Aeva Technologies Inc. (NASDAQ: AEVA) saw its stock price surge 7.47% in pre-market trading on Thursday, following a series of positive developments that have bolstered investor confidence in the LiDAR technology company. The significant uptick comes on the heels of better-than-expected third-quarter results and the announcement of a substantial investment from Apollo Global Management.

In its Q3 earnings report released on Wednesday, Aeva posted revenue of $3.58 million, surpassing the analyst consensus estimate of $3.13 million. This represents a robust 59.1% increase compared to the same quarter last year. While the company reported a quarterly adjusted loss of 46 cents per share, in line with analyst expectations, investors were encouraged by the revenue growth and the company's expanding customer base. Aeva's CEO highlighted the growing adoption of their unified sensing technology as a key driver for the quarter's performance.

Adding to the positive momentum, 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.

Further supporting the stock's pre-market rally, Roth MKM analyst Sujeeva De Silva maintained a "Buy" rating on Aeva Technologies, with a price target of $20.00. This positive analyst sentiment, coupled with the strong Q3 results and the Apollo investment, has created a perfect storm for Aeva's stock, driving the significant pre-market surge. As the market opens, investors will be watching closely to see if this momentum can be sustained throughout the trading session.