Aeva Reports Third Quarter 2025 Results

About this update from Aeva Technologies, Inc.

Successfully Completed Top-10 Global Passenger OEM’s Development Program; In Late-stage Contract Negotiations for Series Production Award Expanded Manufacturing Automation Product Line to Include Motion Sensing with Initial Sensor Orders Received Bolstered Balance Sheet with $100M Investment from Apollo Global Management to Accelerate Aeva’s Commercial Momentum MOUNTAIN VIEW, Calif. --(BUSINESS WIRE)-- Aeva ® (Nasdaq: AEVA), a leader in next-generation sensing and perception systems, today announced its third quarter 2025 results. Key Company Highlights Successfully completed the joint development program with a Top-10 global passenger OEM and advanced to late-stage contract negotiations for a large scale series production award Growing interest and engagements with other major OEMs to leverage Aeva 4D LiDAR for L3 automotive applications Expanded deeper into manufacturing automation with Eve 1V motion sensing product line; initial orders received from multiple customers Brought up manufacturing line for Eve 1D with the first units produced and shipped to customers Apollo Global Management to invest $100 million in convertible unsecured senior notes, further positioning Aeva to accelerate commercial momentum On track with Daimler Truck production program with first vehicle builds completed and orders received for Atlas C Samples in 2026 to support OEM’s growing vehicle fleet Released AevaScenes, the industry’s first FMCW 4D LiDAR open dataset, to advance research and adoption of FMCW for next-generation autonomous vehicle perception “Aeva continues to gain the trust of an expanding list of diverse customers, driven by our unified perception platform that enables next-generation capabilities across a broad range of applications,” said Soroush Salehian , Co-founder and CEO at Aeva. “This includes progressing with the Top-10 global passenger OEM to final contract negotiations for a series production award. This is a pivotal time for the industry, and to further position Aeva to scale multiple programs and secure additional wins, we raised $100 million of additional capital, highlighting investor confidence in Aeva’s differentiated technology and ability to execute on our strong momentum.” Third Quarter 2025 Financial Highlights Cash, Cash Equivalents and Marketable Securities Cash, cash equivalents and marketable securities of $48.9 million and available equity facility of $125.0 million as of September 30, 2025 Revenue Revenue of $3.6 million in Q3 2025, compared to revenue of $2.3 million in Q3 2024 GAAP and Non-GAAP Operating Loss* GAAP operating loss of $33.2 million in Q3 2025, compared to GAAP operating loss of $37.9 million in Q3 2024 Non-GAAP operating loss of $27.2 million in Q3 2025, compared to non-GAAP operating loss of $31.4 million in Q3 2024 GAAP and Non-GAAP Net Income or Loss per Share* GAAP basic net income per share of $1.86 and diluted net loss per share of $0.52 in Q3 2025, compared to GAAP basic and diluted net loss per share of $0.70 in Q3 2024 Non-GAAP basic and diluted net loss per share of $0.46 in Q3 2025, compared to non-GAAP basic and diluted net loss per share of $0.55 in Q3 2024 Shares Outstanding Weighted basic average shares outstanding of 57.9 million and diluted average shares outstanding of 61.1 million in Q3 2025 *Tables reconciling GAAP to non-GAAP measures are provided at the end of this release. 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 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. These 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. 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. Forward-looking statements in this press release include our beliefs regarding our expectations with respect to timing of product shipments, customer agreements, ability to enter new markets and investments, and our recent signed financing agreement. 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 and limited history of shipping significant product volumes, (iii) the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities, (iv) the ability for Aeva to have its products selected for inclusion in OEM products, (v) the ability to manufacture at volumes and costs needed for commercial programs, (vi) no assurance that any of our customers will ever complete testing and validation with us or that we will receive any billings or revenues in connection with such programs or that such customers will continue such programs, (vii) the need to conclude definitive deployment or production agreements with potential customers, (viii) that any validation orders will result in larger orders, (ix) that any programs into which our products may be designed will result in significant end customer sales, (x) that any of the opportunities referenced in this press release will result in significant deployments of our products, (xi) unforeseen project delays or product issues, such as difficulties or delays in shipping, manufacturing or installation, (xii) end customer acceptance of the platform, (xiii) our ability to reduce costs and unforeseen expenses and impact of global economic conditions, (xiv) acceptance of Aeva’s technology in other markets, (xv) the securities purchase agreement is subject to satisfaction of closing conditions, and (xvi) other material risks and other important factors that could affect our financial results that are further described in our filings with the SEC . Please refer to our filings with the SEC , including our most recent Form 10-K and Form 10-Q. 