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RoboticsPublic

Aeva Technologies

catalyst in 3dNo base rate yet — AEVA has 0 graded prints on the record, and the bar is 3.Website
Ticker
AEVA
Beat
robotics
Size
Public Company
Revenue
$6.1M
as of Jun 2026
Cash
$43.2M
as of Jun 2026
Burn
$31.4M/qtr
as of Jun 2026
Runway
~1 qtr at this rate
as of Jun 2026
Researched · Fresh
10 days ago

A genuine FMCW technology lead and a watershed exclusive-OEM win, priced at ~28x forward sales against ~24 months of runway and a 2028 start-of-production — the technology is real, the chasm between here and revenue is the trade.

Orbit · who it trades with and competes with
5 on the rings · 3 trade · 4 rival
10 mentions across our dossiers
Focus · Robotics
Aeva Technologies
AEVA · public
No published house view
Trades and competes with
Trades with
Competes with
Next prints in its web
Links · 5 companies · 3 trade · 4 rival
“LiDAR: a "strategic customer" widely suspected to be Aeva Technologies (NVIDIA DRIVE Hyperion).”Sivers Semiconductors · BOTH · from Sivers Semiconductors’s dossier
TholoBbrief←→step through the orbitESCcloseclick a company to open ittap a company to read it, tap again to open it
Price

Weekly closes

AEVA · weekly close
9.27 USD−8.8%
Friday 30 Oct 2026 · last 52 Fridays 9.27–28.18
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Short interest: 9,797,814 sh · 6.35 days to cover, FINRA · settled 15 Oct 2026
  2. Insiders bought, 90 days: 50,000 sh · 1 filing, Form 4 · 29 Oct 2026
  3. Next print: in 3 days, Scheduled · 6 Nov 2026, scheduled
9.27USD-8.8%robotics -1.6%AEVA · 112 weekly closes to 2026-10-30

Who is buying

Insiders bought, last 90 daysSEC Form 4 · newest 29 Oct 2026
1 filing · 50,000 shares
Shares sold shortFINRA · settled 15 Oct 2026
9,797,814 shares
Days to unwind the shortFINRA · settled 15 Oct 2026
6.35
see the whole series
Financials

The reported figures

Revenue · quarterly
$6.1M
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
$6.1M USD
as of 30 Jun 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
Aeva Technologies, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofRevenueFree cash flowCapexCashShares outstandingGradingSource
Q3 ’2330 Sept 2023$810K USD-$29.1M USD$1.0M USD$40.6M USD223.4M sharesFiled · primarysec.gov
Q4 ’2331 Dec 2023$1.6M USD-$30.0M USD$2.7M USD$38.5M USD—Filed · primarysec.gov
Q1 ’2431 Mar 2024$2.1M USD-$32.6M USD$1.6M USD$29.6M USD263.8M sharesFiled · primarysec.gov
Q2 ’2430 Jun 2024$2.0M USD-$29.9M USD$779K USD$23.6M USD53.6M sharesFiled · primarysec.gov
Q3 ’2430 Sept 2024$2.3M USD-$26.4M USD$542K USD$30.5M USD53.9M sharesFiled · primarysec.gov
Q4 ’2431 Dec 2024$2.7M USD-$23.0M USD$2.1M USD$28.9M USD—Filed · primarysec.gov
Q1 ’2531 Mar 2025$3.4M USD-$31.3M USD$459K USD$21.2M USD54.7M sharesFiled · primarysec.gov
Q2 ’2530 Jun 2025$5.5M USD-$31.2M USD$1.4M USD$21.7M USD56.3M sharesFiled · primarysec.gov
Q3 ’2530 Sept 2025$3.6M USD-$33.6M USD$1.3M USD$45.7M USD60.1M sharesFiled · primarysec.gov
Q4 ’2531 Dec 2025$5.6M USD-$23.7M USD$1.5M USD$72.3M USD—Filed · primarysec.gov
Q1 ’2631 Mar 2026$6.3M USD-$28.1M USD$2.2M USD$31.2M USD62.9M sharesFiled · primarysec.gov
Q2 ’2630 Jun 2026$6.1M USD-$31.4M USD$185K USD$43.2M USD69.7M sharesFiled · primarysec.gov

Aeva Technologies’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’23 – Q2 ’26
$6.1M+11% vs Q2 ’25

Q2 ’26 · as of Jun 2026

Revenue Q3 ’23: $810K, as of Sep 2023Revenue Q4 ’23: $1.6M, as of Dec 2023 (Q4 worked out from the annual total)Revenue Q1 ’24: $2.1M, as of Mar 2024Revenue Q2 ’24: $2.0M, as of Jun 2024Revenue Q3 ’24: $2.3M, as of Sep 2024Revenue Q4 ’24: $2.7M, as of Dec 2024 (Q4 worked out from the annual total)Revenue Q1 ’25: $3.4M, as of Mar 2025Revenue Q2 ’25: $5.5M, as of Jun 2025Revenue Q3 ’25: $3.6M, as of Sep 2025Revenue Q4 ’25: $5.6M, as of Dec 2025 (Q4 worked out from the annual total)Revenue Q1 ’26: $6.3M, as of Mar 2026Revenue Q2 ’26: $6.1M, as of Jun 2026

Lighter bars: Q4 worked out as the full-year total minus the three reported quarters.

