# Aeva Technologies, Inc. (AEVA) Informational only - not investment advice. CIK: 0001789029 SIC: 3714 Motor Vehicle Parts & Accessories SIC breadcrumb: [Manufacturing](/division/D/) > [Transportation Equipment](/major-group/37/) > [SIC 3714 Motor Vehicle Parts & Accessories](/industry/3714/) Latest 10-K filed: 2026-03-20 SEC page: https://www.sec.gov/edgar/browse/?CIK=1789029 Filing source: https://www.sec.gov/Archives/edgar/data/1789029/000119312526116518/aeva-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-03-20 · accession 0001193125-26-116518 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001789029.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 18,079,000 USD | 2025 | verified | | Net income | -145,428,000 USD | 2025 | verified | | Assets | 179,701,000 USD | 2025 | verified | | Free cash flow | -119,686,000 USD | 2025 | computed | | Revenue YoY | +99.44% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | AEVA | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Revenue growth | 99.4% | 3.3% | 100 | 24 | | FCF margin | -662.0% | 5.4% | 0 | 23 | | ROE | -153.3% | 8.6% | 0 | 22 | | ROA | -80.9% | 3.2% | 0 | 24 | | Liabilities / equity | 12.60 | 1.60 | 100 | 22 | | Current ratio | 4.28 | 2.01 | 96 | 24 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 3714 Motor Vehicle Parts & Accessories, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 18079000 | USD | 2025 | 2026-03-20 | | Net income | -145428000 | USD | 2025 | 2026-03-20 | | Assets | 179701000 | USD | 2025 | 2026-03-20 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-20. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001789029.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | 1,384,000 | 4,843,000 | 9,265,000 | 4,192,000 | 4,312,000 | 9,065,000 | 18,079,000 | | Net income | | -19,594,000 | -25,570,000 | -101,878,000 | -147,305,000 | -149,333,000 | -152,261,000 | -145,428,000 | | Operating income | | -20,093,000 | -25,741,000 | -104,186,000 | -151,955,000 | -147,788,000 | -158,372,000 | -127,597,000 | | Gross profit | | 569,000 | 2,102,000 | 3,432,000 | -4,255,000 | -5,886,000 | -3,790,000 | -660,000 | | Diluted EPS | | | -0.18 | -0.51 | -3.39 | -3.29 | -2.85 | -2.55 | | Operating cash flow | | -16,384,000 | -21,231,000 | -82,105,000 | -109,911,000 | -118,826,000 | -106,913,000 | -115,077,000 | | Capital expenditures | | 421,000 | 855,000 | 3,850,000 | 7,439,000 | 6,104,000 | 5,107,000 | 4,609,000 | | Assets | | 106,895 | 32,632,000 | 479,188,000 | 356,632,000 | 257,385,000 | 147,489,000 | 179,701,000 | | Liabilities | | 81,808 | 5,719,000 | 22,812,000 | 26,706,000 | 28,943,000 | 48,137,000 | 166,486,000 | | Stockholders' equity | | 48,604,000 | 26,913,000 | 456,377,000 | 329,926,000 | 228,442,000 | 99,352,000 | 13,215,000 | | Cash and cash equivalents | 27,455,000 | 46,637,000 | 24,624,000 | 66,810,000 | 67,420,000 | 38,547,000 | 28,864,000 | 72,291,000 | | Free cash flow | | -16,805,000 | -22,086,000 | -85,955,000 | -117,350,000 | -124,930,000 | -112,020,000 | -119,686,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Return on equity | | -40.31% | -95.01% | -22.32% | -44.65% | -65.37% | -153.25% | | | Return on assets | | | -78.36% | -21.26% | -41.30% | -58.02% | -103.24% | -80.93% | | Liabilities / equity | | 0.00 | 0.21 | 0.05 | 0.08 | 0.13 | 0.48 | 12.60 | | Current ratio | | 0.00 | 5.46 | 32.07 | 15.35 | 12.46 | 3.15 | 4.28 | ## As-reported value updates 8 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/AEVA/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001789029.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | -0.17 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | -0.16 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | -0.16 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 810,000 | -33,238,000 | -0.15 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 1,611,000 | -44,966,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 2,107,000 | -35,326,000 | -0.67 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 2,012,000 | -43,393,000 | -0.82 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 2,250,000 | -37,396,000 | -0.70 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 2,696,000 | -36,146,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 3,368,000 | -34,867,000 | -0.64 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 5,511,000 | -192,742,000 | -3.49 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 3,579,000 | 107,495,000 | -0.52 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 5,621,000 | -25,314,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 6,262,000 | -34,979,000 | -0.56 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 6,136,000 | -79,624,000 | -1.23 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from AEVA's latest 10-K: [/company/AEVA/business/](/company/AEVA/business/). ## Risk Factors Verbatim Item 1A Risk Factors from AEVA's latest 10-K: [/company/AEVA/risk-factors/](/company/AEVA/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1789029/000119312526338179/aeva-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-06 Report date: 2026-06-30 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion of Aeva’s results of operations and financial condition should be read in conjunction with the information set forth in the unaudited condensed consolidated financial statements and the notes thereto included elsewhere in this Quarterly Report on Form 10-Q. This discussion may contain forward-looking statements based upon Aeva’s current expectations, estimates, and projections that involve risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements due to, among other considerations, the matters discussed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”) under