AEVA 8-K
Aeva Technologies, Inc. (AEVA)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On August 05, 2026, Aeva Technologies, Inc. (the “Company”) issued a press release announcing financial results for the quarter ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference in this Item 2.02.
The information set forth in Item 2.02 (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 30, 2026, Saurabh Sinha informed the Company that, following six years of service with the Company, he plans to resign as Chief Financial Officer, effective September 05, 2026, to pursue another opportunity outside of the sensing industry. The Company has already initiated a search for a permanent successor and will announce the appointment once finalized.
Also on July 30, 2026, Rupesh Maheshwari was appointed to serve as the Company’s interim Chief Financial Officer, effective September 05, 2026, upon Mr. Sinha’s departure. Mr. Maheshwari, age 50, has served as the Company’s Vice President Corporate Controller, since he joined the Company in December 2025. Prior to joining the Company, Mr. Maheshwari was Global Corporate Controller at Waabi, an autonomous trucking and robotaxi company, from November 2024 to December 2025. Prior to joining Waabi, Mr. Maheshwari was Global Corporate Controller at Covariant, an AI and robotics company, from August 2022 to November 2024. Prior to that, Mr. Maheshwari served as VP Global Corporate Controller at Fundbox, a financial technology company, from September 2020 to August 2022. Mr. Maheshwari received his Bachelor of Commerce degree from the Vikram University, India. Mr. Maheshwari is a Chartered Accountant in India and a Certified Public Accountant (Inactive) in California.
The selection of Mr. Maheshwari to serve as the Company’s interim Chief Financial Officer was not pursuant to any arrangement or understanding with respect to any other person. There are no family relationships between Mr. Maheshwari and any director or executive officer of the Company, and there are no transactions between Mr. Maheshwari and the Company that would be required to be reported under Item 404(a) of Regulation S-K. Mr. Maheshwari receives a base salary of $280,500 per year and is entitled to participate in the Company’s other compensation programs. He has also entered into the Company’s standard form of indemnification agreement.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit Number |
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Description |
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99.1 |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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Aeva Technologies, Inc. |
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Date: |
August 05, 2026 |
By: |
/s/ Saurabh Sinha |
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Saurabh Sinha |
Exhibit 99.1
Aeva Reports Second Quarter 2026 Results
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., Aug. 5, 2026 – Aeva® (Nasdaq: AEVA), a leader in next-generation sensing and perception systems, today announced its second quarter 2026 results.
Key Company Highlights
“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
*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 Xor 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.
Contacts
Media:
Michelle Chang
Investors:
Andrew Fung
AEVA TECHNOLOGIES, INC. |
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Condensed Consolidated Balance Sheets |
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(Unaudited) |
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(In thousands) |
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June 30, |
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December 31, |
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Assets |
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Current assets |
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Cash and cash equivalents |
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$ |
43,235 |
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$ |
72,291 |
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Marketable securities |
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134,654 |
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49,608 |
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Accounts receivable, net |
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3,712 |
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3,363 |
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Inventories |
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5,709 |
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5,787 |
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Other current assets |
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16,390 |
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22,476 |
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Total current assets |
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203,700 |
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153,525 |
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Operating lease right-of-use assets |
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4,883 |
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5,480 |
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Property, plant and equipment, net |
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12,399 |
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12,845 |
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Intangible assets, net |
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375 |
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825 |
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Other noncurrent assets |
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6,437 |
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7,026 |
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Total assets |
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$ |
227,794 |
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$ |
179,701 |
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Liabilities and stockholders’ equity |
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Current liabilities |
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Accounts payable |
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$ |
7,298 |
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$ |
5,885 |
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Accrued liabilities |
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9,483 |
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12,063 |
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Accrued employee costs |
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3,958 |
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13,945 |
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Lease liability, current portion |
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2,031 |
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1,488 |
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Other current liabilities |
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3,193 |
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2,488 |
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Total current liabilities |
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25,963 |
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35,869 |
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Lease liability, noncurrent portion |
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3,444 |
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4,213 |
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Convertible notes |
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96,896 |
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96,693 |
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Warrant liabilities |
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73,961 |
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29,711 |
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Total liabilities |
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200,264 |
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166,486 |
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Stockholders’ equity |
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Common stock |
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7 |
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6 |
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Additional paid-in capital |
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899,503 |
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770,502 |
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Accumulated other comprehensive loss |
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(88 |
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(4 |
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Accumulated deficit |
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(871,892 |
