Group 1 - The focus has shifted from evaluating solar manufacturers and renewable yieldcos to analyzing lidar companies, particularly their technology, adoption rates, and revenue growth [1]

Core Insights - The article compares two prominent companies in the LiDAR industry, Aeva Technologies (AEVA) and Luminar Technologies (LAZR), highlighting their technological advancements, market positions, and financial performances [1][2][19]. Company Overview Aeva Technologies (AEVA) - AEVA's proprietary FMCW LiDAR technology measures both distance and velocity, providing higher accuracy compared to traditional LiDAR solutions [5]. - The company reported a record revenue of $5.5 million in Q2 2025, with a backlog exceeding $400 million, indicating potential growth despite a small revenue base [6]. - AEVA has established partnerships with major companies like Daimler Trucks and LG Innotek, with Daimler's deal valued at approximately $1 billion [7]. - However, AEVA faces challenges, including a Q2 net loss of $24.5 million and a cash position of only $50 million, raising concerns about its financial sustainability [8]. Luminar Technologies (LAZR) - Luminar has gained credibility with OEMs, having its LiDAR technology integrated into the Volvo EX90 and ES90, marking a significant milestone in automotive applications [10]. - The company is diversifying into commercial and defense markets, which may provide earlier revenue opportunities compared to passenger vehicles [11]. - Luminar has over $500 million in liquidity, allowing it to fund growth initiatives despite facing a Q2 revenue of $15.6 million, which was down 5% year-over-year [12][13]. - The company is restructuring to save approximately $23 million annually starting in 2026, but it has a long-term debt of around $430 million, indicating a high dilution risk [13]. Financial Performance Revenue and Growth Projections - AEVA is expected to see a 19% EPS improvement in 2025 and 9% in 2026, although it remains significantly unprofitable [15]. - Luminar is projected to achieve a sharper 51% EPS improvement in 2025 and 30% in 2026, despite recent guidance cuts [17]. Valuation Comparison - AEVA trades at a high forward price-to-sales (P/S) ratio of 30X, suggesting that market expectations may be overly optimistic [14]. - In contrast, Luminar trades at a much lower forward P/S of 1.6X, reflecting its execution challenges and potential long-term value [14]. Conclusion - Both AEVA and LAZR present high-risk, high-reward investment opportunities in the LiDAR sector, with AEVA showcasing impressive technology and partnerships but facing financial vulnerabilities [19]. - Luminar, while also encountering challenges, has a stronger OEM position and a clearer path toward profitability due to its diversification and cost structure improvements [19][20].

Key Takeaways AEVA delivered record Q2 revenues of $5.5M, up over 60% sequentially and above expectations.Growth was fueled by product shipments and rising revenues from early-stage development programs.Management lifted its 2025 growth forecast, now guiding for a 100-110% revenue increase.LiDAR sensor maker Aeva Technologies ((AEVA) posted record second-quarter 2025 revenues of $5.5 million, a more than 60% sequential jump and well above expectations. This growth was driven by a rise in product shipments a ...

