Aeva Technologies, Inc. Q3 FY2025 earnings call

• Progress with top 10 global passenger OEM: Completed development program ahead of plan for using Atlas Ultra sensor in the OEM's next-generation global production platform, in late-stage contract negotiations for series production.
• Daimler Truck production program: Completed sensor deliveries for initial vehicle builds, preparing for 2026 fleet expansion, and received initial orders for 2026.
• Precision sensing: Introduced Eve 1V motion sensor for manufacturing automation, completed production line setup in Thailand, started shipping Eve 1D sensors against initial orders.
• Capital raise: Announced $100 million investment from Apollo Global Management in convertible notes, with total pro forma liquidity now ~$270 million.

In Q3, revenue was $3.6 million, driven by sensor shipments to multiple customers and NRV. In the precision sensing segment, the production line for Eve sensors in Thailand was completed, with the first sensors shipped to customers. The automotive segment saw progress with the top 10 global passenger OEM (completing development program ahead of plan and entering late-stage contract negotiations for series production) and the Daimler Truck production program (sensor deliveries for initial vehicle builds completed, preparing for 2026 fleet expansion with initial orders received).

• Expect to finish the year strong, including closing the top 10 global passenger OEM production program decision.
• Continue momentum into 2026 with differentiated technology and strong balance sheet.
• Plan to scale precision sensing production as demand grows.

Risks include factors from SEC filings such as uncertainties in achieving expected results, competition, and regulatory changes. Detailed risks can be found in the company's filings with the SEC, including Form 10-Q and Form 10-K.

Q: Can you talk a little bit about the ramp in Metrology sales?

A: Soroush discussed progress in precision sensing, including manufacturing line setup, market size (multibillion-dollar manufacturing automation market), partnerships, and expected ramp-up not overnight but faster than some automotive applications.

Q: Length of design cycle for additional customer opportunities?

A: Soroush explained the development program with the top 10 passenger OEM, milestones achieved (packaging/integration, performance alignment, industrialization), and that this program provides a blueprint for other OEMs.

Q: Timeline with Daimler?

A: Soroush stated Daimler Truck program is on track for 2027 market entry, progressing well with 2026 vehicle build plans and initial orders received.

Q: Use of $100M investment?

A: Saurabh said for general corporate purposes; Soroush added excitement about Apollo's investment and its support for growth.

Q: Top 10 OEM negotiation and ramping?

A: Soroush discussed late-stage negotiations, timing, and how this OEM's program acts as a catalyst and blueprint for other OEMs in automotive applications