0000950170-22-002379 | 10-K | XBRL Viewer

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CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 66,810	$ 24,624
Marketable securities	378,200	0
Accounts receivable	2,341	141
Inventories	2,063	1,219
Other current assets	9,070	4,970
Total current assets	458,484	30,954
Operating lease right-of-use assets	10,284
Property, plant, and equipment, net	5,136	1,614
Intangible assets, net	4,425	0
Other noncurrent assets	859	64
Total assets	479,188	32,632
Liabilities, convertible preferred stock, and stockholders' equity
Accounts payable	4,386	2,071
Accrued liabilities	4,110	2,606
Accrued employee costs	2,196	722
Lease liability, current portion	2,872	0
Other current liabilities	733	275
Total current liabilities	14,297	5,674
Lease liability, noncurrent portion	7,455
Warrant liability	1,060
Other noncurrent liabilities	0	45
Total liabilities	22,812	5,719
Commitments and contingencies (Note 14)
Convertible preferred stock $0.0001 par value, 10,000 shares authorize; after recapitalization there are no shares issued and outstanding	0	0
Stockholders' Equity
Common stock $0.0001 par value; 422,000 shares authorized; 214,997 and 151,366 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively	21	15
Additional paid-in capital	619,841	87,982
Accumulated other comprehensive loss	(524)
Accumulated deficit	(162,962)	(61,084)
Total stockholders' equity	456,376	26,913
Total liabilities, convertible preferred stock and stockholders' equity	$ 479,188	$ 32,632

CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Temporary equity, shares authorized	432,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Common Stock Shares Authorized	422,000,000	422,000,000
Common stock, shares issued	214,997,000	151,366,000
Common Stock Shares Outstanding	214,997,000	151,366,000
Series Seed Preferred Stock [Member]
Temporary Equity Shares Outstanding		3,198,556	3,198,556
Series A Convertible Preferred Stock (pre-combination) [Member]
Temporary Equity Shares Outstanding		2,851,057	2,851,057
Series A-1 Preferred Stock [Member]
Temporary Equity Shares Outstanding		1,032,888	1,032,888
Series B-1 Convertible Preferred Stock (pre-combination) [Member]
Temporary Equity Shares Outstanding		1,524,279	1,524,279
Convertible Preferred Stock [Member]
Temporary equity, par value per share	$ 0.0001	$ 0.0001
Temporary equity, shares authorized	10,000,000	10,000,000
Temporary equity, shares issued	0	0
Temporary Equity Shares Outstanding	0	0

CONSOLIDATED STATEMENT OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENT OF OPERATIONS - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue	$ 9,265,000	$ 4,843,000	$ 1,384,000
Cost of revenue	5,833,000	2,741,000	815,000
Gross profit	3,432,000	2,102,000	569,000
Research and development expenses	74,768,000	20,497,000	15,406,000
General and administrative expenses	28,407,000	5,664,000	4,290,000
Selling and marketing expenses	4,443,000	1,682,000	966,000
Total operating expenses	107,618,000	27,843,000	20,662,000
Operating loss	(104,186,000)	(25,741,000)	(20,093,000)
Interest income	372,000	195,000	516,000
Other income (expense), net	1,936,000	(24,000)	(17,000)
Loss before income taxes	(101,878,000)	(25,570,000)	(19,594,000)
Income taxes	0	0	0
Net loss	(101,878,000)	(25,570,000)	(19,594,000)
Unrealized loss on available-for-sale securities	(524,000)	0	0
Total comprehensive loss	$ (102,402,000)	$ (25,570,000)	$ (19,594,000)
Net loss attributable per share to common stockholders:
Net loss per share, basis and diluted	$ (0.51)	$ (0.18)	$ (0.17)
Weighted-average shares used in computing net loss per share attributable to common stockholders:
Weighted-average shares used in computing net loss per share, basic and diluted	200,849,663	141,741,752	114,967,922
Product [Member]
Revenue	$ 1,776,000	$ 1,534,000	$ 819,000
Cost of revenue	1,365,000	717,000	563,000
Professional Service [Member]
Revenue	7,489,000	3,309,000	565,000
Cost of revenue	$ 4,468,000	$ 2,024,000	$ 252,000

CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Convertible Preferred Stock [Member]	AOCI Attributable to Parent [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Previously Reported [Member]	Previously Reported [Member] Convertible Preferred Stock [Member]	Previously Reported [Member] Common Stock [Member]	Previously Reported [Member] Additional Paid-in Capital [Member]	Previously Reported [Member] Accumulated Deficit [Member]	Revision of Prior Period, Adjustment [Member]	Revision of Prior Period, Adjustment [Member] Convertible Preferred Stock [Member]	Revision of Prior Period, Adjustment [Member] Common Stock [Member]	Revision of Prior Period, Adjustment [Member] Additional Paid-in Capital [Member]
Retroactive application of recapitalization (Note 2)								$ 43,252
Retroactive application of recapitalization (Note 2), Shares								7,082,501
Beginning balance at Dec. 31, 2018								$ 43,252
Beginning balance, Shares at Dec. 31, 2018								7,082,501
Beginning balance at Dec. 31, 2018							$ (13,194)		$ 9	$ 2,717	$ (15,920)
Beginning balance, Shares at Dec. 31, 2018									8,004,160
Issuance of Series B preferred stock, net		$ 35,952
Issuance of Series B preferred stock, net, Shares		1,524,279
Stock-based compensation	$ 2,153				$ 2,153
Issuance of common stock upon exercise of stock options	$ 35				35
Issuance of common stock upon exercise of stock options, shares	243,780			243,780
Unrealized loss on available-for-sale securities	$ 0
Net loss	(19,594)					$ (19,594)
Ending balance at Dec. 31, 2019													$ (79,204)
Ending balance, Shares at Dec. 31, 2019													(8,606,780)
Ending balance at Dec. 31, 2019	48,604			$ 15	84,103	(35,514)						$ 79,204		$ 6	$ 79,198
Ending balance, Shares at Dec. 31, 2019				151,014,472										142,766,532
Retroactive application of recapitalization (Note 2)													$ (79,204)
Retroactive application of recapitalization (Note 2), Shares													(8,606,780)
Stock-based compensation	3,806				3,806
Issuance of common stock upon exercise of stock options	$ 73				73
Issuance of common stock upon exercise of stock options, shares	351,037			351,037
Unrealized loss on available-for-sale securities	$ 0
Net loss	(25,570)					(25,570)
Ending balance, Shares at Dec. 31, 2020		0
Ending balance at Dec. 31, 2020	26,913			$ 15	87,982	(61,084)
Ending balance, Shares at Dec. 31, 2020				151,365,509
Retroactive application of recapitalization (Note 2), Shares		0
Stock-based compensation	22,237				22,237
Issuance of common stock upon exercise of stock options	$ 911				911
Issuance of common stock upon exercise of stock options, shares	3,701,243			3,701,243
Issuance of common stock upon release of restricted stock units				758,945
Business combination and PIPE financing, net of acquired private placement warrant of $3,014				59,343,104
Business combination and PIPE financing, net of acquired private placement warrant of $3,014	$ 557,763			$ 6	557,757
Offering cost in connection with Business combination and PIPE financing	(47,708)				(47,708)
Shares withheld for the withholding tax on vesting of restricted stock	(1,338)			(171,787)	(1,338)
Unrealized loss on available-for-sale securities	(524)		$ (524)
Net loss	(101,878)					(101,878)
Ending balance, Shares at Dec. 31, 2021		0
Ending balance at Dec. 31, 2021	$ 456,376		$ (524)	$ 21	$ 619,841	$ (162,962)
Ending balance, Shares at Dec. 31, 2021				214,997,014
Retroactive application of recapitalization (Note 2), Shares		0

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net loss	$ (101,878)	$ (25,570)	$ (19,594)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,147	798	634
Loss on write down of fixed assets	52	0	0
Change in fair value of warrant liability	(1,954)	0	0
Stock-based compensation	22,237	3,806	2,153
Amortization of right-of-use assets	1,901	0	0
Amortization of premium on available-for-sale securities	1,498	0	0
Accounts receivable	(2,200)	228	(369)
Inventories	(844)	(865)	603
Other current assets	(7,285)	(3,513)	(560)
Other noncurrent assets	(795)	(5)	24
Accounts payable	2,667	1,360	171
Accrued liabilities	3,202	2,263	174
Accrued employee costs	1,474	256	234
Lease liability	(1,785)
Other current liabilities	458	5	209
Other noncurrent liabilities		6	(63)
Net cash used in operating activities	(82,105)	(21,231)	(16,384)
Cash flows from investing activities:
Purchase of property, plant, and equipment	(3,850)	(855)	(421)
Purchase of available-for-sale securities	(571,925)	0	0
Proceeds from sale of available-for-sale securities	20,123	0	0
Proceeds from maturities of available-for-sale securities	171,580	0	0
Purchase of intangible assets	(4,500)	0	0
Net cash used in investing activities	(388,572)	(855)	(421)
Cash flows from financing activities:
Proceeds from business combination and private offering	560,777	0	0
Transaction costs related to business combination and private offering	47,487	0	0
Payments of taxes withheld on net settled vesting of restricted stock units	1,338	0	0
Proceeds from the issuance of Series B Preferred Stock	0	0	36,024
Proceeds from exercise of stock options	911	73	35
Financing costs incurred	0	0	(72)
Net cash provided by financing activities	512,863	73	35,987
Net increase (decrease) in cash and cash equivalents	42,186	(22,013)	19,182
Beginning cash and cash equivalents	24,624	46,637	27,455
Ending cash and cash equivalents	66,810	24,624	46,637
Supplemental disclosures of cash flow information:
Cash paid for interest	0	0	0
Cash paid for income taxes	0	0	0
Supplemental disclosure of noncash investing and financing activities:
Changes in purchases of property, plant and equipment recorded in accounts payable	796	2	48
Private placement of warrants acquired as part of merger	3,014	0	0
Right-of-use asset obtained in exchange for lease liability	10,515	0	0
Non-cash lease adoption	$ 1,671	$ 0	$ 0

Description of Business and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Description of Business and Summary of Significant Accounting Policies

Note 1. Description of Business and Summary of Significant Accounting Policies

Description of Business

Aeva, Inc. (the “Company”), through its Frequency Modulated Continuous Wave (“FMCW”) sensing technology, designs a 4D LiDAR-on-chip that, along with its proprietary software applications, has the potential to enable the adoption of LiDAR across broad applications from automated driving to consumer electronics, consumer health, industrial automation and security application.

On March 12, 2021 (the “Closing Date”), Aeva, Inc. consummated a business combination (the “Business Combination”) with InterPrivate Acquisition Corp. (the Company’s predecessor, which was originally incorporated in Delaware as a special purpose acquisition company (“IPV”)) pursuant to the Business Combination Agreement dated as of November 2, 2020 (the “BCA”), by and among IPV, WLLY Merger Sub Corp., a wholly owned subsidiary of IPV, and Aeva, Inc. Immediately upon the consummation of the Business Combination, WLLY Merger Sub Corp. merged with and into Aeva, Inc., with Aeva, Inc. surviving the merger as a wholly owned subsidiary of IPV. IPV changed its name to Aeva Technologies, Inc. and the pre-combination Aeva retained its name of Aeva, Inc.

The Company’s common stock and warrants are now listed on the New York Stock Exchange stock market under the symbols “AEVA” and “AEVA.WS”.

Basis of Presentation

The Business Combination is accounted for as a reverse recapitalization as the pre-combination Aeva was determined to be the accounting acquirer under Financial Accounting Standards Board (“FASB”)’s Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“ASC 805”). The determination is primarily based on the evaluation of the following facts and circumstances:

•

the equity holders of the pre-combination Aeva hold the majority of voting rights in the Company;

•

the board of directors of the pre-combination Aeva represent a majority of the members of the board of directors of the Company;

•

the senior management of the pre-combination Aeva became the senior management of the Company; and

•

the operations of the pre-combination Aeva comprise the ongoing operations of the Company.

In connection with the Business Combination, outstanding capital stock of the pre-combination Aeva was converted into common stock of the Company, par value $0.0001 per share, representing a recapitalization, and the net assets of the Company were acquired at historical cost, with no goodwill or intangible assets recorded. The pre-combination Aeva was deemed to be the predecessor of the Company, and the consolidated assets and liabilities and results of operations prior to the Closing Date are those of the pre-combination Aeva. The shares and corresponding capital amounts and net loss per share available to common stockholders, prior to the Business Combination, have been retroactively restated as shares reflecting the exchange ratio established in the BCA. The number of shares of preferred stock was also retroactively converted into commons shares based on the exchange ratio.

