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.

• Focused on scaling manufacturing and converting new opportunities in precision sensing and Physical AI applications into design wins.

Financial highlights

• Q1 2026 revenue reached $6.3 million, a 90% increase year-over-year, with professional services revenue up 332% to $3.8 million and product revenue at $2.4 million.

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

• Gross profit improved to $1.9 million from $0.3 million year-over-year, with gross margin gains from higher-margin engineering services.

• 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.

• Operating expenses rose 21% to $37.1 million, mainly due to a 71% increase in general and administrative expenses and a 6% increase in R&D.

Outlook and guidance

• Expect to scale Atlas sensor deliveries to Daimler Truck and expand with Forterra and other partners throughout 2026, supporting fleet rollout and milestones ahead of series production.

• Anticipate additional sensor deliveries to top European OEMs for ongoing development, with production targeted for 2028.

• Management expects continued operating losses as investments in product development and commercialization persist, but existing liquidity is expected to fund operations for at least the next 12 months.

• Focused on scaling manufacturing and converting new opportunities in precision sensing and Physical AI applications into design wins.