Aeva Technologies (AEVA) delivered a strong Q4 earnings report on Wednesday, earning a solid boost from investors.
The maker of frequency-modulated continuous wave (FMCW) technology — an advanced sensing technology used in radar and LiDAR systems — posted $2.7 million in Q4 revenue, up from $1.6 million a year earlier. For the full year, revenue nearly doubled to $9.1 million from $4.3 million in 2023.
Aeva also beat Wall Street expectations on the bottom line, reporting a quarterly loss of $0.49 per share versus the consensus estimate of $0.58 per share.
Looking ahead, Aeva expects 2025 revenue between $15 million and $18 million — representing year-over-year growth of 70% to 100%.
“Aeva in 2024 accelerated the growing adoption of FMCW technology, with expanded partnerships in automotive and our growing pace of new production wins in industrial robotics, security, and infrastructure,” CEO and co-founder Soroush Salehian said.
In addition to the earnings beat, Aeva announced that “a global top 10 passenger OEM (original equipment manufacturer) has awarded Aeva a development program for its next-generation global vehicle platform.”
The project will center on Aeva’s Atlas Ultra 4D LiDAR sensor, slated for a 2027 launch, but the company did not disclose the automaker’s name.
“This win is a key milestone in our ongoing collaboration with a top 10 passenger OEM and is a major validation of the capabilities of our new Atlas Ultra 4D LiDAR sensor,” Salehian said. “This further reinforces Aeva’s position as the leading supplier of next-generation sensing solutions for automated driving.”
Beyond self-driving technology, Aeva is positioning its FMCW technology for applications in industrial robotics, consumer electronics, health, and security.
AEVA stock surged 16% by Wednesday’s close. Despite the rally, the stock remains down 34.5% year-to-date.
Institutional activity
Aeva’s stock has been on a wild ride among institutional investors in the fourth quarter, with some big names making major bets while others sold off their shares.
The two biggest buyers were Parkwood LLC, which added about 1.2 million shares in Q4 — worth roughly $5.5 million — and Jane Street Group, which picked up 623,889 shares, worth nearly $3 million.
Meanwhile, the two biggest sellers included Adage Capital Partners, which offloaded 781,590 shares — worth about $3.7 million — and Vanguard Group, which sold 516,999 shares, valued at an estimated $2.5 million.
Top executives at Aeva have also been active this month, selling off company stock.
CEO Soroush Salehian sold 240,000 shares worth about $1.06 million, while Chief Technology Director Paul Zadesky sold 14,851 shares, worth $52,049. Meanwhile, CTO Mina Rezk sold 70,000 shares, worth $195,300.
Aeva projects 2025 revenue in the range of $15 million to $18 million, representing 70%-to-100% year-over-year growth.
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