Recent News
June 3, 2026 — Aeva announced a proposed follow-on stock offering; early June filings indicated the company pursued additional equity financing. June 5, 2026 — the company completed a public offering, raising roughly $115 million. Early June — Aeva announced a collaboration to integrate its FMCW technology into industrial sensing products with a major automation supplier.
Technical Analysis
ADX at 22.61 signals an emerging trend; the directional indicators show a bullish bias: DI+ at 27.54 presents a dip-and-reverse (bullish), while DI- at 20.23 shows a peak-and-reverse (bullish). This combination indicates an emerging, buyer-favoring directional structure rather than an established trend.
MACD sits at 1.47 with the signal line at 1.81 and the MACD trend decreasing, which constitutes bearish momentum and weakens upward follow-through despite the directional bias from DI lines.
MRO measures 38.44 and remains positive, indicating the current price sits above the model target and therefore faces pressure to correct toward that target over the near term.
RSI at 59.36 with a decreasing trend points to easing momentum from recently higher levels; RSI remains below overbought territory but signals fading short-term strength.
Price sits at $23.93 inside the 20-day Bollinger bands (lower $22.67, upper $27.26). The 12-day EMA showed a peak-and-reverse, the 20-day average at $24.96 lies above price, while the 50-day ($19.38) and 200-day ($15.84) averages remain below price—this structure implies consolidation above longer-term support with short-term resistance near the 20-day band.
Volume of 3,023,535 exceeds the 10-day average (2,445,699), reflecting elevated participation during the recent moves and the equity raise; elevated volume increases the probability that the current consolidation will resolve decisively within a few weeks.
Fundamental Analysis
Total revenue for the period registers at $6,262,000 with YoY revenue growth of -54.25% and a reported revenue growth figure of 11.40% in the dataset (use cases differ by period). Gross margin stands at 30.996% and improved YoY by 236.77% (gross margin YoY +236.77%), supporting improved unit economics on sales expansion. Research and development expense totals $22,826,000, reflecting continued investment in product roadmap and silicon-photonics development.
Profitability metrics remain negative: EBIT at -$33,764,000 and EBITDA at -$31,903,000; operating margin registers -5.61% and EBIT margin -5.39%. QoQ EBIT margin improved by 4.17% while YoY EBIT margin contracted by 40.30% versus the prior-year period. The EBIT margin compares to an industry peer mean of 0.16% and an industry peer low of -2.34%.
Balance-sheet and cash-flow: cash and short-term investments total $99,504,000 with operating cash flow at -$25,848,000 and free cash flow at -$28,073,000. The current ratio stands at 4.09 and quick ratio at 3.89, both above the industry peer mean/current benchmarks provided, indicating ample near-term liquidity. Total debt equals $102,056,000 and net debt sits at $65,617,000; debt-to-assets equals 69.28% against an industry peer mean of 26.40% (industry peer range low 0.13 to high 74.99%).
Market multiples present wide dispersion: price-to-sales at 148.24 and price-to-book at -74.80 reflect a market valuation detached from trailing profitability; forward EPS shows continued negative figures (forward EPS -$0.385). EPS came in at -$0.41 versus an estimate of -$0.43, producing a positive EPS surprise of $0.02 or roughly +4.65%.
WMDST values the stock as under-valued. The valuation assessment weighs (1) accelerating product wins and revenue lift, (2) persistent negative margins and leverage, and (3) a near-term finance event that increases liquidity and reduces short-term dilution risk from operations.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-06 |
| NEXT REPORT DATE: | 2026-08-05 |
| CASH FLOW | Begin Period Cash Flow | $ 72.3 M |
| Operating Cash Flow | $ -25.85 M | |
| Capital Expenditures | $ -2.23 M | |
