Aeva Posts Record Revenue as Optical Connectivity Starts Shipping

The Tip Desk · November 11, 2026 · 3 min read

Third-quarter revenue reached $6.7 million, up 86% from a year earlier, as Ultra-High Power chipsets went to a hyperscaler joint-development customer.

Aeva Technologies (AEVA), a silicon-photonics sensing company, reported record third-quarter 2026 revenue of $6.7 million, up 86% from $3.6 million a year earlier. Year-over-year growth accelerated from 11% in the second quarter, when revenue was $6.1 million. Sequential sales had dipped from $6.3 million in the first quarter. Co-founder and CEO Soroush Salehian said the record was driven by record volume of 4D LiDAR and optical solutions and ongoing scaling of manufacturing.

The quarter marked the first revenues in Optical Connectivity. Aeva delivered Ultra-High Power chipsets to a joint-development customer for integration and validation and said it was deepening that collaboration to jointly pursue interest from additional hyperscalers. In the second quarter the company had launched the business and signed a joint development agreement for a Near-Packaged Optics solution with initial deployment targeted for second-half 2027 and a production ramp targeted for 2028. Aeva said it expanded the Optical Connectivity portfolio with UHP chipsets, SPECTRA multiwavelength arrays and MESA multichannel assemblies and that commercial negotiations were under way with a second optical customer.

Product revenue was $3.5 million in the three months ended September 30, 2026, compared with $1.7 million a year earlier. Professional-service revenue was $3.2 million. Gross profit was $2.2 million, versus $430,000 a year earlier.

GAAP operating loss widened to $39.1 million from $34.6 million in the second quarter. Non-GAAP operating loss was $27.7 million. Research and development expense was $28.9 million, general and administrative expense $10.9 million, and selling and marketing expense $1.6 million. Stock-based compensation was $11.4 million in the quarter.

GAAP results flipped to net income of $4.4 million, or $0.06 a share basic, from a $1.23 a share net loss in the second quarter, on a $43.3 million non-cash gain on the change in fair value of warrant liabilities. Diluted GAAP net loss was $0.54 a share. Non-GAAP net loss was $0.39 a share. Weighted basic average shares outstanding were 69.6 million.

Automotive execution moved from development milestones to production-intent shipments. Aeva said it was growing shipments of production-intent Atlas sensors to Daimler Truck, passed a VDA audit for a top-10 European passenger OEM, and completed an ADAS development program with Bendix. In the second quarter Bendix had selected Aeva’s 4D LiDAR and perception software for next-generation commercial-vehicle ADAS.

The US Air Force, together with the US Navy, selected Aeva for joint development using 4D LiDAR to enable remote sensing and advanced airborne autonomy applications. Micro-Epsilon selected Aeva’s Eve high-precision technology for a next-generation factory-automation product line; the multi-year supply agreement included an initial multi-thousand sensor order.

Total available liquidity was $272.5 million as of September 30, 2026, consisting of $147.5 million in cash, cash equivalents and marketable securities and $125.0 million in an available facility, down from $302.9 million as of June 30 after a $115 million follow-on offering in the second quarter. Cash and cash equivalents were $20.1 million; marketable securities were $127.4 million. Convertible notes were $97.0 million.

Salehian said the company’s focus remains on executing for customers, securing additional wins and further scaling to meet demand.