10 Best Lidar Stocks To Buy Now

5. Aeva Technologies, Inc. (NYSE:AEVA)

Number of Hedge Fund Holders In Q2 2024: 8

Aeva Technologies, Inc. (NYSE:AEVA) is a California based firm that sells lidar products for cars, trucks, industrial uses, and other products. Its shares shot up by 31% in March when the Q4 2023 earnings report revealed that the firm had signed a $1 billion order with Daimler as its exclusive lidar supplier. However, Aeva Technologies, Inc. (NYSE:AEVA)’s shares are down by 57% since then as not only did it complete a reverse split to regain NYSE compliance but its cash reserves in Q1 failed to impress. Aeva Technologies, Inc. (NYSE:AEVA)’s operating expenses during the first quarter were $35.9 million and they jumped to $36.5 million in Q2. At the end of the two respective quarters, its cash and equivalents were $189 million and $160 million, implying that the firm had roughly one year of cash to fund operations. Analysts expect Aeva Technologies, Inc. (NYSE:AEVA)’s revenue to sit at $8.8 million in 2024 and $21 million in 2025, which increases the possibility of either more debt to further push profitability in the future or additional share issuance to dilute equity.

Aeva Technologies, Inc. (NYSE:AEVA)’s management is optimistic about its order wins though. Here’s what it shared during the Q2 2024 earnings call:

“In automotive, we have made significant progress on opportunities with multiple global top 10 passenger vehicle OEMs. With one top passenger OEM, we continue to expect the award decision later this year. And with another top passenger OEM, we began a new collaboration around 4D LiDAR vehicle integration. In Industrial, we completed the final validation of our LiDAR-on-Chip in Nikon’s product ahead of our first Industrial launch in Q4 of this year. And lastly, Aeva continued to broaden the reach of 4D LiDAR with our expansion into security. We are proud that a top U.S. National Defense Security organization selected Aeva 4D LiDAR as a primary detection sensor to help protect some of the nation’s critical energy infrastructure.”