Aeva Technologies, a leader in 4D LiDAR technology, held its second-quarter 2024 earnings conference call, providing investors and stakeholders with an in-depth look at the company's financial performance and strategic direction. The call, led by Senior Director of Investor Relations and Corporate Development, Andrew Fung, featured presentations from Co-Founder and CEO, Soroush Salehian, and CFO, Saurabh Sinha.
Key Accomplishments and Strategic Partnerships
In the second quarter of 2024, Aeva Technologies made significant strides in advancing its 4D LiDAR technology and securing strategic partnerships. The company's collaboration with Daimler Truck remains on track, with sensor shipments continuing to build out the OEM's fleet of autonomous vehicles. Daimler Truck's recent unveiling of the autonomous Freightliner vehicle, incorporating Aeva's 4D LiDAR, highlights the company's commitment to deploying autonomous vehicles at scale.
Aeva has also made considerable progress in the automotive sector, with multiple top global OEMs showing interest in its technology. The company is in advanced discussions with one top OEM, expecting an award decision later this year. Additionally, Aeva has begun a new collaboration with another top passenger OEM, reflecting the growing recognition of FMCW technology in the industry.
Expanding into New Markets
Aeva's strategy to diversify its applications beyond automotive is evident with its expansion into security and industrial markets. The company's 4D LiDAR was selected by a top U.S. national defense security organization to protect critical infrastructure, marking the company's first expansion into security. This selection underscores the versatility of Aeva's technology and its potential to address a range of high-stakes applications.
In the industrial sector, Aeva's LiDAR-on-Chip module, developed in collaboration with Nikon, is on schedule for a launch in the fourth quarter of 2024. This marks a pivotal milestone for Aeva as it moves from the development stage to commercialization for the first time in industrial automation. The company is also exploring opportunities to expand its LiDAR-on-Chip module and perception platform software into other industrial metrology and automation applications.
Financial Performance and Future Outlook
Aeva's financial performance in the second quarter of 2024 was marked by revenue of $2 million, driven by sensor shipments to multiple customers and non-recurring engineering revenue from Daimler Trucks. The company maintained a disciplined approach to spending, with a non-GAAP operating loss of $32 million. At the end of the quarter, Aeva's total liquidity stood at $285.2 million, providing a solid foundation to support its existing production partners and convert commercial momentum into additional production program wins.
Looking ahead, Aeva is focused on supporting the rollout of additional Daimler Truck vehicles and preparing for its start-up production in 2026. The company is also working on solidifying engagements for additional automotive programs, with multiple opportunities expected to be decided in the coming months. With its unique 4D LiDAR technology and strategic partnerships, Aeva is well-positioned to capitalize on the growing demand for advanced LiDAR solutions across various industries.
Conclusion
Aeva Technologies' second-quarter 2024 earnings call underscored the company's strategic advancements in 4D LiDAR technology and its commitment to expanding into new markets. With a strong financial position and a strategic focus on meeting the growing demand for its technology, Aeva is poised for continued growth and innovation in the LiDAR sector. As the company navigates the evolving landscape of autonomous vehicles and industrial automation, its strategic partnerships and technology advancements position it as a key player in the future of mobility and automation.