AEVANasdaqMotor Vehicle Parts & AccessoriesUS GAAP · USD

Aeva Technologies, Inc.

Aeva Technologies designs and sells LiDAR sensing systems and related perception software for machines that need to understand their surroundings in 3D. The company’s core technology is FMCW-based 4D LiDAR-on-chip, which measures velocity in addition to depth and reflectivity and is intended to work in sunlight and in the presence of other LiDAR systems. Aeva sells prototype sensing systems and also performs non-recurring engineering services to adapt its perception solution to customer requirements. Its end markets include automotive, industrial, consumer devices, and security applications, with commercialization tied to customer development and production programs.

Revenue18.1m USD
+99.4 %y/y
Operating profit (EBIT)-128m USD
+19.4 %y/y
EBIT margin-705.8%
+1,041.3 ppy/y
Net income-145m USD
+4.5 %y/y
Free cash flow-120m USD
−6.8 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-200-150-100-50050m USD2020: 4.8 m USD2020: EBIT -2.5 m USD20202021: 9.3 m USD2021: EBIT -104 m USD20212022: 4.2 m USD2022: EBIT -152 m USD20222023: 4.3 m USD2023: EBIT -148 m USD20232024: 9.1 m USD2024: EBIT -158 m USD20242025: 18 m USD2025: EBIT -128 m USD202518-128
RevenueOperating profit (EBIT)

Business

Share of revenue
LiDAR sensing systems70 %

Prototype and production-oriented sensing hardware sold to customers for evaluation, testing, and deployment.

Non-recurring engineering services20 %

Customer-specific engineering work to customize Aeva’s perception solution for particular applications.

Perception software10 %

Software and algorithms that support autonomy and sensing performance around the LiDAR hardware.

Customers

Aeva primarily sells to original equipment manufacturers and other commercial customers in automotive and industrial markets that are evaluating or developing advanced sensing systems. The company’s reported customer agreements indicate that many shipments are prototypes used for research, development, evaluation, pilot, or testing purposes rather than full-scale production. Revenue also depends on non-recurring engineering work, which is tied to customer-specific customization needs and the timing of project milestones. Customer demand is therefore closely linked to whether a program is in development or production and to the customer’s own end-market success. Strategic partnerships, such as the LG Innotek relationship, are important because they can open access to new industrial and consumer applications.

Automotive OEMs and suppliers

Buy LiDAR prototypes and development support for advanced driver assistance and autonomy programs, with adoption depending on vehicle platform timing and production readiness.

Industrial automation customers

Buy sensing systems for robotics, factory automation, and other machine-vision use cases where velocity-aware sensing can improve performance.

Development-stage customers

Purchase prototype units and engineering services for evaluation, pilot, and testing before committing to production volumes.

Consumer and security market partners

Use Aeva’s technology to explore new applications beyond automotive, often through joint development or strategic partnerships.

Strategy

Aeva’s strategy is to convert its proprietary FMCW LiDAR technology into customer programs that move from development into production. Management emphasizes improving product capability, lowering cost, and meeting customer volume and margin targets, because profitability depends on scaling from prototype shipments to larger deployments. The company is also using strategic partnerships to extend its reach into new industrial and consumer markets, as shown by the LG Innotek joint development agreement. Continued R&D remains central because the company is still expanding functionality and developing new products around its core sensing platform. Execution risk is high because delays in customer programs or failure to secure production wins would slow revenue growth and delay operating leverage.

Commercialize existing customer programsShort term

Revenue and profitability depend on prototype relationships progressing into production volumes.

Expand through strategic partnershipsMedium term

Partnerships can accelerate market access and validate the technology in adjacent markets.

Advance core FMCW LiDAR technologyMedium term

Differentiation depends on maintaining performance advantages over Time-of-Flight LiDAR.

Geography

Q1/2026

Aeva is headquartered in the United States and reports its business through U.S. GAAP filings, with commercialization efforts centered on U.S.-based operations and customer relationships. The company’s filings do not provide a country-level revenue split in the excerpts provided, so the geographic profile is best understood through its operating base and customer end markets rather than disclosed regional sales percentages. Its strategic partnership with LG Innotek also points to an Asia-linked commercialization path for industrial and consumer markets. Because the business is still early in commercialization, geography matters less as a revenue concentration issue today than as a route to customer access, manufacturing scale, and partnership execution.

Europe, Middle East and Africa62 %
North America34 %
Asia4.5 %

Share of the revenue the company reports by geography.

Risks

Aeva’s business is highly dependent on customer program timing, so delays in development or production launches can materially reduce revenue and delay profitability. The company also faces execution risk in strategic partnerships, because expected benefits from alliances such as LG Innotek may not translate into commercial orders or new product wins. Gross margins can be pressured by volume discounts, strategic pricing, and manufacturing cost absorption if volumes do not scale as planned. As a LiDAR and autonomy-enabling technology company, Aeva also faces intense competition, rapid technology change, and the risk that customers choose alternative sensing architectures. In addition, the company has disclosed internal control and compliance risks typical of a public growth company, including the possibility of deficiencies, restatements, and higher regulatory costs.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Strategic partnership execution risk1Internal control deficiencies3
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Strategic partnership execution riskImpact: HighLikelihood: Medium

    The company relies on third-party partners to extend capabilities and access new markets, but partnerships may not yield orders or product adoption.

    Exposure: LG Innotek and similar alliances

  2. Customer program delaysImpact: High

    Revenue depends on customers moving from development to production, so slippage directly delays shipments and cash generation.

    Exposure: Automotive and industrial programs

  3. Internal control deficienciesImpact: MediumLikelihood: Medium

    Management disclosed the need for significant resources to maintain controls, and weaknesses could cause reporting errors or restatements.

    Exposure: Public company reporting

  4. Gross margin pressure from pricing and scaleImpact: Medium

    Prototype pricing, volume discounts, and under-absorbed manufacturing overhead can reduce margins if production volumes remain low.

    Exposure: LiDAR hardware and NRE mix

Accounting

Judgemental items
Revenue recognition for sensing systems and NRE services

Revenue timing depends on shipment, delivery, and completion of customer-specific engineering work, which can shift quarterly results.

Impact: Quarterly volatility and comparability

Gross margin allocation and manufacturing overhead

Cost of revenue includes direct materials, labor, freight, and overhead, so underutilization can depress margins.

Impact: Reported gross profit/loss

Warrants and share subscriptions

These instruments may be classified as equity or liabilities depending on contract terms, affecting balance sheet presentation and fair value gains/losses.

Impact: Earnings volatility and balance sheet classification

Stock-based compensation and R&D capitalization

Personnel-heavy R&D and equity awards are significant for an early commercialization company and affect operating loss trends.

Impact: Operating expenses and non-cash charges

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026

Aeva Technologies, Inc. (AEVA) Revenue, Earnings & Financials 2025 – Clarifo