Revenue growth of 85.9% in 2026Q1 remains heavily dependent on milestone recognition, failing to offset the structural volatility that has seen gross margins fluctuate between -49.4% and 31.0%.
| Sales/Revenue | 20.97M | 18.08M | 9.06M | 4.31M | 4.19M | 9.27M | 4.84M | 1.38M | 135K |
| Revenue Growth % | 103.11% | 99.44% | 110.23% | 2.86% | -54.75% | 91.31% | 249.93% | 925.19% | - |
| Cost of Goods Sold | 20M | 18.74M | 12.86M | 10.2M | 8.45M | 5.83M | 2.74M | 815K | 57K |
| COGS % of Revenue | - | 103.65% | 141.81% | 236.5% | 201.5% | 62.96% | 56.6% | 58.89% | 42.22% |
| Gross Profit | 971K | -660K | -3.79M | -5.89M | -4.25M | 3.43M | 2.1M | 569K | 78K |
| Gross Margin % | 4.63% | -3.65% | -41.81% | -136.5% | -101.5% | 37.04% | 43.4% | 41.11% | 57.78% |
| Gross Profit Growth % | - | 82.59% | 35.61% | -38.33% | -223.98% | 63.27% | 269.42% | 629.49% | - |
| Operating Expenses | 133.29M | 126.94M | 154.58M | 141.9M | 147.7M | 107.62M | 27.84M | 20.66M | 11.48M |
| OpEx % of Revenue | - | 702.12% | 1705.26% | 3290.86% | 3523.38% | 1161.55% | 574.91% | 1492.92% | 8503.7% |
| Selling, General & Admin | 46.6M | 41.51M | 40.41M | 39.4M | 38.11M | 32.85M | 7.35M | 5.26M | 3.08M |
| SG&A % of Revenue | - | 229.62% | 445.84% | 913.71% | 909.18% | 354.56% | 151.68% | 379.77% | 2282.22% |
| Research & Development | 86.68M | 85.42M | 102.67M | 102.5M | 109.59M | 74.77M | 20.5M | 15.41M | 8.4M |
| R&D % of Revenue | - | 472.5% | 1132.56% | 2377.16% | 2614.19% | 806.99% | 423.23% | 1113.15% | 6221.48% |
| Other Operating Expenses | 0 | 0 | 11.5M | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -132.31M | -127.6M | -158.37M | -147.79M | -151.96M | -104.19M | -25.74M | -20.09M | -11.4M |
| Operating Margin % | -630.88% | -705.77% | -1747.07% | -3427.37% | -3624.88% | -1124.51% | -531.51% | -1451.81% | -8445.93% |
| Operating Income Growth % | - | 19.43% | -7.16% | 2.74% | -45.85% | -304.75% | -28.11% | -76.22% | - |
| EBITDA | -121.57M | -119.11M | -149.43M | -140.08M | -145.81M | -101.08M | -24.94M | -19.46M | -10.93M |
| EBITDA Margin % | -579.64% | -658.83% | -1648.42% | -3248.61% | -3478.24% | -1091.04% | -515.03% | -1406% | -8093.33% |
| EBITDA Growth % | 14.63% | 20.29% | -6.67% | 3.93% | -44.24% | -305.26% | -28.18% | -78.1% | - |
| D&A (Non-Cash Add-back) | 10.75M | 8.49M | 8.94M | 7.71M | 6.15M | 3.1M | 798K | 634K | 476K |
| EBIT | 12.3M | -145.12M | -146.87M | -147.79M | -151.96M | -104.19M | -25.74M | -20.09M | -11.4M |
| Net Interest Income | 1.43M | 2.74M | 7.71M | 8.93M | 3.71M | 372K | 195K | 516K | 0 |
| Interest Income | 2.61M | 2.74M | 7.71M | 8.93M | 3.71M | 372K | 195K | 516K | 234K |
| Interest Expense | 1.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -12.94M | -17.52M | 6.28M | -1.54M | 4.65M | 2.31M | 171K | 499K | 234K |
| Pretax Income | -145.26M | -145.12M | -152.09M | -149.33M | -147.31M | -101.88M | -25.57M | -19.59M | -11.17M |
| Pretax Margin % | -692.59% | -802.7% | -1677.77% | -3463.2% | -3513.96% | -1099.6% | -527.98% | -1415.75% | -8272.59% |
| Income Tax | 283K | 308K | 171K | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.19% | -0.21% | -0.11% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -145.54M | -145.43M | -152.26M | -149.33M | -147.31M | -101.51M | -25.57M | -19.59M | -11.17M |
| Net Margin % | -693.94% | -804.4% | -1679.66% | -3463.2% | -3513.96% | -1095.59% | -527.98% | -1415.75% | -8272.59% |
| Net Income Growth % | 4.13% | 4.49% | -1.96% | -1.38% | -45.12% | -296.97% | -30.5% | -75.45% | - |
| Net Income (Continuing) | -145.54M | -145.43M | -152.26M | -149.33M | -147.31M | -101.88M | -25.57M | -19.59M | -11.17M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.32 | -2.55 | -2.85 | -3.29 | -3.39 | -2.54 | -0.60 | -0.45 | -0.26 |
| EPS Growth % | 12.72% | 10.53% | 13.37% | 2.95% | -33.46% | -323.33% | -33.33% | -73.08% | - |
| EPS (Basic) | - | -2.55 | -2.85 | -3.29 | -3.39 | -2.53 | -0.60 | -0.45 | -0.26 |
| Diluted Shares Outstanding | 62.81M | 57.02M | 53.36M | 45.41M | 43.46M | 40.17M | 42.28M | 42.28M | 42.28M |
