Aeva Technologies, Inc. Q4 FY2024 earnings call

• Launched Atlas Ultra at CES 2024, a new automotive grade 4D LiDAR with 3 times the resolution and 35% slimmer packaging.
• Secured series production win at Daimler Truck, with progress continuing in 2025 and expansion of collaboration with torque.
• Awarded joint development program from a global top 10 passenger OEM for the Atlas Ultra product, with expectations to complete the program later this year and transition to large-scale production.
• Expanded industrial developments, including partnering with SICK AG for commercial deployments in industrial robotics and factory automation starting in Q3 2025, with potential for 1,000% growth in industrial sensor shipments.
• Progressed with manufacturing, aiming to complete an automated production line with capacity for 100,000-plus units annually.

In 2024, revenue was $9.1 million. For 2025, Aeva targets revenues in the range of $15 million to $18 million, representing a year-over-year growth of approximately 70% to 100%. Non-GAAP operating expenses are targeted to be in the range of $95 million to $105 million, a reduction of approximately 10% to 20% year-over-year.

• Targets 2025 revenue to be in the range of $15 million to $18 million, a 70%-100% year-over-year increase.
• Sees non-GAAP operating expenses in 2025 to be in the range of $95 million to $105 million, a 10%-20% year-over-year reduction due to maturing commercialization and completion of major engineering activities.
• Aims to build on momentum from 2024, including further driving adoption of FMCW technology and expanding in industrial sectors.

• Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations, as detailed in SEC filings.
• Risks related to market adoption of FMCW technology, competition, and ability to meet production and commercialization milestones.

Q: Can you talk about initial targets outside of metrology in industrial applications and manufacturing progress?

A: Soroush Salehian mentioned industrial automation, robotics, and factory automation offer a $10 billion-plus market opportunity, with plans to increase industrial sensor shipments by 1,000% in 2025. Manufacturing progress includes aiming to complete a production line with 100,000 units annual capacity.

Q: How does OpEx reduction apply to large programs like Daimler Truck and what are remaining milestones?

A: Soroush Salehian stated substantial progress on product development, with a focus on releasing a final C sample for Atlas, and confidence in closing out milestones for the Daimler Truck program with a target start of production in 2026.

Q: How is cash position and liquidity for future operations?

A: Saurabh Sinha mentioned total available liquidity is $237 million, with $112 million in cash and equivalents and $125 million in undrawn facility, providing a multiyear runway to execute plans.

Q: What can you tell about the top 10 OEM and manufacturing capacity for future?

A: The top 10 OEM is a global brand with significant business, and manufacturing capacity plans include installing a production line to satisfy demand, with ability to expand capacity as needed.