Executive Summary

Q4 2024 delivered sequential and year-over-year revenue growth, improved non-GAAP loss metrics, and consistent execution on Daimler Truck milestones; however, gross margins remained negative and overall GAAP losses were sizable .
Aeva announced a development award with a global top-10 passenger OEM and secured a letter of intent toward a large-scale production program decision in 2025; Atlas Ultra SOP is targeted for 2027, positioning the passenger vehicle opportunity as a key stock catalyst .
2025 revenue guidance of $15–$18M implies ~70–100% YoY growth, with non-GAAP OpEx targeted at $95–$105M (−10% to −20% YoY), and revenue expected to be back-end loaded—another potential narrative driver as execution milestones arrive through the year .
Liquidity remained solid with $112.0M in cash and marketable securities plus an undrawn $125.0M facility at 12/31/24; management noted the facility is available at their discretion, supporting multi-year runway to production .

What Went Well and What Went Wrong

What Went Well

Commercial momentum broadened: development award with a global top-10 passenger OEM (with LOI toward large scale production in 2025) and continued progress toward Daimler Truck SOP (2026) and market entry (2027) .
Industrial traction accelerated: expanded collaboration with SICK for precision sensing, and progress with The Indoor Lab for security deployments; management targets ~10x increase in industrial sensor shipments in 2025 .
Financial trajectory improved at the margin: revenue grew to $2.7M (Q4) from $1.6M a year ago and $2.3M in Q3; non-GAAP EPS improved YoY to $(0.49) from $(0.59) and sequentially from $(0.55) .

Selected management quote: “We believe 2025 is the year where Aeva will…deliver a year of record revenues with significant growth, while reducing our spend.”

What Went Wrong

Profitability remains challenged: Q4 gross margin stayed negative (gross loss of $0.829M on $2.696M revenue), and GAAP operating loss was $(34.2)M .
Cash burn in 2024 was significant: operating cash use $(106.9)M (gross cash use $112M including capex), underscoring the need for execution on revenue scaling and cost actions in 2025 .
Q4 “Other income (expense)” remained a headwind (Q4: $(3.266)M), reflecting financial/mark-to-market dynamics; full-year GAAP net loss was $(152.3)M .

Financial Results

P&L summary (oldest → newest)

Metric	Q4 2023	Q2 2024	Q3 2024	Q4 2024
Revenue ($USD Millions)	$1.611	$2.012	$2.250	$2.696
GAAP EPS ($)	$(0.92)	$(0.82)	$(0.70)	$(0.67)
Non-GAAP EPS ($)	$(0.59)	$(0.57)	$(0.55)	$(0.49)
Gross Profit ($USD Millions)	$(0.872)	$(0.848)	$(0.721)	$(0.829)
Gross Margin (%)	−54.1%	−42.2%	−32.0%	−30.8%
GAAP Operating Loss ($USD Millions)	$(36.845)	$(48.913)	$(37.876)	$(34.239)
Non-GAAP Operating Loss ($USD Millions)	$(31.323)	$(32.049)	$(31.371)	$(27.661)

Notes: Gross margin percentages calculated from reported revenue and gross loss figures .

Q4 2024 vs prior quarter/year and estimates

Metric	Q4 2024 Actual	Q3 2024	Q4 2023	S&P Global Consensus	Result vs Estimates
Revenue ($USD Millions)	$2.696	$2.250	$1.611	N/A (Unavailable via S&P Global for AEVA Q4 2024)	N/A
GAAP EPS ($)	$(0.67)	$(0.70)	$(0.92)	N/A (Unavailable via S&P Global for AEVA Q4 2024)	N/A
Non-GAAP EPS ($)	$(0.49)	$(0.55)	$(0.59)	N/A (Unavailable via S&P Global for AEVA Q4 2024)	N/A

Liquidity & Share count KPIs (oldest → newest)

KPI	Q2 2024	Q3 2024	Q4 2024
Cash + Marketable Securities ($USD Millions)	$160.2	$134.8	$112.0
Available Facility ($USD Millions)	$125.0	$125.0	$125.0
Weighted Avg Shares (Millions)	53.0	53.7	54.0

No segment reporting; company operates as a single business line focused on FMCW LiDAR systems (press materials do not present discrete segments) .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue ($USD Millions)	FY 2025	None	$15–$18	Introduced
Non-GAAP Operating Expenses ($USD Millions)	FY 2025	None	$95–$105	Introduced
Non-GAAP OpEx YoY Change	FY 2025	None	−10% to −20% YoY	Introduced
Revenue Phasing	FY 2025	None	Back-end loaded	Introduced
Daimler Truck SOP	Program Timeline	2026 (prior commentary)	2026 (unchanged)	Maintained
Daimler Truck Market Entry	Program Timeline	2027 (prior commentary)	2027 (unchanged)	Maintained
Atlas Ultra SOP	Program Timeline	None	2027	Introduced

