0001193125-26-338179 | 10-Q | XBRL Viewer

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CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS EQUITY (DEFICIT) (UNAUDITED) (Parenthetical) $ in Millions	3 Months Ended
	Jun. 30, 2026 USD ($)
Statement of Stockholders' Equity [Abstract]
Public offering, net of issuance cost	$ 6.2

Stock-based Compensation - Schedule of Fair Value Weighted-Average Assumptions (Details)	6 Months Ended
	Jun. 30, 2026 $ / shares
Market-based PBRSU [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility	70.90%
Risk-free interest rate	3.29%
Dividend yield	0.00%
Share price	$ 5.1
Performance Based Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility	97.10%
Risk-free interest rate	4.09%
Dividend yield	0.00%
Share price	$ 28.18
Minimum [Member] \| Market-based PBRSU [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	6 months
Minimum [Member] \| Performance Based Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	8 months 12 days
Maximum [Member] \| Market-based PBRSU [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	4 years 8 months 12 days
Maximum [Member] \| Performance Based Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	4 years 8 months 12 days

Subsequent Event (Additional Information) (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2026 Days $ / shares shares	May 15, 2026 shares	Dec. 31, 2025 $ / shares shares	Nov. 30, 2025 USD ($)	Nov. 06, 2025
Subsequent Event [Line Items]
Common stock, shares issued	68,683,000		61,580,000
Common stock, par value \| $ / shares	$ 0.0001		$ 0.0001
Convertible Senior Notes [Member]
Subsequent Event [Line Items]
Issue Amount Of Debt \| $				$ 100.0
Interest Rate	100.00%			4.375%	4.375%
Common stock, shares issued		149,037
Trading Days \| Days	20

Description of Business and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Description of Business and Summary of Significant Accounting Policies

Note 1. Description of Business and Summary of Significant Accounting Policies

Description of Business

Aeva Technologies, Inc. (the “Company”), through its Frequency Modulated Continuous Wave (“FMCW”) sensing technology, designs a 4D LiDAR-on-chip that, along with its proprietary software applications, has the potential to enable the adoption of LiDAR across broad applications from automated driving to consumer electronics, consumer health, industrial automation and security application.

The Company’s common stock is listed on the Nasdaq Global Select Market under the symbols “AEVA”.

Basis of Presentation and Unaudited Interim Financial Statements

The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The condensed consolidated financial statements include the accounts of the Company’s wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation.

The accompanying condensed consolidated financial statements are unaudited and have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations, comprehensive loss and cash flows for the periods presented, but are not necessarily indicative of the results of operations to be anticipated for any future annual or interim period.

These condensed consolidated financial statements and other information presented in this Form 10-Q should be read in conjunction with the consolidated financial statements and the related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the SEC.

Public Offering

On June 5, 2026, the Company completed an underwritten public offering of 5,168,539 shares of its common stock, including 674,157 shares sold pursuant to the underwriters’ exercise of their option to purchase additional shares, at a public offering price of $22.25 per share, for an aggregate offering price of approximately $115.0 million. We received net proceeds of $108.8 million from the offering after deducting underwriters’ discounts and commissions of $5.8 million and offering costs of $0.4 million. The offering was conducted pursuant to the Company's effective registration statement on Form S-3.

Principles of Consolidation and Liquidity

The condensed consolidated financial statements are prepared in accordance with U.S. GAAP. The condensed consolidated financial statements include the accounts of the Company’s wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

The Company has funded its operations primarily through the business combination with InterPrivate Acquisition Corp. (the Company’s predecessor, which was originally incorporated in Delaware as a special purpose acquisition company (“IPV”)), on March 12, 2021 (the “Business Combination”), and issuances of convertible notes and common stock. As of June 30, 2026, the Company’s existing sources of liquidity included cash and cash equivalents and marketable securities of $177.9 million. The Company has a limited history of operations and has incurred negative cash flows from operating activities and losses from operations in the past as reflected in the accumulated deficit of $871.9 million as of June 30, 2026. The Company expects to continue to incur operating losses due to the investments it intends to make in its business, including product development. Management believes that existing cash and cash equivalents, marketable securities, and the Standby Equity Purchase Agreement (the “Facility Agreement,” Note 10) will be sufficient to fund operating and capital expenditure requirements through at least 12 months from the date of issuance of these condensed consolidated financial statements.

Significant Risks and Uncertainties

The Company is subject to those risks common in the technology industry and also those risks common to early stage companies, including, but not limited to, the possibility of not being able to successfully develop or market its products, technological obsolescence, competition, dependence on key personnel and key external alliances, the successful protection of its proprietary technologies, compliance with government regulations, and the possibility of not being able to obtain additional financing when needed.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, marketable securities, and trade receivables. The Company maintains the majority of its cash and cash equivalents in accounts with large financial institutions. At times, balances in these accounts may exceed federally insured limits; however, to date, the Company has not incurred any

losses on its deposits of cash and cash equivalents and believes the exposure to risk of loss is not material. Risks associated with the Company’s marketable securities is mitigated by investing in investment-grade rated securities when purchased.

