10-Q 1 aeva-20230331.htm 10-Q 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2023

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission File Number: 001-39204

 

AEVA TECHNOLOGIES, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

84-3080757

( State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

555 Ellis Street

Mountain View, CA

94043

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (650) 481-7070

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common stock, $0.0001 par value per share

 

AEVA

 

New York Stock Exchange

Warrants to purchase one share of common stock

 

AEVA.WS

 

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

Smaller reporting company

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☒

As of May 1, 2023, the registrant had 220,360,889 shares of common stock, $0.0001 par value per share, outstanding.

 

 


 

Table of Contents

 

Page

PART I.

FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited)

4

Condensed Consolidated Balance Sheets

4

Condensed Consolidated Statements of Operations

5

Condensed Consolidated Statements of Stockholders' Equity

6

Condensed Consolidated Statements of Cash Flows

8

Notes to the Condensed Financial Statements (Unaudited)

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

17

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

22

Item 4.

Controls and Procedures

22

PART II.

OTHER INFORMATION

Item 1.

Legal Proceedings

23

Item 1A.

Risk Factors

23

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

23

Item 3.

Defaults Upon Senior Securities

23

Item 4.

Mine Safety Disclosures

23

Item 5.

Other Information

23

Item 6.

Exhibits

24

Signatures

25

 

 

 

 


Table of Contents

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) regarding future events and our future results that are subject to the safe harbors created under the Securities Act and the Exchange Act. All statements contained in this report other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, and our objectives for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “goal,” “plan,” “intend,” “expect,” “seek”, and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and trends. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 under the heading “Risk Factors.” Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this report may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

You should not rely upon forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of these forward-looking statements after the date of this report or to conform these statements to actual results or revised expectations.

As used in this report, the terms “Aeva,” “we,” “us,” “our,” and “the Company” mean Aeva Technologies, Inc. and its subsidiaries unless the context indicates otherwise.

 

3


Table of Contents

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

AEVA TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS, EXCEPT PAR VALUE)

(UNAUDITED)

 

 

 

March 31, 2023

 

 

December 31, 2022

 

Assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

31,864

 

 

$

67,420

 

Marketable securities

 

 

256,542

 

 

 

256,392

 

Accounts receivable

 

 

2,445

 

 

 

2,887

 

Inventories

 

 

3,006

 

 

 

2,951

 

Other current assets

 

 

4,683

 

 

 

5,473

 

Total current assets

 

 

298,540

 

 

 

335,123

 

Operating lease right-of-use assets

 

 

6,658

 

 

 

7,402

 

Property, plant and equipment, net

 

 

10,689

 

 

 

9,720

 

Intangible assets, net

 

 

3,300

 

 

 

3,525

 

Other noncurrent assets

 

 

862

 

 

 

862

 

Total assets

 

$

320,049

 

 

$

356,632

 

Liabilities and stockholders' equity

 

 

 

 

 

 

Accounts payable

 

$

3,857

 

 

$

5,182

 

Accrued liabilities

 

 

3,856

 

 

 

9,063

 

Accrued employee costs

 

 

3,414

 

 

 

4,721

 

Lease liability, current portion

 

 

2,535

 

 

 

2,667

 

Other current liabilities

 

 

194

 

 

 

194

 

Total current liabilities

 

 

13,856

 

 

 

21,827

 

Lease liability, noncurrent portion

 

 

4,167

 

 

 

4,789

 

Warrant liability

 

 

62

 

 

 

90

 

Total liabilities

 

 

18,085

 

 

 

26,706

 

Commitments and contingencies (Note 12)

 

 

 

 

 

 

Convertible preferred stock $0.0001 par value; 10,000 shares authorized; no shares issued and
outstanding

 

 

 

 

 

 

Common stock $0.0001 par value; 422,000 shares authorized; 220,050 and 218,748 shares issued
   and outstanding at March 31, 2023 and December 31, 2022, respectively

