Aeva Technologies, Inc 8-K, filed Jul 31, 2025
Aeva Technologies, Inc. (AEVA)
About this 8-K
Aeva Technologies, Inc filed this 8-K on July 31, 2025, reporting on events of July 25, 2025.
Items reported
- Item 2.02: Financial results
- Item 5.02: Director or officer change, or executive pay
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On July 31, 2025, Aeva Technologies, Inc. (the “Company”) issued a press release announcing financial results for the quarter ended June 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference in this Item 2.02.
The information set forth in Item 2.02 (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 5, 2025, the Company filed a Current Report on Form 8-K under Item 5.02 pursuant to which it announced that the board of directors (the “Board”) of the Company had elected Daniel Gibson to the Board, effective May 1, 2025. At that time, the Board had not yet appointed Mr. Gibson to any Board committees.
On July 25, 2025, the Board appointed Mr. Gibson to the nominating and corporate governance committee of the Board, effective immediately.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit Number |
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Description |
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99.1 |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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Aeva Technologies, Inc. |
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Date: |
July 31, 2025 |
By: |
/s/ Saurabh Sinha |
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Saurabh Sinha |
Exhibit 99.1
Aeva Unveils Vision for the Future of Sensing and Perception and Reports Second Quarter 2025 Results at Aeva Day
LG Innotek and Aeva Unveil Strategic Collaboration to Accelerate Expansion of Aeva Perception Platform Across Automotive, Robotics and Consumer Applications
Collaboration with Bendix, the ADAS Solutions Leader for Commercial Vehicle Systems, to bring Aeva 4D LiDAR to L2+ Collision Mitigation for High Volume Markets
Record Quarterly Revenue in Q2 Driven by Continued Commercial Momentum
MOUNTAIN VIEW, Calif., July 31, 2025 – Aeva® (NASDAQ: AEVA), a leader in next-generation sensing and perception systems, today hosted Aeva Day: Beyond the Beam in New York City, where the company showcased how its unique perception platform can enable the future of sensing and perception across multiple applications and industries at mass scale. At the event, key customers, partners and industry leaders shared their insights on Aeva’s differentiated performance and the growing trend towards FMCW technology.
Key Event Highlights
“Aeva is entering an inflection point where multiple years of investments leveraging our unified perception platform is accelerating next-generation capabilities across multiple automation use cases beyond the traditional uses for LiDAR,” said Soroush Salehian, Co-founder and CEO at Aeva. “This has been our vision from the beginning, and at Aeva Day, we shared how our chip-scale platform, and select customers and partners who are leaders in their fields, uniquely positions Aeva to deploy our products at mass scale. This includes our strategic collaboration with LG Innotek to accelerate our expansion into new and broader markets.”
During Aeva Day, the company also released its second quarter 2025 results. The webcast and replay of Aeva Day can be accessed at investors.aeva.com.
Second Quarter 2025 Financial Highlights
*Tables reconciling GAAP to non-GAAP measures are provided at the end of this release.
About Aeva Technologies, Inc. (NASDAQ: AEVA)
Aeva’s mission is to bring the next wave of perception to a broad range of applications from automated driving to industrial robotics, consumer electronics, consumer health, security and beyond. Aeva is transforming autonomy with its groundbreaking sensing and perception technology that integrates all key LiDAR components onto a silicon photonics chip in a compact module. Aeva 4D LiDAR sensors uniquely detect instant velocity in addition to 3D position, allowing autonomous devices like vehicles and robots to make more intelligent and safe decisions. For more information, visit www.aeva.com, or connect with us on X or LinkedIn.
Aeva, the Aeva logo, Aeva 4D LiDAR, Aeva Atlas, Aeries, Aeva Eve, Aeva Ultra Resolution, Aeva CoreVision, and Aeva X1 are trademarks/registered trademarks of Aeva, Inc. All rights reserved. Third-party trademarks are the property of their respective owners.
