Key Highlights

● Second-quarter Revenue was $6.1 million, up 11.3% year on year.

● Professional services revenue rose 174.5% to $3.6 million while product revenue fell 39.4%.

● Gross Margin was 35.7%, against negative 49.4% a year earlier.

● Cash and marketable securities totalled $177.9 million, with an undrawn $125 million facility.

Second-quarter results

Aeva Technologies, Inc. (NASDAQ:AEVA), a developer of lidar and related sensing technology, reported second-quarter 2026 results in early August 2026, with press coverage dated 6 August.

Revenue was $6.1 million, up 11.3% from a year earlier and slightly above the $6 million analyst consensus. Gross Profit was $2.2 million, a 35.7% margin, compared with a gross loss in the second quarter of 2025, when the margin was negative 49.4%.

Revenue mix

Professional services revenue rose 174.5% to $3.6 million, while product revenue fell 39.4% to $2.5 million. The two lines sum to the $6.1 million total. Services therefore supplied roughly 59% of revenue, so more than half of the quarter's sales came from services rather than sensors.

An 11.3% increase implies year-ago revenue of roughly $5.5 million, so the company added about $0.6 million of revenue year on year. Against operating expenses of $36.7 million in the quarter, revenue covered a small fraction of the cost base, and the Business remains reliant on its cash reserves and Capital Markets to fund development.

That mix helps explain the improved gross margin but is a different kind of growth from Volume sensor sales. Product revenue is the line most closely linked to automotive and industrial production programmes, so its decline is a point to examine alongside any management commentary on the timing of production programmes.

Losses and balance sheet

The GAAP net loss was $79.6 million, down from $192.7 million, a figure that included a $70 million fair-value loss on a share subscription liability. Adjusted loss per share was $0.41, against $0.44. Operating expenses were $36.7 million, up 14.1%, and the GAAP operating loss was $34.6 million against $34.9 million.

The net loss is considerably larger than the operating loss, which indicates substantial non-operating charges this quarter.

Cash, equivalents and marketable securities totalled $177.9 million at the end of June. Including an undrawn $125 million facility, Liquidity was $302.9 million. The company raised $115 million in gross proceeds from a follow-on stock offering during the quarter, which increases the share count.

Partners and timeline

Coverage of the results listed Bendix (commercial-vehicle driver assistance), Daimler Truck, a top-10 European passenger-vehicle manufacturer, NVIDIA (NASDAQ:NVDA)'s DRIVE Hyperion platform, SICK and an unnamed hyperscaler as customers or partners. It cited a target of initial deployment of Aeva's Optical Connectivity solution in the second half of 2027, with a production ramp in 2028. These are company targets rather than delivered results, and no formal financial guidance was cited.

Aeva product revenue, cash burn and 2027 deployment goal

Product revenue fell 39.4% to $2.5 million while services rose 174.5% to $3.6 million, so which line carries the business by the time of the 2027 deployment goal?