Aeva Technologies Inc. (NASDAQ: AEVA) saw its stock price surge 6.68% on Wednesday following the release of better-than-expected third-quarter results and the announcement of a significant investment from Apollo Global Management. The LiDAR technology company's shares climbed as investors responded positively to the dual news items, signaling growing confidence in Aeva's future prospects.

In its Q3 earnings report, Aeva posted revenue of $3.6 million, surpassing the consensus estimate of $2.76 million. The company's CEO highlighted Aeva's expanding customer base, driven by their unified sensing technology. While the company reported a GAAP diluted net loss per share of $0.52, the non-GAAP loss per share of $0.46 was in line with analyst expectations.

Adding to the positive sentiment, Aeva announced a $100 million investment from funds managed by Apollo Global Management. The investment will take the form of 4.375% Convertible Senior Notes due 2032, with an initial conversion price set at a 15% premium above Aeva's recent closing stock price. This substantial capital injection is expected to accelerate Aeva's growth initiatives and strengthen its position in the competitive LiDAR technology market, particularly as the company expands into areas such as manufacturing automation with its Eve 1V motion sensing product line.