| Change In Working Capital | $ -1.28 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -41.12 M | |
| End Period Cash Flow | $ 31.2 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 6.3 M | |
| Forward Revenue | $ 1.1 M | |
| COSTS | ||
| Cost Of Revenue | $ 4.3 M | |
| Depreciation | $ 1.7 M | |
| Depreciation and Amortization | $ 1.9 M | |
| Research and Development | $ 22.8 M | |
| Total Operating Expenses | $ 41.4 M | |
| PROFITABILITY | ||
| Gross Profit | $ 1.9 M | |
| EBITDA | $ -31.90 M | |
| EBIT | $ -33.76 M | |
| Operating Income | $ -35.14 M | |
| Interest Income | $ 877.0 K | |
| Interest Expense | $ 1.2 M | |
| Net Interest Income | $ -306.00 K | |
| Income Before Tax | $ -34.95 M | |
| Tax Provision | $ 32.0 K | |
| Tax Rate | 40.0 % | |
| Net Income | $ -34.98 M | |
| Net Income From Continuing Operations | $ -34.98 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.43 | |
| EPS Actual | $ -0.41 | |
| EPS Difference | $ 0.02 | |
| EPS Surprise | 4.651 % | |
| Forward EPS | $ -0.39 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 147.3 M | |
| Intangible Assets | $ 600.0 K | |
| Net Tangible Assets | $ -13.01 M | |
| Total Current Assets | $ 122.1 M | |
| Cash and Short-Term Investments | $ 99.5 M | |
| Cash | $ 31.2 M | |
| Net Receivables | $ 3.5 M | |
| Inventory | $ 6.0 M | |
| Long-Term Investments | $ 40.0 K | |
| LIABILITIES | ||
| Accounts Payable | $ 4.6 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 29.8 M | |
| Net Debt | $ 65.6 M | |
| Total Debt | $ 102.1 M | |
| Total Liabilities | $ 159.7 M | |
| EQUITY | ||
| Total Equity | $ -12.41 M | |
| Retained Earnings | $ -792.27 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ -0.20 | |
| Shares Outstanding | 62.985 M | |
| Revenue Per-Share | $ 0.10 | |
| VALUATION | Market Capitalization | $ 928.3 M |
| Enterprise Value | $ 930.8 M | |
| Enterprise Multiple | -29.176 | |
| Enterprise Multiple QoQ | -7.707 % | |
| Enterprise Multiple YoY | 184.912 % | |
| Enterprise Multiple IPRWA | high: 364.265 mean: 90.31 median: 79.445 AEVA: -29.176 low: -215.509 |
|
| EV/R | 148.643 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | -11.87 | |
| Asset To Liability | 0.922 | |
| Debt To Capital | 1.138 | |
| Debt To Assets | 0.693 | |
| Debt To Assets QoQ | 21.594 % | |
| Debt To Assets YoY | 2725.612 % | |
| Debt To Assets IPRWA | high: 0.75 AEVA: 0.693 mean: 0.264 median: 0.241 low: 0.001 |
|
| Debt To Equity | -8.224 | |
| Debt To Equity QoQ | -206.144 % | |
| Debt To Equity YoY | -20247.844 % | |
| Debt To Equity IPRWA | high: 2.293 mean: 0.674 median: 0.447 low: 0.002 AEVA: -8.224 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | -74.803 | |
| Price To Book QoQ | -212.164 % | |
| Price To Book YoY | -1505.499 % | |
| Price To Book IPRWA | high: 17.465 mean: 8.061 median: 5.891 low: -2.416 AEVA: -74.803 |
|
| Price To Earnings (P/E) | -26.317 | |
| Price To Earnings QoQ | -26.446 % | |
| Price To Earnings YoY | 77.69 % | |
| Price To Earnings IPRWA | high: 398.734 median: 131.744 mean: 122.495 AEVA: -26.317 low: -220.021 |
|
| PE/G Ratio | -0.658 | |
| Price To Sales (P/S) | 148.236 | |
| Price To Sales QoQ | -5.456 % | |
| Price To Sales YoY | 36.324 % | |
| Price To Sales IPRWA | AEVA: 148.236 high: 99.122 median: 22.531 mean: 20.526 low: 0.0 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -37.594 | |
| Forward PE/G | -0.94 | |
| Forward P/S | 855.308 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 1.407 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.038 | |
| Asset Turnover Ratio QoQ | -7.174 % | |
| Asset Turnover Ratio YoY | 48.969 % | |
| Asset Turnover Ratio IPRWA | high: 0.534 mean: 0.193 median: 0.185 AEVA: 0.038 low: 0.001 |
|
| Receivables Turnover | 1.837 | |
| Receivables Turnover Ratio QoQ | -13.24 % | |
| Receivables Turnover Ratio YoY | -46.489 % | |
| Receivables Turnover Ratio IPRWA | high: 2.612 AEVA: 1.837 median: 1.439 mean: 1.438 low: 0.528 |
|
| Inventory Turnover | 0.734 | |
| Inventory Turnover Ratio QoQ | -8.368 % | |
| Inventory Turnover Ratio YoY | -25.249 % | |
| Inventory Turnover Ratio IPRWA | high: 2.507 median: 1.196 mean: 1.073 AEVA: 0.734 low: 0.128 |
