Aeva Technologies, Inc. Q1 FY2026 earnings call

Andrew Fung welcomed everyone and mentioned forward-looking statements and non-GAAP measures. Surush Salahian noted Q1 was a strong quarter with growing commercial momentum, progress in automotive, defense, smart infrastructure, and factory automation. Saurabh Sinha discussed Q1 financial results with revenue record, non-GAAP operating loss, cash use, and liquidity position. Surush Salahian closed by highlighting expansion of leadership position and focus on execution and scaling manufacturing.

Q1 was a strong quarter at AVA with a new quarterly revenue record of $6.3 million, an increase of around 90% year-over-year. In automotive, achieved milestones with customers, including beginning deliveries of production intent products to Daimler Truck and integrating Atlas Ultra sensors in European OEMs' development vehicles. In defense, expanding with Fortera and seeing interest in drone applications. In smart infrastructure, unveiled AVA CityOS and won first large-scale deployment in Georgia. In factory automation, multi-year collaboration with Nikon entered next phase of commercial deployment with Nikon launching Aptis MV5 powered by AVA's EVE high-precision technology.

Forward-looking statements based on current expectations and assumptions subject to risks and uncertainties. Q1 financial results reflect growing momentum, and management is focused on execution, existing programs, new engagements, and scaling manufacturing to support demand.

Forward-looking statements subject to variety of risks and uncertainties that could cause actual results to differ materially from expectations. For further discussion of material risks, refer to filings with the SEC, including most recent Form 10-Q and Form 10-K.

Q: Colin Rush asked about progress with SOA and CPO solutions for data center and potential acceleration in factory automation market.

A: Suresh discussed AI data center market and opportunities, and Nikon's commercial product and industrial market demand.

Q: Suji De Silva asked about passenger auto OEM software development and defense market drone strategy.

A: Surush Salahian talked about automotive progress and defense market strategy including being tier one supplier.

Q: Matthew Paciulli asked about CityOS being a win and potential bottlenecks for CityOS deployment.

A: Surush Salahian said they're ahead of track on wins and discussed CityOS deployment timeline and market.

Q: Richard Shannon asked about updates on top OEMs and pricing for lower autonomy levels.

A: Surush Salahian talked about progress with top OEMs and pricing in lower autonomy levels.