Aeva capped a transformational 2025 by doubling full-year revenue to a record $18.1 million and cutting its full-year non-GAAP operating loss 17% to $102 million on a 12% opex reduction, ending the year with $246.9 million of total available liquidity after roughly $150 million of financing from LG Innotek and Apollo. The year's marquee wins were its first major passenger-vehicle production program from a top European OEM (exclusive outside China, SOP 2028), NVIDIA's selection of Aeva as reference LiDAR for DRIVE Hyperion, a new top 5 passenger OEM development program, and the first defense win with Forterra. Aeva also deepened its LG Innotek collaboration - including the jointly developed Omni 360-degree sensor unveiled at CES - and began shipping Eve precision sensors to customers like SICK AG. Management guided FY2026 revenue to $30-36 million (up roughly 70-100%) while keeping operating expenses roughly flat to up 10%.
Thank you. Welcome everyone to Aeva's fourth quarter and full year 2025 earnings conference call. Joining on the call today are Soroush Salehian, Aeva's Co-Founder and CEO, and Saurabh Sinha, Aeva's CFO. Ahead of this call, we issued our fourth quarter and full year 2025 press release and presentation, which we will refer to today and can be found on our investor relations website at investors.aeva.com. Please note that on this call, we will be making forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties. These statements reflect our views only as of today and should not be relied upon as representative of our views as of any subsequent date. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations.
For a further discussion of the material risks and other important factors that could affect our financial results, please refer to our filings with the SEC, including our most recent Form 10-Q and Form 10-K. In addition, during today's call, we will discuss non-GAAP financial measures, which we believe are useful as supplemental measures of Aeva's performance. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from GAAP results. The webcast replay of this call will be available on our company's website under the Investor Relations link. With that, let me turn the call over to Soroush.
Thanks, Andrew, and good afternoon, everyone. 2025 was a transformational year at Aeva. In an evolving industry, we significantly solidified our leadership position with more customers adopting our unique perception platform and industry leaders partnering with us to further accelerate our momentum. Coming out of one of our best CESs to date this past January, Aeva is building on that momentum and off to a very strong start in 2026. We see a growing number of exciting opportunities to pursue this year and are focused on aligning supply to respond to the rapidly increasing demand for Aeva's suite of perception solutions. This will build on 2025's significant accomplishments. One of the biggest is our first major passenger vehicle production program award.
This is from a top European passenger OEM, long known as a leader in the automotive industry, with a strong track record of bringing industry-defining capabilities to market at mass volume. Aeva will be the exclusive LiDAR supplier to this OEM globally outside of China. NVIDIA also selected Aeva as the reference LiDAR sensor for its DRIVE Hyperion development platform, which is being adopted by an expanding number of major OEMs to bring Level 3 and higher automation to their production vehicles. This is another major validation for the need for LiDAR from one of the leaders in the industry. As the core LiDAR sensor on the platform, NVIDIA will incorporate our unique 4D data to enable OEM development, validation, and simulation, which we believe could further accelerate the adoption of Aeva's perception platform across the automotive industry.
We also continued to deliver on milestones for existing production customers, such as Daimler Truck. With Daimler Truck, we successfully completed on-road validation of our Atlas B samples and are on schedule to deliver final C samples this year. As the exclusive long-range LiDAR supplier and primary detection sensor for Daimler Truck's autonomous production trucks, we are excited to continue supporting their progress towards commercialization. To advance a growing number of opportunities beyond just automotive, we formed a strategic collaboration with LG Innotek to bring 4D LiDAR to a broad range of physical AI applications, where LG Innotek is already a major player with significant global scale. The goal of our partnership is to leverage each other's strengths to accelerate deployment of Aeva's 4D LiDAR across multiple markets.
As part of this, LG Innotek is investing up to $50 million in Aeva through a combination of an equity stake, non-dilutive investment for new joint products for physical AI, and capital investments to bring production capacity online for our next generation of products. Since forming the partnership last May, we have made quick progress on a number of fronts, including joint development of Omni, the new 360-degree product that we unveiled at CES last month. This is in addition to Aeva's line of Eve precision sensors, designed for micron-level accuracy in factory automation applications. Shipments of these sensors began in late 2025 to our initial customers, such as SICK AG, and are on track to ramp up this year. I am pleased to say that Aeva's financials also reflect our building momentum.
