Aeva Technologies, Inc.

Welcome everyone to Ava Day. My name is Andrew Fung and I lead investor relations and corporate development here at Ava. It's great to see so many familiar faces as well as many new ones here in the audience. And to those on the live webcast, thank you for taking the time to join us virtually. So this is our first investor day in a few years and we're really excited to share more about everything that has been going on since then. As you can see on the screen, we have an extensive series of presentations, fireside panels, as well as panel discussions where we'll dive deeper into Ava's breakthrough FMCW technology platform and how it is shaping the future of perception across a broad range of applications. You hear directly from Ava's leadership team, as well as many of our key customers and industry partners on what's driving Ava's exciting commercial momentum. You'll also learn more about our manufacturing plans to support our bold vision for going beyond the beam to enable a new era of automation for the physical world. After the market close, we will conclude today with a financial update, including Q2 results, and then Q&A with our leadership team. And for those attending in person, we will host a reception at the venue directly after that. So before we begin, I would like to remind everyone that during today's event, we'll be making forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties that could cause actual results to differ materially from expectations. These statements reflect our views only as of today and should not be relied upon as representative of our views as of any subsequent date. Please see our most recently filed Form 10-K and Form 10-Q for discussion of risk factors as it relates to forward-looking statements. In addition, during today's event, we'll be discussing non-GAAP financial measures, which we believe are useful as supplemental measures of a risk performance. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from GAAP results. We refer you to the reconciliation tables to the most directly comparable GAAP financial measures contained in today's presentation. And with that, let me turn it over to Soroush, Ava's co-founder and CEO.

Thanks, Andrew, and welcome to Ava Day. We really appreciate everyone joining us here today in New York City. It's great to see so many of our major customers, our partners, here with us today. I also want to thank our investors joining us here today, and also all of you watching online. Today's theme is Beyond the Beam. Over the course of today, we plan to share more about how Ava's unique technology platform can bring perception to so much more than what you think is possible with LiDAR. So let me kick off with a bit more about Ava and why we are uniquely positioned to do that. We started Ava eight years ago with a simple but ambitious vision that a new sensing technology could enable perception for everything. And by doing so, it would have the potential to completely transform multiple industries. Now, I'm sure you're familiar with using LiDAR for autonomous driving, but we see LiDAR is no longer only about self-driving vehicles. Imagine making all high-volume manufacturing fully automated in a cost-effective way, or ensuring safety and security of our infrastructure. to making robots and consumer devices smarter and more automated. These are just some of the possibilities that we envisioned when we first started AVA. Now, we believe the number and the size of our opportunities that are ahead of us are massive and to only grow from here. This is driven by the race to automate the physical world with new levels of perception and AI. To realize Ava's vision, we built a new technology platform from silicon up, based on FMCW, or Frequency Modulated Continuous Wave, enabling breakthrough capabilities, broad adaptability, and scalable manufacturing. This was no easy task. We set out to build a world-class team, starting in Silicon Valley and growing to over 300 experts globally. From silicon and photonics to hardware, software, manufacturing, and business operations, our team brings deep expertise from top tech, automotive, and consumer companies to help bring our technology to the market. We have invested hundreds of millions in R&D. developed multiple product generations, and partnered with customers to meet the toughest real-world requirements across automotive, automation, and infrastructure. Now, looking back, it's incredible to see how far we have come. Since starting the company in 2017, where we began with a bulky fiber-based proof of concept, which demonstrated our breakthrough, simultaneous range and velocity measurements. Through continuous innovation and miniaturization, we launched Atlas, our first automotive-grade 4D LiDAR built for scale across automotive, trucking, and industrial markets. Now, with the newly announced EVE 1D and 1V, we have extended our platform to precision sensing for manufacturing automation. offering micron-level range and velocity sensing in a small form factor. From lab prototypes to production-ready systems, AVA is delivering chip-scale sensing solutions for mass adoption. The result of our investment is a unified procession platform, combining our LiDAR-on-chip custom processing SOC, and software to deliver breakthrough capabilities across applications. Our chip-based design enables a scalable, cost-effective solution that