AEVA

Image source: The Motley Fool. Wednesday, Aug. 5, 2026 at 5:00 p.m. ET Co-Founder and Chief Executive Officer - Soroush Salehian Chief Financial Officer - Saurabh Sinha Senior Director of Investor Relations and Corporate Development - Andrew Fung Vice President of Photonics - Pradeep Srinivasan Need a quote from a Motley Fool analyst? Email [email protected] Operator: Thank you for your continued patience. Your meeting will begin shortly. If you need assistance at any time, please press zero, and a member of our team will be happy to help you. If you need assistance at any time, please press zero, and a member of our team will be happy to help you. Good day. My name is Stephanie, and I will be your conference facilitator. I would like to welcome everyone to today's Aeva Technologies Second Quarter 26 Earnings Conference Call. During the opening remarks, all participants will be in a listen-only mode. Following the opening remarks, we will conduct a question and answer session. As a reminder, today's conference is being recorded and simultaneously webcast. I would like to now turn the call over to Andrew Fung, Senior Director of Investor Relations and Corporate Development. Andrew, please go ahead. Andrew Fung: Thank you, and welcome, everyone, to Aeva's second quarter 26 Earnings Conference Call. Joining on the call today are Soroush Salehian, Ava's Co-Founder and CEO and Saurabh Sinha, Ava's CFO. Ahead of this call, we issued our second quarter 26 press release and presentation. Which we will refer to today and can be found on our Investor Relations website at investors.ava.com. Please note that on this call, we will be making forward looking statements. Based on current expectations and assumptions. Which are subject to risks and uncertainties. These statements reflect our views only as of today and should not be relied upon as representative of our views as of any subsequent date. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For a further discussion of the material risks and other important factors that could affect our financial results, please refer to our filings with the SEC including our most recent Form 10 Q and Form 10-K's. In addition, during today's call, we will discuss non GAAP financial measures. Which we believe are useful as supplemental measures of Aeva's performance. These non GAAP measures should be considered in addition to and not as a substitute for or in isolation from GAAP results. The webcast replay of this call will be available on our company website under the Investor Relations link. And with that, let me turn the call over to Soroush. Soroush Salehian Dardashti: Thanks, Andrew, and good afternoon, everyone. Q2 was another strong quarter at Aeva. We continue to build on our leadership position with more miles milestones delivered to our customers and partners and important expansion into new areas leveraging our same core technology developed over the last 10 years. In particular, we announced today our entrance into a very exciting new market beyond sensing applications that I will talk more about in a bit. 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. And 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. We also strengthened our balance sheet in June with a follow-on equity offering that brought our total available liquidity to over $300 million. at the end of Q2. We believe this further differentiates and positions Aeva to support our current customers to commercial deployment, and expand our commercial traction across the board. I would now like to highlight recent achievements and business developments. First, we are excited to announce the launch of the Aeva optical connectivity business. Which is our expansion to a new market that leverages Aeva's high optical power source and silicon photonics technology to enable next generation AI data centers. Aeva has spent the past 10 years developing and proving out our proprietary laser based technology for automotive and industrial applications. Because our technology is built on the same foundational technology used in the telecom industry, it uniquely positions Aeva to repurpose it. Without significant development to pursue the massive data center market opportunity as the major AI compute companies like NVIDIA, AMD, and hyperscalers such as Amazon, Microsoft, and Google transition to optical connectivity we believe Aeva can provide differentiated solutions to achieve the increasing performance, power efficiency, and scalability requirements for AI data centers. Earlier this year, we published a paper detailing the industry leading performance of Aeva's high power optical source technology. Since then, we have moved quickly to meet growing interest from leaders in AI infrastructure in Aeva's capabilities. In just a few short months, we have been working with a number of AI chip companies and optical solution providers to hyperscalers to validate some of these capabilities and the results so far have been very encouraging. We have been able to demonstrate how Aeva's technology can deliver across stringent key metrics. The required high optical power, low noise, reliability, and power efficiency in a scalable solution to address the rapidly growing bandwidth and power demands of multiple next generation AI data center architectures. Including near-packaged optics, and co-packaged optics or CPO. And I am thrilled to share today that we have just signed a key joint development agreement with a leading provider of high speed optical engines integrate Aeva's technology into a near-packaged optic solution for a major hyperscaler with planned commercial deployments as soon as feasible with the potential to start initial volumes in 2027, and ramping in 2028. This is a significant validation of the performance maturity, and scalability of Aeva's technology. And we believe it will advance the business we are launching today including our other ongoing engagements across the industry. The potential scale for this market is large. And we believe a deployment like this deal, once qualified at the hyperscaler, has the potential to exceed multiple millions of units annually With revenues in the multiple hundreds of millions of dollars per year. To support the significant potential for optical connectivity, we plan to leverage Aeva's existing manufacturing and foundry supply chain for volume production. We have also established a dedicated team with Pradeep Srinivasan, Aeva's VP of Photonics taking an expanded role as senior VP of optical connectivity. Pradeep has been instrumental in developing and industrializing Aeva's silicon photonics IP. And together with the team, will enable Aeva to accelerate the development, deployment, and adoption of optical connectivity. With our technology team and the growing commercial interest, we are very excited about the future of optical connectivity and plan to share more updates on this as we progress. Now moving to automotive. We also made really good progress across our key automotive programs this past quarter. On Daimler Truck, we continue to scale shipments of production intent Atlas sensors, to the OEM for their AV stack validation ahead of series production. Importantly, we have begun manufacturing at our fully automated assembly line at Jabil North America. A major milestone towards Aeva's readiness and ability to scale up manufacturing for automotive and others. Including Daimler Trucks production program. In passenger vehicles, we have also progressed on milestones with the delivery of our Atlas Ultra systems and continued integration work for joint stack development with a top 10 European passenger OEM production program. As well as with NVIDIA on the Drive Hyperion platform. Our collaboration with Bendix has also progressed to a critical next stage, Bendix has selected Aeva's 4D LiDAR and perception software and integrate them into its next generation ADAS series production system for key added safety functionality for trucks. Such as collision mitigation across a broader range of scenarios and nighttime driving. Bendix is the leader in commercial vehicle ADAS. Its current Bendix Fusion, which is a vision and radar based system, is the market leading collision mitigation and active safety solution in North America. It is available on most of the 300 thousand Class 8 trucks that are sold annually North America alone. And with Bendix having the goal to make its next generation ADAS system standard for the flagship models of their major OEMs. Names like PACCAR or International. This selection not only highlights how the industry continues to adopt LiDAR, to improve performance, but it is also a strong validation of the manufacturability and the cost effectiveness of Aeva's solutions for Level 2+ ADAS applications. Where LiDAR has traditionally not penetrated yet. Now turning to factory automation, we reached an important milestone with another customer launch of Aeva product. our Aeva sensor. This quarter, SICK AG, 1 of the largest industrial sensor providers globally, commercially launched its first industrial sensor using Aeva's Eve precision sensing system. This is part of our long term strategic collaboration with SIC to leverage Aeva's advantages, such as immunity to ambient light and sensor to sensor interference, to deliver more precise and reliable measurements across a broader range of environments at scale. In addition to SICK, we continue to see strong interest for our precision technology from leaders in manufacturing, and factory automation and are working towards converting these engagements to commercial awards in the near term. Separately, in defense, we continue to support Forterra's autonomous ground vehicle, or AGV, programs as they transition from time of flight to Aeva's 4D LiDAR for long range and velocity detection. As well as for vehicle positioning and stealth operational capability in GPS denied environments. This quarter, we also progressed on other opportunities with major defense companies and organizations, beyond ground applications, including, for example, on aerial autonomy. We look forward to sharing more on these in the coming months. And last but not least, in smart infrastructure, continue to see good traction with the recently introduced Aeva's CityOS, our AI-powered platform for real time