Aeva Reports Fourth Quarter and Full Year 2025 Results

About this update from Aeva Technologies, Inc.

Awarded Major Global Production Contract from Top 10 Passenger OEM Selected by Top 5 Passenger OEM for Global Vehicle Development Program Nvidia Selected Aeva as Reference LiDAR Sensor for DRIVE Hyperion Platform Doubled Revenue in 2025 Driven by Scaling Volume and New Markets Expansion MOUNTAIN VIEW, Calif. --(BUSINESS WIRE)-- Aeva ® (Nasdaq: AEVA), a leader in next-generation sensing and perception systems, today announced its fourth quarter and full year 2025 results. Key Company Highlights A top European passenger OEM awarded Aeva a major production contract as the exclusive Tier-1 LiDAR supplier for the OEM’s global L3 production program outside of China with targeted SOP in 2028 New top 5 passenger OEM selected Aeva for a joint development program for its global vehicle lineup across multiple car brands, with opportunity for a large scale production program award Nvidia selected Aeva 4D LiDAR as the reference sensor for its DRIVE Hyperion platform used by leading automotive OEMs and AV companies to enable L3 and higher automated driving Successfully completed on-road validation of Aeva Atlas B-samples for Daimler Truck and on track to deliver C-samples in 2026 as the exclusive long-range LiDAR and primary detection sensor for Daimler Truck’s series production autonomous trucks Secured first win in the defense market with Forterra’s selection of Aeva 4D LiDAR to enable autonomous defense vehicles Introduced Omni, the first compact wide-view short-range FMCW LiDAR targeting a broad range of physical AI applications Delivered key 2025 company objectives, including converting significant commercial momentum to multiple wins, scaling manufacturing and achieving record revenue while strengthening balance sheet and reducing operating expenses “2025 was a landmark year for Aeva, marked by accelerating demand for our unique perception platform from a growing list of customers and strategic partners across broad applications,” said Soroush, Salehian, Co-founder and CEO at Aeva. “This culminated in our first series production award with a top 10 passenger OEM, and we began 2026 expanding our leadership position with a new development program with a top 5 passenger OEM and our first win in defense with Forterra for autonomous ground vehicles. We expect Aeva’s momentum to continue, with additional production program opportunities, scaling manufacturing to meet our customers’ needs and delivering another record revenue year.” Fourth Quarter and Full Year 2025 Financial Highlights Cash, Cash Equivalents and Marketable Securities Cash, cash equivalents and marketable securities of $121.9 million and available facility of $125.0 million as of December 31, 2025 Revenue Revenue of $5.6 million in Q4 2025, compared to revenue of $2.7 million in Q4 2024 Revenue of $18.1 million for full year 2025, compared to revenue of $9.1 million for full year 2024 GAAP and Non-GAAP Operating Loss* GAAP operating loss of $29.1 million in Q4 2025, compared to GAAP operating loss of $34.2 million in Q4 2024 GAAP operating loss of $127.6 million for full year 2025, compared to GAAP operating loss of $158.4 million for full year 2024 Non-GAAP operating loss of $23.8 million in Q4 2025, compared to non-GAAP operating loss of $27.7 million in Q4 2024 Non-GAAP operating loss of $102.0 million for full year 2025, compared to non-GAAP operating loss of $123.2 million for full year 2024 GAAP and Non-GAAP Net Loss per Share* GAAP net loss per share of $0.42 in Q4 2025, compared to GAAP net loss per share of $0.67 in Q4 2024 GAAP net loss per share of $2.55 for full year 2025, compared to GAAP net loss per share of $2.85 for full year 2024 Non-GAAP net loss per share of $0.40 in Q4 2025, compared to non-GAAP net loss per share of $0.49 in Q4 2024 Non-GAAP net loss per share of $1.75 for full year 2025, compared to non-GAAP net loss per share of $2.17 for full year 2024 Shares Outstanding Weighted average shares outstanding of 60.2 million in Q4 2025 and 57.0 million for full year 2025 2026 Financial Outlook Revenue in the range of $30 million to $36 million , representing growth of approximately 70% to 100% year-over-year *Tables reconciling GAAP to non-GAAP measures are provided at the end of this release. Conference Call Details Aeva will host a conference call and live webcast to discuss results at 2:00 p.m. PT / 5:00 p.m. ET today, February 26, 2026 . The live webcast and replay can be accessed at investors.aeva.com . About Aeva Technologies, Inc. (Nasdaq: AEVA) Aeva’s mission is to bring the next wave of perception to a broad range of applications from