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(757,289 |
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Total stockholders’ equity (deficit) |
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27,530 |
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13,215 |
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Total liabilities and stockholders’ equity |
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$ |
227,794 |
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$ |
179,701 |
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AEVA TECHNOLOGIES, INC. |
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Condensed Consolidated Statements of Operations |
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(Unaudited) |
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(In thousands, except share and per share data) |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Revenues: |
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Product |
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$ |
2,546 |
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$ |
4,203 |
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$ |
4,973 |
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$ |
6,684 |
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Professional service |
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3,590 |
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1,308 |
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7,425 |
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2,195 |
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Total revenues |
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6,136 |
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5,511 |
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12,398 |
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8,879 |
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Cost of revenues: |
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Product (1) |
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2,614 |
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3,992 |
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5,651 |
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6,575 |
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Professional service (1) |
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1,333 |
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4,239 |
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2,617 |
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4,714 |
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Total cost of revenues |
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3,947 |
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8,231 |
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8,268 |
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11,289 |
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Gross profit |
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2,189 |
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(2,720 |
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4,130 |
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(2,410 |
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Operating expenses: |
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Research and development expenses (1) |
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24,889 |
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22,841 |
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47,715 |
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44,410 |
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General and administrative expenses (1) |
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10,216 |
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7,969 |
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22,568 |
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15,186 |
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Selling and marketing expenses (1) |
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1,644 |
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1,393 |
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3,543 |
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3,335 |
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Total operating expenses |
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36,749 |
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32,203 |
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73,826 |
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62,931 |
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Loss from operation |
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(34,560 |
) |
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(34,923 |
) |
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(69,696 |
) |
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(65,341 |
) |
Interest income |
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893 |
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619 |
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1,770 |
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1,626 |
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Change in fair value of warrant liabilities |
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(44,700 |
) |
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(88,478 |
) |
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(44,250 |
) |
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(93,878 |
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Fair value loss on share subscription liability |
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— |
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(69,996 |
) |
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— |
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(69,996 |
) |
Interest expense |
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(1,196 |
) |
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— |
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(2,379 |
) |
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— |
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Other income, net |
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(3 |
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106 |
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42 |
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107 |
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Net loss before taxes |
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$ |
(79,566 |
) |
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$ |
(192,672 |
) |
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$ |
(114,513 |
) |
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$ |
(227,482 |
) |
Income tax provision |
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58 |
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70 |
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90 |
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127 |
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Net loss |
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$ |
(79,624 |
) |
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$ |
(192,742 |
) |
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$ |
(114,603 |
) |
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$ |
(227,609 |
) |
Net loss per share |
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Basic and diluted |
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$ |
(1.23 |
) |
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$ |
(3.49 |
) |
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$ |
(1.80 |
) |
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$ |
(4.14 |
) |
Weighted-average shares used in computing net loss per share |
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Basic and diluted |
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64,672,666 |
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55,161,124 |
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63,745,534 |
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54,956,722 |
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(1) Includes stock-based compensation as follows: |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Cost of revenues |
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$ |
112 |
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$ |
32 |
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$ |
343 |
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$ |
63 |
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Research and development expenses |
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4,927 |
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|
3,434 |
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|
8,925 |
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|
6,411 |
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General and administrative expenses |
