#1AEVA First Quarter 2022 Results May 4, 2022#2Legal Disclaimer s AEVA Forward-looking statements This presentation contains certain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Forward-looking statements in this presentation include our beliefs regarding our financial position and operating performance for the first quarter of 2022 and business objectives for 2022, along with our expectations with respect to our orders, engagements and potential engagements with third parties. Many factors could cause actual future events to differ materially from the forward- looking statements in this presentation, including, but not limited to: (i) the ability to maintain the listing of Aeva's securities on the New York Stock Exchange, (ii) the price of Aeva's securities, which may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which Aeva plans to operate, variations in performance across competitors, changes in laws and regulations affecting Aeva's business and changes in the combined capital structure, (iii) the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities, (iv) the risk of downturns and the possibility of rapid change in the highly competitive industry in which Aeva operates, (v) the risk that Aeva and its current and future collaborators are unable to successfully develop and commercialize Aeva's products or services, or experience significant delays in doing so, (vi) the risk that Aeva may never achieve or sustain profitability; (vii) the risk that Aeva will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; (viii) the risk that Aeva experiences difficulties in managing its growth and expanding operations, (ix) the risk that third-parties suppliers and manufacturers are not able to fully and timely meet their obligations, (x) the risk of product liability or regulatory lawsuits or proceedings relating to Aeva's products and services, (xi) the risk that Aeva is unable to secure or protect its intellectual property; and (xii) the effects of the ongoing coronavirus (COVID-19) pandemic or other infectious diseases, health epidemics, pandemics and natural disasters on Aeva's business. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors, and for a further discussion of the material risks and other important factors that could affect our financial results, please refer to our filings with the SEC, including our Form 10-K for the year ended December 31, 2021. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Aeva assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Aeva does not give any assurance that it will achieve its expectations. 2#3Legal Disclaimer (Continued) s AEVA Financial Information; Non-GAAP Financial Terms The financial information and date contained in this presentation is unaudited and does not conform to Regulation S-X promulgated under the Securities Act of 1933, as amended. Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, any filing Aeva makes with the SEC. This presentation contains non-GAAP financial measures. Aeva believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Aeva's financial condition and results of operations. Aeva believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends. Management of Aeva does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP measures is that they exclude significant expenses and income that are required by GAAP to be recorded in Aeva's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by Aeva's management about which expenses and income are excluded or included in determining these non-GAAP measures. 3#4Agenda First Quarter 2022 Highlights Business Update 2022 Objectives Update First Quarter 2022 Financial Results s AEVA 4#5First Quarter 2022 Highlights On Track for First Deliveries of Aeries II in Late Q2 Initial units manufactured, with initial systems and performance validation completed ● Building Momentum in Industrial Automation On track for first product launch with Nikon in 2024 Strong inbound interest for new applications requiring capabilities only achievable with Aeva's 4D LIDAR on chip technology ● ● Broadening Commercial Reach First FMCW 4D LIDAR integrated on the NVIDIA DRIVE autonomous vehicle platform NASA to leverage Aeva's unique capabilities to map the Moon Strengthened team with new sales leadership to accelerate momentum in non-automotive Opened Asia Pacific office to expand global presence ● ● Maintaining Strong Balance Sheet ● • $415m of cash at the end of Q1 Disciplined approach to capital allocation ● AEVA NVIDIA. s AEVA 5#6s AEVA Business