Aeva Reports Third Quarter 2026 Results
Expanded Product Portfolio in Optical Connectivity with Ultra-High Power Sources and Modules to Address Significant
Press Release Disclaimer: This is a press release distributed through the XPR Media network. It has not been independently verified by our newsroom.
Aeva® (Nasdaq: AEVA), a leader in next-generation sensing and perception systems, today announced its third quarter 2026 results.
Key Company Highlights
- First revenues in Optical Connectivity with deliveries of UHP chipsets to JDA customer for integration and validation; deepening collaboration with JDA customer to jointly pursue interest from additional hyperscalers
- Expanded Optical Connectivity product portfolio with Ultra-High Power (UHP) chipsets, SPECTRA multiwavelength arrays and MESA multichannel assemblies to meet significant and growing demand; increasing momentum across AI compute companies and optical solutions providers, including commercial negotiations with a second optical customer
- Executed on key automotive programs, including growing shipments of production-intent Atlas sensors to Daimler Truck, passing VDA audit for the top 10 European passenger OEM and successfully completing ADAS development program with Bendix
- The US Air Force, together with the US Navy, selected Aeva for joint development using 4D LiDAR to enable new remote sensing and advanced airborne autonomy applications
- Micro-Epsilon selected Aeva’s Eve high-precision technology to enable new levels of performance and versatility in its next-generation factory automation product line; supply agreement includes first multi-thousand sensor order
“Aeva achieved a new record revenue in Q3, driven by record volume of our 4D LiDAR and optical solutions and the ongoing scaling of manufacturing,” said Soroush Salehian, Co-Founder and CEO at Aeva. “Our growing traction across many markets, from automotive to optical communications, reflects the unique versatility of Aeva’s core technology platform to deliver differentiated capabilities for a broad range of applications. As demand accelerates, our focus remains on executing for our customers, securing additional wins and further scaling to meet demand.”
Third Quarter 2026 Financial Highlights
-
Revenue
- Revenue of $6.7 million in Q3 2026, compared to revenue of $3.6 million in Q3 2025
-
GAAP and Non-GAAP Operating Loss*
- GAAP operating loss of $39.1 million in Q3 2026, compared to GAAP operating loss of $33.2 million in Q3 2025
- Non-GAAP operating loss of $27.7 million in Q3 2026, compared to non-GAAP operating loss of $27.2 million in Q3 2025
-
GAAP and Non-GAAP Net Income or Loss per Share*
- GAAP basic net income per share of $0.06 and diluted net loss per share of $0.54 in Q3 2026, compared to GAAP basic net income per share of $1.86 and diluted net loss per share of $0.52 in Q3 2025
- Non-GAAP basic and diluted net loss per share of $0.39 in Q3 2026, compared to non-GAAP basic and diluted net loss per share of $0.46 in Q3 2025
-
Total Available Liquidity
- Total available liquidity of $272.5 million as of September 30, 2026, consisting of $147.5 million in cash, cash equivalents and marketable securities and $125.0 million in an available facility
-
Shares Outstanding
- Weighted basic average shares outstanding of 69.6 million and diluted average shares outstanding of 71.8 million in Q3 2026
*Tables reconciling GAAP to non-GAAP measures are provided at the end of this release.
Conference Call Details
Aeva will host a conference call and live webcast to discuss results at 2:00 p.m. PT / 5:00 p.m. ET today, November 4, 2026. The live webcast and replay can be accessed at investors.aeva.com.
About Aeva Technologies, Inc. (Nasdaq: AEVA)
Aeva’s mission is to bring the next wave of perception to a broad range of applications from automated driving, manufacturing automation and smart infrastructure, to robotics and consumer devices. Aeva is accelerating autonomy with its groundbreaking perception platform that integrates lidar-on-chip technology, system-on-chip processing, and perception algorithms onto silicon leveraging silicon photonics. Aeva 4D LiDAR sensors uniquely detect velocity and position simultaneously, allowing automated devices like vehicles and robots to make more intelligent and safe decisions. For more information, visit www.aeva.com, or connect with us on X or LinkedIn.
Aeva, the Aeva logo, Aeva 4D LiDAR, Aeva Atlas, Aeries, Aeva Eve, Aeva Omni, Aeva CityOS, Aeva Ultra Resolution, Aeva CoreVision, and Aeva X1 are trademarks/registered trademarks of Aeva, Inc. All rights reserved. Third-party trademarks are the property of their respective owners.