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2 & Q3 2024)	Current Period (Q4 2024)	Trend
FMCW/Atlas product roadmap	Atlas launched; pulling forward Atlas shipments; advancing top-10 OEM RFQ	Atlas Ultra unveiled; 3x resolution, 35% slimmer; behind-windshield demo; development award with top-10 OEM; LOI toward 2025 award	Improving
Passenger OEM pipeline	Down-selected to final RFQ stage with a global top-10 OEM; engagement with other OEMs	Awarded development program; LOI toward large-scale program; SOP target 2027	Converting
Daimler/Torc milestones	Validated fully driverless highway ops at 65 mph; SOP 2026, market entry 2027	On track; deepened Torc collaboration (data share); SOP/market entry reiterated	On track
Industrial & security	Nikon (industrial precision) validation; initial security win; The Indoor Lab multiyear program	Expanded SICK collaboration; industrial shipments planned to scale ~10x in 2025; commercial deployments starting Q3 2025	Accelerating
Manufacturing capacity	Pull-forward Atlas; preparedness to scale production	Installing automated line targeting 100k+ units annual capacity; scalable architecture cited	Scaling up
Cost discipline & liquidity	Liquidity $160.2M + $125M facility (Q2); Q3 liquidity $134.8M + facility	2025 OpEx down 10–20%; liquidity $112.0M + $125M undrawn (conditions met)	Improving cost profile

Management Commentary

Strategy and 2025 setup: “We believe 2025 is the year where Aeva will be in a strong position to…deliver a year of record revenues with significant growth, while reducing our spend.” (CEO) .
Passenger OEM inflection: “This OEM…found that our technology is better able to address a number of key use cases…As such, they are moving to FMCW…We…secured a letter of intent…toward the Series Production Program award decision…later this year.” (CEO) .
Daimler/Torc execution: “Aeva remains on track for start of production in 2026 to support Daimler Truck’s market entry by 2027.” (CEO) .
Industrial scaling: “Having now substantially completed our validation with Sick, we’re now moving to commercial deployments beginning in Q3 of this year.” (CEO) .
Cost & liquidity: “We target growing our revenues…$15 million to $18 million…[and] non-GAAP operating expenses…$95 million to $105 million…We…ended the year with total available liquidity of $237 million.” (CFO) .
Liquidity detail: “The remaining $125 million is in the form of an undrawn facility where the conditions to draw have been fully met…at management’s sole discretion.” (CFO) .

Q&A Highlights

Industrial ramp and TAM: Management sees a ~10x (~1,000%) increase in industrial sensor shipments in 2025, with precision displacement sensing representing a large, existing market and Sick shipping 250k+ high-accuracy sensors annually .
Manufacturing readiness: Aeva is installing an automated final assembly line targeting 100k+ units annually; simplification of system architecture reduces complexity and supports automation .
Cost trajectory and program risk: Majority of Atlas development work completed; 2025 OpEx decline reflects maturation of product and reduced one-time engineering costs; Daimler milestones hit on-time or early .
Passenger OEM program cadence: Atlas Ultra SOP targeted for 2027; LOI toward 2025 award; potential to be standard feature on key model lines with multi-million vehicle scale .
Liquidity runway: $112M cash/marketable securities + $125M undrawn facility; multiyear runway cited; no debt .

Estimates Context

S&P Global consensus estimates for AEVA Q4 2024 revenue and EPS were unavailable; as a result, comparisons vs Street were not possible based on S&P Global data. The tables above therefore present actuals vs prior quarter and prior year only. Values retrieved from S&P Global.

Key Takeaways for Investors

2025 is set up as an execution year: revenue guide implies ~70–100% YoY growth with OpEx down 10–20%—the combination should reduce cash burn if achieved .
Passenger vehicle inflection: A development award and LOI with a top-10 OEM plus Atlas Ultra SOP in 2027 establish a credible path to scaled consumer auto deployment—potentially a structural re-rating catalyst as milestones are met .
Commercial vehicle anchor: Daimler Truck/Torc timelines remain intact (SOP 2026, market entry 2027), de-risking medium-term volume and validating FMCW leadership at highway speeds .
Industrial flywheel: Expanded SICK collaboration and The Indoor Lab deployments signal non-auto revenue streams that could scale faster near term; management targets ~10x industrial shipment growth in 2025 .
Manufacturing leverage: Automated line targeting 100k+ units supports multi-market scaling; system-level simplicity aims to compress cost and cycle time over ramp .
Risk frame: Negative gross margins and sizable GAAP losses persist; 2025 revenue is back-end loaded, increasing intra-year execution risk; liquidity ($112M + $125M facility) mitigates near-term funding concerns if cost discipline holds .

Supporting Documents Reviewed (Q4 2024 and Prior Quarters)

Q4 2024 press release: “Aeva Reports Fourth Quarter and Full Year 2024 Results” .
Q4 2024 earnings call transcript (full): Prepared remarks and Q&A -.
Q4 2024 Form 8-K (Item 2.02): Incorporates press release and GAAP/Non-GAAP reconciliations -.
Q3 2024 press release and call: Financials and program updates - -.
Q2 2024 press release: Financials and customer updates -.
Other relevant Q4 2024 press releases: SICK collaboration expansion (Dec 2, 2024) -.

Aeva Technologies, Inc. (AEVA)·Q4 2024 Earnings Summary