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Aeva Technologies Inc Financials

AEVA
Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Aeva Technologies Inc (AEVA) financial statements, including the 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).

Rhea AI AEVA FY2025

Aeva remains a development-stage business where external financing, not customer revenue, still carries the operating model.

FY2025 ended with a cash balance of $72.3M, but free cash flow was -$119.7M, so the business did not fund itself internally. Cash still increased because financing added $128.6M, while operating cash burn of -$115.1M stayed close to reported losses, making outside capital part of normal operations rather than a backup source.

Revenue nearly doubled to $18.1M, which helped narrow the gross economics gap to just -$660K in FY2025. Yet R&D spending remained $85.4M, so the company is still being shaped far more by product-development spending than by customer scale.

Liabilities rose to $166.5M from $48.1M in FY2024, changing the financing mix much faster than the operating model changed. Equity fell to $13.2M, so the still-solid current ratio of 4.3x signals short-term liquidity, not a conservatively funded balance sheet.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Cash Runway Dilution R&D Intensity Revenue Progress Burn Trend Balance Sheet 60 / 100
Financial Health Score 60/100
Scored as: Emerging companies peer group

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.

Cash Runway
33
Dilution
51
R&D Intensity
82
Revenue Progress
93
Burn Trend
45
Balance Sheet
56
Altman Z-Score Distress
-1.93

Aeva Technologies Inc scores -1.93, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($1.5B) 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.

Piotroski F-Score Partial
5/8

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.

Earnings Quality Low Quality
0.79x

For every $1 of reported earnings, Aeva Technologies Inc generates $0.79 in operating cash flow (-$115.1M OCF vs -$145.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue
$18.1M
YoY+99.4%
5Y CAGR+30.1%

Aeva Technologies Inc generated $18.1M in revenue in fiscal year 2025. This represents an increase of 99.4% from the prior year.

EBITDA
-$122.2M
YoY+20.1%

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.

Net Income
-$145.0M
YoY+4.6%

Aeva Technologies Inc reported -$145.0M in net income in fiscal year 2025. This represents an increase of 4.6% from the prior year.

EPS (Diluted)
$-2.55
YoY+10.5%

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

Free Cash Flow
-$119.7M
YoY-6.8%

Aeva Technologies Inc generated -$119.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 6.8% from the prior year.

Cash & Debt
$72.3M
YoY+150.5%
5Y CAGR+24.0%

Aeva Technologies Inc held $72.3M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
62M
YoY+13.7%

Aeva Technologies Inc had 62M shares outstanding in fiscal year 2025. This represents an increase of 13.7% from the prior year.

Margins & Returns

Gross Margin
-3.6%
YoY+38.2pp
5Y CAGR-47.0pp

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.

Operating Margin
-705.8%
YoY+1041.3pp
5Y CAGR-174.3pp

Aeva Technologies Inc's operating margin was -705.8% in fiscal year 2025, reflecting core business profitability. This is up 1041.3 percentage points from the prior year.

Net Margin
-802.0%
YoY+874.7pp
5Y CAGR-274.1pp

Aeva Technologies Inc's net profit margin was -802.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 874.7 percentage points from the prior year.

Return on Equity
-1097.2%
YoY-944.3pp
5Y CAGR-1002.2pp

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.

Capital Allocation

R&D Spending
$85.4M
YoY-16.8%
5Y CAGR+33.0%

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.

Share Buybacks
N/A
Capital Expenditures
$4.6M
YoY-9.8%
5Y CAGR+40.1%

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.

