Aeva Technologies Reports 174% Revenue Growth but Incurred $192.7 Million Net Loss in Q2 2025

Aeva Technologies, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2025. The company generated revenue of $5.5 million for the quarter, a 174% increase from $2.0 million in the same period last year. For the first half of 2025, revenue reached $8.9 million, up 116% from $4.1 million in the first half of 2024. Despite this growth, Aeva reported a net loss of $192.7 million for the quarter, compared to a loss of $43.4 million in the prior year, primarily due to a significant increase in the fair value of its warrant and share subscription liabilities.

The company's operating expenses decreased by 33% to $32.2 million in the second quarter of 2025, down from $48.1 million in the same quarter of 2024. This reduction was attributed to the absence of litigation settlement costs, which amounted to $11.5 million in the previous year. Research and development expenses also fell by 13% to $22.8 million, reflecting a strategic focus on cost management. However, the company incurred a $3.8 million loss related to a joint development agreement, contributing to the overall increase in costs.

Aeva's operational metrics indicate a growing customer base, with three customers accounting for 36%, 16%, and 14% of revenue in the latest quarter. The company continues to expand its geographic reach, with 15% of revenue coming from international customers, compared to just 3% in the same quarter last year. The firm is also actively pursuing partnerships, having entered into a strategic collaboration with LG Innotek, which includes a $32.5 million investment and a joint development agreement.

As of June 30, 2025, Aeva's total assets were reported at $91.1 million, a decrease from $147.5 million at the end of 2024. The decline in assets was primarily due to a reduction in cash and marketable securities, which totaled $49.8 million. The company has a substantial accumulated deficit of $839.5 million, reflecting its ongoing investment in product development and market expansion. Aeva's management believes that its current liquidity, including access to a $125 million standby equity purchase agreement, will be sufficient to fund operations for at least the next 12 months.

Looking ahead, Aeva anticipates continued fluctuations in revenue as it navigates the commercialization of its LiDAR technology. The company is focused on scaling production and enhancing its product offerings to meet customer demand. However, it acknowledges the challenges posed by macroeconomic conditions and competitive pressures in the technology sector, which may impact pricing and margins. Aeva's management remains committed to executing its strategic initiatives while managing costs effectively to drive future growth.