Forward-looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Forward-looking statements in this press release include our beliefs regarding our expectations with respect to timing of product shipments, customer agreements, ability to enter new markets and investments, and our expectations regarding our strategic partnership with LG Innotek. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including, but not limited to: (i) the fact that Aeva is an early stage company with a history of operating losses and
may never achieve profitability, (ii) Aeva’s limited operating history and limited history of shipping significant product volumes, (iii) the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities, (iv) the ability for Aeva to have its products selected for inclusion in OEM products, (v) the ability to manufacture at volumes and costs needed for commercial programs, (vi) no assurance that any of our customers will ever complete testing and validation with us or that we will receive any billings or revenues in connection with such programs or that such customers will continue such programs, (vii) the need to conclude definitive deployment or production agreements with potential customers, (viii) that any validation orders will result in larger orders, (ix) that any programs into which our products may be designed will result in significant end customer sales, (x) that any of the opportunities referenced in this press release will result in significant deployments of our products, (xi) unforeseen project delays or product issues, such as difficulties or delays in shipping, manufacturing or installation, (xii) end customer acceptance of the platform, (xiii) our ability to reduce costs and unforeseen expenses, (xiv) acceptance of Aeva’s technology in other markets, and (xv) other material risks and other important factors that could affect our financial results that are further described in our filings with the SEC. Please refer to our filings with the SEC, including our most recent Form 10-K and Form 10-Q. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Aeva assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Aeva does not give any assurance that it will achieve its expectations.
Non-GAAP Information
In addition to our financial results determined in accordance with U.S. GAAP, we present non-GAAP operating loss and non-GAAP net loss per share. “Non-GAAP operating loss” is defined as GAAP operating loss before stock-based compensation, loss on joint development agreement and litigation settlement, net. “Non-GAAP net loss per share” is defined as non-GAAP net loss divided by weighted average shares outstanding, basic and diluted. “Non-GAAP net loss” is defined as GAAP net loss before stock-based compensation, loss on joint development agreement, litigation settlement, net, fair value of share subscription liability and change in fair value of warrant liability.
We believe that non-GAAP operating loss and non-GAAP net loss per share, when taken together with the corresponding U.S. GAAP financial measures, provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our core business, results of operations, or outlook. We consider non-GAAP operating loss and non-GAAP net loss per share to be important measures because they help illustrate underlying trends in our business and our historical operating performance on a more consistent basis.
However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with U.S. GAAP. Non-GAAP financial measures have limitations, including that they exclude certain expenses that are required under GAAP, which adjustments reflect the exercise of judgment by management. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP financial measures or ratios differently or may use other financial measures or ratios to evaluate their performance, all of which could reduce the usefulness of non-GAAP operating loss and non-GAAP net loss per share as tools for comparison. Reconciliations are provided at the end of this release to the most directly comparable financial measures in accordance with U.S. GAAP. Investors are encouraged to review our U.S. GAAP financial measures and not to rely on any single financial measure to evaluate our business.
Contacts
Investors:
Andrew Fung
investors@aeva.ai
Media:
Michael Oldenburg
press@aeva.ai
AEVA TECHNOLOGIES, INC. |
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Condensed Consolidated Balance Sheet |
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(Unaudited) |
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(In thousands) |
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June 30, |
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December 31, |
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
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$ |
21,743 |
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$ |
28,864 |
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Marketable securities |
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28,106 |
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83,143 |
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Accounts receivable |
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3,896 |
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1,187 |
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Inventories |
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3,659 |
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2,345 |
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Other current assets |
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10,912 |
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7,761 |
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Total current assets |
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68,316 |
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123,300 |
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Operating lease right-of-use assets |
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1,996 |
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3,826 |
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Property, plant and equipment, net |
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12,753 |
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10,332 |
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Intangible assets, net |
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1,275 |
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1,725 |
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Other noncurrent assets |
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6,809 |
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8,306 |
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TOTAL ASSETS |
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$ |
91,149 |
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$ |
147,489 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) |
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CURRENT LIABILITIES: |
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Accounts payable |
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$ |
4,793 |
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$ |
5,453 |
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Accrued liabilities |
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5,809 |
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5,710 |
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Accrued employee costs |
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2,445 |
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5,783 |
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Lease liability, current portion |
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1,824 |
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3,039 |
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Share subscription liability |
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77,496 |
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— |
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Other current liabilities |
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13,352 |
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19,174 |
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Total current liabilities |
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105,719 |
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39,159 |
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Lease liability, noncurrent portion |
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3 |
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720 |
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Warrant liability |
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102,136 |
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8,258 |
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Other non-current liability |
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1,472 |
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— |
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TOTAL LIABILITIES |
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209,330 |
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48,137 |
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STOCKHOLDERS’ EQUITY (DEFICIT): |
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Common stock |
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6 |
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6 |
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Additional paid-in capital |
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721,288 |
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711,160 |
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Accumulated other comprehensive income (loss) |
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(5 |
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47 |
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Accumulated deficit |
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(839,470 |
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(611,861 |
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TOTAL STOCKHOLDERS’ EQUITY (DEFICIT) |
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(118,181 |
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99,352 |
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TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) |
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$ |
91,149 |
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$ |
147,489 |
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AEVA TECHNOLOGIES, INC. |
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Condensed Consolidated Statements of Operations |
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(Unaudited) |
