Aeva Technologies Inc Financials

AEVA

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 59/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Aeva Technologies Inc has an operating margin of -1747.1%, meaning the company retains $-1747 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -3427.4% the prior year.

Growth

100

Aeva Technologies Inc's revenue surged 110.2% year-over-year to $9.1M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

Aeva Technologies Inc carries a low D/E ratio of 0.48, meaning only $0.48 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 93/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 3.15, Aeva Technologies Inc holds $3.15 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

While Aeva Technologies Inc generated -$106.9M in operating cash flow, capex of $5.1M consumed most of it, leaving -$112.0M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Weak

3/9

Aeva Technologies Inc passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Low Quality

0.70x

For every $1 of reported earnings, Aeva Technologies Inc generates $0.70 in operating cash flow (-$106.9M OCF vs -$152.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

This page shows Aeva Technologies Inc (AEVA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$9.1M

YoY+110.2%

5Y CAGR+45.6%

Aeva Technologies Inc generated $9.1M in revenue in fiscal year 2024. This represents an increase of 110.2% from the prior year.

EBITDA

-$152.9M

YoY-6.8%

Aeva Technologies Inc's EBITDA was -$152.9M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 6.8% from the prior year.

Free Cash Flow

-$112.0M

YoY+10.3%

Aeva Technologies Inc generated -$112.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 10.3% from the prior year.

Net Income

-$152.3M

YoY-2.0%

Aeva Technologies Inc reported -$152.3M in net income in fiscal year 2024. This represents a decrease of 2.0% from the prior year.

EPS (Diluted)

$-2.85

YoY+13.4%

Aeva Technologies Inc earned $-2.85 per diluted share (EPS) in fiscal year 2024. This represents an increase of 13.4% from the prior year.

Cash & Debt

$28.9M

YoY-25.1%

5Y CAGR-9.1%

Aeva Technologies Inc held $28.9M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

54M

YoY+3.3%

Aeva Technologies Inc had 54M shares outstanding in fiscal year 2024. This represents an increase of 3.3% from the prior year.

Gross Margin

-41.8%

YoY+94.7pp

5Y CAGR-82.9pp

Aeva Technologies Inc's gross margin was -41.8% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 94.7 percentage points from the prior year.

Operating Margin

-1747.1%

YoY+1680.3pp

5Y CAGR-295.3pp

Aeva Technologies Inc's operating margin was -1747.1% in fiscal year 2024, reflecting core business profitability. This is up 1680.3 percentage points from the prior year.

Net Margin

-1679.7%

YoY+1783.5pp

5Y CAGR-263.9pp

Aeva Technologies Inc's net profit margin was -1679.7% in fiscal year 2024, showing the share of revenue converted to profit. This is up 1783.5 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$102.7M

YoY+0.2%

5Y CAGR+46.1%

Aeva Technologies Inc invested $102.7M in research and development in fiscal year 2024. This represents an increase of 0.2% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$5.1M

YoY-16.3%

5Y CAGR+64.7%

Aeva Technologies Inc invested $5.1M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 16.3% from the prior year.