|
| Days Sales Outstanding (DSO) | 49.669 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 63.173 | |
| Cash Conversion Cycle Days QoQ | 27.78 % | |
| Cash Conversion Cycle Days YoY | -529.061 % | |
| Cash Conversion Cycle Days IPRWA | high: 308.893 mean: 100.813 median: 82.542 AEVA: 63.173 low: -44.852 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.068 | |
| CapEx To Revenue | -0.355 | |
| CapEx To Depreciation | -1.34 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 84.4 M | |
| Net Invested Capital | $ 84.4 M | |
| Invested Capital | $ 84.4 M | |
| Net Tangible Assets | $ -13.01 M | |
| Net Working Capital | $ 92.3 M | |
| LIQUIDITY | ||
| Cash Ratio | 3.337 | |
| Current Ratio | 4.095 | |
| Current Ratio QoQ | -4.333 % | |
| Current Ratio YoY | 42.337 % | |
| Current Ratio IPRWA | high: 14.867 AEVA: 4.095 mean: 2.619 median: 1.885 low: 0.634 |
|
| Quick Ratio | 3.894 | |
| Quick Ratio QoQ | -5.459 % | |
| Quick Ratio YoY | 41.339 % | |
| Quick Ratio IPRWA | high: 13.913 AEVA: 3.894 mean: 2.056 median: 1.259 low: 0.449 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -3.199 | |
| Cost Of Debt | 0.694 % | |
| Interest Coverage Ratio | -28.541 | |
| Interest Coverage Ratio QoQ | -99.019 % | |
| Interest Coverage Ratio YoY | -99.062 % | |
| Interest Coverage Ratio IPRWA | high: 69.571 mean: 10.799 median: 8.916 AEVA: -28.541 low: -197.838 |
|
| Operating Cash Flow Ratio | -1.163 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 111.363 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -18.031 % | |
| Revenue Growth | 11.404 % | |
| Revenue Growth QoQ | -80.012 % | |
| Revenue Growth YoY | -54.249 % | |
| Revenue Growth IPRWA | high: 20.926 % AEVA: 11.404 % mean: 8.396 % median: 7.186 % low: -56.837 % |
|
| Earnings Growth | 40.0 % | |
| Earnings Growth QoQ | -406.678 % | |
| Earnings Growth YoY | -221.818 % | |
| Earnings Growth IPRWA | high: 58.333 % AEVA: 40.0 % median: 9.278 % mean: 3.406 % low: -186.111 % |
|
| MARGINS | ||
| Gross Margin | 30.996 % | |
| Gross Margin QoQ | 31.993 % | |
| Gross Margin YoY | 236.767 % | |
| Gross Margin IPRWA | high: 99.349 % mean: 38.546 % median: 36.748 % AEVA: 30.996 % low: -36.179 % |
|
| EBIT Margin | -539.189 % | |
| EBIT Margin QoQ | 4.168 % | |
| EBIT Margin YoY | -40.299 % | |
| EBIT Margin IPRWA | high: 48.781 % median: 16.044 % mean: 15.99 % low: -233.527 % AEVA: -539.189 % |
|
| Return On Sales (ROS) | -561.099 % | |
| Return On Sales QoQ | 8.401 % | |
| Return On Sales YoY | -37.873 % | |
| Return On Sales IPRWA | high: 40.821 % mean: 16.307 % median: 15.629 % low: -176.472 % AEVA: -561.099 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -28.07 M | |
| Free Cash Flow Yield | -3.024 % | |
| Free Cash Flow Yield QoQ | 12.668 % | |
| Free Cash Flow Yield YoY | -64.561 % | |
| Free Cash Flow Yield IPRWA | high: 5.592 % median: 0.483 % mean: 0.239 % AEVA: -3.024 % low: -18.584 % |
|
| Free Cash Growth | 18.657 % | |
| Free Cash Growth QoQ | -163.122 % | |
| Free Cash Growth YoY | -47.684 % | |
| Free Cash Growth IPRWA | high: 300.72 % AEVA: 18.657 % mean: 2.51 % median: -43.487 % low: -493.533 % |
|
| Free Cash To Net Income | 0.803 | |
| Cash Flow Margin | -553.785 % | |
| Cash Flow To Earnings | 0.991 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -21.394 % | |
| Return On Assets QoQ | 15.152 % | |
| Return On Assets YoY | -19.608 % | |
| Return On Assets IPRWA | high: 12.143 % median: 2.381 % mean: 2.198 % low: -18.029 % AEVA: -21.394 % |
|
| Return On Capital Employed (ROCE) | -28.739 % | |
| Return On Equity (ROE) | 2.819 | |
| Return On Equity QoQ | -247.156 % | |
| Return On Equity YoY | -656.313 % | |
| Return On Equity IPRWA | AEVA: 2.819 high: 0.162 median: 0.065 mean: 0.051 low: -0.303 |
|
| DuPont ROE | -8679.756 % | |
| Return On Invested Capital (ROIC) | -24.007 % | |
| Return On Invested Capital QoQ | 14.795 % | |
| Return On Invested Capital YoY | -31.255 % | |
| Return On Invested Capital IPRWA | high: 7.857 % median: 3.398 % mean: 2.861 % low: -10.75 % AEVA: -24.007 % |
|