Aeva Technologies, Inc. (AEVA)

Price$15.52Cached quoteAs of 2026-09-14 06:50 UTC

AI: Overvalued

Price checkThe market value assumes dramatic growth that today's tiny sales base does not support.

At the observed close, 68.7 million shares imply an equity value near $1.07 billion. Adding roughly $5.5 million of debt and subtracting $177.9 million of cash and marketable securities gives an enterprise value—the value investors place on operations—near $893 million. Trailing twelve-month revenue is about $21.6 million, so operations sell for roughly 41 times sales despite large losses. That price requires several successful production ramps and eventual strong margins; today's evidence is too early, supporting an Overvalued verdict.

Big pictureRevenue is rising, but ongoing losses and cash burn still depend on outside funding.

Revenue nearly doubled to $18.1 million in 2025, but the operating loss remained $127.6 million. Operating cash outflow was $115.1 million; after $4.6 million of equipment spending, free cash flow—cash left after running and investing in the business—was negative $119.7 million. First-half 2026 cash burn remained about $59.4 million on that basis. Debt was only $5.5 million, but the $177.9 million liquid balance covers roughly 18 months at this pace. A further $125 million share facility adds runway but expires in November 2026 and would dilute owners.

Business strengthCustomers are validating the technology, yet commercial scale and stable profits remain unproven.

First-half 2026 revenue rose 40% to $12.4 million, and gross profit turned positive at $4.1 million from a $2.4 million loss. That is real progress from 2025's slightly negative gross profit. However, second-quarter product revenue fell 39% while project-based engineering revenue rose 174%, showing that sales remain lumpy and tied to customer development cycles. Daimler Truck, SICK, Bendix and the data-center program validate the technology. The bull case is broad reuse of Aeva's photonics; the bear case is that validation never becomes high-volume sales.

What could change the storyLarge production orders could justify optimism, while stalled launches would expose a funding gap.

Evidence would strengthen if named vehicle, industrial and data-center programs produce firm volumes, repeat product sales and sustained positive gross profit. At an illustrative five-times-sales value, today's operating valuation would require about $179 million of annual revenue—more than eight times the recent level—even before demanding profit. Failure to approach that scale before cash falls materially would likely trigger more financing. Shares already rose from 54.1 million at year-end 2024 to 68.7 million by June 2026, and 7.3 million restricted stock units remained outstanding.

AI: News

Quarterly progress, persistent lossesSales grew modestly and margins improved, but heavy spending kept the business far from profit.

On August 5, second-quarter revenue increased 11% to $6.1 million. Gross profit—sales left after direct delivery costs—reached $2.2 million, versus a $2.7 million loss one year earlier, but the operating loss remained $34.6 million. First-half operating cash outflow was $57.0 million. Shares rose 28.8% in the next session; the timing suggests investors welcomed the update, but the simultaneous data-center announcement prevents reliable attribution to the results alone.

Data-center market entryA first customer agreement opens a large new market, though meaningful sales remain years away.

On August 5, Aeva launched Optical Connectivity and said an unnamed optical-engine provider signed a joint-development agreement for a major cloud operator. Initial deployment is targeted for the second half of 2027 and production growth for 2028. The program may reuse Aeva's laser and silicon-photonics technology in artificial-intelligence data centers, expanding revenue beyond sensing. However, Aeva disclosed no order value, committed volume or customer identity, so the value contribution remains speculative.

Balance sheet refillA large share sale extended the cash runway but spread future gains across more owners.

Aeva closed a public offering on June 5 that sold 5.17 million shares and raised $115.0 million before fees, producing $108.8 million of net cash. The new shares equaled roughly 8% of the March share count. Management directed the proceeds toward general needs and growing interest in data-center optics and existing sensing applications. The financing materially strengthened liquidity, but it also illustrates the dilution risk created by operating cash losses that remain far larger than revenue.

Bendix truck programBendix chose Aeva for a future truck-safety system, creating a possible high-volume route.

On June 16, Bendix agreed to develop a collision-avoidance system using Aeva sensors and perception software for heavy trucks. Bendix's existing safety platform is available across most major North American heavy-truck makers, while approximately 300,000 new Class 8 trucks are sold annually in the region. This creates a credible route to scale beyond autonomous vehicles. However, the announcement was a development selection, not a production order, and included no committed units, launch date or expected revenue.

