• Aeva is like the Qualcomm for autonomous vehicle perception, providing crucial Lidar sensing hardware instead of communication chips.
• Aeva is like the Mobileye (an Intel company) of Lidar, developing advanced sensors that provide the "eyes" for self-driving cars and robotics.
• Aeva is like the Intel for the "eyes" of autonomous vehicles, providing the essential Lidar technology that enables them to precisely see the world.

• 4D LiDAR Sensors: Hardware sensors utilizing proprietary Frequency Modulated Continuous Wave (FMCW) technology to provide real-time, high-resolution perception of depth, velocity, and reflectivity.
• Aeva perceive™ Software: A software suite designed to process and interpret data from Aeva's 4D LiDAR sensors for enhanced object detection, classification, and tracking capabilities.

Aeva Technologies (AEVA) primarily sells its 4D LiDAR technology to other companies in the automotive, trucking, industrial, and other sectors. Its major customers and strategic partners include:

• Plus

  Symbol: PLAV
  Plus is a global provider of autonomous driving solutions for commercial vehicles, specifically autonomous trucks. Aeva's AevaDrive™ LiDAR sensor has been designed into Plus's next-generation autonomous trucks, marking a significant customer relationship in the autonomous trucking sector.

• SICK AG

  SICK AG is a leading global manufacturer of sensors and sensor solutions for industrial applications. Aeva is collaborating with SICK AG to integrate its unique FMCW LiDAR technology into various industrial sensing and automation solutions, expanding Aeva's reach beyond automotive into the industrial sector.

• Porsche (via Porsche SE and Volkswagen Group)

  Symbol: PSHG_p.DE (for Porsche SE)
  Aeva has a significant strategic partnership and investment from Porsche SE, the controlling shareholder of Porsche AG and a major shareholder of Volkswagen Group. Aeva's technology has been selected by a "leading automotive OEM" (widely reported to be within the Volkswagen Group, including Porsche) for future production vehicles, indicating a major design win and customer relationship for advanced driver-assistance systems (ADAS) and autonomous driving features in the high-volume automotive market.

• Fabrinet (FN)

Soroush Salehian, Co-Founder and Chief Executive Officer

Soroush Salehian co-founded Aeva Technologies with Mina Rezk in December 2016 and has served as its CEO since then. Prior to Aeva, he worked at Apple from February 2012 to November 2016 as a Manager, Product Development, where he led teams responsible for developing consumer products and sensing systems, including those for iPhone and Apple Watch. Mr. Salehian also founded a mobile health monitoring startup called BlueLibris Inc., which was successfully acquired by Numera Health. He holds a Bachelor's of Science in Mechanical Engineering from Stanford University. Salehian was featured in the Forbes 30 Under 30 list for Enterprise Technology in 2018.

Saurabh Sinha, Chief Financial Officer

Saurabh Sinha has served as Aeva's Chief Financial Officer since September 2020. Before joining Aeva, Mr. Sinha was the Chief Accounting Officer of JUUL Labs from July 2018 to August 2020, and also served as its interim Chief Financial Officer from January 2020 to May 2020. From March 2014 to June 2018, he held various finance leadership roles at InvenSense Inc., a motion sensors company. Sinha began his career in public accounting, spending nine years working with both private and public companies in India, the Middle East, and Silicon Valley. He earned his Bachelor's of Commerce degree from the University of Delhi, India, and his Master of Business Administration from The Wharton School of the University of Pennsylvania.

Mina Rezk, President and Chief Technology Officer

Mina Rezk is the President, Chief Technology Officer, and Chairman of the Board of Directors of Aeva. He co-founded Aeva with Soroush Salehian in December 2016. From January 2015 to November 2016, Mr. Rezk was a Sensing Engineering Manager in the Special Projects Group at Apple. Prior to his time at Apple, he held various positions at Nikon Metrology, including Hardware Development Manager, from February 2004 to February 2015. Mr. Rezk brings over 17 years of experience in developing sensor fusion systems for the automotive and aerospace industries. He holds Bachelor's and Master's Degrees in Electrical Engineering from George Mason University.

The key risks to Aeva Technologies' business are primarily centered around its financial viability, the uncertain market adoption of its core technology, and the resulting need for further capital, which could lead to shareholder dilution.

1. History of Losses and Uncertainty of Achieving Profitability: Aeva Technologies is an early-stage company that has consistently incurred net losses since its inception and has a significant monthly cash burn. The company's revenue has primarily come from selling prototypes and providing non-recurring engineering services for research and development and testing purposes. Its ability to achieve and sustain profitability is highly dependent on the successful development and commercialization of its customers' programs. If these programs face significant delays or are not fully realized, Aeva's financial condition and operational results will be materially and adversely affected, making it difficult to ever achieve profitability.
2. Uncertainty of Market Adoption and Commercialization of LiDAR Technology: The broad market adoption of LiDAR technology, including Aeva's proprietary 4D LiDAR, remains uncertain. While Aeva has announced partnerships, there is no guarantee that these agreements will translate into mass production contracts or significant recurring revenue. The company's current revenue streams largely depend on small prototype orders rather than large-scale commercial deals.
3. Need for Additional Capital and Potential for Shareholder Dilution: Given its ongoing operating losses and substantial cash burn, Aeva Technologies may need to raise additional capital in the future to fund its operations, research and development, and potential acquisitions. This could involve issuing new equity, which would lead to significant dilution for existing shareholders.