Group 1 - Aeva Technologies, Inc. (NASDAQ: AEVA) is currently perceived as fully priced for future opportunities in the Lidar sector, which is awaiting a significant inflection point [4] - The Lidar sector has shown signs of entering a more promising phase, although the stock market may have overreacted during the June rally [1][4] - The company offers various features such as model portfolios, stock picks with identifiable catalysts, daily updates, and real-time alerts to assist investors in uncovering potential multibaggers while managing portfolio risk [1] Group 2 - Stone Fox Capital, based in Oklahoma, is led by Mark Holder, a CPA with extensive experience in investing and portfolio management [2] - Mark Holder has 30 years of investing experience, including 15 years as a portfolio manager, which adds credibility to the analysis provided [2]

Core Insights - The article emphasizes the importance of quantitative research, financial modeling, and risk management in equity valuation and market trends [1] - It highlights the experience of the analyst in leading teams for model validation and stress testing, showcasing a strong background in both fundamental and technical analysis [1] - The collaboration between the analyst and their research partner aims to provide high-quality, data-driven insights for investors [1] Company and Industry Analysis - The focus is on uncovering high-growth investment opportunities through rigorous risk management and a long-term perspective on value creation [1] - There is a particular interest in macroeconomic trends, corporate earnings, and financial statement analysis, which are crucial for providing actionable investment ideas [1]

Core Insights - Aeva Technologies (AEVA) has experienced a significant stock decline of over 59% in the past month, following a 66% drop from its June high of $38.80, raising concerns about its recovery potential [1][8] - The autonomous driving market remains in its early stages, with Aeva's performance contrasting sharply with some peers, such as Ouster (OUST), which gained 13%, while Luminar Technologies (LAZR) fell 26% [1] Financial Position - Aeva reported revenues of $5.5 million in Q2 2025, exceeding the Zacks Consensus Estimate of $3.4 million, but faced a substantial operating loss of $34.9 million [4] - The company burned through approximately $60.6 million in the first half of the year, averaging a monthly cash burn of about $10 million, leaving it with around $50 million in cash, which provides a runway of only four to five months without new capital [4][8] - Aeva's reliance on a $125 million equity agreement and frequent fundraising indicates a fragile financial state, risking dilution of existing shareholder value [4] Valuation Metrics - Aeva's stock trades at a forward price-to-sales ratio of over 25, significantly higher than competitors like Ouster at over 10X and Luminar at 1.1X, suggesting an unsustainable valuation driven by hype rather than revenue reality [5] - The extreme valuation poses a risk of a sharp correction if investor sentiment shifts or upcoming results fail to impress [5] Competitive Landscape - Aeva's 4D LiDAR technology is considered superior, but the path to mass-market adoption is challenged by major automakers favoring camera-based systems, raising doubts about the necessity of LiDAR [9] - Competitors like Luminar have secured stronger OEM partnerships and long-term contracts, while Aeva lacks clear mass-production deals, which are critical for long-term revenue stability [9] Strategic Partnerships and Growth Potential - Aeva has potential opportunities beyond the automotive sector, including industrial applications and defense, with partnerships that could boost revenues if they lead to tangible contracts [10] - The consensus revenue guidance for 2025 is $18.6 million, indicating a promising growth of 105%, but the current cash burn rate and market risks may hinder bridging the financial gap in the near term [10][11] Investment Thesis - The investment thesis for Aeva is overshadowed by significant financial and competitive risks, with a massive stock drop, persistent cash burn, and unsustainable valuation relative to peers [12] - The company's dependence on future contract wins and fragile balance sheet are major concerns, with no clear timeline to profitability, leading to a bearish stance on the stock [12]

Aeva Technologies (AEVA) recently announced a $50 million partnership with LG Innotek, a major global manufacturer. The two companies will work together to combine AEVA's special LiDAR technology with LG's massive production capabilities. The first phase of this collaboration will focus on building Aeva's cutting-edge LiDAR systems for use in passenger cars. As part of the deal, LG is investing $32 million in AEVA for around 6% stake and will help fund the expansion of production for future products. This i ...