| Basic Shares Outstanding | 62.81M | 57.02M | 53.36M | 45.41M | 43.46M | 40.17M | 42.28M | 42.28M | 42.28M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Liquidity and commercial scale
According to recent financial filings, Aeva Technologies achieved a 99.44% year-over-year revenue increase, reflecting the company's reliance on non-recurring engineering milestones rather than consistent product shipments, which complicates the assessment of long-term commercial durability in the highly competitive automotive LiDAR sensing market for future autonomous applications.
The revenue trajectory appears heavily influenced by the timing of project-based NRE payments rather than a steady ramp-up in volume production. Investors should monitor whether these growth spikes represent genuine commercial adoption or merely the lumpy recognition of technical development contracts that may not repeat.
As reported in quarterly statements, Aeva's gross margin remains deeply inconsistent, fluctuating between negative 49.4% and positive 31.0%, which suggests that the company has yet to achieve the manufacturing efficiencies required to offset the high costs associated with its silicon photonics-based 4D LiDAR production process.
The volatility in gross margins indicates that the company is struggling to stabilize its unit economics as it transitions from prototype development to potential commercial scale. Until the company demonstrates a consistent ability to cover direct production costs, the path to sustainable profitability remains highly speculative.
Based on the provided income statement data, Aeva's operating expenses continue to dwarf gross profit, resulting in an operating margin of -705.77% that highlights the significant disconnect between current commercial scale and the massive R&D infrastructure required to support its proprietary 4D LiDAR technology roadmap.
The company's inability to scale operating income relative to its revenue growth suggests that it is currently in a high-burn phase of its lifecycle. The persistent reliance on heavy R&D spending implies that operating leverage will likely remain elusive until the company secures high-volume automotive design wins.
Analysis of recent SEC filings reveals that Aeva consistently utilizes stock-based compensation, with figures reaching $9.4 million in 2026Q1, which effectively obscures the true extent of the cash burn required to retain the specialized engineering talent necessary for its complex silicon photonics development efforts.
Investors should be cautious of the impact of stock-based compensation on the company's reported net income and dilution metrics. This non-cash expense suggests that the actual cost of maintaining the current R&D trajectory is significantly higher than the cash-based operating losses might otherwise indicate.
While Aeva's FMCW technology offers theoretical advantages in velocity detection, the market may be underestimating the manufacturing complexity of silicon photonics, as evidenced by the company's inability to maintain positive gross margins, which poses a significant risk to its long-term viability against lower-cost ToF competitors.
Short-term revenue growth may be masking the fundamental difficulty of scaling a high-tech hardware product in a cost-sensitive automotive industry. If Aeva cannot achieve price parity with traditional LiDAR solutions, its unique technical moat may prove insufficient to justify the capital required to reach mass-market production.
Quick answers to the most common questions about buying AEVA stock.
For fiscal year 2025, Aeva Technologies, Inc. (AEVA) reported total revenue of $18.1M. This represents a 13291.9% increase compared to $0.1M in 2018.
Aeva Technologies, Inc. (AEVA) reported a net loss of $145.4M for the fiscal year ending 2025.
Aeva Technologies, Inc. (AEVA) reported an operating income of $-127.6M, resulting in an operating profit margin of -705.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Aeva Technologies, Inc. (AEVA) generated $-0.7M in gross profit for the year, representing a gross profit margin of -3.7%. This demonstrates the company's core pricing power and production efficiency.