 

 

22

 

 

 

22

 

Additional paid-in capital

 

 

649,756

 

 

 

643,756

 

Accumulated other comprehensive loss

 

 

(2,373

)

 

 

(3,585

)

Accumulated deficit

 

 

(345,441

)

 

 

(310,267

)

Total stockholders' equity

 

 

301,964

 

 

 

329,926

 

Total liabilities and stockholders' equity

 

$

320,049

 

 

$

356,632

 

 

4


Table of Contents

AEVA TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

(UNAUDITED)

 

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

Revenue

 

$

1,148

 

 

$

1,137

 

Cost of revenue

 

 

2,529

 

 

 

1,375

 

Gross loss

 

 

(1,381

)

 

 

(238

)

Operating expenses:

 

 

 

 

 

 

Research and development expenses

 

 

25,454

 

 

 

25,315

 

General and administrative expenses

 

 

7,833

 

 

 

6,872

 

Selling and marketing expenses

 

 

2,598

 

 

 

1,648

 

Total operating expenses

 

 

35,885

 

 

 

33,835

 

Operating loss

 

 

(37,266

)

 

 

(34,073

)

Interest income

 

 

2,064

 

 

 

283

 

Other income, net

 

 

28

 

 

 

633

 

Loss before income taxes

 

 

(35,174

)

 

 

(33,157

)

Income tax provision

 

 

 

 

 

 

Net loss

 

$

(35,174

)

 

$

(33,157

)

Unrealized gain (loss) on available-for-sale securities

 

 

1,212

 

 

 

(2,455

)

Total comprehensive loss

 

$

(33,962

)

 

$

(35,612

)

Net loss per share, basis and diluted

 

$

(0.16

)

 

$

(0.15

)

Weighted-average shares used in computing net loss per share, basic and diluted

 

 

219,627,827

 

 

 

216,017,186

 

 

5


Table of Contents

AEVA TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(IN THOUSANDS, EXCEPT SHARE DATA)

(UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

Common stock

 

 

Additional
paid-in

 

 

Other
Comprehensive

 

 

Accumulated

 

 

Total stockholders'

 

 

Shares

 

 

Amount

 

 

capital

 

 

loss

 

 

deficit

 

 

equity

 

Balance at December 31, 2022

 

 

218,748,423

 

 

$

22

 

 

$

643,756

 

 

$

(3,585

)

 

$

(310,267

)

 

$

329,926

 

Share-based compensation

 

 

 

 

 

 

 

 

5,963

 

 

 

 

 

 

 

 

 

5,963

 

Issuance of common stock upon exercise of stock
   options

 

 

236,642

 

 

 

 

 

 

57

 

 

 

 

 

 

 

 

 

57

 

Issuance of common stock upon release of restricted
   stock units

 

 

1,077,527

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares withheld for the withholding tax on vesting of restricted
   stock units

 

 

(12,497

)

 

 

 

 

 

(20

)

 

 

 

 

 

 

 

 

(20

)

Unrealized gain on available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

1,212

 

 

 

 

 

 

1,212

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(35,174

)

 

 

(35,174

)

Balance as of March 31, 2023

 

 

220,050,095

 

 

$

22

 

 

$

649,756

 

 

$

(2,373

)

`

$

(345,441

)

 

$

301,964

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6


Table of Contents

AEVA TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(IN THOUSANDS, EXCEPT SHARE DATA)

(UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

Common stock

 

 

Additional
paid-in

 

 

Other
Comprehensive

 

 

Accumulated

 

 

Total stockholders'

 

 

Shares

 

 

Amount

 

 

capital

 

 

loss

 

 

deficit

 

 

equity

 

Balance at December 31, 2021

 

 

214,997,014

 

 

$

21

 

 

$

619,841

 

 

$

(524

)

 

$

(162,962

)

 

$

456,376

 

Share-based compensation

 

 

 

 

 

 

 

