Aeva Technologies, Inc. · NASDAQ:AEVA
Aeva Technologies — SPAC Merger (November 2020)
36 slides from Aeva Technologies's SPAC merger presentation, November 2020
Slide 1: Investor Presentation
Investor Presentation November 2020
Slide 2: Legal Disclaimer
Legal Disclaimer Disclaimers and Other Important Information This presentation (this “Presentation”) is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination between Aeva, Inc. (“Aev
Slide 3: Legal Disclaimer (Cont'd)
Legal Disclaimer (Cont’d) Use of Projections This Presentation contains projected financial information with respect to Aeva. Such projected financial information constitutes forward-looking information, and is for illustrative purposes only and should not be relied upon as necessarily being indicat
Slide 4: InterPrivate Acquisition Corp Overview
InterPrivate Acquisition Corp Overview Highly Experienced IPV Management Team • 20+ years of experience in private equity and M&A • InterPrivate Acquisition Corp. (“IPV.U”) is a NYSE listed SPAC which • Founder of InterPrivate and Landmark Value Investments, Ahmed Fattouh invested over $1Bn in publi
Slide 5: InterPrivate Investment Thesis
InterPrivate Investment Thesis Breakthrough Technology Enormous TAM in its Infancy with Profound Competitive Advantages • Automotive applications alone >$100Bn • 4D LiDAR on a Chip: superior performance at lower cost • Aeva significantly expands the TAM: • The “end state” for automotive applications
Slide 6: InterPrivate Transaction Summary
InterPrivate Transaction Summary Transaction Summary Attractive Transaction Parameters • $1,700MM pre-money equity valuation • Investing at the inflection point ‒ Highly attractive opportunity to invest in a leader in next-generation 4D LiDAR • Underwriting only what we know Technology • Upside from
Slide 7: Perception for All Devices
10 +10 m/s 10 -10 m/s 10 +13 m/s 10 -7 m/s 10 -13 m/s Velocity 10 +7 m/s 10 0 m/s 10 -10 m/s Depth Reflectivity Perception for All Devices Vision Aeva Confidential - Do Not Share Without Written Permission
Slide 8: Aeva's Experienced Team
Aeva’s Experienced Team Founded in 2017 by former leaders from Apple and Nikon • Head of Sensing Program Management at Apple SPG Soroush Salehian • Led System Program Management for Apple Watch 1 CEO and Co-Founder • Founder at BlueLibris (Acq’d) - wearable health sensing Product • Stanford Mechatro
Slide 9: Industry Disruptor Positioned For Long-Term and Sustainable Growth
Industry Disruptor Positioned For Long-Term and Sustainable Growth Only provider of comprehensive perception solutions across devices developed on Silicon Photonics for mass market Large TAM of $118Bn+ in 2025E with significant penetration opportunity in automotive, consumer electronics and consumer
Slide 10: Evolution of Sensing for Machine Perception
Evolution of Sensing for Machine Perception Meets Perception Partially Meets Does Not Meet Sensing • Machine perception has evolved from INERTIAL Requirement COLOR VELOCITY DEPTH REFLECTIVITY MOTION using basic vision sensors to multiple sensing solutions for new capability and safe function Camera
Slide 11: Massive Opportunity Across Multiple Large Markets
Massive Opportunity Across Multiple Large Markets Automotive Trucking Passenger Cars Mobility Contracted Projects Underway in Automotive… +$100Bn +$160Bn ADAS+AV ADAS+AV 2025E TAM 2030E TAM Production Start 2024 Other Markets Consumer Electronics Consumer Health Industrial Robotics & Security … Driv
Slide 12: Aeva's Rapid Pace of Breakthrough Technology To Market
Aeva’s Rapid Pace of Breakthrough Technology To Market BUSINESS VW Porsche SE Investment in Aeva Revealed ZF Production Partnership Revealed Founded Aeva’s Publicly Featured by NYT Released A-Series 4D Revealed Partnership with Announced First 4D LiDAR Fully • Multi-year Production Partnership to By
Slide 13: Groundbreaking Technology
Groundbreaking Technology
Slide 14: Differentiated 4D LiDAR Core Design...
