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Aeva Technologies (AEVA)
NASDAQ:AEVA
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Aeva Technologies
(NASDAQ:AEVA)
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Rating:48Neutral
Price Target:
$15.00
▼(-3.54% Downside)
Action:ReiteratedDate:02/27/26
The score is held down primarily by very weak financial performance (large losses, negative gross profit, heavy cash burn, and sharply higher leverage). The latest earnings call provides a meaningful offset with strong 2026 growth guidance and commercial/production milestones, but technical indicators are mixed and valuation is difficult to support with negative earnings and no dividend.
Positive Factors
Proprietary FMCW 4D LiDAR
Aeva's FMCW 4D LiDAR provides distance and per-point velocity data, a structural tech advantage that reduces reliance on sensor fusion and can improve ADAS/autonomy performance. This differentiated capability supports durable product differentiation and long-term OEM interest.
Major OEM production award
An exclusive production program with a top European OEM constitutes durable commercial validation and creates a multi-year revenue runway once SOP commences. Such an anchor customer can accelerate other OEM engagements, supporting sustained unit demand and scale economics over time.
Strategic manufacturing partner & investment
LG Innotek's investment and collaboration materially strengthens Aeva's production and development capacity, lowering capital burden and supply-chain execution risk. This partnership improves the company's ability to scale manufacturing and meet OEM quality/cost targets over the medium term.
Negative Factors
Sustained cash burn and negative margins
Persistent large negative operating and free cash flows create ongoing financing reliance and compress runway if customer ramps slip. Heavy cash consumption limits the firm's ability to invest opportunistically, increases dilution risk, and heightens execution pressure during multi‑year product ramp cycles.
High leverage
A materially higher debt burden and thin equity amplify financial risk, reduce flexibility to fund production scale-up, and raise sensitivity to revenue timing. Elevated leverage increases interest and covenant risk, which can constrain strategic options during multi‑quarter OEM ramp phases.
Execution & supply-chain scaling risk
Meeting automated assembly and module capacity targets is operationally critical yet uncertain. Delays or quality issues would directly affect SOP timelines, revenue recognition and margins, making multi‑quarter growth guidance and path to profitability vulnerable to execution timing.
Aeva Technologies (AEVA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$934.24M
Dividend YieldN/A
Average Volume (3M)1.77M
Price to Earnings (P/E)―
Beta (1Y)2.67
Revenue Growth89.90%
EPS Growth5.13%
CountryUS
Employees276
SectorTechnology
Sector Strength88
IndustryAuto - Parts
Share Statistics
EPS (TTM)-0.40
Shares Outstanding60,079,906
10 Day Avg. Volume1,963,507
30 Day Avg. Volume1,772,286
Financial Highlights & Ratios
PEG Ratio0.49
Price to Book (P/B)57.30
Price to Sales (P/S)41.89
P/FCF Ratio-6.33
Enterprise Value/Market Cap1.03
Enterprise Value/Revenue53.34
Enterprise Value/Gross Profit-1.46K
Enterprise Value/Ebitda34.23
Forecast
1Y Price Target
$25.67Price Target Upside65.08% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-1.8
Revenue Forecast (FY)$28.34M
Aeva Technologies Business Overview & Revenue Model
Company DescriptionAeva Technologies, Inc., through its frequency modulated continuous wave (FMCW) sensing technology, designs a 4D LiDAR-on-chip that enables the adoption of LiDAR across various applications. from automated driving to consumer electronics, consumer health, industrial automation, and security application. The company was founded in 2017 is based in Mountain View, California.
How the Company Makes MoneyAeva makes money primarily by selling LiDAR-based products and related services to customers that integrate sensing into vehicles or other platforms. Key revenue streams include: (1) Product revenue from shipments of LiDAR sensors and associated components/modules (for example, units delivered for development programs, evaluation, or production ramp), where revenue scales with unit volumes and pricing as customers move from prototyping to series production; (2) Engineering and development revenue from customer-funded work such as non-recurring engineering (NRE), integration support, validation, and customization tied to specific customer programs, which can generate earlier-stage revenue before high-volume production; and (3) Potential software/perception-related revenue associated with enabling and supporting the use of Aeva’s LiDAR data in customer systems (specific pricing structure and material contribution are not consistently disclosed in a way that can be generalized across customers; null for a quantified breakdown). Significant factors that influence earnings include the timing and size of automotive OEM and Tier 1 design wins, the conversion of those programs into series-production nominations and sustained unit shipments, the company’s ability to manufacture at automotive quality and cost targets, and the pace of adoption of LiDAR in ADAS/autonomy and adjacent industrial markets. Public disclosures do not provide a complete, customer-by-customer breakdown of partnerships and their direct revenue contribution in a way that can be exhaustively listed here; null for an authoritative ranked list of revenue-contributing partners.
