AEVA

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How AEVA rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

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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 without touching materials, eliminating wear and slippage common in traditional encoders and tactile systems, while improving throughput and quality control.
Featuring compact, rugged housing and eye-safe Class 1 laser, Eve 1V enables easy integration into existing production lines, offering manufacturers a scalable, reliable alternative to conventional motion sensors.
Smart Infrastructure Aeva Atlas Orion is a high-performance 4D LiDAR sensor designed for smart infrastructure, intelligent transportation systems and security applications that meets NEMA-TS2 (National Electrical Manufacturers Association traffic standards) and offers durable, long-range perception for outdoor environments.
Using our FMCW 4D LiDAR and Ultra Resolution technologies, Atlas Orion simultaneously measures velocity and position, detecting vehicles up to 500 meters and vulnerable road users up to 200 meters.
Its single-box PoE++ design enables fast, cost-efficient deployment, supporting smarter, safer cities, airports, and secure facilities.
Our solutions are generally expected to be incorporated into final products, such as automobiles, industrial equipment, consumer device applications and security.
We expect that, after a rigorous, multi-year product design and engineering validation process, customers would select our solutions to be designed into specific final product models, and our solutions would be sold at agreed rates per unit for the customer’s product programs.
Within industrial applications, we expect our 4D LiDAR solution would be incorporated as part of an industrial automation platform solution (such as industrial metrology products or cargo moving robots used for industrial automation).
Many truck OEMs are partnering with autonomous driving technology manufacturing companies to produce autonomous truck systems.
In addition, in December 2025, we were selected by a top European passenger original equipment manufacturer as its exclusive LiDAR supplier for its global series-production vehicle platform to enable Level 3 automated driving.
However, there can be no assurance that any of our customers’ development programs will ever be developed and commercialized, and even to the extent they are, there can be no assurance that we will receive production purchase orders from our customers.
As of December 31, 2025, we had approximately 296 issued patents and 127 pending patent applications worldwide.
For example, in May 2025, we entered into a strategic collaboration with LG Innotek Co., Ltd.
Transportation Recall Enhancement, Accountability and Documentation Act, or TREAD, which requires equipment manufacturers, such as us, to comply with “Early Warning” requirements by reporting certain information to the National Highway Traffic Safety Administration (“NHTSA”), such as information related to defects or reports of injury related to our products.
As a LiDAR technology company, we are subject to the Electronic Product Radiation Control Provisions of the Federal Food, Drug, and Cosmetic Act and related Food and Drug Administration (“FDA”) regulations.
As of December 31, 2025, we had 239 full-time employees based primarily in Mountain View, California.
If such programs are not fully developed and commercialized, or if such programs experience significant delays, Aeva’s business, financial condition and results of operations will be materially adversely affected and we may never achieve or sustain profitability. • Aeva’s limited operating history makes it difficult to evaluate our future prospects and the risks and challenges we may encounter. • Aeva’s strategic initiatives designed to grow the business may not be successful or may prove more costly than we currently anticipate. • If Aeva’s products are not selected for inclusion in development programs for ADAS or AD, or are not adopted by customers, Aeva’s business will be materially and adversely affected. • The period of time from a design win to implementation is long, potentially spanning several years, and we are subject to the risks of cancellation or postponement of the contract or unsuccessful implementation. • Our forward looking estimates of certain financial metrics may prove inaccurate. • If we are unable to effectively manage our supply chain, our business may be materially and adversely impacted. • The complexity of Aeva’s products could result in unforeseen delays or expenses from undetected defects, errors or reliability issues in hardware or software which could reduce the market adoption of new products, damage our reputation with current or prospective customers, expose Aeva to product liability and other claims and adversely affect our operating costs. • Continued pricing pressures, automotive OEM cost reduction initiatives and the ability of automotive OEMs to re-source or cancel vehicle or technology programs may result in lower than anticipated margins, or losses, which may adversely affect Aeva’s business. • Aeva expects to incur substantial R&D costs and devote significant resources to identifying and commercializing new products, which could significantly reduce our profitability or increase our losses and may never result in revenue to Aeva. • Market adoption of LiDAR, including Aeva’s 4D LiDAR technology, is uncertain. • We may not have sufficient resources to fund our operating costs or all of our future research and development and capital expenditures or possible acquisitions or joint ventures. • Aeva’s transition to an outsourced manufacturing business model may not be successful, which could harm our ability to deliver products and recognize revenue. • Aeva may be subject to product liability or warranty claims that could result in significant direct or indirect costs, which could adversely affect our business and operating results. • We are highly dependent on the services of Soroush Salehian Dardashti and Mina Rezk, our two founders. • Interruption or failure of Aeva’s information technology and communications systems could impact our ability to effectively provide our products and services Risks Related to Aeva’s Business and Industry We are an early stage company, with a history of losses, and have primarily sold or otherwise provided prototypes and non-recurring engineering services to customers for the purpose of R&D and testing of such customers’ development programs.
