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On July 29, 2025, LG Innotek announced a strategic collaboration with Aeva that includes a $32 million equity investment as part of a broader $50 million arrangement and a manufacturing and supply agreement for next‑generation FMCW 4D LiDAR modules; the partners plan joint development and production expansion and highlighted the roadmap at Aeva Day.
Technical Analysis
ADX at 16.99 signals no established trend; directional movement readings produce a bearish tilt as DI+ peaked and reversed while DI‑ dipped and reversed, indicating sellers regained short-term control despite the weak trend strength. That combination supports the introduction’s consolidation view and argues against a clear breakout in the immediate term.
MACD displays a peak-and-reversal pattern, denoting bearish momentum; the oscillator currently sits modestly above its signal line, creating a near-term counterpoint but not overturning the momentum picture set by the peak-and-reversal. This implies potential short-lived positive price pops inside an otherwise downward-biased momentum framework.
MRO registers 19.07 with an increasing trajectory. A positive, rising MRO indicates price currently sits above the model target and therefore exerts downward pressure on the short-term price path; strength of the reading suggests notable potential for retracement toward valuation-aligned levels.
RSI at 47.39 with a peak-and-reversal trend shows momentum rolling over from a recent high and now below neutral, consistent with price consolidation and increased vulnerability to downside X‑day moves. Traders should expect range-bound action unless momentum indicators regain clear bullish character.
Price sits at $16.18 above the 200-day average ($12.17) but below the 50-day average ($16.91) and trading beneath the cloud (Senkou A $20.30, Senkou B $25.54). The structure creates longer-term bullish context from the 200-day position while near-term averages and cloud placement bias price toward mean reversion and resistance at upper short-term averages. Bollinger bands place price between the 1‑sigma bands ($14.65–$17.87), supporting the likelihood of continued consolidation inside the recent range. Short-term volatility and beta readings remain elevated (42‑day beta 4.55), so consolidation likely carries sharp intraday moves rather than quiet drift.
Fundamental Analysis
Revenue and cash: total revenue equals $5,511,000 while cash and short-term investments total $49,849,000. Reported revenue growth quarter-over-quarter measures +155.27% and the headline revenue growth figure reads +63.63%, but year-over-year revenue growth reports -1,511.13%, indicating sizeable sequential recovery from a depressed prior period.
Profitability: operating income of -$34,923,000 and net income of -$192,742,000 produce an operating margin of -633.70% and a gross margin of -49.36%. Operating margin sits well below the industry peer mean of +16.87% (industry peer median +17.27%) and below the industry peer low of -211.31%, reflecting that operating losses exceed current revenue by multiples and materially weigh on per‑share economics.
Cash flow and liquidity: operating cash flow equals -$29,824,000 and free cash flow equals -$31,190,000. Free cash flow yield runs about -3.13%, and the cash ratio stands at 0.47 while the quick ratio registers 0.61x and current ratio 0.65x, signaling limited short-term liquidity cushion relative to current liabilities of $105,719,000; however available cash and short‑term investments provide a multi‑quarter runway at current burn rates.
Capital structure and valuation multiples: market capitalization approximates $997.3 million with enterprise value near $949.3 million. Price-to-sales sits at 180.97x, price-to-book reads -8.44 (below the industry peer low of -7.52), PE is negative at -49.85x, and PEG sits at 22.44x. Negative book value and negative earnings produce atypical multiples; those metrics align with the WMDST valuation designation of over-valued given current operating losses versus revenue base.
Earnings per share: EPS actual equals -$0.44 versus estimate -$0.47, yielding an EPS surprise of +6.38%, a modest upside relative to consensus that does not alter the structural loss profile but slightly narrows near-term downside to expectations.
R&D and efficiency: research and development expense totals $22,841,000 and asset turnover stands at 0.0536x, indicating low revenue generation per dollar of assets even as R&D investment supports product roadmap execution and the recent manufacturing partnership. Return on equity reads +1.63% while return on assets equals -1.87%, reflecting negative earnings amplified by negative equity balances.
