Aeva(AEVA) - 2025 Q1 - Quarterly Results

Financial Performance - Achieved record product revenue of $3.4 million in Q1 2025, up from $2.1 million in Q1 2024, representing a 61.9% increase[12] - GAAP operating loss decreased to $30.4 million in Q1 2025 from $37.3 million in Q1 2024, a reduction of 18.5%[12] - Non-GAAP net loss per share improved to $0.45 in Q1 2025 from $0.56 in Q1 2024[12] - The company reported a net loss of $34.867 million for the three months ended March 31, 2025, compared to a net loss of $35.326 million for the same period in 2024, reflecting a slight improvement[23] - Non-GAAP net loss for the same period was $24.903 million, down from $29.628 million year-over-year, indicating a reduction in losses[26] - Basic and diluted GAAP net loss per share improved to $(0.64) from $(0.67) year-over-year[27] Cash Flow and Liquidity - Cash, cash equivalents, and marketable securities totaled $81.0 million as of March 31, 2025[6] - The company experienced a net cash used in operating activities of $30.792 million, slightly better than the $30.962 million used in the prior year[23] - Cash flows from investing activities provided $23.322 million, compared to $22.036 million in the previous year, showing an increase in cash generated from investments[23] - The ending cash and cash equivalents decreased to $21.211 million from $29.605 million year-over-year, indicating a decline in liquidity[23] Strategic Initiatives - Introduced Aeva Eve 1D, the industry's first FMCW high-precision laser displacement sensor for industrial automation, with initial orders exceeding 1,000 sensors[5] - Signed a strategic collaboration and investment agreement with a Global Fortune 500 technology subsidiary, with an investment of up to $50 million to expand into new markets[5] - Entered the intelligent transportation systems (ITS) market, becoming the exclusive LiDAR supplier for Sensys Gatso Australia's new mobile speed detection products[5] - Achieved the first milestone for a development program with a global top 10 passenger OEM, positioning for a large-scale production program[5] - The company is focusing on reducing operating losses and improving cash flow through strategic investments and cost management initiatives[24] Asset and Liability Management - Total current assets decreased to $91.8 million as of March 31, 2025, down from $123.3 million as of December 31, 2024[19] - Total liabilities decreased to $45.7 million as of March 31, 2025, compared to $48.1 million as of December 31, 2024[19] Stock and Compensation - Stock-based compensation for the three months ended March 31, 2025, was $4.564 million, down from $5.261 million in the same period of 2024[26] - The company reported a change in the fair value of warrant liabilities of $5.400 million for the current period, compared to $437,000 in the prior year[26] - The number of shares used in computing GAAP net loss per share increased to 54,750,088 from 52,742,725 in the previous year[27]