Aeva incurred a net loss of $145.4 million, $152.3 million, and $149.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.
We believe that we will continue to incur operating and net losses each quarter until at least the time we begin broad-based commercial deliveries of our products, which are not expected to occur in 2026 and may not occur at all.
These initiatives, including our strategic collaboration with LG Innotek Co., Ltd.
(“LGIT”), may prove more expensive than we currently anticipate, and we may not succeed in increasing our revenue, if at all, in an amount sufficient to offset these higher expenses and to achieve and maintain profitability.
For example, in fourth quarter of 2025, we were selected by a European original equipment manufacturer (an “OEM”) as this OEM’s LiDAR supplier for its global series-production vehicle platform to enable Level 3 automated driving.
There can be no assurance that we will enter into a definitive volume production agreement with the OEM or that we will receive the return on investment that we expect, if any.
We have a global supply chain and the loss or disruption of such supply arrangements for any reason, including as a result of geopolitical conflicts, including tensions with China and Taiwan; ongoing conflict arising out of the Russian invasion of Ukraine and the hostilities and conflict in the Middle East; other acts of war or terrorism; trade sanctions; tariffs; inflation; health epidemics or pandemics; labor disputes, work stoppages or interruptions; loss or impairment of key manufacturing sites, including due to a supplier's financial distress, natural disasters, looting or other external factors; inability to procure sufficient raw materials and/or quality control issues, may adversely affect our ability to source components in a timely or cost-effective manner from our third-party suppliers.
We expect that our agreements with automotive OEMs including the OEM who selected us for the Supplier Award, may require step-downs in pricing over the term of the agreement or, if commercialized, over the period of production.
Our future growth depends on developing Aeva’s products, on our own and with other third-party partners, penetrating new markets, adapting existing products to new applications and customer requirements, and introducing new products that achieve market acceptance.
We are investing in and pursuing market opportunities outside of the automotive markets, including industrial automation, consumer device applications, robotics and security markets.
We had $121.9 million in cash, cash equivalents and marketable securities as of December 31, 2025, and an available equity facility of up to $125 million.
Although we expect our current cash balance, combined with our future cash flows and financing available to us through such facility, will address our capital needs through 2026, we cannot assure you that this will be the case.
See the risk factor titled “Future issuances of equity or debt securities, including from the issuance of preferred stock to Sylebra or upon Sylebra’s exercise of warrants for our common stock, or the conversion of our convertible notes, may adversely affect us, including the market price of the common stock and may be dilutive to existing stockholders.” An inability to fund our future R&D, capital expenditures and product development needs could have a material adverse effect on our business, results of operations and financial condition.
In addition, Aeva and any of our other outsourcing partners and suppliers also rely on highly skilled labor for assembly and production.

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Gone since FY2024

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 120º 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.