Aeva Technologies Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The call emphasized significant commercial validation and momentum — major production wins (top European passenger OEM), NVIDIA reference selection, partnerships (LG Innotek), product milestones, and a record 100% YoY revenue increase. Management provided a decisive growth plan for 2026 (guidance of $30M–$36M revenue and multiple commercial targets) while improving operating efficiency and maintaining substantial liquidity. However, the company continues to face meaningful cash burn, sizable operating losses, execution and timing risks tied to customer ramps and supply-chain scaling, and competition and market timing uncertainties. On balance, the positive commercial progress and strengthened financial position outweigh the near-term financial and execution risks.Q4-2025 Updates
Positive Updates
Major Passenger OEM Production Award
Won first major passenger vehicle production program from a top European OEM; Aeva will be the exclusive LiDAR supplier globally outside China with a target start of production (SOP) in 2028 — a significant validation for FMCW transition.
NVIDIA Reference Sensor Selection
Selected by NVIDIA as the reference LiDAR sensor for the DRIVE Hyperion platform; NVIDIA will integrate Aeva's 4D data for OEM development, validation and simulation, increasing potential OEM adoption across multiple vehicle types.
Revenue Growth — Doubled in 2025
Record revenues: Q4 2025 revenue of $5.6M and full-year 2025 revenue of $18.1M, representing a 100% year-over-year increase versus 2024.
Improved Operating Efficiency
Full-year non-GAAP operating loss declined 17% year-over-year to $102.0M, driven by a 12% reduction in non-GAAP operating expenses.
Strengthened Balance Sheet and Liquidity
Bolstered balance sheet by approximately $150M with partners (LG Innotek and Apollo); total available liquidity at year-end 2025 of $246.9M (including $121.9M cash/cash equivalents/marketable securities and a $125M undrawn facility).
Strategic Partnership and Investment from LG Innotek
Formed strategic collaboration with LG Innotek, which is investing up to $50M (equity, nondilutive investment for joint products, and capital investments) to accelerate product development and production capacity for next-generation products.
Product & Manufacturing Milestones
Completed final release for Atlas and built an automated final assembly line expected to enable annual systems capacity of 100,000 units; began shipments of Eve precision sensors late 2025 to customers such as SICK and LMI Technologies.
Defense and Non-Automotive Wins
Secured first defense contract with Forterra and began sizable shipments last quarter; management reported defense shipments were nearly a double-digit percentage of product sales last year, indicating non-automotive diversification.
Aggressive 2026 Revenue Guidance
Guided 2026 revenue to $30M–$36M, targeting approximately 70%–100% year-over-year growth (a potential third consecutive year of near-doubling revenue).
Commercial Momentum & 2026 Targets
Targeting 4+ commercial wins in 2026, planned Atlas C-sample shipments to Daimler Truck this year, Omni 360 product targeted for H2 2026, and a goal of a 5x increase in industrial sensor shipments.
Negative Updates
Absolute Revenue Still Modest
Despite 100% YoY growth, full-year 2025 revenue was $18.1M — still a relatively small absolute base ahead of required scale for profitability.
Significant Cash Burn
Gross cash use was $23.7M in Q4 and $119.7M for full-year 2025, indicating continued heavy cash consumption to fund operations and ramp activities.
Sustained Operating Losses
Non-GAAP operating loss remained sizable at $23.8M in Q4 and $102.0M for the full year, underscoring ongoing losses despite year-over-year improvement.
Execution & Timing Risk
Revenue guidance and growth depend on the exact timing of customer shipments, development activities, and ramp schedules; management acknowledged quarter-to-quarter revenue volatility and execution dependencies to scale supply chain/manufacturing.
Supply Chain & Capacity Scaling Required
Company must further increase module supply chain capacity and begin manufacturing on the fully automated assembly line to meet growing demand, representing near-term operational risk and capital needs.
Competitive and Market Uncertainties
Competition for OEM programs remains and the OEM landscape has consolidated; some OEMs have recently pulled back on Level 3 deployments, creating potential timing or demand uncertainty even though Aeva expects FMCW adoption to accelerate.
Liquidity Partially Undrawn
While total available liquidity is $246.9M, $125M is an undrawn facility (not cash on hand), which reduces immediately available cash relative to current burn levels.
Profitability Timeline Unclear
Management plans to keep non-GAAP operating expenses similar to 2025 or increase up to 10% in 2026, which may extend the timeline to reach sustained profitability given ongoing revenue ramp needs.