PART I. FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Unaudited financial statements for June 30, 2025, show increased revenue but a significant net loss due to non-cash charges, resulting in a shift from equity to deficit [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets decreased and liabilities surged due to warrant and share subscription liabilities, leading to a stockholders' deficit Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$91,149** | **$147,489** | | Cash and cash equivalents | $21,743 | $28,864 | | Marketable securities | $28,106 | $83,143 | | **Total Liabilities** | **$209,330** | **$48,137** | | Share subscription liability | $77,496 | $— | | Warrant liability | $102,136 | $8,258 | | **Total stockholders' equity (deficit)** | **($118,181)** | **$99,352** | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Revenue significantly increased for the three and six months ended June 30, 2025, but net loss widened due to substantial non-cash fair value adjustments on liabilities Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $5,511 | $2,012 | $8,879 | $4,119 | | Gross loss | ($2,720) | ($848) | ($2,410) | ($2,240) | | Operating loss | ($34,923) | ($48,913) | ($65,341) | ($86,257) | | Change in fair value of warrant liability | ($88,478) | $3,517 | ($93,878) | $3,080 | | Fair value loss on share subscription liability | ($69,996) | $— | ($69,996) | $— | | **Net loss** | **($192,742)** | **($43,393)** | **($227,609)** | **($78,719)** | | Net loss per share | ($3.49) | ($0.82) | ($4.14) | ($1.49) | [Condensed Consolidated Statements of Stockholders' Equity (Deficit)](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity%20(Deficit)) Stockholders' equity transitioned to a **$118.2 million deficit** by June 30, 2025, primarily driven by a **$227.6 million net loss** for the six-month period - Total stockholders' equity decreased from **$99.4 million** at December 31, 2024, to a deficit of **$118.2 million** at June 30, 2025[17](index=17&type=chunk) - The primary driver for the decrease in stockholders' equity was the net loss of **$227.6 million** for the six months ended June 30, 2025[15](index=15&type=chunk)[17](index=17&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities remained stable for the six months ended June 30, 2025, with investing activities providing cash, resulting in a net decrease in cash and equivalents Cash Flow Summary (in thousands) | Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($60,616) | ($60,127) | | Net cash provided by investing activities | $53,955 | $45,441 | | Net cash used in financing activities | ($460) | ($239) | | **Net decrease in cash and cash equivalents** | **($7,121)** | **($14,925)** | | **Ending cash and cash equivalents** | **$21,743** | **$23,622** | - Significant non-cash charges reconciling net loss to operating cash flow included a **$93.9 million** change in fair value of warrant liability and a **$70.0 million** fair value loss on share subscription liability[23](index=23&type=chunk) [Notes to the Condensed Financial Statements (Unaudited)](index=9&type=section&id=Notes%20to%20the%20Condensed%20Financial%20Statements%20(Unaudited)) Notes detail the company's LiDAR technology, liquidity management despite a large accumulated deficit, revenue concentration, significant financing activities, and a litigation settlement - The company designs a **4D LiDAR-on-chip** using Frequency Modulated Continuous Wave (FMCW) sensing technology for applications like automated driving and industrial automation[25](index=25&type=chunk) - Despite an accumulated deficit of **$839.5 million**, management believes existing cash, marketable securities, and the Standby Equity Purchase Agreement will be sufficient to fund operations for at least the next 12 months[33](index=33&type=chunk)[34](index=34&type=chunk) - In May 2025, Aeva entered into a strategic collaboration with LG Innotek (LGIT), including a Share Subscription Agreement for a **$32.5 million** investment and a Joint Development Agreement (JDA), resulting in a share subscription liability of **$77.5 million** and an expected loss from the JDA of **$3.8 million**[77](index=77&type=chunk)[78](index=78&type=chunk)[80](index=80&type=chunk) - The company has a Standby Equity Purchase Agreement with Sylebra, providing the right to sell up to **$125 million** of preferred stock, subject to conditions which were met as of June 30, 2025[66](index=66&type=chunk)[70](index=70&type=chunk) - A settlement was reached in the Delaware Stockholder