intelligent traffic management. Following our first large scale deployment in the Atlanta, Georgia, area, the city of Fargo in North Dakota selected us to deploy CityOS to improve roadway safety and traffic management, leveraging 4D LiDAR's ability to operate in inclement weather such as snow, fog, and rain, and all lighting conditions. Aeva's ITS team is also active with other DOTs and municipalities. And we believe that our differentiated solution will continue to penetrate for additional deployments. So in summary, we achieved a lot this past quarter. Our differentiated technology and balance sheet positioned us to further solidify a leadership position in the industry as we execute on our commercial momentum. Now before I turn the call to Saurabh to walk through our Q2 financial results, I wanted to say a few words on the CFO transition we announced today. Saurabh, who joined Aeva 6 years ago as our CFO, will be moving on in September to pursue a new opportunity outside the sensing industry. I want to personally thank him for his many contributions to Aeva, including his role in helping to take the company from early public stage to where we are today. And we wish him all the best on his next role. We have already initiated a search for a permanent successor which will be announced separately once complete. In the interim, Rupesh Maheshwari, our VP corporate controller, will step in as interim CFO. Rupesh brings more than 20 years of accounting and finance leadership experience at large and growing technology companies. will work alongside Saurabh to ensure a successful and seamless transition. With that, let me now turn the call over to Saurabh. Saurabh Sinha: Thank you, Suraj, for your kind words and good afternoon, everyone. Now on to Aeva's Q2 results. As demand for our unique technology continues to grow, Aeva's financials also reflect the building momentum of the business. Our expansion to an exciting new market opportunity and the continued financial discipline as we execute on our plan. 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. Non GAAP operating loss was $26 million this quarter. Which is close to prior year levels and reflects our target to maintain operating expenses at similar levels to up slightly year over year while continuing to scale the business. Q2 gross 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. This brought a total available liquidity at the end of Q2 to $302.9 million. With this liquidity position and our differentiated technology, we believe Ewa is uniquely positioned in the industry, to continue building our momentum including into exciting new markets such as optical connectivity, and meet more of the growing demand for Aeva's technology. And 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 6 years. I am very proud of what we have built as a team and I look forward to following the growing momentum and continued success of the company. Let me now turn it back to Soroush for his closing remarks. Soroush Salehian Dardashti: Thank you, Saurabh. In closing, I would like to thank the Aeva team for delivering on our key achievements in Q2. Aeva's unified perception platform continues to gain the trust of a growing list of leaders across multiple markets, And our ability to launch optical connectivity and realize commercial traction so quickly is another indication of the scalability of our technology and the execution of our team. As we continue to expand, we remain laser focused on the objectives we set out at the beginning of this year. Achieve milestones on existing programs while adding new wins, scaling manufacturing to support increasing demand, and maintaining financial discipline as we grow. We have made strong progress on the first half of the year and are well positioned to deliver on these objectives in 2026. And with that, let's now turn to Q&A. Operator: Thank you. To leave the queue at any time, you may press 2. In the interest of time, we do ask that you please limit yourself to 1 question. We will take our first question from Colin Rusch with Oppenheimer and Company. Your line is open. Please go ahead. Colin Rusch: Thanks so much, guys. And, Saurabh, congratulations on the transition. Guys, can you talk about with this development agreement what the key technical hurdles are that you are going to be addressing here over the next 12 to 18 months to really get ready for commercial ramp. Soroush Salehian Dardashti: Yeah, Colin. This is Soroush. Happy to answer that. So, obviously, this is you know, I would say, a major customer win for us here, and you know, rapid progress, I would call it lightning speed in the past few months for us to get to here. So I think the key focus has been for us, first, showing that we have the capability and working and validating that with the actual end customers, including the chip companies as well as the hyperscalers that I mentioned on the call. And we have been engaged with, you know, the key players in this period as well. So key for us is we see a massive opportunity using the same core technology in terms of what we call high power optical sources, using our laser based solutions as well as our silicon photonics technology. So we have spent the past 10 years, past 10 years developing and really proving it out. Automotive, industrial, and those applications. So now we are leveraging this to launch this new business off to connectivity for a integration of the solution into the hyperscaler and data center environment. And key focus for us is you know, we have seen the feedback really very encouraging because the validation is there. We have a ton of data on reliability in field testing. And importantly, we have a different approach and I can get into this a little bit more later. But the approach allows us to effectively provide and meet the very strict requirements: providing high optical power, low noise, reliability, power efficiency, and importantly, scalability to really meet what needs to be done. So the key focus, what I am trying to get to is the technology is proven. Obviously, we have to do some development to make sure, for example, with this-- with this joint development, That the solution and our high power sources and photonic solution integrate properly. So, you know, some joint development integration work together. On that. And we are doing that as fast as possible because the hyperscaler wants to deploy this immediately. Right? And with that, we go into the qualification. And once qualified, then this is going to go into scale. And the timing here, I mean, I mentioned on the call briefly, is in the next number of months. Next few months here. We are doing these activities, the joint integration. Then we will do the qualification. Put the goal and what the hyperscaler wants. To do is as early as, you know, second half next year, 2027, to start the initial deployments, and then from there, scale up into production around 2028. So that is that is kind of the short answer. And the potential, obviously, here is massive because this is a very, you know, top 3 or 4 hyperscaler with millions and millions of units. That they are deploying. And can I just pick up on that last comment there? Certainly, that volume of units is substantially more than you would have been able to produce in your other end markets. I am just curious about potential impact on cost structure for you guys in terms of being able to reduce cost and pass that on or drive market share and some of your other applications and the capacity of your partners to help you scale up to those volumes? Yeah, absolutely. I think this is a crucial point. Right? Because what we have done with product here is focused on solutions at the chip level, that are very cost effective. As a matter of fact, when you look at kinda what is out there, a lot of the focus has so far been on using and investing heavily in the laser sources. To achieve high power. And without gonna do too much of the technical details, to do that, there are certain trade offs you have to make. The size of the die gets bigger, you align multiple of these to get a number of wavelengths or a lot of power out. If, these things get larger, more alignment is needed. All this impact at the end of the day, the yields, which has the cost and as well as the repeatable scalability of the solution. Our approach is quite different. That allows us in a way to have smaller size dyes and ability to actually provide the high power optical way without having to have as many let's say, chips for the solution. And we see that allows for much higher yield, much higher repeatability, and reliability as well. So that is that is, I think, 1 of the key differentiations for us. Obviously, as we go into millions, the cost structure already set. You know, we have existing foundries. that is where our focus is next. Is on the foundries, on manufacturing partners. To scale the volume. And these foundries already are very capable, and, 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 in potential with this new deal that we have. So that is gonna be kinda gonna be the focus. And it absolutely, you know, costs are already at a very competitive way given what I mentioned. But we are, of course, gonna be using that economies of scale to also drive down the cost and really help with the next generation of sensing side as well for all of our other products. As well. So much, guys. Operator: Thank you. And as a quick reminder, if you like to ask a question, please press 1. Our next question will come from Matthew Paciulli Canaccord Genuity. Please go ahead. Your line is open. Matthew Paciulli: Hi, guys. Congrats again on a great quarter, and best of luck, Saurabh. Maybe just to continue on to Collin's question. Could you just give us a little detail around, you know, what you expect the revenue model to be for the Optical Connectivity business? How should we think about it from an ASP perspective? And, you know, some details around that would be appreciated. Soroush Salehian Dardashti: Yeah. I am happy to answer that. So at a high level, I would say I mentioned on the call, obviously, we just signed this deal, and we are very excited about it. And the key focus here is we see the potential for ramp up starting in 2027 you know, the back half, second half of 