We expect that, after a rigorous, multi-year product design and engineering validation process, customers would select our solutions to be designed into specific final product models, and our solutions would be sold at agreed rates per unit for the lifetime of the customer’s product programs.
Within industrial applications, we expect our 4D LiDAR solution would be incorporated as part of an industrial automation platform solution (such as industrial metrology products or cargo moving robots used for factory automation).
Many truck OEMs are partnering with AD technology manufacturing companies to produce autonomous truck systems.
However, there can be no assurance that any of our customers’ development programs will ever be developed and commercialized, and even if they are, there can be no assurance that we will receive production purchase orders from our customers.
As of December 31, 2024, we had approximately 245 issued patents and 155 pending patent applications worldwide.
Transportation Recall Enhancement, Accountability and Documentation Act, or TREAD, which requires equipment manufacturers, such as us, to comply with “Early Warning” requirements by reporting certain information to the NHTSA, such as information related to defects or reports of injury related to our products.
As a LiDAR technology company, we are subject to the Electronic Product Radiation Control Provisions of the Federal Food, Drug, and Cosmetic Act and related FDA regulations.
Facilities Our corporate headquarters is located in Mountain View, California, where we lease two buildings with approximately 28,000 and 30,000 of square feet, respectively, pursuant to lease that expires in June 2026 and July 2025, respectively.
On March 7, 2024, a putative class action lawsuit was filed in the Court of Chancery of the State of Delaware against InterPrivate Acquisition Management LLC, InterPrivate LLC, and former directors and officers of IPV.
In connection with the Business Combination (as defined in Note 1 to our consolidated financial statements included elsewhere in this report), we agreed to assume certain indemnification obligations to IPV’s former directors and officers.
On July 2, 2024, the Company and the parties to the Delaware Stockholder Litigation entered into a term sheet, and on December 6, 2024 entered into a formal settlement agreement, which is subject to court approval, to fully and finally resolve the Delaware Stockholder Litigation.
In connection with the settlement, we have agreed to pay a total settlement cost of $14.0 million in exchange for a release of all claims related to the Business Combination and expect to recover $2.5 million from an insurance carrier.
The settlement is being paid pursuant to our indemnification obligations and from available director and officer insurance policies.
As of December 31, 2024, we have accrued a contingent liability of $14.0 million in other current liabilities on the accompanying balance sheets included in our consolidated financial statements elsewhere in this report in connection with the settlement of the Delaware Stockholder Litigation, and a $2.5 million insurance recovery in other current assets on the accompanying consolidated balance sheets.
We have also incurred legal expenses in connection with the Delaware Stockholder Litigation, which have been expensed as incurred and are included in general and administrative expenses in the statements of operations and comprehensive loss included in our consolidated financial statements elsewhere in this report.
As of December 31, 2024, we had 276 full-time employees based primarily in Mountain View, California.
