Aeva

Aeva’s potential sources of moat are: 1) Intangibles and IP: a focused portfolio around FMCW LiDAR‑on‑chip, coherent receivers, photonics couplers and signal processing with recent grants (for example, US 12,669,607, 12,298,440, and related applications), plus brand equity strengthened by Daimler, Nikon, SICK and NVIDIA partnerships.

We score intangibles 65/100 given breadth but still early monetization. 2) Switching costs: once an automotive or industrial customer qualifies a sensor stack and perception software, switching is painful. That said, most programs have not yet reached multi‑year volume production.

We score switching costs 60/100. 3) Cost advantage: chip‑scale FMCW and outsourced manufacturing with Tower and Jabil could lower BOM and improve reliability, but scale economies are not yet proven.

Score 45/100. 4) Efficient scale: ultra‑long‑range automotive FMCW is a niche with few credible suppliers; still, the TAM invites entrants and adjacent approaches. Score 55/100. 5) Network effects: limited direct network effects; datasets and CityOS may help, but value is not primarily user‑driven.

Score 20/100. Weighted average across these components results in about 52/100. Key erosion risks include alternative sensors matching performance at lower cost, program cancellations or delays, and OEM price pressure over time. Evidence: program selections and deployments with Daimler Truck, Nikon, SICK, and NVIDIA; patent filings and grants.