AEVAAeva Technologies, Inc.
Motor Vehicle Parts & Accessories
- Revenue
- $18M
- 99% YoY
- Operating margin
- -705.8%
- 60% YoY
- EBITDA
- −$122M
- 20% YoY
- Market cap
- $637M
- Employees
- 239
- $76K revenue each
- Net debt / EBITDA
- —
- AI in 10-K
- 3.6
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 1 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo$8M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCYes121% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo0% of assetsOver 40% of assets
- Shareholder dissentNo88% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeYes$76K · 7th pctBottom quartile of its SIC industry
- Quiet on AINo3.6 per 10K words · 75th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$637M market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$56M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $9M | $4M | $4M | $9M | $18M | 99% |
| Operating income | −$104M | −$152M | −$148M | −$158M | −$128M | 19% |
| Net income | −$102M | −$147M | −$149M | −$152M | −$145M | 4.6% |
| Operating cash flow | −$82M | −$110M | −$119M | −$107M | −$115M | 7.6% |
| Capex | $4M | $7M | $6M | $5M | $5M | 9.8% |
| Stock-based comp | $22M | $24M | $24M | $24M | $22M | 7.9% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jul 6, 2026 | SYLEBRA CAPITAL LLC | SCHEDULE 13D/A | 29.3% | Passive |
| Mar 20, 2026 | Rezk Mina | SCHEDULE 13D/A | 6.5% | Passive |
| Aug 7, 2025 | Dardashti Soroush Salehian | SCHEDULE 13D/A | 5.8% | Passive |
| Aug 7, 2025 | Rezk Mina | SCHEDULE 13D/A | 8.7% | Passive |
| Jul 14, 2025 | Canaan XI L.P. | SCHEDULE 13D/A | 6.5% | Passive |
| Apr 3, 2025 | Sylebra Capital Ltd | SCHEDULE 13D/A | 29.6% | Passive |
| Mar 21, 2025 | Dardashti Soroush Salehian | SCHEDULE 13D/A | 8.9% | Passive |
| Mar 21, 2025 | Rezk Mina | SCHEDULE 13D/A | 18.2% | Passive |
| Nov 13, 2023 | Sylebra Capital Ltd | SC 13D/A | 19.9% | Active |
| Jun 21, 2023 | Sylebra Capital Ltd | SC 13D/A | 12.3% | Active |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $56M · 58
- Net
- −$56M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $9M | $32M | 195 | — |
| FY2024 | $2M | $4M | 70 | — |
| FY2023 | $8M | $5M | 56 | — |