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AEVA

Aeva Technologies, Inc.

AEVA

Aeva Technologies, Inc. • NASDAQ
$11.13 ▲ 5.75% (+0.60)
Market Cap $618.09 M
52w High $38.80
52w Low $2.52
Dividend Yield 0%
P/E -3.95
Volume 813.04K
Outstanding Shares 55.51M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.579M ▼ $33.591M ▲ $107.495M ▲ 3.003K% ▲ $1.99 ▲ $109.622M ▲
Q2-2025 $5.511M ▲ $32.203M ▲ $-192.742M ▼ -3.497K% ▼ $-3.5 ▼ $-32.667M ▼
Q1-2025 $3.368M ▲ $30.728M ▼ $-34.867M ▲ -1.035K% ▲ $-0.64 ▲ $-28.128M ▲
Q4-2024 $2.696M ▲ $33.41M ▼ $-36.146M ▲ -1.341K% ▲ $-0.67 ▲ $-31.972M ▲
Q3-2024 $2.25M $37.155M $-37.396M -1.662K% $-0.7 $-35.644M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $48.888M ▼ $92.795M ▲ $59.577M ▼ $33.218M ▲
Q2-2025 $49.849M ▼ $91.149M ▼ $209.33M ▲ $-118.181M ▼
Q1-2025 $80.996M ▼ $114.549M ▼ $45.737M ▼ $68.812M ▼
Q4-2024 $112.007M ▼ $147.489M ▼ $48.137M ▲ $99.352M ▼
Q3-2024 $134.817M $169.136M $39.876M $129.26M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $107.495M ▲ $-32.312M ▼ $23.747M ▼ $32.51M ▲ $23.945M ▲ $-33.586M ▼
Q2-2025 $-192.742M ▼ $-29.824M ▲ $30.633M ▲ $-277K ▼ $532K ▲ $-31.19M ▲
Q1-2025 $-34.867M ▲ $-30.792M ▼ $23.322M ▲ $-183K ▲ $-7.653M ▼ $-31.251M ▼
Q4-2024 $-36.146M ▲ $-20.898M ▲ $19.61M ▼ $-310K ▼ $-1.598M ▼ $-23.036M ▲
Q3-2024 $-37.396M $-25.888M $32.85M $-122K $6.84M $-26.43M

Revenue by Products

Product Q1-2022Q2-2022Q3-2022
Product
Product
 $0 ▲$0 ▲$0 ▲
Professional Service
Professional Service
 $0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Aeva’s income statement looks like an early-stage deep‑tech company that has not yet commercialized at scale. Revenue over the last several years has been essentially negligible, so the business is still in the “R&D and pilot” phase rather than a traditional operating company with recurring sales. Operating losses have been sizable and consistent for several years, reflecting heavy spending on research, engineering, and go‑to‑market activities without meaningful offset from product revenue yet. Net losses closely track operating losses, which means there is little contribution from non‑operating items to soften the picture. Earnings per share have been negative every year and, while they’ve fluctuated, there is no clear trend toward profitability yet. Overall, the income statement tells a story of a company investing heavily ahead of revenue, with success dependent on turning design wins and partnerships into material sales over time.

Balance Sheet

Balance Sheet The balance sheet shows a company that once had a strong post‑SPAC capital base and has been steadily drawing it down to fund operations. Total assets and shareholders’ equity have both declined over the last few years, which is what you would expect when losses are not yet being replenished by new capital or profits. Cash remains a meaningful, but shrinking, part of the balance sheet, indicating the company still has some financial cushion but has been burning through its reserves. Debt levels are minimal, so the capital structure is still largely equity‑funded, which reduces financial leverage risk but increases the likelihood that, if more capital is needed, it may come through additional equity issuance. The reverse stock split in 2024 is a capital‑markets signal: it does not change fundamentals by itself, but it often reflects prior share price pressure and a desire to maintain exchange listing standards. Overall, the balance sheet is clean but getting lighter, with the key question being how long the current resources can support ongoing losses.

