Aeva Technologies, Inc. reported significant financial developments in its 10-K filing for the fiscal year ending December 31, 2025. The company generated revenue of $18.1 million, a 99% increase from $9.1 million in 2024, primarily driven by higher sales volumes and increased activity in non-recurring engineering services. Despite this revenue growth, Aeva incurred a net loss of $145.4 million, slightly improved from a loss of $152.3 million in the previous year. The increase in revenue was offset by a 46% rise in the cost of revenue, which totaled $18.7 million, reflecting the higher number of units sold and increased engineering service activity.
In terms of operational changes, Aeva has made strategic moves to enhance its market position, including a significant partnership with LG Innotek Co., Ltd. This collaboration, established in May 2025, aims to integrate Aeva's 4D LiDAR technology into new industrial and consumer markets, with LGIT investing $32.5 million in exchange for common shares. Additionally, Aeva entered into a Standby Equity Purchase Agreement with Sylebra Capital, allowing the company to raise up to $125 million through the sale of preferred stock, contingent upon meeting specific conditions.
Aeva's operational metrics indicate a growing customer base, with three customers accounting for 28%, 18%, and 18% of total revenue in 2025. The company also reported a significant increase in its employee headcount, reaching 239 full-time employees as of December 31, 2025, primarily engaged in research and development. The company’s focus on expanding its manufacturing capacity through third-party manufacturers is expected to support anticipated demand for its products.
Looking ahead, Aeva's management expressed cautious optimism regarding future growth, emphasizing the importance of successful commercialization of its products and the ongoing development of customer relationships. However, the company acknowledged the inherent risks associated with its business model, including reliance on a limited number of customers, the lengthy development cycles typical in the automotive sector, and the competitive landscape of the LiDAR technology market. Aeva's ability to achieve profitability remains uncertain, as it continues to invest heavily in research and development while navigating the complexities of market adoption for its innovative technologies.
About Aeva Technologies, Inc.
Aeva Technologies, Inc. develops advanced 4D LiDAR sensing solutions using proprietary Frequency Modulated Continuous Wave (FMCW) technology integrated on silicon photonics chips. Its products measure instant velocity, range, and reflectivity with high precision and long-range performance, targeting automotive autonomous driving, industrial automation, consumer devices, and security markets. Aeva’s technology offers interference immunity, compact form factors, and scalable manufacturing, enabling enhanced perception for automated systems and safety applications.
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