Differentiated 4D LiDAR Core Design... AEVA 4D LiDAR Aeva is the Only FMCW LiDAR Company Meeting Perception Needs Superior Capability Silicon Photonics Chip Aeva 4D Instant Velocity for every pixel LiDAR FM Laser Optical • Provides unprecedented perception Detector Processing capability FMCW1 / Lo
Slide 15: ...Underpinned by Proprietary Breakthrough Technology
…Underpinned by Proprietary Breakthrough Technology Custom Semiconductor • Proprietary semiconductor laser based on proven processes Fiber-less Laser • 30x Lower costs vs Legacy LiDAR • Proven CMOS based photodetector integrated on Silicon Custom Receiver Photonics without the use of exotic processe
Slide 16: ...and Coupled with Uniquely Capable Application Software
…and Coupled with Uniquely Capable Application Software Fast Object Detection and High Precision Object Tracking at Motion State Estimation Classification 10x Less Power 5x Faster Detection and Centimeter Precision Motion Tracking for All Centimeter Grade Motion State 40m Increased Stopping Objects
Slide 17: Aeva 4D LiDAR Technology Snapshot
Aeva 4D LiDAR Technology Snapshot Long Range and High Pixel Density Measure Instant Motion for Every Pixel -12 m/s Aeva 4D LiDAR 10 +10 m/s 1000x Higher Dynamic Range Reflectivity High Definition Camera 17
Slide 18: Aeva 4D LiDAR in Action
Aeva 4D LiDAR in Action Depth Instant Velocity Reflectivity Vision 18
Slide 19: 4D Perception Software
4D Perception Software Fast Object Detection and Classification High Precision Object Tracking Drivable Region Motion State Estimation 19
Slide 20: Only Solution Meeting Next-ADAS and AV Requirements at Cost
Only Solution Meeting Next-ADAS and AV Requirements at Cost Automotive Requirements Next-ADAS and AV Competitor 1 Competitor 2 Competitor 3 Competitor 4 Requirement Automotive Grade Automotive / Tier 1 Yes In House Dev In House Dev Yes Yes Range @ 10% (m) >200 250 220 250 110 / 170 80 Best Resolutio
Slide 21: Partnering with Top Automotive Industry Players
Partnering with Top Automotive Industry Players VW Majority Owner Strategic Partner Automotive Production Partner • Porsche SE Majority Owner of VW Group • ZF is one of the world’s largest automotive Tier1 • Investments in Aeva in 2018 and 2019 manufacturers to most top OEMs • Partnership with Audi
Slide 22: Partnering with World's Top OEMs to Bring 4D LiDAR to Mass Production
Partnering with World’s Top OEMs to Bring 4D LiDAR to Mass Production Aeva is actively engaged with 30 of the top players in automated and autonomous driving across Trucking, Passenger and Mobility/Tech Top 7 partners, including 3 Partners in Production Selection Stage and 4 Strategic Partners f
Slide 23: Development Timeline to Deploy Global Scale by 2024
Development Timeline to Deploy Global Scale by 2024 Utilizing production ready automotive Tier1 manufacturing partners for rapid and global scale to customers by 2024 Illustrative Timeline to Series Production 2021 2022 2023 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 A Series Platform Production & Qualific
Slide 24: Bringing Perception to Broad Applications
Bringing Perception to Broad Applications Diverse Applications Powerful Software Stack Automotive Detection Classification Motion State Bio Remote Device Positioning Module Module Estimation metrics ID Consumer Electronics Unprecedented Raw Data Consumer Health VELOCITY DEPTH REFLECTIVITY COLOR DEPT
Slide 25: Financial Summary
