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Aeva Technologies

AEVA on Nasdaq. Aeva sells laser sensors and software to car, robot, and industrial machine makers. Market value $997m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

Nothing stands out yet.

What to watch out for

See Retail & consumer stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-11.5%low

For every $100 of what the whole company costs, it produced $-11.49 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: 40 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$14.57 a share, 65% above its 1-year low

Over the past year the price has ranged from $8.83 to $31.30.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.1
-0.1
-0.1
-0.1
-0.1
-0.1
2021202220232024202512 monthsto Jun '26
Revenue
$9m$4m$4m$9m$18m
Operating margin
-1124.5%-3624.9%-3427.4%-1747.1%-705.8%
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.22bn0.22bn0.05bn0.06bn0.07bn

Health checks

  • Free cash flow positive0 of 5 years
  • Accounting checksSkipped: company is not yet profitable
  • DebtUnknown
  • Revenue growth, five yearsStrong, 30.1% a year
  • Buying back its own sharesYes, 68% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $6 million last quarter, about the same as a year ago.
  • A loss of $80 million, compared with a loss of $193 million a year ago.
  • It loses 611 cents on each $1 of sales, compared with 994 cents a year earlier.
  • Over the past 12 months it spent $117 million more cash than it brought in, compared with $112 million a year earlier.
  • 17% more shares than a year ago. Each share owns a bit less of the company.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$2m
December 2024$3m
March 2025$3m
June 2025$6m
September 2025$4m
December 2025$6m
March 2026$6m
June 2026$6m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$37m
December 2024-$36m
March 2025-$35m
June 2025-$193m
September 2025$107m
December 2025-$25m
March 2026-$35m
June 2026-$80m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
20 March 2026
Next quarterly (estimated, 10-Q)
5 November 2026

Who owns it

None of the long-term investors we follow own it. 195 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

6 investors own more than 5%.

  • SYLEBRA CAPITAL LLC
    Passive investor
    at least 29.3%−0.3 pts
    (filed with 3 related holders)
    Since 30 June 2026
    What they said

    Item 4 is hereby amended and supplemented as follows: The Reporting Persons acquired the Notes (and the shares of Common Stock issuable upon conversion thereof) for investment purposes in the ordinary course of the business of the Solutions Funds, which are newly formed…

    Read the filing
  • Mina Rezk
    Insider or founder
    6.5%−2.2 pts
    Since 17 March 2026
    What they said

    The information set forth in Item 4 of the original Schedule 13D filed with the Commission on March 22, 2021, as amended by Amendment No. 1 filed with the Commission on March 21, 2025 and by Amendment No. 2 filed with the Commission on August 7, 2025 (the Original Schedule 13D)…

    Read the filing
  • Canaan Partners XI LLC
    Passive investor
    at least 6.5%
    (filed with 1 related holder)
    Since 16 June 2025
  • LG Innotek Co., Ltd.
    Passive investor
    5.9%
    Since 20 August 2025
  • Soroush Salehian Dardashti
    Insider or founder
    5.8%−3.1 pts
    Since 5 August 2025
    What they said

    The information set forth in Item 4 of the original Schedule 13D filed with the Commission on March 22, 2021, as amended by Amendment No. 1 filed with the Commission on March 21, 2025 (the Original Schedule 13D) is incorporated herein by reference.

    Read the filing
  • Adage Capital Management, L.P.
    Passive investor
    at least 2.6%
    (filed with 2 related holders)
    Since 31 March 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 5 sold $56m, $35m of it under preset trading plans.

  • Sinha Saurabh
    Chief Financial Officer
    Sold
    Date
    2 September 2026
    Shares
    34,146
    Price
    $14.83
    Value
    $506,409
  • Sinha Saurabh
    Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    18 August 2026
    Shares
    70,000
    Price
    $21.21
    Value
    $1m
  • MOTLAGH KATHERINE
    Director
    Sold
    Date
    12 August 2026
    Shares
    2,500
    Price
    $25.50
    Value
    $63,750
  • Dardashti Soroush Salehian
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    11 August 2026
    Shares
    30,514
    Price
    $24.32
    Value
    $741,970
  • Dardashti Soroush Salehian
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    10 August 2026
    Shares
    274,585
    Price
    $24.03
    Value
    $7m
  • Rezk Mina
    Chief Technology Officer, Director
    Sold
    under a preset trading plan
    Date
    10 August 2026
    Shares
    100,000
    Price
    $24.01
    Value
    $2m
  • Dardashti Soroush Salehian
    Chief Executive Officer, Director
    Sold
    Date
    27 July 2026
    Shares
    10,304
    Price
    $15.40
    Value
    $158,671
  • Rezk Mina
    Chief Technology Officer, Director
    Sold
    Date
    27 July 2026
    Shares
    10,304
    Price
    $15.40
    Value
    $158,671
  • Sinha Saurabh
    Chief Financial Officer
    Sold
    Date
    27 July 2026
    Shares
    6,830
    Price
    $15.40
    Value
    $105,175
  • Sinha Saurabh
    Chief Financial Officer
    Sold
    Date
    8 July 2026
    Shares
    20,620
    Price
    $21.16
    Value
    $436,410

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the serious warning signs we check for were found. 1 thing worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 20 Mar 2026, plus the 10-Q filed 6 Aug 2026 and 5 later 8-Ks.

  • One big customer

    Worth knowing

    One customer brings in a big share of sales: 28% last year. Losing that customer would hurt.

    “For the year ended December 31, 2025 three customers accounted for 28%, 18% and 18% of the Company's revenue.”

    From the 10-K filed 20 March 2026, Item 8. Financial Statements and Notes. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.