The Company’s accounts receivable are derived from customers located in North America, Asia, and Europe. The Company mitigates its credit risks by performing ongoing credit evaluations of its customers’ financial conditions and requires customer advance payments in certain circumstances. The Company generally does not require collateral.

As of June 30, 2026, one customer accounted for 28% of accounts receivable and as of December 31, 2025, three customers accounted for 72% of accounts receivable. As of June 30, 2026, two vendors accounted for 27% of accounts payable and as of December 31, 2025, three vendors accounted for 33% of accounts payable.

Provision for Anticipated Losses on Contracts

When estimated contract costs exceed expected consideration under contracts with a customer, the Company evaluates whether the nature of the contract is in the scope of Accounting Standards Codification (“ASC”) 605-35, Revenue Recognition - Construction-Type and Production-Type Contracts (“ASC 605-35”). If ASC 605-35 applies, the Company recognizes a provision for the entire anticipated losses on contracts as soon as the loss becomes evident. In determining the anticipated losses, the Company considers the principles in ASC 606-10-32-2 through 32-27 (except for the guidance in paragraphs 606-10-32-11 through 32-13 on constraining estimates of variable consideration) to determine the transaction price, adjusted to reflect the effects of the customer's credit risk. The costs used in arriving at the estimated loss on a contract shall include all costs of the type allocable to contracts under paragraphs 340-40-25-5 through 25-8. Provisions for anticipated losses, are classified in accrued liabilities on the condensed consolidated balance sheets.

The following table presents a summary of the changes in the value of the provision for anticipated losses (in thousands):


	June 30, 2026			December 31, 2025
Loss contract liability, beginning balance	$	2,932		$	—
Provision for anticipated losses		-			3,785
Settlement of loss contract liability		(1,088	)		(853	)
Loss contract liability, closing balance	$	1,844		$	2,932
Current portion	$	1,844		$	2,932

Recent Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03 “Income Statement: Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40)” to improve the disclosures about an entity’s expenses. Upon adoption, the Company will be required to disclose in the notes to the financial statements a disaggregation of certain expense categories included within the expense captions on the face of the income statement. The standard is effective for the Company's 2027 annual period, and interim periods beginning in 2028, with early adoption permitted. The standard can be applied either prospectively or retrospectively. The Company is currently evaluating the potential effect that the updated standard will have on the condensed consolidated financial statements and related disclosures.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (79,624)	$ (34,979)	$ (192,742)	$ (34,867)	$ (114,603)	$ (227,609)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	422,000,000	422,000,000
Common stock, shares issued	68,683,000	61,580,000
Common stock, shares outstanding	68,683,000	61,580,000
Convertible Preferred Stock [Member]
Temporary equity, par value per share	$ 0.0001	$ 0.0001
Temporary equity, shares authorized	10,000,000	10,000,000
Temporary equity, shares issued	0	0
Temporary equity, shares outstanding	0	0

Revenue

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenue

Note 2. Revenue

Disaggregation of Revenues

The Company disaggregates its revenue from contracts with customers by geographic region based on the primary billing address of the customer and timing of transfer of goods or services to customers (point-in-time or over time), as it believes it best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors. Total revenue for the three months ended June 30, 2026 and 2025, based on the disaggregation criteria described above were as follows (in thousands):


	Three Months Ended June 30,
	2026					2025
	Revenue		% of Revenue			Revenue		% of Revenue
Revenue by primary geographical market:
North America	$	3,415		56	%	$	4,707		85	%
EMEA		2,574		42	%		489		9	%
Asia		147		2	%		315		6	%
Total	$	6,136		100	%	$	5,511		100	%

Revenue by timing of recognition:
Recognized at a point in time	$	2,546		41	%	$	4,203		76	%
Recognized over time		3,590		59	%		1,308		24	%
Total	$	6,136		100	%	$	5,511		100	%

Total revenue for the six months ended June 30, 2026 and 2025, based on the disaggregation criteria described above were as follows (in thousands):


	Six Months Ended June 30,
	2026					2025
	Revenue		% of Revenue			Revenue		% of Revenue
Revenue by primary geographical market:
North America	$	5,534		45	%	$	7,864		89	%
EMEA		6,436		52	%		541		6	%
APAC		428		3	%		474		5	%
Total	$	12,398		100	%	$	8,879		100	%

Revenue by timing of recognition:
Recognized at a point in time	$	4,973		40	%	$	6,684		75	%
Recognized over time		7,425		60	%		2,195		25	%
Total	$	12,398		100	%	$	8,879		100	%

The revenue recognized at a point in time was related to product revenue and revenue recognized over time was from non-recurring engineering services.

For the three months ended June 30, 2026, two customers accounted for 32% and 30% of the Company’s revenue, respectively. For the three months ended June 30, 2025, three customers accounted for 36%, 16% and 14% of the Company’s revenue, respectively.