Free cash flow · quarterlyQ3 ’23 – Q2 ’26
-$31.4M

Q2 ’26 · as of Jun 2026

Free cash flow Q3 ’23: -$29.1M, as of Sep 2023Free cash flow Q4 ’23: -$30.0M, as of Dec 2023 (Q4 worked out from the annual total)Free cash flow Q1 ’24: -$32.6M, as of Mar 2024Free cash flow Q2 ’24: -$29.9M, as of Jun 2024Free cash flow Q3 ’24: -$26.4M, as of Sep 2024Free cash flow Q4 ’24: -$23.0M, as of Dec 2024 (Q4 worked out from the annual total)Free cash flow Q1 ’25: -$31.3M, as of Mar 2025Free cash flow Q2 ’25: -$31.2M, as of Jun 2025Free cash flow Q3 ’25: -$33.6M, as of Sep 2025Free cash flow Q4 ’25: -$23.7M, as of Dec 2025 (Q4 worked out from the annual total)Free cash flow Q1 ’26: -$28.1M, as of Mar 2026Free cash flow Q2 ’26: -$31.4M, as of Jun 2026

Lighter bars: Q4 worked out as the full-year total minus the three reported quarters.

Operating cash flow minus capital spending.

Cash · quarterlyQ3 ’23 – Q2 ’26
$43.2M

Q2 ’26 · as of Jun 2026

Cash Q3 ’23: $40.6M, as of Sep 2023Cash Q4 ’23: $38.5M, as of Dec 2023Cash Q1 ’24: $29.6M, as of Mar 2024Cash Q2 ’24: $23.6M, as of Jun 2024Cash Q3 ’24: $30.5M, as of Sep 2024Cash Q4 ’24: $28.9M, as of Dec 2024Cash Q1 ’25: $21.2M, as of Mar 2025Cash Q2 ’25: $21.7M, as of Jun 2025Cash Q3 ’25: $45.7M, as of Sep 2025Cash Q4 ’25: $72.3M, as of Dec 2025Cash Q1 ’26: $31.2M, as of Mar 2026Cash Q2 ’26: $43.2M, as of Jun 2026
Shares outstanding · quarterlyQ3 ’23 – Q2 ’26
69.7M-69% since Q3 ’23

Q2 ’26 · as of Jun 2026

Shares outstanding Q3 ’23: 223.4M, as of Sep 2023Shares outstanding Q1 ’24: 263.8M, as of Mar 2024Shares outstanding Q2 ’24: 53.6M, as of Jun 2024Shares outstanding Q3 ’24: 53.9M, as of Sep 2024Shares outstanding Q1 ’25: 54.7M, as of Mar 2025Shares outstanding Q2 ’25: 56.3M, as of Jun 2025Shares outstanding Q3 ’25: 60.1M, as of Sep 2025Shares outstanding Q1 ’26: 62.9M, as of Mar 2026Shares outstanding Q2 ’26: 69.7M, as of Jun 2026

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateTypeWhat happenedSource
2026-10-24editorial noteSources added: 0 → 4The dossier's cited-link count grew from 0 to 4 (deep-dive-2026-06-20.md → deep-dive-2026-10-24.md).dossier
2026-10-24editorial noteRevenue figure revised: 72% → $6.1MRevenue moved from 72% (deep-dive-2026-06-20.md) to $6.1M (deep-dive-2026-10-24.md).dossier
dossier age
10 days
researched 24 Oct 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 13 mentions across 2 sections. A dashed foot names none.
Primary sources
0 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-06-20), 589 words, 10 filing mentions
  2. The dossier: What held, 67 words, 3 filing mentions
Research

The Aeva Technologies dossier

The verdict

A genuine FMCW technology lead and a watershed exclusive-OEM win, priced at ~28x forward sales against ~24 months of runway and a 2028 start-of-production — the technology is real, the chasm between here and revenue is the trade.

