Aeva Technologies, Inc. reported a significant increase in revenue for the fiscal year ending December 31, 2024, with total revenue reaching $9.1 million, a 110% increase from $4.3 million in 2023. This growth was primarily driven by an uptick in sales of prototype units and non-recurring engineering services. Despite the revenue growth, the company incurred a net loss of $152.3 million, slightly higher than the $149.3 million loss reported in the previous year. The increase in losses was attributed to rising operating expenses, including a $11.5 million litigation settlement related to the Delaware Stockholder Litigation.
In terms of operational metrics, Aeva's cost of revenue rose to $12.9 million, a 26% increase from $10.2 million in 2023, reflecting the higher volume of units sold. Research and development expenses remained stable at approximately $102.7 million, while general and administrative expenses increased by 5% to $33.3 million. The company’s total operating expenses for 2024 were $154.6 million, up from $141.9 million in 2023, indicating a 9% rise. The increase in expenses was driven by higher payroll costs and legal fees, among other factors.
Aeva's customer base remains concentrated, with two customers accounting for 56% and 16% of total revenue in 2024. The company continues to focus on expanding its market presence, particularly in the automotive sector, where it aims to integrate its 4D LiDAR technology into various applications, including advanced driver-assistance systems (ADAS) and autonomous vehicles. As of December 31, 2024, Aeva had 276 full-time employees, primarily engaged in research and development.
Looking ahead, Aeva has expressed optimism about its growth potential, supported by a Standby Equity Purchase Agreement with Sylebra Capital, allowing the company to raise up to $125 million in preferred stock. The company believes that its existing cash reserves, combined with this facility, will be sufficient to fund operations through at least 2025. However, Aeva acknowledges the challenges it faces, including the lengthy development cycles for its products and the competitive landscape in the LiDAR market, which may impact its ability to achieve profitability in the near term.
About Aeva Technologies, Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.