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Aeva Technologies Inc. (AEVA+2.79%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details Aeva's focus on developing its 4D LiDAR-on-chip technology, which aims to enhance perception capabilities across various applications, including automated driving and industrial automation.
Aeva reported a net loss of $152.3 million for the year, compared to a net loss of $149.3 million in the previous year. The company attributes the losses to ongoing research and development expenses and other operating costs.
Revenue for the year increased to $9.1 million, up from $4.3 million in 2023. This growth was driven by an increase in the sale of prototype units and non-recurring engineering services.
The company incurred significant operating expenses totaling $154.6 million, which included research and development costs of $102.7 million, general and administrative expenses of $33.3 million, and selling and marketing expenses of $7.2 million.
Aeva's cash and cash equivalents, along with marketable securities, totaled $112.0 million as of December 31, 2024. The company believes this liquidity, along with a standby equity purchase agreement, will be sufficient to fund operations for the next 12 months.
The company has been involved in legal proceedings related to a class action lawsuit, resulting in a settlement agreement to pay $14.0 million, with an expected recovery of $2.5 million from an insurance carrier.
Aeva continues to focus on expanding its customer base and commercializing its LiDAR technology across various markets, including automotive and industrial sectors.
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. annual 10-K report dated March 21, 2025. To report an error, please email earnings@qz.com.