SAN JUAN CAPISTRANO, Calif. - The Indoor Lab, specializing in LiDAR perception and analytics, has partnered with Aeva Technologies Inc. (NYSE: NYSE:AEVA) to enhance security and operational efficiency at high-traffic locations in the United States, including John F. Kennedy International Airport's New Terminal One and San Francisco International Airport. Aeva's 4D LiDAR sensors will be integrated into The Indoor Lab's platform, marking Aeva's first industrial customer for its Atlas (NYSE:ATCO) sensors.
The collaboration involves deploying Aeva's Atlas 4D LiDAR technology to monitor and manage both indoor and outdoor environments at crucial infrastructure sites. The technology is recognized for its instant velocity detection and resistance to sunlight interference. This move aims to future-proof The Indoor Lab's analytics platform, providing advanced solutions for safety and security at scale.
Patrick Blattner, Founder and CEO of The Indoor Lab, highlighted the selection of Aeva as a strategic choice due to the significant advantages offered by their 4D LiDAR technology. Blattner emphasized the importance of Aeva's commercialization of 4D LiDAR for production at scale and its critical role in enhancing the company's analytics platform.
Aeva's Managing Director of Business Development, James Byun, noted the momentum Aeva is gaining in the market, with recent selections by various industries, including national defense security. Byun expressed that the partnership with The Indoor Lab cements Aeva's position as a preferred LiDAR supplier for industrial applications, enabling high-performance sensing across various customer use cases.
The Indoor Lab, with its expertise in LiDAR-based perception analytics, is rapidly expanding its deployments at large venues and critical infrastructure sites across the U.S. The multi-year agreement with Aeva involves initial sensor shipments starting this month for The Indoor Lab's planned customer deployments.
This collaboration represents a significant step for both companies in the field of security and operational efficiency. The implementation of Aeva's 4D LiDAR technology in The Indoor Lab's perception analytics platform is expected to provide a comprehensive solution for monitoring and managing critical infrastructure environments.
The information for this article is based on a press release statement.
In other recent news, Aeva Technologies has made significant strides in its production programs and partnerships. The company's 4D LiDAR technology has been chosen by a major European automobile manufacturer for vehicle automation, highlighting the growing industry trend towards advanced sensor solutions. Aeva's sensors will collect precise environmental data, enhancing the safety and performance of automated driving systems.
In the financial sphere, Aeva Technologies reported a revenue of $2 million and a non-GAAP operating loss of $32 million for the second quarter of 2024. Despite the operating loss, the company maintained a strong liquidity position, with a total of $285.2 million at the quarter's end.
Other recent developments include the final validation of its LiDAR-on-Chip module, expansion into the security sector, and ongoing partnerships with entities such as Daimler (OTC:MBGAF) Truck. Aeva's technology has also been selected by a top U.S. National Defense Security organization and for Germany's automated train program. Looking ahead, a decision from a top 10 passenger OEM is expected later this year, along with a new engagement from another top 10 passenger OEM.
InvestingPro Insights
Aeva Technologies' partnership with The Indoor Lab marks a significant milestone in the company's growth trajectory. According to InvestingPro data, Aeva's revenue growth has been impressive, with a 170.79% increase in the most recent quarter. This substantial growth aligns well with the company's expansion into new markets and its first industrial customer for Atlas sensors.
InvestingPro Tips highlight that analysts anticipate sales growth for Aeva in the current year, which is consistent with the new partnership and potential for increased sensor shipments. Additionally, the company holds more cash than debt on its balance sheet, providing financial flexibility to support its expansion plans and product development.
However, investors should note that Aeva is currently not profitable, with a negative gross profit margin of -73.81% in the last twelve months. An InvestingPro Tip also indicates that the company is quickly burning through cash, which is not uncommon for growing technology firms but warrants attention.
The market seems to be recognizing Aeva's potential, with the stock showing a significant return of 29.97% over the last month. This positive momentum could be partly attributed to developments like the partnership with The Indoor Lab.
For readers interested in a deeper analysis, InvestingPro offers 13 additional tips for Aeva Technologies, providing a comprehensive view of the company's financial health and market position.
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