Aeva Technologies (AEVA) AI Stock Analysis

• Market Cap: $755.20M
• Dividend Yield: N/A
• Average Volume (3M): 3.56M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.81
• Revenue Growth: 89.90%
• EPS Growth: 5.13%
• Country: US
• Employees: 276
• Sector: Technology
• Sector Strength: 88
• Industry: Auto - Parts
• EPS (TTM): -0.46
• Shares Outstanding: 60,079,906
• 10 Day Avg. Volume: 3,056,150
• 30 Day Avg. Volume: 3,564,148
• PEG Ratio: 0.12
• Price to Book (P/B): 2.55
• Price to Sales (P/S): 27.96
• P/FCF Ratio: -2.26
• Enterprise Value/Market Cap: 0.85
• Enterprise Value/Revenue: 42.39
• Enterprise Value/Gross Profit: -228.67
• Enterprise Value/Ebitda: 38.11
• 1Y Price Target: $21.89
• Price Target Upside: 92.86% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 50 Neutral
• Price Target: $13.00 ▲(14.54% Upside)

The score is held down primarily by weak financial performance (negative margins and cash flows, negative ROE). This is partly offset by strong technical momentum (price above major moving averages with positive MACD) and positive business momentum from the earnings call and corporate events (late-stage OEM production negotiations, exclusive supplier award, and improved liquidity from the $100M Apollo investment).

Positive Factors

Series-production OEM Award

A multi-year exclusive supplier award to a top European passenger OEM provides durable revenue visibility and validates Aeva's 4D LiDAR technology. This secures long-term integration with an OEM platform, supports scale-up of production, and strengthens competitive positioning across future vehicle programs.

Improved Liquidity from Strategic Investment

The $100M Apollo investment materially extends Aeva's runway and funds program execution, manufacturing preparation, and R&D. Stronger liquidity reduces near-term financing pressure, enabling focus on converting development programs to production and supporting durable operational scaling.

Product & Market Diversification

Expansion into precision sensing and manufacturing automation diversifies revenue beyond automotive ADAS/autonomy. Multiple end markets reduce concentration risk, allow cross-market technology leverage, and create alternative volume pathways that can steady long-term demand and improve utilization.

Negative Factors

Negative Profitability

Sustained negative gross and net margins indicate underlying cost or pricing issues that undermine unit economics. Without structural margin recovery via scale, design wins converting to high-volume production, or lower COGS, profitability will remain elusive and impede reinvestment and shareholder returns.

Persistent Negative Cash Flows

Ongoing negative operating and free cash flows force reliance on external financing and increase dilution risk. Continued cash burn limits ability to invest in manufacturing scale and product development, making long-term commercialization contingent on securing further capital or rapid margin improvements.

Execution & Scale-up Risk

Business success hinges on converting development programs into series production and meeting automotive quality/cost targets. Manufacturing, supply chain, and integration execution failures or delays could stall revenue ramps, prolong losses, and concentrate risk in a few large programs.

Aeva Technologies Business Overview & Revenue Model

Company Description

Aeva 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 Money

Aeva generates revenue primarily through the sale of its LiDAR sensors and related software solutions to original equipment manufacturers (OEMs) in the automotive industry and other sectors such as robotics and industrial automation. The company also engages in strategic partnerships with automotive manufacturers and technology companies to integrate its sensing technology into their products, providing a recurring revenue stream through licensing agreements and service contracts. Additionally, Aeva may explore opportunities in government contracts and collaborations for research and development, which can contribute to its overall earnings.

Aeva Technologies Financial Statement Overview

Summary

Financials remain weak: persistent negative profitability (TTM net margin -10.31%) and negative gross margin point to cost/scale challenges, while operating and free cash flows are still negative despite slight improvement. Leverage looks manageable (debt-to-equity 0.18), but negative ROE (-7.51%) and declining equity signal ongoing financial strain.

Income Statement

Aeva Technologies shows a concerning trend in its income statement. The company has experienced consistent negative net profit margins, with the TTM (Trailing-Twelve-Months) net profit margin at -10.31%. Although there is a slight improvement in revenue growth rate at 9.61% TTM, the gross profit margin remains negative, indicating cost challenges. The EBIT and EBITDA margins also reflect ongoing operational inefficiencies.