For the six months ended June 30, 2026, two customers accounted for 40% and 19% of the Company’s revenue, respectively. For the three months ended June 30, 2025, three customers accounted for 45%, 17% and 10% of the Company’s revenue, respectively.

Contract Assets and Contract Liabilities

As of June 30, 2026 the Company had contract assets of $7.8 million included in other current assets and other noncurrent assets. As of December 31, 2025, the Company had contract assets of $3.3 million included in other current assets. As of June 30 2026, and December 31, 2025, the Company had contract liabilities of $0.5 million and $0 million, respectively, included in other current liabilities.

Remaining Performance Obligations

As of June 30, 2026, the total amount of the transaction price allocated to unsatisfied performance obligations for contracts with an original duration greater than one year was $28.7 million, of which approximately 30% is expected to be recognized as revenue over the next 12 months, and the remainder thereafter. Total revenue estimates are based on negotiated contract prices and demand quantities, and could be influenced by risks and uncertainties, including manufacturing or supply chain constraints, modifications to customer agreements, and regulatory changes, among other factors. Accordingly, the actual revenue recognized for the remaining performance obligation in future periods may significantly fluctuate from these estimates.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 13
-Subparagraph (b)(2)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Other Current Liabilities - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Other Liabilities, Current [Abstract]
Deferred Revenue	$ 529	$ 284
Other current liabilities	2,664	2,204
Total other current liabilities	$ 3,193	$ 2,488

Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2026

Other Liabilities, Current [Abstract]

Schedule of Other Current Liabilities

Other current liabilities consisted of the following (in thousands):


	June 30,		December 31,
	2026		2025
Deferred revenue	$	529	$	284
Other current liabilities		2,664		2,204
Total other current liabilities	$	3,193	$	2,488

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Summary of Maturity Analysis of the Annual Undiscounted Cash Flows of Operating Lease Liabilities

The following is a maturity analysis of the annual undiscounted cash flows reconciled to the carrying value of the operating lease liabilities as of June 30, 2026 (in thousands):


	Operating Leases
Remainder of 2026	$	1,458
2027		1,878
2028		1,943
2029		825
Total minimum lease payments		6,104
Less: imputed interest		(629	)
Total lease liability	$	5,475

Stock-based Compensation - Schedule of Restricted Stock Activity (Details) - $ / shares	1 Months Ended	6 Months Ended
	May 31, 2023	Jun. 30, 2026
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Options, Outstanding, Beginning as of December 31, 2025		2,316,417
Number of Options, Outstanding as of June 30, 2026		2,303,765
Performance-Based Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares, Granted	1,176,471	28.18
Restricted stock units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Options, Outstanding, Beginning as of December 31, 2025		7,137,273
Shares, Granted		2,293,220
Shares, Released		(1,772,568)
Shares, Forfeited		(371,098)
Number of Options, Outstanding as of June 30, 2026		7,286,827
Weighted Average Graint Date Fair Value per Share, Outstanding, Beginningas of December 31, 2025		$ 6.51
Weighted Average Graint Date Fair Value per Share, Granted		17.87
Weighted Average Grant Date Fair Value per Share, Released		8.23
Weighted Average Graint Date Fair Value per Share, Forfeited		6.26
Weighted Average Graint Date Fair Value per Share, Outstanding as of June 30, 2026		$ 9.68

Other non-current assets (Tables)

6 Months Ended

Jun. 30, 2026

Other Assets, Noncurrent [Abstract]

Schedule of Other Non-Current Assets

Other non-current assets consist of the following (in thousands):


	June 30,		December 31,
	2026		2025
Non marketable equity investments	$	5,000	$	5,000
Security deposit		500		500
Joint development agreement receivable		—		1,500
Contract assets		906		—
Other non-current assets		31		26
Total other non-current assets	$	6,437	$	7,026

Income Taxes

6 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

Income Taxes

Note 14. Income Taxes

There has historically been no federal or state provision for income taxes because the Company has historically incurred operating losses and maintains a full valuation allowance against its net deferred tax assets. For the three and six months ended June 30, 2026, the Company recognized a $58 thousand and $90 thousand provision for income taxes related to foreign operations, respectively.

The federal and state net operating loss carryforwards may be subject to significant limitations under Section 382 and Section 383 of the Internal Revenue Code of 1986, as amended, and similar provisions under state law. The Tax Reform Act of 1986 contains provisions that limit the federal net operating loss carryforwards that may be used in any given year in the event of special occurrences, including significant ownership changes. The Company has completed an analysis as of December 31, 2025 and does not expect any net operating loss carryforwards or tax credit carryforwards to expire due to a limitation.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Other Current Assets

6 Months Ended

Jun. 30, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Current Assets

Note 7. Other current assets

Other current assets consisted of the following (in thousands):


	June 30,		December 31,
	2026		2025
Prepaid expenses	$	3,380	$	3,270
Joint development agreement receivable		2,000		6,000
Contract assets		6,881		3,277
Vendor deposits		1,794		890
Other current assets		2,335		9,039
Total other current assets	$	16,390	$	22,476

