Revenue reached $6.7M in 3Q26 with gross margin improving to 33.6%, yet operating margin remained negative at -5.9% as R&D of $28.9M continued to outpace gross profit of $2.2M.
Aeva Technologies, Inc. (AEVA) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 24.69M | 18.08M | 9.06M | 4.31M | 4.19M | 9.27M | 4.84M | 1.38M | 135K |
| Revenue Growth % | 62.91% | 99.44% | 110.23% | 2.86% | -54.75% | 91.31% | 249.93% | 925.19% | - |
| Cost of Goods Sold | 17M | 18.74M | 12.86M | 10.2M | 8.45M | 5.83M | 2.74M | 815K | 57K |
| COGS % of Revenue | - | 103.65% | 141.81% | 236.5% | 201.5% | 62.96% | 56.6% | 58.89% | 42.22% |
| Gross Profit | 7.69M | -660K | -3.79M | -5.89M | -4.25M | 3.43M | 2.1M | 569K | 78K |
| Gross Margin % | 31.15% | -3.65% | -41.81% | -136.5% | -101.5% | 37.04% | 43.4% | 41.11% | 57.78% |
| Gross Profit Growth % | - | 82.59% | 35.61% | -38.33% | -223.98% | 63.27% | 269.42% | 629.49% | - |
| Operating Expenses | 141.65M | 126.94M | 154.58M | 141.9M | 147.7M | 107.62M | 27.84M | 20.66M | 11.48M |
| OpEx % of Revenue | - | 702.12% | 1705.26% | 3290.86% | 3523.38% | 1161.55% | 574.91% | 1492.92% | 8503.7% |
| Selling, General & Admin | 50.65M | 41.51M | 40.41M | 39.4M | 38.11M | 32.85M | 7.35M | 5.26M | 3.08M |
| SG&A % of Revenue | - | 229.62% | 445.84% | 913.71% | 909.18% | 354.56% | 151.68% | 379.77% | 2282.22% |
| Research & Development | 100.36M | 85.42M | 102.67M | 102.5M | 109.59M | 74.77M | 20.5M | 15.41M | 8.4M |
| R&D % of Revenue | - | 472.5% | 1132.56% | 2377.16% | 2614.19% | 806.99% | 423.23% | 1113.15% | 6221.48% |
| Other Operating Expenses | -1000K | 0 | 11.5M | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -133.96M | -127.6M | -158.37M | -147.79M | -151.96M | -104.19M | -25.74M | -20.09M | -11.4M |
| Operating Margin % | -542.6% | -705.77% | -1747.07% | -3427.37% | -3624.88% | -1124.51% | -531.51% | -1451.81% | -8445.93% |
| Operating Income Growth % | - | 19.43% | -7.16% | 2.74% | -45.85% | -304.75% | -28.11% | -76.22% | - |
| EBITDA | -83.54M | -119.11M | -149.43M | -140.06M | -145.81M | -101.08M | -24.94M | -19.46M | -10.93M |
| EBITDA Margin % | -338.4% | -658.83% | -1648.42% | -3248.1% | -3478.24% | -1091.04% | -515.03% | -1406% | -8093.33% |
| EBITDA Growth % | 32.53% | 20.29% | -6.69% | 3.94% | -44.24% | -305.26% | -28.18% | -78.1% | - |
| D&A (Non-Cash Add-back) | 5.57M | 8.49M | 8.94M | 7.73M | 6.15M | 3.1M | 798K | 634K | 476K |
| EBIT | -35.19M | -145.12M | -146.87M | -149.33M | -147.31M | -101.88M | -25.74M | -20.09M | -11.4M |
| Net Interest Income | 404K | 2.74M | 7.71M | 8.93M | 3.71M | 372K | 195K | 516K | 0 |
| Interest Income | 3.98M | 2.74M | 7.71M | 8.93M | 3.71M | 372K | 195K | 516K | 234K |
| Interest Expense | 3.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -1.22M | -17.52M | 6.28M | -1.54M | 4.65M | 2.31M | 171K | 499K | 234K |
| Pretax Income | -135.18M | -145.12M | -152.09M | -149.33M | -147.31M | -101.88M | -25.57M | -19.59M | -11.17M |
| Pretax Margin % | -547.53% | -802.7% | -1677.77% | -3463.2% | -3513.96% | -1099.6% | -527.98% | -1415.75% | -8272.59% |
| Income Tax | 295K | 308K | 171K | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.22% | -0.21% | -0.11% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -135.47M | -145.43M | -152.26M | -149.33M | -147.31M | -101.51M | -25.57M | -19.59M | -11.17M |
| Net Margin % | -548.73% | -804.4% | -1679.66% | -3463.2% | -3513.96% | -1095.59% | -527.98% | -1415.75% | -8272.59% |
| Net Income Growth % | 13.3% | 4.49% | -1.96% | -1.38% | -45.12% | -296.97% | -30.5% | -75.45% | - |
| Net Income (Continuing) | -135.47M | -145.43M | -152.26M | -149.33M | -147.31M | -101.88M | -25.57M | -19.59M | -11.17M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.89 | -2.55 | -2.85 | -3.29 | -3.39 | -2.54 | -0.60 | -0.45 | -0.26 |
| EPS Growth % | 3.19% | 10.53% | 13.37% | 2.95% | -33.46% | -323.33% | -33.33% | -73.08% | - |
| EPS (Basic) | - | -2.55 | -2.85 | -3.29 | -3.39 | -2.53 | -0.60 | -0.45 | -0.26 |
| Diluted Shares Outstanding | 71.81M | 57.02M | 53.36M | 45.41M | 43.46M | 40.17M | 42.28M | 42.28M | 42.28M |
| Basic Shares Outstanding | 69.64M | 57.02M | 53.36M | 45.41M | 43.46M | 40.17M | 42.28M | 42.28M | 42.28M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying AEVA stock.