Principle of Consolidation and Liquidity

The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements include the accounts of the Company’s wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

The Company has funded its operations primarily through the Business Combination and issuances of stock. As of December 31, 2021, the Company’s existing sources of liquidity included cash and cash equivalents and marketable securities of $445.0 million. The Company has a limited history of operations and has incurred negative cash flows from operating activities and losses from operations in the past as reflected in the accumulated deficit of $163.0 million as of December 31, 2021. The Company expects to continue to incur operating losses due to the investments it intends to make in its business, including product development. Management believes that existing cash and cash equivalents 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.

Significant Risks and Uncertainties

The Company is subject to those risks common in the technology industry and also those risks common to early stage companies including, but not limited to, the possibility of not being able to successfully develop or market its products, technological obsolescence, competition, dependence on key personnel and key external alliances, the successful protection of its proprietary technologies, compliance with government regulations, and the possibility of not being able to obtain additional financing when needed.

The COVID-19 pandemic has disrupted everyday life and markets worldwide, leading to significant business and supply-chain disruption, as well as broad-based changes in supply and demand. While the quarantine, social distancing and other regulatory measures instituted or recommended in response to COVID-19 are expected to be temporary, the duration of the business disruptions, and related financial impact, cannot be estimated at this time. Nevertheless, COVID-19 presents material uncertainty and risk with respect to the Company, its performance, and its financial results and could adversely affect the Company’s financial information.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, marketable securities, and trade receivables. Risks associated with cash and cash equivalents are mitigated by banking with creditworthy institutions and the Company’s marketable securities having investment-grade ratings when purchased.

The Company’s accounts receivable are derived from customers located in the United States, Asia, and Europe. The Company mitigates its credit risks by performing ongoing credit evaluations of its customers’ financial conditions and requires customer advance payments in certain circumstances. The Company generally does not require collateral.

As of December 31, 2021, and 2020, one customer accounted for 90% and 68% of accounts receivable, respectively. As of December 31, 2021, and 2020, two vendors accounted for 37% and 62% of accounts payable, respectively.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant items subject to such estimates and assumptions include professional services revenue, valuation allowance for deferred tax assets, stock-based compensation, useful lives of property and equipment, useful lives of intangible assets, accrued liabilities, incremental borrowing rate for leases, and the valuation of the private warrants. The Company bases its estimates on historical experience and also on assumptions that it believes are reasonable. Actual results could differ from those estimates, and such differences could be material to the Company’s financial condition and results of operations.

Fair Value of Financial Instruments

The Company’s cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair value due to their short maturities.

The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines the fair value of its financial instruments based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:

Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;

Level 2 – Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and

Level 3 – Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data

Leases

The Company adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) using the modified retrospective approach with a cumulative-effect adjustment as of January 1, 2021. Upon adoption of Topic 842, the Company recorded operating right-of-use assets of $1.7 million and operating lease liabilities of $1.7 million and derecognized the deferred rent liability of $0.1 million. Prior period amounts have not been adjusted and continue to be reported in accordance with the Company’s historical accounting under previous lease guidance, ASC 840: Leases (Topic 840).

The lease liability is determined as the present value of future lease payments using an incremental borrowing rate that the Company would have to pay to borrow equivalent funds on a collateralized basis at the lease commencement date. The right-of-use asset is based on the liability adjusted for any prepaid or deferred rent. The lease term at the commencement date is determined by considering whether renewal options and termination options are reasonably assured of exercise.

Rent expense for operating leases is recognized on a straight-line basis over the lease term and is included in operating expenses on the consolidated statements of operations and comprehensive loss. Variable lease payments include lease operating expenses.

The Company elected to exclude from its balance sheets recognition of leases having a term of 12 months or less (short-term leases) and elected to not separate lease components and non-lease components for its long-term real estate leases.

Cash and Cash Equivalent and Marketable Securities

The Company considers all highly liquid investments purchased with a remaining maturity of three months or less to be cash equivalents. Marketable securities have been classified as available-for-sale and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. The Company determines the appropriate classification of its investments at the time of purchase.

The Company evaluates, on a quarterly basis, its marketable securities for potential impairment. For marketable securities in an unrealized loss position, the Company assesses whether such declines are due to credit

loss based on factors such as changes to the rating of the security by a ratings agency, market conditions and supportable forecasts of economic and market conditions, among others. If credit loss exists, the Company assesses whether it has plans to sell the security or it is more likely than not it will be required to sell any marketable security before recovery of its amortized cost basis. If either condition is met, the security’s amortized cost basis is written down to fair value and is recognized through other income, net.

If neither condition is met, declines as a result of credit losses, if any, are recognized as an allowance for credit loss, limited to the amount of unrealized loss, through other income, net. Any portion of the unrealized loss that is not a result of a credit loss, is recognized in other comprehensive loss. Realized gains and losses, if any, on marketable securities are included in other income, net. The cost of investments sold is based on the specific identification method. Interest on marketable securities is included in interest income.

Accounts Receivable

Accounts receivable are recorded at the invoiced amount and do not bear interest. The Company reviews the need for an allowance for doubtful accounts quarterly based on historical experience with each customer and the specifics of each arrangement. At December 31, 2021 and December 31, 2020, the Company did not have an allowance for doubtful accounts or write-offs.

Inventories

Inventories consist of raw materials and supplies, work in process, and finished goods. Inventories are stated at the lower of cost or net realizable value. Costs are computed under the standard cost method, which approximates actual costs determined on a first-in, first-out basis. Net realizable value is determined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of disposal and transportation. The Company assesses inventories quarterly for slow-moving products and potential impairment, and records write-downs of inventories to cost of revenue.

Deferred Transaction Costs

The Company capitalized qualified legal, accounting, and other direct costs related to the Business Combination which were deferred until completion of the Business Combination. In March 2021, upon the completion of the Business Combination, all deferred costs were offset against the proceeds from the Business Combination and the PIPE financing.

Property, Plant, and Equipment

Property, plant, and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets. Assets are held as construction in progress until placed into service, upon which date, the Company begins to depreciate the assets over their estimated useful lives. The estimated useful lives of the Company’s assets are as follows:


		Estimated useful lives
Computer equipment		3 years
Lab equipment		5 years
Manufacturing equipment		4 years
Testing equipment		3 years
Leasehold improvements		Lesser of estimated useful life or remaining lease term
Furniture and fixtures		5 years

Expenditures for repairs and maintenance are charged to expense as incurred. When an asset is sold or otherwise disposed of, the cost and associated accumulated depreciation are removed from the accounts and the resulting gain or loss is recognized in the statement of operations.

Impairment of Long-Lived Assets

Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent the carrying amount of the underlying asset exceeds its fair value. No impairment loss was recognized for the years ended December 31, 2021 and December 31, 2020.

Product Warranty

The Company typically provides a warranty on its products of one year or less. Estimated future warranty costs are accrued to cost of revenue in the period in which the related revenue is recognized. These estimates are based on historical warranty experience and any known or expected changes in warranty exposure, such as trends of product reliability and costs of repairing and replacing defective products. The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Provision for product warranties was immaterial for all periods presented.

Revenue Recognition

The Company adopted ASU No. 2014-09, Revenue from Contracts with Customers, and the related amendments (“Topic 606”) effective January 1, 2017, using the full retrospective method. Under Topic 606, the Company determines revenue recognition through the following steps:

•

Identifying the contract, or contracts, with the customer;

•

Identifying the performance obligations in the contract;

•

Determining the transaction price;

•

Allocating the transaction price to performance obligations in the contract; and

•

Recognizing revenue when, or as, the Company satisfies performance obligations by transferring the promised good or services.

Nature of Products and Services and Revenue Recognition

The Company’s revenue is derived from the sales of perception solution to direct customers and distributors. Revenue is recognized at a point in time when control of the goods is transferred to the customer, generally occurring upon shipment or delivery dependent upon the terms of the underlying contract. The Company typically provides a warranty of less than a year on its products. If the warranty period is sold or extended beyond the standard term, revenue related to the extended warranty is recognized ratably over the related extended warranty period.

For certain custom products that require engineering and development based on customer specifications, the Company recognizes revenue over time using a cost-to-cost measure of progress which the Company believes faithfully depicts the transfer of control of the goods or services to the customer. Amounts billed to customers for shipping and handling are included in revenue. Some of the Company’s arrangements provide software embedded in hardware, and promises to update the Company’s software represent immaterial promises in contracts with customers. Taxes collected from customers and remitted to governmental authorities are excluded from revenue.

Arrangements with Multiple Performance Obligations

When a contract involves multiple performance obligations, the Company accounts for individual products and services separately if the customer can benefit from the product or service on its own or with other resources that are readily available to the customer and the product or service is separately identifiable from other promises in

the contract. The consideration is allocated between separate performance obligations in proportion to their estimated standalone selling price.

Other Policies, Judgments and Practical Expedients

Right of return. The Company’s general terms and conditions for its contracts contain rights of return. However, the Company does not have a history of returns, and therefore, estimates of returns are immaterial. As such, the Company generally recognizes revenue at the contract price upon product shipment or delivery.

Contract balances. Contract assets and liabilities represent the differences in the timing of revenue recognition from the receipt of cash from the Company’s customers and billings. Contract assets reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities relate to payments received in advance of the satisfaction of performance under the contract. Receivables represents the right to consideration that is unconditional. Such rights are considered unconditional if only the passage of time is required before payment of that consideration is due.

Remaining performance obligations. Revenue allocated to remaining performance obligations represents the transaction price allocated to the performance obligations that are unsatisfied or partially unsatisfied. It includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods and does not include contracts where the customer is not committed. The customer is not considered committed where they can terminate for convenience without payment of a substantive penalty under the contract. Additionally, as a practical expedient, the Company has not disclosed the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. Because the majority of the Company’s customer contracts allow customers to terminate for convenience or have an original duration of one year or less, the total amount of the transaction price allocated to unsatisfied performance obligations with a duration of more than 12 months was immaterial as of December 31, 2021 and December 31, 2020.

Significant financing component. In certain arrangements, the Company receives payment from a customer either before or after the performance obligation has been satisfied. However, the Company’s contracts are generally one year or less; therefore, the Company applies a practical expedient and does not consider the effects of the time value of money.

Contract modifications. The Company may modify contracts to offer customers additional products or services. Each of the additional products and services are generally considered distinct from those products or services transferred to the customer before the modification. The Company evaluates whether the contract price for the additional products and services reflects the standalone selling price as adjusted for facts and circumstances applicable to that contract. In these cases, the Company accounts for the additional products or services as a separate contract. In other cases where the pricing in the modification does not reflect the standalone selling price as adjusted for facts and circumstances applicable to that contract, the Company accounts for the modification on a prospective basis where the remaining goods and services are distinct from the original items and on a cumulative catch-up basis when the remaining goods and services are not distinct from the original items.

Judgments and estimates. Judgement is required in the identification of performance obligations within the Company’s contracts with customers, especially those for certain custom products that require engineering and development. Accounting for contracts recognized over time under Topic 606 involves the use of various techniques to estimate total contract revenue and costs. Due to uncertainties inherent in the estimation process, estimates of costs to complete a performance obligation may be revised. The Company reviews and updates its contract-related estimates regularly, and records adjustments as needed. For those performance obligations for which revenue is recognized using a cost-to-cost method, changes in total estimated costs, and related progress towards complete

satisfaction of the performance obligation, are recognized on a cumulative catch-up basis in the period in which the revisions to the estimates are made.

Cost of Revenue

The cost of revenue principally includes direct material, direct labor and allocation of overhead associated with manufacturing operations, including inbound freight charges and depreciation. Cost of revenue also includes the direct cost and appropriate allocation of overhead costs involved in the execution of service contracts.

Research and Development

Research and development expenses consist primarily of payroll expenses, consulting and contractor expenses, allocated overhead costs, and tooling and prototype materials to the extent no future benefit is expected. Substantially all of the Company’s research and development expenses are related to developing new products and services and improving existing products and services. To date, research and development expenses have been expensed as incurred and included in the statements of operations.

Stock-based Compensation

The Company measures the cost of share-based awards granted to employees and directors based on the grant-date fair value of the awards. The grant-date fair value of the stock options is calculated using a Black-Scholes option pricing model. The Black-Scholes pricing model requires the use of subjective assumptions including the option’s expected term, the volatility of the underlying stock, the fair value of the stock, dividend yield rate and the risk-free rate. The fair value of the performance based restricted stock units (the “PBRSUs”) and restricted stock units (the “RSUs”) is equal to the closing price of the Company’s common stock on the grant date. The fair value of the stock-based grants except for PBRSUs is recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the award. The fair value of PBRSUs is recognized using the graded-vesting attribution method over the requisite service period.

