Aeva Technologies Inc. Common Stock (AEVA) fair value

ACCE thesis

Aeva designs frequency-modulated continuous-wave (FMCW) lidar sensors and the perception software that runs on them, aimed at automotive driver assistance and industrial automation. The company's edge is its 4D lidar, which measures velocity for every point in a scan rather than only range, a capability that rivals in the time-of-flight camp do not offer at the same resolution. Revenue grew 11.3% over the latest reported period, but gross margin of 27.2% sits against an operating margin of -563.2%, so the business has not yet reached a scale that covers its cost base. The return on equity of -516.1% reflects a shrinking equity base as losses accumulate, which is the central issue for anyone looking at the name now. The score of 22/100 and the absence of index membership point to a stock the screen flags as weak on fundamentals, so the case rests on whether automotive design wins convert into revenue before cash runs short, and that is the question to test in a deeper look.