For fiscal year 2025, Aeva Technologies, Inc. (AEVA) reported total revenue of $18.1M. This represents a 13291.9% increase compared to $0.1M in 2018.
Aeva Technologies, Inc. (AEVA) reported a net loss of $145.4M for the fiscal year ending 2025.
Aeva Technologies, Inc. (AEVA) reported an operating income of $-127.6M, resulting in an operating profit margin of -705.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Aeva Technologies, Inc. (AEVA) generated $-0.7M in gross profit for the year, representing a gross profit margin of -3.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent negative gross margins
Metrics are mathematically derived from official filings.
Revenue Rebuilds From Sub-$3M Base
Based on reported figures, AEVA's quarterly revenue climbed from $2.0M in 2Q24 to $6.7M in 3Q26, an expansion that suggests technical milestones are beginning to convert into commercial volume, though the base remains small and lumpy.
The sequential progression from roughly $2M to $6M-plus over ten quarters points to growing traction, but the revenue mix likely still leans on NRE contracts rather than repeatable product shipments. Investors should treat the rate of growth as encouraging yet provisional until product revenue becomes a larger and more predictable share of the top line. The 86% year-over-year growth in the latest quarter should be weighed against the fact that absolute dollars remain modest relative to the cost base.
Gross Margins Turn Positive but Thin
As reported in the income statement, AEVA's gross margin recovered from -32% in 2Q24 to 33.6% in 3Q26, a sharp improvement that may indicate better yields or a shift in revenue mix, though it has not yet been validated across a full production cycle.
The move from deeply negative gross margins to the low-to-mid thirties is a meaningful structural signal, but the quarterly swings, including a 49% gross margin deficit in 2Q25, suggest the improvement is not yet stable. Margin durability likely depends on whether yields and unit costs continue to improve as volumes scale. Investors should monitor whether gross profit can keep pace with the company's large fixed R&D and overhead burden.
Operating Losses Scale Without Efficiency Gains
Based on reported figures, AEVA's operating loss widened to $39.1M in 3Q26 even as revenue rose, with R&D alone running at $28.9M against $2.2M of gross profit, indicating that cost growth has not yet translated into operating leverage.
Operating income has remained in the range of negative $29M to negative $39M across the period, while gross profit has stayed in the low single-digit millions, meaning the cost base is essentially unaffected by revenue gains. This pattern suggests the company's operating model is dominated by fixed development spending rather than volume-driven economics. Until gross profit grows many multiples of its current level, operating leverage appears unlikely to emerge.
Reported Net Income Distorted by Non-Operating Items
According to the reported figures, AEVA's net income swung from a $107.5M gain in 3Q25 to a $79.6M loss in 2Q26, a volatility that appears driven by non-operating items rather than core operating performance.
Net income diverges sharply from operating income in several quarters, with the 3Q25 gain and the 2Q25 loss of $192.7M against a $34.9M operating loss pointing to fair-value changes, warrant or derivative revaluations, or similar non-operating entries. Stock-based compensation of $11.4M in 3Q26 is also a material drag that may mask the true cash cost of retaining engineering talent. Investors should rely on operating loss and cash burn rather than headline EPS when judging underlying progress.
R&D Dominates a Largely Fixed Cost Base
As reported in the financial statements, AEVA's R&D expense of $28.9M in 3Q26 consumed roughly four times the company's gross profit, underscoring that the business is structured around technology development rather than current commercial output.
R&D has consistently ranged between roughly $19M and $30M per quarter, while SG&A has held near $10M to $14M, meaning overhead is largely fixed and does not flex with revenue. The cost structure implies that scaling production, rather than cutting spending, is the only realistic path to narrowing losses. Management's expense discipline appears limited so far, as total operating expenses have not declined meaningfully despite revenue growth.
Growth Rate Masks Persistent Cash Burn
Based on the supplied data, AEVA's latest 86% revenue growth rests on a revenue base of only $6.7M against operating losses of $39.1M, a ratio that short-sellers would likely cite as evidence that headline growth is not yet economically meaningful.
The bear case centers on the gap between percentage growth and absolute scale, as a company losing roughly six dollars for every dollar of revenue may face pressure to raise dilutive capital before margins mature. The debt-to-equity ratio of 7.75 and cash position of roughly $72M, against quarterly operating losses near $30M to $40M, suggest limited runway without additional financing. Investors should monitor whether gross margin gains persist and whether future financing can be secured on acceptable terms, though these conclusions remain analytical inferences rather than proven outcomes.