AEVAAeva Technologies, Inc.
Is the business good?
The checks split: nothing decisive, though margins widening.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating margin has widened over the past few years, the business is getting more profitable per dollar of sales.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is AEVA?
Aeva Technologies, Inc. spent more than it took in: an operating loss of $132M on $22M of revenue, 12 months to Q2 2026.
Operating loss · on $22M of revenue · 12 months to Q2 2026
- Share count, year on year
- +17%
Share count, year on year · shareholders own a smaller slice than a year ago
- Gross margin
- 27%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | −532% |
| FY2021 | −1125% |
| FY2022 | −3625% |
| FY2023 | −3427% |
| FY2024 | −1747% |
| FY2025 | −706% |
Details›
- Gross margin12 months to Q2 2026
- 27%
- Operating margin12 months to Q2 2026
- −611%
- Net margin12 months to Q2 2026
- −150%
- Free cash flow margin
- −540%
- R&D as % of revenue
- 411%
- Revenue, trailing twelve months
- $22M
- Free cash flow, trailing twelve months
- −$117M
- Net income, trailing twelve months
- −$32M
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from AEVA and who it buys from, as the companies report it.
- Customer one28%
Share of revenue · FY2025 10-K
- Customer two18%
Share of revenue · FY2025 10-K
- Customer three18%
Share of revenue · FY2025 10-K
- Top three customers64%
Combined share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; AEVA’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Software, Infrastructure
Ranks #57 of 78 by RyuScore