AEVA stock continues to trend higher after the company reported Q3 2021 financials.

AEVA stock price target lowered to $15 from $20 at Craig-Hallum

On November 11, 2021, Craig-Hallum analyst Richard Shannon lowered the firm’s price target on AEVA stock to $15 from $20 on lower market multiples, while keeping a Buy rating on the shares. In the middle of a flurry of lidar-related news this week, the analyst believes Aeva Technologies made the biggest splash with its Plus production win. Plus is one of a handful of serious contenders in the autonomous trucking space, and Shannon thinks this deal will be worth $50M-$100M between now and 2025. This is a much bigger deal in our view than Luminar’s (LAZR) announcements with Embark and Nvidia (NVDA) recently, the latter of which increased its market cap by about $1B. The analyst continues to think Aeva’s technology is much more scalable and views this Plus win as a great validation of that.

Aeva Reports Third Quarter 2021 Results

On November 10, 2021, Aeva (NYSE: AEVA), a leader in next-generation sensing and perception systems, announced its third-quarter 2021 results.

Key Company Highlights

Key production win with Plus to implement Aeva’s 4D LiDAR as long-range LiDAR on PlusDrive autonomous trucks
On track with key development milestones across other automotive and non-automotive collaborations
Selected Fabrinet as automotive-grade manufacturing partner (IATF 16949 certified) to produce 4D LiDAR chip module and accelerate manufacturing capabilities
Completed product design release for B sample, providing path to final cost structure and deliveries to our partners in 2022

“Aeva is solidifying the path to commercialization of our breakthrough 4D LiDAR,” said Soroush Salehian, Co-Founder and CEO at Aeva. “The production win with Plus is significant because it highlights our growing commercial momentum as the industry increasingly transitions to FMCW LiDAR to enable safe automated driving, and it validates the leading performance and scalability of Aeva’s automotive-grade LiDAR on chip technology. We remain laser focused on supporting our partners and working towards realizing Aeva’s mission to bring perception to all devices.”

Third Quarter 2021 Financial Highlights

  • Cash, cash equivalents and marketable securities of $477.7 million as of September 30, 2021
  • Revenue
  • Revenue of $3.5 million in Q3 2021, compared to $1.9 million in Q3 2020
  • GAAP and Non-GAAP Operating Loss*
  • GAAP operating loss of $27.4 million in Q3 2021, compared to GAAP operating loss of $4.8 million in Q3 2020
  • Non-GAAP operating loss of $19.9 million in Q3 2021, compared to non-GAAP operating loss of $3.7 million in Q3 2020
  • GAAP and Non-GAAP Net Loss per Share*
  • GAAP net loss per share of $0.13 in Q3 2021, compared to GAAP net loss per share of $0.03 in Q3 2020
  • Non-GAAP net loss per share of $0.09 in Q3 2021, compared to non-GAAP net loss per share of $0.02 in Q3 2020
  • Shares Outstanding
  • Weighted average shares outstanding of 212.6 million in Q3 2021

Tables reconciling GAAP to Non-GAAP measures are provided at the end of this release.

2021 Objectives

Aeva has already achieved three of the four objectives for 2021 and is on track to deliver the final objective. Our 2021 objectives are summarized below:

  • Build on momentum with two additional programs towards production: Completed goal with Plus and Nikon collaborations; remain on track with other collaborations
  • Accelerate engagements in non-automotive applications: Completed goal with Nikon collaboration for industrial metrology and automation
  • Strengthen supply chain for production to bring Aeva 4D LiDAR to scale: Completed goal with a number of key developments including finalizing key supply chain for our silicon processing chip and selecting Fabrinet to produce our 4D LiDAR chip module
  • Complete next-generation B sample development: On track to finish by year end and working with supply chain to prepare for deliveries in 2022

Plus Selects Aeva 4D LiDAR for the Volume Production of Autonomous Trucks

On November 10, 2021, Plus (formerly Plus.ai), a global provider of self-driving truck technology, has selected Aeva (NYSE: AEVA), a leader in next-generation sensing and perception systems, to supply automotive grade long-range 4D LiDAR for the production of driver-in and fully autonomous trucks powered by the PlusDrive system. Aeva’s high performance LiDAR will help Plus autonomous trucks sense their environment clearly at long ranges, shorten response time in safety-critical situations, and address edge cases leveraging Aeva’s proprietary instant velocity data.

Aeva and Plus have been collaborating since 2019 to equip and validate Plus’s autonomous trucking system with Aeva Frequency Modulated Continuous Wave (FMCW) 4D LiDAR. With today’s agreement, Plus will use Aeva’s 4D LiDAR sensors to augment its long-range perception in Plus’s commercially available driver-in product starting in late 2022 and leading to its fully autonomous driving system.

Plus is partnered with some of the world’s largest truck makers and freight carriers. Production and delivery of its driver-in autonomous trucking solution, PlusDrive, to customers started in early 2021, with plans for more than 100,000 vehicles to be in service by the end of 2025. The PlusDrive solution is designed for fleets that are looking to improve driver retention, enhance safety, reduce fuel costs, and lower their carbon emissions.

“Our global deployment of automated trucks to fleets commercially at scale requires leading technology that is automotive grade, high performance, and practical. We selected Aeva as our production partner because its 4D LiDAR complements Plus’s state-of-the-art long range perception by adding important instant velocity detection for the safe operation of autonomous trucks, and Aeva shares our commitment to bring autonomous trucks to market,” said Shawn Kerrigan, COO and Co-founder of Plus.

Heavy trucks take much longer to stop than passenger cars. Therefore, an automated trucking sensor system needs to detect objects, place them in lanes, and assign an accurate velocity at very long ranges. Aeva’s 4D LiDAR senses precise velocity and position for each point, even at distances over 500 meters away. The combination of Aeva’s 4D LiDAR and Plus’s proprietary autonomy stack addresses many edge cases, such as previously unseen obstacles that may confound deep neural networks in the perception stack.

“We are pleased that a leader like Plus recognizes the unparalleled performance of our unique 4D LiDAR sensors,” said Soroush Salehian, Co-founder and CEO at Aeva. “This production partnership validates Aeva’s technology as the world’s first automotive 4D LiDAR for autonomous trucking and we look forward to supporting Plus as they ramp up production of their automated trucks.”

Plus is a global leader in autonomous driving technology for long-haul trucking, headquartered in Silicon Valley. Plus is developing high-performance full-stack Level 4 autonomous driving technology to enable driverless trucks. Plus’s first commercial product, PlusDrive, is a driver-in solution that supports drivers to make long-haul trucking safer, more efficient, more comfortable, and more sustainable. PlusDrive is already being delivered to world-class fleets and truck manufacturers.

AEVA stock technical analysis

Both the short-term and long-term trends are neutral. Large players volume is surging higher. Volume is considerably higher in the last couple of days. The technical rating of AEVA is bad and it also does not present a quality setup at the moment. Price movement has been a little bit too volatile to find a nice entry and exit point. It is probably a good idea to wait for a consolidation first. Click here to sign up for email alerts on when AEVA stock is a good entry.

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