Aeva (AEVA) Q2 Revenue Jumps 175%

Globe and Mail

5 days ago

Key Points
Revenue (GAAP) surged to $5.5 million, up from $2.0 million in Q2 2024, far outpacing the GAAP consensus estimate of $3.39 million.
Non-GAAP net loss per share improved to $(0.44), beating the $(0.47) non-GAAP EPS expected by analysts.
Cash, cash equivalents, and marketable securities decreased to $49.8 million as of June 30, 2025.
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Aeva Technologies (NASDAQ:AEVA), a Silicon Valley-based developer of 4D LiDAR sensing solutions, reported its financial results for the second quarter of fiscal 2025 on July 31, 2025. Aeva delivered record GAAP revenue of $5.5 million, up 175% year-over-year (GAAP) and well above analyst expectations. Non-GAAP earnings per share came in at $(0.44), also ahead of the consensus non-GAAP estimate of $(0.47). This quarter reflects major commercial and technological progress, but ongoing negative gross margins and significant operating losses remain key watch points.
Metric Q2 2025 Q2 2025 Estimate Q2 2024 Y/Y Change
EPS (Non-GAAP) ($0.44) ($0.47) ($0.57) 22.8%
Revenue $5.5 million $3.39 million $2.0 million 174.6%
Operating Loss (Non-GAAP) ($25.1 million) ($32.0 million) 21.6%
Cash, Cash Equivalents & Marketable Securities $49.8 million N/A N/A
Source: Analyst estimates for the quarter provided by FactSet.
About Aeva Technologies: What It Does and What Matters
Aeva Technologies develops Frequency-Modulated Continuous Wave (FMCW) LiDAR, a sensor technology that helps machines and vehicles perceive and measure their environment with high accuracy. Its main products enable instant velocity detection and 3D spatial measurement, supporting critical applications in autonomous vehicles, robotics, and industrial automation.
The business has recently focused on scaling up its core FMCW technology, integrating it into both automotive and industrial use-cases. Its future depends on the successful commercialization of its unique sensor platform, expansion into new segments like smart infrastructure, and partnerships with manufacturers and major customers. Intellectual property protection and regulatory compliance are also key factors for sustained growth and technology adoption.
Quarter in Detail: Financial and Strategic Progress
This quarter, Aeva set a new high with GAAP revenue of $5.5 million, with GAAP sales more than doubling year over year and surpassing analyst estimates by 62.2% for GAAP revenue. The company attributes this growth to continued commercial momentum, driven in part by strategic collaborations, including a focus on both automotive and industrial sectors.
Operating loss (Non-GAAP) narrowed to $(25.1 million), improving from a $(32.0 million) non-GAAP operating loss in Q2 2024. This reflects the company's efforts to control spending, with research and development expenses decreasing from $26,196,000 in Q2 2024 to $22,841,000, and general and administrative expenses decreasing from $8,663,000 in Q2 2024 to $7,969,000, with reductions reported in research and development and general administrative expenses. However, gross margins remained negative (GAAP): cost of goods sold rose to $8.2 million, outpacing top-line growth due to higher costs tied to early stage scale-up and investments in manufacturing.
A major highlight was the partnership with LG Innotek, which included a $77.5 million strategic investment recognized as a share subscription liability as of June 30, 2025, until closing. This relationship is anticipated to help Aeva broaden its market reach and ramp up manufacturing via expanded volume production. In parallel, the company reported orders for over 1,000 sensors in its industrial automation segment for Q1 2025, with shipments set for later this year, and cited ongoing programs with partners like Mercedes-Benz, Daimler Truck, and Bendix in the automotive space.
Aeva continues to invest in capacity and technological development, but this cash burn underscores ongoing dependence on additional financing. The company maintains a $125 million equity facility to support future needs. Non-cash liabilities, including a $102.1 million warrant liability, have caused volatility in GAAP net income, but these are not expected to impact near-term cash flows. There were no dividends declared or adjusted during the quarter.
How Aeva's Products and Partnerships Matter
The core of Aeva's business is its FMCW LiDAR platform, which underpins its suite of products for the automotive and industrial markets. In automotive, product families like the Atlas Ultra LiDAR sensors are being positioned for advanced driver-assistance systems and autonomous driving, and have gained traction with customers such as Mercedes-Benz and Daimler Truck. In commercial vehicles, partnerships like those with Bendix target large-scale collision mitigation opportunities in heavy truck fleets.
On the industrial side, Aeva has introduced the Eve 1 line of precision laser displacement sensors. These are used for factory process automation and quality control, providing micron-level measurement accuracy—a capability that offers significant benefits for manufacturers. Key partners here include LMI Technologies and SICK AG, both of which have placed significant orders and are among the top companies in their field.
In addition to vehicle and industrial applications, Aeva's technology has begun to see adoption in new segments like airport traffic management and intelligent transportation systems. The company's 4D LiDAR sensors are being deployed for smart traffic and safety enforcement, supporting customers such as D2 Traffic and Sensys Gatso. These applications demonstrate the breadth of Aeva's platform and underscore its potential outside automotive alone.
Strategic manufacturing partnerships with companies such as Tower Semiconductor and Jabil are helping Aeva move towards mass production scale. These partners are supporting the integration of Aeva's chip-based LiDAR technology, aiming for production capacity of up to 100,000 units per year.
Looking Ahead: Expectations and Areas to Watch
This is based on ongoing commercial momentum and booked sensor orders, but it does not yet include the full potential impact of the LG Innotek relationship. No detailed guidance was given for the next quarter, and management signaled that further updates will follow as new business milestones are reached.
Investors should monitor whether Aeva converts pre-production partnerships into large-scale series production, especially in automotive and industrial markets. Cost structure remains a challenge: the company will need to improve gross margins as it moves from development to volume manufacturing. Cash burn and capital sourcing are also critical, given falling reserves and a negative equity position.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
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