Forward looking statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. These forward-looking statements include, but are not limited to expectations about customer relationships, product development, product features, performance, the timing of production, and market adoption. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including, but not limited to: (i) the fact that Aeva is an early stage company with a history of operating losses and may never achieve profitability, (ii) Aeva’s limited operating history, (iii) Aeva’s ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities, (iv) the timing of any orders for the Company’s solutions, which will not be under our control, (v) the risk that automotive OEMs or manufacturers in other industries may not pursue or adopt the platform as currently anticipated, if at all, (vi) the risk that markets will not accept products of automotive OEMs or of manufacturers in other industries that use our technologies, (vii) the risk that additional markets will not be receptive to Aeva’s technology, (viii) the risk that new customer contracts will not result in commercial scale shipments, (ix) supply chain and manufacturing issues, (x) unforeseen errors or defects, (xi) market acceptance of LiDAR technology for the automotive, data center and other markets, (xii) general economic conditions, including tariffs, and other material risks and other important factors that could affect our financial results. Please refer to our filings with the SEC, including our most recent Quarterly Reports on Form 10-Q and our most recent Annual Report on Form 10-K. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Aeva assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Aeva does not give any assurance that it will achieve its expectations.
Non-GAAP Information
In addition to our financial results determined in accordance with U.S. GAAP, we present non-GAAP operating loss and non-GAAP net loss per share. “Non-GAAP operating loss” is defined as GAAP operating loss before stock-based compensation and loss on joint development agreement. “Non-GAAP net loss per share” is defined as non-GAAP net loss divided by weighted average shares outstanding, basic and diluted. “Non-GAAP net loss” is defined as GAAP net income (loss) before stock-based compensation, loss on joint development agreement, change in fair value of warrant liabilities and fair value gain on share subscription liability.
We believe that non-GAAP operating loss and non-GAAP net loss per share, when taken together with the corresponding U.S. GAAP financial measures, provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our core business, results of operations, or outlook. We consider non-GAAP operating loss and non-GAAP net loss per share to be important measures because they help illustrate underlying trends in our business and our historical operating performance on a more consistent basis.
However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with U.S. GAAP. Non-GAAP financial measures have limitations, including that they exclude certain expenses that are required under GAAP, which adjustments reflect the exercise of judgment by management. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP financial measures or ratios differently or may use other financial measures or ratios to evaluate their performance, all of which could reduce the usefulness of non-GAAP operating loss and non-GAAP net loss per share as tools for comparison. Reconciliations are provided at the end of this release to the most directly comparable financial measures in accordance with U.S. GAAP. Investors are encouraged to review our U.S. GAAP financial measures and not to rely on any single financial measure to evaluate our business.
