Aeva Technologies, Inc. reported significant financial developments in its 10-Q filing for the third quarter of 2024. The company generated revenue of $2.25 million for the three months ended September 30, 2024, marking a substantial increase of 178% compared to $810,000 in the same period of 2023. For the nine months ended September 30, 2024, total revenue reached $6.37 million, up 136% from $2.70 million in the prior year. This growth was attributed to increased sales of perception solutions and non-recurring engineering services, with North America contributing 87% of total revenue.

Despite the revenue growth, Aeva reported a net loss of $37.40 million for Q3 2024, a 13% increase from a net loss of $33.24 million in Q3 2023. For the nine-month period, the net loss was $116.12 million, up 11% from $104.37 million in the same period of 2023. The increase in losses was primarily driven by higher operating expenses, which totaled $37.16 million for Q3 2024, a 10% increase from $33.78 million in Q3 2023. For the nine months, operating expenses rose to $121.17 million, up 14% from $105.93 million in the previous year.

Research and development expenses for Q3 2024 were $27.10 million, reflecting a 14% increase from $23.80 million in Q3 2023. General and administrative expenses also rose by 6% to $25.00 million for the nine months ended September 30, 2024. The company incurred a litigation settlement expense of $11.5 million related to the Delaware Stockholder Litigation, which contributed to the overall increase in losses.

As of September 30, 2024, Aeva's total assets were $169.14 million, down from $257.39 million at the end of 2023. Total liabilities increased to $39.88 million from $28.94 million, with current liabilities rising significantly to $33.62 million from $18.40 million. The accumulated deficit grew to $575.72 million, reflecting ongoing negative cash flows from operations.

Aeva's liquidity position remains robust, with cash and cash equivalents of $30.46 million and marketable securities of $104.36 million, totaling $134.82 million. The company has also entered into Subscription Agreements for the purchase of common stock, resulting in net proceeds of approximately $20.6 million, and has the right to sell up to $125 million of preferred stock under a Facility Agreement until November 2026.

Overall, Aeva continues to focus on expanding its manufacturing capacity and enhancing its technology offerings in the 4D LiDAR market, despite facing challenges related to operating losses and litigation expenses.