Free cash flow remains deeply negative, with the company burning $28.1 million in 2026Q1 alone, further exacerbated by $9.4 million in stock-based compensation that masks the true cost of operations.
| Cash from Operations | -110.13M | -115.08M | -106.91M | -118.83M | -109.91M | -82.11M | -21.23M | -16.38M | -11.15M |
| Operating CF Margin % | - | -636.52% | -1179.4% | -2755.7% | -2621.92% | -886.18% | -438.39% | -1183.82% | -8260% |
| Operating CF Growth % | -17% | -7.64% | 10.03% | -8.11% | -33.87% | -286.72% | -29.58% | -46.93% | - |
| Net Income | -145.54M | -145.43M | -152.26M | -149.33M | -147.31M | -101.88M | -25.57M | -19.59M | -11.17M |
| Depreciation & Amortization | 8.08M | 8.49M | 8.94M | 7.73M | 6.15M | 3.05M | 798K | 634K | 476K |
| Stock-Based Compensation | 26.64M | 21.84M | 23.71M | 23.68M | 24.25M | 22.24M | 3.81M | 2.15M | 755K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 1.79M | 0 | 0 |
| Other Non-Cash Items | 16.5M | 22.29M | -348K | 3.93M | 1.11M | -404K | -1.79M | 0 | 317K |
| Working Capital Changes | -15.81M | -22.27M | 13.04M | -4.83M | 5.89M | -5.11M | -265K | 423K | -1.53M |
| Change in Receivables | -3.04M | -2.54M | -559K | 2.26M | -546K | -2.2M | 228K | -369K | 0 |
| Change in Inventory | -2.56M | -3.94M | -1.11M | 353K | -2.55M | -844K | -865K | 603K | -957K |
| Change in Payables | 1.7M | -504K | 1.83M | -1.59M | 1.29M | 2.67M | 1.36M | 171K | 0 |
| Cash from Investing | -13.88M | 29.93M | 97.9M | 69.28M | 110.89M | -388.57M | -855K | -421K | -1.55M |
| Capital Expenditures | -6.38M | -4.61M | -5.11M | -6.1M | -7.44M | -8.35M | -855K | -421K | -1.55M |
| CapEx % of Revenue | 30.4% | 25.49% | 56.34% | 141.56% | 177.46% | 90.12% | 17.65% | 30.42% | 1151.11% |
| Acquisitions | 0 | 0 | 0 | -5M | -118.33M | 4.5M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 5M | 118.33M | -4.5M | 0 | 0 | 0 |
| Cash from Financing | 133.98M | 128.58M | -671K | 20.68M | -369K | 512.86M | 73K | 35.99M | 12.91M |
| Debt Issued (Net) | 93.81M | 94.11M | 0 | 0 | 0 | 0 | -80.81K | 0 | 0 |
| Equity Issued (Net) | 32.24M | 32.23M | 81K | 21.45M | 351K | 911K | 242.85M | 36.02M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 7.92M | 2.24M | -752K | -779K | -720K | 511.95M | -242.7M | -37K | 12.91M |
| Net Change in Cash | 9.96M | 43.43M | -9.68M | -28.87M | 610K | 42.19M | -22.01M | 19.18M | 209K |
| Free Cash Flow | -116.51M | -119.69M | -112.02M | -124.93M | -117.35M | -90.45M | -22.09M | -16.8M | -12.71M |
| FCF Margin % | -555.51% | -662.02% | -1235.74% | -2897.26% | -2799.38% | -976.31% | -456.04% | -1214.23% | -9411.11% |
| FCF Growth % | -5.28% | -6.84% | 10.33% | -6.46% | -29.73% | -309.56% | -31.43% | -32.27% | - |
| FCF per Share | -1.85 | -2.10 | -2.10 | -2.75 | -2.70 | -2.25 | -0.52 | -0.40 | -0.30 |
| FCF Conversion (FCF/Net Income) | 0.80x | 0.79x | 0.70x | 0.80x | 0.75x | 0.81x | 0.83x | 0.84x | 1.00x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | -35K | 0 | 165K | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and commercial scale
According to recent financial filings, Aeva's operating cash flow consistently trails net income, with the 2025Q3 period showing a negative OCF/NI ratio of -0.30, highlighting that reported accounting profits are frequently decoupled from the actual cash generation required to sustain the company's ongoing R&D-heavy operations.
The significant variance between net income and operating cash flow suggests that non-cash items and accounting adjustments are heavily influencing the bottom line. Investors should monitor this divergence closely, as it indicates that the company's reported earnings do not currently serve as a reliable proxy for its underlying cash-generating capacity.
As reported in quarterly statements, Aeva's free cash flow remains deeply negative, with the company burning $28.1 million in 2026Q1 alone, a trend that underscores the structural difficulty of achieving self-sustaining operations while simultaneously funding the high-intensity development of its proprietary silicon photonics LiDAR platform.
The consistent negative FCF margins, which reached -18.6% in 2023Q4, suggest that the company is far from reaching a point of operational self-sufficiency. This trajectory implies that continued reliance on external financing is likely necessary until the company can successfully transition from prototype development to high-volume commercial production.
Based on the provided cash flow data, working capital changes have been highly erratic, swinging from a $10.9 million inflow in 2024Q2 to a $9.5 million outflow in 2025Q3, which reflects the lumpy nature of milestone-based revenue recognition and the challenges of managing inventory for specialized hardware.
This volatility in working capital suggests that the company's cash position is highly sensitive to the timing of project-based payments and supply chain commitments. Such fluctuations warrant further investigation into the predictability of cash inflows, as they complicate the company's ability to maintain a stable liquidity buffer.
Analysis of recent SEC filings reveals that Aeva utilizes stock-based compensation as a significant operational lever, with $9.4 million issued in 2026Q1, effectively masking the true cash cost of retaining the specialized engineering talent required to maintain its competitive edge in the complex LiDAR sensing market.
While SBC is a common tool for talent retention in technology firms, its magnitude relative to the company's cash burn suggests that the true economic cost of operations is higher than the cash flow statement might imply. Investors should consider the dilutive impact of these grants alongside the company's ongoing need for external capital to fund its R&D roadmap.
Quick answers to the most common questions about buying AEVA stock.
Aeva Technologies, Inc. (AEVA) generated $-115.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Aeva Technologies, Inc. (AEVA) reported negative free cash flow of $119.7M in 2025, indicating capital requirements exceeded cash from operations.
Aeva Technologies, Inc. (AEVA) spent $4.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.