the heading “Risk Factors” and “Special Note Regarding Forward-Looking Statements.” Unless the context otherwise requires, all references in this section to “we,” “our,” “us” “the Company” or “Aeva” refer to the business of Aeva Technologies, Inc., a Delaware corporation, and its subsidiaries. Overview Our vision is to bring perception to broad applications. Through our Frequency Modulated Continuous Wave ("FMCW") sensing technology, we believe we are introducing the world’s first 4D LiDAR-on-chip that, along with our proprietary software applications, has the potential to enable the adoption of LIDAR across broad applications. Founded in 2017 by former Apple engineers Soroush Salehian and Mina Rezk and led by a multidisciplinary team of engineers and operators experienced in the field of sensing and perception, Aeva’s mission is to bring the next wave of perception technology to broad applications from automated driving to industrial automation, consumer device, and security applications. Our 4D LiDAR-on-chip combines silicon photonics technology that is proven in the telecom industry with precise instant velocity measurements and long-range performance for commercialization. As a development stage company, we work closely with our customers on the development and commercialization of their programs and the utilization of our products in such programs. Thus far, typically our customers have purchased products and engineering services from us for use in research and development programs, pilot and evaluation programs. We are expanding our manufacturing capacity through third-party manufacturers to meet our customers’ anticipated demand for the production of our products. Unlike legacy 3D LiDAR, which relies on Time-of-Flight (“ToF”) technology and measures only depth and reflectivity, Aeva’s solution leverages a proprietary FMCW technology to measure velocity in addition to depth, reflectivity and inertial motion. We believe the ability of Aeva’s solution to measure instant velocity for every pixel is a major advantage over ToF-based sensing solutions. Furthermore, Aeva’s technology is free from interference from other LiDAR and sunlight, and our core innovations within FMCW are intended to enable autonomous vehicles to see at significantly higher distances of up to 500 meters. We believe Aeva is uniquely positioned to provide a superior solution with the potential to enable higher level of automation for vehicles. Furthermore, we believe the advantages of our 4D LiDAR-on-chip allow us to provide the first LiDAR solution that is fully integrated onto a chip with superior performance at scale, with the potential to drive new categories of perception across industrial automation, consumer devices, and security applications. Key Factors Affecting Aeva’s Operating Results We believe that Aeva's future performance and success depends to a substantial extent on our ability to capitalize opportunities, which in turn is subject to significant risks and challenges, including those discussed in Part I, Item 1A of the 2025 Form 10-K under the heading “Risk Factors.” Pricing, Product Cost and Margins. Our pricing and margins will depend on the volumes and the features, as well as specific market applications of the solutions we provide to our customers. We have customers with technologies in various stages of development across different market segments. We anticipate that our prices will vary by market and application due to market-specific product and commercial requirements, supply and demand dynamics and product lifecycles. Our future performance will depend on our ability to deliver on economies of scale. Our customers will require that our perception solutions be manufactured and sold at per-unit prices that are competitive. Our ability to compete in key markets will depend on the success of our efforts to efficiently and reliably produce cost-effective perception solutions that are competitively priced and affordable for our commercial-stage customers. Additionally, the macroeconomic conditions in the industry, the growing emergence of competition in advanced assisted driving sensing and software technologies globally can negatively impact pricing, margins and market share. Our business is impacted by various macroeconomic factors, including inflation, interest rates, levels of consumer confidence and consumer debt, fuel and energy costs, and other economic conditions. In addition, we are susceptible to supply chain disruptions, which may be exacerbated by changes to tariffs and trade policies. Given the nature of these macroeconomic factors, we cannot predict whether or for how long certain trends will continue, nor can we predict to what degree these trends will impact us in the future. If we do not generate the margins we expect upon commercialization of our perception solutions, we may be required to raise additional debt or equity capital, which may not be available or may only be available on terms that are onerous to Aeva’s stockholders. Commercialization of LiDAR-based Applications. We expect that our results of operations, including revenue and gross margins, will fluctuate on a quarterly basis for the foreseeable future as our customers continue on research and development projects and begin to commercialize advanced driver assist, autonomous and industrial automation solutions that rely on LiDAR technology. The development cycles of our products with new customers varies widely depending on the application, market, customer and the complexity of the product, and can vary from several months to years depending on the industry. These development cycles result in us investing our resources prior to realizing any