AEVA

Aeva is a development-stage 4D-LiDAR company whose financials read as pre-commercial, not investable. FY2025 revenue of $18.1M doubled (+99.4%), but off a tiny and historically erratic base — revenue was $9.27M in 2021, collapsed to $4.19M in 2022, and has only just clawed back, so the 'growth' is volatile design-win timing, not durable demand. Critically, gross profit is still negative (-$660K, -3.7% margin): Aeva loses money on the hardware itself before a dollar of the $85.4M R&D and ~$128M operating loss. Net loss was -$145M on a -804% net margin and -1,100% ROE. This is a company that has burned its way to -$757M of accumulated deficit.

The balance sheet is the disqualifier. Operating cash flow was -$115M against just $72.3M of cash — well under twelve months of runway at the current burn. Stockholders' equity has been gutted -86.7% to $13.2M while liabilities ballooned +245.9%, pushing liabilities/equity to a precarious 12.60x. A capital raise is not a question of if but when, and shares already grew +15% YoY (after a 2024 1-for-5 reverse split). New investors at $25.67 are buying ahead of near-certain dilution into a still-loss-making unit economic model.