|
AEVA TECHNOLOGIES, INC. |
||||||||
|
Condensed Consolidated Balance Sheets |
||||||||
|
(Unaudited) |
||||||||
|
(In thousands) |
||||||||
|
September 30, |
December 31, |
|||||||
|
Assets |
||||||||
|
Current assets |
||||||||
|
Cash and cash equivalents |
$ |
20,130 |
|
$ |
72,291 |
|
||
|
Marketable securities |
|
127,372 |
|
|
49,608 |
|
||
|
Accounts receivable, net |
|
7,183 |
|
|
3,363 |
|
||
|
Inventories |
|
6,802 |
|
|
5,787 |
|
||
|
Other current assets |
|
18,452 |
|
|
22,476 |
|
||
|
Total current assets |
|
179,939 |
|
|
153,525 |
|
||
|
Operating lease right-of-use assets |
|
4,292 |
|
|
5,480 |
|
||
|
Property, plant and equipment, net |
|
11,894 |
|
|
12,845 |
|
||
|
Intangible assets, net |
|
150 |
|
|
825 |
|
||
|
Other noncurrent assets |
|
6,455 |
|
|
7,026 |
|
||
|
Total assets |
$ |
202,730 |
|
$ |
179,701 |
|
||
|
Liabilities and stockholders’ equity |
||||||||
|
Current liabilities |
||||||||
|
Accounts payable |
$ |
5,665 |
|
$ |
5,885 |
|
||
|
Accrued liabilities |
|
10,670 |
|
|
12,063 |
|
||
|
Accrued employee costs |
|
5,046 |
|
|
13,945 |
|
||
|
Lease liability, current portion |
|
1,813 |
|
|
1,488 |
|
||
|
Other current liabilities |
|
5,570 |
|
|
2,488 |
|
||
|
Total current liabilities |
|
28,764 |
|
|
35,869 |
|
||
|
Lease liability, noncurrent portion |
|
3,036 |
|
|
4,213 |
|
||
|
Convertible notes |
|
97,001 |
|
|
96,693 |
|
||
|
Warrant liabilities |
|
30,671 |
|
|
29,711 |
|
||
|
Total liabilities |
|
159,472 |
|
|
166,486 |
|
||
|
Stockholders’ equity |
||||||||
|
Common stock |
|
7 |
|
|
6 |
|
||
|
Additional paid-in capital |
|
910,938 |
|
|
770,502 |
|
||
|
Accumulated other comprehensive loss |
|
(242 |
) |
|
(4 |
) |
||
|
Accumulated deficit |
|
(867,445 |
) |
|
(757,289 |
) |
||
|
Total stockholders’ equity |
|
43,258 |
|
|
13,215 |
|
||
|
Total liabilities and stockholders’ equity |
$ |
202,730 |
|
$ |
179,701 |
|
||
|
AEVA TECHNOLOGIES, INC. |
||||||||||||||||
|
Condensed Consolidated Statements of Operations |
||||||||||||||||
|
(Unaudited) |
||||||||||||||||
|
(In thousands, except share and per share data) |
||||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||||
|
|
2026 |
|
|
|
2025 |
|
|
|
2026 |
|
|
|
2025 |
|
||
|
Revenues: |
|
|
|
|
||||||||||||
|
Product |
$ |
3,503 |
|
$ |
1,696 |
|
$ |
8,476 |
|
$ |
8,380 |
|
||||
|
Professional service |
|
3,166 |
|
|
1,883 |
|
|
10,591 |
|
|
4,078 |
|
||||
|
Total revenues |
|
6,669 |
|
|
3,579 |
|
|
19,067 |
|
|
12,458 |
|
||||
|
Cost of revenues: |
||||||||||||||||
|
Product (1) |
|
3,348 |
|
|
2,641 |
|
|
8,999 |
|
|
9,216 |
|
||||
|
Professional service (1) |
|
1,080 |
|
|
508 |
|
|
3,697 |
|
|
5,222 |
|
||||
|
Total cost of revenues |
|
4,428 |
|
|
3,149 |
|
|
12,696 |
|
|
14,438 |
|
||||
|
Gross profit (loss) |
|
|
2,241 |
|
|
430 |
|
|
6,371 |
|
|
(1,980 |
) |
|||
|
Operating expenses: |
||||||||||||||||
|
Research and development expenses (1) |
|
|
28,867 |
|
|
22,164 |
|
|
76,582 |
|
|
66,574 |
|
|||
|
General and administrative expenses (1) |
|
10,853 |
|
|
9,624 |
|
|
33,421 |
|
|
24,810 |
|
||||
|
Selling and marketing expenses (1) |
|
|
1,634 |
|
|
1,803 |
|
|
5,177 |
|
|
5,138 |
|
|||
|
Total operating expenses |
|
41,354 |
|
|
33,591 |
|
|
115,180 |
|
|
96,522 |
|
||||
|
Operating loss |
|
(39,113 |
) |
|
(33,161 |
) |
|
(108,809 |
) |
|
(98,502 |
) |
||||
|
Interest income |
|
1,485 |
|
|
385 |
|
|
3,255 |
|
|
2,011 |
|
||||
|
Change in fair value of warrant liabilities |
|
43,290 |
|
|
68,524 |
|
|
(960 |
) |
|
(25,354 |
) |
||||
|
Fair value gain on settlement of share subscription liability |
|
— |
|
|
71,647 |
|
|
— |
|
|
1,651 |
|
||||
|
Interest expense |
|
(1,199 |
) |
