Aeva Technologies (AEVA) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 2025 revenue of $5.5 million, up 174% year-over-year, driven by increased sensor shipments, NRE, and strategic partnerships, including Daimler Truck and LG Innotek.

• Non-GAAP operating loss declined 22% year-over-year to $25.1 million, reflecting disciplined R&D spending and cost management.

• Positioned as a leader in 4D LiDAR with a strong IP portfolio, expanding into automotive, manufacturing, infrastructure, defense, robotics, and consumer markets.

• Announced collaborations with LG Innotek, Bendix, and others to expand the perception platform and accelerate adoption in high-volume commercial vehicle and industrial markets.

• Executed a 1-for-5 reverse stock split in March 2024, retroactively reflected in all share data.

Financial highlights

• Q2 2025 revenue reached $5.5 million, a company record, with growth attributed to product shipments and NRE.

• Non-GAAP operating loss for Q2 2025 was $25.1 million; GAAP operating loss was $34.9 million.

• Gross cash use for Q2 2025 was $31.2 million; capital expenditures were $1.4 million.

• Cash, cash equivalents, and marketable securities totaled $49.8 million at quarter-end, with a $125 million equity facility available.

• Net loss for Q2 2025 was $192.7 million, primarily due to non-cash charges from warrant and share subscription liabilities.

Outlook and guidance

• Full-year 2025 revenue growth now expected at 100%-110%, up from prior 80%-100% guidance.

• Non-GAAP operating expenses targeted to decline 10%-20% in 2025; longer-term, annual non-GAAP operating expense growth targeted at 5%-15%.

• Gross margin expected to reach 35%-45% at scale, with a long-term goal of 50%.

• Management expects continued operating losses as investments in product development and commercialization persist.

• Liquidity is supported by $49.8 million in cash and a $125 million equity facility, with the LG Innotek $32.5 million investment pending.