Aeva Technologies, Inc. (NASDAQ: AEVA) shares are significantly rising in recent trading, up 35.05% to $4.20 as of the last check. The surge is following the release of its financial reports for the fourth quarter and full year of 2024.
Sturdy Financial Results
Aeva Technologies reported $2.7 million in sales for the quarter, which went toward $9.1 million in overall revenue for the year. These outcomes surpassed experts’ projections and demonstrated the business’s consistent expansion in a cutthroat industry.
New Developments and Strategic Alliances
A significant partnership with one of the top 10 passenger Original Equipment Manufacturers (OEMs) globally was also disclosed by the company. The objective of this collaboration is to work together to create Aeva’s Atlas Ultra 4D LiDAR, which will be integrated into the OEM’s global platform for various car model lines.
The OEM gave Aeva a letter of intent for a large-scale manufacturing program, with Atlas Ultra’s start of production (SOP) planned for 2027. Additionally, Aeva successfully met all developmental milestones with Daimler Truck’s series production program.
Expansion in Autonomous and Industrial Sectors
Further strengthening its position in the market, Aeva deepened its collaboration with Torc to enhance safety architecture for autonomous trucking applications. It also expanded its partnership with SICK to integrate Aeva’s FMCW technology into SICK’s high-accuracy sensors, catering to robotics and factory automation in the $10+ billion industrial automation market.
Looking Ahead to a Promising 2025
With a new development program grant from a top 10 passenger OEM worldwide for their next-generation platform, Aeva Technologies is well-positioned for an exciting 2025. The business expects a year with record earnings and significant growth at low expenses.
Aeva’s cutting-edge 4D LiDAR technology, which combines high performance, scalability, and low power consumption, puts it in a great position to lead the automotive and industrial automation sectors’ transition to FMCW technology.