Aeva Posts Triple-Digit Q4 Revenue Growth, New Top Passenger OEM Deal And Projects Up To 100% 2025 Revenue Growth Plans

There are signs that partially autonomous and assisted driving are, and will continue to become more widespread, according to Goldman Sachs Research. The firm also expects sales of fully-autonomous cars to grow, even if adoption is taking a little longer than anticipated. Aeva Technologies Inc. AEVA is working to make such growth a reality with its advanced LiDAR sensors. From year-over-year revenue growth to expanding partnerships, Aeva Technologies is doing its part to advance the market.

Take its fourth quarter and full-year 2024 results for starters. For the last three months of 2024, Aeva posted revenue of $2.7 million, up from $1.3 million in the year-ago fourth quarter. Full year 2024 revenue more than doubled year-over-year to $9.1 million from $4.3 million for 2023, the company reported.

Meanwhile, Aeva narrowed its non-GAAP operating net loss per share in the fourth quarter to $0.49 from $0.59 and $2.17 for the full year compared to $2.54 for all of 2023. Aeva ended the year with $112 million in cash and an available facility of $125 million, potentially giving it enough firepower to continue to grow.

"Aeva in 2024 accelerated the growing adoption of FMCW technology, with expanded partnerships in automotive and our growing pace of new production wins in industrial robotics, security and infrastructure," said Soroush Salehian, co-founder and CEO at Aeva. "With our 4D LiDAR's unique combination of performance, maturity and scalability, we believe 2025 is the year where Aeva will be in a strong position to further drive the automotive and industrial automation markets transition to FMCW and deliver a year of record revenues with significant growth, while reducing our spend."

Looking out to 2025, the company says it expects revenue for the year to be between $15 million to $18 million, representing growth of 70% to 100% year-over-year. 

Passenger OEMs Taking Notice 

Avea makes Frequency Modulated Continuous Wave (FMCW) 4D LiDAR technology that uses a low-power continuous laser beam to measure range and velocity at the same time. Aeva says that knowing the precise velocity of objects unlocks new levels of safety and automation. The company hopes to position itself as a leading supplier of next-generation sensing solutions for automated driving, and has been inking industry deals to meet that end. 

Most recently, in conjunction with its quarterly and full-year earnings report, the company announced it inked a deal with a top original equipment manufacturer (OEM) in the automotive market. The global top 10 passenger OEM awarded Aeva a development program for its next-generation global vehicle platform. Aeva also received a letter of intent from the OEM for a large-scale, multi-year, production program award opportunity this year, which includes multiple vehicle models across the OEM's global platform. Aeva says the OEM is looking to transition from 3D time-of-flight LiDAR to Aeva's 4D LiDAR because it has enabled the OEM to address a number of important use cases critical to safely expand the operational design domain (ODD) and will future-proof the technology stack. The development program focuses on Aeva's recently announced Aeva Atlas Ultra 4D LiDAR sensor, with Atlas Ultra SOP targeted for 2027.

Atlas Ultra was built to meet the performance demands of SAE level-3 and 4 automated driving systems for passenger and commercial vehicles. According to the sensor maker, Atlas Ultra is 35% slimmer, provides up to three times the resolution of Atlas and boasts a configurable field of view with up to 150 degrees of vision across the horizon. On-sensor perception software enables detection capabilities at a maximum detection range of up to 500 meters.   

Momentum Building 

The deal with the global OEM builds on Aeva's momentum as a supplier to other top automotive OEMs and autonomous vehicle developers globally, including Aeva's ongoing production program with Daimler Truck, one of the world's leading commercial vehicle manufacturers, the company reports. It also expanded a collaboration with SICK, a solutions provider for sensor-based applications in the industrial sector, to incorporate Aeva's FMCW technology across SICK's portfolio of high-accuracy contactless sensors for a broad range of robotics and factory automation applications in what it says is a more than $10 billion industrial automation market. Aeva also reports it demonstrated the industry-first functional 4D LiDAR behind-windshield integration with an automotive partner, leveraging Aeva's small form factor to showcase the future of seamless LiDAR integrations in passenger vehicles.

"This win is a key milestone in our ongoing collaboration with a top 10 passenger OEM and is a major validation of the capabilities of our new Atlas Ultra 4D LiDAR sensor with its slim design making it ideal for seamless vehicle integration," said Salehian of the most recent OEM deal. "This further reinforces Aeva's position as the leading supplier of next-generation sensing solutions for automated driving. It also represents another major automotive manufacturer moving to FMCW technology to expand its operational design domain and enable highway-speed Level 3 automation. We believe these trends are just beginning and will ultimately benefit the automotive industry and Aeva as the emerging leader in the market."

Self-driving trucks and cars are no longer a futuristic idea; they're gradually becoming an everyday reality thanks to companies like Aeva. With the sensor maker increasing its sales and inking partnerships, the "matter of time" could be getting closer, making Aeva a company worth keeping an eye on. 

Featured photo courtesy of Aeva Technologies. 

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