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Aeva Technologies cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$30.6M in Q3 2026 · −$114M over twelve months

Operating cash flow−$30.4M
Capital spending−$232K
Free cash flow−$30.6M
Cash / net income-6.8×
Cash conversion cycle70 days

Analysis

In Q3 2026, Aeva Technologies generated −$30.4M of operating cash flow and spent $232K on capital projects, leaving free cash flow of −$30.6M. That is $3.0M more than in Q3 2025 (−$33.6M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$110M; the largest uses were other investing ($122M), operating cash flow ($110M), capital spending ($4.2M); besides operations, cash came from other financing ($211M), shares issued ($50K); the cash balance fell by $25.6M.

Operating cash flow was −$30.4M against net income of $4.4M — -6.8× profit, less cash than reported earnings, worth checking against working capital. The largest differences: stock-based pay +$11.4M, receivables −$3.5M, other liabilities +$2.4M.

Its cash conversion cycle was 70 days (receivables 75 + inventory 130 − payables 135).

Free cash flow

Aeva Technologies: free cash flow by quarterAeva Technologies: free cash flow by quarter−$23.0MQ4 2024−$31.3MQ1 2025−$31.2MQ2 2025−$33.6MQ3 2025−$23.7MQ4 2025−$28.1MQ1 2026−$31.4MQ2 2026−$30.6MQ3 2026
Operating cash flow less capital spending.
Aeva Technologies: operating cash flow against capital spendingAeva Technologies: operating cash flow against capital spendingOperating cash flowCapital spending−$20.9M$2.1MQ4 2024−$30.8M$459KQ1 2025−$29.8M$1.4MQ2 2025−$32.3M$1.3MQ3 2025−$22.1M$1.5MQ4 2025−$25.8M$2.2MQ1 2026−$31.2M$185KQ2 2026−$30.4M$232KQ3 2026
Latest (Q3 2026): Operating cash flow −$30.4M, Capital spending $232K.

Capital allocation, year by year

Aeva Technologies: where the cash came from (up) and went (down), by fiscal yearAeva Technologies: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$82.1MFY2021: Shares issued $911KFY2021: Capital spending −$3.9M$911KFY2021FY2022: Operating cash flow −$110MFY2022: Shares issued $350KFY2022: Capital spending −$7.4M$350KFY2022FY2023: Operating cash flow −$119MFY2023: Shares issued $238KFY2023: Capital spending −$6.1M$238KFY2023FY2024: Operating cash flow −$107MFY2024: Shares issued $81KFY2024: Capital spending −$5.1M$81KFY2024FY2025: Operating cash flow −$115MFY2025: Net borrowing $100MFY2025: Shares issued $128KFY2025: Capital spending −$4.6M$100MFY2025
Over these 5 years operating cash flow totalled −$533M; the largest uses were operating cash flow ($533M) and capital spending ($27.1M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$148M
Debtnone
Net cash$148M
Cash runway16 months

Aeva Technologies is burning cash: its operations consume cash, a free cash flow of −$114M a year at the current rate against $148M of cash and investments: a runway of about 16 months before any new financing.

Where the cash came from and went

Aeva Technologies: sources (+) and uses (−) of cash, Q3 2026Aeva Technologies: sources (+) and uses (−) of cash, Q3 2026Operating cash flow−$30.4MCash drawn (+) / kept (−)$23.1MOther investing$7.9MOther financing−$445KCapital spending−$232KShares issued$27K
Aeva Technologies: sources (+) and uses (−) of cash, TTM to Q3 2026Aeva Technologies: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$211MOther investing−$122MOperating cash flow−$110MCash drawn (+) / kept (−)$25.6MCapital spending−$4.2MShares issued$50K

From profit to cash

Aeva Technologies: net income to operating cash flow, Q3 2026Aeva Technologies: net income to operating cash flow, Q3 2026Net income$4.4MDepreciation & amortization$1.4MStock-based pay$11.4MReceivables−$3.5MInventory−$1.5MPayables−$1.6MAccrued liabilities$1.2MEmployee-related liabilities$1.1MPrepaid and other assets−$2.1MOther liabilities$2.4MOperating cash flow−$30.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20267513013570
Q2 20265313513751
Q1 20264912310962
Q4 20254311511048
Q3 20257512613466
Q2 202539424832
Q1 20252692139-21
Q4 20243058110-22

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$30.4M−$232K$27K$23.1M−$30.6M
Q2 2026−$31.2M−$185K$7K−$12.1M−$31.4M
Q1 2026−$25.8M−$2.2M$16K$41.1M−$28.1M
Q4 2025−$22.1M−$1.5M—−$26.6M−$23.7M
Q3 2025−$32.3M−$1.3M$10K−$23.9M−$33.6M
Q2 2025−$29.8M−$1.4M$118K−$532K−$31.2M
Q1 2025−$30.8M−$459K—$7.7M−$31.3M
Q4 2024−$20.9M−$2.1M$4K$1.6M−$23.0M

Aeva Technologies: income statement and cash flow

Aeva Technologies, Q3 2026: revenue $6.7M (+86% year over year), operating margin -586.5%. The chart follows the revenue to costs, profit and cash.

Aeva Technologies: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.