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Aeva Technologies, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $2,250,000 from $810,000 in the same quarter the previous year. The increase is attributed to a rise in the number of units sold and non-recurring engineering revenue.
Cost of revenue for the quarter was $2,971,000, compared to $2,525,000 in the same quarter of the previous year, resulting in a gross loss of $721,000, down from $1,715,000.
Research and development expenses increased to $27,116,000 from $23,787,000, primarily due to higher material expenses and software subscription costs.
General and administrative expenses remained flat at $8,456,000 compared to $8,474,000 in the previous year.
Selling and marketing expenses increased slightly to $1,583,000 from $1,520,000.
Net loss for the quarter was $37,396,000, compared to $33,238,000 in the previous year.
Aeva reported cash and cash equivalents of $30,462,000 as of September 30, 2024, with a net decrease in cash and cash equivalents of $8,085,000 over the nine months ended September 30, 2024.
The company highlighted its ongoing litigation settlement related to the Delaware Stockholder Litigation, with a total settlement cost of $14,000,000.
Aeva continues to focus on the development and commercialization of its 4D LiDAR-on-chip technology for various applications, including automated driving and industrial automation.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Aeva Technologies Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.