Aeva Q1 2025 slides: Strategic partnerships expand as revenue grows to $3.4M

Introduction & Market Context

Aeva Technologies Inc (NASDAQ:AEVA) presented its first quarter 2025 results on May 14, highlighting strategic customer acquisitions and market expansion efforts. The LiDAR technology company’s stock closed at $13.54, up 6.72% for the day, and has shown remarkable recovery from its 52-week low of $2.20, though it experienced a slight 1.04% decline in after-hours trading.

The company, which specializes in Frequency Modulated Continuous Wave (FMCW) LiDAR technology, is positioning itself across multiple high-growth markets including industrial automation, automotive, and intelligent transportation systems. This diversification strategy comes as Aeva works to translate its technological advantages into sustainable revenue growth.

Quarterly Performance Highlights

Aeva reported Q1 2025 revenue of $3.4 million, primarily driven by increasing commercial deployments and its ongoing Daimler (OTC:MBGAF) Truck program. While the company continues to operate at a loss with a non-GAAP operating loss of $25.9 million and gross cash use of $31.3 million, it maintains a strong liquidity position of $206 million with no debt as of March 31, 2025.

The quarter was marked by significant customer acquisitions and strategic partnerships that position the company for potential growth across multiple sectors.

As shown in the following summary of first quarter achievements:

Strategic Partnerships and Market Expansion

A major highlight of the quarter was Aeva’s introduction of the Eve 1D, described as the world’s first FMCW high-precision laser displacement sensor for manufacturing automation applications. The product offers advantages over traditional laser triangulation solutions, including smaller form factor, higher data rate, better range precision, and lower BOM cost.

The following image illustrates the Eve 1D sensor and its key features:

This product launch has already yielded significant customer wins, with SICK AG and LMI Technologies signing on as the first strategic customers. Both companies are leaders in precision sensing solutions, collectively representing over 15% market share and approximately 300,000 sensors annually. Aeva has already booked orders for more than 1,000 sensors and begun initial shipments.

The partnership details are outlined here:

Aeva is targeting the laser displacement sensor market, which it estimates at over $4 billion, with the top five leaders representing approximately 60% market share. The company believes its FMCW technology offers disruptive advantages that can transform this market.

Automotive and Transportation Initiatives

Beyond industrial applications, Aeva reported progress with a Global Top 10 Passenger OEM development program. The company has officially kicked off the program, achieved its first integration milestone, and remains on track for a potential large-scale production program award this year.

In the intelligent transportation systems (ITS) sector, Aeva has been selected as the exclusive LiDAR supplier for Sensys Gatso Australia’s new mobile speed detection products. Sensys Gatso, a global leader in traffic safety enforcement solutions with over 60,000 deployments across 60 countries, will utilize Aeva’s 4D LiDAR technology for speed verification.

The ITS application is illustrated here:

Additionally, Aeva has been chosen as the exclusive LiDAR supplier for Inyo Mobility’s autonomous shuttle program, where multiple 4D LiDARs will provide 360-degree sensing for L4 urban capabilities in last-mile public transportation.

Strategic Investment

Perhaps the most significant development for Aeva’s long-term prospects is a new strategic collaboration with a Global Fortune 500 Company’s Tech Subsidiary. This partnership includes an investment of up to $50 million, representing approximately a 6% equity stake in Aeva.

The collaboration focuses on three key areas: expansion into new consumer market segments, further acceleration in industrial markets, and becoming an automotive tier 2 manufacturing partner for Top 10 passenger OEM series production.

This strategic partnership is highlighted here:

Financial Analysis

Aeva’s Q1 2025 financial results show modest revenue generation while the company continues to invest heavily in growth initiatives. The $3.4 million in quarterly revenue represents progress but suggests challenges in reaching the full-year 2025 revenue target of $15-18 million that was mentioned in previous guidance.

The company’s liquidity position of $206 million provides runway for continued operations, though it represents a decrease from the $237 million reported at the end of Q4 2024, reflecting the $31.3 million in gross cash use during the quarter.

The financial summary is presented here:

Forward Outlook

Looking ahead, Aeva has announced "Aeva Day" on July 31, 2025, in New York City, where the company is expected to provide more detailed updates on its technology roadmap and business strategy.

Based on the Q1 presentation and previous guidance, Aeva will need to significantly accelerate revenue in the coming quarters to meet its 2025 targets. The strategic partnerships and customer wins announced this quarter could provide the foundation for this growth, particularly as initial orders begin to translate into recurring revenue.

The upcoming strategic investment of up to $50 million will also strengthen Aeva’s financial position, potentially extending its runway as it works toward profitability. However, investors should note that the company continues to operate at a significant loss, and execution risks remain as Aeva works to scale its technology across multiple markets.

Full presentation:

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