Litigation for **$14.0 million**, with **$2.8 million** paid and an accrued contingent liability of **$11.2 million** as of June 30, 2025[101](index=101&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses significant revenue growth, a widened net loss due to non-cash charges, decreased operating expenses, and sufficient liquidity for the next 12 months [Results of Operations](index=25&type=section&id=Results%20of%20Operations) Revenue significantly increased for the three and six months ended June 30, 2025, while operating expenses decreased, but net loss substantially widened due to non-cash liability charges Comparison of Three Months Ended June 30 (in thousands) | Account | 2025 | 2024 | Change $ | Change % | | :--- | :--- | :--- | :--- | :--- | | Revenue | $5,511 | $2,012 | $3,499 | 174% | | Cost of revenue | $8,231 | $2,860 | $5,371 | 188% | | Research and development expenses | $22,841 | $26,196 | ($3,355) | (13)% | | Loss from operations | ($34,923) | ($48,913) | $13,990 | (29)% | | Net loss | ($192,742) | ($43,393) | ($149,349) | 344% | - The increase in cost of revenue for Q2 2025 was primarily due to a **$3.8 million** loss recognized on a joint development agreement[139](index=139&type=chunk) - The significant net loss in Q2 2025 was driven by non-cash charges, including a **$70.0 million** fair value loss on share subscription liability and an **$88.5 million** change in fair value of warrant liability[137](index=137&type=chunk)[144](index=144&type=chunk)[145](index=145&type=chunk) [Liquidity and Capital Resources](index=27&type=section&id=Liquidity%20and%20Capital%20Resources) Despite a significant accumulated deficit and negative operating cash flows, the company asserts sufficient liquidity for the next 12 months, supported by existing funds and strategic financing agreements - The company has a Standby Equity Purchase Agreement with Sylebra, allowing it to sell up to **$125.0 million** of preferred stock until November 2026[157](index=157&type=chunk) - A private placement with LGIT for aggregate gross proceeds of approximately **$32.5 million** is expected to close in August 2025[159](index=159&type=chunk) - Management believes that current liquidity, including the Facility Agreement, will be sufficient to fund operations and capital expenditures for at least 12 months from the report's issuance date[160](index=160&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate fluctuations, with no material changes reported since the 2024 Form 10-K - The company's main market risk exposure is from fluctuations in interest rates[176](index=176&type=chunk) - No material changes to market risks were reported since the Annual Report on Form 10-K for the year ended December 31, 2024[176](index=176&type=chunk) [Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - As of June 30, 2025, the CEO and CFO concluded that the company's disclosure controls and procedures were effective[177](index=177&type=chunk) - There were no material changes to the company's internal control over financial reporting during the quarter[178](index=178&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=31&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, with details provided in Note 15 of the condensed consolidated financial statements - Information regarding legal proceedings is detailed in Note 15, "Commitments and Contingencies," of the financial statements[182](index=182&type=chunk) [Risk Factors](index=31&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported since the 2024 Form 10-K, except for updated risks concerning strategic partnerships, internal controls, and ownership concentration - The company's growth is partly dependent on the success of strategic partnerships, such as the recent agreement with LG Innotek (LGIT)[184](index=184&type=chunk)[185](index=185&type=chunk) - The company faces challenges in maintaining an effective system of internal controls, especially as it will be required to comply with the auditor attestation requirements of Sarbanes-Oxley Section 404 as of December 31, 2025[187](index=187&type=chunk) - As of the report date, officers and directors beneficially own or control approximately **49.4%** of the outstanding common stock, representing a significant concentration of ownership[189](index=189&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=32&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) None - No unregistered sales of equity securities occurred during the period[192](index=192&type=chunk) [Defaults Upon Senior Securities](index=32&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) None - No defaults upon senior securities occurred during the period[193](index=193&type=chunk) [Mine Safety Disclosures](index=32&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Not applicable - This section is not applicable to the company[194](index=194&type=chunk) [Other Information](index=32&type=section&id=Item%205.