases in legal and professional service cost of $0.7 million, and stock-based compensation expense of $0.4 million. This was partially offset by a decreases in payroll related expenses of $0.3 million, and insurance expense of $0.4 million.
Selling and marketing expenses
Selling and marketing expense decreased by $0.7 million, or 31%, to $1.5 million for the three months ended September 30, 2023, from $2.2 million for the three months ended September 30, 2022. The decrease was primarily due to a decreases in payroll expense of $0.3 million, marketing related expense of $0.2 million, and travel expense of $0.2 million.
Interest income
Interest income increased by $1.1 million during the three months ended September 30, 2023, as compared to the three months ended September 30, 2022. The increase was due to an increase in the interest rate during the three months ended September 30, 2023 as compared to the three months ended September 30, 2022.
Other income, net
Other income decreased by $0.1 million for the three months ended September 30, 2023 primarily due to change in in the fair value of private placement warrant liability.
Results of Operations
Comparison of the Nine Months Ended September 30, 2023, and 2022
The results of operations presented below should be reviewed in conjunction with the financial statements and notes included elsewhere in this quarterly statement. The following table sets forth Aeva’s results of operations data for the periods presented:
(in thousands, except percentages)
| Nine Months Ended September 30, 2023 | 2022 | Change $ | Change % | |
|---|---|---|---|---|
| Revenue | $2,701 | $4,004 | (1,303) | (33)% |
| Cost of revenue | $7,715 | 5,131 | 2,584 | 50% |
| Gross loss | (5,014) | (1,127) | (3,887) | 345% |
| Operating expenses: | ||||
| Research and development | 76,306 | 77,376 | (1,070) | (1)% |
| General and administrative expenses | 24,020 | 23,642 | 378 | 2% |
| Selling and marketing expenses | 5,603 | 5,415 | 188 | 3% |
| Total operating expenses | 105,929 | 106,433 | (504) | (0)% |
| Loss from operations | (110,943) | (107,560) | (3,383) | 3% |
| Interest income | 6,508 | 2,033 | 4,475 | 220% |
| Other income, net | 68 | 896 | (828) | (92)% |
| Net loss before taxes | (104,367) | (104,631) | 264 | (0)% |
| Income tax provision | — | — | — | |
| Net loss | $(104,367) | $(104,631) | $264 | (0)% |
Revenue
Revenue decreased by $1.3 million, or 33% during the nine months ended September 30, 2023, as compared to the nine months ended September 30, 2022. The decrease was primarily due to a decrease in the activity related to non-recurring engineering services, which is dependent upon the timing of the work performed for our customers; this was partially offset by an increase in the sale of prototype units sold in 2023 as compared to 2022.
Cost of revenue
Cost of revenue increased by $2.5 million, or 50%, during the nine months ended September 30, 2023, from the nine months ended September 30, 2022. The increase was primarily due to an increase in manufacturing overhead costs due to scaling of third-party contract manufacturing and an increase in the sale of the prototype units sold in 2023 as compared to 2022. This was partially offset by a decrease cost of revenue related to the non-recurring services revenue.
Operating expenses
Research and development expenses
Research and development expenses decreased by $1.1 million, or 1%, to $76.3 million for the nine months ended September 30, 2023, from $77.4 million for the nine months ended September 30, 2022. Research and development expenses decreased primarily due to a decrease in consulting expense, primarily due to the timing of the expenses incurred on our development projects. Consulting expense decreased by $3.3 million, research and development service expense decreased by $1.2 million, research and development material expense decreased by $0.2 million, and stock-based compensation expense decreased by $0.2 million. This was partially offset by an increase in payroll related expense of $3.3 million, other service expense of $0.3 million, and facility of $0.2 million.
General and administrative expenses
General and administrative expense increased by $0.4 million, or 2%, to $24.0 million for the nine months ended September 30, 2023, from $23.6 million for the nine months ended September 30, 2022. Legal expense increased by $1.1 million, other employee related expense increased by $0.2 million, subscription expense increased by $0.4 million, depreciation and amortization expense increased by $0.4 million, property tax increased by $0.1 million, stock-based compensation expense increased by $0.1 million, facility expense increased by $0.1 million and travel expense increased by $0.1 million. This was partially offset by decreases in payroll related expenses of $1.1 million, and decrease in insurance expense of $1.0 million.
Selling and marketing expenses
Selling and marketing expense increased marginally by $0.2 million, or 3%, to $5.6 million for the nine months ended September 30, 2023, from $5.4 million for the nine months ended September 30, 2022. The increase was primarily due to an increase in payroll related expense by $0.5 million, this was partially offset by decreases in marketing-related expense of $0.1 million, stock-based compensation expense of $0.1 million and travel expense of $0.1 million.
Interest income
Interest income increased by $4.5 million during the nine months ended September 30, 2023, as compared to the nine months ended September 30, 2022. The increase was due to an increase in the interest rate during the nine months ended September 30, 2023, as compared to the nine months ended September 30, 2022.
