The company's financial position has deteriorated significantly, with total debt surging to $102.1 million by 2026Q1 while equity has eroded into a negative $12.4 million balance.
| Total Current Assets | 122.09M | 153.53M | 123.3M | 229.22M | 335.12M | 458.48M | 30.95M | 25 | 29.31M |
| Cash & Short-Term Investments | 99.5M | 121.9M | 112.01M | 221.03M | 323.81M | 445.01M | 24.62M | 46.64M | 27.45M |
| Cash Only | 31.18M | 72.29M | 28.86M | 38.55M | 67.42M | 66.81M | 24.62M | 46.64M | 27.45M |
| Short-Term Investments | 68.33M | 49.61M | 83.14M | 182.48M | 256.39M | 378.2M | 0 | 0 | 0 |
| Accounts Receivable | 3.45M | 3.36M | 1.27M | 768K | 3.13M | 6.41M | 767K | 551K | 0 |
| Days Sales Outstanding | 83.73 | 67.9 | 51.22 | 65.01 | 272.88 | 252.53 | 57.81 | 145.31 | - |
| Inventory | 5.98M | 5.79M | 2.35M | 2.37M | 2.95M | 2.06M | 1.22M | 354K | 957K |
| Days Inventory Outstanding | 92.97 | 112.72 | 66.58 | 84.97 | 127.51 | 129.09 | 162.33 | 158.54 | 6.13K |
| Other Current Assets | 13.15M | 22.48M | 4.42M | 1.72M | 2.88M | 1.13M | 3.04M | -48.36M | 336K |
| Total Non-Current Assets | 25.21M | 26.18M | 24.19M | 28.16M | 21.51M | 20.7M | 1.68M | 106.87K | 1.9M |
| Property, Plant & Equipment | 18.16M | 18.32M | 14.16M | 19.4M | 17.12M | 15.42M | 1.61M | 1.56M | 1.82M |
| Fixed Asset Turnover | 1.21x | 0.99x | 0.64x | 0.22x | 0.24x | 0.60x | 3.00x | 0.89x | 0.07x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 600K | 825K | 1.73M | 0 | 3.52M | 4.42M | 0 | 0 | 0 |
| Long-Term Investments | 5M | 0 | 5M | 5M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 6.45M | 7.03M | 3.31M | 1.13M | 862K | 859K | 64K | -1.45M | 83K |
| Total Assets | 147.3M | 179.7M | 147.49M | 257.38M | 356.63M | 479.19M | 32.63M | 106.89K | 31.21M |
| Asset Turnover | 0.16x | 0.10x | 0.06x | 0.02x | 0.01x | 0.02x | 0.15x | 12.95x | 0.00x |
| Asset Growth % | -48.69% | 21.84% | -42.7% | -27.83% | -25.58% | 1368.46% | 30427.15% | -99.66% | - |
| Total Current Liabilities | 29.82M | 35.87M | 39.16M | 18.4M | 21.83M | 14.3M | 5.67M | 81.81K | 1.05M |
| Accounts Payable | 4.61M | 5.88M | 5.45M | 3.6M | 5.18M | 4.39M | 2.07M | 713K | 590K |
| Days Payables Outstanding | 89.89 | 114.63 | 154.83 | 128.92 | 223.92 | 274.45 | 275.78 | 319.32 | 3.78K |
| Short-Term Debt | 1.43M | 1.49M | 3.04M | 0 | 0 | 0 | 0 | 80.81K | 0 |
| Deferred Revenue (Current) | 1.02M | 0 | 4M | 2.08M | 0 | 0 | 51K | -713K | 0 |
| Other Current Liabilities | 23.78M | 28.5M | 20.96M | 6.49M | 194K | 2.38M | 766K | 0 | 19K |
| Current Ratio | 4.09x | 4.28x | 3.15x | 12.46x | 15.35x | 32.07x | 5.46x | 0.00x | 27.86x |
| Quick Ratio | 3.89x | 4.12x | 3.09x | 12.33x | 15.22x | 31.92x | 5.24x | -4.33x | 26.95x |
| Cash Conversion Cycle | 86.81 | 65.99 | -37.03 | 21.06 | 176.48 | 107.16 | -55.65 | -15.46 | - |
| Total Non-Current Liabilities | 129.89M | 130.62M | 8.98M | 10.54M | 4.88M | 8.52M | 45K | 0 | 0 |
| Long-Term Debt | 100.63M | 100.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 4.58M | 0 | 720K | 3.77M | 4.79M | 7.46M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 29.26M | 29.71M | 8.26M | 6.77M | 90K | 1.06M | 45K | 0 | 0 |
| Total Liabilities | 159.71M | 166.49M | 48.14M | 28.94M | 26.71M | 22.81M | 5.72M | 81.81K | 1.05M |
| Total Debt | 102.06M | 102.39M | 3.76M | 7.35M | 7.46M | 10.33M | 0 | 80.81K | 0 |
| Net Debt | 70.88M | 30.1M | -25.11M | -31.19M | -59.96M | -56.48M | -24.62M | -46.56M | -27.45M |
| Debt / Equity | -8.22x | 7.75x | 0.04x | 0.03x | 0.02x | 0.02x | - | 3.22x | - |
| Debt / EBITDA | -0.84x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.58x | - | - | - | - | - | - | - | - |
| Interest Coverage | 10.40x | - | - | - | - | - | - | - | - |
| Total Equity | -12.41M | 13.21M | 99.35M | 228.44M | 329.93M | 456.38M | 26.91M | 25.09K | 30.06M |
