Aeva Technologies (AEVA) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 revenue of $6.3 million, up 90% year-over-year, driven by scaling sensor shipments, professional services growth, and major milestones in automotive, defense, infrastructure, and industrial markets.

• Delivered production intent Atlas sensors to Daimler Truck and Atlas Ultra sensors to a top European OEM, advancing autonomous vehicle integration and validating technology maturity.

• Expanded commercial deployments and partnerships with Forterra, CityOS in Georgia, and Nikon, including multi-year agreements and new deployments in automotive, defense, infrastructure, and factory automation.

• Net loss for Q1 2026 was $35.0 million, with non-GAAP operating loss at $25.8 million, reflecting disciplined expense management and ongoing R&D investment.

• Focused on scaling manufacturing and converting new opportunities in defense, infrastructure, and industrial markets into design wins.

Financial highlights

• Q1 2026 revenue reached $6.3 million, a 90% increase year-over-year, with professional services revenue up 332% and product revenue down 2%.

• Gross profit increased to $1.9 million from $0.3 million year-over-year, driven by higher-margin engineering services.

• Non-GAAP operating loss was $25.8 million, flat year-over-year; GAAP operating loss was $35.1 million.

• Total available liquidity at quarter-end was $224.5 million, including $99.5 million in cash and marketable securities and $125 million in an undrawn facility.

• Net cash used in operating activities was $25.8 million for the quarter.

Outlook and guidance

• Expect to scale Atlas sensor deliveries to Daimler Truck throughout 2026, supporting fleet rollout and milestones ahead of series production in 2027.

• Anticipate additional sensor deliveries to the top European passenger OEM for Level 3 production, with start of production targeted for 2028.

• Ongoing commercial momentum and expansion planned across automotive, defense, infrastructure, and industrial sectors, with continued investment in R&D and manufacturing capacity.