Aeva Technologies Inc Financials
Aeva Technologies Inc (AEVA) reported $18.1M in revenue for fiscal year 2025, up 99.4% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 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).
A development-stage model is scaling revenue while financing remains essential as losses consume most operating resources
The key shift is not merely higher sales: revenue nearly doubled from$9.1M in FY2024 to$18.1M in FY2025 while the gross loss narrowed from$3.8M to$660K , indicating better unit economics even though the business has not yet crossed into gross profitability. Meanwhile, operating cash flow of-$115.1M was close to free cash flow of-$119.7M ; that small gap implies cash use is driven mainly by ongoing operations rather than heavy capital spending.
The company remains structurally development-stage: FY2025 R&D was
Short-term liquidity remained positive, while total liabilities reached
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Aeva Technologies Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Aeva Technologies Inc, and counted as zero in the overall score.
Not available for Aeva Technologies Inc, and counted as zero in the overall score.
Aeva Technologies Inc scores -3.30, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($1.1B) relative to total liabilities ($166.5M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Aeva Technologies Inc passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
Aeva Technologies Inc reported a net loss of $145.0M while operations used $115.1M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Aeva Technologies Inc generated $18.1M in revenue in fiscal year 2025. This represents an increase of 99.4% from the prior year.
Aeva Technologies Inc's EBITDA was -$122.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 20.1% from the prior year.
Aeva Technologies Inc reported -$145.0M in net income in fiscal year 2025. This represents an increase of 4.6% from the prior year.
Aeva Technologies Inc earned -$2.55 per diluted share (EPS) in fiscal year 2025. This represents an increase of 10.5% from the prior year.
Cash & Balance Sheet
Aeva Technologies Inc recorded an outflow of $119.7M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 6.8% from the prior year.
Aeva Technologies Inc held $72.3M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Aeva Technologies Inc's gross margin was -3.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 38.2 percentage points from the prior year.
Aeva Technologies Inc's ROE was -1097.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 944.3 percentage points from the prior year.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Aeva Technologies Inc invested $85.4M in research and development in fiscal year 2025. This represents a decrease of 16.8% from the prior year.
Aeva Technologies Inc invested $4.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 9.8% from the prior year.
Not reported for fiscal year 2025.
AEVA Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $21.6M | $18.1M+99.4% | $9.1M+110.2% | $4.3M+2.9% | $4.2M-54.8% | $9.3M+91.3% | $4.8M | N/A |
| Cost of Revenue | $15.7M | $18.7M+45.8% | $12.9M+26.1% | $10.2M+20.7% | $8.4M+44.8% | $5.8M+112.8% | $2.7M | N/A |
| Gross Profit | $5.9M | -$660K+82.6% | -$3.8M+35.6% | -$5.9M-38.3% | -$4.3M-224.0% | $3.4M+63.3% | $2.1M | N/A |
| R&D Expenses | $88.7M | $85.4M-16.8% | $102.7M+0.2% | $102.5M-6.5% | $109.6M+46.6% | $74.8M+264.8% | $20.5M | N/A |
| SG&A Expenses | $42.2M | $34.8M+4.7% | $33.3M+4.7% | $31.8M+2.2% | $31.1M+9.4% | $28.4M+401.5% | $5.7M | N/A |
| Operating Income | -$132.0M | -$127.6M+19.4% | -$158.4M-7.2% | -$147.8M+2.7% | -$152.0M-45.8% | -$104.2M-304.7% | -$25.7M | N/A |
| Income Tax | $271K | $308K+80.1% | $171K | $0 | $0 | $0 | $0 | $0 |
| Net Income | -$32.0M | -$145.0M+4.6% | -$152.0M-2.0% | -$149.0M-1.2% | -$147.3M-44.6% | -$101.9M-298.4% | -$25.6M | N/A |
| EPS (Diluted) | — | -$2.55+10.5% | -$2.85+13.4% | -$3.29 | -$3.39 | -$0.51-183.3% | -$0.18 | N/A |
Not reported in any period shown, so not listed: Interest Expense.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
AEVA Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Total Assets | $179.7M+21.8% | $147.5M-42.7% | $257.4M-27.8% | $356.6M-25.6% | $479.2M+1368.5% | $32.6M+30427.2% | $107K |
| Current Assets | $153.5M+24.5% | $123.3M-46.2% | $229.2M-31.6% | $335.1M-26.9% | $458.5M+1381.2% | $31.0M+123815900.0% | $25 |
| Cash & Equivalents | $72.3M+150.5% | $28.9M-25.1% | $38.5M-42.8% | $67.4M+0.9% | $66.8M+171.3% | $24.6M | N/A |
| Inventory | $5.8M+146.8% | $2.3M-1.2% | $2.4M-19.6% | $3.0M+43.0% | $2.1M+69.2% | $1.2M | N/A |
| Accounts Receivable | $3.4M+183.3% | $1.2M+89.0% | $628K-78.2% | $2.9M+23.3% | $2.3M+1560.3% | $141K | N/A |
| Total Liabilities | $166.5M+245.9% | $48.1M+66.3% | $28.9M+8.4% | $26.7M+17.1% | $22.8M+298.9% | $5.7M+111.8% | -$48.5M |
| Current Liabilities | $35.9M-8.4% | $39.2M+112.8% | $18.4M-15.7% | $21.8M+52.7% | $14.3M+152.0% | $5.7M+6835.8% | $82K |
| Total Equity | $13.2M-86.7% | $99.4M-56.5% | $228.4M-30.8% | $329.9M-27.7% | $456.4M+1595.7% | $26.9M-44.6% | $48.6M |
| Retained Earnings | -$757.3M-23.8% | -$611.9M-33.1% | -$459.6M-48.1% | -$310.3M-90.4% | -$163.0M-166.8% | -$61.1M-6108300.0% | -$1K |
Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.