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Loss Contingencies [Line Items]
Weighted average discount rate	8.50%		8.50%		8.50%
Operating lease cost	$ 800	$ 1,100	$ 1,600	$ 2,100
Other current liabilities			$ 705	$ (5,820)
Weighted-average remaining lease term	2 years 8 months 12 days		2 years 8 months 12 days		2 years 8 months 12 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue	$ 6,136	$ 5,511	$ 12,398	$ 8,879
Cost of revenue	3,947	8,231	8,268	11,289
Gross profit	2,189	(2,720)	4,130	(2,410)
Research and development expenses	24,889	22,841	47,715	44,410
General and administrative expenses	10,216	7,969	22,568	15,186
Selling and marketing expenses	1,644	1,393	3,543	3,335
Total operating expenses	36,749	32,203	73,826	62,931
Operating loss	(34,560)	(34,923)	(69,696)	(65,341)
Interest income	893	619	1,770	1,626
Change in fair value of warrant liabilities	(44,700)	(88,478)	(44,250)	(93,878)
Fair value loss on share subscription liability	0	(69,996)	0	(69,996)
Interest expense	(1,196)	0	(2,379)	0
Other income (expense), net	(3)	106	42	107
Loss before income taxes	(79,566)	(192,672)	(114,513)	(227,482)
Income tax provision	58	70	90	127
Net income	(79,624)	(192,742)	(114,603)	(227,609)
Unrealized loss on available-for-sale securities, net of tax	(58)	2	(84)	(52)
Total comprehensive loss	$ (79,682)	$ (192,740)	$ (114,687)	$ (227,661)
Net loss per share, Basic	$ (1.23)	$ (3.49)	$ (1.8)	$ (4.14)
Net loss per share, Diluted	$ (1.23)	$ (3.49)	$ (1.8)	$ (4.14)
Weighted-average shares used in computing net income (loss) per share - Basic	64,672,666	55,161,124	63,745,534	54,956,722
Weighted-average shares used in computing net income (loss) per share - Diluted	64,672,666	55,161,124	63,745,534	54,956,722
Product
Revenue	$ 2,546	$ 4,203	$ 4,973	$ 6,684
Cost of revenue	2,614	3,992	5,651	6,575
Professional service
Revenue	3,590	1,308	7,425	2,195
Cost of revenue	$ 1,333	$ 4,239	$ 2,617	$ 4,714

Segment Information - Schedule of Consolidated Operating Results Including Segment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	$ 6,136		$ 5,511		$ 12,398	$ 8,879
Segment expense:
Loss on joint development (2)					0	3,785
Research and development expenses (excluding 1)	24,889		22,841		47,715	44,410
General and administrative expenses (excluding 1)	10,216		7,969		22,568	15,186
Selling and marketing expenses (excluding 1)	1,644		1,393		3,543	3,335
Loss from Operations	(34,560)		(34,923)		(69,696)	(65,341)
Interest income	893		619		1,770	1,626
Change in fair value of warrant liabilities	(44,700)		(88,478)		(44,250)	(93,878)
Interest expense	1,196		0		2,379	0
Income tax provision	58		70		90	127
Net income	(79,624)	$ (34,979)	(192,742)	$ (34,867)	(114,603)	(227,609)
Product [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	2,546		4,203		4,973	6,684
Professional Service [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	3,590		1,308		7,425	2,195
Reportable Segment Aggregation Before Other Operating Segment Member
Segment expense:
Product (excluding 1)	2,558		3,960		5,547	6,512
Professional service (excluding 1 and 2)	1,277		454		2,377	929
Loss on joint development (2)	0		3,785		0	3,785
Stock-based compensation expense (1)	8,513		6,024		17,878	10,588
Research and development expenses (excluding 1)	19,962		19,407		38,790	37,999
General and administrative expenses (excluding 1)	7,229		5,620		14,580	11,461
Selling and marketing expenses (excluding 1)	1,157		1,184		2,922	2,946
Loss from Operations	(34,560)		(34,923)		(69,696)	(65,341)
Interest income	893		619		1,770	1,626
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)
Interest expense	(1,196)		0		(2,379)	0
Other income (expense), net	(3)		106		42	107
Income tax provision	58		70		90	127
Net income	$ (79,624)		$ (192,742)		$ (114,603)	$ (227,609)

