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olivLaw · US equity research

Aeva Technologies, Inc. AEVA

Motor Vehicle Parts & Accessories · SIC 3714 · Vertical: Motor Vehicle Parts & Accessories (SIC 3714)

9.49USD+6.15% · 1 dayClose 04 Nov 2026

Aeva designs chip-integrated 4D LiDAR sensors based on FMCW technology for autonomous vehicles, industrial automation, smart infrastructure and, from 2026, AI data-center optics. The company remains at an early stage, with low revenue and large net losses, and quarterly revenue stays very small relative to research spending, so success depends on turning development programs into series production.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Aeva Technologies, Inc. (AEVA) stock was 9.49 USD (+6.15% on the day), with market capitalisation 661.5 m USD, beta 2.96, 52-week range 8.60–29.29 USD. Latest reported quarter (Q2 2026): revenue of 6.1 m USD (+11.3% YoY), net income of -79.6 m USD, diluted EPS -1.23 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
661.5 m USD
shares as of 30 Jul 2026
P/E (TTM)
unavailable
Diluted EPS TTM -2.73 · TTM to 30 Jun 2026
E/P (TTM)
-28.77%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
2.96
Volatility (1y) 113%
52-week range
8.6029.29

Price history

Loading chart…

Technical reading

RSI (14)
36.1
weak (30–45)
Bollinger (20, 2)
7.89 – 13.29
in the lower half of the band · %B 0.30 · band width 51.0%
SMA 50 / 200
13.26 / 16.75
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-1.31 / -1.34
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−33.6%−1.1%−32.5 pp—
3 months−51.6%−0.5%−51.2 pp—
6 months−42.7%+4.4%−47.1 pp—
Year to date−28.5%+12.3%−40.9 pp—
1 year−31.2%+13.5%−44.7 pp−10.2%
3 years+208.1%+76.4%+131.7 pp−3.9%
5 years−76.9%+63.7%−140.5 pp—
Max drawdown (1y)
−70.6%
27 May 2026 → 02 Nov 2026
Max drawdown (5y)
−95.5%
22 Nov 2021 → 02 Jul 2024
Compound annual growth (5y)
−25.4%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
6.1 m USD
+11.3% YoY
Net income
-79.6 m USD
unavailable YoY
Diluted EPS
-1.23
unavailable YoY
net / operating
-1,297.7% / -563.2%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue2.3 m2.7 m3.4 m5.5 m3.6 m5.6 m6.3 m6.1 m
Cost of revenue3.0 m3.5 m3.1 m8.2 m3.1 m4.3 m4.3 m3.9 m
Gross profit-721.0 k-829.0 k310.0 k-2.7 m430.0 k1.3 m1.9 m2.2 m
Research & development27.1 m24.3 m21.6 m22.8 m22.2 m18.9 m22.8 m24.9 m
Operating income-37.9 m-34.2 m-30.4 m-34.9 m-33.2 m-29.1 m-35.1 m-34.6 m
Depreciation & amortisation1.3 m ≈1.4 m1.4 m1.3 m ≈1.3 m ≈1.3 m1.3 m1.3 m ≈
Interest expense——00——1.2 m1.2 m
Pre-tax income-37.4 m-36.1 m-34.8 m-192.7 m107.6 m-25.2 m-34.9 m-79.6 m
Income tax22.0 k26.0 k57.0 k70.0 k66.0 k115.0 k32.0 k58.0 k
Net income-37.4 m-36.1 m-34.9 m-192.7 m107.5 m-25.3 m-35.0 m-79.6 m
Diluted EPS-0.70-0.67 ≈-0.64-3.49-0.52-0.42 ≈-0.56-1.23
Operating cash flow-25.9 m ≈-20.9 m-30.8 m-29.8 m ≈-32.3 m ≈-22.1 m-25.8 m-31.2 m ≈
Capex542.0 k ≈2.1 m459.0 k1.4 m ≈1.3 m ≈1.5 m2.2 m185.0 k ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year2019202020212022202320242025
Revenue1.4 m4.8 m9.3 m4.2 m4.3 m9.1 m18.1 m
Revenue YoYunavailable+249.9%+91.3%−54.8%+2.9%+110.2%+99.4%
Net income-19.6 m-25.6 m-101.9 m-147.3 m-149.3 m-152.3 m-145.4 m
Net income YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPSunavailable-0.18-0.51-3.39-3.29-2.85-2.55
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailable
net %-1,415.8%-528.0%-1,099.6%-3,514.0%-3,463.2%-1,679.7%-804.4%
Free cash flow-16.8 m-22.1 m-86.0 m-117.4 m-124.9 m-112.0 m-119.7 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
72.3 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
13.2 m USD
Total assets
179.7 m USD
Debt / equity
unavailable
Current ratio
4.28x
ROE
-258.4%
ROA
-88.9%
FCF margin
-662.0%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
4.3 m
2024
9.1 m
2025
18.1 m

