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The company said it has been added to the development program of a top 10 global passenger automobile company to work on a next-generation production platform.
Aeva Technologies Inc. (AEVA) shares ripped over 16% in Wednesday’s regular trading session after the company’s fourth-quarter results surpassed Wall Street expectations.
Aeva reported a loss of $0.49 per share, while the consensus was for a loss of $0.57. During the same period a year earlier, the company posted a loss of $0.59 per share.
As for the topline, Aeva’s revenue in Q4 stood at $2.7 million, ahead of an estimated $2.47 million, growing nearly 69% year-on-year from $1.6 million a year earlier.
For the fiscal year 2024, Aeva’s loss per share narrowed to $2.17 from $2.54 in 2023. Its revenue more than doubled to $9.1 million from $4.3 million in 2023.
Aeva has now beaten Wall Street expectations in each of the past four quarters.
It guided for revenue in the range of $15 million and $18 million in 2025, ahead of an estimated $14.48 million.
The company said it has been added to the development program of a top 10 global passenger automobile company to work on a next-generation production platform – the company will manufacture multiple vehicle lines using this platform.
“With our 4D LiDAR’s unique combination of performance, maturity and scalability, we believe 2025 is the year where Aeva will be in a strong position to further drive the automotive and industrial automation markets transition to FMCW and deliver a year of record revenues with significant growth, while reducing our spend,” Aeva CEO Soroush Salehian.
FMCW, or frequency-modulated continuous wave, is a radar technology that uses a linear waveform to transmit a signal.
Retail sentiment on Stocktwits around Aeva turned ‘extremely bullish’ from ‘bearish’ a day ago, with message volume at ‘high’ levels.
One user thinks the stock will “skyrocket very soon!”
Aeva’s stock has fallen nearly 35% year-to-date.
Data from Koyfin shows the average price target for Aeva is $5.47, implying a 76% upside from current levels. Of the four brokerage calls, three are either ‘Buy’ or ‘Strong Buy,’ while one has a ‘Hold’ rating.
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