revenue from the commercialization or obtaining any firm commitments of pricing, volume or timing of purchases of our products by our customers. As customers reach the commercialization phase and as the market for LiDAR solutions matures, these fluctuations in our operating results may become less pronounced. Sales Volume. Each product program will have an expected range of sales volumes, depending on the end market demand for our customers’ products as well as market application. This can depend on several factors, including market penetration, product capabilities, size of the end market that 23 Table of Contents the product addresses and our end customers’ ability to sell their products. In addition to end market demand, sales volumes also depend on whether our customer is in the development or production phase. In certain cases, we may provide volume discounts or strategic customer pricing on sales of our solutions, which may or may not be offset by lower manufacturing costs related to higher volumes which in turn could adversely impact our gross margins. Our ability to ultimately achieve profitability is dependent upon progression of existing relationships to production and our ability to meet required volumes and required cost targets and gross margins. Delays in our current and future customers’ programs could result in us being unable to achieve our revenue targets and profitability in the time frame we anticipate. Such delays could result in us requiring to raise additional debt or equity capital, which may not be available or may only be available on terms that are onerous to Aeva’s stockholders. Basis of Presentation Our condensed consolidated financial statements include the accounts of our wholly owned subsidiaries. We currently conduct our business through one operating segment. Components of Results of Operations Revenue Revenue consists of sales of perception solutions or sensing systems and non-recurring engineering services. Aeva is engaged in design, manufacturing and sale of LiDAR sensing systems and related perception and autonomy-enabling software solutions serving customers in automotive, industrial, and other markets. Under our customer agreements, Aeva delivers a specified number of sensing systems at a fixed price under customary terms and conditions. The sensing system units sold under these agreements are typically products that are used by the customer for its research, development, evaluation, pilot and testing purposes. We also enter into non-recurring engineering service arrangements with certain of our customers to customize Aeva’s perception solution to meet customer specific requirements. Cost of revenue and gross profit Cost of revenue principally includes direct material, direct labor and allocation of overhead associated with manufacturing operations, including inbound freight charges and depreciation expense. Cost of revenue also includes the direct cost and appropriate allocation of overhead involved in execution of non-recurring engineering services. Aeva’s gross profit equals total revenue less total cost of revenue. Operating expenses Research and development expenses Aeva’s research and development efforts are focused on enhancing and developing additional functionality for our existing products and on new product development. Research and development expenses consist primarily of: • Personnel-related expenses, including salaries, benefits, and stock-based compensation expense, for personnel in our research and engineering functions; and • Expenses related to materials, software licenses, supplies, and third-party services. Aeva recognizes research and development expenses as incurred. General and administrative expenses General and administrative expenses consist of personnel and personnel-related expenses, including salaries, benefits, and stock-based compensation expense of our executive, finance, information systems, human resources, and legal, as well as legal and accounting fees for professional and contract services. Selling and marketing expenses Selling and marketing expenses consist of personnel and personnel-related expenses, including salaries, benefits, and stock-based compensation expense of our business development team as well as advertising and marketing expenses. These include the cost of trade shows, promotional materials, and public relations. Interest income Interest income consists primarily of income earned on our cash equivalents and investments in marketable securities. Interest income varies based on our cash equivalents and marketable securities balance and changes in the interest rates. Fair value of warrant liability Fair value of warrant liability consist of changes in the fair value of Series A warrants and fair value oft private placement warrants which expired in March 2026. The change in fair value of the warrants is due to the change in the stock price of the Company. 