If such programs are not fully developed and commercialized, or if such programs experience significant delays, Aeva’s business, financial condition and results of operations will be materially adversely affected and we may never achieve or sustain profitability. • Aeva’s limited operating history makes it difficult to evaluate our future prospects and the risks and challenges we may encounter. • Aeva’s strategic initiatives designed to grow the business may not be successful or may prove more costly than we currently anticipate. • If Aeva’s products are not selected for inclusion in development programs for ADAS or AD, or are not adopted by customers, Aeva’s business will be materially and adversely affected. • The period of time from a design win to implementation is long, potentially spanning several years, and we are subject to the risks of cancellation or postponement of the contract or unsuccessful implementation. • Our forward looking estimates of certain financial metrics may prove inaccurate. • If we are unable to effectively manage our supply chain, our business may be materially and adversely impacted. • The complexity of Aeva’s products could result in unforeseen delays or expenses from undetected defects, errors or reliability issues in hardware or software which could reduce the market adoption of new products, damage our reputation with current or prospective customers, expose Aeva to product liability and other claims and adversely affect our operating costs. • Continued pricing pressures, automotive OEM cost reduction initiatives and the ability of automotive OEMs to re-source or cancel vehicle or technology programs may result in lower than anticipated margins, or losses, which may adversely affect Aeva’s business. • Aeva expects to incur substantial R&D costs and devote significant resources to identifying and commercializing new products, which could significantly reduce our profitability or increase our losses and may never result in revenue to Aeva. • Market adoption of LiDAR, including Aeva’s 4D LiDAR technology, is uncertain. • We may not have sufficient resources to fund our operating costs or all of our future research and development and capital expenditures or possible acquisitions or joint ventures. • Aeva’s transition to an outsourced manufacturing business model may not be successful, which could harm our ability to deliver products and recognize revenue. • Aeva may be subject to product liability or warranty claims that could result in significant direct or indirect costs, which could adversely affect our business and operating results. • We are highly dependent on the services of Soroush Salehian Dardashti and Mina Rezk, our two founders. • We may be affected by the interruption or failure of our information technology and communication systems and cybersecurity risks to our operational systems, security systems, infrastructure, and integrated software in our LiDAR solutions.
Risks Related to Aeva’s Business and Industry We are an early stage company, with a history of losses, and have primarily sold or otherwise provided prototypes and non-recurring engineering services to customers for the purpose of R&D and testing of such customers’ development programs.
Aeva incurred a net loss of $152.3 million, $149.3 million, and $147.3 million for the years ended December 31, 2024, 2023 and 2022, respectively.
We believe that we will continue to incur operating and net losses each quarter until at least the time we begin broad-based commercial deliveries of our products, which are not expected to occur in 2025 and may not occur at all.
These initiatives may prove more expensive than we currently anticipate, and we may not succeed in increasing our revenue, if at all, in an amount sufficient to offset these higher expenses and to achieve and maintain profitability.
We have a global supply chain and the loss or disruption of such supply arrangements for any reason, including as a result of geopolitical conflicts, including tensions with China and Taiwan; ongoing conflict arising out of the Russian invasion of Ukraine and the hostilities and conflict in the Middle East; other acts of war or terrorism; trade sanctions; inflation; health epidemics or pandemics; labor disputes, work stoppages or interruptions; loss or impairment of key manufacturing sites, including due to a supplier's financial distress, natural disasters, looting or other external factors; inability to procure sufficient raw materials and/or quality control issues, may adversely affect our ability to source components in a timely or cost-effective manner from our third-party suppliers.
We expect that our agreements with automotive OEMs may require step-downs in pricing over the term of the agreement or, if commercialized, over the period of production.
Our future growth depends on developing Aeva’s products, penetrating new markets, adapting existing products to new applications and customer requirements, and introducing new products that achieve market acceptance.
We are investing in and pursuing market opportunities outside of the automotive markets, including industrial automation, consumer device applications, and security markets.
We had $112 million in cash, cash equivalents and marketable securities as of December 31, 2024, and an available equity facility of up to $125 million.
Although we expect our current cash balance, combined with our future cash flows and financing available to us through such facility, will address our capital needs through 2025, we cannot assure you that this will be the case.
See “Future issuances of equity or debt securities, including from the issuance of preferred stock to Sylebra or upon Sylebra’s exercise of warrants for our common stock, may adversely affect us, including the market price of the common stock and may be dilutive to existing stockholders.” An inability to fund our future R&D, capital expenditures and product development needs could have a material adverse effect on our business, results of operations and financial condition.
In addition, Aeva and our outsourcing partners and suppliers also rely on highly skilled labor for assembly and production.
In fiscal year 2024, Aeva’s top two customers accounted for 72% of revenue.
For fiscal year 2023, Aeva’s top two customers accounted for 45% of revenue.
As of December 31, 2024 five customers accounted for 68% and as of December 31, 2023 one customer accounted for 42% of accounts receivable, respectively.

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Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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