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Aeva Technologies (AEVA) Q2 FY26 earnings call: guidance and Q&A

Earnings call· Jun 2026 (Q2 FY26)· Information Technology· Aug 5, 2026

Source: earnings call transcript

Executive summary

Aeva Technologies Q2 FY26 — Optical Connectivity Launch and Strong Commercial Momentum

Aeva reported a strong Q2 FY26, marked by the strategic launch of its Optical Connectivity business, leveraging existing technology for AI data centers, and securing a significant joint development agreement. The company also demonstrated continued commercial momentum across automotive, industrial, and defense sectors, while maintaining financial discipline and strengthening its liquidity position. This quarter also saw a CFO transition, with an interim appointment and a search for a permanent successor underway.

Highlights

5

  • Achieved $6.1 million in Q2 revenue, driven by strong product shipments and NRE.

  • Launched Aeva Optical Connectivity business with a key joint development agreement, targeting potential annual revenues in the multiple hundreds of millions of dollars.

  • Strengthened balance sheet with over $300 million in total available liquidity at the end of Q2.

  • Progressed on Daimler Truck program with manufacturing at the fully automated Jabil assembly line in North America.

  • Bendix selected Aeva's 4D LiDAR for its next-generation ADAS series production system for commercial vehicles.

Concerns

2

  • Non-GAAP operating loss was $26 million in Q2, reflecting continued investment in scaling the business.

  • Q2 gross cash use (operating cash flow less capital expenditure) was $31.4 million.

Guidance & targets

CategoryTargetConfidence
Optical Connectivity Commercial Deployment
Initial volumes in 2027, ramping in 2028
high materiality
High
Optical Connectivity Annual Revenue Potential
Multiple hundreds of millions of dollars per year
high materiality
High
Optical Connectivity Annual Unit Volume Potential
Multiple millions of units annually
high materiality
High
Operating Expenses
Maintain at similar levels to up slightly year-over-year
medium materiality
High
SICK AG Product Scaling
Scale in the next 12 to 18 months
low materiality
Medium

Segment performance

SegmentRevenueYoYQoQMargin
Company-wide
Revenue driven by continued strong product shipments and contribution from NRE.
$6.1M———

Orderbook & backlog

Optical Connectivity Unit Volume Potential Multiple millions of units annually Q2 FY26

Potential annual unit volume for the Optical Connectivity business once fully ramped, based on the hyperscaler deal.

Product announcements

ProductTypeDetails
Aeva Optical Connectivity businesslaunch
SICK AG industrial sensor using Aeva's Eve precision sensing systemlaunch

Deals & partnerships

Leading provider of high-speed optical engines Joint development agreement to integrate Aeva's technology into a Near-Packaged Optic solution for a major hyperscaler.

Aeva signed a key joint development agreement to integrate its technology into a Near-Packaged Optic (NPO) solution. This is for a major hyperscaler with planned commercial deployments as soon as feasible.

Bendix Selection of Aeva's 4D LiDAR and perception software for integration into Bendix's next-generation ADAS series production system for commercial vehicles.

Bendix, a leader in commercial vehicle ADAS, selected Aeva's 4D LiDAR to provide key added safety functionality for trucks, such as collision mitigation and nighttime driving. This highlights the manufacturability and cost-effectiveness of Aeva's solutions.

SICK AG Long-term strategic collaboration resulting in the commercial launch of SICK's first industrial sensor using Aeva's Eve precision sensing system.

SICK AG, a global industrial sensor provider, commercially launched a product leveraging Aeva's advantages like immunity to ambient light and sensor-to-sensor interference for precise measurements.

Forterra Support for Autonomous Ground Vehicle (AGV) programs, transitioning from time-of-flight to Aeva's 4D LiDAR.

Aeva continues to support Forterra's AGV programs for long-range and velocity detection, vehicle positioning, and stealth operational capability in GPS-denied environments.

City of Fargo, North Dakota Deployment of Aeva CityOS for real-time intelligent traffic management.

Fargo selected Aeva to deploy CityOS to improve roadway safety and traffic management, leveraging 4D LiDAR's ability to operate in inclement weather and all lighting conditions.