SEC (XBRL)· 20 Mar 2026verified

Cost of revenue
2023
10.2 m
2024
12.9 m
2025
18.7 m

SEC (XBRL)· 20 Mar 2026verified

Gross profit
2023
-5.9 m
2024
-3.8 m
2025
-660.0 k

SEC (XBRL)· 20 Mar 2026verified

Research & development
2023
102.5 m
2024
102.7 m
2025
85.4 m

SEC (XBRL)· 20 Mar 2026verified

Operating income
2023
-147.8 m
2024
-158.4 m
2025
-127.6 m

SEC (XBRL)· 20 Mar 2026verified

Depreciation & amortisation
2023
4.6 m
2024
5.5 m
2025
5.4 m

SEC (XBRL)· 20 Mar 2026verified

EBITDA
2023
-143.2 m ≈
2024
-152.9 m ≈
2025
-122.2 m ≈

SEC (XBRL)· 20 Mar 2026derived

Pre-tax income
2023
-149.3 m
2024
-152.1 m
2025
-145.1 m

SEC (XBRL)· 20 Mar 2026verified

Income tax
2023
0
2024
171.0 k
2025
308.0 k

SEC (XBRL)· 20 Mar 2026verified

Net income
2023
-149.3 m
2024
-152.3 m
2025
-145.4 m

SEC (XBRL)· 20 Mar 2026verified

Diluted EPS
2023
-3.29
2024
-2.85
2025
-2.55

SEC (XBRL)· 20 Mar 2026verified

Weighted average diluted shares
2023
45.4 m
2024
53.4 m
2025
57.0 m

SEC (XBRL)· 20 Mar 2026verified

Balance sheet · USD

Cash
2023
38.5 m
2024
28.9 m
2025
72.3 m

SEC (XBRL)· 20 Mar 2026verified

Receivables
2023
628.0 k
2024
1.2 m
2025
3.4 m

SEC (XBRL)· 20 Mar 2026verified

Inventories
2023
2.4 m
2024
2.3 m
2025
5.8 m

SEC (XBRL)· 20 Mar 2026verified

Current assets
2023
229.2 m
2024
123.3 m
2025
153.5 m

SEC (XBRL)· 20 Mar 2026verified

Property, plant & equipment, net
2023
12.1 m
2024
10.3 m
2025
12.8 m

SEC (XBRL)· 20 Mar 2026verified

Intangibles (excl. goodwill)
2023
2.6 m
2024
1.7 m
2025
825.0 k

SEC (XBRL)· 20 Mar 2026verified

Total assets
2023
257.4 m
2024
147.5 m
2025
179.7 m

SEC (XBRL)· 20 Mar 2026verified

Accounts payable
2023
3.6 m
2024
5.5 m
2025
5.9 m

SEC (XBRL)· 20 Mar 2026verified

Current liabilities
2023
18.4 m
2024
39.2 m
2025
35.9 m

SEC (XBRL)· 20 Mar 2026verified

Total liabilities
2023
28.9 m
2024
48.1 m
2025
166.5 m

SEC (XBRL)· 20 Mar 2026verified

Equity
2023
228.4 m †
2024
99.4 m †
2025
13.2 m †

SEC (XBRL)· 20 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-118.8 m
2024
-106.9 m
2025
-115.1 m