Stock-based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		6 Months Ended
	May 31, 2026	May 31, 2023	Jun. 30, 2026	Dec. 31, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			4 years
Restricted stock units, vesting period			3 years
First 12 Months [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of stock options vesting			25.00%
Remaining 36 Months [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of stock options vesting			75.00%
Twenty Five Vesting Percentage [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, grant and typically vest percentage			25.00%
One Year [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, vesting period			1 year
Twelve Point Five Vesting Percentage [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, grant and typically vest percentage			12.50%
Six Months [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, vesting period			6 months
2016 Stock Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common Stock, Authorized			602,244
Common stock options issued and outstanding
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Options, Granted			0
Restricted stock units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense related to the restricted stock			$ 61.5
Restricted stock units, vesting period			2 years 6 months
Granted (in shares)			2,293,220
Performance-Based Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense			$ 9.0
Weighted-average grant date fair value				$ 5.1
Granted (in shares)		1,176,471	28.18
Performance-Based Restricted Stock Units [Member] \| 2021 Stock Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)	319,954
Market-based PBRSU [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense			$ 0.2
Unrecognized stock-based compensation expense, weighted average recognition period			1 year 6 months
Weighted-average grant date fair value	$ 26.8		$ 1.4
Granted (in shares)	639,908	735,294
Market-based PBRSU [Member] \| 2021 Stock Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense			$ 15.6
Unrecognized stock-based compensation expense, weighted average recognition period			1 year 1 month 6 days

Financing Transactions - Schedule of Carrying Amount of the Convertible Notes (Details) - Convertible Senior Notes [Member] - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Class of Warrant or Right [Line Items]
Principal	$ 100,000	$ 100,000
Unamortized debt discount and issuance costs	3,104	3,307
Net carrying amount	$ 96,896	$ 96,693

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

Other non-current assets (Additional Information) (Details) - Preferred Stock [Member] $ in Millions	Nov. 30, 2023 USD ($) shares
Other Non-Current Assets [Line Items]
Prefered Stock purchased \| shares	700,440
Cash Consideration \| $	$ 5.0
Percentage of investment of Mobility capitalisation	1.00%

Financing Transaction

6 Months Ended

Jun. 30, 2026

Warrants and Rights Note Disclosure [Abstract]

Financing transaction

Note 10. Financing transactions

Private Investment - Sylebra

On November 8, 2023, the Company entered into Subscription Agreements (the “Sylebra Subscription Agreements”) with entities affiliated with Sylebra Capital Limited (“Sylebra”) and Adage Capital Management, providing for the purchase of an aggregate of 7,360,460 shares of the Company’s common stock, $0.0001 par value per share (the “PIPE Shares”), at a price of $2.90 per PIPE Share for an aggregate purchase price of approximately $21.4 million (the “Private Placement”). The PIPE Shares are recorded as outstanding common stock.

Standby Equity Purchase Agreement - Sylebra

On November 8, 2023, the Company also entered into a Standby Equity Purchase Agreement (as amended from time to time, the “Facility Agreement”) with entities affiliated with Sylebra, pursuant to which the Company will have the right, but not the obligation to sell to Sylebra up to $125 million of its shares of convertible redeemable non-voting preferred stock, subject to satisfaction of certain conditions, by November 8, 2026. Each sale the Company requests under the Facility Agreement (each, an “Advance” and collectively, the “Advances”) may be for a number of shares of preferred stock with an aggregate value of at least $25.0 million but not more than $50.0 million (except with Sylebra’s consent).

When and if issued, the preferred stock will be issued at a price per share of $10,000. Holders of the preferred stock will be entitled to a quarterly dividend at the rate of 7.0% per annum payable in cash or in kind at the option of the Company. The preferred stock will have an initial liquidation preference of $12,000 per share, plus accrued dividends. The preferred stock will have no voting rights as a class or series except in such instances as required by Delaware law or certain matters enumerated in the Facility Agreement related to the protection of the preferred stock.

The preferred stock will be convertible at the option of the holders into the number of shares of common stock equal to $10,000 divided by the then-applicable conversion price. At any time after the two year anniversary of any issuance of any series of preferred stock, the Company will have the option to convert all (but not less than all) of any series of then-outstanding preferred stock by paying a make-whole payment, in either stock or cash, equal to three years of dividends, provided that the closing price of the common stock exceeds 250% of the then-applicable conversion price for at least 20 out of 30 consecutive trading days prior to the date of conversion. To the extent, if any, a conversion would result in the holder thereof becoming the beneficial owner of more than 16,428,553 shares of the Company’s outstanding common stock, the Company will issue to such holder a pre-funded warrant in the form attached to the Facility Agreement. The preferred stock will be subject to customary pre-emptive rights.

The Company’s right to request Advances is conditioned upon the Company achieving a minimum of one new passenger auto-original equipment manufacturer (“OEM”) or commercial OEM program award with at least a 50,000 unit volume, the trading price of the common stock being below $38.00 at the time of the Advance request and other customary conditions. As of June 30, 2026, all conditions to request an Advance under the Facility Agreement were met.

Any preferred stock issued in connection with the Facility Agreement will rank senior to common stock upon the Company’s liquidation, dissolution or winding up. Any such preferred stock will be entitled to priority cumulative dividends which shall accrue daily from and after the original issue date of such preferred stock and shall compound on a quarterly basis on each dividend payment date. The accrued dividends shall in all cases be payable upon liquidation.