%20Other%20Information) CFO Saurabh Sinha adopted a Rule 10b5-1 trading plan for the potential sale of common stock during the quarter ended June 30, 2025 - On May 18, 2025, CFO Saurabh Sinha adopted a Rule 10b5-1 Trading Plan for the sale of up to **268,086** shares of common stock[195](index=195&type=chunk) [Exhibits](index=33&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including amendments to the Standby Equity Purchase Agreement and SOX certifications - Key exhibits filed include the Second and Third Amendments to the Standby Equity Purchase Agreement with Sylebra Capital Limited[198](index=198&type=chunk) - Certifications from the CEO and CFO pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are included as exhibits[198](index=198&type=chunk)

Core Insights - Aeva Technologies reported record GAAP revenue of $5.5 million for Q2 2025, reflecting a 175% year-over-year increase and exceeding analyst expectations by 62.2% [1][5] - Non-GAAP earnings per share were $(0.44), better than the consensus estimate of $(0.47) and an improvement from $(0.57) in Q2 2024, indicating progress in financial performance [1][2] - The company continues to face challenges with negative gross margins and significant operating losses, which narrowed to $(25.1 million) from $(32.0 million) in Q2 2024 [1][6] Financial Performance - GAAP revenue reached $5.5 million, up 174.6% from $2.0 million in Q2 2024 [2] - Non-GAAP operating loss improved by 21.6% year-over-year, reflecting cost control measures [2][6] - Cash, cash equivalents, and marketable securities totaled $49.8 million, indicating liquidity for ongoing operations [2] Business Overview - Aeva develops Frequency-Modulated Continuous Wave (FMCW) LiDAR technology, which is crucial for applications in autonomous vehicles, robotics, and industrial automation [3] - The company is focusing on scaling its FMCW technology for automotive and industrial use-cases, with plans for expansion into smart infrastructure [4] Strategic Partnerships and Developments - Aeva formed a significant partnership with LG Innotek, which includes a $77.5 million strategic investment aimed at enhancing market reach and manufacturing capabilities [7] - The company reported orders for over 1,000 sensors in its industrial automation segment, with shipments expected later this year [7] Product Applications - Aeva's FMCW LiDAR platform supports advanced driver-assistance systems and autonomous driving, with traction from major customers like Mercedes-Benz and Daimler Truck [9] - The Eve 1 line of precision laser displacement sensors is being utilized for factory automation, providing micron-level measurement accuracy [10] - The technology is also being adopted in new segments such as airport traffic management and intelligent transportation systems [11] Manufacturing and Production Capacity - Strategic partnerships with Tower Semiconductor and Jabil are facilitating Aeva's move towards mass production, targeting a capacity of up to 100,000 units per year [12] Future Outlook - The company is expected to benefit from ongoing commercial momentum and booked sensor orders, although no detailed guidance was provided for the next quarter [13] - Monitoring the conversion of pre-production partnerships into large-scale production will be critical for future growth [14]

[Event Highlights and Strategic Collaborations](index=1&type=section&id=Event%20Highlights%20and%20Strategic%20Collaborations) Aeva showcased its perception platform, announcing key collaborations with LG Innotek and Bendix for market expansion - Announced a strategic collaboration with **LG Innotek** to accelerate the expansion of Aeva's perception platform into new markets, including manufacturing **Atlas Ultra** for a **Top 10 Passenger OEM** and developing new products for **robotics and consumer applications**[1](index=1&type=chunk)[3](index=3&type=chunk)[4](index=4&type=chunk) - Partnered with **Bendix**, a leader in ADAS for commercial vehicles, to integrate Aeva's **4D LiDAR** into **L2+ collision mitigation systems** for high-volume markets, targeting the approximately **300,000 new trucks** sold