Other income, net
Other income decreased by $0.8 million for the nine months ended September 30, 2023, primarily due to change in in the fair value of private placement warrant liability.
Liquidity and Capital Resources
Sources of Liquidity
Aeva’s capital requirements will depend on many factors, including sales volume, the timing and extent of spending to support research and development efforts, investments in information technology systems, the expansion of sales and marketing activities, and market adoption of new and enhanced products and features. As of September 30, 2023, Aeva had cash and cash equivalents and marketable securities totaling $233.7 million.
Aeva expects its current cash and cash equivalents and marketable securities to fund its near term cash needs, but will be required to raise additional capital unless Aeva is able to generate sufficient revenue from the sale of its products to cover anticipated operating expense, working capital and capital expenditures. Any additional equity securities issued may provide for rights, preferences or privileges senior to those of holders of the Company’s common stock. If Aeva raises funds by issuing debt securities, these debt securities would have rights, preferences and privileges senior to those of common stockholders. The terms of debt securities or borrowings could impose significant restrictions on Aeva’s operations. Further, the current macroeconomic environment may make it difficult for us to raise capital on terms favorable to us or at all. The credit market and financial services industry have in the past, and may in the future, experience periods of uncertainty and other risks detailed in Part I, Item 1A titled “Risk Factors” that could impact the availability and cost of equity and debt financing.
Aeva has incurred negative cash flows from operating activities and losses from operations in the past as reflected in its accumulated deficit of $414.6 million as of September 30, 2023. Aeva expects to continue to incur operating losses due to continued investments that it intends to make in its business, including development of products. Aeva believes that existing cash and cash equivalent and marketable securities will be sufficient to fund operating and capital expenditure requirements through at least 12 months from the date of issuance of these financial statements.
On November 8, 2023, Aeva entered into agreements with Adage and Sylebra to purchase $21.4 million of common stock in a private placement, which closed on November 9, 2023. In addition, on November 8, 2023, the Company entered into a facility agreement with Sylebra, pursuant to which the Company will have the right, but not the obligation, to sell to Sylebra up to $125 million of its shares of preferred stock. Refer to Note 14, Subsequent Events of Part I, Item 1, Financial Statements for additional details.
Cash Flow Summary
The following table summarizes our cash flows for the periods presented:
(in thousands)
| Nine Months Ended September 30, 2023 | 2022 | |
|---|---|---|
| Cash used in operating activities | $(91,492) | $(83,093) |
| Cash provided by investing activities | 64,532 | 134,479 |
| Cash provided by (used in) financing activities | 90 | (311) |
| Net increase (decrease) in cash and cash equivalents | $(26,870) | $51,075 |
23
Operating Activities
For the nine months ended September 30, 2023, net cash used in operating activities was $91.5 million, attributable to a net loss of $104.4 million and a net change in net operating assets and liabilities of $8.4 million, partially offset by non-cash charges of $21.3 million. Non-cash charges primarily consisted of $18.2 million in stock-based compensation, $3.1 million in depreciation and amortization expense, and $2.3 million in amortization of right of use assets, partially offset by $2.1 million in amortization of premium and accretion of discount on available for sale securities. The change in net operating assets and liabilities was primarily due to a $2.1 million decrease in accounts receivable due to timing of billing and cash collections, a $0.3 million decrease in inventory, a $2.4 million decrease in accounts payable, a 6.3 million decrease in accrued liabilities, and a $2.3 million decrease in lease liability.
Investing Activities
For the nine months ended September 30, 2023, net cash provided by used in investing activities was $64.5 million, attributable to maturity of available-for-sale investments of $165.6 million, partially offset by purchase of investments of $97.6 million and purchase of property, plant and equipment of $3.4 million.
Financing Activities
For the nine months ended September 30, 2023, net cash provided by financing activities was attributable to a $0.2 million proceeds from stock option exercises, partially offset by $0.1 million of proceeds from stock option exercises.
Off-Balance Sheet Arrangements
As of September 30, 2023, Aeva has not engaged in any off-balance sheet arrangements, as defined in the rules and regulations of the SEC.
Critical Accounting Policies and Estimates
Aeva prepares its financial statements in accordance with U.S. GAAP. The preparation of these financial statements requires the Company to make estimates, assumptions and judgments that can significantly impact the amounts Aeva reports as assets, liabilities, revenue, costs and expenses and the related disclosures. Aeva bases its estimates on historical experience and other assumptions that it believes are reasonable under the circumstances. Aeva’s actual results could differ significantly from these estimates under different assumptions and conditions. Aeva believes that the accounting policies discussed below are critical to understanding its historical and future performance as these policies involve a greater degree of judgment and complexity.
For the nine months ended September 30, 2023 there were no significant changes to our critical accounting policies and estimates. For a more detailed discussion of our critical accounting policies and estimates, please refer to our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and Note 1 of the notes to condensed consolidated financial statements included in this Form 10-Q.