Income Taxes

Income taxes are accounted under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

The Company recognizes deferred tax assets to the extent that these assets are more likely than not to be realized. In making such a determination, all available positive and negative evidence is considered, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If it is determined that deferred tax assets would be realized in the future, in excess of their net recorded amount, an adjustment would be made to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.

The Company records uncertain tax positions in accordance with Topic 740: Simplifying the Accounting for Income Taxes (“Topic 740”) on the basis of a two-step process which includes (1) determination of whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position, and (2) recognition of tax positions that meet the more-likely-than-not recognition threshold. Recognized income tax positions are measured at the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.

The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying statement of operations. Accrued interest and penalties are included on the related tax liability line in the balance sheet.

Commitments and Contingencies

Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount within a range of loss can be reasonably estimated. When no amount within the range is a better estimate than any other amount, the Company accrues for the minimum amount within the range. Legal costs incurred in connection with loss contingencies are expensed as incurred.

Foreign Currency Translation

Gains and losses resulting from foreign exchange transactions and revaluation of monetary assets and liabilities in non-functional currencies are included in other income (expense) in the statements of operations. Net foreign exchange gain (loss) recorded in the Company’s statements of operations was immaterial for all periods.

Net Loss Attributable Per Share to Common Stockholders

Basic net loss per share attributable to common stockholders is computed by dividing the Company’s net loss attributable per share to common stockholders by the weighted-average number of common shares used in the loss per share calculation during the period. Diluted net loss per share attributable to common stockholders is computed by giving effect to all potentially dilutive securities, including stock options and convertible preferred shares. Basic and diluted net loss per share attributable to common stockholders was the same for all periods presented as the inclusion of all potentially dilutive securities outstanding was anti-dilutive.

Warrant Liabilities

The Company accounts for the private placement warrants issued in connection with our initial public offering in accordance with the guidance contained in ASC 815-40 under which the warrants do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, the Company classifies the private placement warrants as liabilities at their fair value and adjusts the warrants to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until the warrants are exercised, and any change in fair value is recognized in the statement of operations. The Company utilizes the Black-Scholes option pricing model to value the warrants at each reporting period. The key assumptions in the option pricing model utilized include the following:

•

The expected share-price volatility assumption is based on a blend of the implied volatilities of the Company’s public warrants and a set of comparable publicly traded warrants for other similar companies.

•

The expected term of the warrants is assumed to be the expected period until the close of a Business Combination, and the contractual five-year term subsequently.

•

The risk-free interest rate is based on the U.S. Treasury rate for the applicable expected terms.

•

The dividend yield is based on the historical rate, which the Company anticipates to remain at zero.

Intangible Assets

Intangible assets, consists of purchased patents that are stated at cost less accumulated amortization. Intangible assets have been determined to have finite lives and are amortized on a straight-line basis over their estimated remaining economic lives, which is estimated at five years. Amortization expense is included in general and administrative expenses.

Recent Accounting Pronouncements

In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments, which, together with subsequent amendments, amends the requirement on the measurement and recognition of expected credit losses for financial assets held. ASU 2016-13 is

effective for the Company beginning January 1, 2022. The Company is currently in the process of evaluating the effects of this pronouncement on the Company’s financial statements and does not expect it to have a material impact on the financial statements.

Recently Adopted Accounting Guidance

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), and since that date has issued subsequent amendments to the initial guidance intended to clarify certain aspects of the guidance and to provide certain practical expedients entities can elect upon adoption. The principle of ASU 2016-02 is that a lessee should recognize assets and liabilities that arise from leases. Lessees will need to recognize a right-of-use asset and a lease liability for all leases (other than leases that meet the definition of a short-term lease). The lease liability will be equal to the present value of lease payments. The right-of-use asset will be based on the liability, with differences related to deferred rent, and initial direct costs, etc. For income statement purposes, ASU 2016-02 requires leases to be classified as either operating or finance. Operating leases will result in a straight-line expense pattern while finance leases will result in a front-loaded expense pattern. We adopted ASU 2016-02 as of January 1, 2021, and our adoption did not result in a cumulative-effect adjustment as of the date of the adoption.

In December 2019, the FASB issued Topic 740. The amendment removes certain exceptions to the general principles in Topic 740. The guidance will be effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years. Early adoption of the amendments is permitted, including adoption in any interim period for public business entities for periods for which financial statements have not yet been issued. We have adopted ASU No. 2019-12 as of January 1, 2021, and our adoption did not have a material impact on the consolidated financial statements.

Reverse Capitalization

12 Months Ended

Dec. 31, 2021

Business Combinations [Abstract]

Reverse Capitalization

Note 2. Reverse Capitalization

On March 12, 2021, Aeva, Inc. and IPV consummated the merger contemplated by the BCA, with Aeva, Inc. surviving the merger as a wholly-owned subsidiary of IPV. As part of the consummation of the merger, IPV changed its name to Aeva Technologies, Inc.

Upon the closing of the Business Combination, the Company's certificate of incorporation was amended and restated to, among other things, increase the total number of authorized shares of capital stock to 432,000,000 shares, of which 422,000,000 shares were designated common stock, $0.0001 par value per share, and of which 10,000,000 shares were designated preferred stock, $0.0001 par value per share.

Immediately prior to the closing of the Business Combination, each issued and outstanding share of Aeva, Inc.’s redeemable, convertible preferred stock, was converted into shares of common stock based on a one-to-one ratio (see Note 10). The Business Combination is accounted for with a retrospective application of the Business Combination that results in 78,120,214 shares of redeemable convertible preferred stock converting into the same number of shares of Aeva, Inc. common stock.

Upon the consummation of the Business Combination, each share of Aeva, Inc. common stock issued and outstanding was canceled and converted into the right to receive 9.07659 shares (the “Exchange Ratio”) of the Company’s common stock (the “Per Share Merger Consideration”).

Outstanding stock options, whether vested or unvested, to purchase shares of Aeva, Inc. common stock granted under the 2016 Plan (“Legacy Options”) (see Note 11) converted into stock options for shares of the Company’s common stock upon the same terms and conditions that were in effect with respect to such stock options immediately prior to the Business Combination, after giving effect to the Exchange Ratio.

Outstanding warrants to purchase shares of common stock remained outstanding after the closing of the Business Combination. The warrants became exercisable 30 days after the completion of the Business Combination, subject to other conditions, including with respect to the effectiveness of a registration statement covering the shares of common stock underlying such warrants, and will expire five years after the completion of the Business Combination or earlier upon redemption or liquidation.

In connection with the Business Combination

•

certain IPV stockholders exercised their right to redeem certain of their outstanding shares for cash, resulting in the redemption of 30,874 shares of IPV common stock for gross redemption payments of $0.3 million; and

•

a number of investors purchased from the Company an aggregate of 28,318,478 shares of common stock (the “PIPE Shares”), for a purchase price of $10.00 per share, $11.50 per share or $16.00 per share, as applicable, for an aggregate purchase price of $320.0 million pursuant to separate subscription agreements (the “PIPE”). The PIPE investment closed simultaneously with the consummation of the Business Combination.

In connection with the Business Combination, the Company incurred direct and incremental costs of approximately $47.7 million related to the equity issuance, consisting primarily of investment banking, legal, accounting and other professional fees, which were recorded to additional paid-in capital as a reduction of proceeds.

The Business Combination is accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, IPV was treated as the “acquired” company for financial reporting purposes. See Note 1 “Description of Business and Summary of Significant Accounting Policies” for further details. Accordingly, for accounting purposes, the Business Combination was treated as the equivalent of Aeva, Inc. issuing stock for the net assets of IPV, accompanied by a recapitalization. The net assets of IPV are stated at historical cost, with no goodwill or intangible assets recorded.

Prior to the Business Combination, Aeva, Inc., and IPV filed separate standalone federal, state and local income tax returns. As a result of the Business Combination Aeva, Inc. will file a consolidated income tax return. Although, for legal purposes, IPV acquired Aeva, Inc., and the transaction represents a reverse acquisition for federal income tax purposes. IPV will be the parent of the consolidated group with Aeva, Inc. as a subsidiary, but in the year of the closing of the Business Combination, Aeva, Inc. will file a full-year tax return with IPV joining in the return the day after the Closing Date.

Upon closing of the Business Combination, the Company received gross proceeds of $560.8 million from the Business Combination and PIPE financing, offset by offerings costs of $47.7 million. The following table reconciles the elements of the Business Combination to the consolidated statements of cash flows and the consolidated statement of changes in stockholders’ equity for the year ended December 31, 2021 (in thousands):


Cash - InterPrivate’s trust and cash (net of redemption)	$	240,777
Cash - Private offering		320,000
Less: transaction costs and advisory fees paid		(47,708	)
Net Business Combination and Private Offering	$	513,069

The number of shares of common stock issued immediately following the consummation of the Business Combination were:


Common stock, outstanding prior to Business Combination	24,150,000
Less: redemption of IPV shares	(30,874	)
Common stock of IPV Corp	24,119,126
IPV founder shares	6,905,500
Shares issued in PIPE	28,318,478
Business Combination and PIPE shares	59,343,104
Legacy Aeva shares(1)	152,066,648
Total shares of common stock immediately after Business Combination	211,409,752
Aeva exercise of warrants	—
Total shares of common stock at March 12, 2021	211,409,752

(1) The number of Legacy Aeva shares was determined as follows:


	Aeva shares		Aeva shares, effected for Exchange Ratio
Balance at December 31, 2019		8,031,018		72,894,258
Recapitalization applied to Convertible Preferred Stock outstanding at December 31, 2019		8,606,780		78,120,214
Exercise of common stock options - 2020		38,675		351,037
Exercise of common stock options - 2021 (pre-Closing)		77,247		701,139
Total				152,066,648

Revenue

12 Months Ended

Dec. 31, 2021

Revenue From Contract With Customer [Abstract]

Revenue

Note 3. Revenue

Disaggregation of Revenues

The Company disaggregates its revenue from contracts with customers by geographic region based on the primary billing address of the customer and timing of the transfer of goods or services to customers (point-in-time or over time), as it believes it best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors. Total revenue based on the disaggregation criteria described above are as follows (in thousands):


	Year Ended December 31,
	2021					2020					2019
	Revenue		% of Revenue			Revenue		% of Revenue			Revenue		% of Revenue
Revenue by primary geographical market:
North America	$	8,816		95	%	$	4,225		88	%	$	542		39	%
Europe		232		3	%		497		10	%		842		61	%
Asia		217		2	%		121		2	%		—		0	%
Total	$	9,265		100	%	$	4,843		100	%	$	1,384		100	%
Revenue by timing of recognition:
Recognized at a point in time	$	1,776		19	%	$	1,534		32	%	$	819		59	%
Recognized over time		7,489		81	%		3,309		68	%		565		41	%
Total	$	9,265		100	%	$	4,843		100	%	$	1,384		100	%

For the year ended December 31, 2021, one customer accounted for 80% of the Company’s revenue. For the year ended December 31, 2020, three customers accounted for 65%, 11%, and 10%, respectively, of the Company’s revenue. For the year ended December 31, 2019, two customers accounted for 53% and 12%, respectively, of the Company’s revenue.

Contract Assets and Contract Liabilities

As of December 31, 2021, and December 31, 2020, the Company had contract assets of $4.1 million and $0.6 million, respectively, recognized in other current assets. A contract liability of $0.1 million as of December 31, 2020, was recognized in other current liabilities. The Company had no contract liability, as of December 31, 2021.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Financial Instruments

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Financial Instruments

Note 4. Financial Instruments

The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy:


	December 31, 2021
	Adjusted Cost		Unrealized Losses			Fair Value		Cash and Cash Equivalent		Marketable Securities
	(in thousands)
Assets
Cash	$	2,765	$	—		$	2,765	$	2,765	$	—

Level 1
Money market funds		38,045		—			38,045		38,045		—

Level 2
U.S. Government securities		45,982		(66	)		45,916		—		45,916
U.S. Treasury securities		80,500		(7	)		80,493		26,000		54,493
Commercial paper		94,887		(15	)		94,872		—		94,872
Corporate bonds		182,338		(435	)		181,903		—		181,903
Municipal securities		1,017		(1	)		1,016		—		1,016
Subtotal		404,724		(524	)		404,200		26,000		378,200
Total assets	$	445,534	$	(524	)	$	445,010	$	66,810	$	378,200

Liabilities
Level 3
Warrant liabilities		1,060		—			1,060		—		—
Total liabilities	$	1,060	$	—		$	1,060	$	—	$	—

As of December 31, 2020, the Company did not have any outstanding marketable securities or warrant liability.

