Aeva Technologies (AEVA) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 2025 product revenue of $3.4 million, reflecting strong commercial traction in automotive and industrial markets, with over 1,000 Eve 1D sensors ordered by SICK AG and LMI Technologies.

• Announced a strategic partnership with a global Fortune 500 technology subsidiary, including up to $50 million investment, joint product development, and a ~6% equity stake.

• Progressed with Daimler Truck and a global top 10 passenger OEM development program, achieving key milestones and targeting large-scale production awards.

• Secured exclusive LiDAR supplier roles for Sensys Gatso's speed detection, Inyo Mobility's autonomous shuttles, and expanded into new industrial and ITS markets.

• Operating expenses declined 15% year-over-year, with net loss narrowing to $34.9 million and non-GAAP operating loss improving to $25.9 million.

Financial highlights

• Q1 2025 revenue reached $3.4 million, up from $2.1 million year-over-year, with gross profit of $0.3 million and gross margin improving to 9%.

• Non-GAAP operating loss was $25.9 million, a 19% year-over-year improvement; GAAP operating loss was $30.4 million.

• Net loss per share was $(0.64) GAAP and $(0.45) non-GAAP; stock-based compensation was $4.6 million.

• Gross cash use totaled $31.3 million, with $30.8 million from operations and $0.5 million in capital expenditures.

• Ended Q1 with $81 million in cash and marketable securities, and $125 million in undrawn credit/equity facility.

Outlook and guidance

• Raised full-year revenue growth guidance to at least 80%-100% over 2024, driven by product revenue momentum.

• Guidance does not yet include the impact of the new strategic collaboration, pending regulatory review.

• On track for large-scale production program award with a global top 10 passenger OEM and further milestones in automotive, consumer, and industrial markets.

• Manufacturing capacity for EVE-1 sensors targeted at 100,000 units per year by end of 2025.

• Liquidity, including the $125 million facility, is expected to fund operations for at least 12 months.