Aeva Technologies, Inc. · NASDAQ:AEVA
Aeva Technologies — SPAC Merger (November 2020)
33 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 Ahmed • Founder of InterPrivate and Landmark Value Investments, Fattouh invested over $1Bn in publi
Slide 5: 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 6: Perception for All Devices
Velocity 10 +10 m/s 10 -10 m/s 10 -7 m/s 10 +13 m/s 10 -13 m/s 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 7: 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 8: Key Investment Highlights
Key Investment Highlights • World’s first 4D LiDAR on a Chip combining instant velocity, long range, low power consumption at industry leading costs Breakthrough Technology To Capture Existing TAM & • Proven silicon photonics technology, enabling mass production scale across broad applications Creat
Slide 9: Evolution of Sensing for Machine Perception
Evolution of Sensing for Machine Perception Meets Perception Partially Meets Does Not Meet Sensing Requirement • Machine perception has evolved from INERTIAL COLOR VELOCITY DEPTH REFLECTIVITY MOTION using basic vision sensors to multiple sensing solutions for new capability and safe function Camera
Slide 10: 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 11: High Visibility on 2025 Revenue
High Visibility on 2025 Revenue 2025E Revenue Bridge • Agreements with top four automotive customers represent Potential +$440MM in 2025E Revenue Upside $880 – Represents ~50% of 2025E Total Revenue $191+ 2025E Revenue ($MM) – Partners include leaders in automated and autonomous driving across Passe
Slide 12: Redefining Perception for Consumer Applications
Redefining Perception for Consumer Applications 4D LiDAR chip unlocks perception across devices • 6x Longer Range allows for Augmented Reality and Virtual Aeva 4D LiDAR Reality in large open spaces • Micrometer depth precision provides superior resolution for high definition 3D mapping • No sunlight
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 ü Instant Velocity for every pixel LiDAR FM Laser Optical Processing • Provides unprecedented perception Detector FMCW1 / capability 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: 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 16
Slide 17: 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 18: Strategic Partnerships with Top Automotive Players
Strategic Partnerships with Top Automotive 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 • Investments in Aeva in 2018 and 2019 Tier1 manufacturers to most top OEMs • Partnership with Au
Slide 19: 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 Ø Aeva is actively engaged with 30 of the top players in automated and autonomous driving across Trucking, Passenger and Mobility/Tech Ø Agreements with top four automotive customers represent +$440MM in 2025E Revenue1, representi
Slide 20: 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 21: 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 22: Financial Summary
Financial Financial Summary Summary Financial Overview Section Title Slide… Aeva Confidential - Do Not Share Without Written Permission
Slide 23: 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 Security Includes +$440MM from $880 Agreements with Top 4 ― Silicon Photonics Engine + Software algorithms for Co
Slide 24: 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 Total gross profit 62% 63% Gr
Slide 25: 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 26: Transaction Overview
Financial Summary Transaction Overview Financial Overview Section Title Slide… Aeva Confidential - Do Not Share Without Written Permission
Slide 27: Transaction Overview
Transaction Overview Transaction Structure • InterPrivate and Aeva entered into a business combination agreement on November 2, 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 28: 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 29: Operational Benchmarking
Operational Benchmarking CY2019A-CY2022E Revenue CAGR Overall Median: Median: 126% 192% 16% 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 30: Valuation Benchmarking
Valuation Benchmarking EV / CY2021 (CY+1) Revenue Overall Median: 13.3x Median: 13.3x Median: 14.2x Median: 3.1x 21.7x 17.4x 9.1x 8.6x 6.7x 3.5x 2.8x 2.0x 20252 20243 2025 20171 EV / CY2021 (CY+1) EBITDA Overall Median: 37.7x Median: 32.0x 74.4xMedian: 57.2x Median: 10.4x 44.6x 40.1x 35.3x 28.8x 12.
Slide 31: 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 32: 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 37.7x CY2021E (CY+1) EBITDA, with sensitivities built in on both the high and low ends • [ ] Implied Future Enterprise Value calc
Slide 33: Perception for All Devices
Perception for All Devices