Cash Flow

Cash Flow Cash flow patterns reinforce the income statement story. Operating cash flow has been negative every year, driven mainly by ongoing operating losses rather than heavy physical investment. This is typical for a technology company where the main spend is on people, R&D, and commercialization rather than factories or equipment. Free cash flow has also been consistently negative, since capital expenditures, while modest, are layered on top of already negative operating cash flow. This means Aeva has been consuming cash instead of generating it, and has relied on its historical capital raises to fund the gap. In practical terms, the cash flow statement highlights financing risk: unless operating cash burn improves through higher revenue or lower costs, the company may eventually need fresh capital to sustain its development and commercialization plans.

Competitive Edge

Competitive Edge Competitively, Aeva stands out more on technology than on current commercial scale. Its focus on 4D FMCW LiDAR, which measures both distance and instantaneous velocity, offers a clear performance differentiation versus traditional 3D LiDAR solutions. Added benefits such as better performance in poor weather, resistance to interference, and long‑range detection give it a strong technical story for advanced driver‑assistance and autonomous systems. The “LiDAR‑on‑Chip” approach is a potential cost and size advantage, important for mass‑market automotive adoption and consumer applications. A growing patent portfolio and early design wins with a major global auto manufacturer, industrial partners like SICK, and high‑profile projects with NASA all support the idea of a real but still emerging competitive moat. At the same time, the LiDAR market is crowded, with several well‑funded competitors and automakers that move slowly and cautiously. Aeva’s position will ultimately be judged on how many of these technical advantages translate into long‑term production programs, recurring revenue, and defensible customer relationships, rather than just pilots and announcements.

Innovation and R&D

Innovation and R&D Innovation and R&D are clearly at the core of Aeva’s identity and spending. The company has focused on building a differentiated platform: FMCW 4D LiDAR hardware, silicon‑based “LiDAR‑on‑Chip” integration, and complementary perception software and custom processing chips. Products such as Aeries II, Atlas, and Atlas Ultra aim at different levels of automotive autonomy, while Eve 1 targets industrial automation. This shows a strategy of leveraging the same core technology across multiple end markets, which could support diversification if adoption in any one sector is slower than hoped. High R&D intensity is a strength from a technology and moat perspective, but it also explains the persistent losses. The key uncertainty is whether ongoing investment will achieve sufficient scale and customer adoption before financial resources become too constrained, or whether Aeva will need to adjust its spending or seek partners to carry the technology further.

Summary

Overall, Aeva looks like a classic high‑risk, high‑potential early‑stage technology company. On the positive side, it has a clearly differentiated sensing technology, a credible path to lower cost through integration on chip, and a growing ecosystem of software and partnerships that could support a durable competitive position if widely adopted. On the more cautious side, the business is still effectively pre‑revenue, with multi‑year operating losses, ongoing cash burn, and a shrinking but still debt‑light balance sheet. Commercial success depends on converting design wins and partnerships into large‑scale production contracts across automotive and industrial markets, which are known for long sales cycles and demanding qualification processes. Stakeholders watching Aeva may want to focus less on quarter‑to‑quarter numbers and more on a few key milestones: progress from pilots to volume production programs, diversification of the customer and industry base, evidence of improving unit economics, and how the company manages its cash runway and financing needs while continuing to invest in its technology lead.

NEWS

November 19, 2025 · 7:00 AM UTC

Aeva Brings on D2 Traffic Team in Exclusive Partnership for Full-Stack Smart Infrastructure Solutions

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November 5, 2025 · 4:15 PM UTC

Aeva Announces $100M Investment from Apollo to Accelerate Growing Momentum

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November 5, 2025 · 4:05 PM UTC

Aeva Reports Third Quarter 2025 Results

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October 15, 2025 · 7:00 AM UTC

Aeva Announces Date for Third Quarter 2025 Results and Conference Call

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September 30, 2025 · 7:00 AM UTC

Aeva Introduces AevaScenes, the First Open-Access FMCW 4D LiDAR and Camera Dataset for Autonomous Vehicle Research

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