 

5,784

 

 

 

 

 

 

 

 

 

5,784

 

Issuance of common stock upon exercise of stock
   options

 

 

1,029,266

 

 

 

1

 

 

 

185

 

 

 

 

 

 

 

 

 

186

 

Issuance of common stock upon release of restricted
   stock units

 

 

671,621

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares withheld for the withholding tax on vesting of restricted
   stock units

 

 

(53,553

)

 

 

 

 

 

(244

)

 

 

 

 

 

 

 

 

(244

)

Issuance of common stock upon exercise of warrants

 

 

120

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

1

 

Unrealized loss on available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

(2,455

)

 

 

 

 

 

(2,455

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(33,157

)

 

 

(33,157

)

Balance as of March 31, 2022

 

 

216,644,468

 

 

$

22

 

 

$

625,567

 

 

$

(2,979

)

`

$

(196,119

)

 

$

426,491

 

 

7


Table of Contents

AEVA TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATE
MENTS OF CASH FLOWS

(IN THOUSANDS)

(UNAUDITED)

 

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(35,174

)

 

$

(33,157

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

955

 

 

 

630

 

Impairment of inventories

 

 

45

 

 

 

767

 

Change in fair value of warrant liability

 

 

(28

)

 

 

(634

)

Stock-based compensation

 

 

5,963

 

 

 

5,784

 

Amortization of right-of-use assets

 

 

744

 

 

 

707

 

Amortization of premium and accretion of discount on available-for-sale securities, net

 

 

(632

)

 

 

435

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

442

 

 

 

2,130

 

Inventories

 

 

(100

)

 

 

(312

)

Other current assets

 

 

790

 

 

 

403

 

Other noncurrent assets

 

 

 

 

 

(1

)

Accounts payable

 

 

(1,749

)

 

 

1,890

 

Accrued liabilities

 

 

(5,207

)

 

 

(2,653

)

Accrued employee costs

 

 

(1,307

)

 

 

(1,332

)

Lease liability

 

 

(754

)

 

 

(696

)

Other current liabilities

 

 

 

 

 

(499

)

Net cash used in operating activities

 

 

(36,012

)

 

 

(26,538

)

Cash flows from investing activities:

 

 

 

 

 

 

Purchase of property, plant and equipment

 

 

(1,275

)

 

 

(1,283

)

Purchase of available-for-sale securities

 

 

(54,520

)

 

 

(82,284

)

Proceeds from maturities of available-for-sale securities

 

 

56,214

 

 

 

105,607

 

Net cash provided by investing activities

 

 

419

 

 

 

22,040

 

Cash flows from financing activities:

 

 

 

 

 

 

Payments of taxes withheld on net settled vesting of restricted stock units

 

 

(20

)

 

 

 

Proceeds from exercise of warrants

 

 

 

 

 

1

 

Proceeds from exercise of stock options

 

 

57

 

 

 

186

 

Net cash provided by financing activities

 

 

37

 

 

 

187

 

Net decrease in cash and cash equivalents

 

 

(35,556

)

 

 

(4,311

)

Beginning cash and cash equivalents

 

 

67,420

 

 

 

66,810

 

Ending cash and cash equivalents

 

$

31,864

 

 

$

62,499

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

Cash paid for interest

 

$

 

 

$

 

Cash paid for income taxes

 

$

 

 

$

 

Supplemental disclosures of non-cash investing and financing activities:

 

 

 

 

 

 

Unpaid property, plant and equipment purchases

 

$

503

 

 

$

1,265

 

Taxes withheld on net settled vesting of restricted stock units

 

$

 

 

$

244

 

 

8


Table of Contents

AEVA TECHNOLOGIES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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

Description of Business

Aeva Technologies, 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. Aeva, Inc. was incorporated in the State of Delaware on December 5, 2016 and is headquartered in Mountain View, California. Unless the context otherwise requires, “we,” “us,” “our,” “Aeva,” and the “Company” refers to Aeva Technologies Inc., the combined company and its subsidiaries following the Business Combination. Refer to Reverse Capitalization with IPV in Note 2 to the financial statements of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional information relating to the BCA.