SEC (XBRL)· 20 Mar 2026verified

Capex
2023
6.1 m
2024
5.1 m
2025
4.6 m

SEC (XBRL)· 20 Mar 2026verified

Free cash flow
2023
-124.9 m ≈
2024
-112.0 m ≈
2025
-119.7 m ≈

SEC (XBRL)· 20 Mar 2026derived

Investing cash flow
2023
69.3 m
2024
97.9 m
2025
29.9 m

SEC (XBRL)· 20 Mar 2026verified

Financing cash flow
2023
20.7 m
2024
-671.0 k
2025
128.6 m

SEC (XBRL)· 20 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
99.4%
computed by olivLawFY 2025
Revenue CAGR 3Y
62.8%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
30.1%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
27.2%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
-586.7%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
-610.9%
computed by olivLawTTM to 30 Jun 2026
Net margin
-150.1%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-540.2%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
ROA
-20.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
-65.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
7.8x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
7.6x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
1.7x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-111.5 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
5.2 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-116.7 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
64 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
109 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
140 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
33 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Market and valuation

Market capitalisation
661.5 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-28.8%
computed by olivLawTTM to 30 Jun 2026
P/B
24.0x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
30.6x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-17.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
input data missing

Risk

Altman Z
-4.26
computed by olivLawbalance sheet at 30 Jun 2026

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 27.1% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

9.49 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 661.5 m USD

Key indicators

Market capitalisation
661.5 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
24.0x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
Net margin
-150.1%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
99.4%
computed by olivLawFY 2025
Dividend yield
unavailable
input data missing

Coverage and freshness

28/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 30 Jul 2026
Source: SEC (XBRL)published 06 Aug 2026
verified 932derived 77

Score by group

27% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Motor Vehicle Parts & Accessories (SIC 3714)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-150.1%9 (vs peers)23%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth62.8%100 (on a fixed band)31%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet7.8x100 (on a fixed band)15%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-17.6%0 (on a fixed band)31%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/3 factors with a value
  • Growth· partial100/100 · 1/2 factors with a value
  • Quality· partial9/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

AEVA TECHNOLOGIES, INC. (AEVA). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 18.1 m USD in 2025; YoY growth 99.4%; net margin -150.1%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Revenue CAGR 3Y: 62.8%
  • Current ratio: 7.8x

What contradicts it

  • Net margin: -150.1%
  • FCF yield: -17.6%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Motor Vehicle Parts & Accessories (SIC 3714) · same industry (4-digit SIC) · compared with 34 companies