The fair value of the private placement warrant liabilities is based on significant unobservable inputs, which represent Level 3 measurements within the fair value hierarchy. In determining the fair value of the warrant liabilities, the Company used the Black-Scholes option-pricing model to estimate the fair value using unobservable inputs including the expected term, expected volatility, risk-free interest rate, and dividend yield.

The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments:


	December 31, 2021
	Private Placement Warrant Liability
	(in thousands)
Fair value as of January 1, 2021	$	—
Private placement warrant liability acquired as part of the merger		3,014
Change in the fair value included in other income (expense), net		(1,954	)
Fair value as of December 31, 2021	$	1,060

The key inputs into the Black-Scholes option pricing model for the private warrants were as follows for the relevant periods:


	December 31, 2021			March 12, 2021
Expected term (years)		4.2			5.0
Expected volatility		60.3	%		70.0	%
Risk-free interest rate		1.14	%		0.85	%
Dividend yield		0	%		0	%
Exercise Price	$	11.50		$	11.50

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Acquisition and Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Acquisition and Intangible Assets

Note 5. Acquisition and Intangible Assets

During the year ended December 31, 2021, the Company purchased certain intellectual property for a total consideration of approximately $4.5 million in cash. The assets acquired primarily consists of intellectual property (patents).

The Company applied a screen test to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets and determine the transaction should be accounted for as an asset acquisition. Since the only substantive assets acquired was intellectual property the entire purchase price was allocated to the intellectual property. The acquired intellectual property has a weighted-average useful life of 5 years. The Company recorded amortization expense related to the acquired intangible assets of $0.1 million, during the fiscal year ended December 31, 2021.

As of December 31, 2021, expected amortization expense relating to purchased intangible assets for each of the next five years and thereafter was as follows (in thousands):


	Intangibles
2022	$	900
2023		900
2024		900
2025		900
2026		825
Total future amortization	$	4,425

Inventories

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Inventories

Note 6. Inventories

Inventories consist of the following (in thousands):


	As of December 31,
	2021		2020
Raw materials	$	1,668	$	586
Work-in-progress		116		73
Finished goods		279		560
Total inventories	$	2,063	$	1,219

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Property, Plant and Equipment

Note 7. Property, Plant and Equipment

Property, plant and equipment consists of the following (in thousands):


	As of December 31,
	2021			2020
Computer equipment	$	1,572		$	658
Lab equipment		2,760			1,324
Leasehold improvements		1,330			765
Construction in progress		980			—
Testing equipment		521			313
Manufacturing equipment		374			—
Furniture, fixtures and other equipment		439			401
Total property, plant and equipment		7,976			3,461
Less: accumulated depreciation		(2,840	)		(1,847	)
Total property, plant and equipment, net	$	5,136		$	1,614

Depreciation related to property, plant and equipment was $1.1 million and $0.8 million for the years ended December 31, 2021 and December 31, 2020, respectively.

Other Current Assets

12 Months Ended

Dec. 31, 2021

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

Other Current Assets

Note 8. Other current assets

Other current assets consist of the following (in thousands):


	As of December 31,
	2021		2020
Deferred transaction costs	$	—	$	3,041
Prepaid expenses		2,819		1,105
Contract assets		4,069		626
Vendor deposits		1,057		198
Other current assets		1,125		—
Total other current assets	$	9,070	$	4,970

Other Current Liabilities

12 Months Ended

Dec. 31, 2021

Other Liabilities Current [Abstract]

Other Current Liabilities

Note 9. Other current liabilities

Other current liabilities consist of the following (in thousands):


	As of December 31,
	2021		2020
Sales tax payable	$	551	$	180
Contract liabilities		—		51
Other current liabilities		182		44
Total other current liabilities	$	733	$	275

Capital Structure

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Capital Structure

Note 10. Capital Structure

As of December 31, 2021, the Company had authorized a total of 432,000,000 shares for issuance, with 422,000,000 shares designated as common stock and 10,000,000 shares designated as preferred stock.

As discussed in Note 2, Business Combination, the Company has retroactively adjusted the shares issued and outstanding prior to March 12, 2021 to give effect to the exchange ratio established in the BCA to determine the number of shares of common stock into which they were converted.

Prior to the Business Combination, Aeva had shares of $0.001 par value Series Seed, Series A, Series A-1, and Series B preferred stock outstanding, all of which were convertible into shares of common stock of the pre-combination Aeva on a 1:1 basis, subject to certain anti-dilution protections. Upon the Closing, the outstanding shares of preferred stock were converted into common stock of Aeva, Inc., and then into common stock of the Company at a ratio of 1:9.07659, the exchange rate established in the BCA.


	Preferred Stock Shares		Exchange Ratio		Shares Issued and Outstanding
Series Seed Convertible Preferred Stock (pre-combination)		3,198,556		9.07659		29,031,982
Series A Convertible Preferred Stock (pre-combination)		2,851,057		9.07659		25,877,876
Series B Convertible Preferred Stock (pre-combination)		1,032,888		9.07659		9,375,100
Series B-1 Convertible Preferred Stock (pre-combination)		1,524,279		9.07659		13,835,256
Total		8,606,780				78,120,214

Preferred Stock

The Company is authorized to issue up to 10,000,000 shares of preferred stock, each with a par value of $0.0001 per share. As of December 31, 2021, no shares of preferred stock were issued and outstanding.

Warrants

As of December 31, 2021, the Company had 12,075,000 public and 384,000 private warrants outstanding. Each warrant entitles the registered holder to purchase one share of common stock at a price of $11.50 per share.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

Common Stock

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Capital Structure

Note 10. Capital Structure

As of December 31, 2021, the Company had authorized a total of 432,000,000 shares for issuance, with 422,000,000 shares designated as common stock and 10,000,000 shares designated as preferred stock.


	Preferred Stock Shares		Exchange Ratio		Shares Issued and Outstanding
Series Seed Convertible Preferred Stock (pre-combination)		3,198,556		9.07659		29,031,982
Series A Convertible Preferred Stock (pre-combination)		2,851,057		9.07659		25,877,876
Series B Convertible Preferred Stock (pre-combination)		1,032,888		9.07659		9,375,100
Series B-1 Convertible Preferred Stock (pre-combination)		1,524,279		9.07659		13,835,256
Total		8,606,780				78,120,214

Preferred Stock

Warrants

- Definition

+ References

+ Details

Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

Note 11. Earnings (Loss) Per Share

The following table sets forth the computation of the basic and diluted net loss per share attributable to common stockholders for the periods presented (in thousands, except per share data):


	Year ended December 31,
	2021			2020			2019
Numerator:
Net loss	$	(101,878	)	$	(25,570	)	$	(19,594	)
Net loss attributable per share to common stockholders		(101,878	)		(25,570	)		(19,594	)
Denominator:
Weighted average shares of common stock outstanding – Basic		200,849,663			141,741,752			114,967,922
Dilutive effect of potential common stock		—			—			—
Weighted average shares of common stock outstanding – Diluted		200,849,663			141,741,752			114,967,922
Net loss per share attributable to common stockholders – Basic and Diluted	$	(0.51	)	$	(0.18	)	$	(0.17	)

The following table presents the potential common shares outstanding that were excluded from the computation of diluted net loss per share of common stock as of the periods presented because including them would have been anti-dilutive:


	Year ended December 31,
	2021		2020		2019
Common stock options issued and outstanding		13,858,356		17,801,986		11,913,780
Restricted stock		—		—		17,439,354
Restricted stock units		6,631,079		1,536,195		—
Total		20,489,435		19,338,181		29,353,134

Stock-based Compensation

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-based Compensation

Note 12. Stock-based Compensation

Stock Options

The Company maintains the 2016 Stock Incentive Plan and the 2021 Incentive Award Plan (the “Stock Plans”) under which incentive stock options, non-qualified stock options and RSUs may be granted to employees. Under the Stock Plans, the Company has 9,256,007 shares available for issuance as of December 31, 2021.

Under the terms of the Stock Plans, incentive stock options must have an exercise price at or above the fair market value of the stock on the date of the grant, while non-qualified stock options are permitted to be granted below fair market value of the stock on the date of grant. The majority of stock options granted have service-based vesting conditions only. The service-based vesting conditions vary though typically, stock options vest over four years with 25% of stock options vesting on the first anniversary of the grant and the remaining 75% vesting monthly over the remaining 36 months. Option holders have a ten-year period to exercise the options before they expire.

The following table summarized the stock option activity and related information under all stock option plans:


	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of January 1, 2019		5,738,520		$	0.17		9.01	$	2,620
Granted		7,089,185			0.29		—		—
Exercised		(243,780	)		0.14		—		—
Forfeited		(539,751	)		0.23		—		—
Expired		(130,394	)		0.24		—		—
Outstanding as of December 31, 2019		11,913,780		$	0.24		8.73	$	15,707
Granted		7,393,347			0.55		—		—
Exercised		(351,037	)		0.20		—		—
Forfeited		(1,006,417	)		0.40		—		—
Expired		(147,687	)		0.27		—		—
Outstanding as of December 31, 2020		17,801,986		$	0.36		8.27	$	140,560
Exercised		(3,701,243	)		0.25		—		—
Forfeited		(242,387	)		0.41		—		—
Expired		—			—		—		—
Outstanding as of December 31, 2021		13,858,356		$	0.39		7.47	$	99,406
Vested and exercisable as of December 31, 2021		9,678,341		$	0.33		7.24	$	69,986
Vested and expected to vest as of December 31, 2021		13,858,356		$	0.39		7.47	$	99,406

There were no options granted during the year ended December 31, 2021. The intrinsic value of options exercised during years ended December 31, 2021, 2020, and 2019 was $32.0 million, $4.8 million, and $0.3 million, respectively.

As of December 31, 2021, the Company had $5.0 million of unrecognized stock-based compensation expense related to the stock options. This cost is expected to be recognized over a weighted-average period of 1.9 years.

As of December 31, 2021, the Company recognized $1.1 million of the additional compensation expense for certain stock option grants that had a performance vesting condition that was satisfied as of the Closing of the BCA.

Restricted Stock Units and Performance-based Restricted Stock Units

Beginning November 2020, the Company granted RSUs and PBRSUs to certain employees and consultants pursuant to the 2016 and 2020 Stock Plan. RSU’s expire in 10 years from the date of grant and typically vest 25 percent upon the one-year anniversary date from the initial vesting date, with 12.5% vesting on each six-month anniversary date over the following three years. The RSUs are subject to a time-based vesting condition and a performance condition tied to the completion of the merger with InterPrivate, both of which must be satisfied in order for the RSUs to be vested and settled for shares of Common Stock. The performance vesting condition for these RSU were met on March 12, 2021. As a result, the Company’s outstanding RSUs vested to the extent the applicable service condition was satisfied as of such date. The vesting of these outstanding RSUs resulted in approximately $2.7 million of incremental stock-based compensation expense for the year ended December 31, 2021.

The following table summarizes our RSU activity (includes performance-based restricted stock units) for the year ended December 31, 2021:


	Shares			Weighted Average Grant Date Fair Value per Share
Outstanding as of January 1, 2020		—		$	—
Granted		1,536,195			7.74
Released		—			—
Forfeited		—			—
Outstanding as of December 31, 2020		1,536,195		$	7.74
Granted		6,206,975			10.51
Released		(758,945	)		9.34
Forfeited		(353,146	)		9.83
Outstanding as of December 31, 2021		6,631,079		$	10.04

The total fair value of restricted stock and performance based restricted stock awards vested for the years ended December 31, 2021, was $6.6 million. There were no RSU's grated prior to 2020.

As of December 31, 2021, the Company had $55.3 million of unrecognized stock-based compensation expense related to the RSUs. This cost is expected to be recognized over a weighted average period of 3.0 years.

Restricted Stock

Restricted stock activity for the year ended December 31, 2020 and December 31, 2019 is as follows:


	Shares			Weighted Average Grant Date Fair Value per Share
Outstanding as of January 1, 2019		34,878,713		$	0.03
Granted		—			—
Forfeited		—			—
Vested		(17,439,359	)		0.03
Outstanding as of December 31, 2019		17,439,354		$	0.03
Granted		—			—
Forfeited		—			—
Vested		(17,439,354	)		0.03
Outstanding as of December 31, 2020		—		$	—

There were no restricted stock granted during the years ended December 31, 2021, 2020 and 2019.