Recent Accounting Pronouncements
See Note 1 to Aeva’s financial statements included elsewhere in this Quarterly Report on Form 10-Q for recently adopted accounting pronouncements and recently issued accounting pronouncements not yet adopted as of the date of this Quarterly Report on Form 10-Q.
Market risk
As filed, 483 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
Aeva is exposed to market risk in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. Our market risk exposure is primarily a result of fluctuations in interest rates. There has been no material change in our exposure to market risks from that discussed in Part II, Item 7A, “Quantitative and Qualitative Disclosures About Market Risk” of the 2022 Form 10-K.
Controls and procedures
As filed, 3,478 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
Evaluation of disclosure controls and procedures
Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of September 30, 2023. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Based on the evaluation of our disclosure controls and procedures as of September 30, 2023, our Chief Executive Officer and Chief Financial Officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.
Changes in internal control over financial reporting
There was no change in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the period covered by this Quarterly Report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
Inherent limitation on the effectiveness of internal control
Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls or our internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by management override of the controls. The design of any system of controls is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.
Risk factors
As filed, 633 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
The Company’s business, reputation, results of operations and financial condition, as well as the price of the Company’s stock, can be affected by a number of factors, whether currently known or unknown, including those described in Part I, Item 1A of the 2022 Form 10-K under the heading “Risk Factors.” When any one or more of these risks materialize from time to time, the Company’s business, reputation, results of operations and financial condition, as well as the price of the Company’s stock, can be materially and adversely affected. There have been no material changes to the Company’s risk factors since the 2022 Form 10-K.
Figures reported in this filing
Standardized line items from the XBRL in this filing, for the period ended 2023-09-30. Comparative periods it repeats are left out.
| Line item | Period | Value | XBRL concept |
|---|---|---|---|
| Revenue | 3 months2023-07-01 to 2023-09-30 | $810.0k | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Revenue | 9 months2023-01-01 to 2023-09-30 | $2.7m | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Cost of revenue | 3 months2023-07-01 to 2023-09-30 | $2.5m | us-gaap:CostOfRevenue |
| Cost of revenue | 9 months2023-01-01 to 2023-09-30 | $7.7m | us-gaap:CostOfRevenue |
| Gross profit | 3 months2023-07-01 to 2023-09-30 | −$1.7m | us-gaap:GrossProfit |
| Gross profit | 9 months2023-01-01 to 2023-09-30 | −$5.0m | us-gaap:GrossProfit |
| Research and development | 3 months2023-07-01 to 2023-09-30 | $23.8m | us-gaap:ResearchAndDevelopmentExpense |
| Research and development | 9 months2023-01-01 to 2023-09-30 | $76.3m | us-gaap:ResearchAndDevelopmentExpense |
| Operating income | 3 months2023-07-01 to 2023-09-30 | −$35.5m | us-gaap:OperatingIncomeLoss |
| Operating income | 9 months2023-01-01 to 2023-09-30 | −$110.9m | us-gaap:OperatingIncomeLoss |
| Income tax | 3 months2023-07-01 to 2023-09-30 | $0 | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 9 months2023-01-01 to 2023-09-30 | $0 | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months2023-07-01 to 2023-09-30 | −$33.2m | us-gaap:NetIncomeLoss |
| Net income | 9 months2023-01-01 to 2023-09-30 | −$104.4m | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months2023-07-01 to 2023-09-30 | −$0.15 | us-gaap:EarningsPerShareDiluted |
| Diluted EPS | 9 months2023-01-01 to 2023-09-30 | −$0.47 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months2023-07-01 to 2023-09-30 | −$0.15 | us-gaap:EarningsPerShareBasic |
| Basic EPS | 9 months2023-01-01 to 2023-09-30 | −$0.47 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months2023-07-01 to 2023-09-30 | 222,825,819 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Diluted shares (weighted) | 9 months2023-01-01 to 2023-09-30 | 221,003,348 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 9 months2023-01-01 to 2023-09-30 | −$91.5m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 9 months2023-01-01 to 2023-09-30 | $3.4m | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Cash and equivalents | At period end2023-09-30 | $40.5m | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | At period end2023-09-30 | $242.8m | us-gaap:AssetsCurrent |
| Total assets | At period end2023-09-30 | $265.7m | us-gaap:Assets |
| Current liabilities | At period end2023-09-30 | $14.7m | us-gaap:LiabilitiesCurrent |
| Total liabilities | At period end2023-09-30 | $19.3m | us-gaap:Liabilities |
| Shareholders' equity | At period end2023-09-30 | $246.4m | us-gaap:StockholdersEquity |
Source: SEC EDGAR, the filing index for accession 0000950170-23-063249. Last ingested by Listed: Oct 30, 2026, 18:07 ET. Listed shows no prices and gives no investment advice.