Aeva Reports Fourth Quarter and Full Year 2025 Results
Awarded Major Global Production Contract from Top 10 Passenger OEM
Selected by Top 5 Passenger OEM for Global Vehicle Development Program
Nvidia Selected Aeva as Reference LiDAR Sensor for DRIVE Hyperion Platform
Doubled Revenue in 2025 Driven by Scaling Volume and New Markets Expansion
MOUNTAIN VIEW, Calif., Feb. 26, 2026 – Aeva® (Nasdaq: AEVA), a leader in next-generation sensing and perception systems, today announced its fourth quarter and full year 2025 results.
Key Company Highlights
•
A top European passenger OEM awarded Aeva a major production contract as the exclusive Tier-1 LiDAR supplier for the OEM’s global L3 production program outside of China with targeted SOP in 2028
•
New top 5 passenger OEM selected Aeva for a joint development program for its global vehicle lineup across multiple car brands, with opportunity for a large scale production program award
•
Nvidia selected Aeva 4D LiDAR as the reference sensor for its DRIVE Hyperion platform used by leading automotive OEMs and AV companies to enable L3 and higher automated driving
•
Successfully completed on-road validation of Aeva Atlas B-samples for Daimler Truck and on track to deliver C-samples in 2026 as the exclusive long-range LiDAR and primary detection sensor for Daimler Truck’s series production autonomous trucks
•
Secured first win in the defense market with Forterra’s selection of Aeva 4D LiDAR to enable autonomous defense vehicles
•
Introduced Omni, the first compact wide-view short-range FMCW LiDAR targeting a broad range of physical AI applications
•
Delivered key 2025 company objectives, including converting significant commercial momentum to multiple wins, scaling manufacturing and achieving record revenue while strengthening balance sheet and reducing operating expenses
“2025 was a landmark year for Aeva, marked by accelerating demand for our unique perception platform from a growing list of customers and strategic partners across broad applications,” said Soroush, Salehian, Co-founder and CEO at Aeva. “This culminated in our first series production award with a top 10 passenger OEM, and we began 2026 expanding our leadership position with a new development program with a top 5 passenger OEM and our first win in defense with Forterra for autonomous ground vehicles. We expect Aeva’s momentum to continue, with additional production program opportunities, scaling manufacturing to meet our customers’ needs and delivering another record revenue year.”
Fourth Quarter and Full Year 2025 Financial Highlights
•
Cash, Cash Equivalents and Marketable Securities
•
Cash, cash equivalents and marketable securities of $121.9 million and available facility of $125.0 million as of December 31, 2025
•
Revenue
•
Revenue of $5.6 million in Q4 2025, compared to revenue of $2.7 million in Q4 2024
•
Revenue of $18.1 million for full year 2025, compared to revenue of $9.1 million for full year 2024
•
GAAP and Non-GAAP Operating Loss*
•
GAAP operating loss of $29.1 million in Q4 2025, compared to GAAP operating loss of $34.2 million in Q4 2024
•
GAAP operating loss of $127.6 million for full year 2025, compared to GAAP operating loss of $158.4 million for full year 2024
•
Non-GAAP operating loss of $23.8 million in Q4 2025, compared to non-GAAP operating loss of $27.7 million in Q4 2024
•
Non-GAAP operating loss of $102.0 million for full year 2025, compared to non-GAAP operating loss of $123.2 million for full year 2024
•
GAAP and Non-GAAP Net Loss per Share*
•
GAAP net loss per share of $0.42 in Q4 2025, compared to GAAP net loss per share of $0.67 in Q4 2024
•
GAAP net loss per share of $2.55 for full year 2025, compared to GAAP net loss per share of $2.85 for full year 2024
•
Non-GAAP net loss per share of $0.40 in Q4 2025, compared to non-GAAP net loss per share of $0.49 in Q4 2024
•
Non-GAAP net loss per share of $1.75 for full year 2025, compared to non-GAAP net loss per share of $2.17 for full year 2024
•
Shares Outstanding
•
Weighted average shares outstanding of 60.2 million in Q4 2025 and 57.0 million for full year 2025
2026 Financial Outlook
•
Revenue in the range of $30 million to $36 million, representing growth of approximately 70% to 100% year-over-year
*Tables reconciling GAAP to non-GAAP measures are provided at the end of this release.
Conference Call Details
Aeva will host a conference call and live webcast to discuss results at 2:00 p.m. PT / 5:00 p.m. ET today, February 26, 2026. The live webcast and replay can be accessed at investors.aeva.com.