Financial Financial Summary Summary Financial Overview Section Title Slide… Aeva Confidential - Do Not Share Without Written Permission
Slide 26: Robust Growth Trajectory
Robust Growth Trajectory • We sell perception solutions across four verticals Estimated Annual Revenue (2020-2025) ― 4D LiDAR System + Perception Software for Automotive, Industrial, and $880 Includes +$550MM from Security Aeva’s Top 7 Current Partners Annual Revenue ($MM) ― Silicon Photonics Engine
Slide 27: Attractive Margin and Free Cash Flow Profile
Attractive Margin and Free Cash Flow Profile • Highly profitable business model demonstrated by healthy margins Estimated Gross Profit ― Aeva system is composed of 3 core components, each is already being $552 produced based on proven high volume semiconductor processes providing Total gross profit
Slide 28: Path to ~$3Bn 2030E Adjusted EBITDA
Path to ~$3Bn 2030E Adjusted EBITDA Potential Long-Term Growth Vectors 2030E Targets • Further adoption of L2+/3 ADAS and L4/5 Autonomy in ~$200Bn TAM passenger cars, trucks and mobility platforms (Auto, Consumer Electronics, Consumer Health, Industrial & Security) • Proliferation of LiDAR for use i
Slide 29: Transaction Overview
Financial Summary Transaction Overview Financial Overview Section Title Slide… Aeva Confidential - Do Not Share Without Written Permission
Slide 30: Transaction Overview
Transaction Overview Transaction Structure • InterPrivate and Aeva entered into a business combination agreement on November 1, 2020 ‒ The transaction is expected to close in Q1 2021 • It is anticipated that the post-closing company will be listed on the NYSE and retain the Aeva name Valuation • Tra
Slide 31: Pro Forma Equity Ownership
Pro Forma Equity Ownership Sources and Uses1,2 Pro Forma Valuation4 $ in millions $ in millions (Share Price in $) Sources InterPrivate Trust3 $243 Share Price $10.00 Rollover Equity $1,700 Pro Forma Shares Outstanding 213.056 PIPE $120 Total Sources $2,063 Equity Value $2,131 Plus: Debt 0 Uses Less
Slide 32: Operational Benchmarking
Operational Benchmarking CY2019A-CY2022E Revenue CAGR Overall Median: 16% Median: 126% 192% 187% Median: 14% Median: 30% 51% 65% 24% 31% 4% 8% 2022-2025 2014-20171 2022-20252 2021-20242 CY2019A-CY2022E Average Gross Margin Overall Median: 67% Median: 67% Median: 68% Median: 61% 69% 65% 75% 64% 63% 6
Slide 33: Valuation Benchmarking
Valuation Benchmarking EV / CY2021 (CY+1) Revenue Overall Median: 12.4x Median: 12.4x Median: 13.9x Median: 3.1x 21.7x 16.4x 8.4x 8.1x 6.1x 3.5x 2.8x 2.0x 20252 20243 2025 20171 EV / CY2021 (CY+1) EBITDA Overall Median: 36.6x Median: 29.9x Median: 54.0x Median: 10.4x 68.0x 40.1x 42.3x 33.2x 26.7x 12
Slide 34: Valuation Multiple in Perspective
Valuation Multiple in Perspective EV / CY2021 (CY+1) EBITDA 70.0x 60.0x 50.0x 40.0x 2014-20171 30.0x 20.0x 10.0x 2021-20242 2022-20253 2022-2025 0.0x 0% 25% 50% 75% 100% 125% 150% 175% 200% 2019A-2022E Revenue CAGR (%) Computing Platforms Traditional LiDAR 1 Mobileye financials dated to pre-announce
Slide 35: Transaction Represents Attractive Discount to Peers
Transaction Represents Attractive Discount to Peers Key Inputs and Assumptions • The applied range of EBITDA multiples are centered around the median of Aeva’s peer group 36.6x CY2021E (CY+1) EBITDA, with sensitivities built in on both the high and low ends • [ ] Implied Future Enterprise Value calc
Slide 36: Perception for All Devices
Perception for All Devices