Aeva Technologies (AEVA) Q2 2026 earnings summary

Executive summary

• Achieved strong Q2 2026 revenue growth to $6.1M, driven by robust professional services and sensor shipments, despite a decline in product revenue due to lower average selling prices.

• Entered the optical connectivity market for AI data centers, signing a major hyperscaler customer with deployment targeted for 2027-2028.

• Expanded automotive presence with Bendix for next-gen ADAS and advanced programs with Daimler Truck, a top-10 European OEM, and NVIDIA.

• Achieved first industrial commercialization with SICK, launching an Aeva-powered sensor and receiving Supplier of the Year Award.

• Strengthened balance sheet with a $115M equity offering, ending Q2 with $302.9M in liquidity.

Financial highlights

• Q2 2026 revenue was $6.1M, up 11% year-over-year, with professional services up 174% and product revenue down 39%.

• Non-GAAP operating loss was $26M, excluding $8.5M in stock-based compensation; GAAP operating loss was $34.6M.

• Gross cash use was $31.4M in Q2 2026.

• Available liquidity totaled $302.9M, including $177.9M in cash and a $125M undrawn facility.

• Net loss for Q2 2026 was $79.6M, improved from $192.7M in Q2 2025.

Outlook and guidance

• Initial deployment of optical connectivity solution for a hyperscaler is targeted for the second half of 2027, with production ramp in 2028 and potential for millions of units and hundreds of millions in annual revenue.

• Manufacturing scale-up underway to meet anticipated demand across all segments.

• Management expects continued operating losses as investments in product development and commercialization persist.