About Aeva Technologies, Inc. (Nasdaq: AEVA)
Aeva’s mission is to bring the next wave of perception to a broad range of applications from automated driving, manufacturing automation and smart infrastructure, to robotics and consumer devices. Aeva is accelerating autonomy with its groundbreaking perception platform that integrates lidar-on-chip technology, system-on-chip processing, and perception algorithms onto silicon leveraging silicon photonics. Aeva 4D LiDAR sensors uniquely detect velocity and position simultaneously, allowing automated devices like vehicles and robots to make more intelligent and safe decisions. For more information, visit www.aeva.com, or connect with us on X or LinkedIn.
Aeva, the Aeva logo, Aeva 4D LiDAR, Aeva Atlas, Aeries, Aeva Eve, Aeva Omni, Aeva Ultra Resolution, Aeva CoreVision, and Aeva X1 are trademarks/registered trademarks of Aeva, Inc. All rights reserved. Third-party trademarks are the property of their respective owners.
Forward looking statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. These forward-looking statements include, but are not limited to expectations about revenue, product features, performance, the timing of production, and market adoption. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including, but not limited to: (i) the fact that Aeva is an early stage company with a history of operating losses and may never achieve profitability, (ii) Aeva’s limited operating history, (iii) Aeva’s ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities, (iv) the timing of any orders for the Company’s solutions, which will not be under our control, (v) the risk that OEMs may not pursue adopt the platform as currently anticipated, if at all, (vi) the risk that markets will not accept products of OEMs, (vii) supply chain and manufacturing issues, (vii) unforeseen errors or defects, (viii) market acceptance of LiDAR technology and autonomous driving, (ix) general economic conditions, including tariffs, and other material risks and other important factors that could affect our financial results. Please refer to our filings with the SEC, including our most recent Quarterly Reports on Form 10-Q and our most recent Annual Report on Form 10-K. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Aeva assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Aeva does not give any assurance that it will achieve its expectations.
Contacts
Media:
Michael Oldenburg
press@aeva.ai
Investors:
Andrew Fung
investors@aeva.ai
AEVA TECHNOLOGIES, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
December 31, 2025
December 31, 2024
Assets
Current assets
Cash and cash equivalents
$
72,291
$
28,864
Marketable securities
49,608
83,143
Accounts receivable, net
3,363
1,187
Inventories
5,787
2,345
Other current assets
22,476
7,761
Total current assets
153,525
123,300
Operating lease right-of-use assets
5,480
3,826
Property, plant and equipment, net
12,845
10,332
Intangible assets, net
825
1,725
Other noncurrent assets
7,026
8,306
Total assets
$
179,701
$
147,489
Liabilities and stockholders’ equity
Current liabilities
Accounts payable
$
5,885
$
5,453
Accrued liabilities
12,063
5,710
Accrued employee costs
13,945
5,783
Lease liability, current portion
1,488
3,039
Other current liabilities
2,488
19,174
Total current liabilities
35,869
39,159
Lease liability, noncurrent portion
4,213
720
Convertible notes
96,693
—
Warrant liabilities
29,711
8,258
Total liabilities
166,486
48,137
Stockholders’ equity
Common stock
6
6
Additional paid-in capital
770,502
711,160
Accumulated other comprehensive (loss) income
(4
)
47
Accumulated deficit
(757,289
)
(611,861
)
Total stockholders’ equity
13,215
99,352
Total liabilities and stockholders’ equity
$
179,701
$
147,489
AEVA TECHNOLOGIES, INC.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except share and per share data)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Revenue
$
5,621
$
2,696
$
18,079
$
9,065
Cost of revenue (1)
4,301
3,525
18,739
12,855
Gross profit (loss)
1,320
(829
)
(660
)
(3,790
)
Operating expenses:
Research and development expenses (1)
18,850
24,343
85,424
102,667
General and administrative expenses (1)
10,018
7,729
34,828
33,259
Selling and marketing expenses (1)
1,547
1,338
6,685
7,156
Litigation settlement, net
—
—
—
11,500
Total operating expenses
30,415
33,410
126,937
154,582
Operating loss
(29,095
)
(34,239
)
(127,597
)
(158,372
)
Interest income
727
1,385
2,738
7,712
Change in fair value of warrant liabilities
3,901
(3,303
)
(21,453
)
(1,486
)
Fair value gain on settlement of share subscription liability
