Recent News
On January 5, 2026 Aeva announced selection of its FMCW 4D LiDAR as the reference LiDAR sensor for NVIDIA’s DRIVE Hyperion platform, presented at CES 2026; the companies target production vehicle programs for 2028. The company also unveiled the Omni short‑range 4D LiDAR at CES and announced early‑customer pilots and manufacturing partnership commitments. Aeva set its fourth‑quarter and full‑year 2025 results release and conference call for February 26, 2026. Market coverage noted a sharp intraday share gain following the NVIDIA announcement and an upgraded Relative Strength rating in February.
Technical Analysis
Directional indicators show an emerging trend: ADX at 20.8 signals an emerging market direction while DI+ exhibits a dip‑and‑reversal and DI‑ shows a peak‑and‑reversal; both patterns imply a shift toward bullish directional strength that supports the recent momentum tied to partnership news.
MACD reads negative at -0.70 with a dip‑and‑reversal pattern; despite MACD remaining below the signal line (-0.24), the reversal morphology indicates bullish momentum attempting to reassert after prior weakness, suggesting momentum could continue to firm if the MACD moves above the signal line.
MRO stands at 11.04 (positive), indicating the current price sits above the model target and therefore carries measurable mean‑reversion downside risk relative to that target; the magnitude denotes material but not extreme pressure toward normalization.
RSI at 48.34 with a dip‑and‑reversal signals recovery from softer short‑term momentum while remaining near neutral; this supports a technical environment where headline catalysts can push momentum without the market being overbought.
Price sits at $14.00, just above the 12‑day EMA ($13.76) but below the 20‑day ($14.11), 50‑day ($14.86) and 200‑day ($16.84) averages; Ichimoku lines place Tenkan at $15.89 and Kijun at $16.91 with the cloud edges near $14.05–$14.74, so the price trades marginally below the cloud, implying technical resistance near short‑term conversion and baseline levels. Bollinger bands range roughly $11.80–$16.42, placing the current price toward the middle band and consistent with consolidation following the CES headline run. Elevated short‑term volatility and high betas (42‑day β 3.84; 52‑week β 2.59) increase event sensitivity and amplify directional moves around news and earnings events.
Fundamental Analysis
Revenue totaled $3,579,000; YoY revenue growth shows the provided YoY figure at -396.37% while the period growth figure reads -35.06%, both indicating revenue contraction on one or more measurement bases. Gross profit registered $430,000 with a gross margin of 12.02% and gross margin trends show QoQ and YoY declines in the supplied figures.
Operating performance remains negative: EBIT $-33,161,000 and EBITDA $-31,053,000 produce an EBIT (operating) margin of -9.27%, which falls below the industry peer mean (16.76%) and the industry peer median (17.43%), placing the company in the lower portion of the industry peer range for operating profitability. The EBIT margin improved QoQ by 46.21% in the supplied QoQ metric but lags year‑over‑year where the supplied figure shows a sizable decline.
EPS came in at $-0.46 versus an estimate of $-0.45, an EPS surprise of -2.22%. Market multiples show elevated investor expectations: price‑to‑book at 30.24 versus an industry peer mean of 6.77 and median of 5.08, and price‑to‑sales at 280.68 versus an industry peer mean near 16.29—both ratios sit well above peer central tendencies. Forward P/E and PEG metrics remain negative, reflecting loss‑making forward estimates and growth adjustments in the supplied data.
Liquidity and balance sheet position appear strong: cash and short‑term investments $48,888,000, current ratio 3.18 and quick ratio 2.95, with total debt modest at $6,124,000 and debt‑to‑assets roughly 6.6%. Operating cash flow and free cash flow were negative for the period ($-32,312,000 operating cash flow; $-33,586,000 free cash flow), though end‑period cash increased relative to the beginning balance, producing a positive cash flow delta of $23,945,000 in the supplied figures.
R&D remains a material expense at $22,164,000, supporting product and manufacturing scale ambitions that underpinned recent commercial announcements. WMDST values the stock as over‑valued; the valuation conclusion aligns with elevated market multiples versus weak operating profitability and ongoing negative cash flow despite a sizable cash buffer.
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 | $ -224.46 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 | $ -0.45 | |
| 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: 63.245 AEVA: -30.973 low: -236.709 |
|
| 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: 0.28 mean: 0.251 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: 2.012 median: 0.644 mean: 0.6 AEVA: 0.184 low: -1.286 |
|
| 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: 14.439 mean: 6.769 median: 5.079 low: -7.378 |
|
| Price To Earnings (P/E) | -36.392 | |
| Price To Earnings QoQ | -26.999 % | |
| Price To Earnings YoY | 635.742 % | |
| Price To Earnings IPRWA | high: 359.865 median: 99.818 mean: 99.452 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: 57.726 mean: 16.293 median: 15.795 low: 0.0 |
|
| 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 mean: 0.197 median: 0.19 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: 3.347 mean: 1.504 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: 1.117 mean: 1.032 AEVA: 0.732 low: 0.134 |
|
| 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: 106.431 median: 85.242 AEVA: 71.159 low: -90.357 |
|
| 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: 2.292 median: 2.07 low: 0.373 |
|
| Quick Ratio | 2.946 | |
| Quick Ratio QoQ | 381.679 % | |
| Quick Ratio YoY | -30.82 % | |
| Quick Ratio IPRWA | high: 6.406 AEVA: 2.946 mean: 1.532 median: 1.388 low: 0.295 |
|
| 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: 93.794 mean: 15.922 median: 15.13 low: -89.6 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: 56.746 % median: 6.163 % mean: 6.106 % AEVA: -35.057 % low: -44.732 % |
|
| Earnings Growth | 4.545 % | |
| Earnings Growth QoQ | -304.545 % | |
| Earnings Growth YoY | -80.072 % | |
| Earnings Growth IPRWA | high: 200.0 % median: 14.085 % mean: 9.44 % AEVA: 4.545 % low: -200.0 % |
|
| MARGINS | ||
| Gross Margin | 12.015 % | |
| Gross Margin QoQ | -124.344 % | |
| Gross Margin YoY | -137.495 % | |
| Gross Margin IPRWA | high: 97.907 % mean: 38.738 % median: 38.088 % AEVA: 12.015 % low: -43.101 % |
|
| EBIT Margin | -926.544 % | |
| EBIT Margin QoQ | 46.213 % | |
| EBIT Margin YoY | -44.959 % | |
| EBIT Margin IPRWA | high: 44.499 % median: 17.428 % mean: 16.761 % low: -228.471 % 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 % median: 17.308 % mean: 16.447 % low: -181.737 % 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: 0.667 % AEVA: -3.343 % low: -13.716 % |
|
| Free Cash Growth | 7.682 % | |
| Free Cash Growth QoQ | -4039.487 % | |
| Free Cash Growth YoY | -165.462 % | |
| Free Cash Growth IPRWA | high: 288.449 % median: 8.386 % AEVA: 7.682 % mean: -14.735 % 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: 6.668 % mean: 2.324 % median: 1.803 % low: -24.617 % |
|
| 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: 0.191 mean: 0.053 median: 0.046 low: -0.264 |
|
| 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: 9.897 % mean: 3.362 % median: 2.735 % low: -12.328 % AEVA: -99.767 % |
|