We doubled our revenue in 2025 to a new record for the company, driven by increasing sensor shipments and expanding applications. To better position Aeva to meet this growing demand, we bolstered our balance sheet by approximately $150 million with leading partners LG Innotek and Apollo. With one of the strongest balance sheets in the industry and expanding interest for our differentiated technology, we look forward to another exciting year in 2026. Let's dig a bit more into recent business developments. Starting first with our global production program award from a top European passenger OEM. This is the OEM we have been working on a development program with over the course of 2025, and previously referred to as a global top 10 passenger OEM. The award is significant for a couple of reasons. First, in scale.
The OEM sees Level 3 capabilities as a key differentiator for its next generation vehicles and is developing a standardized automated driving platform for broad deployment globally across multiple vehicle model lines, and not just the top-end models. Aeva will act as the exclusive Tier-1 suppliers globally outside of China through the middle of next decade with a target SOP in 2028. Second, this win marks the first major passenger OEM transitioning from Time-of-Flight to FMCW. This OEM has extensive experience with Time-of-Flight LiDAR, including an initial rollout of limited Level 3 capabilities. The OEM selected Aeva for its next generation following extensive evaluation of other solutions and Aeva's ability to help the OEM achieve key use cases needed to safely enable Level 3 on a broader scale.
Given this OEM's reputation as an industry leader in bringing new features and capabilities to the automotive market at mass volume, we believe their selection of Aeva is a tremendous vote of confidence in the superior performance and scalability of our differentiated technology. We expect this to deepen our engagements with other major OEMs and potentially drive other OEMs also considering our perception technology to make a similar decision. With our growing pipeline and deepening engagements, I am happy to share that a new global top five passenger OEM has selected Aeva for a development program focused on the configuration, integration, and validation of our Atlas Ultra sensor for their next generation global production vehicle platform.
The OEM selected Aeva for the development program after extensive experience with time-of-flight LiDAR and a growing appreciation that our unique performance helps address key use cases critical to enabling higher levels of automation and at scale. We believe that Aeva is well-positioned given our differentiated performance, balance sheet, and commercial momentum with more leading OEMs awarding Aeva as well. Another example of our growing momentum is NVIDIA selecting Aeva's 4D LiDAR as the reference LiDAR sensor for its DRIVE Hyperion platform. NVIDIA is one of the top leaders in autonomous vehicles and works with some of the biggest OEMs and industry players, such as Mercedes-Benz, Stellantis, Uber, and others. DRIVE Hyperion provides a common platform for integrated sensor and compute designed for real-world autonomous driving applications.
The same architecture consisting of a common suite of LiDAR, radar, and cameras can support a wide range of vehicle types from passenger vehicles, robotaxis, and delivery fleets across multiple configurations. We believe NVIDIA's selection further solidifies the case for LiDAR to enable higher levels of automation and has the potential to accelerate adoption of our technology. As the reference sensor on the DRIVE Hyperion platform, NVIDIA is integrating our 4D data for OEM development, validation, and simulation. This has the potential to effectively make Aeva a core LiDAR supplier to passenger and commercial vehicle OEMs using the platform globally outside of China. As OEMs incorporate Aeva's added dimension of velocity into their AV stack, we believe it will drive greater collaboration with Aeva and the potential reliance of our technology that positions us well to win their production programs. Beyond automotive, Aeva continues to expand into new applications.
As we highlighted at Aeva Day last summer, our unique perception platform leverages the same core hardware components with different software to reach an $80 billion-plus market opportunity across a wide range of applications. This includes the fastly growing multi-billion dollar defense market, where LiDAR is increasingly used for autonomous vehicles, drones, and security. We are engaged with a number of leaders in this space and recently announced our first defense win with Forterra. Forterra is a key provider of autonomous mission systems for defense and other complex operational environments and has selected Aeva to use our glider technology for its autonomous vehicle system, AutoDrive. Forterra is also transitioning to Aeva due to our combination of long range, velocity, and vehicle positioning that enhances perception, including unstructured and in GPS-denied environments where defense vehicles need to operate.
Unlike existing solutions, our sensors are also undetectable by night vision systems, a critical feature in sensitive operational environments. We believe the large defense market can be a meaningful portion of our business in the near term. We have already begun sizable shipments to Forterra last quarter and look forward to supporting this program as well as other defense opportunities that we're currently engaged on. Moving now to Aeva's key objectives. Let me start with a review of our 2025 goals before turning to our plans for 2026. We set ambitious goals for 2025 that were designed to further position Aeva on a path for significant and sustainable growth, and it was an incredibly successful year. We exceeded our target for two additional wins with a top European passenger OEM production win and NVIDIA in automotive.