Valuation summary: WMDST values the stock as over-valued given the combination of large operating losses relative to current revenue, negative book value, extreme multiples on a small revenue base, and limited near-term profitability visibility despite sequential revenue recovery and a strategic manufacturing partner committed to production scale.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-07-31 |
| NEXT REPORT DATE: | 2025-11-04 |
| CASH FLOW | Begin Period Cash Flow | $ 21.2 M |
| Operating Cash Flow | $ -29.82 M | |
| Capital Expenditures | $ -1.37 M | |
| Change In Working Capital | $ -7.40 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 532.0 K | |
| End Period Cash Flow | $ 21.7 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 5.5 M | |
| Forward Revenue | $ 218.9 K | |
| COSTS | ||
| Cost Of Revenue | $ 8.2 M | |
| Depreciation | $ 2.3 M | |
| Depreciation and Amortization | $ 2.3 M | |
| Research and Development | $ 22.8 M | |
| Total Operating Expenses | $ 40.4 M | |
| PROFITABILITY | ||
| Gross Profit | $ -2.72 M | |
| EBITDA | $ -32.67 M | |
| EBIT | $ -34.92 M | |
| Operating Income | $ -34.92 M | |
| Interest Income | $ 619.0 K | |
| Interest Expense | — | |
| Net Interest Income | $ 619.0 K | |
| Income Before Tax | $ -192.67 M | |
| Tax Provision | $ 70.0 K | |
| Tax Rate | 21.0 % | |
| Net Income | $ -192.74 M | |
| Net Income From Continuing Operations | $ -192.74 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.47 | |
| EPS Actual | $ -0.44 | |
| EPS Difference | $ 0.03 | |
| EPS Surprise | 6.383 % | |
| Forward EPS | $ -0.55 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 91.1 M | |
| Intangible Assets | $ 1.3 M | |
| Net Tangible Assets | $ -119.46 M | |
| Total Current Assets | $ 68.3 M | |
| Cash and Short-Term Investments | $ 49.8 M | |
| Cash | $ 21.7 M | |
| Net Receivables | $ 3.9 M | |
| Inventory | $ 3.7 M | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 4.8 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 105.7 M | |
| Net Debt | — | |
| Total Debt | $ 1.8 M | |
| Total Liabilities | $ 209.3 M | |
| EQUITY | ||
| Total Equity | $ -118.18 M | |
| Retained Earnings | $ -839.47 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ -2.13 | |
| Shares Outstanding | 55.430 M | |
| Revenue Per-Share | $ 0.10 | |
| VALUATION | Market Capitalization | $ 997.3 M |
| Enterprise Value | $ 949.3 M | |
| Enterprise Multiple | -29.06 | |
| Enterprise Multiple QoQ | 183.775 % | |
| Enterprise Multiple YoY | 6898.256 % | |
| Enterprise Multiple IPRWA | high: 259.951 mean: 67.581 median: 63.645 AEVA: -29.06 low: -219.031 |
|
| EV/R | 172.253 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | -0.771 | |
| Asset To Liability | 0.435 | |
| Debt To Capital | -0.016 | |
| Debt To Assets | 0.02 | |
| Debt To Assets QoQ | -18.271 % | |
| Debt To Assets YoY | 4.921 % | |
| Debt To Assets IPRWA | high: 0.807 median: 0.296 mean: 0.257 AEVA: 0.02 low: 0.002 |
|
| Debt To Equity | -0.015 | |
| Debt To Equity QoQ | -137.874 % | |
| Debt To Equity YoY | -165.37 % | |
| Debt To Equity IPRWA | high: 2.066 median: 0.69 mean: 0.64 AEVA: -0.015 low: -0.922 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | -8.439 | |
| Price To Book QoQ | -258.56 % | |
| Price To Book YoY | -889.406 % | |
| Price To Book IPRWA | high: 11.125 mean: 6.072 median: 4.517 low: -7.517 AEVA: -8.439 |
|
| Price To Earnings (P/E) | -49.852 | |
| Price To Earnings QoQ | 236.592 % | |
| Price To Earnings YoY | 783.646 % | |
| Price To Earnings IPRWA | high: 287.529 mean: 89.913 median: 86.325 AEVA: -49.852 low: -168.539 |
|
| PE/G Ratio | 22.436 | |
| Price To Sales (P/S) | 180.967 | |
| Price To Sales QoQ | 66.426 % | |
| Price To Sales YoY | 112.929 % | |
| Price To Sales IPRWA | AEVA: 180.967 high: 42.058 mean: 15.21 median: 13.0 low: 0.0 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -30.688 | |
| Forward PE/G | 13.811 | |
| Forward P/S | 4555.739 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 0.233 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.054 | |
| Asset Turnover Ratio QoQ | 108.401 % | |
| Asset Turnover Ratio YoY | 463.407 % | |
| Asset Turnover Ratio IPRWA | high: 0.479 mean: 0.194 median: 0.187 AEVA: 0.054 low: 0.001 |
|
| Receivables Turnover | 2.36 | |
| Receivables Turnover Ratio QoQ | -31.27 % | |
| Receivables Turnover Ratio YoY | 6.842 % | |