Multiples and returns vs the median

P/E
—
vertical median 15.3x
EV/EBITDA
—
vertical median 7.5x
P/S
30.6x
vertical median 0.7x
above median (+4,541.1%)
P/B
24.0x
vertical median 1.4x
above median (+1,658.5%)
ROE
—
vertical median 8.4%
Net margin
-150.1%
vertical median 2.7%
below median (−5,660.1%)
EBIT margin
-610.9%
vertical median 4.7%
below median (−13,202.4%)
Revenue YoY
99.4%
vertical median 2.9%
above median (+3,308.7%)
Net debt/EBITDA
—
vertical median 1.1x
Dividend yield
—
vertical median 1.7%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
MGAMagna International Inc.18.4 bn22.46.9%2.0%−1.9%+34% / +22%
BWABorgwarner Inc.10.1 bn21.58.2%3.4%+1.6%+17% / +50%
ALSNAllison Transmission Holdings, Inc.9.9 bn17.429.7%11.1%−6.7%+36% / +125%
ALVAutoliv, Inc.9.0 bn15.124.8%5.6%+4.1%+7% / +21%
APTVAptiv PLC8.8 bn11.98.5%4.6%+3.5%−44% / −48%
LEALear Corp5.7 bn10.411.6%2.5%−0.2%+11% / −11%
MODModine Manufacturing Co5.2 bn41.311.4%3.6%+23.1%−39% / +100%
GNTXGentex Corporation4.4 bn11.016.4%15.5%+9.6%−9% / −32%
DORMDorman Products, Inc.4.2 bn21.213.3%9.3%+6.0%+8% / +98%
ATMUAtmus Filtration Technologies Inc.3.9 bn18.355.8%11.3%+5.7%−5% / +119%
GTXGarrett Motion Inc.3.6 bn10.1—10.0%+3.1%+20% / +167%
PATKPatrick Industries Inc2.7 bn20.113.0%3.7%+6.3%−22% / +55%
PHINPhinia Inc.2.6 bn14.512.2%5.2%+2.4%+33% / +181%
DANDana Incorporated2.6 bn2.471.4%14.6%−3.0%+6% / +80%
LCIILci Industries2.5 bn12.115.0%5.2%+10.2%−8% / −4%
VCVisteon Corp2.0 bn13.810.8%4.1%−2.5%−22% / −32%
THRMGentherm Incorporated1.6 bn105.31.3%0.6%+2.9%−13% / −32%
ADNTAdient plc1.3 bn28.52.7%0.3%−1.0%−12% / −47%
DCHDauch Corporation1.1 bn—-15.2%-2.0%−4.7%−27% / −31%
SMPStandard Motor Products, Inc.1.0 bn15.19.9%3.8%+22.4%+22% / +28%
AEVAAeva Technologies, Inc.661.5 m——-150.1%+99.4%−31% / +208%
CPSCooper-Standard Holdings Inc.391.6 m——-2.0%+0.4%−29% / +24%
HLLYHolley Inc.351.6 m35.32.3%1.7%+1.9%−32% / −30%
KNDIKandi Technologies Group, Inc.287.8 m—-30.5%-107.4%−31.5%−63% / −88%
STRTStrattec Security Corp258.5 m15.67.2%2.9%+2.5%−14% / +201%

1- and 3-year price returns: for AEVA from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).

    In brief

    Aeva designs chip-integrated 4D LiDAR sensors based on FMCW technology for autonomous vehicles, industrial automation, smart infrastructure and, from 2026, AI data-center optics. The company remains at an early stage, with low revenue and large net losses, and quarterly revenue stays very small relative to research spending, so success depends on turning development programs into series production 13.

    SWOT

    Strengths

    • Chip-integrated FMCW technology that measures velocity and distance at the same time gives a clear technical difference from ToF LiDAR 1.
    • The company has active relationships with several carmakers and a major commercial-vehicle braking supplier 3.
    • Total liquidity has been supported by a recent share offering, which gives time for development 3.

    Weaknesses

    • Revenue is very small relative to research spending, and net losses are persistent 1.
    • Gross margin was negative in fiscal 2025, showing that production does not yet cover costs 1.
    • The company has a limited operating history and has not yet significantly commercialized any of its products 1.

    Opportunities

    • Expansion into optical connectivity for AI data centers opens a new market for silicon photonics technology 3.
    • Autonomous freight and industrial automation could create demand for precision sensors if customer projects reach production 1.
    • Cooperation with a component maker and other partners could speed up production scaling 12.

    Threats

    • If customer programs are postponed or cancelled, revenue could stay low for a long time 12.
    • Competition from ToF LiDAR, other FMCW suppliers and in-house automaker programs could limit market share 1.
    • Changes in financial leadership and trade tariffs could affect costs and planning 23.

    Risks

    • Dependence on customer programshigh

      Revenue depends on the success and timing of customer development programs, which can be delayed or abandoned 1.

    • Persistent net losseshigh

      The company does not expect near-term profitability and has reported net losses every year since its founding 1.

    • Need for additional capitalmedium

      If margins fall short of expectations, the company could need new debt or equity financing on less favorable terms for shareholders 12.

    • Product liability and warrantymedium

      Product complexity can hide defects that could lead to warranty costs and liability claims 1.

