© Reuters. FILE PHOTO: Sensor is seen on a vehicle at Aeva Inc, a Mountain View, California-based startup that makes lidar sensors to help self-driving vehicles see the road in an undated handout photo provided September 4, 2020. Courtesy of Aeva Inc/Handout via REU

By Stephen Nellis

(Reuters) – Aeva Technologies Inc on Thursday said it signed a deal to develop a sensor for a self-driving car to be made by an “undisclosed large company,” and its shares rose even as it reported that its loss ballooned and sales came in far below forecasts.

Aeva reported first-quarter revenue of $300,000, down from $500,000 a year earlier and far below analyst estimates of $1.38 million, according to Refinitiv estimates. The company said its adjusted operating loss was $15.6 million, more than double its loss of $6.1 million a year ago.

Founded by two ex-Apple Inc, Aeva makes a sensor that helps self-driving cars navigate through the use of lidar, a technology that uses lasers much like radar uses radio waves. The company became publicly traded through a reverse merger earlier this year and was one of several lidar firms to do so.

Aeva on Thursday said it had signed a “foundational agreement with an undisclosed large company to develop best-in-class lidar” for the customer’s autonomous driving program. Aeva’s shares were up 1.3% in after hours trading after the results and customer announcement.

Aeva has deals with automotive suppliers Denso Corp and ZF Friedrichshafen AG to mass-manufacture its sensors.

Earlier this week, the company said it added to its advisory board Apple (NASDAQ:) senior executive Steve Zadesky and Volkswagen AG (OTC:) Senior Vice President Alex Hitzinger. Porsche Automobil Holding SE, Volkswagen (DE:)’s majority voting shareholder, is also an investor in Aeva.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here