has not been possible until today. Today, we are gaining strong traction in key verticals where AVA's differentiated performance and our adaptable perception platform stands out. For example, in automotive, that means enabling automation across broader operating design domains, such as highway speed, automated driving, across passenger, trucking, and mobility. Now, OEMs are consistently telling us that AVA's long range, direct velocity sensing, and interference immunity are critical to unlocking these new capabilities, both safely and at scale. In manufacturing automation, where we're seeing rapid adoption since recently entering the market, we're bringing micro-level precision and vibration sensing to areas where AVA is uniquely positioned to expand. And we'll be getting more into that later. Thanks to our adaptable software, we're deploying the same core platform to meet entirely different needs, from factory automation to real time quality control on the high volume production lines. And in smart infrastructure and transport, our plug and play solutions help improve security, traffic flow, and safety in environments like airports, rail systems, and on the roadways. These verticals represent our initial focus, where we have already gained some significant traction. And they all benefit from the same scalable software-defined perception platform that really sets Ava apart. But we're just getting started. Beyond our initial focus areas, we see strong potential in large and emerging markets, like defense, robotics, consumer devices, where we see LiDAR playing a crucial role in the race to automate everything. We are already working with industry leaders who see AVA's core perception platform as key to enabling this shift. And with our new strategic partner, LG Innotech, we are in an even stronger position to scale into some of these markets faster. Each of these verticals I just spoke about is a multi-billion dollar market opportunity on its own. Together, we believe they represent a total market opportunity of $80 billion. While we obviously do not expect to capture all of the market, we see immense opportunity for Ava across these markets. And as Saurabh will discuss later in his section, we do believe that Ava has a significant revenue potential across these verticals. This is a testament not only to our technology, but Ava's approach to our customers and partners as well. Our focus as a company is to align with leaders in their fields who share our vision for large-scale commercialization and bring the market expertise to really make it real. AVA is well on its way to leading the adoption of FMCW across multiple verticals with strong traction in automotive, manufacturing automation, and smart infrastructure. We are proud to be working with some of the biggest names in each of these industries. In automotive, we have a production win and a program with Diamond Truck and Torque, one of the world's largest commercial vehicle OEMs, deploying multiple 40 LIDARs per vehicle. We're also in development with a top 10 global passenger OEM for their global production platform. And today, we are really excited that we have announced a new collaboration with Bendex the North American leader in ADAS for commercial vehicles. In manufacturing automation, our strategic customers include SICK, LMI, and Nikon, companies with broad reach and hundreds of thousands of units deployed annually. And in smart infrastructure and transport, customers like Soterian, Census GATSO, and Airbus are using AVA to enable next-generation security and safety solutions. We have already started shipping in automotive, including fleet deployments, and we are seeing commercial rollouts in manufacturing automation and infrastructure. We expect larger-scale production programs to begin later next year. Now, at the start of this year, we set out a goal to build an automated production line with over 100,000 units annual capacity. With our growing commercial traction and supported by our customers, for example, Diamond Trucks Investment, we are planning to double our production capacity to 200,000 units annually. So in short, AVA is uniquely positioned to lead the next wave of perception at scale. Our unified perception platform is designed from the ground up and is powered by a proprietary IP, which are central to our approach. This delivers unmatched adaptability across applications within a truly scalable chip-based architecture. Ava is also drawing industry top leaders. As I mentioned, we have secured major production customers across each of our key initial verticals, and we are on track for more production wins across those verticals, as well as new ones in the months ahead. With strategic partner LG Initech, we are accelerating our manufacturing as well as our commercialization to expand into new markets. Throughout the day, We'll be diving deeper into each of these topics with our team, our customers, our partners that we are honored that are joining us here today, including Daimler Truck, Torque, Bendex, and Mercedes-Benz in automotive, LMI and Nikon in automation, LG Innotech, as well as our manufacturing partners, Tower Semi and Jabil. It is an exciting time for us and the industry. Perception for everything is here, and Ava is leading the way. With that, I'm going to hand it over to my co-founder, CTO, to dive deeper into technology. We'll see you later. Thank you. Thank you.

