AEVAHIGH SIGNALOPPORTUNITY10-K

AEVA has substantially expanded its product portfolio from automotive-focused Aeries II to a diversified lineup including the new Atlas and Atlas Ultra automotive sensors plus the Eve 1D industrial automation product, while achieving substantially higher revenue.

The company is executing a clear product evolution strategy, moving from development-stage offerings to production-ready solutions across multiple market segments. The expansion into industrial automation with Eve 1D represents meaningful market diversification beyond automotive applications, potentially reducing customer concentration risk.

Comparing 2026-03-20 vs 2025-03-21View on EDGAR →
FINANCIAL ANALYSIS

AEVA delivered substantially higher revenue while meaningfully improving gross margins, though still posting losses. Operating losses improved modestly as R&D spending declined, suggesting better operational efficiency. However, stockholders' equity declined dramatically by 87%, indicating significant dilution or losses that investors should monitor closely despite the positive revenue trajectory.

FINANCIAL STATEMENT CHANGES
Revenue
P&L
+99.4%
$9.1M→$18.1M

Strong top-line growth of 99.4% — accelerating demand or successful expansion into new markets.

Stockholders Equity
Balance Sheet
-86.7%
$99.4M→$13.2M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Gross Profit
P&L
+82.6%
-$3.8M→-$660K

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Current Assets
Balance Sheet
+24.5%
$123.3M→$153.5M

Current assets grew 24.5% — improving short-term liquidity or inventory/receivables build.

Total Assets
Balance Sheet
+21.8%
$147.5M→$179.7M

Asset base grew 21.8% — expansion through organic growth, acquisitions, or capital deployment.

Operating Income
P&L
+19.4%
-$158.4M→-$127.6M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

R&D Expense
P&L
-16.8%
$102.7M→$85.4M

R&D spending cut 16.8% — could signal cost discipline or concerning reduction in innovation investment.

LANGUAGE CHANGES
NEW — 2026-03-20
PRIOR — 2025-03-21
ADDED
Founded in 2017 by former Apple engineers Soroush Salehian and Mina Rezk and led by a multidisciplinary team of engineers and operators experienced in the field of sensing and perception, Aeva s mission is to bring the next wave of perception technology to broad applications from automated driving, manufacturing automation and smart infrastructure, robotics and consumer devices.
We have the following product offerings for different market applications: Automotive Aeva Atlas is a high-performance FMCW 4D LiDAR with simultaneous velocity and range detection up to 500 meters.
Designed for mass production and built to meet automotive-grade requirements, Atlas is powered by Aeva s custom silicon technology including our CoreVision LiDAR-on-chip module and the Aeva X1 system-on-chip (SoC) LiDAR processor.
Aeva Atlas Ultra is our newest 4D LiDAR sensor built to meet the performance demands of SAE Level 3 and 4 automated driving systems in passenger and commercial vehicles.
Industrial Automation The Aeva Eve 1 line of high-precision laser displacement sensors, beginning with Eve 1D, is the first FMCW-based sensor for high-volume industrial automation.
Eve 1D enables non-contact, micrometer-level measurements for factory and process automation.
Powered by CoreVision LiDAR-on-chip modules built with silicon photonics, it overcomes limitations of traditional triangulation and time-of-flight sensors.
FMCW technology ensures reliable performance across materials, lighting conditions and stand-off distances in a compact, plug-and-play design.
Aeva Eve 1V is a high-precision, non-contact motion sensor designed to transform industrial speed, length, and position measurement.
Eve 1V delivers highly accurate, repeatable motion data 6 without touching materials, eliminating wear and slippage common in traditional encoders and tactile systems, while improving throughput and quality control.
REMOVED
Founded in 2017 by former Apple engineers Soroush Salehian and Mina Rezk and led by a multidisciplinary team of engineers and operators experienced in the field of sensing and perception, Aeva s mission is to bring the next wave of perception technology to broad applications from automated driving to industrial automation, consumer device applications, and security.
We have the following product offerings for different market applications: Aeries II : a 4D LiDAR solution, consisting of our 4D LiDAR sensing system with embedded software designed for automotive grade production across passenger car, trucking and mobility applications.
We believe that our Aeries II product meets the stringent long range performance and velocity sensing needs of our automotive customers for their autonomous vehicle development programs.
Aeries II provides over 120 field of view for distances up to 500 meters and can measure the instant velocity of every pixel with centimeter per second precision.
Aeries II is also free from any LiDAR or sunlight-based interference.
Atlas : In January 2024, we announced a new high-performance FMCW 4D LiDAR with simultaneous velocity and range detection designed for mass production and built to meet automotive-grade requirements.
Atlas is powered by Aeva s custom silicon technology including our CoreVision TM LiDAR-on-chip module and the Aeva X1 TM system-on-chip (SoC) LiDAR processor.
Atlas Ultra : In January 2025, we announced Aeva Atlas Ultra, our newest 4D LiDAR sensor built to meet the performance demands of SAE Level 3 and 4 automated driving systems in passenger and commercial vehicles.
On-sensor perception software enables unique detection capabilities at a maximum detection range of up to 500 meters.
Our solutions are generally expected to be incorporated into final products, such as automobiles, industrial equipment and consumer devices.
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