Aeva Technologies

AEVA · Nasdaq · Information Technology · Financials, fiscal 2019 to 2025

AEVA · Last close · November 6, 2026

$11.00

Aeva Technologies' revenue rose 99.4% to $18 million in fiscal 2025. Its operating margin was −705.8%, up from −1,747.1% a year earlier. Free cash flow was −$120 million. The diluted share count rose 6.9%.

AEVA TECHNOLOGIES, INC. Latest fiscal year ended December 31, 2025 10-K filed March 20, 2026 · 0001193125-26-116518 Updated November 7, 2026

Revenue

$18M

99.4%

Operating margin

−705.8%

1041.3 pts

Net income

−$145M

Free cash flow

−$120M

Return on equity

−258.4%

165.5 pts

Market cap

$790M

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Share counts and per-share figures for earlier years are restated for a stock split (1-for-5), so every year is on today's share basis.

Charts show fiscal years, from the 10-K filings.

What Aeva Technologies does

Aeva Technologies develops LiDAR sensors, which use laser light to measure the distance to objects and map surroundings. Its sensors use a method called FMCW, which also measures the speed of every point it sees, and it builds the key optical parts on a silicon chip module. It targets two markets: automotive makers and their suppliers, for driver assistance and autonomous driving, and industrial automation, where it sells precision laser sensors for factories.

Aeva is an early stage company with a history of losses. It has mostly sold prototypes and engineering services to customers for their own development and testing programs. It says commercial deliveries of its automotive products are not expected in 2026 and may not happen at all. It depends on a few customers: in 2025 its top three customers made up 64% of revenue.

At the end of 2025 Aeva had 239 full-time employees, mostly in Mountain View, California, and most work in research and development.

Its biggest risks, as it describes them

Being an early stage company with a history of losses, which may never become profitable.
Customer programs it supports may be delayed or never reach commercial production.
Depending on a small number of customers for most of its revenue.
Large customers and suppliers have strong bargaining power and may have competing in-house products.
Its products may not win commercial acceptance or may take longer to reach the market than expected.

From Aeva Technologies's annual report on Form 10-K, filed March 20, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Aeva Technologies lost money in fiscal 2025: a net loss of $145 million.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	445	324	221	112	122
Debt incl. finance leases	—	—	—	0	97
Net debt (negative means net cash)	—	—	—	−112	−25
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	0.0x	7.3x
Interest coverage	—	—	—	—	—
Current ratio	32.1x	15.3x	12.5x	3.1x	4.3x
Quick ratio	31.9x	15.2x	12.3x	3.1x	4.1x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Aeva Technologies' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Aeva Technologies' projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Aeva Technologies shares on the open market, and 5 insiders sold $52.5 million, $35.1 million of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Nov 5, 2026	Soroush Salehian DardashtiChief Executive Officer, Director	Sold	42,262	$8.82	$372,827	Form 4
Nov 5, 2026	Mina RezkChief Technology Officer, Director	Sold	28,173	$8.82	$248,537	Form 4
Sep 2, 2026	Saurabh SinhaChief Financial Officer	Sold	34,146	$14.83	$506,385	Form 4
Aug 18, 2026	Saurabh SinhaChief Financial Officer	Sold plan	70,000	$21.21	$1.5 million	Form 4
Aug 12, 2026	Katherine MotlaghDirector	Sold	2,500	$25.50	$63,750	Form 4
Aug 11, 2026	Soroush Salehian DardashtiChief Executive Officer, Director	Sold plan	30,514	$24.32	$742,002	Form 4
Aug 10, 2026	Soroush Salehian DardashtiChief Executive Officer, Director	Sold plan	274,585	$24.03	$6.6 million	Form 4
Aug 10, 2026	Mina RezkChief Technology Officer, Director	Sold plan	100,000	$24.01	$2.4 million	Form 4
Jul 27, 2026	Mina RezkChief Technology Officer, Director	Sold	10,304	$15.40	$158,682	Form 4
Jul 27, 2026	Saurabh SinhaChief Financial Officer	Sold	6,830	$15.40	$105,182	Form 4
Jul 8, 2026	Mina RezkChief Technology Officer, Director	Sold	64,821	$21.16	$1.4 million	Form 4
Jul 8, 2026	Saurabh SinhaChief Financial Officer	Sold	20,620	$21.16	$436,319	Form 4

The latest 12 of 29 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	4 of 9
Rule of 40	−2,894.4%	−1,125.5%	−562.6%
Altman Z''	3.98	−14.83	−14.13
Accruals ratio	−9.9%	−22.4%	−18.6%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Fail	Fail	Fail
Return on assets rose	Fail	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	—	Fail
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Fail	Pass	Pass
Revenue rose relative to assets	Pass	Pass	Pass
F-score	—	—	4 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Aeva Technologies side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Aeva Technologies	FY25	99.4%	−705.8%	−662.0%	—	—	4
Unusual Machines	FY25	101.2%	−224.6%	−207.5%	—	—	—	Compare
908 Devices	FY25	17.7%	−70.2%	−43.9%	—	—	—	Compare
Frequency Electronics	FY26	−9.4%	−4.8%	−2.5%	—	—	—	Compare
Evolv Technologies	FY25	40.5%	−33.2%	8.9%	−52.9%	—	4	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

7 years of figures

Fiscal year	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	1	5	9	4	4	9	18
Revenue growth	—	249.9%	91.3%	−54.8%	2.9%	110.2%	99.4%
Gross profit	1	2	3	−4	−6	−4	−1
Research and development	15	20	75	110	102	103	85
Operating income	−20	−26	−104	−152	−148	−158	−128
Net income	−20	−26	−102	−147	−149	−152	−145
Diluted EPS (US$)	−0.85	−0.90	−2.55	−3.39	−3.29	−2.85	−2.55
Diluted shares (millions)	23	28	40	44	45	53	57
Cash flow
Cash from operations	−16	−21	−82	−110	−119	−107	−115
Capital expenditure	0	1	4	7	6	5	5
Free cash flow	−17	−22	−86	−117	−125	−112	−120
Dividends paid	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0
Acquisitions	0	0	0	0	0	0	0
Stock-based compensation	2	4	22	24	24	24	22
Balance sheet at fiscal year end
Cash and short-term investments	47	25	445	324	221	112	122
Debt incl. finance leases	—	—	—	—	—	0	97
Total assets	0	33	479	357	257	148	180
Total liabilities	0	6	23	27	29	48	166
Shareholders' equity	49	27	456	330	228	99	13
Margins and ratios
Gross margin	41.1%	43.4%	37.0%	−101.5%	−136.5%	−41.8%	−3.6%
Operating margin	−1,451.8%	−531.5%	−1,124.5%	−3,624.9%	−3,427.4%	−1,747.1%	−705.8%
Net margin	−1,415.8%	−528.0%	−1,099.6%	−3,514.0%	−3,463.2%	−1,679.7%	−804.4%
Free cash flow margin	−1,214.2%	−456.0%	−927.7%	−2,799.4%	−2,897.3%	−1,235.7%	−662.0%
Rule of 40 (growth + FCF margin)	—	−206.1%	−836.4%	−2,854.1%	−2,894.4%	−1,125.5%	−562.6%
Return on capital	—	—	—	—	—	—	—
Return on equity	—	−67.7%	−42.2%	−37.5%	−53.5%	−92.9%	−258.4%
Return on assets	—	−156.2%	−39.8%	−35.2%	−48.6%	−75.2%	−88.9%
Net debt to EBITDA	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Aeva Technologies' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Aeva Technologies.