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 and Unaudited Interim Financial Statements

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

 

The accompanying condensed consolidated financial statements are unaudited and have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations, comprehensive loss and cash flows for the periods presented, but are not necessarily indicative of the results of operations to be anticipated for any future annual or interim period.

 

These condensed consolidated financial statements and other information presented in this Form 10-Q should be read in conjunction with the consolidated financial statements and the related notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the SEC.

Principal of Consolidation and Liquidity

The condensed consolidated financial statements are prepared in accordance with U.S. GAAP. The condensed 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 March 31, 2023, the Company’s existing sources of liquidity included cash and cash equivalents and marketable securities of $288.4 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 $345.4 million as of March 31, 2023. 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.

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. The Company maintains the majority of its cash and cash equivalents in accounts with large financial institutions. At times, balances in these accounts may exceed federally insured limits; however, to date, the Company has not incurred any

 


Table of Contents

 

losses on its deposits of cash and cash equivalents and believes the exposure to risk of loss is not material. Risks associated with the Company’s marketable securities is mitigated by investing in investment-grade rated securities 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 March 31, 2023, one customer accounted for 59% of the accounts receivable. As of December 31, 2022, one customer accounted for 66% of accounts receivable. As of March 31, 2023, two vendors accounted for 22% of accounts payable. As of December 31, 2022, two vendors accounted for 20% of accounts payable.

Recent Adopted Accounting Pronouncements

In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2021-08, “Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” (“ASU 2021-08”), which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured in accordance with ASC 606, Revenue from Contracts with Customers. ASU 2021-08 is effective for interim and annual periods beginning after December 15, 2022 on a prospective basis, with early adoption permitted. The adoption of ASU 2021-08 on January 1, 2023 did not have any impact on the Company’s condensed consolidated financial statements.

 

Note 2. 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 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 for the three months ended March 31, 2023 and 2022, based on the disaggregation criteria described above were as follows (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

 

 

Revenue

 

 

% of Revenue

 

 

Revenue

 

 

% of Revenue

 

Revenue by primary geographical market:

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

730

 

 

 

64

%

 

$

1,111

 

 

 

98

%

EMEA

 

 

244

 

 

 

21

%

 

 

26

 

 

 

2

%

Asia

 

 

174

 

 

 

15

%

 

 

 

 

 

0

%

Total

 

$

1,148

 

 

 

100

%

 

$

1,137

 

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

Revenue by timing of recognition:

 

 

 

 

 

 

 

 

 

 

 

 

Recognized at a point in time

 

$

947

 

 

 

82

%

 

$

211

 

 

 

19

%

Recognized over time

 

 

201

 

 

 

18

%

 

 

926

 

 

 

81

%

Total

 

$

1,148

 

 

 

100

%

 

$

1,137

 

 

 

100

%

 

The point in time revenue was primarily related to the product revenue and overtime revenue was from non-recurring engineering services.

For the three months March 31, 2023, three customers accounted for 20%, 19% and 17% of the Company’s revenue, respectively. For the three months ended March 31, 2022, one customer accounted for 81% of the Company’s revenue.

Contract Assets and Contract Liabilities

As of March 31, 2023, and December 31, 2022, the Company had contract assets of $0.4 million and $0.2 million, recognized in other current assets. The Company had no contract liability, as of March 31, 2023 and December 31, 2022.

 

Note 3. Financial Instruments

 

10


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

 

 

 

March 31, 2023

 

 

 

Adjusted Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Fair Value

 

 

Cash and Cash Equivalent

 

 

Marketable Securities

 

 

 

(in thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

27,933

 

 

$

 

 

$

 

 

$

27,933

 

 

$

27,933

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

3,931