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(In thousands, except share and per share data) |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Revenue |
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$ |
5,511 |
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$ |
2,012 |
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$ |
8,879 |
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$ |
4,119 |
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Cost of revenue (1) |
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8,231 |
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2,860 |
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11,289 |
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6,359 |
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Gross profit (loss) |
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(2,720 |
) |
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(848 |
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(2,410 |
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(2,240 |
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Operating expenses: |
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Research and development expenses (1) |
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22,841 |
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26,196 |
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44,410 |
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51,208 |
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General and administrative expenses (1) |
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7,969 |
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8,663 |
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15,186 |
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17,074 |
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Selling and marketing expenses (1) |
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1,393 |
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1,706 |
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3,335 |
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4,235 |
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Litigation settlement, net |
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— |
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11,500 |
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— |
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11,500 |
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Total operating expenses |
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32,203 |
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48,065 |
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62,931 |
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84,017 |
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Operating loss |
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(34,923 |
) |
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(48,913 |
) |
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(65,341 |
) |
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(86,257 |
) |
Interest income |
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619 |
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2,099 |
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1,626 |
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4,557 |
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Change in fair value of warrant liability |
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(88,478 |
) |
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3,517 |
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(93,878 |
) |
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3,080 |
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Fair value of share subscription liability |
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(69,996 |
) |
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— |
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(69,996 |
) |
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— |
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Other income (expense), net |
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106 |
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27 |
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107 |
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24 |
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Loss before income taxes |
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$ |
(192,672 |
) |
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$ |
(43,270 |
) |
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$ |
(227,482 |
) |
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$ |
(78,596 |
) |
Income tax provision |
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70 |
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123 |
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127 |
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123 |
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Net loss |
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$ |
(192,742 |
) |
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$ |
(43,393 |
) |
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$ |
(227,609 |
) |
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$ |
(78,719 |
) |
Net loss per share, basic and diluted |
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$ |
(3.49 |
) |
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$ |
(0.82 |
) |
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$ |
(4.14 |
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$ |
(1.49 |
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Weighted-average shares used in computing net loss per share, basic and diluted |
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55,161,124 |
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52,995,093 |
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54,956,722 |
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52,868,909 |
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(1) Includes stock-based compensation as follows: |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Cost of revenue |
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$ |
32 |
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$ |
64 |
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$ |
63 |
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$ |
166 |
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Research and development expenses |
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3,434 |
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4,189 |
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6,411 |
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8,178 |
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General and administrative expenses |
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2,349 |
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|
913 |
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3,725 |
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1,820 |
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Selling and marketing expenses |
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209 |
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198 |
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389 |
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461 |
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Total stock-based compensation expense |
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$ |
6,024 |
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$ |
5,364 |
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$ |
10,588 |
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$ |
10,625 |
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AEVA TECHNOLOGIES, INC. |
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Condensed Consolidated Statements of Cash Flows |
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(Unaudited) |
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(In thousands) |
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Six Months Ended June 30, |
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2025 |
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2024 |
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Cash flows from operating activities: |
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Net loss |
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$ |
(227,609 |
) |
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$ |
(78,719 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
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Depreciation and amortization |
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2,716 |
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2,741 |
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Loss on joint development agreement |
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3,785 |
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— |
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Impairment of inventories |
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134 |
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|
559 |
|
Change in fair value of warrant liability |
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93,878 |
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(3,080 |
) |
Fair value of share subscription liability |
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69,996 |
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— |
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Stock-based compensation |
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10,588 |
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10,625 |
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Amortization of right-of-use assets |
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1,830 |
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1,703 |
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Amortization of premium and accretion of discount on available-for-sale securities, net |
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(795 |
) |
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(2,096 |
) |
Other |
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— |
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118 |
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Changes in operating assets and liabilities: |
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Accounts receivable |
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(2,709 |
) |
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(216 |
) |
Inventories |
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(1,448 |
) |
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(1,184 |
) |
Other current assets |
