Aeva Technologies, Inc. Revenue Disclosure
Note 2. Revenue
Disaggregation of Revenues
The Company disaggregates its revenue from contracts with customers by geographic region based on the primary billing address of the customer and timing of transfer of goods or services to customers (point-in-time or over time), as it believes it best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors. Total revenue for the years ended December 31, 2025, 2024 and 2023, based on the disaggregation criteria described above are as follows (in thousands):
|
|
Year Ended December 31, |
|
|||||||||||||||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||||||||||||||
|
|
Revenue |
|
|
% of |
|
|
Revenue |
|
|
% of |
|
|
Revenue |
|
|
% of |
|
||||||
Revenue by primary geographical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
North America |
|
$ |
13,289 |
|
|
|
74 |
% |
|
$ |
7,814 |
|
|
|
86 |
% |
|
$ |
2,815 |
|
|
|
65 |
% |
Asia |
|
|
611 |
|
|
|
3 |
% |
|
|
603 |
|
|
|
7 |
% |
|
|
728 |
|
|
|
17 |
% |
Europe |
|
|
3,867 |
|
|
|
21 |
% |
|
|
475 |
|
|
|
5 |
% |
|
|
769 |
|
|
|
18 |
% |
Oceania |
|
|
312 |
|
|
|
2 |
% |
|
|
173 |
|
|
|
2 |
% |
|
|
— |
|
|
|
— |
|
Total |
|
$ |
18,079 |
|
|
|
100 |
% |
|
$ |
9,065 |
|
|
|
100 |
% |
|
$ |
4,312 |
|
|
|
100 |
% |
Revenue by timing of recognition: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Recognized at a point in time |
|
$ |
11,069 |
|
|
|
61 |
% |
|
$ |
5,681 |
|
|
|
63 |
% |
|
$ |
3,877 |
|
|
|
90 |
% |
Recognized over time |
|
|
7,010 |
|
|
|
39 |
% |
|
|
3,384 |
|
|
|
37 |
% |
|
|
435 |
|
|
|
10 |
% |
Total |
|
$ |
18,079 |
|
|
|
100 |
% |
|
$ |
9,065 |
|
|
|
100 |
% |
|
$ |
4,312 |
|
|
|
100 |
% |
Point in time revenue was primarily related to product revenue and over time revenue was from non-recurring engineering services.
For the year ended December 31, 2025 three customers accounted for 28%, 18% and 18% of the Company's revenue. For the year ended December 31 2024, two customers accounted for 56% and 16% of the Company's revenue. For the year ended December 31, 2023, two customers accounted for 23% and 22% of the Company’s revenue.
Contract Assets and Contract Liabilities
As of December 31, 2025 and 2024, the Company had contract assets of $3.3 million and $0.1 million, respectively, recognized in other current assets. As of December 31, 2025 and December 31, 2024, the Company had contract liabilities of $0 million and $4.0 million, respectively, recognized in other current liabilities.
Remaining Performance Obligations
As of December 31, 2025, the total amount of the transaction price allocated to unsatisfied performance obligations for contracts with an original duration greater than one year was $34.8 million, of which approximately 31% is expected to be recognized as revenue over the next 12 months, and the remainder thereafter. Total revenue estimates are based on negotiated contract prices and demand quantities, and could be influenced by risks and uncertainties, including manufacturing or supply chain constraints, modifications to customer agreements, and regulatory changes, among other factors. Accordingly, the actual revenue recognized for the remaining performance obligation in future periods may significantly fluctuate from these estimates.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 20, 2026 | Showing above |
| 2024 | Mar 21, 2025 | |
| 2023 | Mar 15, 2024 | |
| 2022 | Mar 24, 2023 | |
| 2021 | Mar 1, 2022 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.