(Businesshala) – Ava Technologies Inc. reported third-quarter sales on Wednesday that beat Wall Street’s expectations and said it would provide sensors to self-driving truck firm Plus, the company’s first revealed mass production customer.
Founded by former engineers at Apple Inc., Ava uses what’s called a lidar sensor, which helps self-driving vehicles get a multidimensional view of the road. Ava has development partnerships with firms such as Denso Corp around lidar sensors for vehicles and Nikon Corp for sensors for robotic factory production lines.
For the third quarter ended September 30, Ava said it had sales of $3.5 million and an adjusted loss of 9 cents per share. According to Refinitiv’s IBES estimate, Wall Street had expected sales of $2.99 million and an adjusted loss of 11 cents per share.
Shares of Ava rose 1.8% in after-hours trading after the results.
Ava also said Wednesday that it has struck its first high-volume production deal with Plus, which is developing self-driving truck technology. Ava, which said earlier this week that it has selected Fabrinet to contract-manufacture its sensors, said it will begin supplying sensors to Plus at the end of next year. The companies did not disclose how many units would be covered in the deal, but Plus said it aims to get 100,000 systems on the road by 2025.
“There is a shortage of 80,000 drivers in the truck industry, so there is a lot of consensus about autonomous driving for trucks as one of the first commercial applications,” Ava’s chief executive Soroush Salehian told Businesshala.