Aeva — Third Quarter 2026 Earnings Summary

Financial Performance:

• Revenue reached $6.7 million in Q3 2026, a 86% increase from $3.6 million in Q3 2025.
• GAAP operating loss was $39.1 million in Q3 2026, compared to $33.2 million in Q3 2025.
• Non-GAAP operating loss was $27.7 million in Q3 2026, compared to $27.2 million in Q3 2025.
• GAAP basic net income per share was $0.06 in Q3 2026, compared to $1.86 in Q3 2025; GAAP diluted net loss per share was $0.54 in Q3 2026, compared to $0.52 in Q3 2025.
• Non-GAAP basic and diluted net loss per share was $0.39 in Q3 2026, compared to $0.46 in Q3 2025.
• Total available liquidity was $272.5 million as of September 30, 2026, consisting of $147.5 million in cash, cash equivalents, and marketable securities, and $125.0 million in an available facility.
• Weighted average basic shares outstanding were 69.6 million and diluted shares were 71.8 million in Q3 2026.
• For the nine months ended September 30, 2026, total revenues were $19.1 million compared to $12.5 million in the same period of 2025.
• GAAP operating loss for the nine months ended September 30, 2026, was $108.8 million, compared to $98.5 million in 2025.
• Net cash used in operating activities was $87.4 million for the nine months ended September 30, 2026, compared to $92.9 million in 2025.
• Net cash provided by financing activities was $114.1 million for the nine months ended September 30, 2026, primarily driven by proceeds from a public offering of $115.0 million (net of transaction costs).

Business Segments and Product Lines:

• First revenues were recognized in the Optical Connectivity segment with deliveries of Ultra-High Power (UHP) chipsets to a JDA customer for integration and validation.
• Expanded the Optical Connectivity product portfolio with UHP chipsets, SPECTRA multiwavelength arrays, and MESA multichannel assemblies.
• Executed key automotive programs including growing shipments of production-intent Atlas sensors to Daimler Truck.
• Passed the VDA audit for the top 10 European passenger OEMs.
• Successfully completed an ADAS development program with Bendix.
• Micro-Epsilon selected Aeva's Eve high-precision technology for its next-generation factory automation product line, including an initial multi-thousand sensor order.
• The US Air Force and US Navy selected Aeva for joint development using 4D LiDAR for remote sensing and advanced airborne autonomy applications.
• Revenue breakdown for Q3 2026 shows $3.5 million from products and $3.2 million from professional services.

Other Key Points:

• Aeva is in deepening collaboration with a JDA customer to pursue interest from additional hyperscalers and is conducting commercial negotiations with a second optical customer.
• Management highlighted record volume of 4D LiDAR and optical solutions driving the new revenue record.
• The company is scaling manufacturing to meet accelerating demand across automotive, optical communications, and other markets.
• Forward-looking statements include expectations regarding customer relationships, product development, market adoption, and the timing of production orders.
• Risks identified include the company's early-stage status, history of operating losses, limited operating history, potential failure to achieve profitability, and risks related to supply chain, manufacturing issues, and market acceptance of LiDAR technology.