    • Change in finance leadershiplow

      The departure of the CFO and the appointment of an interim may disrupt financial planning during the transition 3.

    Investment thesis

    What would need to be true (bull case)

    • If Level 3 and Level 4 automated driving programs reach series production, the company could quickly turn prototype revenue into recurring sales 1.
    • Diversification into optical connectivity for AI data centers could add a new revenue source if the joint development agreement turns into orders 3.
    • The technical advantage of instant velocity measurement could support wider industry adoption if performance is confirmed at scale 1.

    What would break the thesis

    • The company has not yet reached significant commercial production, and quarterly revenue remains very small compared with spending 13.
    • Large operating losses and the need for capital could dilute shareholders if scaling is delayed 12.
    • Competition from established technologies and automaker in-house programs could reduce prices and market share 1.

    What to watch

    • Numirea unui director financiar permanentQ3 2026
    • Quarterly revenue and gross margin trendQ3 2026
    • Progress of the joint development agreement for optical connectivity2027
    • Appointment of a permanent CFOQ3 2026

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).

    The business

    Aeva, founded in 2017 by former Apple engineers, designs and sells FMCW LiDAR systems that measure the instant velocity and distance of every point. The technology combines silicon photonics, a proprietary signal-processing ASIC and perception software on a single chip 1. For now most customers buy prototypes and engineering services for their research and development programs rather than series products 1. The company is scaling production through third-party manufacturers 2.

    Segments

    Automotive

    The main product is Aeva Atlas, a 4D LiDAR built for series production with detection up to 500 meters, while Atlas Ultra, with up to three times the resolution, targets Level 3 and Level 4 automated driving 1. A large European passenger carmaker selected Aeva as exclusive LiDAR supplier for a series Level 3 platform 1.

    Industrial automation and smart infrastructure

    The Aeva Eve line offers non-contact displacement sensors with micrometer precision, launched as the first FMCW sensor for high-volume industrial automation, and Atlas Orion covers transport infrastructure and security 1. The new optical connectivity business for AI data centers, launched in the second quarter of 2026, is still in joint development 3.

    Market context

    The target market includes advanced driver assistance and autonomous driving for passenger and freight vehicles, as well as industrial automation, where LiDAR sensors could replace more expensive solutions 1. Regulation and demand for autonomous transport remain decisive for adoption, and Aeva describes the market as still at an early stage 1.

    Trends

    • Adoption of Level 3 and Level 4 automated drivingtailwind

      Carmakers and truck makers are working with technology companies on automated driving systems, which could create demand for long-range LiDAR sensors 1.

    • Autonomous freight in North Americatailwind

      The autonomous trucking industry is expanding, and demand from logistics and construction supports the need for long-distance detection on highways 1.

    • Long design-to-production cyclesheadwind

      Years can pass between a product selection in a program and actual implementation, which delays revenue and can lead to cancellations or postponements 1.

    • Price pressure and cost reduction at automakersmixed

      Carmakers demand lower prices and can re-source or cancel programs, which could compress the company's already negative margins 12.

    Competitive position

    The company faces time-of-flight LiDAR producers, which dominate the current market, as well as other FMCW LiDAR developers and in-house LiDAR programs at some automakers 1. Aeva argues its FMCW technology offers advantages in instant velocity, range and immunity to interference, but these advantages must be confirmed in series production 1.

    • Time-of-flight LiDAR producers

      Makers of ToF LiDAR sensors, which Aeva considers to have performance or cost limitations 1.

    • Other FMCW LiDAR developers

      Companies with similar FMCW solutions competing for the same automation programs 1.

    • In-house automaker LiDAR programs

      Some carmakers develop their own LiDAR, which could shrink the market open to outside suppliers 1.

    • Commercial-vehicle ADAS suppliers

      Established ADAS suppliers for commercial trucks may choose competing solutions for their next generation of products 3.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Aeva Technologies, Inc. · 20 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Aeva Technologies, Inc. · 06 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Aeva Technologies, Inc. · 05 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.