AEVA Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$9.1M+110.2%	$4.3M+2.9%	$4.2M-54.8%	$9.3M+91.3%	$4.8M+249.9%	$1.4M
Cost of Revenue	$12.9M+26.1%	$10.2M+20.7%	$8.4M+44.8%	$5.8M+112.8%	$2.7M+236.3%	$815K
Gross Profit	-$3.8M+35.6%	-$5.9M-38.3%	-$4.3M-224.0%	$3.4M+63.3%	$2.1M+269.4%	$569K
R&D Expenses	$102.7M+0.2%	$102.5M-6.5%	$109.6M+46.6%	$74.8M+264.8%	$20.5M+33.0%	$15.4M
SG&A Expenses	$33.3M+4.7%	$31.8M+2.2%	$31.1M+9.4%	$28.4M+401.5%	$5.7M+32.0%	$4.3M
Operating Income	-$158.4M-7.2%	-$147.8M+2.7%	-$152.0M-45.8%	-$104.2M-304.7%	-$25.7M-28.1%	-$20.1M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$171K	$0	$0	$0	$0	$0
Net Income	-$152.3M-2.0%	-$149.3M-1.4%	-$147.3M-44.6%	-$101.9M-298.4%	-$25.6M-30.5%	-$19.6M
EPS (Diluted)	$-2.85+13.4%	$-3.29	$-3.39-564.7%	$-0.51-183.3%	$-0.18	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$3.6M-35.1%	$5.5M+63.6%	$3.4M+24.9%	$2.7M+34.0%	$2.0M-4.5%	$2.1M+30.8%	$1.6M+98.9%	$810K
Cost of Revenue	$3.1M-61.7%	$8.2M+169.2%	$3.1M-13.2%	$3.5M+23.3%	$2.9M-18.3%	$3.5M+40.9%	$2.5M-1.7%	$2.5M
Gross Profit	$430K+115.8%	-$2.7M-977.4%	$310K+137.4%	-$829K+2.2%	-$848K+39.1%	-$1.4M-59.6%	-$872K+49.2%	-$1.7M
R&D Expenses	$22.2M-3.0%	$22.8M+5.9%	$21.6M-11.4%	$24.3M-7.1%	$26.2M+4.7%	$25.0M-4.5%	$26.2M+10.1%	$23.8M
SG&A Expenses	$9.6M+20.8%	$8.0M+10.4%	$7.2M-6.6%	$7.7M-10.8%	$8.7M+3.0%	$8.4M+8.7%	$7.7M-8.6%	$8.5M
Operating Income	-$33.2M+5.0%	-$34.9M-14.8%	-$30.4M+11.2%	-$34.2M+30.0%	-$48.9M-31.0%	-$37.3M-1.4%	-$36.8M-3.8%	-$35.5M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$66K-5.7%	$70K+22.8%	$57K+119.2%	$26K-78.9%	$123K	$0	$0	$0
Net Income	$107.5M+155.8%	-$192.7M-452.8%	-$34.9M+3.5%	-$36.1M+16.7%	-$43.4M-22.8%	-$35.3M+21.4%	-$45.0M-35.3%	-$33.2M
EPS (Diluted)	$-0.52+85.1%	$-3.49-445.3%	$-0.64+3.0%	$-0.66+19.5%	$-0.82	$-0.67	$-0.92	$-0.75

AEVA Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$147.5M-42.7%	$257.4M-27.8%	$356.6M-25.6%	$479.2M+1368.5%	$32.6M+30427.2%	$107K
Current Assets	$123.3M-46.2%	$229.2M-31.6%	$335.1M-26.9%	$458.5M+1381.2%	$31.0M+123815900.0%	$25
Cash & Equivalents	$28.9M-25.1%	$38.5M-42.8%	$67.4M+0.9%	$66.8M+171.3%	$24.6M-47.2%	$46.6M
Inventory	$2.3M-1.2%	$2.4M-19.6%	$3.0M+43.0%	$2.1M+69.2%	$1.2M	N/A
Accounts Receivable	$1.2M+89.0%	$628K-78.2%	$2.9M+23.3%	$2.3M+1560.3%	$141K	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$48.1M+66.3%	$28.9M+8.4%	$26.7M+17.1%	$22.8M+298.9%	$5.7M+111.8%	-$48.5M
Current Liabilities	$39.2M+112.8%	$18.4M-15.7%	$21.8M+52.7%	$14.3M+152.0%	$5.7M+6835.8%	$82K
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$99.4M-56.5%	$228.4M-30.8%	$329.9M-27.7%	$456.4M+1595.7%	$26.9M-44.6%	$48.6M
Retained Earnings	-$611.9M-33.1%	-$459.6M-48.1%	-$310.3M-90.4%	-$163.0M-166.8%	-$61.1M-6108300.0%	-$1K

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$92.8M+1.8%	$91.1M-20.4%	$114.5M-22.3%	$147.5M-25.6%	$198.1M-11.9%	$224.8M-12.7%	$257.4M-3.1%	$265.7M
Current Assets	$66.4M-2.8%	$68.3M-25.6%	$91.8M-25.6%	$123.3M-28.5%	$172.4M-12.7%	$197.4M-13.9%	$229.2M-5.6%	$242.8M
Cash & Equivalents	$45.7M+110.1%	$21.7M+2.5%	$21.2M-26.5%	$28.9M+22.2%	$23.6M-20.2%	$29.6M-23.2%	$38.5M-4.9%	$40.5M
Inventory	$4.9M+35.3%	$3.7M-5.7%	$3.9M+65.5%	$2.3M-21.8%	$3.0M+38.7%	$2.2M-8.9%	$2.4M-11.8%	$2.7M
Accounts Receivable	$1.9M-50.1%	$3.9M+402.7%	$775K-34.7%	$1.2M+40.6%	$844K-13.7%	$978K+55.7%	$628K-18.3%	$769K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$59.6M-71.5%	$209.3M+357.7%	$45.7M-5.0%	$48.1M+26.2%	$38.1M+43.4%	$26.6M-8.1%	$28.9M+50.3%	$19.3M
Current Liabilities	$20.9M-80.3%	$105.7M+231.4%	$31.9M-18.5%	$39.2M+20.0%	$32.6M+96.7%	$16.6M-9.8%	$18.4M+25.0%	$14.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$33.2M+128.1%	-$118.2M-271.7%	$68.8M-30.7%	$99.4M-37.9%	$160.0M-19.3%	$198.2M-13.2%	$228.4M-7.3%	$246.4M
Retained Earnings	-$732.0M+12.8%	-$839.5M-29.8%	-$646.7M-5.7%	-$611.9M-13.7%	-$538.3M-8.8%	-$494.9M-7.7%	-$459.6M-10.8%	-$414.6M