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. Non-GAAP Information In addition to our financial results determined in accordance with U.S. GAAP, we present non-GAAP operating loss and non-GAAP net loss per share. “Non-GAAP operating loss” is defined as GAAP operating loss before stock-based compensation, loss on joint development agreement and litigation settlement, net. “Non-GAAP net loss per share” is defined as non-GAAP net loss divided by weighted average shares outstanding, basic and diluted. “Non-GAAP net loss” is defined as GAAP net loss before stock-based compensation, loss on joint development agreement, litigation settlement, net, fair value of share subscription liability and change in fair value of warrant liability. We believe that non-GAAP operating loss and non-GAAP net loss per share, when taken together with the corresponding U.S. GAAP financial measures, provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our core business, results of operations, or outlook. We consider non-GAAP operating loss and non-GAAP net loss per share to be important measures because they help illustrate underlying trends in our business and our historical operating performance on a more consistent basis. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with U.S. GAAP. Non-GAAP financial measures have limitations, including that they exclude certain expenses that are required under GAAP, which adjustments reflect the exercise of judgment by management. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP financial measures or ratios differently or may use other financial measures or ratios to evaluate their performance, all of which could reduce the usefulness of non-GAAP operating loss and non-GAAP net loss per share as tools for comparison. Reconciliations are provided at the end of this release to the most directly comparable financial measures in accordance with U.S. GAAP. Investors are encouraged to review our U.S. GAAP financial measures and not to rely on any single financial measure to evaluate our business. AEVA TECHNOLOGIES, INC. Condensed Consolidated Balance Sheet (Unaudited) (In thousands) September 30 , 2025 December 31 , 2024 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 45,688 $ 28,864 Marketable securities 3,200 83,143 Accounts receivable 1,946 1,187 Inventories 4,949 2,345 Other current assets 10,647 7,761 Total current assets 66,430 123,300 Operating lease right-of-use assets 6,032 3,826 Property, plant and equipment, net 12,270 10,332 Intangible assets, net 1,050 1,725 Other noncurrent assets 7,013 8,306 TOTAL ASSETS $ 92,795 $ 147,489 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 4,413 $ 5,453 Accrued liabilities 9,786 5,710 Accrued employee costs 3,573 5,783 Lease liability, current portion 1,543 3,039 Other current liabilities 1,555 19,174 Total current liabilities 20,870 39,159 Lease liability, noncurrent portion 4,581 720 Warrant liability 33,611 8,258 Other non-current liability 515 — TOTAL LIABILITIES 59,577 48,137 STOCKHOLDERS’ EQUITY: Common stock 6 6 Additional paid-in capital 765,187 711,160 Accumulated other comprehensive income — 47 Accumulated deficit (731,975 ) (611,861 ) TOTAL STOCKHOLDERS’ EQUITY 33,218 99,352 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 92,795 $ 147,489 AEVA TECHNOLOGIES, INC. Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except share and per share data) Three Months Ended Sep 30 , Nine Months Ended September 30 , 2025 2024 2025 2024 Revenue $ 3,579 $ 2,250 $ 12,458 $ 6,369 Cost of revenue (1) 3,149 2,971 14,438 9,330 Gross profit (loss) 430 (721 ) (1,980 ) (2,961 ) Operating expenses: Research and development expenses (1) 22,164 27,116 66,574 78,324 General and administrative expenses (1) 9,624 8,456 24,810 25,530 Selling and marketing expenses (1) 1,803 1,583 5,138 5,818 Litigation settlement, net — — — 11,500 Total operating expenses 33,591 37,155 96,522 121,172 Operating loss (33,161 ) (37,876 ) (98,502 ) (124,133 ) Interest income 385 1,770 2,011 6,327 Change in fair value of warrant liability 68,524 (1,263 ) (25,354 ) 1,817 Fair value gain on settlement of share subscription liability 71,647 — 1,651 — Other income (expense), net 166 (5 ) 273 19 Income (loss) before income taxes $ 107,561 $ (37,374 ) $ (119,921 ) $ (115,970 ) Income tax provision 66 22 193 145 Net income (loss) $ 107,495 $ (37,396 ) $ (120,114 ) $ (116,115 ) Net income (loss) per share Basic $ 1.86 $ (0.70 ) $ (2.15 ) $ (2.18 ) Diluted $ (0.52 ) $ (0.70 ) $ (2.15 ) $ (2.18 ) Weighted-average shares used in computing net loss per share Basic 57,883,326 53,704,039 55,942,977 53,149,318 Diluted 61,087,059 53,704,039 55,942,977 53,149,318 (1) Includes stock-based compensation as follows: Three Months Ended Sep 30 , Nine Months Ended September 30 , 2025 2024 2025 2024 Cost of revenue $ 51 $ 42 $ 114 $ 208 Research and development expenses 3,531 4,261 9,942 12,439 General and administrative expenses 2,219 1,983 5,944 3,803 Selling and marketing expenses 139 219 528 680 Total stock-based compensation expense $ 5,940 $ 6,505 $ 16,528 $ 17,130 AEVA TECHNOLOGIES, INC. Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) Nine Months Ended September 30 , 2025 2024 Cash flows from operating activities: Net loss $ (120,114 ) $ (116,115 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 4,053 4,042 Loss on joint development agreement 3,785 — Impairment of inventories 493 883 Change in fair value of warrant liability 25,354 (1,817 ) Stock-based compensation 16,528 17,130 Amortization of right-of-use assets 2,554 2,576 Amortization of premium and accretion of discount on available-for-sale securities, net (907 ) (2,932 ) Other — 298 Changes in operating assets and liabilities: Accounts receivable (759 ) 53 Inventories (3,097 ) (634 ) Other current assets 3,114 (2,557 ) Other noncurrent assets 301 317 Accounts payable (1,511 ) (563 ) Accrued liabilities 637 1,985 Accrued employee costs (2,210 ) (1,626 ) Lease liability (2,394 ) (2,663 ) Other current liabilities (19,270 ) 15,608 Other non-current liability 515 — Net cash used in operating activities (92,928 ) (86,015 ) Cash flows from investing activities: Purchase of property, plant and equipment (3,099 ) (2,969 ) Purchase of available-for-sale securities (25,548 ) (62,848 ) Proceeds from maturities of available-for-sale securities 106,349 144,108 Net cash provided by investing activities 77,702 78,291 Cash flows from financing activities: Proceeds from issuance of stock in private placement 32,500 — Payments of taxes withheld on net settled vesting of restricted stock units (578 ) (438 ) Proceeds from exercise of stock options 128 77 Net cash provided by (used in) financing activities 32,050 (361 ) Net increase (decrease) in cash and cash equivalents 16,824 (8,085 ) Beginning cash and cash equivalents 28,864 38,547 Ending cash and cash equivalents $ 45,688 $ 30,462 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 September 30 , Nine Months Ended September 30 , 2025 2024 2025 2024 GAAP operating loss $ (33,161 ) $ (37,876 ) $ (98,502 ) $ (124,133 ) Stock-based compensation 5,940 6,505 16,528 17,130 Loss on joint development agreement — — 3,785 — Litigation settlement, net — — — 11,500 Non-GAAP operating loss $ (27,221 ) $ (31,371 ) $ (78,189 ) $ (95,503 ) Reconciliation from GAAP to non-GAAP net loss Three Months Ended September 30 , Nine Months Ended September 30 , 2025 2024 2025 2024 GAAP net income (loss) $ 107,495 $ (37,396 ) $ (120,114 ) $ (116,115 ) Stock-based compensation 5,940 6,505 16,528 17,130 Loss on joint development agreement — — 3,785 — Change in fair value of warrant liability (68,524 ) 1,263 25,354 (1,817 ) Fair value gain on settlement of share subscription liability (71,647 ) — (1,651 ) — Litigation settlement, net — — — 11,500 Non-GAAP net loss $ (26,736 ) $ (29,628 ) $ (76,098 ) $ (89,302 ) Reconciliation between GAAP and non-GAAP net income (loss) per share Three Months Ended September 30 , Nine Months Ended September 30 , 2025 2024 2025 2024 Shares used in computing GAAP net income (loss) per share: Basic 57,883,326 53,704,039 55,942,977 53,149,318 Diluted 61,087,059 53,704,039 55,942,977 53,149,318 GAAP net income (loss) per share Basic $ 1.86 $ (0.70 ) $ (2.15 ) $ (2.18 ) Diluted $ (0.52 ) $ (0.70 ) $ (2.15 ) $ (2.18 ) GAAP net income (loss) per share Basic $ 1.86 $ (0.70 ) $ (2.15 ) $ (2.18 ) Stock-based compensation 0.10 0.13 0.30 0.31 Loss on joint development agreement — — 0.07 — Change in fair value of warrant liability (1.18 ) 0.02 0.45 (0.03 ) Fair value gain on settlement of share subscription liability (1.24 ) — (0.03 ) — Litigation settlement, net — — — 0.22 Non-GAAP net income (loss) per share Basic and Diluted(2) $ (0.46 ) $ (0.55 ) $ (1.36 ) $ (1.68 ) (2) As the Company was in a non-GAAP net loss position for the three months ended September 30, 2025 , the Company used basic earnings per share on a GAAP basis (shares and GAAP net income (loss) per share) to reconcile to non-GAAP basic and diluted net loss per share calculations. Use of the GAAP diluted share count of 61,087,059 was not used in the reconciliation because it would result in the inclusion of additional shares that are antidilutive on non-GAAP net income (loss) per share for diluted purposes. View source version on businesswire.com : https://www.businesswire.com/news/home/20251105400450/en/ Media: Michael Oldenburg [email protected] Investors: Andrew Fung [email protected] Source: Aeva Technologies, Inc.

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