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- **OEM Milestone**: Completed development program with top 10 passenger OEM, entering late-stage negotiations for global series production (Level 3 driving).
- **$100M Investment**: Apollo convertible notes boost liquidity to $270M, enabling program scaling and new wins.
- **Precision Sensing Growth**: Shipped 1,000+ Eve 1D units, expanded to Eve 1V for motion sensing, targeting $4-6B industrial automation market.
- **Financial Discipline**: Non-GAAP operating loss down 13% YoY to $27.2M; gross cash use managed to $33.6M.

**【CEO Summary Section】**
- **Top 10 Global Passenger OEM Progress**: Completed development program ahead of schedule, now in late-stage negotiations for a series production award. The program involves integrating Aeva's Atlas Ultra sensor into a global production platform for Level 3 driving functionality, excluding China.
- **Daimler Truck Program Update**: Delivered sensors for initial vehicle builds, with 2026 shipments of Atlas C samples and planned market entry in 2027. Aeva is the exclusive LiDAR supplier for Daimler's autonomous trucking program.
- **Precision Sensing Expansion**: Shipped over 1,000 units of Eve 1D sensors and introduced Eve 1V for motion sensing. Installed production line in Thailand, with capacity to meet 2026 demand. Collaborating with leaders like SICK and LMI for industrial automation applications.
- **$100M Investment from Apollo**: Convertible notes with 4.375% coupon, 115% conversion premium, and 7-year maturity. Enhances liquidity to $270M, supporting program scaling and new wins.

**【CFO Financial Commentary】**
- **Q3 2025 Results**: Revenue of $3.6M, non-GAAP operating loss of $27.2M (13% YoY decline). Gross cash use of $33.6M due to working capital adjustments.
- **Liquidity**: $173.9M at end of Q3 (including $32.5M from LG Innotek). Post-Apollo investment, total liquidity exceeds $270M.
- **Capital Raise**: $100M convertible notes provide flexibility for growth, with no financial covenants.

**【Q&A Highlights】**
- **Metrology Sales Ramp**: Eve 1D and 1V sensors target a $4-6B market. First 1,000+ units shipped, with production line operational. Customers include SICK and LMI, representing double-digit market share.
- **L2+ ADAS in Trucking**: Partnering with Bendix to integrate 4D LiDAR into Level 2+ systems, reducing reliance on cameras and radar. Potential for 200,000+ annual shipments in North America.
- **Design Cycle Efficiency**: Completion of OEM development program ahead of schedule highlights Aeva's ability to scale technology across vehicle models. Reference design for FMCW adoption may accelerate industry-wide.
- **Daimler Truck Timeline**: No slippage expected; 2027 market entry on track with initial 2026 shipments.
- **Apollo Investment Use**: General corporate purposes, supporting commercialization and program execution without incremental CapEx.

Aeva Technologies, Inc. (AEVA) Q3 2025 Earnings Call Transcript

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AEVA

AEVA fundamentals

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