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AEVA NYSE· Aeva Technologies Inc.
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AEVA NYSE· Aeva Technologies Inc.
Earnings report Q3 2023

AEVA Technologies Reports Decrease in Revenue for Latest Quarter

Segments of Revenue

AEVA Technologies reported revenue of $810 thousand for the three months ended September 30, 2023, compared to $1.37 million in the same period last year. For the nine months ended September 30, 2023, revenue amounted to $2.70 million, down from $4.00 million in the prior year.

Strengths

Despite the decrease in revenue, AEVA Technologies highlighted several strengths in its financial performance. The company's cost of revenue increased by $2.58 million, resulting in a gross loss of $1.71 million for the quarter. This can be attributed to various factors such as increased research and development expenses, general and administrative expenses, and selling and marketing expenses. AEVA Technologies' management emphasized their commitment to investing in research and development to drive future growth and innovation.

Challenges

AEVA Technologies faced challenges in generating revenue during the latest quarter. The company reported an operating loss of $35.50 million, compared to a loss of $37.80 million in the same period last year. The decrease in revenue and increase in operating expenses contributed to this loss. AEVA Technologies' management acknowledged the need to address these challenges and improve financial performance.

Noteworthy

One noteworthy aspect of AEVA Technologies' performance is the decrease in other income by $0.1 million for the three months ended September 30, 2023. This decrease was primarily due to a change in the fair value of private placement warrant liability. It is important to note that this change had a minor impact on the overall financial results of the company.

Summary

AEVA Technologies reported a decrease in revenue for the latest quarter, with revenue amounting to $810 thousand. The company faced challenges in generating revenue, resulting in an operating loss of $35.50 million. However, AEVA Technologies demonstrated strengths in its commitment to research and development, which is expected to drive future growth and innovation. The decrease in other income due to a change in the fair value of private placement warrant liability was a noteworthy aspect of the company's performance. Overall, AEVA Technologies aims to address its challenges and improve its financial performance in the coming quarters.

Source documents

Form 10-Q  filed on Nov 14, 2023
19 pages scanned

Reference data

Company financials Q3 revenue 1.6M
Analyst estimates Q3 EPS missed by -11.11%
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