Company Guidance
Aeva's 2026 guidance targets revenue of $30–36 million (≈70%–100% YoY growth versus 2025’s $18.1M, sustaining a ~doubling trajectory), aims for 4+ commercial wins, a 5× increase in industrial sensor shipments and plans to ship Atlas C‑samples to Daimler Truck this year; operational milestones include beginning production on the fully automated final‑assembly line (supporting ~100,000 systems annually) and scaling module supply‑chain capacity with partners, while financial discipline calls for full‑year non‑GAAP operating expenses to be similar to 2025 or up to +10% (after a 12% reduction in 2025 OPEX and a 17% improvement in non‑GAAP operating loss to $102M), with management expecting quarter‑to‑quarter revenue variability and funding execution from $246.9M of year‑end 2025 liquidity ($121.9M cash + $125M undrawn) following roughly $150M of balance‑sheet additions and LG Innotek’s up‑to‑$50M investment.Aeva Technologies Financial Statement Overview
Summary
Financials remain very weak despite revenue growth: 2025 gross profit is still negative, net loss is ~$(145)M on ~$18M revenue, and cash burn is heavy (operating cash flow about -$115M; free cash flow about -$120M). Balance sheet risk also rose meaningfully as debt increased to ~$102M while equity fell to ~$13M, resulting in very high leverage.Income Statement
Revenue is growing off a small base (up ~19% in 2025 vs. 2024), but profitability remains very weak. Gross profit is still negative in 2025 and margins are deeply negative, with losses far larger than revenue (net loss of ~$145M on ~$18M revenue). While net margin improved versus 2024, the business has not yet demonstrated a path to sustainable gross margin or operating leverage.18
Very Negative
Balance Sheet
The balance sheet profile deteriorated sharply in 2025 as debt jumped to ~$102M while equity fell to ~$13M, pushing leverage very high (debt-to-equity ~7.7x). Total assets are ~$180M, but the combination of high leverage and very large losses results in extremely weak returns on equity, increasing financial risk versus prior years when leverage was modest.22
Negative
Cash Flow
Cash burn remains heavy and persistent: operating cash flow was about -$115M and free cash flow about -$120M in 2025. Free cash flow improved versus 2024, but the company is still consuming substantial cash to fund operations, and cash generation is not yet inflecting toward break-even—leaving continued dependence on financing.14
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 18.08M | 9.06M | 4.31M | 4.19M | 9.27M |
| Gross Profit | -660.00K | -3.79M | -5.89M | -4.25M | 3.43M |
| EBITDA | -136.63M | -137.93M | -140.08M | -145.81M | -101.08M |
| Net Income | -145.43M | -152.26M | -149.33M | -147.31M | -101.51M |
Balance Sheet | |||||
| Total Assets | 179.70M | 147.49M | 257.38M | 356.63M | 479.19M |
| Cash, Cash Equivalents and Short-Term Investments | 121.90M | 112.01M | 221.03M | 323.81M | 445.01M |
| Total Debt | 102.39M | 3.76M | 7.35M | 7.46M | 10.33M |
| Total Liabilities | 166.49M | 48.14M | 28.94M | 26.71M | 22.81M |
| Stockholders Equity | 13.21M | 99.35M | 228.44M | 329.93M | 456.38M |
Cash Flow | |||||
| Free Cash Flow | -119.69M | -112.02M | -124.93M | -117.35M | -90.45M |
| Operating Cash Flow | -115.08M | -106.91M | -118.83M | -109.91M | -82.11M |
| Investing Cash Flow | 29.93M | 97.90M | 69.28M | 110.89M | -388.57M |
| Financing Cash Flow | 128.58M | -671.00K | 20.68M | -369.00K | 512.86M |
Aeva Technologies Technical Analysis
Positive
15.55
Price Trends
14.98
Positive
14.25
Positive
17.10
Negative
Market Momentum
0.44
Negative
55.96
Neutral
46.44
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AEVA, the sentiment is Positive. The current price of 15.55 is above the 20-day moving average (MA) of 14.19, above the 50-day MA of 14.98, and below the 200-day MA of 17.10, indicating a neutral trend. The MACD of 0.44 indicates Negative momentum. The RSI at 55.96 is Neutral, neither overbought nor oversold. The STOCH value of 46.44 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AEVA.
Aeva Technologies Risk Analysis
Aeva Technologies disclosed 77 risk factors in its most recent earnings report. Aeva Technologies reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Aeva Technologies Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
49 Neutral | $132.62M | -2.14 | -16.59% | ― | -23.26% | -259.03% | |
48 Neutral | $934.24M | -5.21 | 9999.00% | ― | 89.90% | 5.13% | |
48 Neutral | $69.84M | -2.09 | -72.75% | ― | -19.11% | 73.51% | |
47 Neutral | $154.80M | -2.52 | -73.64% | ― | 46.09% | 46.01% | |
43 Neutral | $447.28M | ― | -30.37% | ― | ― | -15.43% |
* Technology Sector Average
AEVA
Aeva Technologies
15.55
12.75
455.36%
CVGI
Commercial Vehicle Group
3.62
2.06
132.05%
INVZ
Innoviz Technologies
0.72
0.05
6.97%
LIDR
AEye Inc
1.55
0.91
142.19%
SES
SES AI Corporation Class A
1.21
0.55
83.33%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.