Aeva Technologies (AEVA) has wrapped up FY 2025 with Q4 revenue of US$5.6 million and a basic EPS loss of US$0.42, alongside a full year trailing EPS loss of US$2.55 on revenue of US$18.1 million. The company has seen quarterly revenue move from US$2.7 million in Q4 2024 to US$5.6 million in Q4 2025, while basic EPS has shifted from a loss of US$0.67 to a loss of US$0.42 over the same period, with net income swinging between a loss of US$36.1 million in Q4 2024 and a loss of US$25.3 million in Q4 2025. For investors, the latest print highlights a business still working through heavy losses, so the key question is how quickly revenue can scale to support more efficient margins.

See our full analysis for Aeva Technologies.

With the headline numbers laid out, the next step is to see how this earnings profile lines up against the widely shared stories about Aeva’s growth potential, risk profile, and long term path to healthier margins.

TTM losses of US$145 million keep profit story on hold

• On a trailing 12 month basis to Q4 2025, Aeva reported a net loss of US$145.4 million on US$18.1 million of revenue, with trailing EPS at a loss of US$2.55.
• Bears highlight that forecasts still do not show profitability over the next three years, and the data here supports that concern, as:
  • Losses have widened at an annual rate of 21.1% over the past five years, and the latest trailing net loss of US$145.4 million is close to the US$152.3 million loss a year earlier.
  • Even in Q3 2025, when net income was US$107.5 million and EPS was US$1.86, the full year picture remains a loss, so one strong quarter has not changed the multi year loss profile bears focus on.

If you are trying to understand why some investors stay cautious despite the growth story, skeptics often point to this persistent loss profile and the long path to potential profitability. 🐻 Aeva Technologies Bear Case

Price to sales of 44.2x demands strong growth execution

• The stock trades on a P/S of 44.2x compared with 10.1x for peers and 2.7x for the broader US Electronic industry, even though trailing 12 month revenue is US$18.1 million and the company is still loss making.
• Consensus narrative points to fast forecast revenue growth of about 49% a year, yet this valuation and forecast mix creates tension, because:
  • At a current share price of US$13.31 versus an analyst consensus target of US$24.10, the implied upside sits alongside a high sales multiple that already prices in strong growth relative to peers.
  • Forecasts still show unprofitability over the next three years, so the high P/S rests mainly on revenue expectations rather than earnings or margin support, which is exactly what more cautious investors question.

DCF fair value and 49% growth forecast pull against recent volatility

• The provided DCF fair value of US$58.26 is more than 4x the current share price of US$13.31, while revenue is forecast to grow around 49% per year and yet the stock has had a highly volatile share price in the past three months.
• Bulls argue that contracted programs and liquidity support this gap to DCF fair value, and these earnings numbers partly back that up but also set expectations, because:
  • Liquidity of about US$270 million from the Apollo convertible notes and LG Innotek investment is intended to fund ramps from current annual revenue of US$18.1 million, which bulls see as a base for faster top line expansion.
  • At the same time, forecasts assume revenue growth without profitability in the next three years, so the wide spread between DCF fair value of US$58.26 and the share price of US$13.31 depends heavily on that growth actually materialising.

Supporters who think those long term contracts and growth forecasts justify the gap between price and DCF fair value often want the full bullish case laid out in one place. 🐂 Aeva Technologies Bull Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Aeva Technologies on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

If this mix of risks and rewards feels finely balanced, now is a good time to look through the details yourself and test your view against the data. You can start with 2 key rewards and 3 important warning signs.

See What Else Is Out There

Aeva is still running heavy losses of US$145.4 million on modest revenue of US$18.1 million, with profitability forecasts remaining out of reach for several years.

If that level of risk feels a bit high for your taste, you might prefer companies that score well in our 77 resilient stocks with low risk scores and start comparing alternatives today.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.