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|
2,987 |
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|
2,349 |
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|
7,988 |
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|
3,725 |
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Selling and marketing expenses |
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|
487 |
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209 |
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|
622 |
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|
389 |
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Total stock-based compensation expense |
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$ |
8,513 |
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$ |
6,024 |
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$ |
17,878 |
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$ |
10,588 |
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AEVA TECHNOLOGIES, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
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Six Months Ended June 30, |
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2026 |
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2025 |
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Cash flows from operating activities: |
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Net loss |
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$ |
(114,603 |
) |
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$ |
(227,609 |
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Adjustments to reconcile net loss to net cash used in operating activities: |
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Depreciation and amortization |
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2,579 |
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2,716 |
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Loss on joint development agreement |
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— |
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3,785 |
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Impairment of inventories |
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— |
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134 |
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Issuance of shares for Convertible note interest payment |
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2,297 |
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— |
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Change in fair value of warrant liabilities |
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44,250 |
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93,878 |
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Fair value loss on share subscription liability |
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— |
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69,996 |
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Stock-based compensation |
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17,878 |
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10,588 |
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Amortization of right-of-use assets |
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1,129 |
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|
1,830 |
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Amortization of premium and accretion of discount on available-for-sale securities, net |
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(1,024 |
) |
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(795 |
) |
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Accretion of convertible notes issuance cost |
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203 |
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— |
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Changes in operating assets and liabilities: |
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Accounts receivable, net |
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(349 |
) |
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(2,709 |
) |
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Inventories |
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78 |
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(1,448 |
) |
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Other current assets |
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|
586 |
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|
2,849 |
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Other noncurrent assets |
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|
589 |
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|
505 |
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|
Accounts payable |
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|
1,992 |
|
|
|
(1,779 |
) |
|
Accrued liabilities |
|
|
(2,580 |
) |
|
|
(2,940 |
) |
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Accrued employee costs |
|
|
(9,987 |
) |
|
|
(3,337 |
) |
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Lease liability |
|
|
(758 |
) |
|
|
(1,932 |
) |
|
Other current liabilities |
|
|
705 |
|
|
|
(5,820 |
) |
|
Other noncurrent liabilities |
|
|
— |
|
|
|
1,472 |
|
|
Net cash used in operating activities |
|
|
(57,015 |
) |
|
|
(60,616 |
) |
|
Cash flows from investing activities: |
|
|
|
|
|
|
||
|
Purchase of property, plant and equipment |
|
|
(2,410 |
) |
|
|
(1,825 |
) |
|
Purchase of available-for-sale securities |
|
|
(148,072 |
) |
|
|
(23,369 |
) |
|
Proceeds from maturities of available-for-sale securities |
|
|
63,966 |
|
|
|
79,149 |
|
|
Net cash (used in) provided by investing activities |
|
|
(86,516 |
) |
|
|
53,955 |
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
||
|
Proceeds from issuance of common stock in connection with public offering |
|
|
114,999 |
|
|
|
— |
|
|
Transaction costs related to issuance of common stock |
|
|
(5,750 |
) |
|
|
— |
|
|
Proceeds from equity-related funding in connection with the JDA |
|
|
5,500 |
|
|
|
— |
|
|
Payments of taxes withheld on net settled vesting of restricted stock units |
|
|
— |
|
|
|
(578 |
) |
|
Transaction costs related to issuance of convertible notes |
|
|
(297 |
) |
|
|
— |
|
|
Proceeds from exercise of stock options |
|
|
23 |
|
|
|
118 |
|
|
Net cash provided by (used in) financing activities |
|
|
114,475 |
|
|
|
(460 |
) |
|
Net decrease in cash and cash equivalents |
|
|
(29,056 |
) |
|
|
(7,121 |
) |
|
Beginning cash and cash equivalents |
|
|
72,291 |
|
|
|
28,864 |
|
|
Ending cash and cash equivalents |
|
$ |
43,235 |
|
|
$ |
21,743 |
|
AEVA TECHNOLOGIES, INC.
Reconciliation of GAAP to Non-GAAP Operating Results
(Unaudited)
(In thousands, except share and per share data)
Reconciliation from GAAP to non-GAAP operating loss |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
|
|
|
|
|||||||||||||
GAAP operating loss |
|
$ |
(34,560 |
) |
|
$ |
(34,923 |
) |
|
$ |
(69,696 |
) |
|
$ |
(65,341 |
) |
Stock-based compensation |
|
|
8,513 |
|
|
|
6,024 |
|
|
|
17,878 |
|
|
|
10,588 |
|
Loss on joint development agreement |
|
|
— |
|
|
|
3,785 |
|
|
|
— |
|
|
|
3,785 |
|
Non-GAAP operating loss |
|
$ |
(26,047 |
) |
|
$ |
(25,114 |
) |
|
$ |
(51,818 |
) |
|
$ |
(50,968 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Reconciliation from GAAP to non-GAAP net loss |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
|
|
|
|
|||||||||||||
GAAP net loss |
|
$ |
(79,624 |
) |
|
$ |
(192,742 |
) |
|
$ |
(114,603 |
) |
|
$ |
(227,609 |
) |
Stock-based compensation |
|
|
8,513 |
|
|
|
6,024 |
|
|
|
17,878 |
|
|
|
10,588 |
|
Loss on joint development agreement |
|
|
— |
|
|
|
3,785 |
|
|
|
— |
|
|
|
3,785 |
|
Change in fair value of warrant liabilities |
|
|
44,700 |
|
|
|
88,478 |
|
|
|
44,250 |
|
|
|
93,878 |
|
Fair value loss on share subscription liability |
|
|
— |
|
|
|
69,996 |
|
|
|
— |
|
|
|
69,996 |
|
Non-GAAP net loss |
|
$ |
(26,411 |
) |
|
$ |
(24,459 |
) |
|
$ |
(52,475 |
) |
|
$ |
(49,362 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Reconciliation between GAAP and non-GAAP net loss per share |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Shares used in computing GAAP net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic and diluted |
|
|
64,672,666 |
|
|
|
55,161,124 |
|
|
|
63,745,534 |
|
|
|
54,956,722 |
|
GAAP net loss per share |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic and diluted |
|
$ |
(1.23 |
) |
|
$ |
(3.49 |
) |
|
$ |
(1.80 |
) |
|
$ |
(4.14 |
) |
Stock-based compensation |
|
|
0.13 |
|
|
|
0.11 |
|
|
|
0.29 |
|
|
|
0.19 |
|
Loss on joint development agreement |
|
|
— |
|
|
|
0.07 |
|
|
|
— |
|
|
|
0.07 |
|
Change in fair value of warrant liabilities |
|
|
0.69 |
|
|
|
1.60 |
|
|
|
0.69 |
|
|
|
1.71 |
|
Fair value loss on share subscription liability |
|
|
— |
|
|
|
1.27 |
|
|
|
— |
|
|
|
1.27 |
|
Non-GAAP net loss per share |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic and Diluted |
|
$ |
(0.41 |
) |
|
$ |
(0.44 |
) |
|
$ |
(0.82 |
) |
|
$ |
(0.90 |
) |