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Revenue

2019

2020

2021

2022

2023

2024

2025

Net income

2019

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2021

2022

2023

2024

2025

Free cash flow

2019

2020

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2025

Total cash / debt

CashTotal debt

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2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$18.1M	$9.1M	$4.3M	$4.2M	$9.3M	$4.8M	$1.4M
Gross profit	−$660,000	−$3.8M	−$5.9M	−$4.3M	$3.4M	$2.1M	$569,000
Gross margin	−3.65%	−41.81%	−136.50%	−101.50%	37.04%	43.40%	41.11%
Research & development	$85.4M	$102.7M	$102.5M	$109.6M	$74.8M	$20.5M	$15.4M
Operating expenses	$126.9M	$154.6M	$141.9M	$147.7M	$107.6M	$27.8M	$20.7M
Operating income	−$127.6M	−$158.4M	−$147.8M	−$152.0M	−$104.2M	−$25.7M	−$20.1M
Operating margin	−705.77%	−1,747.07%	−3,427.37%	−3,624.88%	−1,124.51%	−531.51%	−1,451.81%
EBITDA	−$122.2M	−$152.9M	−$143.2M	−$148.7M	−$103.0M	−$24.9M	−$19.5M
EBITDA margin	−676.01%	−1,686.62%	−3,320.18%	−3,546.99%	−1,112.13%	−515.03%	−1,406.00%
Net income	−$145.4M	−$152.3M	−$149.3M	−$147.3M	−$101.9M	−$25.6M	−$19.6M
Net profit margin	−804.40%	−1,679.66%	−3,463.20%	−3,513.96%	−1,099.60%	−527.98%	−1,415.75%
Basic EPSper basic share	-$2.55	-$2.85	-$3.29	-$3.39	-$2.55	-$0.90	-$0.85
Diluted EPSper diluted share	-$2.55	-$2.85	-$3.29	-$3.39	-$2.55	-$0.90	-$0.85

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

23.63%of listed shares

SYLEBRA CAPITAL LLC16.23M shares · Jun 30, 2026

View holders

Top 20 reported holders of AEVA
Holder	% owned
SYLEBRA CAPITAL LLC	23.63%16.23M shares
Simonian Hrach	≈5.41%3.71M shares
Canaan Partners XI LLC	5.24%3.6M shares
Rezk Mina	≈4.82%3.31M shares
Dardashti Soroush Salehian	≈4.56%3.13M shares
BlackRock, Inc.	3.49%2.39M shares
Think Investments LP	2.40%1.65M shares
VANGUARD CAPITAL MANAGEMENT LLC	2.27%1.56M shares
Wasserstein Management, L.P.	2.20%1.51M shares
MARSHALL WACE, LLP	2.13%1.46M shares
STATE STREET CORP	1.68%1.15M shares
MORGAN STANLEY	1.49%1.02M shares
D. E. Shaw & Co., Inc.	1.21%830.58K shares
Apollo Management Holdings, L.P.	1.17%803.14K shares
GEODE CAPITAL MANAGEMENT, LLC	1.15%788.33K shares
Parkwood LLC	1.08%743.63K shares
Duquesne Family Office LLC	1.05%720.18K shares
Sinha Saurabh	≈1.00%690.03K shares
Point72 Asset Management, L.P.	0.94%642.37K shares
SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC	0.80%550K shares

Percentages use 68.68M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys9$57.80M disclosed value

Sells (SEC code S)76$70.64M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 22, 2026Form 4 · 10b5-1	Zadesky Stephen PaulDirector	SellCommon Stock	600	$26.36	$15.8K	92.9K
Jun 22, 2026Form 4 · 10b5-1	Zadesky Stephen PaulDirector	SellCommon Stock	1.2K	$25.46	$30.1K	93.5K
Jun 22, 2026Form 4 · 10b5-1	Zadesky Stephen PaulDirector	SellCommon Stock	1.2K	$24.88	$29.9K	94.7K
Jun 16, 2026Form 4 · 10b5-1	Dardashti Soroush SalehianChief Executive Officer	SellCommon Stock · indirect	690	$27.09	$18.7K	1.47M
Jun 16, 2026Form 4 · 10b5-1	Dardashti Soroush SalehianChief Executive Officer	SellCommon Stock · indirect	199	$26.09	$5.2K	1.47M