AEVA Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $6.3M+11.4% $5.6M+57.1% $3.6M-35.1% $5.5M+63.6% $3.4M+24.9% $2.7M+19.8% $2.3M+11.8% $2.0M
Cost of Revenue $4.3M+0.5% $4.3M+36.6% $3.1M-61.7% $8.2M+169.2% $3.1M-13.2% $3.5M+18.6% $3.0M+3.9% $2.9M
Gross Profit $1.9M+47.0% $1.3M+207.0% $430K+115.8% -$2.7M-977.4% $310K+137.4% -$829K-15.0% -$721K+15.0% -$848K
R&D Expenses $22.8M+21.1% $18.9M-15.0% $22.2M-3.0% $22.8M+5.9% $21.6M-11.4% $24.3M-10.2% $27.1M+3.5% $26.2M
SG&A Expenses $12.4M+23.3% $10.0M+4.1% $9.6M+20.8% $8.0M+10.4% $7.2M-6.6% $7.7M-8.6% $8.5M-2.4% $8.7M
Operating Income -$35.1M-20.8% -$29.1M+12.3% -$33.2M+5.0% -$34.9M-14.8% -$30.4M+11.2% -$34.2M+9.6% -$37.9M+22.6% -$48.9M
Interest Expense $1.2M N/A N/A N/A $0 N/A N/A N/A
Income Tax $32K-72.2% $115K+74.2% $66K-5.7% $70K+22.8% $57K+119.2% $26K+18.2% $22K-82.1% $123K
Net Income -$35.0M-40.6% -$24.9M-123.2% $107.5M+155.8% -$192.7M-452.8% -$34.9M+2.8% -$35.9M+4.0% -$37.4M+13.8% -$43.4M
EPS (Diluted) $-0.56 N/A $-0.52+85.1% $-3.49-445.3% $-0.64 N/A $-0.70+14.6% $-0.82

AEVA Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $147.3M-18.0% $179.7M+93.7% $92.8M+1.8% $91.1M-20.4% $114.5M-22.3% $147.5M-12.8% $169.1M-14.6% $198.1M
Current Assets $122.1M-20.5% $153.5M+131.1% $66.4M-2.8% $68.3M-25.6% $91.8M-25.6% $123.3M-15.1% $145.3M-15.7% $172.4M
Cash & Equivalents $31.2M-56.9% $72.3M+58.2% $45.7M+110.1% $21.7M+2.5% $21.2M-26.5% $28.9M-5.2% $30.5M+29.0% $23.6M
Inventory $6.0M+3.4% $5.8M+16.9% $4.9M+35.3% $3.7M-5.7% $3.9M+65.5% $2.3M+10.4% $2.1M-29.1% $3.0M
Accounts Receivable $3.5M+2.7% $3.4M+72.8% $1.9M-50.1% $3.9M+402.7% $775K-34.7% $1.2M+106.4% $575K-31.9% $844K
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $159.7M-4.1% $166.5M+179.4% $59.6M-71.5% $209.3M+357.7% $45.7M-5.0% $48.1M+20.7% $39.9M+4.5% $38.1M
Current Liabilities $29.8M-16.9% $35.9M+71.9% $20.9M-80.3% $105.7M+231.4% $31.9M-18.5% $39.2M+16.5% $33.6M+3.0% $32.6M
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity -$12.4M-193.9% $13.2M-60.2% $33.2M+128.1% -$118.2M-271.7% $68.8M-30.7% $99.4M-23.1% $129.3M-19.2% $160.0M
Retained Earnings -$792.3M-4.6% -$757.3M-3.5% -$732.0M+12.8% -$839.5M-29.8% -$646.7M-5.7% -$611.9M-6.3% -$575.7M-6.9% -$538.3M

