Aeva Technologies Inc. (NYSE: AEVA) has announced a remarkable third-quarter performance for 2024, with revenue soaring to $2.3 million, a 178% increase from the previous year, underscoring the escalating demand for its next-generation LiDAR technology. The company's Frequency Modulated Continuous Wave (FMCW) 4D LiDAR technology, capable of measuring range and velocity simultaneously, is driving its success across various sectors, including automotive and industrial applications.
With a strong liquidity position of $259.8 million, Aeva is well-equipped to sustain its growth and invest in further technological innovations. The quarter was marked by significant customer acquisitions, including a multi-year sensor supply agreement with The Indoor Lab, potentially generating tens of millions in revenue, and a contract with a major European passenger vehicle OEM, highlighting the technology's critical role in validating next-generation vehicle automation systems.
Aeva's advancements in the automotive sector are further evidenced by its progress with a global top 10 passenger OEM towards finalizing a Request for Quotation (RFQ) for a vehicle program. The company's influence extends to the trucking industry through a landmark $1 billion deal with Daimler Truck AG and Torc Robotics, where Aeva's 4D LiDAR is set to be the exclusive long-range solution for autonomous trucks, achieving a milestone with fully driverless operations validated at highway speeds.
Anticipating the growing demand, Aeva has expedited the production of its Aeva Atlas, delivering shipments ahead of schedule. CEO Soroush Salehian highlighted the strategic decision to meet strong demand early, reinforcing Aeva's market leadership and commercial momentum. The company's rapid technology adoption across sectors signifies the pivotal role of advanced LiDAR in fostering automation and safety, positioning Aeva at the forefront of the autonomous systems and smart infrastructure evolution.
For more information on Aeva's innovative LiDAR technology, visit https://www.aeva.com.
