Customer Wins Fuel Triple-Digit Q3 Revenue Growth For Aeva Technologies, Are More Wins On The Horizon?
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November 13, 2024 08:45 AM Eastern Standard Time
By Meg Flippin, Benzinga
The world is becoming more automated, and LiDAR technology is playing a key role in helping make that happen. At Aeva Technologies Inc. (NYSE: AEVA), the company reports it is also gaining share as more customers transition to its next-generation FMCW 4D LiDAR technology. This is reflected in Aeva’s recently reported third-quarter results, with the company delivering triple-digit year-over-year revenue growth and several customer wins for its September-ending quarter.
Aeva makes advanced LiDAR technology that uses a low-power continuous laser beam to measure range and velocity simultaneously. Aeva says this technology unlocks new levels of safety and automation by instantly discriminating between moving and non-moving points and knowing the precise velocity of objects in motion. This edge, along with other FMCW advantages not found in traditional 3D time-of-flight LiDAR solutions, garnered Aeva interest and customer wins in the third quarter.
Revenue Growth On Display
Take its revenue for starters. Aeva reported revenue of $2.3 million, up 178% from the year-ago third quarter. Aeva ended the quarter with $259.8 million of liquidity, bolstering its position to continue to grow the business.
“Aeva in Q3 continued to gain momentum across multiple fronts as more customer programs and industries look to adopt Aeva's unique 4D LiDAR technology to enable next-generation solutions,” said Soroush Salehian, co-founder and CEO at Aeva during a conference call to discuss third-quarter results with Wall Street. “From new production awards to key milestones achieved towards production with existing partners and progress on securing additional wins, Aeva achieved major accomplishments this quarter.”
New Contracts Fueling Demand
During the third quarter, Aeva inked a multi-year sensor supply deal with The Indoor Lab, a LiDAR perception and analytics solutions company. Indoor Lab operates a LiDAR analytics platform used to improve safety, security and operational efficiency for major U.S. airports, mass transit railways, agriculture and smart infrastructure at theme parks and other large venues across the U.S. The multi-year agreement offers multiple tens of millions of dollars in revenue potential over just the next few years alone, the company said. The deal marks the first industrial customer production win for Atlas, Aeva’s next-generation 4D LiDAR. The sensor shipments have already started with a planned ramp-up in 2025 to support multiple projects at scale, the companies reported. “This is an exciting expansion for Aeva that offers meaningful revenue potential and builds on our first win in security earlier this year,” said Salehian.
During the quarter, it also secured a win with a major European passenger vehicle original equipment manufacturer (OEM). The unnamed OEM selected Aeva’s 4D LiDARs because of their ability to collect velocity data which the OEM is using to validate its next-generation vehicle automation systems, reports Aeva.
Importantly, on top of that, Aeva continued to work toward finalizing the RFQ for a global top 10 passenger OEM’s vehicle program in addition to making progress on other RFQs in the passenger vehicle market.
On the trucking front, Aeva is helping companies make self-driving trucks a reality, including its $1 billion deal with Daimler Truck AG and Torc Robotics, an independent subsidiary of Daimler Truck. Through the multi-year OEM deal, Aeva’s 4D LiDAR is the exclusive long range and ultra long range LiDARs for Daimler Truck’s Class 8 Freightliner Cascadia autonomous truck platform, which, together with Torc’s autonomous driving stack, will enable highway speed autonomy. These are heavy-duty trucks that spend most of their time on interstates hauling cargo to and fro. The companies see heavy-duty trucking as an area rife for autonomous vehicles given the severe shortages of drivers in that segment of the industry. During the quarter Torc, using Aeva’s LiDAR technology, successfully validated fully driverless operations at highway speeds up to 65 miles per hour, a key milestone in the commercialization plan for Daimler Truck’s autonomous truck production program by 2027, reported Aeva.
The Key: Speeding Up Production
To meet all the demand Aeva is seeing, the company said that during the quarter, it pulled forward the first shipments of Aeva Atlas, its production-intent product, by approximately two quarters. Aeva is currently implementing plans to scale production for next year.
“Aeva continues to convert the growing interest in our unique 4D LiDAR technology to new wins while also achieving critical milestones for our existing production programs,” said Soroush Salehian, Co-Founder and CEO at Aeva. “With more industries looking to adopt FMCW technology, we made the strategic decision and executed on pulling forward first shipments of Atlas to the third quarter to meet more of our strong demand. We believe this further places Aeva on the path to leading the market and expanding our commercial momentum with additional wins in automotive, industrial and beyond.”
Learn more about Aeva Technologies Inc. by checking out its investors deck here.
Featured photo by Clay Banks on Unsplash.
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