Compensation expense

Total stock-based compensation expense by function was as follows (in thousands):


	Year ended December 31,
	2021		2020		2019
Cost of Revenue	$	1,483	$	470	$	32
Research and development expenses		12,754		1,895		1,235
Sales and marketing expenses		371		26		17
General and administrative expenses		7,629		1,415		869
Total	$	22,237	$	3,806	$	2,153

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Note 13. Income Taxes

Components of Income Before Taxes

For financial reporting purposes, income before income taxes includes the following components (in thousand):


	Year ended December 31,
	2021			2020			2019
Domestic	$	(101,878	)	$	(25,570	)	$	(19,594	)
Foreign		—			—			—
Income (loss) before income taxes	$	(101,878	)	$	(25,570	)	$	(19,594	)

Components of Tax Expense

There has historically been no federal, state or foreign provision for income taxes because the Company has historically incurred operating losses and maintains a full valuation allowance against its net deferred tax assets. For the year ended December 31, 2021 and December 31, 2020, the Company recognized no provision related to income taxes.

Effective Tax Rate

Reconciliation between the effective tax rate on income from continuing operations and the statutory tax rate of 21% is as follows:


	Year ended December 31,
	2021			2020			2019
U.S. federal provision at statutory rate		21.0	%		21.0	%		21.0	%
Tax credits		2.2	%		2.0	%		1.1	%
Stock-based compensation		3.9	%		(1.3	)%		(2.3	)%
Section 162(m)		(1.4	)%		—			—
Change in valuation allowance		(26.2	)%		(21.6	)%		(19.9	)%
Other		0.5	%		(0.1	)%		0.1	%
Effective tax rate		0.0	%		0.0	%		0.0	%

The Company’s effective tax rates differ from the federal statutory rate primarily due to the change in valuation allowance.

Deferred Taxes

The Company’s deferred income tax assets and liabilities as of December 31, 2021 and 2020 were as follows (in thousands):


	Year ended December 31,
	2021			2020
Deferred tax assets:
Net operating loss carry forward	$	38,933		$	13,405
Tax credits		5,681			2,151
Intangibles		3,147			-
Other		143			399
Stock-based compensation		3,482			594
Lease liability		2,824			-
Accruals and reserves		537			80
Total deferred tax assets before valuation allowance		54,747			16,629
Valuation allowance		(51,832	)		(16,464	)
Total deferred tax assets		2,915			165
Deferred tax liabilities:
Right of use assets		(2,812	)		—
Fixed assets		(103	)		(165	)
Total deferred tax liabilities		(2,915	)		(165	)
Net deferred tax assets (liabilities)	$	—		$	—

The Company assesses the realizability of deferred tax assets based on the available evidence, including a history of taxable income and estimates of future taxable income. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that all or some portion of deferred tax assets will not be realized. Due to the losses the Company generated in the current and prior years; the Company believes it is not more likely than not that all of the deferred tax assets can be realized. Accordingly, the Company established and recorded a full valuation allowance on its net deferred tax assets of $51.8 million as of December 31, 2021 and a net valuation allowance on its deferred tax assets of $16.5 million as of December 31, 2020. The valuation allowance increased by $35.3 million for the year ended December 31, 2021.

As of December 31, 2021, the Company had $144.5 million of U.S. federal and $123.4 million of state net operating loss carryforwards available to reduce future taxable income, of which $141.3 million will be carried forward indefinitely for U.S. federal tax purposes and the remainder of losses will expire beginning in 2036 for federal and state tax purposes.

The Company also has federal and California research and development tax credit carryforwards of $6.1 million and $4.9 million, respectively. The federal research credit carryforwards will expire in 2036 and California research credits can be carried forward indefinitely.

The federal and state net operating loss carryforwards may be subject to significant limitations under Section 382 and Section 383 of the Internal Revenue Code of 1986, as amended, and similar provisions under state law. The Tax Reform Act of 1986 contains provisions that limit the federal net operating loss carryforwards that may be used in any given year in the event of special occurrences, including significant ownership changes. The Company has completed an analysis as of December 31, 2021 and doesn’t expect any net operating loss carryforwards or tax credit carryforwards to expire due to a limitation.

Unrecognized Tax Benefits

The Company accrues for uncertain tax positions identified, which are not deemed more likely than not to be sustained if challenged, and recognizes interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. The Company has not accrued any interest on uncertain tax benefits associated with unrecognized tax benefits and had immaterial cumulative interest and penalties as of December 31, 2021 and 2020.

The Company does not expect that the total amounts of unrecognized tax benefits will significantly increase or decrease within 12 months of the reporting date.

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in thousands):


	Year ended December 31,
	2021		2020		2019
Unrecognized tax benefits as of the beginning of the year	$	1,934	$	1,088	$	415
Increase related to prior year tax provisions		107		—		—
Decrease related to prior year tax provisions		—		—		—
Increase related to current year tax provisions		2,661		846		673
Statue lapse		—		—		—
Unrecognized tax benefits as of the end of the year	$	4,702	$	1,934	$	1,088

Included in the balance of unrecognized tax benefits as of December 31, 2021, and 2020, are no amounts that, if recognized, would affect the effective tax rate.

The Company’s major tax jurisdictions are the United States, California and other states. Due to the net operating loss carryforward since inception, all tax years are open for examination. There have been no examinations of our income tax returns by any tax authority.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 14. Commitments and Contingencies

Leases

The weighted average incremental borrowing rate used to measure the operating lease liability is 5.25%. Operating lease cost for the year ended December 31, 2021, was $2.3 million. The rent expense for the year ended December 31, 2020, and 2019, was $0.7 million and $0.6 million, respectively.

Short-term lease costs and variable lease costs for the year ended December 31, 2021 was $0.1 million and $0.3 million.

The following is a maturity analysis of the annual undiscounted cash flows reconciled to the carrying value of the operating lease liabilities as of December 31, 2021 (in thousands):


	Operating Leases
2022	$	3,332
2023		2,977
2024		2,748
2025		1,969
2026		290
Total minimum lease payments		11,316
Less: imputed interest		(989	)
Total lease liability	$	10,327

Litigation

From time to time, the Company is involved in actions, claims, suits and other proceedings in the ordinary course of business, including assertions by third parties relating to intellectual property infringement, breaches of contract or warranties or employment-related matters. When it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated, the Company records a liability for such loss contingencies. The Company’s estimates regarding potential losses and materiality are based on the Company’s judgment and assessment of the claims utilizing currently available information. Although the Company will continue to reassess its reserves and estimates based on future developments, the Company’s objective assessment of the legal merits of such claims may not always be predictive of the outcome and actual results may vary from the Company’s current estimates.

Indemnifications

In the ordinary course of business, the Company is not subject to potential obligations under guarantees that fall within the scope of FASB ASC Guarantees, (Topic 460), except for standard indemnification provisions that are contained within many of the Company’s customer agreements and give rise only to disclosure requirements prescribed by Topic 460. Indemnification provisions contained within the Company’s customer agreements are generally consistent with those prevalent in the Company’s industry. The Company has not incurred any obligations under customer indemnification provisions and does not expect to incur significant obligations in the future. Accordingly, the Company does not maintain accruals for potential customer indemnification obligations.

Segment Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Information

Note 15. Segment Information

The Company operates as one operating segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision-maker (“CODM”), consisting of the Company’s chief executive officer and the Company’s chief technology officer as a group, in deciding how to allocate resources and assess the Company’s financial and operational performance. In addition, the Company’s CODM evaluates the Company’s financial information and resources and assesses the performance of these resources on a consolidated basis. As a result, the Company has determined that the Company’s business operates in a single operating segment. Since the Company operates as one operating segment, all required financial segment information can be found in the financial statements.

Revenues from External Customers

Revenues from customers outside the United States were 5%, 12%, and 61% of total revenues for the fiscal years ended December 31, 2021, 2020, and 2019, respectively.

Long-Lived Assets

The following table sets forth the Company’s property and equipment, net by geographic region (in thousand):


	Year Ended December 31,
	2021		2020
United States	$	4,676	$	1,614
Thailand		351		—
Germany		109		—
Total	$	5,136	$	1,614

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Description of Business and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Description of Business

The Company’s common stock and warrants are now listed on the New York Stock Exchange stock market under the symbols “AEVA” and “AEVA.WS”.

Basis of Presentation

•

the equity holders of the pre-combination Aeva hold the majority of voting rights in the Company;

•

the board of directors of the pre-combination Aeva represent a majority of the members of the board of directors of the Company;

•

the senior management of the pre-combination Aeva became the senior management of the Company; and

•

the operations of the pre-combination Aeva comprise the ongoing operations of the Company.

Principle of Consolidation and Liquidity

Significant Risks and Uncertainties

Concentration of Credit Risk

Use of Estimates

Fair Value of Financial Instruments

The Company’s cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair value due to their short maturities.

Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;

Level 3 – Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data

Leases

Cash and Cash Equivalent and Marketable Securities

Accounts Receivable

Inventories

Deferred Transaction Costs

Property, Plant and Equipment

Property, Plant, and Equipment


		Estimated useful lives
Computer equipment		3 years
Lab equipment		5 years
Manufacturing equipment		4 years
Testing equipment		3 years
Leasehold improvements		Lesser of estimated useful life or remaining lease term
Furniture and fixtures		5 years

Impairment of Long-Lived Assets

Product Warranty

Revenue Recognition

•

Identifying the contract, or contracts, with the customer;

•

Identifying the performance obligations in the contract;

•

Determining the transaction price;

•

Allocating the transaction price to performance obligations in the contract; and

•

Recognizing revenue when, or as, the Company satisfies performance obligations by transferring the promised good or services.

Nature of Products and Services and Revenue Recognition

Arrangements with Multiple Performance Obligations

the contract. The consideration is allocated between separate performance obligations in proportion to their estimated standalone selling price.

Other Policies, Judgments and Practical Expedients

satisfaction of the performance obligation, are recognized on a cumulative catch-up basis in the period in which the revisions to the estimates are made.

Cost of Revenue

Research and Development

Stock-based Compensation

Income Taxes

Commitments and Contingencies

Foreign Currency Translation

Net Loss Attributable Per Share to Common Stockholders

Warrant Liabilities

•

The expected term of the warrants is assumed to be the expected period until the close of a Business Combination, and the contractual five-year term subsequently.

•

The risk-free interest rate is based on the U.S. Treasury rate for the applicable expected terms.

•

The dividend yield is based on the historical rate, which the Company anticipates to remain at zero.

Intangible Assets

Recent Accounting Pronouncements and Recently Adopted Accounting Guidance

Recent Accounting Pronouncements

Recently Adopted Accounting Guidance

Description of Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Property, Plant, and Equipment Estimated Useful Lives


		Estimated useful lives
Computer equipment		3 years
Lab equipment		5 years
Manufacturing equipment		4 years
Testing equipment		3 years
Leasehold improvements		Lesser of estimated useful life or remaining lease term
Furniture and fixtures		5 years

Reverse Capitalization (Tables)

12 Months Ended

Dec. 31, 2021

Business Combinations [Abstract]

Schedule of Reconciliation of Elements of Business Combination

The following table reconciles the elements of the Business Combination to the consolidated statements of cash flows and the consolidated statement of changes in stockholders’ equity for the year ended December 31, 2021 (in thousands):


Cash - InterPrivate’s trust and cash (net of redemption)	$	240,777
Cash - Private offering		320,000
Less: transaction costs and advisory fees paid		(47,708	)
Net Business Combination and Private Offering	$	513,069

The number of shares of common stock issued immediately following the consummation of the Business Combination were:


Common stock, outstanding prior to Business Combination	24,150,000
Less: redemption of IPV shares	(30,874	)
Common stock of IPV Corp	24,119,126
IPV founder shares	6,905,500
Shares issued in PIPE	28,318,478
Business Combination and PIPE shares	59,343,104
Legacy Aeva shares(1)	152,066,648
Total shares of common stock immediately after Business Combination	211,409,752
Aeva exercise of warrants	—
Total shares of common stock at March 12, 2021	211,409,752

(1) The number of Legacy Aeva shares was determined as follows:


	Aeva shares		Aeva shares, effected for Exchange Ratio
Balance at December 31, 2019		8,031,018		72,894,258
Recapitalization applied to Convertible Preferred Stock outstanding at December 31, 2019		8,606,780		78,120,214
Exercise of common stock options - 2020		38,675		351,037
Exercise of common stock options - 2021 (pre-Closing)		77,247		701,139
Total				152,066,648

Revenue (Tables)

12 Months Ended

Dec. 31, 2021

Revenue From Contract With Customer [Abstract]