Thank you, Soroush. And thank you all for joining us today. My name is Mina Rezk, and I'm the CTO for Ava Technologies. I'm happy to tell you more about Ava's technology and give you insight on how Ava is redefining the future of perception. At Ava, we did not start with an incremental improvement to a legacy time and flight system. We started with the first principles. we chose FMCW, Frequency Modulated Continuous Wave, as the foundation of our 4D perception platform. This architecture offers a fundamentally different set of capabilities, simultaneous range and velocity measurement, ultra-high precision down to micron level, and the ability to operate over ultra-long distances. Also, we're immune to optical interference, blooming, ghosting, even in the harshest environment. And more importantly, it is all on a silicon photonics platform that is scalable. It is the chip scale integration that makes it possible and capable to expand in markets that was not possible with legacy 3D systems. It isn't just a technical distinction. It is a generational one. It is like the shift from analog to digital, the move from black and white camera to a color camera, or simply it was the shift from a time flight radar to a FMCW radar that happened in the automotive market. The ability to measure and differentiate distance is one of the areas that AVA technology really, really shines. AVA technology can operate in multiple range modes, simply by software and changing how the laser gets modulated. In the near field mode, we can detect microns, one hundredth of a human hair. And in the mid-range mode, we still maintain a millimeter precision and centimeter precision in the long and ultra-long range. There is no other LiDAR architecture that can deliver such kind of precision across wide range modes. Why does it matter? Because real-world environments demand it. From manufacturing inspection requiring micron-level precision to robotics requiring millimeter precision, to automotive, where detecting a moving object 500 meters away can make the difference between safety and a failure. To give you an idea about such micron level precision, here is an example demonstration of our technology and its ability to capture micro movements. including something as subtle as a person's pulse pressure or a heartbeat from a distance. What you're seeing here is not a wearable device, no cameras. It's the power of our technology sensing vibrations at a micron level in real time. This opens up a brand new set of capabilities and applications, such as in-cabin health monitoring, contactless biometrics right in your home. These are use cases that are only possible with AVA, and it opens a new category of applications for us. Now, how did we achieve this? It came down to a vertically integrated set of building blocks that we developed in-house. We start with our laser semiconductor lasers, where we designed the laser to allow for the critical laser modulation and maintaining that modulation across different environments. More importantly, we designed this laser structure to be fundamentally proven based on a fundamentally proven structure from the telecom industry, where they ship millions of these. We also designed our own optical amplifier, where we enabled state-of-the-art high power capable of sensing objects 500 meters away. We then added our own custom assets, both for driving lasers and detector amplification, tuned specifically for our technology and FMCW. Then we brought it all together with our silicon photonics. Frankly, this is where most other LiDAR players struggle, but it is where we shine. We have taken complex photonics components, optical pathways, which usually require fiber and careful alignment, and integrated them on a single chip. This not only shrinks the size of the chip, but increases the yield and unlocks mass manufacturability. There's no fibers. There's no manual alignment. Just a solid state scalable solution. Finally, it is all processed on our X1 SoC. Purposely built for AVA, for optimizing the power, the size and performance. And most importantly, it is automotive grade. When you look at all these building blocks, you realize this is not just a sensor, it is a perception engine. Just because we own every piece, we are able to optimize the entire system, not just for performance, but for reliability and scale. That is the power of vertical integration. That's how we are building the next generation platform that is powered by our deep IP and ready for mass production. Now, all of these building blocks come together in what we call the unified perception platform. At the heart of it is our core vision, our LiDAR on chip module. It is supported by our system on chip processor and powered by our perception layer, software layer, all to work together in harmony. What makes this platform unique is that it's very modular. Each layer is tightly coupled But the overall system is very flexible, which means we can adapt it to meet the needs of very different markets without