| Equity Growth % | -452.91% | -86.7% | -56.51% | -30.76% | -27.71% | 1595.75% | 107178.67% | -99.92% | - |
| Book Value per Share | -0.20 | 0.23 | 1.86 | 5.03 | 7.59 | 11.36 | 0.64 | 0.00 | 0.71 |
| Total Shareholders' Equity | -12.41M | 13.21M | 99.35M | 228.44M | 329.93M | 456.38M | 26.91M | 25.09K | 30.06M |
| Common Stock | 6K | 6K | 6K | 5K | 22K | 21K | 15K | 634 | 9K |
| Retained Earnings | -792.27M | -757.29M | -611.86M | -459.6M | -310.27M | -162.96M | -61.08M | -1K | -15.92M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -30K | -4K | 47K | -87K | -3.58M | -524K | 0 | -79.2M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and capital depletion
As reported in recent financial statements, Aeva's equity position has deteriorated significantly, swinging from a positive $228.4 million in 2023Q4 to a negative $12.4 million by 2026Q1, signaling a rapid depletion of shareholder value driven by persistent operating losses and the absence of self-sustaining commercial revenue.
The shift into negative equity territory suggests that the company's accumulated losses have now fully offset its initial capital base. This trajectory implies that future operations will likely require external financing or further dilution to maintain solvency, as the current balance sheet structure lacks the internal capital generation to support its R&D-heavy business model.
According to SEC filings, Aeva's total debt has surged to $102.1 million as of 2026Q1, a substantial increase from the $7.4 million reported in 2023Q4, which indicates a shift toward debt-based financing to bridge the widening gap between high development costs and limited commercial cash inflows.
The accumulation of debt in a pre-revenue or early-revenue environment introduces significant refinancing risk and interest expense pressure. Investors should monitor whether this leverage is being utilized to reach critical manufacturing milestones or if it merely serves as a stopgap measure to delay further equity dilution.
Based on the company's reported figures, cash and equivalents have declined to $31.2 million in 2026Q1 from a peak of $72.3 million in 2025Q4, highlighting a tightening liquidity buffer that may limit the company's operational flexibility in the face of ongoing, high-intensity cash burn.
The rapid contraction in cash reserves relative to the company's quarterly burn rate suggests that the current liquidity runway is becoming increasingly precarious. This trend warrants close observation, as the company's ability to fund its silicon photonics roadmap appears highly dependent on its success in securing additional capital.
Analysis of the balance sheet reveals that the company's reliance on debt has grown even as equity has turned negative, a structural distortion that suggests the firm is increasingly dependent on external credit to sustain its operations rather than organic cash flow from its 4D LiDAR technology.
The combination of negative equity and rising debt levels may indicate that the company is approaching a critical juncture where traditional financing options could become restricted. This capital structure distortion implies that the firm's long-term viability is tied more to its ability to secure non-dilutive funding than to its current commercial progress.
Quick answers to the most common questions about buying AEVA stock.
As of 2025, Aeva Technologies, Inc. (AEVA) had total assets of $179.7M including $153.5M in current assets.
Aeva Technologies, Inc. (AEVA) carries total debt of $102.4M, offset by $121.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Aeva Technologies, Inc. (AEVA) has total shareholders' equity (book value) of $13.2M ($0.23 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Aeva Technologies, Inc. (AEVA) reported a current ratio of 4.28x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.