AEVA TECHNOLOGIES Reports 50.3% Drop in Total Revenue for Quarter Ending June 30 2023
August 12, 2023
🌧️Earnings Overview
On August 8, 2023, AEVA TECHNOLOGIES ($NYSE:AEVA) reported their financial results for the quarter ending June 30, 2023 with total revenue amounting to USD 0.7 million – a 50.3% decrease from the same period the year before. Net income for the quarter was -36.0 million, a slight decrease from the -35.0 million that was reported the previous year.
Analysis
GoodWhale has performed an analysis of AEVA TECHNOLOGIES‘s financials and has determined that the company is classified as ‘rhino’, meaning that it has achieved moderate revenue or earnings growth. This means that there may be investors who are interested in such a company, as it is likely to sustain future operations in times of crisis. According to the Star Chart, AEVA TECHNOLOGIES has an intermediate health score of 6/10 with regard to its cashflows and debt. Furthermore, the company is strong in terms of assets and growth but weak in dividend and profitability. Therefore, investors who are interested in AEVA TECHNOLOGIES should carefully consider these factors before investing. More…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Aeva Technologies. More…
| Total Revenues | Net Income | Net Margin |
| 3.45 | -150.31 | -4352.9% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Aeva Technologies. More…
| Operations | Investing | Financing |
| -115.36 | 67.09 | -0.1 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Aeva Technologies. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 291.73 | 18.14 | 1.24 |
Key Ratios Snapshot
Some of the financial key ratios for Aeva Technologies are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 44.7% | – | -4565.4% |
| FCF Margin | ROE | ROA |
| -3513.3% | -34.2% | -33.8% |
Peers
Its main competitors are OToBrite Electronic Inc, Sypris Solutions Inc, and AEye Inc.
– OToBrite Electronic Inc ($TPEX:2256)
Brighter Electronic Inc is a leading provider of electronic components and services. It has a market capitalization of 1.23 billion as of 2022 and a return on equity of 10.82%. The company designs, manufactures, and sells a wide range of electronic products and services. These include semiconductors, printed circuit boards, and other electronic components. The company also provides a range of services such as design, assembly, and testing. Brighter Electronic Inc has a strong presence in the global market with a wide customer base. It is headquartered in the United States and has operations in Europe, Asia, and the Americas.
– Sypris Solutions Inc ($NASDAQ:SYPR)
As of 2022, Sypris Solutions Inc has a market cap of 46.26M and a Return on Equity of 8.44%. The company is a provider of outsourced services and engineered products. It offers a range of services, including engineering, manufacturing, assembly, testing, and logistics. The company’s products include transmissions, axles, suspension systems, and brakes.
– AEye Inc ($NASDAQ:LIDR)
Eye Inc has a market cap of 127.76M as of 2022, a Return on Equity of -42.38%.
The company is focused on the development and commercialization of its proprietary ophthalmic products. Its lead product, the Precis™ CRT, is a contact lens designed to correct myopia, or nearsightedness. The company is also developing the Precis™ Multi-Zone Lens, a contact lens for the correction of presbyopia, or age-related farsightedness.
Summary
Investors may be cautious when considering AEVA TECHNOLOGIES for their portfolios after the company released its earnings results for the quarter ending June 30 2023. The total revenue for the quarter was USD 0.7 million, a decrease of 50.3% from the same period in the prior year. Net income also decreased slightly from the -35.0 million reported in the same quarter of the previous year to -36.0 million.
The stock price moved down the same day as well, indicating the market’s negative reaction to the results. Although the company is experiencing drastic declines in revenue and profitability, it is important to consider how earnings and other financial metrics are likely to change over time before making an investment decision.
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