AEVA Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$106.9M+10.0%	-$118.8M-8.1%	-$109.9M-33.9%	-$82.1M-286.7%	-$21.2M-29.6%	-$16.4M
Capital Expenditures	$5.1M-16.3%	$6.1M-17.9%	$7.4M+93.2%	$3.9M+350.3%	$855K+103.1%	$421K
Free Cash Flow	-$112.0M+10.3%	-$124.9M-6.5%	-$117.3M-36.5%	-$86.0M-289.2%	-$22.1M-31.4%	-$16.8M
Investing Cash Flow	$97.9M+41.3%	$69.3M-37.5%	$110.9M+128.5%	-$388.6M-45347.0%	-$855K-103.1%	-$421K
Financing Cash Flow	-$671K-103.2%	$20.7M+5703.3%	-$369K-100.1%	$512.9M+702452.1%	$73K-99.8%	$36.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	-$32.3M-8.3%	-$29.8M+3.1%	-$30.8M-47.3%	-$20.9M+28.3%	-$29.2M+5.8%	-$31.0M-13.3%	-$27.3M+2.6%	-$28.1M
Capital Expenditures	$1.3M-6.7%	$1.4M+197.6%	$459K-78.5%	$2.1M+174.5%	$779K-52.7%	$1.6M-38.5%	$2.7M+159.0%	$1.0M
Free Cash Flow	-$33.6M-7.7%	-$31.2M+0.2%	-$31.3M-35.7%	-$23.0M+23.1%	-$29.9M+8.2%	-$32.6M-8.6%	-$30.0M-3.1%	-$29.1M
Investing Cash Flow	$23.7M-22.5%	$30.6M+31.3%	$23.3M+18.9%	$19.6M-16.2%	$23.4M+6.2%	$22.0M+364.4%	$4.7M-86.0%	$34.0M
Financing Cash Flow	$32.5M+11836.5%	-$277K-51.4%	-$183K+41.0%	-$310K-39.0%	-$223K-1293.8%	-$16K-100.1%	$20.6M+343200.0%	-$6K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

AEVA Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	-41.8%+94.7pp	-136.5%-35.0pp	-101.5%-138.5pp	37.0%-6.4pp	43.4%+2.3pp	41.1%
Operating Margin	-1747.1%+1680.3pp	-3427.4%+197.5pp	-3624.9%-2500.4pp	-1124.5%-593.0pp	-531.5%+920.3pp	-1451.8%
Net Margin	-1679.7%+1783.5pp	-3463.2%+50.8pp	-3514.0%-2414.4pp	-1099.6%-571.6pp	-528.0%+887.8pp	-1415.8%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-103.2%-45.2pp	-58.0%-16.7pp	-41.3%-20.0pp	-21.3%+57.1pp	-78.4%+18251.8pp	-18330.1%
Current Ratio	3.15-9.3	12.46-2.9	15.35-16.7	32.07+26.6	5.46+5.5	0.00
Debt-to-Equity	0.48+0.4	0.13+0.0	0.08+0.0	0.05-0.2	0.21+1.2	-1.00
FCF Margin	-1235.7%+1661.5pp	-2897.3%-97.9pp	-2799.4%-1871.6pp	-927.7%-471.7pp	-456.0%+758.2pp	-1214.2%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	12.0%+61.4pp	-49.4%-58.6pp	9.2%+39.9pp	-30.8%+11.4pp	-42.1%+23.9pp	-66.1%-11.9pp	-54.1%+157.6pp	-211.7%
Operating Margin	-926.5%-292.8pp	-633.7%+269.4pp	-903.1%+366.8pp	-1270.0%+1161.1pp	-2431.1%-658.7pp	-1772.4%+514.7pp	-2287.1%+2095.1pp	-4382.2%
Net Margin	3003.5%+6500.9pp	-3497.4%-2462.2pp	-1035.2%+305.5pp	-1340.7%+816.0pp	-2156.7%-480.1pp	-1676.6%+1114.6pp	-2791.2%+1312.3pp	-4103.5%
Return on Equity	323.6%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	115.8%+327.3pp	-211.5%-181.0pp	-30.4%-5.9pp	-24.5%-2.6pp	-21.9%-6.2pp	-15.7%+1.8pp	-17.5%-5.0pp	-12.5%
Current Ratio	3.18+2.5	0.65-2.2	2.88-0.3	3.15-2.1	5.28-6.6	11.89-0.6	12.46-4.0	16.48
Debt-to-Equity	1.79+3.6	-1.77-2.4	0.66+0.2	0.48+0.2	0.24+0.1	0.130.0	0.13+0.0	0.08
FCF Margin	-938.4%-372.5pp	-566.0%+361.9pp	-927.9%-73.4pp	-854.4%+633.8pp	-1488.3%+59.4pp	-1547.7%+315.4pp	-1863.1%+1730.5pp	-3593.6%

