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On November 5, 2025 Aeva reported third‑quarter 2025 results, disclosed a $100 million convertible note financing with Apollo, and described progress on a joint development program with a Top‑10 global passenger OEM and ongoing Daimler Truck program updates. In the first half of November the company publicly unveiled Aeries II, its automotive‑grade 4D LiDAR-on‑chip sensor and associated perception software.
Technical Analysis
Directional indicators (ADX / DI+ / DI-): ADX at 24.01 signals an emerging trend strength. DI‑ (25.82) increasing while DI+ (18.37) decreasing produces a bearish directional configuration, which raises near‑term downside bias relative to the current valuation.
MACD: MACD at -1.02 with a signal line at -0.50 and a decreasing MACD_trend indicates bearish momentum; MACD remains below its signal line, reinforcing negative short‑term momentum versus the valuation baseline.
MRO (Momentum/Regression Oscillator): MRO at 8.86 (positive) with a decreasing MRO_trend shows price sits above the model target and the upside buffer has contracted, implying greater probability of price softening toward fair value.
RSI and short‑term momentum: RSI 43.48 and decreasing points to weakening internal momentum without an oversold extreme, leaving room for additional downside before a technical rebound signal appears.
Price vs moving averages and cloud: Last close $11.27 remains below the 12‑day EMA $13.77 (decreasing), 20‑day avg $14.66, 50‑day avg $15.82 and 200‑day avg $14.09. Ichimoku Tenkan/Kijun at $14.68/$15.76 and cloud bounds at $16.27–$22.75 place the price below the cloud, reinforcing short‑term bearish pressure and indicating resistance clustered above current levels.
Bollinger bands & volatility: Price sits below the 1‑sigma lower band ($12.29) but above the 2‑sigma lower band ($9.92), consistent with a downside extension inside a volatile range; 42‑day and 52‑week volatility and high betas (42‑day 3.27; 52‑week 2.43) signal amplified reaction to directional moves.
Fundamental Analysis
Revenue and margins: Total revenue $3,579,000 with reported revenue growth of -35.06% and year‑over‑year revenue change of -396.37% (as provided) point to a small current revenue base. Gross margin stands at 12.02% while operating margin (EBIT margin) registers -9.27%.
Profitability and cash flow: EBITDA at -$31,053,000 and EBIT at -$33,161,000 contrast with reported net income $107,495,000, indicating substantial non‑operating or non‑cash items affected GAAP net result. Operating cash flow registers negative at -$32,312,000 and free cash flow -$33,586,000, while cash and short‑term investments total $48,888,000; cash conversion cycle days measure 71.16 days.
Balance sheet and leverage: Current ratio 3.18, quick ratio 2.95 and cash ratio 2.34 reflect ample near‑term liquidity relative to current liabilities $20,870,000. Total debt $6,124,000 and debt‑to‑assets 6.60% produce a low‑leverage profile on the balance sheet.
Capital deployment and R&D: Research & development expense $22,164,000 remains a material operating outflow supporting product development and the new Aeries II platform; capital expenditures $1,274,000 remain modest versus R&D spend.
Valuation metrics and peer comparisons: Price/book 30.24 and price/sales 280.68 sit well above the industry peer mean price/book ~7.27 and price/sales ~17.76, and enterprise value to revenue (EVR) 268.73 shows very elevated multiples versus typical industry benchmarks. Return on assets 1.17% sits below the industry peer mean ~2.82%. WMDST values the stock as over‑valued based on these metrics and the current operating cash consumption profile.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-05 |
| NEXT REPORT DATE: | 2026-02-04 |
| CASH FLOW | Begin Period Cash Flow | $ 21.7 M |
| Operating Cash Flow | $ -32.31 M | |
| Capital Expenditures | $ -1.27 M | |
| Change In Working Capital | $ -9.54 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 23.9 M | |
