Aeva Technologies, Inc. Q1 FY2025 earnings call

• Automotive: Progress in automotive with Daimler Truck Production Program and Global Top 10 Passenger OEM Development Program, achieving first milestone in the latter.
• Industrial Automation: Unveiled Eve 1 line of high precision sensors, secured multiple strategic customers, booked over 1,000 sensors, and seeing strong commercial traction; entered Intelligent Transportation Systems (ITS) with Sensys Gatso for mobile speed detection.
• Strategic Collaboration: Announced partnership with a Global Fortune 500 company technology subsidiary, involving $32.5 million equity investment, $17.5 million in joint product development, and selection as Tier 2 manufacturing partner for the top 10 passenger OEM program.

Revenue in Q1 was $3.4 million, which was a record product revenue. The non-GAAP operating loss in Q1 was $25.9 million, 19% lower year-over-year. Gross cash use was $31.3 million. Total available liquidity finished Q1 at $206 million, including $81 million in cash, cash equivalents, and marketable securities, and $125 million in undrawn facility.

• Increased full-year revenue growth guidance to 80%-100% compared to 2024, not including the new strategic collaboration.
• Plan to host Aeva Day on July 31 in New York City to dive deeper into technology, commercial traction, and outlook.

Q: Can you talk a little bit about which incremental target markets you may be able to address with this partner as part of your manufacturing process?

A: Soroush Salehian mentioned expanding into consumer market applications, joint products across new markets, and accelerating in industrial applications, leveraging the partner's scale and experience.

Q: How long does it take you to ramp new customers? How quickly can this market evolve for you?

A: Soroush Salehian said first customers take time, but with LMI it was shorter, and they expect shorter lead times for new engagements, with manufacturing capacity ramping to 100,000 units per year.

Q: Can you talk about potential momentum with other passenger OEMs in addition to LOI?

A: Soroush Salehian discussed ongoing work with Daimler Truck, progress with the top 10 passenger OEM development program, and other engagements across commercial vehicles and top passenger OEMs.

Q: When do you expect to finish the manufacturing capacity ramp?

A: Soroush Salehian said the goal is to install manufacturing capacity this year to support the industrial automation space.

Q: Recap remaining milestones for the global top 10 passenger OEM and talk about next-gen products?

A: Soroush Salehian discussed activities around packaging and integration for the top 10 passenger OEM, and the partnership involves equity stake, joint product development, and manufacturing for new markets including consumer.