Aeva, a leader in next-generation sensing and perception systems, has released its third quarter 2024 financial results, along with major operational milestones achieved during the period.
Key Company Highlights
- Industrial Production Success: Aeva secured a significant deployment in security applications, partnering with The Indoor Lab to implement its 4D LiDAR technology across major U.S. venues. Initial installations are set for John F. Kennedy International Airport in New York and San Francisco International Airport, with future expansion planned for additional airports, mass transit hubs, and large venues.
- Automotive Adoption in Europe: A leading European passenger vehicle manufacturer selected Aeva’s 4D LiDAR to validate automation systems in its next-generation vehicles, underscoring Aeva’s unique velocity data capabilities.
- Progress in Global RFQs: Aeva is advancing towards finalizing a Request for Quotation (RFQ) for a top 10 global passenger OEM vehicle program, alongside active engagements with other major OEMs.
- Advancements with Torc Robotics and Daimler Truck: In collaboration with Torc Robotics, Aeva’s 4D LiDAR has been exclusively used for long-range sensing in successful validations of fully driverless operations at highway speeds of up to 65 miles per hour. This marks a critical step toward Daimler Truck’s autonomous truck commercialization target by 2027.
- Accelerated Production of Aeva Atlas: Aeva moved up its initial shipments of the Atlas, its production-ready product, by two quarters to meet increasing demand from recent wins in the automotive and industrial sectors. Plans are in place to further scale production in 2025.
“Aeva continues to turn the growing demand for our 4D LiDAR technology into new opportunities while achieving significant progress in our existing programs,” said Soroush Salehian, Co-Founder and CEO of Aeva. “With broader industry interest in FMCW technology, we strategically pulled forward the launch of Atlas to the third quarter to address high demand, strengthening Aeva’s position in the market and fueling commercial momentum in automotive, industrial, and other sectors.”
Third Quarter 2024 Financial Highlights
- Cash and Liquidity: Aeva reported cash, cash equivalents, and marketable securities totaling $134.8 million, along with an available facility of $125 million as of September 30, 2024.
- Revenue Growth: The company achieved revenue of $2.3 million for Q3 2024, compared to $0.8 million in Q3 2023, reflecting robust growth.
- Operating Loss:
- GAAP: Operating loss of $37.9 million in Q3 2024, compared to $35.5 million in Q3 2023.
- Non-GAAP: Operating loss of $31.4 million, versus $30.3 million in Q3 2023.
- Net Loss per Share:
- GAAP: Net loss per share was $0.70 in Q3 2024, improving from $0.75 in Q3 2023.
- Non-GAAP: Net loss per share was $0.55, compared to $0.63 in the same period last year.
- Shares Outstanding: The weighted average shares outstanding were 53.7 million in Q3 2024.
These results highlight Aeva’s continued growth and expanding influence across key industries as it seeks to lead in 4D LiDAR technology and advance sensing applications for security, automotive, and beyond.