| End Period Cash Flow | $ 45.7 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 3.6 M | |
| Forward Revenue | $ -275.96 K | |
| COSTS | ||
| Cost Of Revenue | $ 3.1 M | |
| Depreciation | $ 1.4 M | |
| Depreciation and Amortization | $ 2.1 M | |
| Research and Development | $ 22.2 M | |
| Total Operating Expenses | $ 36.7 M | |
| PROFITABILITY | ||
| Gross Profit | $ 430.0 K | |
| EBITDA | $ -31.05 M | |
| EBIT | $ -33.16 M | |
| Operating Income | $ -33.16 M | |
| Interest Income | $ 385.0 K | |
| Interest Expense | — | |
| Net Interest Income | $ 385.0 K | |
| Income Before Tax | $ 107.6 M | |
| Tax Provision | $ 66.0 K | |
| Tax Rate | 0.061 % | |
| Net Income | $ 107.5 M | |
| Net Income From Continuing Operations | $ 107.5 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.45 | |
| EPS Actual | $ -0.46 | |
| EPS Difference | $ -0.01 | |
| EPS Surprise | -2.222 % | |
| Forward EPS | $ -0.55 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 92.8 M | |
| Intangible Assets | $ 1.1 M | |
| Net Tangible Assets | $ 32.2 M | |
| Total Current Assets | $ 66.4 M | |
| Cash and Short-Term Investments | $ 48.9 M | |
| Cash | $ 45.7 M | |
| Net Receivables | $ 1.9 M | |
| Inventory | $ 4.9 M | |
| Long-Term Investments | $ 13.0 K | |
| LIABILITIES | ||
| Accounts Payable | $ 4.4 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 20.9 M | |
| Net Debt | — | |
| Total Debt | $ 6.1 M | |
| Total Liabilities | $ 59.6 M | |
| EQUITY | ||
| Total Equity | $ 33.2 M | |
| Retained Earnings | $ -731.98 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 0.55 | |
| Shares Outstanding | 60.008 M | |
| Revenue Per-Share | $ 0.06 | |
| VALUATION | Market Capitalization | $ 1.0 B |
| Enterprise Value | $ 961.8 M | |
| Enterprise Multiple | -30.973 | |
| Enterprise Multiple QoQ | 6.583 % | |
| Enterprise Multiple YoY | 1908.806 % | |
| Enterprise Multiple IPRWA | high: 230.414 median: 74.716 mean: 61.148 AEVA: -30.973 low: -197.639 |
|
| EV/R | 268.732 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.794 | |
| Asset To Liability | 1.558 | |
| Debt To Capital | 0.156 | |
| Debt To Assets | 0.066 | |
| Debt To Assets QoQ | 229.291 % | |
| Debt To Assets YoY | 229.785 % | |
| Debt To Assets IPRWA | high: 0.788 median: 0.293 mean: 0.24 AEVA: 0.066 low: 0.002 |
|
| Debt To Equity | 0.184 | |
| Debt To Equity QoQ | -1292.497 % | |
| Debt To Equity YoY | 603.933 % | |
| Debt To Equity IPRWA | high: 1.993 median: 0.63 mean: 0.587 AEVA: 0.184 low: 0.003 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 30.241 | |
| Price To Book QoQ | -458.359 % | |
| Price To Book YoY | 1997.219 % | |
| Price To Book IPRWA | AEVA: 30.241 high: 11.299 mean: 7.275 median: 6.409 low: -2.45 |
|
| Price To Earnings (P/E) | -36.392 | |
| Price To Earnings QoQ | -26.999 % | |
| Price To Earnings YoY | 635.742 % | |
| Price To Earnings IPRWA | high: 400.492 mean: 107.243 median: 96.267 AEVA: -36.392 low: -251.079 |
|
| PE/G Ratio | -8.007 | |
| Price To Sales (P/S) | 280.68 | |
| Price To Sales QoQ | 55.1 % | |
| Price To Sales YoY | 238.824 % | |
| Price To Sales IPRWA | AEVA: 280.68 high: 45.233 median: 20.662 mean: 17.761 low: 0.357 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -30.828 | |
| Forward PE/G | -6.783 | |
| Forward P/S | -3640.156 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 0.144 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.039 | |
| Asset Turnover Ratio QoQ | -27.38 % | |
| Asset Turnover Ratio YoY | 217.633 % | |
| Asset Turnover Ratio IPRWA | high: 0.503 median: 0.235 mean: 0.204 AEVA: 0.039 low: 0.001 |
|
| Receivables Turnover | 1.225 | |
| Receivables Turnover Ratio QoQ | -48.075 % | |
| Receivables Turnover Ratio YoY | -61.363 % | |
| Receivables Turnover Ratio IPRWA | high: 2.342 mean: 1.462 median: 1.405 AEVA: 1.225 low: 0.271 |
|
| Inventory Turnover | 0.732 | |
| Inventory Turnover Ratio QoQ | -66.485 % | |
| Inventory Turnover Ratio YoY | -36.908 % | |
| Inventory Turnover Ratio IPRWA | high: 2.365 median: 1.192 mean: 1.047 AEVA: 0.732 low: 0.165 |
|