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-06-20)

  1. Q2 results. Revenue $6.1M against $5.5M in Q2 2025. GAAP operating loss $34.6M against $34.9M; non-GAAP operating loss $26.0M against $25.1M. GAAP net loss per share $1.23 against $3.49; non-GAAP $0.41 against $0.44. Weighted average shares 64.7M. [sec.gov: Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. filed 2026-08-05, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1789029/000119312526335102/aeva-ex99_1.htm; quarter ended 2026-06-30]
  2. Revenue mix. Product revenue fell 39% to $2.5M (from $4.2M) on a lower average selling price; professional-services (non-recurring engineering) revenue rose 174% to $3.6M (from $1.3M). [sec.gov: Form 10-QThe quarterly version of the annual report. Lighter, and not audited. filed 2026-08-06, https://www.sec.gov/Archives/edgar/data/1789029/000119312526338179/aeva-20260630.htm, MD&A]
  3. Liquidity and the follow-on. Total available liquidity $302.9M at 2026-06-30: $177.9M of cash, cash equivalents and marketable securities plus a $125.0M available facility. On 2026-06-05 the company completed an underwritten public offering of 5,168,539 shares (including 674,157 from the option) at $22.25, an aggregate $115.0M, with net proceeds of $108.8M. [sec.gov: 8-K filed 2026-08-05, exhibit 99.1, same URL as item 1; 10-Q filed 2026-08-06, same URL as item 2]
  4. Shares. 69,705,758 common shares outstanding at 2026-07-30. [sec.gov: 10-Q filed 2026-08-06, same URL as item 2]
  5. Backlog. The transaction price allocated to unsatisfied performance obligations on contracts longer than one year was $28.7M at 2026-06-30, about 30% expected to be recognised over the next 12 months. [sec.gov: 10-Q filed 2026-08-06, same URL as item 2, revenue note]
  6. Customer geography. Customers outside the United States were 44% of Q2 revenue (Q2 2025: 15%) and 55% of six-month revenue (2025: 11%). [sec.gov: 10-Q filed 2026-08-06, same URL as item 2]
  7. New business and programme news. The company launched an Optical Connectivity business and signed a joint development agreement for a Near-Packaged Optics solution for a hyperscaler, with initial deployment targeted for second-half 2027 and a production ramp for 2028. Bendix selected Aeva for the next generation of its commercial-vehicle ADAS solution. SICK launched its first Eve-powered industrial sensor. The release lists milestones on programmes with Daimler Truck, a "top 10 European passenger OEM" (unnamed) and NVIDIA DRIVE Hyperion. [sec.gov: 8-K filed 2026-08-05, exhibit 99.1, same URL as item 1]
  8. CFO transition. CFO Saurabh Sinha resigns effective 2026-09-05; Vice President Corporate Controller Rupesh Maheshwari becomes interim CFO on that date at a $280,500 base salary; a search is under way. [sec.gov: 8-K filed 2026-08-05, https://www.sec.gov/Archives/edgar/data/1789029/000119312526335102/aeva-20260730.htm]
  9. Annual meeting. The 2026 annual meeting was held on 2026-06-18 and included the election of Class II directors; the filing lists the proposals voted on. The vote counts were not read. [sec.gov: 8-K filed 2026-06-25, https://www.sec.gov/Archives/edgar/data/1789029/000119312526281731/d34795d8k.htm]
  10. Where the new filings meet the carried view (stated as fact, no line changed). The carried seed catalyst asks to "watch product-vs-NRE revenue split + any SEPA draw" in the Q2 print: item 2 gives the split, and the passages read do not say whether the standby equity facility was drawn. The carried seed lists "capital raise / SEPA draw (DilutionIssuing new shares, so each existing share owns a smaller slice of the same company. event)" as near-certain within 12 months: item 3 shows a $115.0M public offering that closed on 2026-06-05, before the carried dossier's date, although the carried RunwayHow long the cash lasts at the current rate of spending. It shortens the moment spending rises, which is why a figure taken from a quiet quarter flatters. lens cites $99.5M of liquidity at March 2026 plus an undrawn $125M SEPA and does not mention the offering. The release lists a $125.0M available facility; whether it is that SEPA is not stated in the passages read. The carried seed says the "European OEM identity + program economics/volume disclosure" was "still pending as of Q1 filing": the Q2 release still names it only as a "top 10 European passenger OEM". The carried risk "64% from 3 customers" is not refreshed here. The carried seed's price figures rest on market data this delta does not refresh.

What held

  • The company remains an early-revenue, loss-making business: Q2 GAAP operating loss was $34.6M on $6.1M of revenue. [sec.gov: 8-K filed 2026-08-05, exhibit 99.1]
  • The Daimler Truck programme and the unnamed European passenger OEM programme are both still cited as progressing. [sec.gov: 8-K filed 2026-08-05, exhibit 99.1]
  • Revenue is still recognised on a single operating segment of products and engineering services. [sec.gov: 10-Q filed 2026-08-06]

How our view changed

2 dossiers

Every dossier we have written on Aeva Technologies, newest first.

  1. current

    A genuine FMCW technology lead and a watershed exclusive-OEM win, priced at ~28x forward sales against ~24 months of runway and a 2028 start-of-produc…

  2. A genuine FMCW technology lead and a watershed exclusive-OEM win, priced at ~28x forward sales against ~24 months of runway and a 2028 start-of-produc…

Company details

IndustryRobotics
SizePublic Company
WebsiteVisit Aeva Technologies

Others in robotics

5 names

Where Aeva Technologies sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.