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2,849 |
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(3,156 |
) |
Other noncurrent assets |
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505 |
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317 |
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Accounts payable |
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(1,779 |
) |
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199 |
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Accrued liabilities |
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(2,940 |
) |
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|
288 |
|
Accrued employee costs |
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(3,337 |
) |
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(2,999 |
) |
Lease liability |
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(1,932 |
) |
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(1,749 |
) |
Other current liabilities |
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(5,820 |
) |
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16,522 |
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Other non-current liability |
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1,472 |
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— |
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Net cash used in operating activities |
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(60,616 |
) |
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(60,127 |
) |
Cash flows from investing activities: |
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Purchase of property, plant and equipment |
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(1,825 |
) |
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(2,427 |
) |
Purchase of available-for-sale securities |
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(23,369 |
) |
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(52,072 |
) |
Proceeds from maturities of available-for-sale securities |
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79,149 |
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99,940 |
|
Net cash provided by investing activities |
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53,955 |
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45,441 |
|
Cash flows from financing activities: |
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Payments of taxes withheld on net settled vesting of restricted stock units |
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(578 |
) |
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(293 |
) |
Proceeds from exercise of stock options |
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|
118 |
|
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|
54 |
|
Net cash provided by (used in) financing activities |
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(460 |
) |
|
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(239 |
) |
Net decrease in cash and cash equivalents |
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(7,121 |
) |
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(14,925 |
) |
Beginning cash and cash equivalents |
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28,864 |
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|
38,547 |
|
Ending cash and cash equivalents |
|
$ |
21,743 |
|
|
$ |
23,622 |
|
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AEVA TECHNOLOGIES, INC. |
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Reconciliation of GAAP to Non-GAAP Operating Results |
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(Unaudited) |
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(In thousands, except share and per share data) |
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Reconciliation from GAAP to non-GAAP operating loss |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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GAAP operating loss |
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$ |
(34,923 |
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$ |
(48,913 |
) |
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$ |
(65,341 |
) |
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$ |
(86,257 |
) |
Stock-based compensation |
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6,024 |
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5,364 |
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10,588 |
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10,625 |
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Loss on joint development agreement |
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3,785 |
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— |
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3,785 |
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— |
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Litigation settlement, net |
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— |
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11,500 |
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— |
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11,500 |
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Non-GAAP operating loss |
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$ |
(25,114 |
) |
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$ |
(32,049 |
) |
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$ |
(50,968 |
) |
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$ |
(64,132 |
) |
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Reconciliation from GAAP to non-GAAP net loss |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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GAAP net loss |
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$ |
(192,742 |
) |
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$ |
(43,393 |
) |
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$ |
(227,609 |
) |
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$ |
(78,719 |
) |
Stock-based compensation |
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6,024 |
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5,364 |
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10,588 |
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10,625 |
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Loss on joint development agreement |
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3,785 |
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— |
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3,785 |
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— |
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Change in fair value of warrant liability |
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88,478 |
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(3,517 |
) |
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93,878 |
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(3,080 |
) |
Fair value of share subscription liability |
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69,996 |
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— |
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69,996 |
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— |
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Litigation settlement, net |
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— |
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11,500 |
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— |
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11,500 |
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Non-GAAP net loss |
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$ |
(24,459 |
) |
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$ |
(30,046 |
) |
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$ |
(49,362 |
) |
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$ |
(59,674 |
) |
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Reconciliation between GAAP and non-GAAP net loss per share |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Shares used in computing GAAP net loss per share: |
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Basic and diluted |
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55,161,124 |
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52,995,093 |
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54,956,722 |
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52,868,909 |
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GAAP net loss per share |
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Basic and diluted |
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$ |
(3.49 |
) |
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$ |
(0.82 |
) |
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$ |
(4.14 |
) |
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$ |
(1.49 |
) |
Stock-based compensation |
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0.11 |
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0.10 |
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0.19 |
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0.20 |
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Loss on joint development agreement |
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0.07 |
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— |
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0.07 |
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— |
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Change in fair value of warrant liability |
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1.60 |
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(0.07 |
) |
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1.71 |
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(0.06 |
) |
Fair value of share subscription liability |
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1.27 |
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- |
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1.27 |
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- |
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Litigation settlement, net |
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— |
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0.22 |
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— |
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0.22 |
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Non-GAAP net loss per share |
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Basic and diluted |
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$ |
(0.44 |
) |
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$ |
(0.57 |
) |
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$ |
(0.90 |
) |
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$ |
(1.13 |
) |