What Aeva Technologies, Inc. told the SEC could break it.

Aeva is dependent on a small number of customers with strong purchasing power — its top three customers accounted for 64% of revenue in fiscal 2025 (top two were 72% in fiscal 2024) — and nearly all revenue comes from non-recurring engineering/development arrangements that may never reach production purchase orders; loss of a major customer or failure to be designed into their programs would materially hurt the business. (Customer names not disclosed, so recorded as concentration risk rather than a named edge.)

“In fiscal year 2025, Aeva's top three customers accounted for 64% of revenue. For fiscal year 2024, Aeva's top two customers accounted for 72% of revenue.”

Aeva remains deeply unprofitable — a net loss of $145.4 million in 2025 — and depends on continued capital access; in November 2025 it sold $100.0M of 4.375% Convertible Senior Notes to Apollo-affiliated funds and has a Facility Agreement allowing preferred-stock advances (senior to common) conditioned on winning a ≥50,000-unit OEM program, exposing shareholders to dilution and funding risk.

“In November 2025, we sold $100.0 million aggregate principal amount of our 4.375% Convertible Senior Notes due 2023 (the “Notes”) to certain funds affiliated with Apollo Global S”

Aeva faces proposed/increased U.S. tariffs on imports particularly from China, Canada and Mexico (and foreign retaliation) that could raise costs given its offshore manufacturing, and as a LiDAR (laser) company it is subject to FDA Electronic Product Radiation Control regulations and, as its sensors enter production vehicles, to the National Traffic and Motor Vehicle Safety Act — a multi-front regulatory burden.

“President Trump has proposed significantly increased tariffs on foreign imports into the United States, particularly from Canada, China and Mexico.”

Aeva relies on third-party manufacturers — increasingly outside the United States — to build its 4D LiDAR products, and depends on sole- or limited-source suppliers for certain components; a component shortage, supply interruption or pricing change could leave it unable to develop alternate sources in time, undermining its ability to fill customer orders.

“In the event of a component shortage, supply interruption or material pricing change from suppliers of these components, we may not be able to develop alternate sources in a timely manner or at all in the case of sole or limited sources.”