Capital programs

Jabil Automated Assembly Line underway

Benefit:Scale manufacturing for automotive and other applications, including Daimler Truck's production program.

Manufacturing has begun at the fully automated assembly line at Jabil in North America, a major milestone towards Aeva's readiness and ability to scale manufacturing.

What to watch in Q3 FY26

Optical Connectivity Hyperscaler Qualification

Next few months
Current Joint development agreement signed
Target Successful integration and qualification with hyperscaler

Why it matters

Successful qualification is a prerequisite for the significant commercial ramp-up and revenue potential in 2027-2028.

But the goal and what the hyperscaler wants to do is as early as second half next year, '27, to start the initial deployments and then from there scale up into production for '28.

Find out whether AEVA delivers this. Inve re-checks your case every morning.

Q&A highlights

What are the key technical hurdles for the optical connectivity commercial ramp, and how will the high volume impact Aeva's cost structure and capacity?

Soroush Dardashti stated that the core technology is proven, with the main focus being joint development for integration into the hyperscaler's solution and subsequent qualification. He highlighted Aeva's cost-effective chip-level solutions, which use smaller dies and require less alignment, leading to higher yields and repeatability. The high volumes will leverage existing foundries and manufacturing partners, driving down costs and benefiting other sensing products.

“The technology is proven. Obviously, we have to do some development to make sure, for example, with this customer and this joint development, that the solution and our high-power sources and photonic solution integrate properly, so some joint development integration work together on that.”

asked by Colin Rusch · answered by Soroush Dardashti

2 min read 6 chapters

Detailed narrative

Launch of Aeva Optical Connectivity Business

Aeva announced its expansion into the optical connectivity market, leveraging its high optical power source and silicon photonics technology for next-generation AI data centers. This move repurposes existing technology developed over the past decade for automotive and industrial applications, positioning Aeva to address the increasing performance, power efficiency, and scalability requirements of AI data centers, including Near-Packaged Optics (NPO) and Co-Packaged Optics (CPO).

Hyperscaler Joint Development Agreement

The company signed a key joint development agreement with a leading provider of high-speed optical engines to integrate Aeva's technology into an NPO solution for a major hyperscaler. This deal is expected to lead to initial commercial deployments in 2027 and ramp into 2028, with potential annual volumes exceeding multiple millions of units and revenues in the multiple hundreds of millions of dollars. This validates the performance, maturity, and scalability of Aeva's technology for the AI infrastructure market.

Automotive Program Progress

Aeva made significant strides in its automotive segment, continuing to scale shipments of production-intent Atlas sensors to Daimler Truck for AV stack validation. A major milestone was achieved with the start of manufacturing at the fully automated assembly line at Jabil in North America. In passenger vehicles, the company progressed with Atlas Ultra systems delivery and integration work for a top 10 European OEM and NVIDIA's DRIVE Hyperion platform.

Bendix Partnership for Commercial Vehicles

The collaboration with Bendix, a leader in commercial vehicle ADAS, advanced to a critical stage. Bendix selected Aeva's 4D LiDAR and perception software for integration into its next-generation ADAS series production system. This aims to enhance safety functionalities like collision mitigation and nighttime driving for Level 2+ ADAS applications, targeting flagship models of major OEMs like PACCAR and International, where Bendix already holds significant market share.

Industrial and Defense Traction

In factory automation, SICK AG commercially launched its first industrial sensor using Aeva's Eve precision sensing system, marking an important customer launch. Aeva continues to support Forterra's Autonomous Ground Vehicle (AGV) programs in defense, transitioning to Aeva's 4D LiDAR for long-range and velocity detection in GPS-denied environments. The company is also exploring opportunities in aerial autonomy with major defense companies.

Smart Infrastructure and CFO Transition

Aeva CityOS, the AI-powered platform for intelligent traffic management, gained traction with a deployment in Fargo, North Dakota, following its initial large-scale deployment in Atlanta. The company also announced the departure of CFO Saurabh Sinha, who will transition in September, with VP Corporate Controller Rupesh Maheshwari stepping in as interim CFO while a search for a permanent successor is underway.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.