What Management Said

Read the full Q3 2025 transcript ↗

Our focus has been on achieving important milestones for our partners and positioning Aeva to meet the expanding demand to adopt our differentiated FMCW technology. We have already started shipping against our first 1,000-plus units orders for our Eve 1D sensors. Reception has been really strong, with multiple customers already placing initial orders with the opportunity to incorporate Eve 1D and 1V into their product portfolios. We have already received the first orders for 2026 and plan to deliver our Atlas C samples to fulfill Daimler Truck's scaling of vehicle builds throughout next year and ahead of launch.

We have already received initial orders from multiple customers for our Eve 1V sensor. Now, more broadly, the number of engagements for our precision sensing capabilities continues to increase since we first announced our product line this year. We have also started shipping against our initial orders of over 1,000 units that we received just a few months ago. Starting with revenue, it was $3.6 million in Q3, with contribution from ongoing sensor shipments to multiple customers as well as NRE, such as for the Daimler Truck program.

Moving to non-GAAP operating loss for this quarter, it declined by 13% year-over-year to $27.2 million, which largely reflects our target to reduce full-year 2025 non-GAAP operating expense by 10%-20% year-over-year. Let me talk a bit more about the capital raise we announced today. The $100 million in convertible senior notes will provide incremental capital for Aeva to continue to accelerate our ongoing growth. One, we pulled forward our setup of our manufacturing line for the Eve sensor due to this increasing demand.

What went well
  • Completed the top 10 global passenger OEM development program ahead of plan (a quarter early) and entered late-stage contract negotiations for a series production award.
  • Announced a $100 million convertible senior notes investment from Apollo Global Management, bringing pro forma total liquidity to approximately $270 million.
  • Closed the LG Innotek strategic equity investment, receiving $32.5 million in gross proceeds during the quarter.
  • Progressed the Daimler Truck program: completed sensor deliveries for initial vehicle builds, received the first 2026 orders, and remained on track for the OEM's planned 2027 market entry.
  • Began shipping Eve 1D precision sensors against first orders of over 1,000 units and unveiled the new Eve 1V motion sensor, which drew initial orders from multiple customers.
  • Completed installation and bring-up of the Eve precision-sensor production line (Thailand / Fabrinet), giving capacity ahead of next year's expected volumes; non-GAAP operating loss fell 13% year-over-year.
What went wrong
  • Revenue was only $3.6 million in the quarter, a modest level for a scaling business.
  • Gross cash use rose to $33.6 million, higher than the prior quarter due to timing of certain payments and working-capital adjustments.
  • The top 10 passenger OEM production award was not yet signed, with management cautioning it is 'not done until the ink is dry.'
  • Aeva took on $100 million of convertible debt (4.375% coupon, due 2032) with potential dilution at a 115% conversion price.
  • Cash, equivalents and marketable securities had fallen to $48.9 million at quarter-end before the announced raises.

Guidance Changes

MetricPeriodCurrent guidance
Non-GAAP operating expensesFY2025Targeting a 10% to 20% reduction year-over-year
Daimler Truck market entry2027On track, with first 2026 orders already received

Performance Breakdown

MetricYoYNote
Revenue — $3.6 million, with contribution from ongoing sensor shipments to multiple customers and NRE such as the Daimler Truck program.
Non-GAAP operating loss -13% $27.2 million, largely reflecting the target to reduce full-year 2025 non-GAAP operating expense by 10-20% year-over-year.
Gross cash use — $33.6 million, higher than the prior quarter due to timing of certain payments and working-capital adjustments.

Earnings Call Themes & Trends

TopicPrevious mentionCurrent periodTrend
Top 10 passenger OEMDevelopment program plus letter of intent for productionDevelopment program completed early; now in late-stage series-production contract negotiations—
FinancingLG Innotek strategic investmentAdded a $100 million Apollo convertible-note investment, lifting pro forma liquidity to ~$270 million—
Precision sensingEve 1D announced and shippingEve 1D shipping against 1,000+ unit orders and new Eve 1V motion sensor unveiled with initial orders—
Commercial-vehicle ADASBendix partnership introducedPositioned as a potential marquee Level 2+ win leveraging 4D LiDAR to displace radar/camera modalities—

Q&A Summary

Can you talk about the ramp in metrology sales and the cadence of the product rollout into 2026?
After announcing Eve 1D earlier in the year, Aeva pulled forward its manufacturing-line setup on strong demand, completed line bring-up within a couple of months, and began shipping against the first 1,000+ unit orders. It also introduced Eve 1V for sub-millimeter-per-second speed measurement, drawing early orders. With the market around two million displacement sensors a year (a $4 billion market growing toward $6 billion) and partners like SICK and LMI, the ramp should be faster than automotive.
How broad and deep is the customer set looking at your solution for L2 and L2+ ADAS in trucking?
Aeva's single unified platform lets it address Level 3 and Level 2+ with the same hardware and adaptive software. Its velocity measurement and on-sensor perception can reduce reliance on other modalities, and its Bendix partnership - Bendix ships 200,000-300,000 Fusion emergency-braking systems a year as the North American standard for OEMs like Volvo, Paccar and Navistar - could become a marquee next-generation L2+ win.
How detailed is the process of proliferating the design across the OEM's model line, and can it shorten future design cycles?
Aeva completed all key milestones - packaging/integration across the OEM's multiple vehicle models, performance validation for highway and city Level 3, and industrialization/manufacturing audits with LG Innotek - effectively the first phase of series-production development. The OEM pulled the timeline forward, letting Aeva finish a quarter early, and a win with such a high-volume global leader would provide a reusable blueprint for other OEMs.
For urban mobility applications, where is Time-of-Flight sufficient versus FMCW?
OEMs are making a long-term platform hardware choice and want to future-proof their stack; this OEM would be the first passenger maker to transition from Time-of-Flight to FMCW. Management believes Level 3 - enabling end-to-end point-A-to-point-B driving across both city and highway via software upgrades on one hardware set - will become the key driver of car purchases, favoring FMCW.
What's the Daimler timeline and does Torc's capitalization pose slippage risk, and how will you use the Apollo proceeds?
Daimler Truck and Torc remain publicly committed to a 2027 market entry, Aeva is the exclusive long-range LiDAR supplier and has received initial 2026 orders for C-samples, and management does not see Torc funding as a risk given Daimler's scale (targeting ~$3 billion of autonomous-trucking revenue by 2030). The $100 million Apollo convertible is for general corporate purposes, supported by disciplined capital allocation and the unified platform's efficiency.
Are you in an exclusive negotiating position on the top 10 OEM with no other competitors, and what is the ramp timing?
Management indicated Aeva feels it is the only party in late-stage negotiations and is confident about securing the production program, while noting nothing is final until signed. The development program built a scalable modular platform across the OEM's model lineup, and Aeva is tracking to a late-2027 / early-2028 launch timeline.
Is there a catalyst driving growing interest and engagements from other major OEMs for L3?
Aeva points to its foundation of partnering with segment leaders, a scalable chip-based platform, and capital efficiency that avoids heavy new capex. Completing the top 10 OEM development program - a potential first Time-of-Flight-to-FMCW passenger transition - plus market consolidation toward fewer capable players are catalysts that could accelerate additional wins as the OEM's decision becomes a reference design.

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Q3 2025 call
Reported 2025-11-05 · figures from the Aeva Technologies, Inc. Q3 2025 earnings call.

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