With SICK AG and LMI Technologies in manufacturing and factory automation, as well as others such as Sensys Gatso and Smart Infrastructure. In terms of product and manufacturing readiness, we successfully completed the final release for our Atlas product, as well as the buildup of our automated final assembly line, which we expect to enable systems annual capacity to reach 100,000 units. As we'll discuss later on, one of our objectives for this year is to focus on increasing capacity of our supply chain in collaboration with our key partners. Aeva also made significant strides towards expanding into new applications such as precision sensing with our Eve sensors that have already begun shipping. A strategic collaboration with LG Innotek that has resulted in our expansion into new physical AI and robotics applications with joint new products that we aim to bring to the market.
Thank you, Soroush, and good afternoon, everyone. Before I walk through the financials, I want to emphasize themes that defined our fourth quarter and full year 2025 performance. We are seeing increasing near-term commercial momentum in existing as well as new markets, which have shorter sales cycles, while at the same time continuing to grow our mid-term revenue potential with major program awards. We are also strategically positioning Aeva with partnerships such as with LG Innotek to further capture the rapidly growing number of opportunities across physical AI. We continue to do this with disciplined capital management supported by the strategic financing we completed earlier in 2025, which strengthens our liquidity and extends our runway through key milestones. Now let me review Aeva's Q4 and full year 2025 financial results. We had a record revenue quarter and year for Aeva in 2025.
Revenue in Q4 was $5.6 million and for the full year, $18.1 million, which reflects doubling of our revenues last year compared to 2024. This increase in revenue was driven by higher sensor shipments across a number of customers and applications, as well as NRE revenues from customers such as Daimler Truck and the top European passenger OEM. Our non-GAAP operating loss was $23.8 million in Q4 and $102 million for the full year. On a full year basis, non-GAAP operating loss declined by 17% that was driven by a 12% reduction in non-GAAP operating expenses. Aeva's gross cash use, which we define as operating cash flow less capital expenditure, was $23.7 million in Q4 and $119.7 million for the full year.
Aeva's total available liquidity at the end of 2025 was $246.9 million, which consists of $121.9 million in cash equivalents and marketable securities, and $125 million in an undrawn facility that is fully available to draw at management's sole discretion. We believe this provides Aeva a competitive advantage to continue supporting both existing customers and securing additional wins across a broad range of applications. Moving now to our financial outlook for 2026. At a high level, we expect to continue strengthening our financial performance that is consistent with the framework we highlighted at the Aeva Day last summer.
More specifically, we target growing revenue to the range of $30 million-$36 million in 2026, which would represent an increase of approximately 70%-100% year-over-year and marks our third consecutive year of a similar revenue trajectory of essentially doubling annually. The targeted growth in revenue is anticipated to come from a combination of increasing product shipments and increasing contributions from multiple programs as they approach production. Where we land within our guided range will be dependent on exact timing of customer shipments, development activities and ramp. Consistent with prior years, we expect revenues to fluctuate from quarter-to-quarter. In terms of spend, we plan to remain strategic and disciplined in how we manage our capital.
We see opportunities to balance the need to invest in the business with the completion of certain product development costs, as such, we target full year 2026 non-GAAP operating expenses to be similar to prior year or a slight increase of up to 10%. In summary, Aeva is executing on its roadmap to capture more of the $80 billion+ market opportunity while maintaining a disciplined financial approach. Looking ahead, we expect this to continue we are focused on maintaining a balance sheet to enable further expansion while continuing to deliver on our customers' milestones. Let me turn the call back to Soroush for closing remarks.
Thank you, Saurabh. Across an expanding number of industries from automotive to industrial automation, robotics and more, the momentum for our perception platform to enable the rise of physical AI is increasingly clear and taking hold. Coming off a landmark year at Aeva, I would like to thank the Aeva team for their dedication and tireless work, as well as our growing list of stakeholders for their tremendous contribution and support. I fully expect 2026 to be another major year for us, with focus on execution and growing number of opportunities to further strengthen Aeva's leadership position and the foundation for significant long-term value. With that, we'll now move to questions and answers.