The company's financial position has deteriorated into a $12.4 million equity deficit, exacerbated by a surge in total debt to $102.1 million as of 2026Q1.
| 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 Solvency Pressure
According to recent financial statements, Aeva's equity position has shifted from a positive $228.4 million in 2023Q4 to a deficit of $12.4 million by 2026Q1, signaling a rapid erosion of shareholder value as the company continues to fund its operations through significant debt accumulation.
The transition into negative equity suggests that the company's cumulative losses have outpaced its capital base, raising questions about the long-term sustainability of its current funding model. Investors should monitor whether this trajectory forces a restructuring or further dilutive equity issuance to stabilize the balance sheet.
As reported in quarterly filings, Aeva's total debt surged from $7.4 million in 2023Q4 to $102.1 million by 2026Q1, indicating a strategic pivot toward debt-based financing to sustain its high-burn R&D activities in the absence of consistent operating cash flow.
This rapid increase in debt obligations, particularly when paired with a negative equity position, suggests a heightened risk profile for creditors and shareholders alike. The reliance on debt to bridge the gap between development and commercialization may limit future financial flexibility and increase interest expense burdens.
Based on the latest 2026Q1 data, Aeva maintains $31.2 million in cash, which represents a significant decline from the $72.3 million reported in 2025Q4, highlighting the company's vulnerability to continued cash burn as it attempts to scale its silicon photonics manufacturing capabilities.
While the current ratio of 4.09 appears superficially healthy, the underlying cash position relative to the company's high operating expenses suggests a limited runway. This liquidity profile warrants close investigation, as the firm may face pressure to secure additional capital to avoid operational disruptions.
Analysis of the balance sheet reveals that the company's reliance on debt has effectively replaced equity as the primary funding source, with total liabilities of $159.7 million now significantly exceeding total assets of $147.3 million as of 2026Q1, according to reported figures.
This inversion of the asset-to-liability ratio is a critical red flag that suggests the company is technically insolvent on a book-value basis. Investors should be wary that the headline asset figures may be inflated by intangible assets or capitalized costs that could be subject to impairment if commercialization timelines slip.
Quick answers to the most common questions about buying AEVAW stock.
As of 2025, Aeva Technologies, Inc. (AEVAW) had total assets of $179.7M including $153.5M in current assets.
Aeva Technologies, Inc. (AEVAW) 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. (AEVAW) 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. (AEVAW) 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.