Aeva Technologies Reports 60% Revenue Growth to $3.4 Million in Q1 2025

Aeva Technologies, Inc. reported a revenue of $3.4 million for the first quarter of 2025, marking a 60% increase from $2.1 million in the same period last year. The company attributed this growth to an increase in the number of units sold and higher non-recurring engineering revenue. Despite the revenue increase, Aeva recorded a net loss of $34.9 million, slightly improved from a loss of $35.3 million in the prior year. The loss per share was $0.64, compared to $0.67 in the first quarter of 2024.

In terms of operational efficiency, Aeva's cost of revenue decreased by 13% to $3.1 million, primarily due to lower production costs associated with units sold. Total operating expenses also fell by 15% to $30.7 million, driven by reductions in research and development, general and administrative, and selling and marketing expenses. Research and development expenses alone decreased by 14% to $21.6 million, reflecting a strategic focus on cost management while continuing to invest in product development.

Aeva's balance sheet as of March 31, 2025, showed total assets of $114.5 million, down from $147.5 million at the end of 2024. The decline was largely due to a reduction in cash and cash equivalents, which fell to $21.2 million from $28.9 million. The company had a total stockholders' equity of $68.8 million, down from $99.4 million at the end of the previous fiscal year. Aeva's accumulated deficit increased to $646.7 million, reflecting ongoing investments in technology and product development.

The company continues to expand its market presence, with a focus on its Frequency Modulated Continuous Wave (FMCW) sensing technology, which is designed to enhance LiDAR applications across various sectors, including automotive and industrial automation. Aeva's customer base includes significant contracts with major players in the automotive industry, with two customers accounting for 59% and 19% of total revenue in the latest quarter. The company is also exploring geographic expansion and increasing its manufacturing capacity to meet anticipated demand.

Looking ahead, Aeva expects to continue incurring operating losses as it invests in product development and market expansion. The company has access to liquidity through a Standby Equity Purchase Agreement, allowing it to raise up to $125 million in preferred stock, which it plans to utilize as needed to support its operations and growth initiatives. Aeva's management believes that its current cash reserves, along with potential funding from the Facility Agreement, will be sufficient to meet its operational and capital expenditure requirements for at least the next 12 months.