Investment Thesis
Aeva Technologies exhibits severe fundamental deterioration with negative profitability across all metrics, burning cash at an unsustainable rate of $96M annually in free cash flow despite strong revenue growth. The company's negative gross margin indicates the core business model is fundamentally unprofitable at present volumes, and operating losses exceeding $98M annually consume the majority of available cash reserves.
AEVAW Strengths
- Revenue growth of 110.2% YoY demonstrates strong market traction and demand for products
- Substantial cash position of $45.7M provides runway for operations and R&D investments
- Strong liquidity ratios (current ratio 3.18x) ensure no immediate insolvency risk
AEVAW Risks
- Negative gross margin of -15.9% indicates products are sold at losses, representing a critical business model failure
- Operating cash burn of $92.9M and free cash flow deficit of $96M means cash reserves will deplete within 5-6 quarters at current burn rate
- Profitability severely underwater with net margin of -964.2% and ROE of -361.6%, with no clear path to breakeven
- Operating losses of $98.5M on only $12.5M revenue suggests massive cost structure relative to scale
Key Metrics to Watch
- Gross margin trajectory toward profitability
- Cash burn rate and remaining cash runway
- Path to operating breakeven and cost structure optimization
- Revenue growth sustainability and customer retention
AEVAW Financial Metrics
AEVAW Profitability Ratios
AEVAW Balance Sheet & Liquidity
AEVAW 5-Year Financial Trend
5-Year Trend Summary: Aeva Technologies, Inc.'s revenue has remained relatively flat over the 5-year period, with a 2% decline. The most recent EPS of $-3.39 indicates the company is currently unprofitable.
AEVAW Growth Metrics (YoY)
AEVAW Quarterly Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q3 2025 | $2.3M | -$34.9M | $-0.52 |
| Q2 2025 | $2.0M | -$34.9M | $-0.82 |
| Q1 2025 | $2.1M | -$34.9M | $-0.64 |
| Q3 2024 | $810.0K | -$33.2M | $-0.70 |
| Q2 2024 | $743.0K | -$35.2M | $-0.82 |
| Q1 2024 | $1.1M | -$35.2M | $-0.67 |
| Q3 2023 | $810.0K | -$33.2M | $-0.15 |
| Q2 2023 | $743.0K | -$33.2M | $-0.16 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
AEVAW Capital Allocation
AEVAW SEC Filings
Access official SEC EDGAR filings for Aeva Technologies, Inc. (CIK: 0001789029)