AEVA Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$111.5M | -$115.1M-7.6% | -$106.9M+10.0% | -$118.8M-8.1% | -$109.9M-33.9% | -$82.1M-286.7% | -$21.2M | N/A |
| Capital Expenditures | $5.2M | $4.6M-9.8% | $5.1M-16.3% | $6.1M-17.9% | $7.4M+93.2% | $3.9M+350.3% | $855K+103.1% | $421K |
| Free Cash Flow | -$116.7M | -$119.7M-6.8% | -$112.0M+10.3% | -$124.9M-6.5% | -$117.3M-36.5% | -$86.0M-289.2% | -$22.1M | N/A |
| Investing Cash Flow | -$110.5M | $29.9M-69.4% | $97.9M+41.3% | $69.3M-37.5% | $110.9M+128.5% | -$388.6M-45347.0% | -$855K-103.1% | -$421K |
| Financing Cash Flow | $243.5M | $128.6M+19262.1% | -$671K-103.2% | $20.7M+5703.3% | -$369K-100.1% | $512.9M+702452.1% | $73K | N/A |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
AEVA Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Gross Margin | -3.6%+38.2pp | -41.8% | -136.5% | -101.5% | 37.0%-6.4pp | 43.4% | N/A |
| Operating Margin | -705.8% | -1747.1% | -3427.4% | -3624.9% | -1124.5% | -531.5% | N/A |
| Net Margin | -802.0% | -1676.8% | -3455.5% | -3514.0% | -1099.6% | -528.0% | N/A |
| Return on Equity | -1097.2%-944.3pp | -153.0%-87.8pp | -65.2%-20.6pp | -44.6%-22.3pp | -22.3%+72.7pp | -95.0% | N/A |
| Return on Assets | -80.7%+22.4pp | -103.1%-45.2pp | -57.9%-16.6pp | -41.3%-20.0pp | -21.3%+57.1pp | -78.4% | N/A |
| Current Ratio | 4.28+1.1x | 3.15-9.3x | 12.46-2.9x | 15.35-16.7x | 32.07+26.6x | 5.46+5.5x | 0.00 |
| Debt-to-Equity | 12.60+12.1x | 0.48+0.4x | 0.130.0x | 0.080.0x | 0.05-0.2x | 0.21 | N/A |
| FCF Margin | -662.0% | -1235.7% | -2897.3% | -2799.4% | -927.7% | -456.0% | N/A |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Gross Margin, Operating Margin, Net Margin, FCF Margin.
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Where Aeva Technologies Inc Ranks
Frequently Asked Questions
What is Aeva Technologies Inc's annual revenue?
Aeva Technologies Inc (AEVA) reported $18.1M in total revenue for fiscal year 2025. This represents a 99.4% 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 99.4% year-over-year, from $9.1M to $18.1M in fiscal year 2025.
Is Aeva Technologies Inc profitable?
No, Aeva Technologies Inc (AEVA) reported a net income of -$145.0M in fiscal year 2025.
What is Aeva Technologies Inc's EBITDA?
Aeva Technologies Inc (AEVA) had EBITDA of -$122.2M in fiscal year 2025, 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 -3.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Aeva Technologies Inc's return on equity (ROE)?
Aeva Technologies Inc (AEVA) has a return on equity of -1097.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Aeva Technologies Inc's free cash flow?
Aeva Technologies Inc (AEVA) recorded an outflow of $119.7M in free cash flow during fiscal year 2025. This represents a -6.8% 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) recorded an outflow of $115.1M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Aeva Technologies Inc's total assets?
Aeva Technologies Inc (AEVA) had $179.7M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Aeva Technologies Inc's capital expenditures?
Aeva Technologies Inc (AEVA) invested $4.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Aeva Technologies Inc spend on research and development?
Aeva Technologies Inc (AEVA) invested $85.4M in research and development during fiscal year 2025.
What is Aeva Technologies Inc's current ratio?
Aeva Technologies Inc (AEVA) had a current ratio of 4.28 as of fiscal year 2025, 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 12.60 as of fiscal year 2025, 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 -80.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Aeva Technologies Inc's Altman Z-Score?
Aeva Technologies Inc (AEVA) has an Altman Z-Score of -3.30, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Aeva Technologies Inc's Piotroski F-Score?
Aeva Technologies Inc (AEVA) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $145.0M while operations used $115.1M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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 45 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.