| Days Sales Outstanding (DSO) | 74.474 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 71.159 | |
| Cash Conversion Cycle Days QoQ | 246.893 % | |
| Cash Conversion Cycle Days YoY | 4660.176 % | |
| Cash Conversion Cycle Days IPRWA | high: 384.751 mean: 116.343 median: 85.242 AEVA: 71.159 low: -49.699 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.079 | |
| CapEx To Revenue | -0.356 | |
| CapEx To Depreciation | -0.905 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 33.2 M | |
| Net Invested Capital | $ 33.2 M | |
| Invested Capital | $ 33.2 M | |
| Net Tangible Assets | $ 32.2 M | |
| Net Working Capital | $ 45.6 M | |
| LIQUIDITY | ||
| Cash Ratio | 2.342 | |
| Current Ratio | 3.183 | |
| Current Ratio QoQ | 392.578 % | |
| Current Ratio YoY | -26.345 % | |
| Current Ratio IPRWA | high: 8.726 AEVA: 3.183 mean: 2.613 median: 2.07 low: 0.538 |
|
| Quick Ratio | 2.946 | |
| Quick Ratio QoQ | 381.679 % | |
| Quick Ratio YoY | -30.82 % | |
| Quick Ratio IPRWA | high: 5.205 AEVA: 2.946 mean: 1.697 median: 1.518 low: 0.441 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -0.197 | |
| Cost Of Debt | 0.251 % | |
| Interest Coverage Ratio | -3316.1 | |
| Interest Coverage Ratio QoQ | -5.045 % | |
| Interest Coverage Ratio YoY | -12.449 % | |
| Interest Coverage Ratio IPRWA | high: 72.0 median: 21.333 mean: 14.18 low: -44.183 AEVA: -3316.1 |
|
| Operating Cash Flow Ratio | 5.265 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 51.029 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.806 % | |
| Revenue Growth | -35.057 % | |
| Revenue Growth QoQ | -155.097 % | |
| Revenue Growth YoY | -396.365 % | |
| Revenue Growth IPRWA | high: 26.903 % median: 9.63 % mean: 6.88 % low: -17.538 % AEVA: -35.057 % |
|
| Earnings Growth | 4.545 % | |
| Earnings Growth QoQ | -304.545 % | |
| Earnings Growth YoY | -80.072 % | |
| Earnings Growth IPRWA | high: 164.706 % median: 14.085 % mean: 9.409 % AEVA: 4.545 % low: -157.143 % |
|
| MARGINS | ||
| Gross Margin | 12.015 % | |
| Gross Margin QoQ | -124.344 % | |
| Gross Margin YoY | -137.495 % | |
| Gross Margin IPRWA | high: 78.783 % mean: 41.531 % median: 38.088 % AEVA: 12.015 % low: 0.103 % |
|
| EBIT Margin | -926.544 % | |
| EBIT Margin QoQ | 46.213 % | |
| EBIT Margin YoY | -44.959 % | |
| EBIT Margin IPRWA | high: 44.499 % mean: 19.966 % median: 19.896 % low: -19.099 % AEVA: -926.544 % |
|
| Return On Sales (ROS) | -926.544 % | |
| Return On Sales QoQ | 46.213 % | |
| Return On Sales YoY | -44.959 % | |
| Return On Sales IPRWA | high: 44.617 % mean: 19.692 % median: 18.276 % low: -21.81 % AEVA: -926.544 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -33.59 M | |
| Free Cash Flow Yield | -3.343 % | |
| Free Cash Flow Yield QoQ | 6.908 % | |
| Free Cash Flow Yield YoY | -76.425 % | |
| Free Cash Flow Yield IPRWA | high: 2.804 % median: 0.858 % mean: 0.426 % AEVA: -3.343 % low: -5.763 % |
|
| Free Cash Growth | 7.682 % | |
| Free Cash Growth QoQ | -4039.487 % | |
| Free Cash Growth YoY | -165.462 % | |
| Free Cash Growth IPRWA | high: 602.113 % median: 8.386 % AEVA: 7.682 % mean: -21.07 % low: -351.784 % |
|
| Free Cash To Net Income | -0.312 | |
| Cash Flow Margin | 3070.215 % | |
| Cash Flow To Earnings | 1.022 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 116.878 % | |
| Return On Assets QoQ | -162.367 % | |
| Return On Assets YoY | -673.888 % | |
| Return On Assets IPRWA | AEVA: 116.878 % high: 4.718 % median: 3.285 % mean: 2.817 % low: -6.434 % |
|
| Return On Capital Employed (ROCE) | -46.105 % | |
| Return On Equity (ROE) | 3.236 | |
| Return On Equity QoQ | 98.42 % | |
| Return On Equity YoY | -1218.541 % | |
| Return On Equity IPRWA | AEVA: 3.236 high: 0.132 median: 0.068 mean: 0.063 low: -0.119 |
|
| DuPont ROE | -253.013 % | |
| Return On Invested Capital (ROIC) | -99.767 % | |
| Return On Invested Capital QoQ | -527.359 % | |
| Return On Invested Capital YoY | -538.228 % | |
| Return On Invested Capital IPRWA | high: 6.396 % mean: 3.931 % median: 3.063 % low: -6.916 % AEVA: -99.767 % |
|