The Company shall pay dividends on each share of preferred stock in cash or in kind through issuance of shares of common stock with an aggregate value equal to the amount of the dividend to have been paid divided by the dividend conversion price. The board of directors of the Company may at its sole discretion elect to pay the dividends in cash in lieu of shares of common stock. The preferred stock has no voting rights

unless it is converted into shares of common stock. Additionally, upon the occurrence of a change of control, the holders of preferred stock shall be entitled to receive in full a liquidating purchase in cash and in the amount per share of the preferred stock equal to the sum of (i) the liquidation preference plus (ii) accrued dividends with respect to such shares of preferred stock.

In connection with this financing, the Company also paid the entities affiliated with Sylebra, (a) a facility fee in the amount of $2.5 million, (b) an origination fee in the amount of $0.6 million, (c) an administrative fee in the amount of $0.3 million and (d) fees and expenses of Sylebra and its counsel, of approximately $0.4 million. The issuance costs related to the Facility Agreement were expensed as incurred as it failed to meet the equity classification guidance under ASC 815-40, and were deemed to be a derivative asset. The fair value of the derivative asset was not material as of and for the period ended June 30, 2026.

In addition, upon receipt of stockholder approval in December 2023, the Company issued to Sylebra 3,000,000 Series A Warrants to purchase shares of common stock at an exercise price of $5.00. The Company analyzed the Series A Warrants and determined that they are freestanding and do not exhibit any of the characteristics within ASC 480, and as such do not meet the characteristics of a liability under ASC 480. However, Series A Warrants do not meet all requirements for equity classification under ASC 815, and therefore are classified as a liability on the Company’s condensed consolidated balance sheets.

As of June 30, 2026, the Company had 3,000,000 Series A Warrants outstanding. The Series A Warrants were issued as consideration for entering into the Facility Agreement as discussed above. Each Series A Warrant is currently exercisable and expires in December 2027. Holders shall not have the right to exercise the Series A Warrants to the extent such person would beneficially own in excess of 16,428,553 shares of the Company’s outstanding common stock as adjusted immediately after giving effect to such exercise.

The exercise price and number of shares of common stock issuable upon exercise of the Series A Warrants may be adjusted in certain circumstances including in the event of a stock dividend or split, subsequent rights offerings, pro rata purchases, merger, reorganization, recapitalization, or spin-off. However, the Series A Warrants will not be adjusted for issuances of shares of common stock at a price below their respective exercise prices. The Series A Warrants do not entitle the holders to any voting rights, dividends or other rights as a stockholder of the Company prior to being exercised for common stock.

Share Subscription Agreement - LGIT

On May 13, 2025, the Company entered into a strategic collaboration with LG Innotek Co., Ltd. (“LGIT”). In connection with this partnership, the parties entered into a LG Subscription Agreement, and a JDA, (collectively referred to as the “LGIT Transaction”).

Pursuant to the LG Subscription Agreement, LGIT agreed to make a strategic investment in the Company of $32.5 million (the “LG Private Placement”) in exchange for common shares. LGIT agreed to pay a fixed price per share of $9.26 at closing (i.e., the “Long Forward”) or a price per share equal to the volume weighted average price (“VWAP”) if the VWAP for 10 days preceding the record date is less than $7.41 per share (the “Barrier Put Option”). Notwithstanding the foregoing, LGIT’s share ownership is subject to an ownership limit of 9.9% such that the price per share paid at closing would be adjusted to ensure the share ownership limit is not exceeded. The record date represents the earlier of two months following contract inception or satisfaction of all closing conditions.

The Long Forward and Barrier Put Option instrument required recognition as liability on the consolidated balance sheet because the instrument was determined not to be indexed to the Company’s common stock, as the total number of shares to be issued was not fixed. The Company recognized the instrument at fair value at contract inception and at each reporting date until settlement at closing of the LG Private Placement. The Company re-measured the fair value of the LG Private Placement as of the closing and accordingly recorded an associated gain of $1.7 million for the year ended December 31, 2025, upon issuance of its common stock.

The LG Private Placement closed on August 20, 2025. Accordingly, the Company issued 3,509,719 shares of common stock to LGIT at a price of $9.26 per share upon receipt of gross proceeds of $32.5 million.

Pursuant to the JDA, the Company agreed to provide non-recurring engineering services to LGIT in exchange for a total consideration of $7.5 million. However, based on the contract analysis, JDA and LG Subscription Agreement were determined to be a combined contract in which all the proceeds were allocated to the LG Subscription Agreement and no proceeds were allocated to the JDA, accordingly no revenue shall be recognized for non-recurring engineering services to be provided under the JDA. See Note 1 to these condensed consolidated financial statements for details on provision for anticipated losses recognized on the JDA.

Convertible Notes

In November 2025, the Company issued $100.0 million aggregate principal amount of 4.375% Convertible Senior Notes due 2032 (the “Convertible Notes”) in a private placement transaction. The proceeds from the issuance of the Convertible Notes, net of debt issuance costs, were $96.7 million.