The rapid advancement and adoption of high-resolution 4D imaging radar technology poses a clear emerging threat to Aeva Technologies. Aeva's core differentiation lies in its Frequency Modulated Continuous Wave (FMCW) LiDAR, which uniquely provides instantaneous velocity measurements for every point in addition to precise depth data. However, new generations of 4D imaging radar, developed by companies like Arbe Robotics, Uhnder, Continental, and Bosch, are demonstrating significantly enhanced capabilities in resolution, range, and direct velocity measurement.

These advanced radar systems can offer many of the critical functionalities needed for ADAS and autonomous driving, particularly regarding object detection, tracking, and velocity sensing, often at a significantly lower cost point and with superior performance in adverse weather conditions compared to LiDAR. While unlikely to fully replace LiDAR for all applications requiring extremely high-resolution 3D point clouds, the increasing sophistication of 4D radar could diminish the unique value proposition of Aeva's FMCW LiDAR for many critical automotive and industrial use cases. This could lead to market share erosion or intense pricing pressure, particularly in cost-sensitive segments where 4D radar offers a compelling alternative for essential velocity data.

Aeva Technologies (AEVA) is expected to drive future revenue growth over the next two to three years through several key initiatives and market expansions:

• Daimler Truck Program: Aeva is making substantial progress with its program for Daimler Truck, having completed deliverables for initial vehicle builds and secured initial orders for shipments anticipated next year. This initiative is on track for Daimler Truck's market entry in 2027, representing a significant long-term automotive partnership.
• Top 10 Global Passenger OEM Contract: The company has successfully completed a development program with a top 10 global passenger OEM ahead of schedule and is currently in late-stage contract negotiations for a series production award. Securing this contract is a crucial potential driver for substantial future revenue.
• Expansion into Industrial Automation and Precision Sensing: Aeva is strategically expanding into the manufacturing automation market with its Eve 1V and Eve 1D sensors. The company has already received initial orders and established a production line in Thailand for these sensors, tapping into a multi-billion dollar industrial market for displacement sensors.
• Technological Advancements and New Product Commercialization: Aeva's continuous innovation, particularly with its differentiated FMCW LiDAR technology that directly measures distance and velocity, is expected to drive demand. The company is expanding its product lines with new sensor technologies, such as the Atlas Orion 4D LiDAR for smart infrastructure, positioning it to capture new market opportunities.
• Increased Production Capacity and Scaling: To meet anticipated demand, Aeva is significantly increasing its manufacturing capacity. This includes boosting capacity for programs like Daimler Truck to 200,000 units per year and establishing production lines for its Eve sensors to fulfill growing order volumes. This scaling of operations is essential for converting contracts and orders into realized revenue.

Share Issuance

• In November 2025, Aeva entered into an agreement to sell $100.0 million aggregate principal amount of 4.375% Convertible Senior Notes due 2032 to funds affiliated with Apollo, which are convertible into common stock and may lead to future share issuance.
• As part of a strategic collaboration in May 2025, a global technology leader is set to invest up to approximately $50 million, including Aeva common stock, which will result in the partner acquiring an approximate 6% equity stake in Aeva.
• Aeva became a public company in March 2021 through a SPAC merger, which contributed to a total equity of $456.4 million in FY2021.

Inbound Investments

• In November 2025, Aeva received a $100 million investment from funds managed by Apollo through the sale of 4.375% Convertible Senior Notes due 2032.
• A strategic collaboration announced in May 2025 includes an investment of up to approximately $50 million from a technology-focused affiliate of a Global Fortune 500 company, which encompasses an equity stake and capital investments aimed at bringing production capacity online.
• A partnership deal with LG Innotek provided $32.5 million in funding in exchange for a 6% equity stake, along with an additional $17.5 million for a joint project.

Outbound Investments

• Aeva Technologies reported a net cash outflow of $380.22 million for "Investment in Securities" in FY2021.

Capital Expenditures

• Aeva's capital expenditures were approximately $3.85 million in FY2021, $7.44 million in FY2022, $6.10 million in FY2023, $5.11 million in FY2024, and $5.24 million for the trailing twelve months ending September 2025.
• These expenditures are primarily focused on enhancing and improving products, investing in research and development, and expanding manufacturing capacity.
• The company is actively working to boost its manufacturing capacity towards 200,000 units per year.