Aeva Technologies, Inc.

Early-stage 4D-LiDAR developer with negative gross margins, deep losses, and a short cash runway despite rapid revenue growth.

Strengths

• Rapid revenue growth (+99%, 89.5th pct) and strong current/quick ratios (~4.3, 94th pct)
• Differentiated FMCW LiDAR-on-chip IP and design-win pipeline

Risks

• Negative gross margin (-3.7%, 6.2nd pct), net margin -8.0x, ROE -11.0 (3.0th pct), FCF -$120M
• Cash runway ~4.1 quarters (39.4th pct); broad commercial deliveries not expected in 2026 — binary funding risk

Notable findings

• RestatementOn March 18, 2024, we filed a Certificate of Amendment to our Amended and Restated Certificate of Incorporation (the “Amendment”) with the Secretary of State of the State of Delaware to effect a 1-for 8-K ↗
• Exec changeRecent 8-K item 5.02 8-K ↗
• Net lossNet loss (net margin -804.4%)
• Cash burnNegative free cash flow (-119.7M)
• Buying back stockNet buyback — share count -21%/yr over 4y