| Receivables Turnover Ratio IPRWA | high: 2.906 AEVA: 2.36 mean: 1.503 median: 1.38 low: 0.267 |
|
| Inventory Turnover | 2.183 | |
| Inventory Turnover Ratio QoQ | 122.263 % | |
| Inventory Turnover Ratio YoY | 97.004 % | |
| Inventory Turnover Ratio IPRWA | high: 2.529 AEVA: 2.183 median: 1.08 mean: 1.026 low: 0.063 |
|
| Days Sales Outstanding (DSO) | 38.671 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 20.513 | |
| Cash Conversion Cycle Days QoQ | -239.323 % | |
| Cash Conversion Cycle Days YoY | 45.317 % | |
| Cash Conversion Cycle Days IPRWA | high: 272.391 mean: 101.343 median: 88.157 AEVA: 20.513 low: -85.228 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -0.147 | |
| CapEx To Revenue | -0.248 | |
| CapEx To Depreciation | -0.606 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ -118.18 M | |
| Net Invested Capital | $ -118.18 M | |
| Invested Capital | $ -118.18 M | |
| Net Tangible Assets | $ -119.46 M | |
| Net Working Capital | $ -37.40 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.472 | |
| Current Ratio | 0.646 | |
| Current Ratio QoQ | -77.537 % | |
| Current Ratio YoY | -87.767 % | |
| Current Ratio IPRWA | high: 7.762 mean: 2.182 median: 2.016 AEVA: 0.646 low: 0.034 |
|
| Quick Ratio | 0.612 | |
| Quick Ratio QoQ | -77.801 % | |
| Quick Ratio YoY | -88.217 % | |
| Quick Ratio IPRWA | high: 7.334 mean: 1.657 median: 1.456 AEVA: 0.612 low: 0.201 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -0.056 | |
| Cost Of Debt | 0.341 % | |
| Interest Coverage Ratio | -3492.3 | |
| Interest Coverage Ratio QoQ | 14.81 % | |
| Interest Coverage Ratio YoY | -6.655 % | |
| Interest Coverage Ratio IPRWA | high: 52.785 median: 17.0 mean: 13.887 low: -130.23 AEVA: -3492.3 |
|
| Operating Cash Flow Ratio | -1.821 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 130.668 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -20.428 % | |
| Revenue Growth | 63.628 % | |
| Revenue Growth QoQ | 155.268 % | |
| Revenue Growth YoY | -1511.133 % | |
| Revenue Growth IPRWA | high: 79.411 % AEVA: 63.628 % mean: 9.908 % median: 9.438 % low: -43.951 % |
|
| Earnings Growth | -2.222 % | |
| Earnings Growth QoQ | -93.233 % | |
| Earnings Growth YoY | -224.412 % | |
| Earnings Growth IPRWA | high: 200.0 % median: 26.316 % mean: 19.086 % AEVA: -2.222 % low: -133.333 % |
|
| MARGINS | ||
| Gross Margin | -49.356 % | |
| Gross Margin QoQ | -636.245 % | |
| Gross Margin YoY | 17.104 % | |
| Gross Margin IPRWA | high: 98.998 % mean: 39.522 % median: 36.34 % low: -35.132 % AEVA: -49.356 % |
|
| EBIT Margin | -633.696 % | |
| EBIT Margin QoQ | -29.835 % | |
| EBIT Margin YoY | -65.921 % | |
| EBIT Margin IPRWA | high: 123.871 % median: 17.271 % mean: 16.867 % low: -211.309 % AEVA: -633.696 % |
|
| Return On Sales (ROS) | -633.696 % | |
| Return On Sales QoQ | -29.835 % | |
| Return On Sales YoY | -65.921 % | |
| Return On Sales IPRWA | high: 43.501 % mean: 16.504 % median: 15.051 % low: -282.256 % AEVA: -633.696 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -31.19 M | |
| Free Cash Flow Yield | -3.127 % | |
| Free Cash Flow Yield QoQ | -63.354 % | |
| Free Cash Flow Yield YoY | -82.143 % | |
| Free Cash Flow Yield IPRWA | high: 4.857 % mean: 1.036 % median: 0.912 % AEVA: -3.127 % low: -16.248 % |
|
| Free Cash Growth | -0.195 % | |
| Free Cash Growth QoQ | -100.547 % | |
| Free Cash Growth YoY | -97.615 % | |
| Free Cash Growth IPRWA | high: 364.739 % median: 41.218 % mean: 27.966 % AEVA: -0.195 % low: -329.708 % |
|
| Free Cash To Net Income | 0.162 | |
| Cash Flow Margin | -3494.03 % | |
| Cash Flow To Earnings | 0.999 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -187.403 % | |
| Return On Assets QoQ | 604.205 % | |
| Return On Assets YoY | 813.225 % | |
| Return On Assets IPRWA | high: 17.834 % median: 2.39 % mean: 1.823 % low: -36.426 % AEVA: -187.403 % |
|
| Return On Capital Employed (ROCE) | 239.691 % | |
| Return On Equity (ROE) | 1.631 | |
| Return On Equity QoQ | -421.869 % | |
| Return On Equity YoY | -701.213 % | |
| Return On Equity IPRWA | AEVA: 1.631 high: 0.433 mean: 0.05 median: 0.047 low: -0.489 |
|
| DuPont ROE | 780.772 % | |
| Return On Invested Capital (ROIC) | 23.345 % | |
| Return On Invested Capital QoQ | -166.849 % | |
| Return On Invested Capital YoY | 23.532 % | |
| Return On Invested Capital IPRWA | AEVA: 23.345 % high: 8.434 % mean: 3.175 % median: 3.068 % low: -15.502 % |
|