Aeva Technologies, Inc. Segments Disclosure
Note 16. Segment Information
The Company operates as one operating segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision-maker (“CODM”), consisting of the Company’s chief executive officer and the Company’s chief technology officer as a group, in deciding how to allocate resources and assess the Company’s financial and operational performance. In addition, the Company’s CODM evaluates the Company’s financial information and resources and assesses the performance of these resources on a consolidated basis. As a result, the Company has determined that the Company’s business operates in a single operating segment. The CODM uses net loss as the measure of profit and loss to allocate resources and assess performance. The CODM regularly reviews net loss as reported on the Company's consolidated statements of operations. Financial forecasts and budget to actual results used by the CODM to assess performance and allocate resources, as well as those used for strategic decisions related to headcount and capital expenditures are also reviewed on a consolidated basis. The CODM considers the impact of the significant segment expenses in the table below on net loss.
The measure of segment assets is reported on the balance sheet as total assets. The CODM does not review segment assets at a level other than as presented in the Company's consolidated balance sheets.
The table below presents the Company's consolidated operating results including segment expenses (in thousands):
|
|
Year ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Net revenues |
|
$ |
18,079 |
|
|
$ |
9,065 |
|
|
$ |
4,312 |
|
Less: |
|
|
|
|
|
|
|
|
|
|||
Stock-based compensation expense (1) |
|
|
21,843 |
|
|
|
23,708 |
|
|
|
23,675 |
|
Loss on joint development agreement (2) |
|
|
3,785 |
|
|
|
— |
|
|
|
— |
|
Cost of revenue (excluding 1 and 2) |
|
|
14,540 |
|
|
|
12,576 |
|
|
|
9,233 |
|
Research and development expenses (excluding 1) |
|
|
72,630 |
|
|
|
86,010 |
|
|
|
85,743 |
|
General and administrative expenses (excluding 1) |
|
|
26,859 |
|
|
|
27,384 |
|
|
|
26,630 |
|
Selling and marketing expenses (excluding 1) |
|
|
6,019 |
|
|
|
6,259 |
|
|
|
6,819 |
|
Litigation settlement, net |
|
|
— |
|
|
|
11,500 |
|
|
|
— |
|
Operating loss |
|
|
(127,597 |
) |
|
|
(158,372 |
) |
|
|
(147,788 |
) |
Financing charges (3) |
|
|
— |
|
|
|
— |
|
|
|
(3,788 |
) |
Fair value at issuance of Series A warrants (4) |
|
|
— |
|
|
|
— |
|
|
|
(6,500 |
) |
Fair value gain on settlement of share subscription liability |
|
|
1,651 |
|
|
|
— |
|
|
|
— |
|
Change in fair value of warrant liabilities (5) |
|
|
(21,453 |
) |
|
|
(1,486 |
) |
|
|
(182 |
) |
Interest income |
|
|
2,738 |
|
|
|
7,712 |
|
|
|
8,925 |
|
Other income (expense), net (excluding 3) |
|
|
(459 |
) |
|
|
56 |
|
|
|
— |
|
Income tax provision |
|
|
(308 |
) |
|
|
(171 |
) |
|
|
— |
|
Net loss |
|
$ |
(145,428 |
) |
|
$ |
(152,261 |
) |
|
$ |
(149,333 |
) |
Revenues from External Customers
Revenues from customers outside the United States were 26%, 14%, and 35% of total revenues for the years ended December 31, 2025, 2024 and 2023, respectively.
Long-Lived Assets
The following table sets forth the Company’s property and equipment, net by geographic region (in thousands):
|
|
Year Ended December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
North America |
|
$ |
8,135 |
|
|
$ |
6,645 |
|
Asia |
|
|
4,710 |
|
|
|
3,687 |
|
Total |
|
$ |
12,845 |
|
|
$ |
10,332 |
|
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 Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.