What Management Said

Read the full Q2 2026 transcript ↗

Reflecting our commercial momentum, we achieved another strong revenue quarter with continued strong sensor shipments and NRE higher than the previous year. With demand for Aeva's technology continuing to grow, we are progressing on the targets we set this year to scale our manufacturing. We are working on ramping across our supply chain—from our CM partners to foundries and component suppliers—to support higher volumes to meet demand. Revenue was $6.1 million in Q2, driven by continued strong product shipments and contribution from NRE as we delivered sensors and achieved milestones with a growing group of customers.

Q2 growth cash use, which we define as operating cash flow, less capital expenditure, was $31.4 million. In June, we raised gross proceeds of $115 million in a follow-on equity offering. Finally, as this will be my last earnings call at Aeva, I wanted to say that it has truly been an honor to serve as Aeva's CFO over the past six years. Achieve milestones on existing programs while adding new wins, scaling manufacturing to support increasing demand, and maintaining financial discipline as we grow.

We're doing that as fast as possible because the hyperscaler wants to deploy this immediately. We have secured some of the capacity we already need to deploy in the market and are working to increase that given this massive pull and potential, with this new deal that we have. Maybe just to continue on to Colin's question, could you just give us a little detail around what you expect the revenue model to be for the optical connectivity business? That would result, translate into multiple hundreds of millions of dollars of revenue.

What went well
  • Delivered another strong revenue quarter of $6.1 million, driven by continued strong sensor shipments and NRE that was higher than the prior year.
  • Strengthened the balance sheet in June with a follow-on equity offering raising $115 million in gross proceeds, bringing total available liquidity at the end of Q2 to $302.9 million.
  • Launched the Aeva Optical Connectivity Business and signed a key joint development agreement with a leading provider of high-speed optical engines to integrate Aeva's technology into a Near-Package Optics solution for a major hyperscaler.
  • Advanced automotive programs: continued scaling shipments of production-intent Atlas sensors to Daimler Truck and began manufacturing on the fully automated assembly line at Jabil in North America.
  • Bendix, the North American leader in commercial-vehicle ADAS, selected Aeva's 4D LiDAR and perception software for its next-generation Level 2+ ADAS series-production system.
  • SICK AG commercially launched its first industrial sensor using Aeva's Eve precision sensing system, and the city of Fargo, North Dakota selected Aeva CityOS following the earlier Atlanta deployment.
What went wrong
  • Announced a CFO transition: Saurabh Sinha will depart in September and VP Corporate Controller Rupesh Maheshwari will step in as Interim CFO while a permanent successor search is underway.
  • Non-GAAP operating loss was $26 million, close to prior-year levels, as the company continues to operate at a loss.
  • Q2 gross cash use (operating cash flow less capex) was $31.4 million, higher than Q1's $28.1 million.
  • The newly signed optical-connectivity opportunity carries no near-term revenue, with only potential initial volumes in 2027 and a ramp in 2028.
  • Liquidity was reinforced through a dilutive follow-on equity offering rather than from operating cash generation.

Guidance Changes

MetricPeriodCurrent guidance
Optical connectivity initial deployment2027-2028Potential initial volumes as soon as second half of 2027, ramping into 2028 production
Optical connectivity annual unit potential (at scale)Annual, once qualifiedPotential to exceed multiple millions of units annually
Optical connectivity annual revenue potential (at scale)Annual, once qualifiedMultiple hundreds of millions of dollars per year

Performance Breakdown

MetricYoYNote
Revenue Up Continued strong product shipments and NRE contribution higher than the prior year as sensors were delivered and milestones achieved across a growing customer group.
Non-GAAP operating loss Roughly flat $26 million, close to prior-year levels, reflecting the target to hold operating expenses similar to slightly up year-over-year while scaling.
Total available liquidity Higher Rose to $302.9 million after the $115 million June follow-on equity offering.

Earnings Call Themes & Trends

TopicPrevious mentionCurrent periodTrend
Optical connectivity / AI data centerEarly interest and validation work on high-power sources and silicon photonics for CPOFormally launched as a business with a signed JDA for a Near-Package Optics solution at a major hyperscaler—
Bendix commercial-vehicle ADASOngoing partnership and engagementSelected to integrate Aeva 4D LiDAR + perception software into next-generation Level 2+ series-production ADAS—
SICK AG precision sensingStrategic collaboration and initial shipments of Eve sensorsFirst commercial industrial sensor using Aeva's Eve system launched to market—
LeadershipSaurabh Sinha as CFOCFO transition with Rupesh Maheshwari stepping in as Interim CFO and a permanent search underway—

Q&A Summary

What are the key technical hurdles to address over the next 12-18 months to get the optical-connectivity JDA ready for commercial ramp?
The technology is proven with extensive reliability and field data; the remaining work is joint integration of Aeva's high-power sources and photonics into the partner's optical engine, followed by qualification at the hyperscaler. The goal is initial deployments as early as the second half of 2027, scaling to production in 2028.
Given the far larger unit volumes versus your other end markets, what is the impact on cost structure and your partners' capacity to scale?
Aeva's chip-level approach uses smaller dies and fewer chips to achieve high optical power, driving higher yield, repeatability and reliability, so costs are already competitive. Aeva plans to leverage existing foundries and manufacturing partners, has secured some needed capacity, and will use economies of scale to further reduce cost across its sensing products.
What should we expect the optical-connectivity revenue model and ASPs to look like?
Ramp is expected to start in the second half of 2027 into 2028, with hyperscaler volume forecasts described as massive - a minimum of multiple millions of units annually translating to multiple hundreds of millions of dollars in annual revenue. Management expects to be able to sell whatever supply it can provide.
Can you give more color on the Bendix program - content per vehicle and ASPs?
Bendix selected Aeva's 4D LiDAR for new Level 2+ functionality such as improved emergency braking and nighttime driving on commercial vehicles, using the same Atlas product and Jabil automated line as the Daimler Truck program. Content per vehicle sits between a passenger and commercial ADAS product - not thousands of dollars but not very small - partly because it aims to replace radar and camera modalities.
How much resource will optical connectivity require - is this a major pivot needing scaled-up R&D?
It reuses core silicon-photonics and high-power-source components plus existing foundry and CM partners, so it does not require large capital or long development timelines. Aeva will invest and hire in the area with a dedicated team under Pradeep Srinivasan, but the investment 'won't be massive' and existing automotive/industrial programs stay resourced separately.
Is there a difference in content between Near-Package Optics and Co-Packaged Optics as you migrate the technology?
Both NPO and CPO use the same core technology and optical sources with some additional back-end integration, so Aeva can serve both. Products will span optical laser sources, on-chip integrated sources and, over time, External Laser Small Form-factor Pluggables (ELSFPs) at different ASPs; the current deal is initially NPO.
In defense, is the opportunity for new platforms or retrofits of existing platforms?
Both. Aeva is already working with Forterra on retrofit autonomy kits using three-to-four LiDARs per vehicle that are being deployed to the military quickly, and the company sees growing demand across ground and aerial applications thanks to velocity sensing, long range, GPS-denied operation and night-vision undetectability.
What contribution do you expect from SICK over time, and will there be more product launches?
SICK launched its first product using Aeva's Eve 1D standoff-distance sensing, with positive customer feedback, and volumes are expected to scale over the next 12-18 months. Additional products are in development, including a 1V velocity configuration to replace encoders and other speed-measurement devices.

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Q2 2026 call
Reported 2026-08-05 · figures from the Aeva Technologies, Inc. Q2 2026 earnings call.

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