27, and then ramping into 2028. So I mentioned a little bit on the call, but at a high level, the way we see this, the volume forecast from the hyperscaler is quite massive. Right? And you know, in a short answer, I think whatever supply that we can provide we have opportunity to sell that. that is what I would say. But what that means is the expectation is this wrapping, you know, from the start into 2028, with minimum of millions of units, that, you know, go in production, and we are talking about multiple millions of units. And that, you know, would translate into multiple hundreds of millions of dollars of revenue both of these figures are multiple monthly units annually, and multiple hundreds of millions of dollars annually. Revenue wise, opportunity wise for us. So that is why it is a massive opportunity. I think the key for us is being able to do that without a ton of significant developments or reconfiguration is where we see the ROI as being quite interesting for the company and why we are launching this new business. So that also should give you a rough sense, obviously, on the ASPs, but that is where I would stop in terms of the numbers. Great. Thank you. And then maybe just to switch gears, you know, you have made a lot of progress with Bendix. If you could just give us a little more color around, you know, what that program will look like, the content per vehicle what the ASPs are, to the extent that you can share, I would appreciate that. Yeah. Sure. So you are right. I mean, I think the team has been firing on multiple cylinders. I think you know, automotive is progressing really well as well. Not only are we executing on existing programs, with Daimler Truck, the top 10 European passenger, but also we are making additional traction with a new opportunity. So Bendix is the market leader for commercial vehicle ADAS technology. Right? And we have been working with it for some time. We have now advanced into a critical next phase. Effectively, they have selected us for leveraging our 40 LiDAR to provide new functionality for Level 2+ ADAS. On commercial vehicles. These functionalities will specifically are aimed to enable new types of emergency braking, passenger or braking or nighttime driving and so on. So just better functionality for the end customer. And Bendix is part of a large tier 1, and it is a market leader in North America for ADAS solutions. there is about 300 thousand Class 8 trucks. And with their Bendix Fusion system, which today so far has been vision and radar based. They have a majority market share on that. And a lot of their customers already use their product on their flagship vehicle models as standard. Any other customers are the likes of PACCAR, Navistar, International, and all that. They are shipping in volume already. For many, many years. So there, I think the opportunities for us is a significant 1. It uses the same exact sensing product Atlas, our sensor intended for trucking with Daimler. We are gonna be using the same exact automated line at Jabil and just using that capacity and economies of scale to then ship that product in there. And from a you know, obviously, content per vehicle, You know, I would say this is think of it as it is somewhere similar between it is a ADAS product between a passenger to a commercial vehicle. Product. So it is not gonna be thousands of dollars, but it is also not very, very small. So a part of that is because we are helping to augment the system And with the AIM to actually replace not just you know, add a new sensor, but also replace other modalities between radar and camera. So that is that is kinda what we see. And I think Bendix, just so you know, also is targeting to make this as a standard. Feature for the faction OEMs in terms of the ADAS functionality for the next solution. Thank you. Operator: We will take our next question from Joe Moore with Morgan Stanley. Please go ahead. Your line is open. Joseph Moore: Yes. Thank you. Kind of wondering on this optical connectivity, you know, when and you talk about starting a group around optical connectivity. Like, how much resource you wanna put into this? Is this a, you know, a major pivot for the company? Do you think I know you are gonna continue to invest in your automotive and industrial businesses, but just you know, do you need to scale up R&D around this opportunity given the size of it? Soroush Salehian Dardashti: Hey, Joe. Yeah. This is Soroush. Happy to answer that. I think, obviously, this is an important launch and investment for us. But I think the key here is we are really reusing, as I mentioned, all the core components we had already developed in the silicon photonics and the high power sources. And also our manufacturing partners and capabilities we have already established. With our foundries, with our CMs, folks that are actually do the module assembly. So we are going to be leveraging a lot of the work that is already been done and all the investments that have already been done. So that means we do not need to invest a ton of capital. And, also importantly, a lot of development resources and time go and make something complete from scratch. that is why I think we are able to move very quickly. Right? So that is that is number 1. Number 2, I think from a resource standpoint, investment standpoint, of course, you know, we are serious about this. We are gonna be investing some and we are hiring in this area. I think, obviously, with Mina's leadership, as well as with Pradeep now being promoted, I have full confidence in the team to now go and execute on this and scale up this business. And we are gonna be making sure that we help that. And with this team, we are gonna have resources that are dedicated so we also make sure that we have both keep focus and priority on the existing programs in automotive, with the top 10 passenger OEM with Daimler, but also have you know, separate basic resources that can work on the optical connectivity so that we do not distract or lose focus on the other side. So short answer, yes. We will invest. It will not be massive amounts, but also it is not, you know, we are going to take it seriously. Great. Thank you. And is there a difference in content between NPO and as you migrate the technologies? Yeah. that is a good question, Joe. I think so the way we think about this is we are forming this team and this group to generate product and solutions for optical connectivity in general. Right? So and this is gonna be combination of you know, optical sources, including you know, optical laser sources, on chip integrated sources, as well as over time looking at additional capabilities with what is called ELSFPs, external laser, small form factor pluggables. I think that those have always the massive opportunities, different levels of ASPs, and we are very excited about that. So I think, this is an area where both of these for near package optics and co-packaged optics actually use the exact same core tech and source that we have developed in. Some of the silicon photonics with, you know, some additional integration that we need to do on the back end of it. So that is why we are able to use the same. And with this deal that we have, obviously, intention initially in your package optics, but also working on other things for co packaged and others as well. Thank you. Operator: We will take our next question from Richard Shannon with Craig-Hallum. Analyst: Hi, gentlemen. First time for me, but very exciting series of updates. Can I just ask you in the defense space, do you see that as being a market for just new and newly developed platforms, or do you see some sort of larger you know, retrofit and current you know, weapons platforms or vehicle platforms? Soroush Salehian Dardashti: that could all be enabled with Self driving features. Yeah. Happy to answer that. I think we see actually across the board both. You know, we are working already with companies like Forterra. That have ground vehicles on the ground. Some of those are retrofits, right, which is basically taking a vehicle and retrofit them with a autonomy kit. That autonomy kit includes 3 or 4 Aeva LiDARs for 360-degree coverage. I think there, we are making a lot of good progress. Very excited about that. The, you know, Vehicles are already being deployed to the military. They are already being starting to be commissioned and used, which is, I think, pretty fast for the defense space given we just announced this beginning of the year. And you know, that has resulted because of some of the advantages that we have for we talked about this, besides velocity sensing, long range, but also ability to see, operate you know, in GPS-denied environment. Also not have any issues with night vision goggles. So no interference with that. Compared to what they have been using so far or prior to us. We are seeing some additional traction in others. And I think both on the ground, but also specific some of the in the aerial space that the team is working on. And I think I am also excited about that, which I think could result into more meaningful opportunities to piggyback on this. So it is not gonna be a 1 off thing. So we are seeing the demand from defense to also grow. So and as we are you know, locking those down, we will also be sharing that in the coming months. Okay. Yeah. Terrific. that is helpful color on that space. And I just wanted to ask, like, I understand that class 8 for trucking is where probably the biggest CapEx dollars are and the most road miles are spent. But I am just wondering, you know, we are seeing some autonomy and progress in sort of Class 6 and 7 and sort of lower classes. Do you think Aeva has a place in those markets as well? I assume the answer is yes, but I would be curious if that sort of looks different than what class 8 offers. As an opportunity. Yeah. I think we have obviously, we are engaged in multiple programs and opportunities, not specific only to class a, different kinds of vehicles and different classes. And the way that, you know, I would think about it is it is a common platform. it is being used for whatever you need to do autonomy. And if you need to do autonomy in a bigger vehicle over a smaller vehicle, Once, you know, you have something that is qualified, especially with, like, large players, that kinda