Aeva Swings to Gross Profit as Services Expand
Professional-services revenue climbed 174% to $3.59 million in the second quarter.
Aeva Technologies (AEVA), a lidar technology company, swung to a $2.19 million gross profit from a $2.72 million loss a year earlier as gross margin reached about 35.7%.
The improvement accompanied a sharp change in revenue mix and the launch of an Optical Connectivity business. Aeva signed its first joint-development agreement for a near-packaged-optics solution intended for a hyperscaler, with initial deployment targeted for the second half of 2027 and production ramping in 2028.
Second-quarter revenue rose 11% from a year earlier to $6.1 million, though it slipped about 3% from a record $6.3 million in the first quarter. GAAP net loss narrowed to $79.6 million, or $1.23 a share, from $192.7 million, or $3.49 a share, with liability revaluations accounting for much of the year-earlier loss.
Services drove the sales increase while product revenue fell 39% to $2.55 million. Total cost of revenue declined 52%, helping reverse the negative 49.4% gross margin recorded a year earlier.
Higher spending limited the improvement further down the income statement. Operating expenses increased 14% to $36.75 million, including a 9% rise in research and development and a 28% increase in general and administrative expense. GAAP operating loss narrowed slightly to $34.6 million, while non-GAAP operating loss widened to $26.0 million and deteriorated for a second consecutive quarter.
A $115 million common-stock offering lifted available liquidity to $302.9 million from $224.5 million at the end of the first quarter, while weighted-average shares rose about 17% from a year earlier. Cash used in operations improved 6% to $57.0 million for the first half, even as the six-month GAAP operating loss widened.
Commercial activity broadened beyond optical connectivity. Bendix selected Aeva for development work on the next generation of its commercial-vehicle advanced driver-assistance platform, and SICK launched its first industrial sensor powered by Aeva's Eve technology.
Aeva did not reiterate or update its previous 2026 revenue outlook of $30 million to $36 million, which had implied annual growth of roughly 70% to 100%. Chief Financial Officer Saurabh Sinha will leave Sept. 5 and Corporate Controller Rupesh Maheshwari will serve as interim CFO during the search for a permanent successor.