Aeva Announces Fourth Quarter and Full Year 2024 Financial Results
Aeva, Car a leader in next-generation sensing and perception systems, has released its financial results for the fourth quarter and full year of 2024. The company achieved significant milestones, including expanding partnerships and advancing its 4D LiDAR technology for automotive and industrial applications.
Key Company Highlights
- Major OEM Partnership: Aeva was selected by a top 10 global passenger vehicle OEM for the joint development of its Atlas Ultra 4D LiDAR technology. The company secured a letter of intent from the OEM for a large-scale production program, with production start targeted for 2027.
- Daimler Truck Collaboration: The company remained on track with Daimler Truck’s series production program, achieving all development milestones in 2024. Aeva also deepened its partnership with Torc to enhance safety architecture for autonomous trucking applications.
- Industrial Expansion with SICK: Aeva expanded its collaboration with SICK, integrating its FMCW technology into SICK’s high-accuracy contactless sensors. This move strengthens Aeva’s position in the $10+ billion industrial automation market, covering robotics and factory automation applications.
- Advancements in 4D LiDAR Technology: The company unveiled the Atlas Ultra 4D LiDAR, which delivers three times the resolution and is 35% slimmer than the standard Atlas model. This improvement enables seamless integration into passenger vehicles.
- Industry-First Behind-Windshield Integration: Aeva successfully demonstrated a functional 4D LiDAR system behind a vehicle windshield, leveraging its compact size, low power consumption, and passive cooling features.
- Financial Performance Exceeding Targets: Aeva reported strong financial results for 2024, exceeding revenue targets and securing key commercial wins that support future growth.
Leadership Perspective
“Aeva in 2024 accelerated the adoption of Car FMCW technology with expanded partnerships in automotive and a growing pace of production wins in industrial robotics, security, and infrastructure,” said Soroush Salehian, Co-founder and CEO of Aeva. “We are excited to Car start 2025 with our first development program award from a global top 10 passenger OEM, which will support multiple vehicle model lines. With our 4D LiDAR’s unique combination of performance, maturity, and Car scalability, we believe 2025 will be a pivotal year for Aeva as we continue driving the automotive and industrial automation markets’ transition to FMCW technology. We anticipate record revenue growth while also reducing expenditures.”
Financial Highlights
Cash, Cash Equivalents, and Marketable Securities
- Aeva reported cash, cash equivalents, and marketable securities of $112.0 million as of December 31, 2024.
- The company has access to an additional $125.0 million credit facility.
Revenue Growth
- Q4 2024 revenue reached $2.7 million, compared to $1.6 million in Q4 2023.
- Full-year 2024 revenue totaled $9.1 million, more than doubling from $4.3 million in 2023.
GAAP and Non-GAAP Operating Loss
- GAAP operating loss for Q4 2024 was $34.2 million, an improvement from $36.8 million in Q4 2023.
- Full-year GAAP operating loss stood at $158.4 million, compared to $147.8 million in 2023.
- Non-GAAP operating loss in Q4 2024 was $27.7 million, compared to $31.3 million in Q4 2023.
- Full-year non-GAAP operating loss decreased slightly to $123.2 million from $124.1 million in 2023.
GAAP and Non-GAAP Net Loss Per Share
- GAAP net loss per share improved to $0.67 in Q4 2024 from $0.92 in Q4 2023.
- Full-year GAAP net loss per share was $2.85, down from $3.29 in 2023.
- Non-GAAP net loss per share for Q4 2024 was $0.49, compared to $0.59 in Q4 2023.
- Full-year non-GAAP net loss per share declined to $2.17 from $2.54 in 2023.
Shares Outstanding
- Weighted average shares outstanding for Q4 2024 were 54.0 million.
- Full-year 2024 weighted average shares outstanding were 53.4 million.
2025 Financial Outlook
Aeva expects substantial revenue growth in 2025,Car forecasting between $15 million and $18 million in revenue, representing an increase of approximately 70% to 100% year-over-year.