Update#7Aeries II On Track Aeries II Key Features First LiDAR on Chip architecture without any fiber enables commercial scale Instant velocity measurement for every pixel; Up to 500m range Camera-level Ultra ResolutionTM resolution delivers up to 20x resolution of typical 3D LIDAR 4D LocalizationTM enables centimeter accurate real-time vehicle positioning Automotive grade reliability ● ● ● ● Key Milestones Achieved in Q1 System manufacturing line brought online with initial units being manufactured Initial system and performance validation complete Initial reliability tests surpass Aeries I ● ● ● On Schedule for First Deliveries in Late Q2 Focused on bringing up automated LiDAR on chip assembly to enable scaled deployment to meet strong demand s AEVA 7#8Aeries II s AEVA 8#9Bringing 4D LIDAR to NVIDIA DRIVE Platform ● ● 26 OUTOTO Photo credit: NVIDIA FREQUENCY First FMCW 4D LIDAR on NVIDIA DRIVE Platform Validated by NVIDIA for integration on DRIVE autonomous vehicle platform Enables OEMs broader access to next generation of sensing and to leverage Aeva unique instant velocity data using NVIDIA platform NVIDIA 65 Accelerates OEMs' ability to adopt FMCW LIDAR, with existing NVIDIA development and software tools NVIDIA® s AEVA "Aeva delivers a unique advantage for perception in automated vehicles because it leverages per-point instant velocity information to detect and classify objects with higher confidence across longer ranges. With Aeva as part of our DRIVE ecosystem network, we can provide customers access to this next generation of sensing capabilities for safe autonomous driving." -Gary Hicok SVP of Engineering at NVIDIA 9#10Enabling Next-Generation Perception in Space Helping NASA Map the Moon Leverage Aeva's 4D LIDAR platform to navigate and create highly accurate maps of the lunar surface Designed to support NASA's plans to return humans to the Moon ● ● Aeva Uniquely Solves Critical Challenges for Lunar Exploration 4D Localization provides precise positioning in a GPS-free environment ● ● Immune to optical interference, enabling operation in bright and low light conditions, unlike camera and legacy ToF LIDAR Perception as a Platform Same core LiDAR chip module in Aeries platform used for automotive Demonstrates Aeva's ability to bring next wave of perception to a broad range of applications ● IS O Sh AEVA AEVA 1324 Image credit: NASA 10#11Building Momentum in Industrial Automation Perception for Industrial Automation Growing demand for Aeva chip module across broad applications Developing common LiDAR on chip platform for industrial automation to accelerate adoption Target first chip module deliveries in Q4 2022 On track for first launch in 2024, including with Nikon ● ● ● ● Aeva 4D LIDAR Unlocks Unique Opportunities Robust below one centimeter precision unachievable with 3D ToF LIDAR ● Smaller and lower cost than conventional FMCW enables expansion into new and existing applications Inspection for Volume Manufacturing Machine Tooling Automotive Manufacturing Infrastructure Aerospace Manufacturing Factory Automation s AEVA 11#12s AEVA 2022 Objectives#132022 Objectives Aeries II Deployment and Qualification with Customers On track for deliveries beginning in late Q2 Focused on preparation to scale and meet demand ● ● Convert Two Additional Programs Toward Production Progressing forward on multiple engagements in both automotive and non-automotive Aeries II and LiDAR on chip module driving further momentum ● ● Accelerate Release of First Non-automotive Application by One Year to 2024 On track for first product launch in 2024, including with Nikon Developing common platform for industrial automation to accelerate adoption across multiple perception applications ● Prepare Supply Chain and Processes for Commercial Deployment Scale manufacturing at the end of 2022 Automotive certification including Automotive SPICE and information security ● ● s AEVA 13#14s AEVA First Quarter 2022 Financial Results#15First Quarter 2022 Summary Revenue Non-GAAP Operating Loss¹ Gross Cash Use (operating cash flow less capex)² $1.1m 2Capital expenditures were $1.3m in Q1 2022 ($28.3)m ($27.8)m ¹Non-GAAP operating loss of $28.3m in Q1 2022 excludes stock-based compensation of $5.8m Highlights ● ● s AEVA Q1 results driven by continued progress on customer development milestones ahead of Aeries II deployment beginning in late Q2 Strong cash, cash equivalents and marketable securities position of $414.5m as of March 31, 2022 Weighed average shares outstanding of 216.0m in Q1 15#16AEVA