24 Table of Contents Other income and expense Other income and expense primarily consist of and foreign currency transaction gains and losses, as well as realized gains and losses on marketable securities. Interest expense Interest expense consists of interest expense on convertible notes. Results of Operations The results of operations presented below should be reviewed in conjunction with the condensed consolidated financial statements and notes included elsewhere in this [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1789029/000119312526116518/aeva-20251231.htm Complete FY 2025 MD&A: /company/AEVA/mda/fy2025/ Extracted from a substantive MD&A body after the formal Item 7 span was a TOC or reference stub. Confidence: high Filing date: 2026-03-20 Report date: 2025-12-31 Overview Our vision is to bring perception to broad applications. Through our FMCW sensing technology, we believe we are introducing the world’s first 4D LiDAR-on-chip that, along with our proprietary software applications, has the potential to enable the adoption of LIDAR across broad applications. Founded in 2017 by former Apple engineers Soroush Salehian and Mina Rezk and led by a multidisciplinary team of engineers and operators experienced in the field of sensing and perception, Aeva’s mission is to bring the next wave of perception technology to broad applications from automated driving to industrial automation, consumer device and security applications. Our 4D LiDAR-on-chip combines silicon photonics technology that is proven in the telecom industry with precise instant velocity measurements and long-range performance for commercialization. As a development stage company, we work closely with our customers on the development and commercialization of their programs and the utilization of our products in such programs. Thus far, virtually all of our customers have purchased prototype products and engineering services from us for use in their research and development programs. We are expanding our manufacturing capacity through third-party manufacturers to meet our customers’ anticipated demand for the production of our products. Unlike legacy 3D LiDAR, which relies on Time-of-Flight (“ToF”) technology and measures only depth and reflectivity, Aeva’s solution leverages a proprietary FMCW technology to measure velocity in addition to depth, reflectivity and inertial motion. We believe the ability of Aeva’s solution to measure instant velocity for every pixel is a major advantage over ToF-based sensing solutions. Furthermore, Aeva’s technology is free from interference from other LiDAR and sunlight, and our core innovations within FMCW are intended to enable autonomous vehicles to see at significantly higher distances of up to 500 meters. We believe Aeva is uniquely positioned to provide a superior solution with the potential to enable higher level of automation for vehicles. Furthermore, we believe the advantages of our 4D LiDAR-on-chip allow us to provide the first LiDAR solution that is fully integrated onto a chip with superior performance at scale, with 51 the potential to drive new categories of perception across industrial automation, consumer devices, and security markets. Key Factors Affecting Aeva’s Operating Results We believe that our future performance and success depends to a substantial extent on our ability to capitalize opportunities, which in turn is subject to significant risks and challenges, including those discussed below and in the section of this Annual Report on Form 10-K entitled “Risk Factors.” Pricing, Product Cost and Margins. Our pricing and margins will depend on the volumes and the features as well as specific market applications of the solutions we provide to our customers. We have customers with technologies in various stages of development across different market segments. We anticipate that our prices will vary by market and application due to market-specific product and commercial requirements, supply and demand dynamics and product lifecycles. Our future performance will depend on our ability to deliver on economies of scale. Our customers will require that our perception solutions be manufactured and sold at per-unit prices that are competitive. Our ability to compete in key markets will depend on the success of our efforts to efficiently and reliably produce cost-effective perception solutions that are competitively priced and affordable for our commercial-stage customers. Additionally, the macroeconomic conditions in the industry, the growing emergence of competition in advanced assisted driving sensing and software technologies globally can negatively impact pricing, margins and market share. Our business is impacted by various macroeconomic factors, including inflation, interest rates, levels of consumer confidence and consumer debt, fuel and energy costs, and other economic conditions. In addition, we are susceptible to supply chain disruptions, which may be exacerbated by changes to tariffs and trade policies. Given the nature of these macroeconomic factors, we cannot predict whether or for how long certain trends will continue, nor can we predict to what degree these trends will impact us in the future. If we do not generate the margins we expect upon commercialization of our perception solutions, we may be required to raise additional debt or equity capital, which may not be available or may only be available on terms that are onerous to Aeva’s stockholders. Commercialization of LiDAR-based Applications. We expect that our results of operations, including revenue and gross margins, will fluctuate on a quarterly basis for the foreseeable future as our customers continue on research and development projects and begin to commercialize advanced driver assist, autonomous and industrial automation solutions that rely on LiDAR technology. The development cycles of our products with new customers varies widely depending on the application, market, customer and the complexity of the product, and can vary from several months to years depending on the industry. These development cycles result in us investing our resources prior to realizing any revenue from the commercialization or obtaining any firm commitments of pricing, volume or timing of purchases of our products by our customers. As customers reach the commercialization phase and as the market for LiDAR solutions matures, these fluctuations in our operating results may become less pronounced. Sales Volume. Each product program will have an expected range of sales