|
— |
|
|
(3,578 |
) |
|
— |
|
||||
|
Other income (expense), net |
|
74 |
|
|
166 |
|
|
116 |
|
|
273 |
|
||||
|
Income (loss) before income taxes |
$ |
4,537 |
|
$ |
107,561 |
|
$ |
(109,976 |
) |
$ |
(119,921 |
) |
||||
|
Income tax provision |
|
90 |
|
|
66 |
|
|
180 |
|
|
193 |
|
||||
|
Net income (loss) |
$ |
4,447 |
|
$ |
107,495 |
|
$ |
(110,156 |
) |
$ |
(120,114 |
) |
||||
|
Net income (loss) per share, basic and diluted |
||||||||||||||||
|
Basic |
$ |
0.06 |
|
$ |
1.86 |
|
$ |
(1.68 |
) |
$ |
(2.15 |
) |
||||
|
Diluted |
$ |
(0.54 |
) |
$ |
(0.52 |
) |
$ |
(1.68 |
) |
$ |
(2.15 |
) |
||||
|
Weighted-average shares used in computing net loss per share, basic and diluted |
||||||||||||||||
|
Basic |
|
69,643,057 |
|
|
57,883,326 |
|
|
65,732,978 |
|
|
55,942,977 |
|
||||
|
Diluted |
|
71,811,787 |
|
|
61,087,059 |
|
|
65,732,978 |
|
|
55,942,977 |
|
||||
|
(1) Includes stock-based compensation as follows: |
||||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|||||
|
Cost of revenues |
$ |
90 |
|
$ |
51 |
|
$ |
433 |
|
$ |
114 |
|
||||
|
Research and development expenses |
|
|
6,173 |
|
|
|
3,531 |
|
|
|
15,098 |
|
|
|
9,942 |
|
|
General and administrative expenses |
|
4,628 |
|
|
2,219 |
|
|
12,616 |
|
|
5,944 |
|
||||
|
Selling and marketing expenses |
|
|
517 |
|
|
|
139 |
|
|
|
1,139 |
|
|
|
528 |
|
|
Total stock-based compensation expense |
$ |
11,408 |
|
$ |
5,940 |
|
$ |
29,286 |
|
$ |
16,528 |
|
||||
|
AEVA TECHNOLOGIES, INC. |
||||||||
|
Condensed Consolidated Statements of Cash Flows |
||||||||
|
(Unaudited) |
||||||||
|
(In thousands) |
||||||||
|
Nine Months Ended September 30, |
||||||||
|
|
2026 |
|
|
2025 |
|
|||
|
Cash flows from operating activities: |
||||||||
|
Net loss |
$ |
(110,156 |
) |
$ |
(120,114 |
) |
||
|
Adjustments to reconcile net loss to net cash used in operating activities: |
||||||||
|
Depreciation and amortization |
|
3,941 |
|
|
4,053 |
|
||
|
Loss on joint development agreement |
|
— |
|
|
3,785 |
|
||
|
Impairment of inventories |
|
363 |
|
|
493 |
|
||
|
Issuance of shares for Convertible note interest payment |
|
2,297 |
|
|
— |
|
||
|
Change in fair value of warrant liabilities |
|
960 |
|
|
25,354 |
|
||
|
Stock-based compensation |
|
29,286 |
|
|
16,528 |
|
||
|
Amortization of right-of-use assets |
|
1,720 |
|
|
2,554 |
|
||
|
Amortization of premium and accretion of discount on available-for-sale securities, net |
|
(1,821 |
) |
|
(907 |
) |
||
|
Accretion of convertible notes issuance cost |
|
308 |
|
|
— |
|
||
|
Changes in operating assets and liabilities: |
||||||||
|
Accounts receivable, net |
|
(3,820 |
) |
|
(759 |
) |
||
|
Inventories |
|
(1,378 |
) |
|
(3,097 |
) |
||
|
Other current assets |
|
(1,477 |
) |
|
3,114 |
|
||
|
Other noncurrent assets |
|
571 |
|
|
301 |
|
||
|
Accounts payable |
|
404 |
|
|
(1,511 |
) |
||
|
Accrued liabilities |
|
(1,393 |
) |
|
637 |
|
||
|
Accrued employee costs |
|
|
(8,899 |
) |
|
|
(2,210 |
) |
|
Lease liability |
|
(1,384 |
) |
|
(2,394 |
) |
||
|
Other current liabilities |
|
3,083 |
|
|
(19,270 |
) |
||
|
Other noncurrent liabilities |
|
— |
|
|
515 |
|
||
|
Net cash used in operating activities |
|
(87,395 |
) |
|
(92,928 |
) |
||
|
Cash flows from investing activities: |
||||||||
|
Purchase of property, plant and equipment |
|
(2,642 |
) |
|
(3,099 |
) |
||
|
Purchase of available-for-sale securities |
|
(188,861 |
) |
|
(25,548 |
) |
||
|
Proceeds from maturities of available-for-sale securities |
|
112,680 |
|
|
106,349 |
|
||
|
Net cash (used in) provided by investing activities |
|
(78,823 |
) |
|
77,702 |
|
||
|
Cash flows from financing activities: |
||||||||
|
Proceeds from issuance of common stock in connection with public offering |
