Aeva Technologies, Inc.

Company and technology

• Core technology: Frequency Modulated Continuous Wave (FMCW) LiDAR-on-chip built on silicon photonics, enabling 4D LiDAR (depth, reflectivity, per-pixel instantaneous velocity, and inertial motion).
• Key differentiators: integrated silicon photonics module, custom DSP/ASIC processing, and 4D perception software that processes per-pixel velocity and environmental data.
• Performance claims: long-range sensing up to 500 meters; immunity to LiDAR and sunlight interference; low optical power requirements; per-pixel velocity measurement to support faster perception and safer operation.

Products and product lines

• Atlas: high-performance FMCW 4D LiDAR with simultaneous velocity and range detection up to 500 meters; automotive-grade; powered by the CoreVision LiDAR-on-chip module and the Aeva X1 SoC LiDAR processor.
• Atlas Ultra: higher-resolution version for SAE Levels 3–4 automated driving, with up to 3x the resolution of Atlas and up to a 150-degree horizontal field of view; slimmer design for roofline or behind-windshield integration.
• Eve family (industrial automation):
  • Eve 1D: micrometer-level non-contact displacement sensing.
  • Eve 1V: high-precision motion sensing for factory and process automation. Both are built on CoreVision LiDAR-on-chip modules.
• Atlas Orion (smart infrastructure): high-performance 4D LiDAR for outdoor perception in smart infrastructure, intelligent transportation systems, and security; meets industry standards (NEMA-TS2) and supports long-range sensing (vehicles up to ~500 m; vulnerable road users up to ~200 m).
• Core components: CoreVision LiDAR-on-chip module; Aeva X1 system-on-chip (SoC) LiDAR processor; 4D Perception software.

Markets, customers, and go-to-market

• Target markets: automotive (AD/ADAS), industrial automation, smart infrastructure, consumer devices, and security.
• Automotive: marketing and development tied to AD/ADAS programs; selected by automotive OEMs for design wins and collaboration programs. One European OEM was selected in December 2025 as the exclusive LiDAR supplier for its global series-production platform to enable Level 3 automated driving.
• Industrial automation and smart infrastructure: Eve sensors for precision metrology and on-machine sensing; Atlas Orion for outdoor, city-scale perception.
• Customer concentration:
  • 2025: top three customers accounted for 64% of revenue.
  • 2024: top two customers accounted for 72% of revenue.
  • Accounts receivable concentration: in 2025, three customers accounted for 72% of accounts receivable; in 2024, five customers accounted for 68% of accounts receivable.
• Business model and status: historically focused on prototypes and non-recurring engineering (NRD) services for customers’ development programs; no material commercial deliveries reported for the period described, with ongoing multi-year development cycles and dependence on customers' program progress and testing/validation phases.

Intellectual property

• Patent portfolio: approximately 296 issued patents and 127 pending patent applications worldwide (as of December 31, 2025).
• Additional IP protections: trademarks, trade secrets, confidential information, and certain licensing/exclusivity arrangements; the company engages in defensive and enforcement activities as appropriate.

Manufacturing and partnerships

• Manufacturing strategy: reliance on third-party manufacturers for automotive-grade production.
• Collaboration with LG Innotek Co., Ltd. (LGIT): strategic collaboration announced May 2025 to develop and manufacture, including final assembly/test and global production capabilities. The collaboration included the sale of up to $32.5 million of Aeva common stock to LGIT (closed August 2025).
• Transition risks: outsourcing production introduces potential risks around supply, lead times, quality control, and dependence on third-party manufacturers.

Financial snapshot (selected figures)

• Employees: 239 full-time employees as of December 31, 2025 (primarily located in Mountain View, CA); additional consultants and contractors.
• Revenue profile: revenue largely derived from prototypes and NRD services; business is design-win-driven with long development cycles.
• Net income (loss):
  • 2025: net loss of $145.4 million.
  • 2024: net loss of $152.3 million.
  • 2023: net loss of $149.3 million.
• Cash and liquidity: $121.9 million in cash, cash equivalents, and marketable securities as of December 31, 2025.
• Financing and capital structure:
  • Standby Equity Purchase Agreement (SEPA) with entities affiliated with Sylebra (November 2023): facility permits up to $125 million of preferred stock sales to Sylebra; conditions for advancing include program- and market-related milestones. As of the report date, conditions to request advances under the SEPA were met (availability through November 8, 2026).
  • Convertible notes: $100.0 million aggregate principal amount of 4.375% Convertible Senior Notes issued in November 2025, due November 15, 2032; convertible at holder option; interest payable semi-annually; notes guaranteed by a wholly owned subsidiary; conversion may result in cash settlement and dilution.
  • Warrants (as of December 31, 2025): included 12.1 million public warrants and 0.4 million private warrants (exercisable for 2.5 million shares); aggregate warrants outstanding were reported as totaling 5.5 million shares across multiple warrant classes and exercise terms.
  • Series A warrants: 3.0 million Series A warrants exercisable for 3.0 million shares at $5.00 per share.
• Legal and regulatory posture: ongoing need to defend and enforce IP rights; potential for infringement claims; subject to export controls, environmental, cybersecurity, privacy, and other regulatory regimes. Risk factors include supply chain, manufacturing, customer concentration, and capital markets dynamics.

Corporate and facilities

• Headquarters: 555 Ellis Street, Mountain View, California 94043.
• Testing facility: Milpitas, California testing facility of approximately 96,000 square feet (lease through 2029).

Summary

Aeva develops an integrated 4D LiDAR-on-chip platform based on silicon photonics, combined with custom DSP/ASIC processing and perception software. The company targets automotive AD/ADAS, industrial automation, smart infrastructure, and related markets. It shows concentrated customer relationships, multi-year design-win cycles, and recent steps toward scaled manufacturing with LG Innotek. The company has a substantial patent portfolio, ongoing operating losses in recent years, available liquidity, and multiple financing arrangements including a standby equity facility and convertible notes.