The Convertible Notes are senior unsecured obligations of the Company and will mature on November 15, 2032, unless earlier converted, redeemed, or repurchased. The Convertible Notes are governed by an indenture dated November 6, 2025 (the “Indenture”). Interest on the Convertible Notes accrues at a rate of 4.375% per annum and is payable semiannually on May 15 and November 15. The Company pursuant to satisfaction of interests conditions may elect to pay interest on the Convertible Notes (i) by paying an amount in cash (“Cash Interest”) on such interest payment date equal to all interest accrued from, and including, the immediately preceding date on the principal amount (the “Interest Amount”) or (ii) by the issuance of a number of shares of the Company’s common stock equal to the Interest Amount based on the daily VWAP (as defined in the Indenture) for the eight trading days prior to the date two trading days prior to the relevant interest payment date (“Share Interest”) or (iii) any combination of Cash Interest and Share Interest. The effective interest rate of the Convertible Notes is 4.95%.

The Convertible Notes are convertible at an initial conversion rate of 63.0348 shares of the Company’s common stock per $1,000 principal amount of the Convertible Notes, which is equivalent to an initial conversion price of approximately $15.8643 per share, subject to adjustment upon the occurrence of certain events as described in the Indenture. Holders may convert their Convertible Notes at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the Company may pay or deliver cash, shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock, at its election.

The Company may redeem for cash all or any portion of the Convertible Notes, at its option, on or after November 20, 2028, if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. The redemption price will be equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The Company may redeem for cash all of the Notes, at a redemption price equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon, if at any time less than 10% of the aggregate principal amount of the Notes initially issued on the date of the Indenture remain outstanding. The conversion rate on any Notes that are converted following a notice of redemption will be subject to a “make-whole” adjustment pursuant to the terms of the Indenture. No sinking fund is provided for the Convertible Notes.

Subject to certain administrative conditions set forth in the Indenture, upon the occurrence of a Fundamental Change (as defined in the Indenture), each of the Holders shall have the right at such Holder’s option to require the Company to repurchase in cash all of such Holder’s Notes or any portion of the principal amount thereof which is equal to $1,000 or an integral multiple of $1,000 at a repurchase price equal to 100% of the principal amount thereof, plus accrued and unpaid interest thereon.

The net carrying amount of the Convertible Notes was as follows (in thousands):


	June 30,		December 31,
	2026		2025
Principal	$	100,000	$	100,000
Unamortized debt discount and issuance costs		3,104		3,307
Net carrying amount	$	96,896	$	96,693

The Company made its first semiannual interest payment on the Convertible Notes on May 15, 2026, by issuing 149,037 shares of its common stock.

Public offering

On June 3, 2026 we filed a registration statement on Form S-3ASR (File No. 333-296469) (the “Shelf Registration Statement”) and a related prospectus with the Securities and Exchange Commission. Pursuant to the Shelf Registration Statement we may offer, from time to time, common stock, preferred stock, debt securities and warrants. On June 4, 2026, we filed a prospectus and prospectus supplement with the Securities and Exchange Commission. The prospectus and prospectus supplement registered the offer and sale of up to 5,168,539 shares of our common stock, including the full exercise of the underwriters’ option to purchase an additional 674,157 shares of common stock, pursuant to the Shelf Registration Statement, at a public offering price of $22.25 per share. On June 5, 2026, we completed the sale of all 5,168,539 shares of our common stock registered under the Shelf Registration Statement, at a public offering price of $22.25 per share, for an aggregate offering price of approximately $115.0 million. We received net proceeds of $108.8 million from the offering after deducting underwriters’ discounts and commissions of $5.8 million and offering costs of $0.4 million.

Capital Structure - Additional Information (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Jun. 30, 2026
Class Of Stock [Line Items]
Common stock, shares authorized	422,000,000	422,000,000
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Pre-combination Aeva preferred stock outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Public Warrants [Member]
Class Of Stock [Line Items]
Class of Warrant or Right, Outstanding	12,074,876
Private Warrants [Member]
Class Of Stock [Line Items]
Class of Warrant or Right, Outstanding	384,000
Class of Warrant, Exercisable Shares	2,491,776
A Series Warrants [Member]
Class Of Stock [Line Items]
Warrants issued to purchase shares of common stock, Exercise price		$ 5
Class of Warrant or Right, Outstanding		3,000,000

Other non-current assets

6 Months Ended

Jun. 30, 2026

Other Assets, Noncurrent [Abstract]

Other Non-Current Assets

Note 8. Other non-current assets

Other non-current assets consist of the following (in thousands):


	June 30,		December 31,
	2026		2025
Non marketable equity investments	$	5,000	$	5,000
Security deposit		500		500
Joint development agreement receivable		—		1,500
Contract assets		906		—
Other non-current assets		31		26
Total other non-current assets	$	6,437	$	7,026

In November 2023, the Company made an investment in 700,440 shares of preferred stock of a private company for a cash consideration of $5.0 million, which is classified as non-marketable equity investment. The Company’s investment in the private company represents less than 1% of total capitalization. The Company neither has significant influence over the private company nor does the investment amount to a controlling financial interest in the private company. The Company elected to apply the measurement alternative, and as such, records the investment at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes in orderly transactions. During the period ended June 30, 2026, the Company did not identify any impairment or significant observable price changes for this non-marketable equity investment.