rebuilding it from scratch. It's a huge advantage for us as we scale across the different markets. This single platform today powers portfolio products, our Atlas, Atlas Ultra, EVE 1D, 1V, and our Orion products. All of these products is purposely built to serve different set of markets, whether it's automotive, manufacturing automation, or smart infrastructures. What's powerful here is that all share the same core foundation, same laser structure, same assembly process, same SOE, SOC, same photonics integration. That gives us tremendous leverage. We can tailor the product form factor, range, field of view, while keeping the underlying technology Platform consistent. And for our customers, this means faster development, reduced costs, and future-proof upgrades. Because improvements we do at the foundation level flow across the entire portfolio products. That is exactly why we were able to bring EVE 1D and 1V to the market quickly. We leverage the same foundational architecture and manufacturing lines that is proven in the field. Now, we do not just ship sensors. We deliver integrated solutions with adaptive perception software layer on top across different markets. Whether you are in automotive, smart infrastructure, manufacturing automation, or speed enforcement, our AI software stack adapts to the specific needs of every vertical. For example, in automotive, we enable object tracking and free space detection. In smart infrastructure, we apply classification, motion profiling for traffic patterns. and manufacturing, it's all about precision inspection. In speed enforcement, it's about the accuracy of detecting speed of moving vehicles on the road. All built on the same LiDAR foundation, customized through software. Again, what makes this possible is that our software is deeply coupled within our hardware. We designed both together. This means we don't just interpret the data, we ship how we read and capture the data. But we are not stopping here. As we know, the technology has a lot more potential beyond what we just released we will be releasing more products entering entirely new markets from defense, next-gen robotics, consumer products. It won't just be depth sensing. We plan to integrate multiple sensing modalities into a single intelligent device. And this is one of the reasons why we partnered with LG Innotech. a global leader in electronics, camera, optics, with a proven track record of shipping millions of cutting-edge products into consumer and automotive markets worldwide. Their global manufacturing, scale, quality standards, market access make them the ideal partner to take Ava's perception platform to millions of devices. We're very proud to partner with LG InnoTech. Now, we are not just building technology. We are protecting it strongly. Ava holds the strongest IB portfolio patent in the FMCW domain. Over 245 patents granted to date and another 150 pending. covering every layer of our stack. Laser design, signal processing, system architecture. This gives us a strong and a competitive edge, but also positions us to lead as the market scales. Now, our technology mod is massive. It is deep and growing. We have invested over $500 million in R&D, not just R&D, in real engineering work. Our team includes some of the best in optics, silicon, system engineers. Over the past eight years, we have optimized our perception platform across multiple generations and real-world testing, which is very key, able to take the units on a car and get data. All protected by our IP. And we have established a manufacturing line and growing the capacity to support the needs of our growing customers. Ava is the only company in the world with 4D manufacturing lines already running. This is what gives us this multi-year lead. But we are not stopping at the current generation. We are already in deep development of our next generation platform, one that builds on everything we have learned over the past eight years. While our current generation brought together integration, production readiness, the next generation will take us to a new level of scale and intelligence, making our platform even smaller, more efficient, and versatile. What you're seeing here, and have it with me, is our next generation, all in one chip, photonics and processor in one module, optimized for 10x lower power and dramatically smaller form factor. This enables us to push into markets that is even more compact, power-sensitive applications, mobile robotics, industrial arms, consumer devices, and drones. But just like before, it is not a one-off product. It is a platform, a foundational architecture that we see that tailor across multiple use cases while keeping the same core. We are pushing the limits of integration, performance, and power. not just to meet today's need, but to stay ahead of what the industry is going. With that, we will shift gears, and I will hand it off to Jessica, who will walk you through our current platform and how it's being deployed in the automotive market. Thank you.