Summary of Disaggregated Revenue by Geographic Region

Total revenue based on the disaggregation criteria described above are as follows (in thousands):


	Year Ended December 31,
	2021					2020					2019
	Revenue		% of Revenue			Revenue		% of Revenue			Revenue		% of Revenue
Revenue by primary geographical market:
North America	$	8,816		95	%	$	4,225		88	%	$	542		39	%
Europe		232		3	%		497		10	%		842		61	%
Asia		217		2	%		121		2	%		—		0	%
Total	$	9,265		100	%	$	4,843		100	%	$	1,384		100	%
Revenue by timing of recognition:
Recognized at a point in time	$	1,776		19	%	$	1,534		32	%	$	819		59	%
Recognized over time		7,489		81	%		3,309		68	%		565		41	%
Total	$	9,265		100	%	$	4,843		100	%	$	1,384		100	%

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Summary of Financial assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy:


	December 31, 2021
	Adjusted Cost		Unrealized Losses			Fair Value		Cash and Cash Equivalent		Marketable Securities
	(in thousands)
Assets
Cash	$	2,765	$	—		$	2,765	$	2,765	$	—

Level 1
Money market funds		38,045		—			38,045		38,045		—

Level 2
U.S. Government securities		45,982		(66	)		45,916		—		45,916
U.S. Treasury securities		80,500		(7	)		80,493		26,000		54,493
Commercial paper		94,887		(15	)		94,872		—		94,872
Corporate bonds		182,338		(435	)		181,903		—		181,903
Municipal securities		1,017		(1	)		1,016		—		1,016
Subtotal		404,724		(524	)		404,200		26,000		378,200
Total assets	$	445,534	$	(524	)	$	445,010	$	66,810	$	378,200

Liabilities
Level 3
Warrant liabilities		1,060		—			1,060		—		—
Total liabilities	$	1,060	$	—		$	1,060	$	—	$	—

Summary of Changes in Fair Value of Level 3 Financial Instruments

The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments:


	December 31, 2021
	Private Placement Warrant Liability
	(in thousands)
Fair value as of January 1, 2021	$	—
Private placement warrant liability acquired as part of the merger		3,014
Change in the fair value included in other income (expense), net		(1,954	)
Fair value as of December 31, 2021	$	1,060

Schedule of Black-Scholes Option Pricing Model For Private Warrants

The key inputs into the Black-Scholes option pricing model for the private warrants were as follows for the relevant periods:


	December 31, 2021			March 12, 2021
Expected term (years)		4.2			5.0
Expected volatility		60.3	%		70.0	%
Risk-free interest rate		1.14	%		0.85	%
Dividend yield		0	%		0	%
Exercise Price	$	11.50		$	11.50

Acquisition and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of expected amortization expense relating to purchased intangible assets

As of December 31, 2021, expected amortization expense relating to purchased intangible assets for each of the next five years and thereafter was as follows (in thousands):


	Intangibles
2022	$	900
2023		900
2024		900
2025		900
2026		825
Total future amortization	$	4,425

Inventories (Tables)

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consist of the following (in thousands):


	As of December 31,
	2021		2020
Raw materials	$	1,668	$	586
Work-in-progress		116		73
Finished goods		279		560
Total inventories	$	2,063	$	1,219

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment consists of the following (in thousands):


	As of December 31,
	2021			2020
Computer equipment	$	1,572		$	658
Lab equipment		2,760			1,324
Leasehold improvements		1,330			765
Construction in progress		980			—
Testing equipment		521			313
Manufacturing equipment		374			—
Furniture, fixtures and other equipment		439			401
Total property, plant and equipment		7,976			3,461
Less: accumulated depreciation		(2,840	)		(1,847	)
Total property, plant and equipment, net	$	5,136		$	1,614

Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2021

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

Schedule of Other Current Assets

Other current assets consist of the following (in thousands):


	As of December 31,
	2021		2020
Deferred transaction costs	$	—	$	3,041
Prepaid expenses		2,819		1,105
Contract assets		4,069		626
Vendor deposits		1,057		198
Other current assets		1,125		—
Total other current assets	$	9,070	$	4,970

Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Other Liabilities Current [Abstract]

Schedule of Other Current Liabilities

Other current liabilities consist of the following (in thousands):


	As of December 31,
	2021		2020
Sales tax payable	$	551	$	180
Contract liabilities		—		51
Other current liabilities		182		44
Total other current liabilities	$	733	$	275

Capital Structure (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of Conversions of Stock


	Preferred Stock Shares		Exchange Ratio		Shares Issued and Outstanding
Series Seed Convertible Preferred Stock (pre-combination)		3,198,556		9.07659		29,031,982
Series A Convertible Preferred Stock (pre-combination)		2,851,057		9.07659		25,877,876
Series B Convertible Preferred Stock (pre-combination)		1,032,888		9.07659		9,375,100
Series B-1 Convertible Preferred Stock (pre-combination)		1,524,279		9.07659		13,835,256
Total		8,606,780				78,120,214

Earnings (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of the basic and diluted net loss per share attributable to common stockholders for the periods presented (in thousands, except per share data):


	Year ended December 31,
	2021			2020			2019
Numerator:
Net loss	$	(101,878	)	$	(25,570	)	$	(19,594	)
Net loss attributable per share to common stockholders		(101,878	)		(25,570	)		(19,594	)
Denominator:
Weighted average shares of common stock outstanding – Basic		200,849,663			141,741,752			114,967,922
Dilutive effect of potential common stock		—			—			—
Weighted average shares of common stock outstanding – Diluted		200,849,663			141,741,752			114,967,922
Net loss per share attributable to common stockholders – Basic and Diluted	$	(0.51	)	$	(0.18	)	$	(0.17	)

Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share


	Year ended December 31,
	2021		2020		2019
Common stock options issued and outstanding		13,858,356		17,801,986		11,913,780
Restricted stock		—		—		17,439,354
Restricted stock units		6,631,079		1,536,195		—
Total		20,489,435		19,338,181		29,353,134

Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Assumptions to Determine Fair Value of Stock Options Awards

The following table summarized the stock option activity and related information under all stock option plans:


	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of January 1, 2019		5,738,520		$	0.17		9.01	$	2,620
Granted		7,089,185			0.29		—		—
Exercised		(243,780	)		0.14		—		—
Forfeited		(539,751	)		0.23		—		—
Expired		(130,394	)		0.24		—		—
Outstanding as of December 31, 2019		11,913,780		$	0.24		8.73	$	15,707
Granted		7,393,347			0.55		—		—
Exercised		(351,037	)		0.20		—		—
Forfeited		(1,006,417	)		0.40		—		—
Expired		(147,687	)		0.27		—		—
Outstanding as of December 31, 2020		17,801,986		$	0.36		8.27	$	140,560
Exercised		(3,701,243	)		0.25		—		—
Forfeited		(242,387	)		0.41		—		—
Expired		—			—		—		—
Outstanding as of December 31, 2021		13,858,356		$	0.39		7.47	$	99,406
Vested and exercisable as of December 31, 2021		9,678,341		$	0.33		7.24	$	69,986
Vested and expected to vest as of December 31, 2021		13,858,356		$	0.39		7.47	$	99,406

Summary of Stock-Based Compensation Expense

Total stock-based compensation expense by function was as follows (in thousands):


	Year ended December 31,
	2021		2020		2019
Cost of Revenue	$	1,483	$	470	$	32
Research and development expenses		12,754		1,895		1,235
Sales and marketing expenses		371		26		17
General and administrative expenses		7,629		1,415		869
Total	$	22,237	$	3,806	$	2,153

Restricted Stock [Member]

Schedule of Restricted Stock Activity

Restricted stock activity for the year ended December 31, 2020 and December 31, 2019 is as follows:


	Shares			Weighted Average Grant Date Fair Value per Share
Outstanding as of January 1, 2019		34,878,713		$	0.03
Granted		—			—
Forfeited		—			—
Vested		(17,439,359	)		0.03
Outstanding as of December 31, 2019		17,439,354		$	0.03
Granted		—			—
Forfeited		—			—
Vested		(17,439,354	)		0.03
Outstanding as of December 31, 2020		—		$	—

There were no restricted stock granted during the years ended December 31, 2021, 2020 and 2019.

Restricted Stock Units (RSUs) [Member]

Schedule of Stock Options Activity

The following table summarizes our RSU activity (includes performance-based restricted stock units) for the year ended December 31, 2021:


	Shares			Weighted Average Grant Date Fair Value per Share
Outstanding as of January 1, 2020		—		$	—
Granted		1,536,195			7.74
Released		—			—
Forfeited		—			—
Outstanding as of December 31, 2020		1,536,195		$	7.74
Granted		6,206,975			10.51
Released		(758,945	)		9.34
Forfeited		(353,146	)		9.83
Outstanding as of December 31, 2021		6,631,079		$	10.04

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Taxes

For financial reporting purposes, income before income taxes includes the following components (in thousand):


	Year ended December 31,
	2021			2020			2019
Domestic	$	(101,878	)	$	(25,570	)	$	(19,594	)
Foreign		—			—			—
Income (loss) before income taxes	$	(101,878	)	$	(25,570	)	$	(19,594	)

Summary of Reconciliation Federal Income Tax Rate

Reconciliation between the effective tax rate on income from continuing operations and the statutory tax rate of 21% is as follows:


	Year ended December 31,
	2021			2020			2019
U.S. federal provision at statutory rate		21.0	%		21.0	%		21.0	%
Tax credits		2.2	%		2.0	%		1.1	%
Stock-based compensation		3.9	%		(1.3	)%		(2.3	)%
Section 162(m)		(1.4	)%		—			—
Change in valuation allowance		(26.2	)%		(21.6	)%		(19.9	)%
Other		0.5	%		(0.1	)%		0.1	%
Effective tax rate		0.0	%		0.0	%		0.0	%

Schedule of Net Deferred Tax Assets and Liabilities

The Company’s deferred income tax assets and liabilities as of December 31, 2021 and 2020 were as follows (in thousands):


	Year ended December 31,
	2021			2020
Deferred tax assets:
Net operating loss carry forward	$	38,933		$	13,405
Tax credits		5,681			2,151
Intangibles		3,147			-
Other		143			399
Stock-based compensation		3,482			594
Lease liability		2,824			-
Accruals and reserves		537			80
Total deferred tax assets before valuation allowance		54,747			16,629
Valuation allowance		(51,832	)		(16,464	)
Total deferred tax assets		2,915			165
Deferred tax liabilities:
Right of use assets		(2,812	)		—
Fixed assets		(103	)		(165	)
Total deferred tax liabilities		(2,915	)		(165	)
Net deferred tax assets (liabilities)	$	—		$	—

Schedule of Unrecognized Tax Benefits

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in thousands):


	Year ended December 31,
	2021		2020		2019
Unrecognized tax benefits as of the beginning of the year	$	1,934	$	1,088	$	415
Increase related to prior year tax provisions		107		—		—
Decrease related to prior year tax provisions		—		—		—
Increase related to current year tax provisions		2,661		846		673
Statue lapse		—		—		—
Unrecognized tax benefits as of the end of the year	$	4,702	$	1,934	$	1,088

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Summary of Maturity Analysis of the Annual Undiscounted Cash Flows of Operating Lease Liabilities

The following is a maturity analysis of the annual undiscounted cash flows reconciled to the carrying value of the operating lease liabilities as of December 31, 2021 (in thousands):


	Operating Leases
2022	$	3,332
2023		2,977
2024		2,748
2025		1,969
2026		290
Total minimum lease payments		11,316
Less: imputed interest		(989	)
Total lease liability	$	10,327

Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

Geographic Areas, Long-Lived Assets [Abstract]

Schedule of Property and Equipment by Geographic Region

The following table sets forth the Company’s property and equipment, net by geographic region (in thousand):


	Year Ended December 31,
	2021		2020
United States	$	4,676	$	1,614
Thailand		351		—
Germany		109		—
Total	$	5,136	$	1,614