|
114,999 |
|
|
— |
|
||
|
Transaction costs related to issuance of common stock |
|
(6,195 |
) |
|
— |
|
||
|
Proceeds from equity-related funding in connection with the JDA |
|
5,500 |
|
|
32,500 |
|
||
|
Payments of taxes withheld on net settled vesting of restricted stock units |
|
— |
|
|
(578 |
) |
||
|
Transaction costs related to issuance of convertible notes |
|
(297 |
) |
|
— |
|
||
|
Proceeds from exercise of stock options |
|
50 |
|
|
128 |
|
||
|
Net cash provided by financing activities |
|
114,057 |
|
|
32,050 |
|
||
|
Net increase (decrease) in cash and cash equivalents |
|
(52,161 |
) |
|
16,824 |
|
||
|
Beginning cash and cash equivalents |
|
72,291 |
|
|
28,864 |
|
||
|
Ending cash and cash equivalents |
$ |
20,130 |
|
$ |
45,688 |
|
||
|
AEVA TECHNOLOGIES, INC. |
||||||||||||||||
|
Reconciliation of GAAP to Non-GAAP Operating Results |
||||||||||||||||
|
(Unaudited) |
||||||||||||||||
|
(In thousands, except share and per share data) |
||||||||||||||||
|
Reconciliation from GAAP to non-GAAP operating loss |
||||||||||||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
|
|
2026 |
|
|
|
2025 |
|
|
2026 |
|
|
|
2025 |
|
|||
|
GAAP operating loss |
|
$ |
(39,113 |
) |
|
$ |
(33,161 |
) |
|
$ |
(108,809 |
) |
|
$ |
(98,502 |
) |
|
Stock-based compensation |
|
|
11,408 |
|
|
|
5,940 |
|
|
|
29,286 |
|
|
|
16,528 |
|
|
Loss on joint development agreement |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,785 |
|
|
Non-GAAP operating loss |
$ |
(27,705 |
) |
$ |
(27,221 |
) |
$ |
(79,523 |
) |
$ |
(78,189 |
) |
||||
|
Reconciliation from GAAP to non-GAAP net loss |
||||||||||||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
|
|
2026 |
|
|
|
2025 |
|
|
2026 |
|
|
|
2025 |
|
|||
|
GAAP net income (loss) |
|
$ |
4,447 |
|
|
$ |
107,495 |
|
|
$ |
(110,156 |
) |
|
$ |
(120,114 |
) |
|
Stock-based compensation |
|
11,408 |
|
|
5,940 |
|
|
29,286 |
|
|
16,528 |
|
||||
|
Loss on joint development agreement |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,785 |
|
|
Change in fair value of warrant liabilities |
|
(43,290 |
) |
|
(68,524 |
) |
|
960 |
|
|
25,354 |
|
||||
|
Fair value gain on settlement of share subscription liability |
|
|
— |
|
|
|
(71,647 |
) |
|
|
— |
|
|
|
(1,651 |
) |
|
Non-GAAP net loss |
$ |
(27,435 |
) |
$ |
(26,736 |
) |
$ |
(79,910 |
) |
$ |
(76,098 |
) |
||||
|
Reconciliation between GAAP and non-GAAP net loss per share |
||||||||||||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
|
|
2026 |
|
|
|
2025 |
|
|
2026 |
|
|
|
2025 |
|
|||
|
Shares used in computing GAAP net income (loss) per share: |
|
|
|
|
|
|
|
|
||||||||
|
Basic |
|
69,643,057 |
|
|
57,883,326 |
|
|
65,732,978 |
|
|
55,942,977 |
|
||||
|
Diluted |
|
|
71,811,787 |
|
|
|
61,087,059 |
|
|
|
65,732,978 |
|
|
|
55,942,977 |
|
|
GAAP net income (loss) per share |
||||||||||||||||
|
Basic |
|
$ |
0.06 |
|
|
$ |
1.86 |
|
|
$ |
(1.68 |
) |
|
$ |
(2.15 |
) |
|
Diluted |
$ |
(0.54 |
) |
$ |
(0.52 |
) |
$ |
(1.68 |
) |
$ |
(2.15 |
) |
||||
|
GAAP net income (loss) per share |
|
|
|
|
|
|
|
|
||||||||
|
Basic |
$ |
0.06 |
|
$ |
1.86 |
|
$ |
(1.68 |
) |
$ |
(2.15 |
) |
||||
|
Stock-based compensation |
|
|
0.16 |
|
|
|
0.10 |
|
|
|
0.45 |
|
|
|
0.30 |
|
|
Loss on joint development agreement |
|
— |
|
|
— |
|
|
— |
|
|
0.07 |
|
||||
|
Change in fair value of warrant liabilities |
|
|
(0.61 |
) |
|
|
(1.18 |
) |
|
|
0.01 |
|
|
|
0.45 |
|
|
Fair value gain on settlement of share subscription liability |
|
— |
|
|
(1.24 |
) |
|
— |
|
|
(0.03 |
) |
||||
|
Non-GAAP net loss per share |
|
|
|
|
|
|
|
|
||||||||
|
Basic and Diluted |
$ |
(0.39 |
) |
$ |
(0.46 |
) |
$ |
(1.22 |
) |
$ |
(1.36 |
) |
||||
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