Workflow
Aeva(AEVA) - 2025 Q1 - Earnings Call Transcript
AEVAAeva(AEVA)2025-05-14 22:02
Filings
Slide

Financial Data and Key Metrics Changes - Revenue in Q1 2025 was 3.4million,markingarecordproductrevenueforthequarterandreflectingcontinuedgrowthincommercialtractionfromautomotiveandindustrialcustomers[22]−Non−GAAPoperatinglossforQ1was3.4 million, marking a record product revenue for the quarter and reflecting continued growth in commercial traction from automotive and industrial customers [22] - Non-GAAP operating loss for Q1 was 25.9 million, which is 19% lower year over year, consistent with the plan to reduce non-GAAP operating expenses by 10% to 20% for the full year [22] - Gross cash use was 31.3millioninthequarter,withoperatingcashuseof31.3 million in the quarter, with operating cash use of 30.8 million and capital expenditures of 0.5million[22]−TotalavailableliquidityattheendofQ1was0.5 million [22] - Total available liquidity at the end of Q1 was 206 million, including 81millionincashandcashequivalentsand81 million in cash and cash equivalents and 125 million in undrawn facilities [22] Business Line Data and Key Metrics Changes - The company is seeing strong commercial traction with the EVE ONE line of high precision sensors, with over 1,000 sensors booked and plans to ship later this year [8][12] - The EVE ONE sensors are designed for high volume and inline industrial automation applications, representing a breakthrough in the 4billionlaserdisplacementsensormarket[6][11]−InitialordersforEVEONEsensorshavealreadystartedshipping,withsignificantinterestfromleadingindustrialautomationcompanies[12]MarketDataandKeyMetricsChanges−AevahasenteredtheIntelligentTransportationSystem(ITS)market,securingapartnershipwithSensusGATSOasitsexclusiveLiDARsupplierformobilespeeddetectionproductsinAustralia[8][19]−Theoveralladdressablemarketforlaserdisplacementsensorsisprojectedtogrowsignificantly,withannualvolumesexceeding2millionsensors[13]CompanyStrategyandDevelopmentDirection−Aeva′smissionistobuildacoreFMCWtechnologyplatformtoexpandapplicationsbeyondautomotive,withsignificantprogressinindustrialautomationandITS[6][10]−AevaannouncedastrategiccollaborationwithaglobalFortune500technologysubsidiary,whichplanstoinvestupto4 billion laser displacement sensor market [6][11] - Initial orders for EVE ONE sensors have already started shipping, with significant interest from leading industrial automation companies [12] Market Data and Key Metrics Changes - Aeva has entered the Intelligent Transportation System (ITS) market, securing a partnership with Sensus GATSO as its exclusive LiDAR supplier for mobile speed detection products in Australia [8][19] - The overall addressable market for laser displacement sensors is projected to grow significantly, with annual volumes exceeding 2 million sensors [13] Company Strategy and Development Direction - Aeva's mission is to build a core FMCW technology platform to expand applications beyond automotive, with significant progress in industrial automation and ITS [6][10] - Aeva announced a strategic collaboration with a global Fortune 500 technology subsidiary, which plans to invest up to 50 million to expand Aeva's end markets and deliver advanced perception sensing products [9][16] - The company aims to leverage its strategic partner's manufacturing expertise to accelerate product development and market entry [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position to accelerate the adoption of its technology platform and enter new markets, citing strong commercial momentum [25] - The company anticipates at least 80% to 100% revenue growth for the full year compared to 2024, driven by increasing commercial traction across automotive and industrial markets [24][51] Other Important Information - Aeva plans to host an AIVA Day on July 31 in New York City to provide deeper insights into its technology and commercial traction [26] - The company is ramping up manufacturing capacity to meet growing demand for its sensors, targeting an installation capacity of 100,000 units per year [41][60] Q&A Session Summary Question: Can you talk about incremental target markets with the new partner? - Management highlighted the partnership's potential to expand into consumer market applications and accelerate industrial applications, leveraging the partner's scale and experience [30] Question: How is the relationship with SICK evolving? - Management noted a long-standing partnership with SICK, which holds about 15% market share, and expressed confidence in transitioning a significant portion of their portfolio to FMCW technology [34] Question: How long does it take to ramp new customers in the laser displacement sensor market? - Management indicated that while initial engagements take time, subsequent customer onboarding is expected to be much quicker, potentially within months [40] Question: Can you discuss momentum with other passenger OEMs? - Management confirmed ongoing engagements with multiple top passenger OEMs and expressed optimism about transitioning from development to production phases [48] Question: What led to the increase in revenue guidance? - Management attributed the increased guidance to strong momentum in both industrial and automotive markets, with record product revenue in Q1 [51] Question: What is the expected timeline for finishing the manufacturing capacity ramp? - Management confirmed that the goal is to install manufacturing capacity of 100,000 units within the current year [60] Question: Can you recap the remaining milestones for the global top 10 passenger OEM? - Management outlined that the next steps involve integration activities to ensure the sensor design fits across multiple vehicle models, with confidence in transitioning to production [66]