Description of Business and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2021	Dec. 31, 2019	Dec. 31, 2018
Significant Accounting Policies [Line Items]
Cash and cash equivalents	$ 66,810,000	$ 24,624,000		$ 46,637,000	$ 27,455,000
Accumulated deficit	162,962,000	61,084,000
Allowance for doubtful accounts	0	0
Impairment of long-lived assets	$ 0	$ 0
Common stock, par value	$ 0.0001	$ 0.0001
Intangible assets, net	$ 4,425,000	$ 0
Number of months required to fund operating and capital expenditure	12 months
Operating lease right-of-use assets	$ 10,284,000		$ 1,700,000
Operating lease liabilities	$ 10,327,000		1,700,000
Deferred rent liability			$ 100,000
Intangible assets, Term	5 years
Private Warrants [Member]
Significant Accounting Policies [Line Items]
Dividend yield	0.00%
Money Market Funds [Member]
Significant Accounting Policies [Line Items]
Cash and cash equivalents	$ 445,000,000.0
Credit Concentration Risk [Member] \| Accounts Receivable [Member] \| Customer One [Member]
Significant Accounting Policies [Line Items]
Number of customer accounted for accounts receivable	one customer	one customer
Concentration risk, percentage	90.00%	68.00%
Credit Concentration Risk [Member] \| Accounts Payable [Member] \| Two Vendors [Member]
Significant Accounting Policies [Line Items]
Concentration risk, percentage	37.00%	62.00%
Number of vendors accounted for accounts payable	two vendors	two vendors

Description of Business and Summary of Significant Accounting Policies - Schedule of Property, Plant, and Equipment Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2021
Computer Equipment [Member]
Property Plant And Equipment [Line Items]
Property, plant, and equipment estimated useful lives	3 years
Lab Equipment [Member]
Property Plant And Equipment [Line Items]
Property, plant, and equipment estimated useful lives	5 years
Manufacturing Equipment [Member]
Property Plant And Equipment [Line Items]
Property, plant, and equipment estimated useful lives	4 years
Testing Equipment [Member]
Property Plant And Equipment [Line Items]
Property, plant, and equipment estimated useful lives	3 years
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Property, plant, and equipment estimated useful lives	Lesser of estimated useful life or remaining lease term
Furniture, Fixtures and Other Equipment [Member]
Property Plant And Equipment [Line Items]
Property, plant, and equipment estimated useful lives	5 years

Reverse Capitalization (Additional Information) (Details) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2021 USD ($) $ / shares shares	Mar. 12, 2021 $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Business Acquisition [Line Items]
Temporary equity, shares authorized \| shares		432,000,000	432,000,000
Number of Common Stock Authorized \| shares		422,000,000	422,000,000	422,000,000
Common stock, par value \| $ / shares		$ 0.0001		$ 0.0001
Preferred stock, shares authorized \| shares		10,000,000	10,000,000
Preferred stock, par value \| $ / shares		$ 0.0001
Intangible assets, Term		5 years
Intangible assets, net \| $		$ 4,425		$ 0
Proceeds From Business Combination And PIPE Financing Before Offsetting \| $		560,800
Noninterest Expense Offering Cost \| $		$ 47,700
Merger Agreement [Member]
Business Acquisition [Line Items]
Business Acquisition, Effective Date of Acquisition	Mar. 12, 2021
Common stock, par value \| $ / shares			$ 0.0001
Preferred stock, par value \| $ / shares			$ 0.0001
Shares Issuable upon Conversion of the Preferred Stock \| shares		(78,120,214)
Conversion Of Stock Shares Issued Conversion Rate		9.07659
Business combination, direct and incremental costs related Costs \| $		$ 47,700
InterPrivate [Member]
Business Acquisition [Line Items]
Business Combination Stock Redeemed Shares \| shares		30,874
Intangible assets, net \| $		$ 0
InterPrivate [Member] \| Maximum [Member]
Business Acquisition [Line Items]
Gross Common Stock Redemption Payments \| $		$ 300
P I P E Shares [Member]
Business Acquisition [Line Items]
Stock Issued During Period, Shares, New Issues \| shares		28,318,478
Proceeds From Issuance Of Common Stock \| $		$ 320,000
P I P E Shares [Member] \| Investor One [Member]
Business Acquisition [Line Items]
Business Acquisition, Share Price \| $ / shares		$ 10.00
P I P E Shares [Member] \| Investor Two [Member]
Business Acquisition [Line Items]
Business Acquisition, Share Price \| $ / shares		11.50
P I P E Shares [Member] \| Investor Three [Member]
Business Acquisition [Line Items]
Business Acquisition, Share Price \| $ / shares		$ 16.00

Reverse Capitalization - Reconciliation of Elements of Business Combination (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Less: transaction costs and advisory fees paid	$ (47,708)
Net Business Combination and Private Offering	513,069
Inter Private Trust And Cash Net Of Redemption Member [Member]
Business Acquisition [Line Items]
Cash - InterPrivate's trust and cash (net of redemption)	240,777
Private Offering [Member]
Business Acquisition [Line Items]
Cash - Private offering	$ 320,000

Reverse Capitalization - Schedule of Number of Common Stock Issued Following the Business Combination (Details) - $ / shares	Mar. 12, 2021	Dec. 31, 2021	Mar. 11, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Total shares of common stock at March 12, 2021	211,409,752	214,997,000	24,150,000	151,366,000
Number of Share Redemption of IPV Share	(30,874)
Adjustment To Common Stock Issued Shares	24,119,126
IPV founder shares	6,905,500
Shares issued in PIPE	28,318,478
Business Combination and PIPE shares	59,343,104
Legacy Aeva shares(1)	152,066,648
Total shares of common stock immediately after Business Combination	211,409,752
Aeva exercise of warrants	$ 0
Total shares of common stock at March 12, 2021	211,409,752	214,997,000	24,150,000	151,366,000

Reverse Capitalization - Schedule of Number of Common Stock Issued Following the Business Combination - (Parenthetical) (Details) - shares		12 Months Ended
	Mar. 12, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Common Stock Shares				8,031,018
Common Stock Shares effected for Exchange Ratio	152,066,648			72,894,258
Recapitalization Applied to Convertible Preferred Stock Outstanding				8,606,780
Recapitalization Applied to Convertible Preferred Stock Outstanding Effected for Exchange ratio				78,120,214
Exercise of common stock options		3,701,243	351,037	243,780
Twenty Twenty Stock Options [Member]
Business Acquisition [Line Items]
Exercise of common stock options	38,675
Exercise of common stock options, Effected for Exchange Ratio	351,037
Twenty Twenty-One Stock Options [Member]
Business Acquisition [Line Items]
Exercise of common stock options	77,247
Exercise of common stock options, Effected for Exchange Ratio	701,139

Revenue - Summary of Disaggregated Revenue by Geographic Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation Of Revenue [Line Items]
Revenue	$ 9,265	$ 4,843	$ 1,384
% of Revenue	100.00%	100.00%	100.00%
Recognized at a point in time [Member]
Disaggregation Of Revenue [Line Items]
Revenue	$ 1,776	$ 1,534	$ 819
% of Revenue	19.00%	32.00%	59.00%
Recognized over time [Member]
Disaggregation Of Revenue [Line Items]
Revenue	$ 7,489	$ 3,309	$ 565
% of Revenue	81.00%	68.00%	41.00%
North America [Member]
Disaggregation Of Revenue [Line Items]
Revenue	$ 8,816	$ 4,225	$ 542
% of Revenue	95.00%	88.00%	39.00%
Europe [Member]
Disaggregation Of Revenue [Line Items]
Revenue	$ 232	$ 497	$ 842
% of Revenue	3.00%	10.00%	61.00%
Asia [Member]
Disaggregation Of Revenue [Line Items]
Revenue	$ 217	$ 121	$ 0
% of Revenue	2.00%	2.00%	0.00%

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue - Additional Information (Details) $ in Thousands	12 Months Ended
Revenue - Additional Information (Details) $ in Thousands	Dec. 31, 2021 USD ($) Customer	Dec. 31, 2020 USD ($) Customer	Dec. 31, 2019 Customer
Disaggregation Of Revenue [Line Items]
Contract assets	$ 4,069	$ 626
Contract liabilities	$ 0	$ 51
Customer Concentration Risk [Member]
Disaggregation Of Revenue [Line Items]
Number Of customers meeting concentration risk threshold \| Customer	1	3	2
Concentration risk percentage 2		11.00%	12.00%
Concentration risk percentage 3		10.00%
Other current assets [Member]
Disaggregation Of Revenue [Line Items]
Contract assets	$ 4,100	$ 600
Other current liabilities [Member]
Disaggregation Of Revenue [Line Items]
Contract liabilities	$ 0	$ 100
Minimum [Member] \| Accounts Receivable [Member] \| Customer Concentration Risk [Member]
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	80.00%	65.00%	53.00%

Financial Instruments - Summary of Financial assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash	$ 2,765
Adjusted Cost	445,534
Unrealized Losses	(524)
Debt Securities, Available-for-sale	445,010
Cash and cash equivalents	66,810	$ 24,624	$ 46,637	$ 27,455
Marketable Securities	378,200	$ 0
Level 1 \| Money market funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Adjusted Cost	38,045
Debt Securities, Available-for-sale	38,045
Cash and cash equivalents	38,045
Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Adjusted Cost	404,724
Unrealized Losses	(524)
Debt Securities, Available-for-sale	404,200
Cash and cash equivalents	26,000
Marketable Securities	378,200
Level 2 \| U.S. Government securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Adjusted Cost	45,982
Unrealized Losses	(66)
Debt Securities, Available-for-sale	45,916
Marketable Securities	45,916
Level 2 \| U.S. Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Adjusted Cost	80,500
Unrealized Losses	(7)
Debt Securities, Available-for-sale	80,493
Cash and cash equivalents	26,000
Marketable Securities	54,493
Level 2 \| Commercial paper
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Adjusted Cost	94,887
Unrealized Losses	(15)
Debt Securities, Available-for-sale	94,872
Marketable Securities	94,872
Level 2 \| Corporate bonds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Adjusted Cost	182,338
Unrealized Losses	(435)
Debt Securities, Available-for-sale	181,903
Marketable Securities	181,903
Level 2 \| Municipal securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Adjusted Cost	1,017
Unrealized Losses	(1)
Debt Securities, Available-for-sale	1,016
Marketable Securities	1,016
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financial liabilities, Fair value	1,060
Level 3 \| Warrant liabilities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financial liabilities, Adjusted cost	1,060
Financial liabilities, Fair value	$ 1,060

Financial Instruments (Additional Information) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Marketable Securities	$ 378,200	$ 0

Financial Instruments - Summary of Changes in Fair Value of Level 3 Financial Instruments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Fair Value Disclosures [Abstract]
Fair Value, Beginning Balance	$ 0
Private placement warrant liability acquired as part of the merger	3,014
Change in the fair value included in other income (expense), net	(1,954)
Fair Value, Ending Balance	$ 1,060

Financial Instruments - Schedule of Black-Scholes Option Pricing Model For Private Warrants (Details)	Dec. 31, 2021	Mar. 12, 2021
Measurement Input, Expected Term [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	4.2	5.0
Measurement Input, Price Volatility [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	60.3	70.0
Measurement Input, Risk Free Interest Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	1.14	0.85
Measurement Input, Discount Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	0	0
Measurement Input, Exercise Price [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	11.50	11.50

Acquisition and Intangible Assets (Additional Information) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Total consideration for intellectual property	$ 4.5
Weighted-average useful life	5 years
Amortization of Intangible Assets	$ 0.1

Acquisition and Intangible Assets - Schedule of expected amortization expense relating to purchased intangible assets (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 900
2023	900
2024	900
2025	900
2026	825
Total future amortization	$ 4,425

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 1,668	$ 586
Work-in-progress	116	73
Finished goods	279	560
Total inventories	$ 2,063	$ 1,219

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Total property, plant and equipment	$ 7,976	$ 3,461
Less: accumulated depreciation	(2,840)	(1,847)
Total property, plant and equipment, net	5,136	1,614
Computer Equipment [Member]
Property Plant And Equipment [Line Items]
Total property, plant and equipment	1,572	658
Lab Equipment [Member]
Property Plant And Equipment [Line Items]
Total property, plant and equipment	2,760	1,324
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Total property, plant and equipment	1,330	765
Construction in Progress [Member]
Property Plant And Equipment [Line Items]
Total property, plant and equipment	980	0
Testing Equipment [Member]
Property Plant And Equipment [Line Items]
Total property, plant and equipment	521	313
Manufacturing Equipment [Member]
Property Plant And Equipment [Line Items]
Total property, plant and equipment	374	0
Furniture, Fixtures and Other Equipment [Member]
Property Plant And Equipment [Line Items]
Total property, plant and equipment	$ 439	$ 401

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Abstract]
Depreciation	$ 1.1	$ 0.8

Other Current Assets - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Deferred transaction costs	$ 0	$ 3,041
Prepaid expenses	2,819	1,105
Contract assets	4,069	626
Vendor deposits	1,057	198
Other current assets	1,125	0
Total other current assets	$ 9,070	$ 4,970