set the industry standard like Daimler Truck or others, I think that is allows us to also get these other program. So the team is working with others. Some of them, in for things around you know, on road, but also off road or yard or things like in-yard environments. So those not all have the same class of vehicles. So that is the way I would look at it. Obviously, when we first got into economy, it was initially about long-range sensing and velocity and but it is you know, for us, as we have gone, you know, the automotive capability and proven technology and product out, you are seeing more demand from others as well, which I think is just going to be plugged into the programs. Thank you. Operator: We will take our next question from Richard Shannon with Craig Hallum. Please go ahead. Your line is open. Richard Shannon: Great, guys. Thanks for letting me ask a couple of questions. And first off, just love to say, Saurabh, congratulations on your new job. We are gonna miss you. it is been good working with you for the last 5 years. I jumped on the call late here, so apologies if I am completely repeating a prior question here, but the JDA you signed with in optical connectivity is very interesting to me. And I guess I would love to understand since you phrased this as a JDA, what needs to happen here in order to you know, be fully qualified and to hit the time frames by which you are expecting to deploy in the second half of 27? And then also, following on 1 of the questions I did hear is this solution expected to be an ELSFP format or something more component in nature? Soroush Salehian Dardashti: Yeah. Richard, happy to answer that. We talked a little bit about it, but I can I can expand a little bit on it? So, you know, with the solution we have with the optical connectivity and this deal is obviously a massive deal, of opportunity for us. We are very excited about it. We have moved that lightning speed here. I think the key effort here really is gonna be working together on integrating our core optical technology, including high power optical sources and photonics technology into this optical engine, that is gonna be going to the hyperscaler. And capabilities really is around obviously, you know, data transfer, up to a data transfer. Specifically for near package optics. So that is kind of the first applications where we see a lot of volume that is being allocated. I think that is why we see also near term opportunity being quite interesting. and wants to go as fast as possible, so the effort here is working together with the chips and the integrated solution and the optical engine. Qualifying that with the hyperscaler in the next few months, with the goal that by second half of next year, have initial release and initial volumes going into 28. For production ramp. So that is kind of what we are pushing for now. And, you know, the team is already kicking the efforts up. And I think importantly, we are gonna be using the core technology and the chips that we have without making a ton of changes, and that is something that is important. And crucial in our ability to move fast here. So that is part of the JDA is integrating that in that way to make that happen. Okay. Fair enough. Hey. A follow on question on the topic of SICK. Sounds like they had a first product launch here. Would love to get a sense of the overall contribution that you expect with them over time. I would assume that we are gonna see more product launches from them in the future. If you could just characterize how we should kinda look for them over the medium to long term. Thank you. Yeah. Happy to answer that. So SICK, obviously, is an administered strategic partner of ours in collaboration. In the past number of years. And, you know, we are very pleased to see that, you know, this is resulting into actual product launches and portfolios. SICK has already releasing the first product using our Eve sensors with 1D, Which is basically for distance sensing, displacement sensing. And the feedback so far has been very promising from the end customers. And we do expect that over time to scale in the next 12 to 18 months. Both additional volumes. But also, as you mentioned, we have been working on other products together, which will help to replace some of the other things, like, you know, things that measure speed, for example. Encoders, different types of speed measurement devices, and there are actually portfolio products that SIG has that we are also working to use leveraging the same exact sensor, Eve, in a different configuration, what we call 1V, which is measuring velocity. that is also the other piece that we are working together on, and we hope that is gonna be maybe 1 of the follow ons as we are ramping on the 1D to look out for. Separately from that, we are engaged also with others in the space that have shown a lot of interest. And I think that is gonna help to create, I think, a nice segment for us. So as we are able to talk more about that, we will do so in the near term as well. Thank you. Operator: This concludes our question and answer session in today's meeting. We appreciate your time in participation. You may now disconnect. Before you buy stock in Aeva Technologies, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Aeva Technologies wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $403,337!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,334,946!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 12, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Aeva (AEVA) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Ouster Inc. OUST is riding the Physical AI lidar wave. The company reported a narrower-than-expected loss in the second quarter of 2026. Revenues of $55 million rose 56% year over year and surpassed the consensus estimate of $51 million by 7.6%. Ouster, Inc. price-consensus-eps-surprise-chart | Ouster, Inc. Quote Year to date, shares of Ouster have doubled, matching the performance of Aeva Technologies AEVA, one of its closest peers. The company outperformed other peers like Hesai Group HSAI and Innoviz Technologies INVZ, whose shares fell 14% and 55%, respectively, year to date. Image Source: Zacks Investment Research While Ouster’s share gains are backed by improving fundamentals, the company is still unprofitable, and production scaling remains an execution risk. But do these risks warrant staying on the sidelines, or are there enough catalysts to help the stock gain more upside? Let’s dig deeper to assess if this is a buy at current levels. Ouster is extending beyond lidar into a unified sensing and perception platform spanning cameras, AI compute, sensor fusion, software and AI models. The StereoLabs acquisition has broadened its reach in robotics, while the ZED X Nano has drawn substantial customer uptake in humanoid and robotic manipulation applications. In the second quarter of 2026, Ouster also expanded relationships across industrial automation, mining, security, autonomous vehicles and robotics, and deeper NVIDIA integration brought Rev8 to the DRIVE and Jetson platforms, simplifying deployment for customers building Physical AI systems. That platform expansion is already translating into commercial traction. Rev8, which introduces native color lidar, along with the longer-range OS1 Max, has drawn multiple million-dollar-plus orders from customers including a major heavy-equipment manufacturer, an autonomous agriculture developer and an autonomous vehicle provider. Ouster is scaling Rev8 production and expects to reach production volumes by the end of the third quarter of 2026, supported by an expanded Benchmark manufacturing arrangement with capacity above 100,000 units annually. Rev8 is set to become a critical part of revenues in the second half of 2026. Smart infrastructure adds a second growth engine. BlueCity supported a 42-location digital traffic twin in New Jersey and 30 intersections in Georgia, while a new order covers several hundred intersections for the Utah Department of Transportation. With roughly 300,000 signalized intersections in North America and only hundreds to thousands currently using Ouster technology, the runway remains largely untapped. The results are already showing up in the numbers. Ouster delivered its 14th consecutive quarter of product revenue growth, with product revenues up 51% year over year to $53 million, supporting management's long-term target of 30-50% annual revenue growth. The company ended June 2026 with $263 million in cash, restricted cash and short-term investments and no debt and added about $191 million of net proceeds in July, giving it sufficient liquidity to fund operations through its path to profitability. The Zacks Consensus Estimate for 2026 and 2027 revenues implies year-over-year growth of 32% and 37%, respectively. The consensus mark for 2026 and 2027 bottom line implies a year-over-year improvement of 6% and 48%, respectively. The estimates for loss per share have narrowed over the past 60 days. Image Source: Zacks Investment Research Ouster's transition from a lidar hardware vendor to a full-stack Physical AI sensing platform is starting to show up in both bookings and margins, not just narrative. With Rev8 nearing production scale, smart infrastructure barely penetrated and a fortified balance sheet removing near-term funding risk, the setup favors continued execution. Shares have already doubled this year, but that reflects improving fundamentals catching up to the story, not the story running ahead of itself. The Wall Street average price target for Ouster calls for an upside of 27% from current levels. Image Source: Zacks Investment Research As such, OUST remains a buy for investors willing to hold through the volatility that comes with a still-unprofitable, high-growth name. The stock carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Ouster, Inc. (OUST) : Free Stock Analysis Report Aeva Technologies, Inc. (AEVA) : Free Stock Analysis Report Innoviz Technologies Ltd. (INVZ) : Free Stock Analysis Report Hesai Group Sponsored ADR (HSAI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Aeva Technologies, Inc. AEVA reported an adjusted loss of 41 cents per share for the second quarter of 2026, narrower than the Zacks Consensus Estimate and the year-ago loss of 44 cents. Revenues