AEVA Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow -$25.8M-16.7% -$22.1M+31.5% -$32.3M-8.3% -$29.8M+3.1% -$30.8M-47.3% -$20.9M+19.3% -$25.9M+11.2% -$29.2M
Capital Expenditures $2.2M+47.4% $1.5M+18.5% $1.3M-6.7% $1.4M+197.6% $459K-78.5% $2.1M+294.5% $542K-30.4% $779K
Free Cash Flow -$28.1M-18.7% -$23.7M+29.6% -$33.6M-7.7% -$31.2M+0.2% -$31.3M-35.7% -$23.0M+12.8% -$26.4M+11.7% -$29.9M
Investing Cash Flow -$20.5M+57.1% -$47.8M-301.2% $23.7M-22.5% $30.6M+31.3% $23.3M+18.9% $19.6M-40.3% $32.9M+40.4% $23.4M
Financing Cash Flow $5.2M-94.6% $96.5M+196.9% $32.5M+11836.5% -$277K-51.4% -$183K+41.0% -$310K-154.1% -$122K+45.3% -$223K
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 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin 31.0%+7.5pp 23.5%+11.5pp 12.0%+61.4pp -49.4%-58.6pp 9.2%+39.9pp -30.8%+1.3pp -32.0%+10.1pp -42.1%
Operating Margin -561.1%-43.5pp -517.6%+408.9pp -926.5%-292.8pp -633.7%+269.4pp -903.1%+366.8pp -1270.0%+413.4pp -1683.4%+747.7pp -2431.1%
Net Margin -558.6%-115.9pp -442.7%-3446.2pp 3003.5%+6500.9pp -3497.4%-2462.2pp -1035.2%+295.8pp -1331.0%+331.0pp -1662.0%+494.7pp -2156.7%
Return on Equity N/A -188.3%-511.9pp 323.6% N/A -50.7%-14.6pp -36.1%-7.2pp -28.9%-1.8pp -27.1%
Return on Assets -23.8%-9.9pp -13.9%-129.7pp 115.8%+327.3pp -211.5%-181.0pp -30.4%-6.1pp -24.3%-2.2pp -22.1%-0.2pp -21.9%
Current Ratio 4.09-0.2 4.28+1.1 3.18+2.5 0.65-2.2 2.88-0.3 3.15-1.2 4.32-1.0 5.28
Debt-to-Equity -12.87-25.5 12.60+10.8 1.79+3.6 -1.77-2.4 0.66+0.2 0.48+0.2 0.31+0.1 0.24
FCF Margin -448.3%-27.4pp -420.9%+517.5pp -938.4%-372.5pp -566.0%+361.9pp -927.9%-73.4pp -854.4%+320.2pp -1174.7%+313.6pp -1488.3%

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Frequently Asked Questions

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.

Aeva Technologies Inc (AEVA) revenue grew by 99.4% year-over-year, from $9.1M to $18.1M in fiscal year 2025.

No, Aeva Technologies Inc (AEVA) reported a net income of -$145.0M in fiscal year 2025, with a net profit margin of -802.0%.

Aeva Technologies Inc (AEVA) reported diluted earnings per share of $-2.55 for fiscal year 2025. This represents a 10.5% 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.

Aeva Technologies Inc (AEVA) had EBITDA of -$122.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

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.

Aeva Technologies Inc (AEVA) had an operating margin of -705.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Aeva Technologies Inc (AEVA) had a net profit margin of -802.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

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.

Aeva Technologies Inc (AEVA) generated -$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.

Aeva Technologies Inc (AEVA) generated -$115.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Aeva Technologies Inc (AEVA) had $179.7M in total assets as of fiscal year 2025, including both current and long-term assets.

Aeva Technologies Inc (AEVA) invested $4.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Aeva Technologies Inc (AEVA) invested $85.4M in research and development during fiscal year 2025.

Aeva Technologies Inc (AEVA) had 62M shares outstanding as of fiscal year 2025.

Aeva Technologies Inc (AEVA) had a current ratio of 4.28 as of fiscal year 2025, which is generally considered healthy.

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.

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.

Based on fiscal year 2025 data, Aeva Technologies Inc (AEVA) had $72.3M in cash against an annual operating cash burn of $115.1M. This gives an estimated cash runway of approximately 8 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.

Aeva Technologies Inc (AEVA) has an Altman Z-Score of -1.93, 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.

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.

Aeva Technologies Inc (AEVA) has an earnings quality ratio of 0.79x, 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.

Aeva Technologies Inc (AEVA) scores 60 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.

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