annually in North America[1](index=1&type=chunk)[4](index=4&type=chunk) - Showcased progress with key automotive partners, including **Mercedes-Benz** for **L3 automated driving**, and **Daimler Truck** and **Torc Robotics** for **L4 autonomy** in trucking[4](index=4&type=chunk) - Highlighted expanding use cases in non-automotive sectors, such as smart infrastructure with **Sotereon.ai**, and industrial automation with **LMI Technologies** and **Nikon**[4](index=4&type=chunk) [Second Quarter 2025 Financial Highlights](index=2&type=section&id=Second%20Quarter%202025%20Financial%20Highlights) Aeva reported record Q2 2025 revenue of **$5.5 million** (up **174%**), narrowed GAAP operating loss, and held **$49.8 million** in cash Q2 2025 Key Financial Metrics | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Revenue | $5.5 million | $2.0 million | | GAAP Operating Loss | $(34.9) million | $(48.9) million | | Non-GAAP Operating Loss | $(25.1) million | $(32.0) million | | GAAP Net Loss per Share | $(3.49) | $(0.82) | | Non-GAAP Net Loss per Share | $(0.44) | $(0.57) | | Cash, Cash Equivalents & Marketable Securities | $49.8 million | N/A | - The strategic investment by **LG Innotek** has been recorded as a share subscription liability with a fair value of **$77.5 million** as of June 30, 2025, which is expected to convert to equity upon closing[10](index=10&type=chunk) - A warrant liability of **$102.1 million** was recorded at fair value as of June 30, 2025, which is not expected to be settled in cash[10](index=10&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) This section presents Aeva Technologies, Inc.'s unaudited condensed consolidated financial statements: Balance Sheet, Statements of Operations, and Cash Flows [Condensed Consolidated Balance Sheet](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheet) Aeva's total assets decreased to **$91.1 million**, liabilities surged to **$209.3 million** from new share subscription and warrant liabilities, leading to a **$118.2 million** stockholders' deficit Key Balance Sheet Items (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $21,743 | $28,864 | | Marketable securities | $28,106 | $83,143 | | **Total Assets** | **$91,149** | **$147,489** | | Share subscription liability | $77,496 | $0 | | Warrant liability | $102,136 | $8,258 | | **Total Liabilities** | **$209,330** | **$48,137** | | **Total Stockholders' Equity (Deficit)** | **$(118,181)** | **$99,352** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 revenue increased to **$5.5 million**, GAAP operating loss improved to **$34.9 million**, but non-cash charges led to a **$192.7 million** GAAP net loss, or **$3.49 per share** Statement of Operations Summary - Three Months Ended June 30 (in thousands) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | $5,511 | $2,012 | | Gross Profit (Loss) | $(2,720) | $(848) | | Operating Loss | $(34,923) | $(48,913) | | Net Loss | $(192,742) | $(43,393) | | Net Loss Per Share | $(3.49) | $(0.82) | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For H1 2025, Aeva used **$60.6 million** in operating cash, generated **$54.0 million** from investing, resulting in a **$7.1 million** cash decrease, ending at **$21.7 million** Cash Flow Summary - Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(60,616) | $(60,127) | | Net cash provided by investing activities | $53,955 | $45,441 | | Net cash provided by (used in) financing activities | $(460) | $(239) | | **Net decrease in cash and cash equivalents** | **$(7,121)** | **$(14,925)** | [Reconciliation of GAAP to Non-GAAP Financial Measures](index=8&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) This section reconciles GAAP to non-GAAP measures, showing Q2 2025 non-GAAP operating loss of **$25.1 million** and net loss of **$24.5 million** after excluding non-cash items Reconciliation of GAAP to Non-GAAP Operating Loss (in thousands) | Description | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | GAAP operating loss | $(34,923) | $(48,913) | | Stock-based compensation | $6,024 | $5,364 | | Loss on joint development agreement | $3,785 | $0 | | Litigation settlement, net | $0 | $11,500 | | **Non-GAAP operating loss** | **$(25,114)** | **$(32,049)** | Reconciliation of GAAP to Non-GAAP Net Loss (in thousands) | Description | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | GAAP net loss | $(192,742) | $(43,393) | | Adjustments (Stock-based comp, warrant liability, etc.) | $168,283 | $13,347 | | **Non-GAAP net loss** | **$(24,459)** | **$(30,046)** |