increased 11.3% year over year to $6.1 million and surpassed the consensus estimate of $6 million by 0.1%. Professional service revenues nearly tripled, helping the company generate positive gross profit compared with a year-ago loss. AEVA currently carries a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Aeva Technologies, Inc. price-consensus-eps-surprise-chart | Aeva Technologies, Inc. Quote Product revenues declined 39.4% year over year to $2.5 million. In contrast, professional service revenues jumped 174.5% to $3.6 million from $1.3 million, becoming the largest contributor to the quarterly top line. Total cost of revenues fell sharply to $3.9 million from $8.2 million. Product costs decreased to $2.6 million from $4 million, while professional service costs dropped to $1.3 million from $4.2 million. The lower cost base more than offset the softer product contribution. Gross profit was $2.2 million against a gross loss of $2.7 million in the prior-year quarter. Gross margin improved to 35.7% from negative 49.4%, marking a substantial improvement in the economics of delivered products and services. However, total operating expenses increased 14.1% year over year to $36.7 million. Research and development expenses rose to $24.9 million from $22.8 million, while general and administrative expenses increased to $10.2 million from $8 million. Selling and marketing expenses advanced to $1.6 million from $1.4 million. GAAP operating loss narrowed slightly to $34.6 million from $34.9 million. On a non-GAAP basis, operating loss widened to $26 million from $25.1 million, reflecting higher operating expenses despite the gross profit improvement. GAAP net loss narrowed to $79.6 million from $192.7 million. The prior-year result included a $70 million fair-value loss on a share subscription liability. The latest quarter included a $44.7 million loss from the change in fair value of warrant liabilities, compared with $88.5 million a year earlier. Aeva launched an Optical Connectivity business that uses its high-power optical-source and silicon-photonics technology for next-generation artificial intelligence data centers. The company signed a joint development agreement for a Near-Packaged Optics solution intended for a hyperscaler. Initial deployment is targeted for the second half of 2027, followed by a production ramp in 2028. The initiative extends Aeva’s photonics platform beyond sensing and creates an additional commercialization path for technology developed for its lidar systems. Bendix selected Aeva’s 4D lidar and perception software to develop the next generation of its commercial-vehicle advanced driver-assistance system. Bendix’s existing system is available on most major Class 8 truck platforms in North America, giving the program meaningful potential scale. Aeva also began shipping production-intent Atlas sensors to Daimler Truck from its automated assembly line. It continued work with a top-10 European passenger-vehicle manufacturer and the NVIDIA DRIVE Hyperion platform. In industrial sensing, SICK launched its first sensor powered by Aeva’s Eve precision technology. The company ended June with $177.9 million in cash, cash equivalents and marketable securities. Including a fully undrawn $125 million facility, total available liquidity was $302.9 million. Aeva generated $115 million in gross proceeds from a follow-on stock offering during the quarter. For the first six months of 2026, net cash used in operating activities was $57 million, compared with $60.6 million a year ago. Second-quarter gross cash use, defined as operating cash flow less capital expenditures, was $31.4 million. General Motors GM reported second-quarter 2026 adjusted earnings of $3.57 per share, up 41.3% year over year. The figure beat the Zacks Consensus Estimate of $3.13 by 14.06%. Revenues increased 1.9% to $48.03 billion and surpassed the consensus estimate of $46.56 billion by 3.15%. General Motors raised its full-year adjusted EBIT guidance to $14-$16 billion from $13.5-$15.5 billion. Adjusted earnings are now projected to be $12-$14 per share, up from the prior range of $11.50-$13.50. Tesla, Inc. TSLA reported second-quarter 2026 adjusted earnings of 33 cents per share, which declined 17.5% year over year. The figure missed the Zacks Consensus Estimate of 50 cents by 34%. Revenues advanced 25.5% to $28.24 billion and surpassed the consensus estimate of $25.81 billion by 9.41%. Tesla expects 2026 capital expenditures to exceed $25 billion and rise further over the next two to three years. Ford F reported second-quarter 2026 adjusted earnings of 42 cents per share, beating the Zacks Consensus Estimate of 33 cents by 27.27%. Earnings rose 13.5% from 37 cents a year ago. Automotive revenues of $44.89 billion fell 4.4% year over year and missed the consensus mark of $45.72 billion by 1.81%. Ford’s consolidated second-quarter revenues came in at $48.3 billion, down 3.7% year over year. The company raised its full-year adjusted EBIT outlook to $10-$11 billion from $8.5-$10.5 billion. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Aeva Technologies, Inc. (AEVA) : Free Stock Analysis Report Ford Motor Company (F) : Free Stock Analysis Report General Motors Company (GM) : Free Stock Analysis Report Tesla, Inc. (TSLA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Aeva Technologies (NASDAQ: AEVA) stock exploded higher after barely edging out earnings forecasts in its Q2 report last night. Analysts had expected Aeva, which builds technology to help autonomous cars operate, to lose $0.43 per share on sales of $6 million. Aeva did lose money, but only $0.41 per share, and its sales beat estimates at $6.1 million. Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue » The above numbers are only "pro forma" and "non-GAAP," of course. Losses calculated under generally accepted accounting principles (GAAP) looked significantly worse, with Aeva losing $1.23 per share. Still, that was an improvement over the $3.49 per share loss reported in Q2 2025. Revenue at the start-up company grew 11% year over year. Aeva also announced last night that its CFO Saurabh Sinha is leaving the company "to pursue a new opportunity outside of the sensing industry," a development that more nervous investors might ordinarily view as disconcerting -- but apparently not this time. So why are investors optimistic about Aeva after another big loss and a CFO departure? That's a bit of a mystery. Sales are up, true, but not way up. Aeva's also entering a new market in "Optical Connectivity," applying its photonics technology developed for self-driving cars to the artificial intelligence market as well. I suppose that could be positive... but betting on success in any new venture seems speculative to me. What's certain is this: Aeva stock has lost money and burned cash every year it's been in existence, and most analysts don't expect the company to turn a profit before 2030. Viewed in this context, Aeva stock shooting up almost 40% just because it lost less money than expected and mentioned "artificial intelligence" seems like an overreaction. Before you buy stock in Aeva Technologies, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Aeva Technologies wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $400,155!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,345,502!* Now, it’s worth noting Stock Advisor’s total average return is 956% — a market-crushing outperformance compared to 214% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 6, 2026. Rich Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Why Did Aeva Stock Soar After Earnings? was originally published by The Motley Fool

Launched Optical Connectivity Business with First Customer Agreement Signed for a Major Hyperscaler Deployment Continued Expansion in Automotive with Bendix Selecting Aeva to Develop the Next-gen of its Market-Leading Commercial Vehicle ADAS Solution SICK Launched its First Industrial Sensor Powered by Aeva’s Eve Precision Technology and Awarded Aeva 2026 Supplier of the Year for Innovation and Collaboration MOUNTAIN VIEW, Calif., August 05, 2026--(BUSINESS WIRE)--Aeva® (Nasdaq: AEVA), a leader in next-generation sensing and perception systems, today announced its second quarter 2026 results. Key Company Highlights Launched Optical Connectivity business, using Aeva’s proprietary high-power optical source technology for next-generation AI data centers. Signed joint development agreement with major customer to use Aeva’s high-power optical source technology in a Near-Packaged Optics (NPO) solution for a hyperscaler with initial deployment targeted for second-half 2027 and production ramp targeted for 2028 Commercial vehicle ADAS leader Bendix selected Aeva’s 4D LIDAR and perception software for development of the next generation of its ADAS solution available on most major Class 8 truck platforms in North America Continued to achieve milestones for key automotive programs, including Daimler Truck, top 10 European passenger OEM and NVIDIA DRIVE Hyperion, and advance on additional opportunities for passenger vehicle and commercial vehicle applications SICK launched its first Eve powered sensor for industrial sensing applications as part of a strategic collaboration to scale Aeva’s technology across its product portfolio and also named Aeva its 2026 Supplier of the Year for Innovation and Collaboration Strengthened balance sheet with $115M follow-on offering to further position Aeva to accelerate growth "With the launch of Optical Connectivity, Aeva is expanding into another new market where we can leverage our proprietary photonics technology developed over the past decade to enable next-generation AI data centers," said Soroush Salehian, Co-founder and CEO at Aeva. "It demonstrates how Aeva’s differentiated technology continues to open vast opportunities beyond traditional sensing, and we are off to a strong start with a first customer agreement already signed. Beyond this, we continue to make good progress on existing customers programs, securing additional opportunities across multiple markets and scaling manufacturing to meet the growing demand for Aeva’s technology." Second Quarter 2026 Financial Highlights Total Available Liquidity Revenue GAAP and Non-GAAP Operating Loss* GAAP and Non-GAAP Net Loss per Share* Shares