—
—
1,651
—
Other income (expense), net
(732
)
37
(459
)
56
Net loss before income taxes
$
(25,199
)
$
(36,120
)
$
(145,120
)
$
(152,090
)
Income tax provision
115
26
308
171
Net loss
$
(25,314
)
$
(36,146
)
$
(145,428
)
$
(152,261
)
Net loss per share
Basic
$
(0.42
)
$
(0.67
)
$
(2.55
)
$
(2.85
)
Diluted
$
(0.42
)
$
(0.67
)
$
(2.55
)
$
(2.85
)
Weighted-average shares used in computing net loss per share
Basic
60,227,947
53,986,214
57,023,024
53,359,685
Diluted
60,227,947
53,986,214
57,023,024
53,359,685
(1) Includes stock-based compensation as follows:
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Cost of revenue
$
300
$
71
$
414
$
279
Research and development expenses
2,852
4,218
12,794
16,657
General and administrative expenses
2,025
2,072
7,969
5,875
Selling and marketing expenses
138
217
666
897
Total stock-based compensation expense
$
5,315
$
6,578
$
21,843
$
23,708
AEVA TECHNOLOGIES, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
Year Ended December 31,
2025
2024
Cash flows from operating activities:
Net loss
$
(145,428
)
$
(152,261
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
5,381
5,480
Impairment of inventories
493
1,140
Loss on joint development agreement
3,785
—
Change in fair value of warrant liabilities
21,453
1,486
Stock-based compensation
21,843
23,708
Amortization of right-of-use assets
3,106
3,463
Amortization of premium and accretion of discount on available-for-sale securities, net
(1,050
)
(3,537
)
Other
423
563
Changes in operating assets and liabilities:
Accounts receivable, net
(2,537
)
(559
)
Inventories
(3,936
)
(1,111
)
Other current assets
(8,715
)
(2,566
)
Other noncurrent assets
288
318
Accounts payable
(504
)
1,835
Accrued liabilities
3,314
2,334
Accrued employee costs
8,162
(260
)
Lease liability
(2,818
)
(3,595
)
Other current liabilities
(18,337
)
16,649
Net cash used in operating activities
(115,077
)
(106,913
)
Cash flows from investing activities:
Purchase of property, plant and equipment (including advance)
(4,609
)
(5,107
)
Purchase of available-for-sale securities
(75,014
)
(79,980
)
Proceeds from maturities of available-for-sale securities
109,549
182,988
Net cash provided by investing activities
29,926
97,901
Cash flows from financing activities:
Proceeds from issuance of stock in private placement
32,500
—
Transaction costs related to issuance of stock in private placement
(400
)
—
Proceeds from convertible notes
100,000
—
Transaction costs related to issuance of convertible notes
(3,072
)
—
Payments of taxes withheld on net settled vesting of restricted stock units
(578
)
(752
)
Proceeds from exercise of stock options
128
81
Net cash provided by (used in) financing activities
128,578
(671
)
Net increase (decrease) in cash and cash equivalents
43,427
(9,683
)
Beginning cash and cash equivalents
28,864
38,547
Ending cash and cash equivalents
$
72,291
$
28,864
AEVA TECHNOLOGIES, INC.
Reconciliation of GAAP to Non-GAAP Operating Results
(Unaudited)
(In thousands, except share and per share data)
Reconciliation from GAAP to non-GAAP operating loss
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
GAAP operating loss
$
(29,095
)
$
(34,239
)
$
(127,597
)
$
(158,372
)
Stock-based compensation
5,315
6,578
21,843
23,708
Loss on joint development agreement
—
—
3,785
—
Litigation settlement, net
—
—
—
11,500
Non-GAAP operating loss
$
(23,780
)
$
(27,661
)
$
(101,969
)
$
(123,164
)
Reconciliation from GAAP to non-GAAP net loss
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
GAAP net loss
$
(25,314
)
$
(36,146
)
$
(145,428
)
$
(152,261
)
Stock-based compensation
5,315
6,578
21,843
23,708
Loss on joint development agreement
—
—
3,785
—
Change in fair value of warrant liabilities
(3,901
)
3,303
21,453
1,486
Fair value gain on settlement of share subscription liability
—
—
(1,651
)
—
Litigation settlement, net
—
—
—
11,500
Non-GAAP net loss
$
(23,900
)
$
(26,265
)
$
(99,998
)
$
(115,567
)
AEVA TECHNOLOGIES, INC.
Reconciliation of GAAP to Non-GAAP Operating Results
(Unaudited)
(In thousands, except share and per share data)
Reconciliation between GAAP and non-GAAP net loss per share
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Shares used in computing GAAP net loss per share:
Basic and diluted
60,227,947
53,986,214
57,023,024
53,359,685
GAAP net loss per share
Basic and diluted
$
(0.42
)
$
(0.67
)
$
(2.55
)
$
(2.85
)
Stock-based compensation
0.08
0.12
0.38
0.43
Loss on joint development agreement
—
—
0.07
—
Change in fair value of warrant liability
(0.06
)
0.06
0.38
0.03
Fair value gain on settlement of share subscription liability