0001193125-26-212597
SEC filingRevenue surged 86% driven by professional services, while net loss slightly widened; gross margin improved to 31.0%.
For the three months ended March 31, 2026, Aeva's total revenue reached $6.3 million, an 86% increase from $3.4 million in the prior-year period. The growth was driven entirely by professional service revenue, which surged 332% to $3.8 million, reflecting higher development activity for non-recurring engineering services. Product revenue slightly declined by 2% to $2.4 million due to a lower average selling price, partially offset by higher unit volumes.
Gross profit improved dramatically to $1.9 million (31.0% margin) from $0.3 million (9.2% margin) in Q1 2025, as product gross margin improved despite higher manufacturing overheads and professional service margins benefited from revenue scaling. Operating expenses rose 21% to $37.1 million, led by a 71% increase in general and administrative expenses to $12.4 million, primarily due to a $3.8 million rise in stock-based compensation. Research and development expenses grew 6% to $22.8 million, while selling and marketing were flat. The operating loss widened 16% to $35.1 million, but net loss remained nearly flat at $35.0 million due to a $5.9 million favorable swing in the change in fair value of warrant liabilities (a $0.5 million gain vs. a $5.4 million loss last year) and higher interest expense of $1.2 million from convertible notes.
Aeva operates as a single operating segment but reports two revenue streams: product and professional service. Product revenue, which includes LiDAR sensing system sales, declined 2% YoY to $2.4 million, as lower average selling prices offset higher unit sales. Professional service revenue, from non-recurring engineering contracts, more than quadrupled to $3.8 million, signaling stronger customer engagement in customization and development programs. The mix shift toward services, which carry lower absolute margins, still helped overall gross margin expand by over 20 percentage points.
Management did not provide specific forward financial guidance but emphasized key drivers such as pricing, product cost, and commercialization of LiDAR-based applications. They continue to invest in R&D and manufacturing capacity, expecting operating losses to persist. As of March 31, 2026, Aeva had $99.5 million in cash and marketable securities, supplemented by a $125.0 million standby equity facility through November 2026, which management believes will fund operations for at least 12 months. The company also highlighted the LGIT strategic partnership (closed in Q3 2025) and a $100 million convertible notes offering (November 2025) as additional liquidity sources. Critical accounting estimates noted potential provisions for anticipated losses on contracts, but no material amounts were recognized in the quarter.
As of March 31, 2026, Aeva held $31.2M in cash and equivalents and $68.3M in marketable securities, totaling $99.5M in liquid assets. This represents a decrease from $121.9M at December 31, 2025, primarily due to operating cash outflows. The balance sheet also includes $5.0M in non-marketable equity investments and $4.9M in operating lease right-of-use assets. Total debt consists of $96.8M in convertible senior notes (net of unamortized discount and issuance costs). Stockholders' equity is negative $12.4M, reflecting accumulated deficit of $792.3M. The company maintains a standby equity purchase agreement with Sylebra for up to $125M (conditions met), providing additional liquidity if needed.
Aeva has operating lease commitments of $5.99M (undiscounted) with a weighted-average remaining term of 3.1 years. Additionally, the company has a loss contract liability of $2.6M related to anticipated losses on the LGIT joint development agreement. The remaining performance obligations (RPO) total $31.4M as of March 31, 2026, of which approximately 28% is expected to be recognized within the next 12 months. No other material purchase commitments (e.g., long-term supply agreements) were disclosed in the notes.
During Q1 2026, Aeva invested $2.2M in property, plant and equipment (capex), representing 35.5% of total revenue. No share repurchases or dividends were paid. The company did not issue or repay any debt in the quarter; the slight increase in the net carrying amount of convertible notes ($0.1M) is due to amortization of issuance costs. The company also received $5.5M in proceeds from equity-related funding in connection with the JDA (LGIT). The Series A warrants (3M shares) remain outstanding; public and private warrants expired in March 2026.
Aeva operates as a single operating segment. Revenue for Q1 2026 was $6.3M, up 86% year-over-year, driven by a significant increase in professional service revenue ($3.8M vs. $0.9M). Geographically, EMEA accounted for 62% of revenue (up from 2% in Q1 2025), North America 34% (down from 94%), and Asia 4% (up from 5%). This shift reflects the LGIT collaboration and other non-recurring engineering contracts. Product revenue declined slightly to $2.4M. Two customers represented 47% and 12% of total revenue.
The excerpt from Aeva Technologies' 10-Q for the period ending 2026-05-07 does not contain the Consolidated Statements of Cash Flows. Instead, it discusses accounting policies for fair value losses on share subscription liability and provisions for anticipated losses on contracts. A private placement of 3,509,719 shares at $9.26 per share for gross proceeds of $32.5 million is noted, but not presented within the cash flow statement structure. Therefore, no cash flow metrics (operating, investing, financing cash flows, capex, or free cash flow) can be extracted from this text.