Outstanding *Tables reconciling GAAP to non-GAAP measures are provided at the end of this release. CFO Transition Following six years of service with the company, CFO Saurabh Sinha will be moving on from Aeva to pursue a new opportunity outside of the sensing industry on September 5, 2026. The company has already initiated a search for a permanent successor and will announce the appointment once finalized. Rupesh Maheshwari, Aeva’s VP Corporate Controller will serve as Interim CFO following Mr. Sinha’s departure. Mr. Maheshwari, has served as the Company’s VP Corporate Controller, since joining the company in December 2025. He brings more than 20 years of finance leadership experience, having previously held leadership roles at Waabi, Covariant, Logitech and Fundbox. Mr. Sinha will work closely with Mr. Maheshwari to ensure a seamless transition during this period. Conference Call Details Aeva will host a conference call and live webcast to discuss results at 2:00 p.m. PT / 5:00 p.m. ET today, August 5, 2026. The live webcast and replay can be accessed at investors.aeva.com. About Aeva Technologies, Inc. (Nasdaq: AEVA) Aeva’s mission is to bring the next wave of perception to a broad range of applications from automated driving, manufacturing automation and smart infrastructure, to robotics and consumer devices. Aeva is accelerating autonomy with its groundbreaking perception platform that integrates lidar-on-chip technology, system-on-chip processing, and perception algorithms onto silicon leveraging silicon photonics. Aeva 4D LiDAR sensors uniquely detect velocity and position simultaneously, allowing automated devices like vehicles and robots to make more intelligent and safe decisions. For more information, visit www.aeva.com, or connect with us on X or LinkedIn. Aeva, the Aeva logo, Aeva 4D LiDAR, Aeva Atlas, Aeries, Aeva Eve, Aeva Omni, Aeva CityOS, Aeva Ultra Resolution, Aeva CoreVision, and Aeva X1 are trademarks/registered trademarks of Aeva, Inc. All rights reserved. Third-party trademarks are the property of their respective owners. Forward looking statements This press release contains certain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. These forward-looking statements include, but are not limited to expectations about product development, product features, performance, the timing of production, and market adoption. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including, but not limited to: (i) the fact that Aeva is an early stage company with a history of operating losses and may never achieve profitability, (ii) Aeva’s limited operating history, (iii) Aeva’s ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities, (iv) the timing of any orders for the Company’s solutions, which will not be under our control, (v) the risk that automotive OEMs may not pursue or adopt the platform as currently anticipated, if at all, (vi) the risk that markets will not accept products of automotive OEMs or of manufacturers in other industries that use our technologies, (vii) the risk that additional markets will not be receptive to Aeva’s technology, (viii) the risk that new customer contracts will not result in commercial scale shipments, (ix) supply chain and manufacturing issues, (x) unforeseen errors or defects, (xi) market acceptance of LiDAR technology and autonomous driving, (xii) general economic conditions, including tariffs, and other material risks and other important factors that could affect our financial results. Please refer to our filings with the SEC, including our most recent Quarterly Reports on Form 10-Q and our most recent Annual Report on Form 10-K. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Aeva assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Aeva does not give any assurance that it will achieve its expectations. Non-GAAP Information In addition to our financial results determined in accordance with U.S. GAAP, we present non-GAAP operating loss and non-GAAP net loss per share. "Non-GAAP operating loss" is defined as GAAP operating loss before stock-based compensation and loss on joint development agreement. "Non-GAAP net loss per share" is defined as non-GAAP net loss divided by weighted average shares outstanding, basic and diluted. "Non-GAAP net loss" is defined as GAAP net loss before stock-based compensation, loss on joint development agreement, change in fair value of warrant liabilities and fair value loss on share subscription liability. We believe that non-GAAP operating loss and non-GAAP net loss per share, when taken together with the corresponding U.S. GAAP financial measures, provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our core business, results of operations, or outlook. We consider non-GAAP operating loss and non-GAAP net loss per share to be important measures because they help illustrate underlying trends in our business and our historical operating performance on a more consistent basis. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with U.S. GAAP. Non-GAAP financial measures have limitations, including that they exclude certain expenses that are required under GAAP, which adjustments reflect the exercise of judgment by management. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP financial measures or ratios differently or may use other financial measures or ratios to evaluate their performance, all of which could reduce the usefulness of non-GAAP operating loss and non-GAAP net loss per share as tools for comparison. Reconciliations are provided at the end of this release to the most directly comparable financial measures in accordance with U.S. GAAP. Investors are encouraged to review our U.S. GAAP financial measures and not to rely on any single financial measure to evaluate our business. View source version on businesswire.com: https://www.businesswire.com/news/home/20260805379581/en/ Contacts Media:Michelle [email protected] Investors:Andrew [email protected]

Aeva Technologies, Inc. (AEVA) is expected to deliver flat earnings compared to the year-ago quarter on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. The earnings report, which is expected to be released on August 5, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower. While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise. This company is expected to post quarterly loss of $0.44 per share in its upcoming report, which represents no change from the year-ago quarter. Revenues are expected to be $6.13 million, up 11.3% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 1.79% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core. The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For Aeva Technologies, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +2.27%. On the other hand, the stock currently carries a Zacks Rank of #4. So, this combination makes it difficult to conclusively predict that Aeva Technologies will beat the consensus EPS estimate. While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that Aeva Technologies would post a loss of$0.44 per share when it actually produced a loss of -$0.41, delivering a surprise of +6.82%. Over the last four quarters, the company has beaten consensus EPS estimates two times. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. Aeva Technologies doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Aeva Technologies, Inc. (AEVA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Gentherm (THRM) came out with quarterly earnings of $0.75 per share, beating the Zacks Consensus Estimate of $0.59 per share. This compares to earnings of $0.54 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +27.12%. A quarter ago, it was expected that this maker of climate-controlled seats and other products would post earnings of $0.53 per share when it actually produced earnings of $0.84, delivering a surprise of +58.49%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Gentherm, which belongs to the Zacks Automotive - Original Equipment industry, posted revenues of $416.17 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 8.29%. This compares to year-ago revenues of $375.09 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Gentherm shares have lost about 0.9% since the beginning of the year versus the S&P 500's gain of 9.6%. While Gentherm has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Gentherm was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.67 on $393.34 million in revenues for the coming quarter and $2.75 on $1.56 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Automotive - Original Equipment is currently in the bottom 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Aeva Technologies, Inc. (AEVA), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 5. This company is expected to post quarterly loss of $0.44 per share in its upcoming report, which represents no change from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 1.8% lower over the last 30 days to the current level. Aeva Technologies, Inc.'s revenues are expected to be $6.13 million, up 11.3% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Gentherm Inc (THRM) : Free Stock Analysis Report Aeva Technologies, Inc. (AEVA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