automated driving, manufacturing automation and smart infrastructure, to robotics and consumer devices. Aeva is accelerating autonomy with its groundbreaking perception platform that integrates lidar-on-chip technology, system-on-chip processing, and perception algorithms onto silicon leveraging silicon photonics. Aeva 4D LiDAR sensors uniquely detect velocity and position simultaneously, allowing automated devices like vehicles and robots to make more intelligent and safe decisions. For more information, visit www.aeva.com , or connect with us on X or LinkedIn . Aeva, the Aeva logo, Aeva 4D LiDAR, Aeva Atlas, Aeries, Aeva Eve, Aeva Omni, Aeva Ultra Resolution, Aeva CoreVision, and Aeva X1 are trademarks/registered trademarks of Aeva, Inc. All rights reserved. Third-party trademarks are the property of their respective owners. Forward looking statements This press release contains certain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. These forward-looking statements include, but are not limited to expectations about revenue, product features, performance, the timing of production, and market adoption. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including, but not limited to: (i) the fact that Aeva is an early stage company with a history of operating losses and may never achieve profitability, (ii) Aeva’s limited operating history, (iii) Aeva’s ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities, (iv) the timing of any orders for the Company’s solutions, which will not be under our control, (v) the risk that OEMs may not pursue adopt the platform as currently anticipated, if at all, (vi) the risk that markets will not accept products of OEMs, (vii) supply chain and manufacturing issues, (vii) unforeseen errors or defects, (viii) market acceptance of LiDAR technology and autonomous driving, (ix) general economic conditions, including tariffs, and other material risks and other important factors that could affect our financial results. Please refer to our filings with the SEC , including our most recent Quarterly Reports on Form 10-Q and our most recent Annual Report on Form 10-K. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Aeva assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Aeva does not give any assurance that it will achieve its expectations. AEVA TECHNOLOGIES, INC. Condensed Consolidated Balance Sheets (Unaudited) (In thousands) December 31 , 2025 December 31 , 2024 Assets Current assets Cash and cash equivalents $ 72,291 $ 28,864 Marketable securities 49,608 83,143 Accounts receivable, net 3,363 1,187 Inventories 5,787 2,345 Other current assets 22,476 7,761 Total current assets 153,525 123,300 Operating lease right-of-use assets 5,480 3,826 Property, plant and equipment, net 12,845 10,332 Intangible assets, net 825 1,725 Other noncurrent assets 7,026 8,306 Total assets $ 179,701 $ 147,489 Liabilities and stockholders’ equity Current liabilities Accounts payable $ 5,885 $ 5,453 Accrued liabilities 12,063 5,710 Accrued employee costs 13,945 5,783 Lease liability, current portion 1,488 3,039 Other current liabilities 2,488 19,174 Total current liabilities 35,869 39,159 Lease liability, noncurrent portion 4,213 720 Convertible notes 96,693 — Warrant liabilities 29,711 8,258 Total liabilities 166,486 48,137 Stockholders’ equity Common stock 6 6 Additional paid-in capital 770,502 711,160 Accumulated other comprehensive (loss) income (4 ) 47 Accumulated deficit (757,289 ) (611,861 ) Total stockholders’ equity 13,215 99,352 Total liabilities and stockholders’ equity $ 179,701 $ 147,489 AEVA TECHNOLOGIES, INC. Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except share and per share data) Three Months Ended December 31 , Year Ended December 31 , 2025 2024 2025 2024 Revenue $ 5,621 $ 2,696 $ 18,079 $ 9,065 Cost of revenue (1) 4,301 3,525 18,739 12,855 Gross profit (loss) 1,320 (829 ) (660 ) (3,790 ) Operating expenses: Research and development expenses (1) 18,850 24,343 85,424 102,667 General and administrative expenses (1) 10,018 7,729 34,828 33,259 Selling and marketing expenses (1) 1,547 1,338 6,685 7,156 Litigation settlement, net — — — 11,500 Total operating expenses 30,415 33,410 126,937 154,582 Operating loss (29,095 ) (34,239 ) (127,597 ) (158,372 ) Interest income 727 1,385 2,738 7,712 Change in fair value of warrant liabilities 3,901 (3,303 ) (21,453 ) (1,486 ) Fair value gain on settlement of share subscription liability — — 1,651 — Other income (expense), net (732 ) 37 (459 ) 56 Net loss before income taxes $ (25,199 ) $ (36,120 ) $ (145,120 ) $ (152,090 ) Income tax provision 115 26 308 171 Net loss $ (25,314 ) $ (36,146 ) $ (145,428 ) $ (152,261 ) Net loss per share Basic $ (0.42 ) $ (0.67 ) $ (2.55 ) $ (2.85 ) Diluted $ (0.42 ) $ (0.67 ) $ (2.55 ) $ (2.85 ) Weighted-average shares used in computing net loss per share Basic 60,227,947 53,986,214 57,023,024 53,359,685 Diluted 60,227,947 53,986,214 57,023,024 53,359,685 (1) Includes stock-based compensation as follows: Three Months Ended December 31 , Year Ended December 31 , 2025 2024 2025 2024 Cost of revenue $ 300 $ 71 $ 414 $ 279 Research and development expenses 2,852 4,218 12,794 16,657 General and administrative expenses 2,025 2,072 7,969 5,875 Selling and marketing expenses 138 217 666 897 Total stock-based compensation expense $ 5,315 $ 6,578 $ 21,843 $ 23,708 AEVA TECHNOLOGIES, INC. Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) Year Ended December 31 , 2025 2024 Cash flows from operating activities: Net loss $ (145,428 ) $ (152,261 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 5,381 5,480 Impairment of inventories 493 1,140 Loss on joint development agreement 3,785 — Change in fair value of warrant liabilities 21,453 1,486 Stock-based compensation 21,843 23,708 Amortization of right-of-use assets 3,106 3,463 Amortization of premium and accretion of discount on available-for-sale securities, net (1,050 ) (3,537 ) Other 423 563 Changes in operating assets and liabilities: Accounts receivable, net (2,537 ) (559 ) Inventories (3,936 ) (1,111 ) Other current assets (8,715 ) (2,566 ) Other noncurrent assets 288 318 Accounts payable (504 ) 1,835 Accrued liabilities 3,314 2,334 Accrued employee costs 8,162 (260 ) Lease liability (2,818 ) (3,595 ) Other current liabilities (18,337 ) 16,649 Net cash used in operating activities (115,077 ) (106,913 ) Cash flows from investing activities: Purchase of property, plant and equipment (including advance) (4,609 ) (5,107 ) Purchase of available-for-sale securities (75,014 ) (79,980 ) Proceeds from maturities of available-for-sale securities 109,549 182,988 Net cash provided by investing activities 29,926 97,901 Cash flows from financing activities: Proceeds from issuance of stock in private placement 32,500 — Transaction costs related to issuance of stock in private placement (400 ) — Proceeds from convertible notes 100,000 — Transaction costs related to issuance of convertible notes (3,072 ) — Payments of taxes withheld on net settled vesting of restricted stock units (578 ) (752 ) Proceeds from exercise of stock options 128 81 Net cash provided by (used in) financing activities 128,578 (671 ) Net increase (decrease) in cash and cash equivalents 43,427 (9,683 ) Beginning cash and cash equivalents 28,864 38,547 Ending cash and cash equivalents $ 72,291 $ 28,864 AEVA TECHNOLOGIES, INC. Reconciliation of GAAP to Non-GAAP Operating Results (Unaudited) (In thousands, except share and per share data) Reconciliation from GAAP to non-GAAP operating loss Three Months Ended December 31 , Year Ended December 31 , 2025 2024 2025 2024 GAAP operating loss $ (29,095 ) $ (34,239 ) $ (127,597 ) $ (158,372 ) Stock-based compensation 5,315 6,578 21,843 23,708 Loss on joint development agreement — — 3,785 — Litigation settlement, net — — — 11,500 Non-GAAP operating loss $ (23,780 ) $ (27,661 ) $ (101,969 ) $ (123,164 ) Reconciliation from GAAP to non-GAAP net loss Three Months Ended December 31 , Year Ended December 31 , 2025 2024 2025 2024 GAAP net loss $ (25,314 ) $ (36,146 ) $ (145,428 ) $ (152,261 ) Stock-based compensation 5,315 6,578 21,843 23,708 Loss on joint development agreement — — 3,785 — Change in fair value of warrant liabilities (3,901 ) 3,303 21,453 1,486 Fair value gain on settlement of share subscription liability — — (1,651 ) — Litigation settlement, net — — — 11,500 Non-GAAP net loss $ (23,900 ) $ (26,265 ) $ (99,998 ) $ (115,567 ) Reconciliation between GAAP and non-GAAP net loss per share Three Months Ended December 31 , Year Ended December 31 , 2025 2024 2025 2024 Shares used in computing GAAP net loss per share: Basic and diluted 60,227,947 53,986,214 57,023,024 53,359,685 GAAP net loss per share Basic and diluted $ (0.42 ) $ (0.67 ) $ (2.55 ) $ (2.85 ) Stock-based compensation 0.08 0.12 0.38 0.43 Loss on joint development agreement — — 0.07 — Change in fair value of warrant liability (0.06 ) 0.06 0.38 0.03 Fair value gain on settlement of share subscription liability — — (0.03 ) — Litigation settlement, net — — — 0.22 Non-GAAP net loss per share Basic and Diluted $ (0.40 ) $ (0.49 ) $ (1.75 ) $ (2.17 ) View source version on businesswire.com : https://www.businesswire.com/news/home/20260226965199/en/ Media: Michael Oldenburg [email protected] Investors: Andrew Fung [email protected] Source: Aeva Technologies, Inc.

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