Welcome everyone to Aeva's fourth quarter and full year 2025 earnings conference call. Ahead of this call, we issued our fourth quarter and full year 2025 press release and presentation, which we will refer to today and can be found on our investor relations website at investors.aeva.com. We see a growing number of exciting opportunities to pursue this year and are focused on aligning supply to respond to the rapidly increasing demand for Aeva's suite of perception solutions. This is from a top European passenger OEM, long known as a leader in the automotive industry, with a strong track record of bringing industry-defining capabilities to market at mass volume.

We doubled our revenue in 2025 to a new record for the company, driven by increasing sensor shipments and expanding applications. To better position Aeva to meet this growing demand, we bolstered our balance sheet by approximately $150 million with leading partners LG Innotek and Apollo. As we highlighted at Aeva Day last summer, our unique perception platform leverages the same core hardware components with different software to reach an $80 billion-plus market opportunity across a wide range of applications. We set ambitious goals for 2025 that were designed to further position Aeva on a path for significant and sustainable growth, and it was an incredibly successful year.

Before I walk through the financials, I want to emphasize themes that defined our fourth quarter and full year 2025 performance. We continue to do this with disciplined capital management supported by the strategic financing we completed earlier in 2025, which strengthens our liquidity and extends our runway through key milestones. Now let me review Aeva's Q4 and full year 2025 financial results. We had a record revenue quarter and year for Aeva in 2025.

What went well
  • Doubled full-year 2025 revenue to a company record $18.1 million, with Q4 revenue of $5.6 million, driven by higher sensor shipments and NRE from Daimler Truck and the top European passenger OEM.
  • Won its first major passenger-vehicle production program from a top European OEM, becoming the exclusive LiDAR supplier globally outside China with a target start of production in 2028.
  • NVIDIA selected Aeva as the reference LiDAR sensor for its DRIVE Hyperion development platform, and a new global top 5 passenger OEM selected Aeva for an Atlas Ultra development program.
  • Formed a strategic collaboration with LG Innotek, which is investing up to $50 million (equity, non-dilutive product investment and production capacity), and jointly unveiled the Omni 360-degree product at CES.
  • Completed on-road validation of Daimler Truck Atlas B samples on schedule for C-sample delivery, and began shipping Eve precision sensors to initial customers such as SICK AG.
  • Reduced full-year non-GAAP operating loss by 17% (to $102 million) on a 12% cut in non-GAAP operating expenses, and bolstered the balance sheet by roughly $150 million via LG Innotek and Apollo.
What went wrong
  • Full-year non-GAAP operating loss remained large at $102 million, with a Q4 loss of $23.8 million.
  • Full-year gross cash use was $119.7 million ($23.7 million in Q4), keeping the company reliant on external capital.
  • The flagship passenger production win does not reach start of production until 2028, a long runway before meaningful volume revenue.
  • Liquidity depended on roughly $150 million of external financing from LG Innotek and Apollo rather than operating cash flow.
  • Several OEMs have been pulling back on Level 3 deployments, an industry dynamic that could pressure program timelines.

Guidance Changes

MetricPeriodCurrent guidance
RevenueFY2026$30 million - $36 million, approximately +70% to +100% year-over-year
Non-GAAP operating expensesFY2026Similar to prior year or a slight increase of up to 10%

Performance Breakdown

MetricYoYNote
Full-year 2025 revenue ~2x (doubled) Higher sensor shipments across customers and applications plus NRE from Daimler Truck and the top European passenger OEM.
Full-year 2025 non-GAAP operating loss -17% Driven by a 12% reduction in non-GAAP operating expenses.
Q4 revenue — $5.6 million, reflecting continued sensor shipments and program NRE.

Earnings Call Themes & Trends

TopicPrevious mentionCurrent periodTrend
Passenger production awardTop 10 development program plus letter of intent, in late-stage negotiationConverted to a firm production program award (exclusive LiDAR outside China, SOP 2028)—
NVIDIANot yet announcedSelected Aeva as reference LiDAR for the DRIVE Hyperion platform—
Balance sheet / financing$100 million Apollo convertible notes announcedBalance sheet bolstered by roughly $150 million combining LG Innotek and Apollo—
Forward outlookNo formal 2026 guidanceIntroduced FY2026 revenue guidance of $30-36 million with disciplined opex—

Q&A Summary

Can you talk more about the NVIDIA relationship and the benefits over time?
The NVIDIA reference win is a major collaboration built over a sustained period, with an active joint OEM production program - not a generic interface. Because DRIVE Hyperion is one common platform (same LiDAR, radar, cameras and NVIDIA compute) replicated across many OEMs, it gives Aeva the potential to reach multiple OEMs through a single partner, especially for Level 3 and higher automation with players like Mercedes-Benz, Stellantis and Uber.
On the top 5 passenger OEM, what were the competitive dynamics, and how robust is the defense pipeline?
The top 5 win is another validation of the Time-of-Flight to FMCW transition; the OEM has extensive ToF experience and views FMCW as key to future-proofing its stack for Level 3 and beyond, using the same Atlas Ultra platform. In defense, the growing multi-billion-dollar market is increasingly adopting LiDAR; following the Forterra win Aeva has begun sizable shipments and has multiple other engagements it expects to be a meaningful near-term contributor.
Will LG Innotek enable you to tap the global physical AI opportunity, or will you need other partners?
Physical AI is broad and expanding, and Aeva's single core platform with different software addresses automotive, factory automation and defense while scaling to unique capabilities like micron-level accuracy. LG Innotek brings credibility, scale, resources and top-level commitment, is investing about $50 million plus capex, and is co-developing products such as the Omni 360-degree sensor for industrial robotics; Aeva will continue leveraging existing partners too.
Why are you seeing defense interest and traction now, and what are customers upgrading from?
Rising defense budgets and a shift to AI/edge-based perception are driving demand. Aeva's FMCW advantages - motion estimation/odometry for GPS-denied navigation, long-range velocity sensing, and undetectability by night-vision goggles versus Time-of-Flight sensors - were core to the Forterra selection, and defense shipments were nearly a double-digit percentage of product sales last year.
Is the top 5 OEM engagement exclusive with no competition, and how many of your four 2026 wins will be automotive?
The competitive landscape has consolidated to fewer capable pure-play companies, and the top 5 OEM intends to transition to FMCW, with the work focused on timing and intercepting the next-generation platform. Aeva targets about four wins in 2026, expected to split roughly evenly - about two automotive and two non-automotive - though timing depends on customer decisions.
Recent OEM pullbacks on Level 3 - do they threaten your existing programs or pipeline timelines?
Some OEM transitions actually help Aeva, because OEMs are moving from Time-of-Flight to FMCW to fix gaps and future-proof their stacks, as with the top 10 passenger OEM. Rather than abandoning Level 3, OEMs are concentrating efforts to deliver it with the right partners on a 2028-2029 timeframe, aligning with Aeva's programs.

More on Aeva Technologies, Inc.

Reported 2026-02-26 · figures from the Aeva Technologies, Inc. Q4 2025 earnings call.

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