Balance Sheet

The balance sheet reveals a moderate debt-to-equity ratio of 0.18 TTM, suggesting manageable leverage. However, the return on equity is significantly negative at -7.51% TTM, indicating poor profitability relative to shareholder equity. The equity ratio is not explicitly provided, but the declining stockholders' equity over time suggests weakening financial stability.

Cash Flow

Cash flow analysis highlights persistent negative operating and free cash flows, with a slight improvement in free cash flow growth at 6.39% TTM. The operating cash flow to net income ratio is negative, indicating cash flow challenges. The free cash flow to net income ratio is slightly above 1, suggesting some alignment between cash flow and reported earnings, but overall cash flow health remains weak.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	15.15M	9.06M	4.31M	4.19M	9.27M	4.84M
Gross Profit	-2.81M	-3.79M	-5.89M	-4.25M	3.43M	2.10M
EBITDA	16.86M	-137.93M	-140.08M	-145.81M	-101.08M	-24.94M
Net Income	-156.26M	-152.26M	-149.33M	-147.31M	-101.51M	-25.57M
Balance Sheet
Total Assets	92.80M	147.49M	257.38M	356.63M	479.19M	32.63M
Cash, Cash Equivalents and Short-Term Investments	48.89M	112.01M	221.03M	323.81M	445.01M	24.62M
Total Debt	6.12M	3.76M	7.35M	7.46M	10.33M	0.00
Total Liabilities	59.58M	48.14M	28.94M	26.71M	22.81M	5.72M
Stockholders Equity	33.22M	99.35M	228.44M	329.93M	456.38M	26.91M
Cash Flow
Free Cash Flow	-119.06M	-112.02M	-124.93M	-117.35M	-90.45M	-22.09M
Operating Cash Flow	-113.83M	-106.91M	-118.83M	-109.91M	-82.11M	-21.23M
Investing Cash Flow	97.31M	97.90M	69.28M	110.89M	-388.57M	-855.00K
Financing Cash Flow	31.74M	-671.00K	20.68M	-369.00K	512.86M	73.00K

Aeva Technologies Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 11.35
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AEVA, the sentiment is Negative. The current price of 11.35 is below the 20-day moving average (MA) of 16.32, below the 50-day MA of 14.75, and below the 200-day MA of 16.78, indicating a bearish trend. The MACD of -0.92 indicates Positive momentum. The RSI at 32.62 is Neutral, neither overbought nor oversold. The STOCH value of 7.35 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AEVA.

Aeva Technologies Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
SES	54 Neutral	$682.68M	-5.96	-33.69%	―	―	-15.43%
AEVA	50 Neutral	$755.20M	-2.13	-192.35%	―	89.90%	5.13%
CVGI	48 Neutral	$59.14M	-0.91	-31.07%	―	-23.26%	-259.03%
INVZ	48 Neutral	$195.74M	-2.59	-71.46%	―	46.09%	46.01%
LIDR	46 Neutral	$68.93M	-0.63	-75.54%	―	-19.11%	73.51%

Aeva Technologies Corporate Events

Aeva Technologies Secures Major LiDAR Supply Deal

On December 3, 2025, Aeva Technologies announced that it has been chosen by a top European passenger OEM as the exclusive LiDAR supplier for its global series-production vehicle platform, enabling Level 3 automated driving. This multi-year Supplier Award, extending into the mid-2030s, follows a successful joint development program and positions Aeva as a key player in the automotive industry, marking a significant step in the transition from conventional 3D to next-generation 4D LiDAR technology.

The most recent analyst rating on (AEVA) stock is a Hold with a $10.50 price target. To see the full list of analyst forecasts on Aeva Technologies stock, see the AEVA Stock Forecast page.

Aeva Technologies Secures $100M Through Convertible Notes

On November 4, 2025, Aeva Technologies, Inc. entered into a Securities Purchase Agreement with Apollo Global Securities, LLC, resulting in the sale of $100 million in Convertible Senior Notes due 2032. The transaction closed on November 6, 2025, and the company plans to use the proceeds for general corporate purposes. These notes are senior, unsecured obligations with a 4.375% interest rate, payable semi-annually, and are convertible into common stock at a specified rate. The issuance of these notes is expected to provide Aeva with additional capital to support its operations and strategic initiatives, potentially impacting its financial flexibility and market positioning.

The most recent analyst rating on (AEVA) stock is a Buy with a $20.00 price target. To see the full list of analyst forecasts on Aeva Technologies stock, see the AEVA Stock Forecast page.