Other Current Liabilities - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Liabilities Current [Abstract]
Sales tax payable	$ 551	$ 180
Contract liabilities	0	51
Other current liabilities	182	44
Total other current liabilities	$ 733	$ 275

Capital Structure - Additional Information (Details)	12 Months Ended
Capital Structure - Additional Information (Details)	Dec. 31, 2021 $ / shares shares	Mar. 12, 2021 shares	Dec. 31, 2020 $ / shares shares
Class Of Stock [Line Items]
Preferred stock, par value \| $ / shares	$ 0.0001
Temporary equity, shares authorized	432,000,000	432,000,000
Common stock, shares authorized	422,000,000	422,000,000	422,000,000
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred Stock, Conversion Basis	1:1 basis
Conversion Ration	9.07659
Preferred stock, shares issued	0
Pre-combination Aeva preferred stock outstanding	0
Common Stock Par Or Stated Value Per Share \| $ / shares	$ 0.0001		$ 0.0001
Series B Preferred Stock [Member]
Class Of Stock [Line Items]
Preferred stock, par value \| $ / shares	$ 0.001
Public Warrants [Member]
Class Of Stock [Line Items]
Class of Warrant or Right, Outstanding	12,075,000
Common Stock Par Or Stated Value Per Share \| $ / shares	$ 11.50
Private Warrants [Member]
Class Of Stock [Line Items]
Class of Warrant or Right, Outstanding	384,000
Common Stock Par Or Stated Value Per Share \| $ / shares	$ 11.50

Capital Structure - Schedule of Conversions of Stock (Details)	Mar. 12, 2021 shares	Dec. 31, 2021 shares
Conversion of Stock [Line Items]
Preferred Stock Shares	8,606,780
Preferred stock, shares issued		0
Common stock shares issued	78,120,214
Preferred stock, shares outstanding		0
Common stock shares outstanding	78,120,214
Series Seed Preferred Stock [Member]
Conversion of Stock [Line Items]
Preferred Stock Shares	3,198,556
Common stock shares issued	29,031,982
Common stock shares outstanding	29,031,982
Exchange Ratio	9.07659
Series A Convertible Preferred Stock (pre-combination) [Member]
Conversion of Stock [Line Items]
Preferred Stock Shares	2,851,057
Common stock shares issued	25,877,876
Common stock shares outstanding	25,877,876
Exchange Ratio	9.07659
Series B Convertible Preferred Stock Pre Combination [Member]
Conversion of Stock [Line Items]
Preferred Stock Shares	1,032,888
Common stock shares issued	9,375,100
Common stock shares outstanding	9,375,100
Exchange Ratio	9.07659
Series B-1 Convertible Preferred Stock (pre-combination) [Member]
Conversion of Stock [Line Items]
Preferred Stock Shares	1,524,279
Common stock shares issued	13,835,256
Common stock shares outstanding	13,835,256
Exchange Ratio	9.07659

Common Stock - Additional Information (Details) - shares	Dec. 31, 2021	Mar. 12, 2021	Mar. 11, 2021	Dec. 31, 2020
Equity [Abstract]
Common stock, shares authorized	422,000,000	422,000,000		422,000,000
Total shares of common stock at March 12, 2021	214,997,000	211,409,752	24,150,000	151,366,000

Earnings (Loss) Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net loss	$ (101,878)	$ (25,570)	$ (19,594)
Net loss attributable per share to common stockholders	$ (101,878)	$ (25,570)	$ (19,594)
Denominator:
Weighted average shares of common stock outstanding – Basic	200,849,663	141,741,752	114,967,922
Dilutive effect of potential common stock	0	0	0
Weighted average shares of common stock outstanding – Diluted	200,849,663	141,741,752	114,967,922
Net loss per share, basis and diluted	$ (0.51)	$ (0.18)	$ (0.17)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

Earnings (Loss) Per Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	20,489,435	19,338,181	29,353,134
Restricted stock units [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	6,631,079	1,536,195	0
Stock Options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	13,858,356	17,801,986	11,913,780
Restricted Stock [Member] \| Restricted stock units [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	0	0	17,439,354

Stock-based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	4 years
Weighted-average grant date fair value of stock options granted	$ 0	$ 0	$ 0
Compensation cost for options	$ 1.1
Restricted stock units, vesting period	3 years
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Intrinsic value of options exercised	$ 32.0	$ 4.8	$ 0.3
Unrecognized stock-based compensation expense	$ 5.0
Unrecognized stock-based compensation expense, weighted average recognition period	1 year 10 months 24 days
Incremental Stock Based Compensation Expense	$ 2.7
Performance-Based Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value of options vested	6.6
Unrecognized stock-based compensation expense	$ 55.3
Restricted stock units expire period	10 years
Restricted stock units, vesting period	3 years
First 12 Months [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of stock options vesting	25.00%
Remaining 36 Months [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of stock options vesting	75.00%
One Year [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, vesting period	1 year
Six Months [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, vesting period	6 months
Twenty Five Vesting Percentage [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, grant and typically vest percentage	25.00%
Twelve Point Five Vesting Percentage [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, grant and typically vest percentage	12.50%
2016 Stock Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common Stock, Authorized	9,256,007

Stock-based Compensation - Schedule of Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Options, Outstanding, Beginning	17,801,986	11,913,780	5,738,520
Number of Options, Granted		7,393,347	7,089,185
Number of Options, Exercised	(3,701,243)	(351,037)	(243,780)
Number of Options, Forfeited	(242,387)	(1,006,417)	(539,751)
Number of Options, Expired	0	(147,687)	(130,394)
Number of Options, Outstanding, Ending	13,858,356	17,801,986	11,913,780	5,738,520
Number of Options, Vested and exercisable	9,678,341
Number of Options, Vested and expected to vest	13,858,356
Weighted- Average Exercise Price, Outstanding, Beginning	$ 0.36	$ 0.24	$ 0.17
Weighted- Average Exercise Price, Granted		0.55	0.29
Weighted- Average Exercise Price, Exercised	0.25	0.20	0.14
Weighted- Average Exercise Price, Forfeited	0.41	0.40	0.23
Weighted- Average Exercise Price, Expired		0.27	0.24
Weighted- Average Exercise Price, Outstanding, Ending	0.39	$ 0.36	$ 0.24	$ 0.17
Weighted- Average Exercise Price, Vested and exercisable	0.33
Weighted- Average Exercise Price, Vested and expected to vest	$ 0.39
Weighted- Average Remaining Contractual Life (Years), Outstanding	7 years 5 months 19 days	8 years 3 months 7 days	8 years 8 months 23 days	9 years 3 days
Weighted- Average Remaining Contractual Life (Years), Vested and exercisable	7 years 2 months 26 days
Weighted- Average Remaining Contractual Life (Years), Vested and expected to vest	7 years 5 months 19 days
Aggregate Intresic Value,Outstanding, Beginning	$ 140,560	$ 15,707	$ 2,620
Aggregate Intresic Value,Outstanding, Ending	99,406	$ 140,560	$ 15,707	$ 2,620
Aggregate Intresic Value, Vested and exercisable	69,986
Aggregate Intresic Value,Vested and expected to vest	$ 99,406

Stock-based Compensation - Schedule of Restricted Stock Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Options, Outstanding, Beginning	17,801,986	11,913,780	5,738,520
Number of Options, Outstanding, Ending	13,858,356	17,801,986	11,913,780
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Options, Outstanding, Beginning	0	17,439,354	34,878,713
Shares, Vested		(17,439,354)	(17,439,359)
Number of Options, Outstanding, Ending		0	17,439,354
Weighted Average Grant Date Fair Value per Share, Outstanding, Beginning	$ 0	$ 0.03	$ 0.03
Weighted Average Grant Date Fair Value per Share, Vested		0.03	0.03
Weighted Average Grant Date Fair Value per Share, Outstanding, Ending		$ 0	$ 0.03
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Options, Outstanding, Beginning	1,536,195
Shares, Granted	6,206,975	1,536,195
Shares, Released	(758,945)
Shares, Forfeited	(353,146)
Number of Options, Outstanding, Ending	6,631,079	1,536,195
Weighted Average Grant Date Fair Value per Share, Outstanding, Beginning	$ 7.74
Weighted Average Grant Date Fair Value per Share, Granted	10.51	$ 7.74
Weighted Average Grant Date Fair Value per Share, Released	9.34
Weighted Average Grant Date Fair Value per Share, Forfeited	9.83
Weighted Average Grant Date Fair Value per Share, Outstanding, Ending	$ 10.04	$ 7.74

Stock-based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 22,237	$ 3,806	$ 2,153
Cost of Revenue [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,483	470	32
Research and Development Expenses [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	12,754	1,895	1,235
Sales and Marketing Expenses [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	371	26	17
General and Administrative Expenses [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 7,629	$ 1,415	$ 869

Income Taxes - Schedule of Income Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Domestic	$ (101,878)	$ (25,570)	$ (19,594)
Foreign	0	0	0
Loss before income taxes	$ (101,878)	$ (25,570)	$ (19,594)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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-Topic 944
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+ Details

Income Taxes - Summary of Reconciliation Federal Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
U.S. federal provision at statutory rate	21.00%	21.00%	21.00%
Tax credits	2.20%	2.00%	1.10%
Stock-based compensation	3.90%	(1.30%)	(2.30%)
Section 162(m)	(1.40%)	0.00%	0.00%
Change in valuation allowance	(26.20%)	(21.60%)	(19.90%)
Other	0.50%	(0.10%)	0.10%
Effective tax rate	0.00%	0.00%	0.00%

Income Taxes - Schedule of Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating loss carry forward	$ 38,933	$ 13,405
Tax credits	5,681	2,151
Intangible	3,147
Other	143	399
Stock-based compensation	3,482	594
Lease liability	2,824
Accruals and reserves	537	80
Total deferred tax assets before valuation allowance	54,747	16,629
Valuation allowance	(51,832)	(16,464)
Total deferred tax assets	2,915	165
Deferred tax liabilities:
Right of use assets	(2,812)
Fixed assets	(103)	(165)
Total deferred tax liabilities	(2,915)	(165)
Net deferred tax assets (liabilities)	$ 0	$ 0

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Loss Carryforwards [Line Items]
Federal provision for income taxes	$ 0	$ 0
State provision for income taxes	0	0
Provision for income taxes	0	0	$ 0
Deferred tax assets	51,832,000	16,464,000
Valuation allowance increased	35,300,000
U.S federal net operating loss carryforwards	144,500,000
State net operating loss carryforwards	123,400,000
Operating loss carryforwards	$ 141,300,000
Carryforwards expiration year	2036
Statutory federal income tax rate	21.00%
Increase or decrease in unrecognized tax benefits	$ 0	0
Unrecognized tax benefits that would affect effective tax rate	$ 0	$ 0
Federal
Operating Loss Carryforwards [Line Items]
Carryforwards expiration year	2036
Research and development tax credit carryforwards	$ 6,100,000

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Unrecognized tax benefits as of the beginning of the year	$ 1,934	$ 1,088	$ 415
Increase related to prior year tax provisions	107	0	0
Decrease related to prior year tax provisions	0	0	0
Increase related to current year tax provisions	2,661	846	673
Statue lapse	0	0	0
Unrecognized tax benefits as of the end of the year	$ 4,702	$ 1,934	$ 1,088

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Loss Contingencies [Line Items]
Rent expense related to operating leases		$ 0.7	$ 0.6
Weighted average incremental borrowing rate	5.25%
Operating lease cost	$ 2.3
Short-term lease cost	0.1
Variable lease cost	$ 0.3

Commitments and Contingencies - Summary of Maturity Analysis of the Annual Undiscounted Cash Flows of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jan. 01, 2021
Commitments And Contingencies Disclosure [Abstract]
2022	$ 3,332
2023	2,977
2024	2,748
2025	1,969
2026	290
Lessee, Operating Lease, Liability, to be Paid, Total	11,316
Less: imputed interest	(989)
Operating lease liabilities	$ 10,327	$ 1,700

Segment Information - Additional Information (Details)	12 Months Ended
Segment Information - Additional Information (Details)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue [Member] \| Customer Concentration Risk [Member] \| Non-US [Member] \| Customer [Member]
Entity Wide Revenue Major Customer [Line Items]
Concentration risk, percentage	5.00%	12.00%	61.00%

Segment Information - Schedule of Long-Lived Assets, by Geographical Areas (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant, and equipment, net	$ 5,136	$ 1,614
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant, and equipment, net	4,676	1,614
Thailand [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant, and equipment, net	351	0
Germany [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant, and equipment, net	$ 109	$ 0