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Frequently Asked Questions

What is Aeva Technologies Inc's annual revenue?

Aeva Technologies Inc (AEVA) reported $9.1M in total revenue for fiscal year 2024. This represents a 110.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Aeva Technologies Inc's revenue growing?

Aeva Technologies Inc (AEVA) revenue grew by 110.2% year-over-year, from $4.3M to $9.1M in fiscal year 2024.

Is Aeva Technologies Inc profitable?

No, Aeva Technologies Inc (AEVA) reported a net income of -$152.3M in fiscal year 2024, with a net profit margin of -1679.7%.

What is Aeva Technologies Inc's earnings per share (EPS)?

Aeva Technologies Inc (AEVA) reported diluted earnings per share of $-2.85 for fiscal year 2024. This represents a 13.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Aeva Technologies Inc's EBITDA?

Aeva Technologies Inc (AEVA) had EBITDA of -$152.9M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Aeva Technologies Inc's gross margin?

Aeva Technologies Inc (AEVA) had a gross margin of -41.8% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Aeva Technologies Inc's operating margin?

Aeva Technologies Inc (AEVA) had an operating margin of -1747.1% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Aeva Technologies Inc's net profit margin?

Aeva Technologies Inc (AEVA) had a net profit margin of -1679.7% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Aeva Technologies Inc's free cash flow?

Aeva Technologies Inc (AEVA) generated -$112.0M in free cash flow during fiscal year 2024. This represents a 10.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Aeva Technologies Inc's operating cash flow?

Aeva Technologies Inc (AEVA) generated -$106.9M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Aeva Technologies Inc's total assets?

Aeva Technologies Inc (AEVA) had $147.5M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Aeva Technologies Inc's capital expenditures?

Aeva Technologies Inc (AEVA) invested $5.1M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Aeva Technologies Inc spend on research and development?

Aeva Technologies Inc (AEVA) invested $102.7M in research and development during fiscal year 2024.

How many shares does Aeva Technologies Inc have outstanding?

Aeva Technologies Inc (AEVA) had 54M shares outstanding as of fiscal year 2024.

What is Aeva Technologies Inc's current ratio?

Aeva Technologies Inc (AEVA) had a current ratio of 3.15 as of fiscal year 2024, which is generally considered healthy.

What is Aeva Technologies Inc's debt-to-equity ratio?

Aeva Technologies Inc (AEVA) had a debt-to-equity ratio of 0.48 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Aeva Technologies Inc's return on assets (ROA)?

Aeva Technologies Inc (AEVA) had a return on assets of -103.2% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Aeva Technologies Inc's cash runway?

Based on fiscal year 2024 data, Aeva Technologies Inc (AEVA) had $28.9M in cash against an annual operating cash burn of $106.9M. This gives an estimated cash runway of approximately 3 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Aeva Technologies Inc's Piotroski F-Score?

Aeva Technologies Inc (AEVA) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Aeva Technologies Inc's earnings high quality?

Aeva Technologies Inc (AEVA) has an earnings quality ratio of 0.70x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Aeva Technologies Inc?

Aeva Technologies Inc (AEVA) scores 59 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.