volumes, depending on the end market demand for our customers’ products as well as market application. This can depend on several factors, including market penetration, product capabilities, size of the end market that the product addresses and our end customers’ ability to sell their products. In addition to end market demand, sales volumes also depend on whether our customer is in the development or production phase. In certain cases, we may provide volume discounts or strategic customer pricing on sales of our solutions, which may or may not be offset by lower manufacturing costs related to higher volumes which in turn could adversely impact our gross margins. Our ability to ultimately achieve profitability is dependent upon progression of existing relationships to production and our ability to meet required volumes and required cost targets and gross margins. Delays in our current and future customers’ programs could result in us being unable to achieve our revenue targets and profitability in the time frame we anticipate. Such delays could result in us requiring to raise additional debt or equity capital, which may not be available or may only be available on terms that are onerous to Aeva’s stockholders. 52 Basis of Presentation We currently conduct our business through one operating segment. Components of Results of Operations Revenue Revenue consists of sales of perception solutions or sensing systems and non-recurring engineering services. We are engaged in the design, manufacturing and sale of LiDAR sensing systems and related perception and autonomy-enabling software solutions serving customers in automotive, industrial, and other markets. Under our customer agreements, we deliver a specified number of sensing systems at a fixed price under customary terms and conditions. The sensing system units sold under these agreements are typically prototypes that are used by the customer for its research, development, evaluation, pilot, or testing purposes. We also enter into non-recurring engineering service arrangements with certain of our customers to customize Aeva’s perception solution to meet customer specific requirements. Cost of revenue and gross profit Cost of revenue principally includes direct material, direct labor and allocation of overhead associated with manufacturing operations, including inbound freight charges and depreciation expense. Cost of revenue also includes the direct cost and appropriate allocation of overhead involved in execution of non-recurring engineering services. Gross profit equals total revenue less total cost of revenue. Operating expenses Research and development Our research and development efforts are focused on enhancing and developing additional functionality for our existing products and on new product development. Research and development expenses consist primarily of: • Personnel-related expenses, including salaries, benefits, and stock-based compensation expense, for personnel in our research and engineering functions; and • Expenses related to materials, software licenses, supplies, and third-party services. We expense research and development costs as incurred. General and administrative expenses General and administrative expenses consist of personnel and personnel-related expenses, including salaries, benefits, and stock-based compensation expense of our executive, finance, information systems, human resources, and legal, as well as legal and accounting fees for professional and contract services. Selling and marketing expenses Selling and marketing expenses consist of personnel and personnel-related expenses, including salaries, benefits, and stock-based compensation expense of our business development team as well as advertising and marketing expenses. These include the cost of trade shows, promotional materials, and public relations. Interest income Interest income consists primarily of income earned on our cash equivalents and investments in marketable securities. Interest income will vary based on our cash equivalents and marketable securities balance and changes in interest rates. 53 Other income and expense Other income and expense primarily consist of changes in the fair value of Series A warrants, fair value of private placement warrants, interests expense on convertible notes and foreign currency transaction gains and losses, as well as realized gains and losses on marketable securities. Results of Operations Comparison of Year Ended December 31, 2025 and 2024 The following table sets forth our results of operations for the periods presented: [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/AEVA/mda/fy2025/ All MD&A years: /company/AEVA/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/AEVA/mda/fy2024/): filed 2025-03-21; accession 0000950170-25-042849 (https://www.sec.gov/Archives/edgar/data/1789029/000095017025042849/aeva-20241231.htm) - [FY 2023 MD&A](/company/AEVA/mda/fy2023/): filed 2024-03-15; accession 0000950170-24-032299 (https://www.sec.gov/Archives/edgar/data/1789029/000095017024032299/aeva-20231231.htm) - [FY 2022 MD&A](/company/AEVA/mda/fy2022/): filed 2023-03-24; accession 0000950170-23-009764 (https://www.sec.gov/Archives/edgar/data/1789029/000095017023009764/aeva-20221231.htm) - [FY 2021 MD&A](/company/AEVA/mda/fy2021/): filed 2022-03-01; accession 0000950170-22-002379 (https://www.sec.gov/Archives/edgar/data/1789029/000095017022002379/aeva-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 3714 Motor Vehicle Parts & Accessories) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/AEVA.md · JSON record: /company/AEVA.json · verified financials: /company/AEVA/financials.json / /company/AEVA/financials.csv · machine TOC for the whole site: /llms.txt