A month has gone by since the last earnings report for Aeva Technologies, Inc. (AEVA). Shares have added about 78.6% in that time frame, outperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is Aeva Technologies due for a pullback? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent catalysts for Aeva Technologies, Inc. before we dive into how investors and analysts have reacted as of late. Aeva posted a narrower-than-expected loss for the first quarter of 2026 as growing commercial deployments drove another record revenue quarter. The company reported an adjusted loss of 41 cents per share, narrower than the Zacks Consensus Estimate of a loss of 44 cents, delivering a 7.51% earnings surprise. The loss also improved 8.9% from a loss of 45 cents a year ago.Revenues came in at $6 million, up 76.5% from $3.4 million in the year-ago quarter, and topped the Zacks Consensus Estimate of $5 million by 34.21%. Aeva exited the quarter with total available liquidity of $224.5 million, which provided flexibility as it advances multiple automotive and commercial programs. Product revenues were $2.4 million in the quarter, essentially flat with the prior-year period, while professional service revenues rose to $3.8 million from $0.9 million a year ago, lifting total gross profit to $1.9 million from $0.3 million.Cost discipline remains a key swing factor. Research and development expense increased to $22.8 million from $21.6 million, while general and administrative expense rose to $12.4 million from $7.2 million. Aeva reported an operating loss of $35.1 million. Aeva demonstrated continued execution across automotive and “physical AI” end markets in the first quarter.In autonomous trucking, the company delivered production-intent Atlas sensors to Daimler Truck, marking a key milestone toward series production. It is working with Daimler Truck and Torc on stack validation with additional deliveries planned in 2026 to support fleet rollout.In passenger vehicles, Aeva delivered first Atlas Ultra sensors to a top-10 European passenger OEM for vehicle integration and AV stack development. It completed initial milestones for a separate development program with a top-five passenger OEM—supporting a growing ADAS and L3 pipeline across passenger and commercial platforms.Aeva also advanced ecosystem leverage through NVIDIA, collaborating to integrate 4D LiDAR as the reference sensor for the DRIVE Hyperion platform (globally outside China) and integrating Atlas Ultra and velocity data into the AV stack, which could broaden exposure to OEMs and AV companies using Hyperion.Beyond automotive, Aeva expanded commercial deployments, with Forterra extending 4D LiDAR to another autonomous ground vehicle, and launched CityOS—an AI-powered traffic management solution already selected for a large-scale deployment in Georgia. Cash flow underscored the company’s continued investment cycle. Net cash used in operating activities was $25.8 million in the quarter, compared with $30.8 million a year ago, reflecting a modest improvement despite higher operating expenses. Capital expenditures were $2.2 million for the quarter under review.Aeva ended the quarter with $31.2 million in cash and cash equivalents and $68.3 million in marketable securities. Management continues to position liquidity and manufacturing scale-up as priorities as demand builds across automotive, defense and infrastructure programs. In the past month, investors have witnessed a upward trend in fresh estimates. The consensus estimate has shifted -5.03% due to these changes. At this time, Aeva Technologies has a average Growth Score of C, though it is lagging a bit on the Momentum Score front with a D. Charting a somewhat similar path, the stock has a grade of F on the value side, putting it in the fifth quintile for this investment strategy. Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending upward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Aeva Technologies has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Aeva Technologies is part of the Zacks Automotive - Original Equipment industry. Over the past month, Mobileye Global (MBLY), a stock from the same industry, has gained 18.8%. The company reported its results for the quarter ended March 2026 more than a month ago. Mobileye reported revenues of $558 million in the last reported quarter, representing a year-over-year change of +27.4%. EPS of $0.12 for the same period compares with $0.08 a year ago. Mobileye is expected to post earnings of $0.06 per share for the current quarter, representing a year-over-year change of -53.9%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged. The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Mobileye. Also, the stock has a VGM Score of C. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Aeva Technologies, Inc. (AEVA) : Free Stock Analysis Report Mobileye Global Inc. (MBLY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Aeva Technologies, Inc. AEVA develops FMCW (Frequency Modulated Continuous Wave) 4D LiDAR-on-chip sensing systems and related perception software for automotive, industrial, smart infrastructure, consumer device and security uses. It posted an adjusted loss of 41 cents per share in the first quarter of 2026, which improved 8.9% from a loss of 45 cents a year ago. Revenues came in at $6 million, up 76.5% from $3.4 million in the year-ago quarter. Despite delayed automotive ramps, ongoing losses, scaling challenges and competitive pressures, it benefits from FMCW LiDAR adoption, NVIDIA integration and expanding commercial applications. Aeva is positioned to benefit from growing adoption of FMCW LiDAR as automakers prepare for Level 3 autonomy later this decade. The company remains the exclusive LiDAR supplier outside China for a major European OEM’s next-generation Level 3 program, with production targeted for 2028 across multiple vehicle models. In the first quarter of 2026, Aeva integrated its Atlas Ultra sensors into the OEM’s development vehicles and began joint AV stack development with the OEM and its software partner. Additional sensor deliveries are planned in 2026 to support testing and fleet expansion, while progress with another top-5 passenger OEM strengthens its broader ADAS pipeline. Aeva is the reference LiDAR sensor globally outside of China for NVIDIA’s DRIVE Hyperion platform for Level 3 and higher driving. Because leading OEMs and AV companies use Hyperion, a single sensor integration can create repeatable design-in opportunities across multiple customers using the same stack. In the first quarter of 2026, Aeva and NVIDIA reported progress on a common platform that integrates Atlas Ultra and its velocity data into the DRIVE Hyperion AV stack, including implementing the velocity data path. This deeper integration can raise switching costs over time and supports Aeva’s goal of expanding LiDAR usage with additional OEMs on the platform. The company doubled revenues in 2025 and is guiding for 70-100% growth in 2026, driven by rising shipments and program ramp-ups. For 2026, AEVA targets four or more new commercial wins across automotive and non-automotive end markets. In trucks, Daimler Truck completed on-road validation of Atlas B-samples, and Aeva is on schedule to deliver C-samples in 2026 as the exclusive long-range LiDAR and primary detection sensor for series production autonomous trucks. These milestones indicate rising conversion from development programs to production pathways, supporting incremental visibility. Outside passenger auto, Aeva is adding commercial use cases that can generate revenues ahead of the 2028 passenger SOP. In defense, Forterra expanded the use of Aeva 4D LiDAR to a second autonomous ground vehicle. In smart infrastructure, Aeva launched CityOS, an AI-powered traffic management solution, and has already secured its first large-scale deployment in Georgia, with deployment underway. In factory automation, Nikon launched its APDIS MV5 laser radar system powered by Aeva’s Eve technology under a multi-year production agreement for automated inspection across automotive, aerospace and energy industries. The LG Innotek partnership and investment also support scaling next-generation products tied to physical AI and industrial applications. Aeva’s proprietary silicon photonics and high-power laser technologies, originally developed for automotive LiDAR, could be repurposed for co-packaged optics and high-speed AI data center networking. It specifically referenced growing interest from hyperscalers and chip companies like AMD, Amazon, Meta and NVIDIA. If Aeva can successfully commercialize these technologies, the addressable market could become significantly larger than automotive LiDAR alone. This opportunity remains early-stage, but it gives investors exposure to the rapidly expanding AI infrastructure market and provides optionality beyond autonomous driving. The largest passenger auto opportunity still has a start of production targeted for 2028, leaving a multi-year gap before high-volume revenues are visible. While Atlas Ultra integration in development vehicles is underway and additional deliveries are expected in 2026, OEM schedule changes and stack readiness remain outside Aeva’s direct control. The top-5 passenger OEM program is at an early development stage with initial milestones completed, which supports pipeline depth but also extends the period of milestone-driven revenues. This timing risk can keep the stock sensitive to interim execution updates rather than steady volume shipments. Aeva continues to face significant operating losses and cash burn due to its early-stage scale and heavy investment in R&D. Although liquidity remains solid, prolonged negative cash flow could require additional funding if commercialization timelines slip. The company’s path to profitability depends on successful production ramps and achieving scale efficiencies. In the capital-intensive LiDAR market, weaker revenue growth or rising costs could increase financing risks and pressure investor sentiment. Aeva expects full-year 2026 non-GAAP operating expenses to remain in line with, or up to 10% above, 2025 levels, highlighting continued investment intensity and limiting near-term margin improvement. Aeva is moving from prototypes into higher-volume deliveries, which raises risk around yield, supplier readiness and cost absorption. The first quarter of 2026 results show product cost of $3 million exceeded product revenues of $2.4 million, reflecting early manufacturing overhead and mix effects. The company plans to scale Atlas deliveries to Daimler Truck through 2026 and to deliver additional Atlas Ultra units to the passenger OEM for fleet rollout, thereby increasing operational demands. Any delays in production readiness, quality escapes or supply constraints could push customer timelines and amplify quarter-to-quarter variability given the milestone-driven revenue model. Intensifying global competition in ADAS/AV sensing and macro factors can impact demand, pricing and market share. Broader acceptance of LiDAR and Level 3+ automation remains a prerequisite for scale. While NVIDIA's DRIVE Hyperion selection and a major European OEM award validate Aeva's technology, they do not guarantee broad design-in conversion or volume commitments. OEMs transitioning from Time-of-Flight to FMCW may proceed conservatively, revisit sensor suite configurations or prioritize programs with later SOPs, all of which can constrain near-term order flow or pricing power. These dynamics heighten execution risk and could temper revenue growth relative to expectations if market adoption curves flatten or competition undercuts pricing. Strong positioning in FMCW LiDAR, exclusive OEM partnerships and integration with NVIDIA’s DRIVE Hyperion platform enhance the company’s prospects. Expanding opportunities in autonomous trucking, defense, smart infrastructure, industrial automation and AI data center networking support long-term growth potential. While execution and profitability risks remain, accelerating commercial traction, rising production milestones and diversified applications provide meaningful upside as Level 3 autonomy adoption increases later this decade. These factors, combined with its Zacks Rank #3 (Hold), make the stock worth retaining. Some better-ranked stocks in the auto space are Polaris PII, Douglas Dynamics, Inc. PLOW and PHINIA Inc. PHIN, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here. The Zacks Consensus Estimate for PII’s 2026 sales and earnings implies year-over-year growth of 2.3% and 17,300%, respectively. The EPS estimate for 2026 and 2027 has improved 6 cents and 8 cents, respectively, over the past 30 days. The Zacks Consensus Estimate for PLOW’s 2026 sales and earnings implies year-over-year growth of 16.7% and 31.4%, respectively. The EPS estimate for 2026 and 2027 has improved 39 cents and 29 cents, respectively, over the past 30 days. The Zacks Consensus Estimate for PHIN’s 2026 sales and earnings implies year-over-year growth of 6.6% and 28.2%, respectively. The EPS estimate for 2026 and 2027 has improved 42 cents and 22 cents, respectively, over the past 30 days. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Polaris Inc. (PII) : Free Stock Analysis Report Douglas Dynamics, Inc. (PLOW) : Free Stock Analysis Report Aeva Technologies, Inc. (AEVA) : Free Stock Analysis Report PHINIA Inc. (PHIN) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Achieved New Record Quarterly Revenue with Growing Commercial Momentum Key Milestones Achieved in Automotive and Commercial Vehicles with Production Intent Atlas Sensors Delivered to Daimler Truck and Atlas Ultra Integration with Top European Passenger OEM Additional Commercial Deployments in Physical AI with Forterra in Defense, Aeva CityOS in ITS and Nikon in Factory Automation MOUNTAIN VIEW, Calif., May 06, 2026--(BUSINESS WIRE)--Aeva® (Nasdaq: AEVA), a leader in next-generation sensing and perception systems, today announced its first quarter 2026 results. Key Company Highlights Delivered production intent Atlas sensors to Daimler Truck, highlighting the maturity of Aeva’s technology and a major step to bringing the OEM’s autonomous trucks to production Delivered first Atlas Ultra sensors to the Top 10 European passenger OEM for vehicle integration and AV stack development Working with NVIDIA on integrating 4D LiDAR as the reference sensor for the DRIVE Hyperion platform used by leading OEMs and AV companies to enable L3 and higher automated driving Growing in defense with Forterra expanding use of 4D LiDAR to another autonomous ground vehicle to leverage Aeva’s long-range, velocity and undetectability by night vision systems Introduced CityOS, our full-stack AI-powered traffic management solution, which has already been selected for a large-scale award in Georgia with deployment underway Nikon launched its APDIS MV5X laser radar system powered by Aeva’s Eve high-precision technology in a multi-year production agreement to use Aeva’s technology for automated robotic inspection in factories for automotive, aerospace and energy industries Growing commercial momentum across automotive including L3 and high volume ADAS, and other physical AI applications such as defense and infrastructure "Following record revenue in the previous quarter, Aeva in Q1 achieved another new record quarterly revenue, driven by increasing commercial deployments of our perception platform and successful execution of major development milestones for top automotive OEM production programs," said Soroush Salehian, Co-founder and CEO at Aeva. "We also continued to advance on additional programs across automotive and other physical AI applications. With a growing list of opportunities, we are keenly focused on delivering on existing programs and scaling manufacturing to meeting more of the growing demand for Aeva’s unique technology." First Quarter 2026 Financial Highlights Total Available Liquidity Total available liquidity of $224.5 million as of March 31, 2026, consisting of $99.5 million in cash, cash equivalents and marketable securities and $125.0 million in an available facility Revenue Revenue of $6.3 million in Q1 2026, compared to revenue of $3.4 million in Q1 2025 GAAP and Non-GAAP Operating Loss* GAAP operating loss of $35.1 million in Q1 2026, compared to GAAP operating loss of $30.4 million in Q1 2025 Non-GAAP operating loss of $25.8 million in Q1 2026, compared to non-GAAP operating loss of $25.9 million in Q1 2025 GAAP and Non-GAAP Net Loss per Share* GAAP net loss per share of $0.56 in Q1 2026, compared to GAAP net loss per share of $0.64 in Q1 2025 Non-GAAP net loss per share of $0.41 in Q1 2026, compared to non-GAAP net loss per share of $0.45 in Q1 2025 Shares Outstanding Weighted average shares outstanding of 62.8 million in Q1 2026 *Tables reconciling GAAP to non-GAAP measures are provided at the end of this release. Conference Call Details Aeva will host a conference call and live webcast to discuss results at 2:00 p.m. PT / 5:00 p.m. ET today, May 6, 2026. The live webcast and replay can be accessed at investors.aeva.com. About Aeva Technologies, Inc. (Nasdaq: AEVA) Aeva’s mission is to bring the next wave of perception to a broad range of applications from automated driving, manufacturing automation and smart infrastructure, to robotics and consumer devices. Aeva is accelerating autonomy with its groundbreaking perception platform that integrates lidar-on-chip technology, system-on-chip processing, and perception algorithms onto silicon leveraging silicon photonics. Aeva 4D LiDAR sensors uniquely detect velocity and position simultaneously, allowing automated devices like vehicles and robots to make more intelligent and safe decisions. For more information, visit www.aeva.com, or connect with us on X or LinkedIn. Aeva, the Aeva logo, Aeva 4D LiDAR, Aeva Atlas, Aeries, Aeva Eve, Aeva Omni, Aeva CityOS, Aeva Ultra Resolution, Aeva CoreVision, and Aeva X1 are trademarks/registered trademarks of Aeva, Inc. All rights reserved. Third-party trademarks are the property of their respective owners. Forward looking statements This press release contains certain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. These forward-looking statements include, but are not limited to expectations about product development, product features, performance, the timing of production, and market adoption. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including, but not limited to: (i) the fact that Aeva is an early stage company with a history of operating losses and may never achieve profitability, (ii) Aeva’s limited operating history, (iii) Aeva’s ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities, (iv) the timing of any orders for the Company’s solutions, which will not be under our control, (v) the risk that automotive OEMs may not pursue or adopt the platform as currently anticipated, if at all, (vi) the risk that markets will not accept products of automotive OEMs or of manufacturers in other industries that use our technologies, (vii) supply chain and manufacturing issues, (vii) unforeseen errors or defects, (viii) market acceptance of LiDAR technology and autonomous driving, (ix) general economic conditions, including tariffs, and other material risks and other important factors that could affect our financial results. Please refer to our filings with the SEC, including our most recent Quarterly Reports on Form 10-Q and our most recent Annual Report on Form 10-K. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Aeva assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Aeva does not give any assurance that it will achieve its expectations. Non-GAAP Information In addition to our financial results determined in accordance with U.S. GAAP, we present non-GAAP operating loss and non-GAAP net loss per share. "Non-GAAP operating loss" is defined as GAAP operating loss before stock-based compensation. "Non-GAAP net loss per share" is defined as non-GAAP net loss divided by weighted average shares outstanding, basic and diluted. "Non-GAAP net loss" is defined as GAAP net loss before stock-based compensation and change in fair value of warrant liabilities. We believe that non-GAAP operating loss and non-GAAP net loss per share, when taken together with the corresponding U.S. GAAP financial measures, provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our core business, results of operations, or outlook. We consider non-GAAP operating loss and non-GAAP net loss per share to be important measures because they help illustrate underlying trends in our business and our historical operating performance on a more consistent basis. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with U.S. GAAP. Non-GAAP financial measures have limitations, including that they exclude certain expenses that are required under GAAP, which adjustments reflect the exercise of judgment by management. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP financial measures or ratios differently or may use other financial measures or ratios to evaluate their performance, all of which could reduce the usefulness of non-GAAP operating loss and non-GAAP net loss per share as tools for comparison. Reconciliations are provided at the end of this release to the most directly comparable financial measures in accordance with U.S. GAAP. Investors are encouraged to review our U.S. GAAP financial measures and not to rely on any single financial measure to evaluate our business. View source version on businesswire.com: https://www.businesswire.com/news/home/20260506436947/en/ Contacts Media: Michael Oldenburg [email protected] Investors: Andrew Fung [email protected]