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Summary of Financial assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables summarize the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy:


	June 30, 2026
	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value		Cash and Cash Equivalent		Marketable Securities
	(in thousands)
Assets
Cash	$	21,392	$	—	$	—		$	21,392	$	21,392	$	—

Level 1
Money market funds		10,401		—		—			10,401		10,401		—

Level 2
U.S. Government securities		31,109		—		(17	)		31,092		—		31,092
U.S. Treasury securities		19,849		—		(7	)		19,842		5,968		13,874
Commercial paper		63,371		—		(35	)		63,336		5,474		57,862
Corporate bonds		31,855		—		(29	)		31,826		—		31,826
Subtotal		146,184		—		(88	)		146,096		11,442		134,654
Total assets	$	177,977	$	-	$	(88	)	$	177,889	$	43,235	$	134,654

Liabilities
Level 3
Convertible notes		—		—		—			192,843		—		—
Warrant liabilities		—		—		—			73,961		—		—
Total liabilities	$	—	$	—	$	—		$	266,804	$	—	$	—


	December 31, 2025
	Adjusted Cost		Unrealized Gain		Unrealized Losses			Fair Value		Cash and Cash Equivalent		Marketable Securities
	(in thousands)
Assets
Cash	$	16,690	$	—	$	—		$	16,690	$	16,690	$	—

Level 1
Money market funds		16,977		—		—			16,977		16,977		—

Level 2
U.S. Government securities		20,818		3		(2	)		20,819		3,984		16,835
U.S. Treasury securities		13,460		—		(2	)		13,458		7,989		5,469
Commercial paper		45,480		2		(4	)		45,478		26,651		18,827
Corporate bonds		8,478		1		(2	)		8,477		—		8,477
Subtotal		88,236		6		(10	)		88,232		38,624		49,608
Total assets	$	121,903	$	6	$	(10	)	$	121,899	$	72,291	$	49,608

Liabilities
Level 3
Convertible notes		—		—		—			100,958		—		—
Warrant liabilities		—		—		—			29,711		—		—
Total liabilities	$	—	$	—	$	—		$	130,669	$	—	$	—

Summary of Changes in Fair Value of Level 3 Financial Instruments

The following table presents a summary of the changes in the fair value of the Series A and private placement warrants (in thousands):



	June 30, 2026		December 31, 2025
Fair value, beginning balance	$	29,711	$	8,258
Change in the fair value of Series A warrants included in other income (expense), net		44,250		21,479
Change in the fair value of private placement warrants included in other income (expense), net		—		(26	)
Fair value, closing balance	$	73,961	$	29,711

Convertible Notes

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Schedule of Option Pricing Model

The key inputs into the Lattice model for the convertible notes were as follows:


	June 30, 2026			December 31, 2025
Expected term (years)		6.4			6.9
Expected volatility		90.4	%		87.7	%
Risk-free interest rate		4.30	%		3.90	%
Conversion rate	$	15.87		$	15.87
Stock price	$	28.72		$	13.28

Warrant liability

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Schedule of Option Pricing Model

The key inputs into the Black-Scholes option pricing model for the private placement warrants were as follows for the relevant periods. These warrants expired on March 12, 2026, and they were no longer traded upon expiration:


	December 31, 2025
Expected term (years)		0.2
Expected volatility		101.0	%
Risk-free interest rate		3.67	%
Dividend yield		0	%
Exercise price	$	57.50

The key inputs into the Black-Scholes option pricing model for the Series A warrants were as follows for the relevant periods:


	June 30, 2026			December 31, 2025
Expected term (years)		1.5			2.0
Expected volatility		116.0	%		101.0	%
Risk-free interest rate		4.06	%		3.48	%
Dividend yield		0	%		0	%
Exercise Price	$	5.00		$	5.00

Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Stock Options Activity

A summary of the Company’s stock option activity, for the six months ended June 30, 2026, was as follows:


	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2025		2,316,417		$	2.81		3.76	$	24,431
Exercised		(12,652	)		1.83		—		—
Outstanding as of June 30, 2026		2,303,765		$	2.82		3.25	$	59,663
Vested and exercisable as of June 30, 2026		2,303,765		$	2.82		3.25	$	59,663
Vested and expected to vest as of June 30, 2026		2,303,765		$	2.82		3.25	$	59,663

Schedule of Restricted Stock Activity

The following table summarizes the Company's RSU activity (excluding PBRSUs) for the six months ended June 30, 2026:


	Shares			Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2025		7,137,273		$	6.51
Granted		2,293,220			17.87
Released		(1,772,568	)		8.23
Forfeited		(371,098	)		6.26
Outstanding as of June 30, 2026		7,286,827		$	9.68

Schedule of Fair Value Weighted-Average Assumptions

The Company estimated the fair value of the market-based PBRSUs award on the grant date using the Monte Carlo simulation model with the following assumptions:



Expected term (years)	0.5 - 4.7
Expected volatility		70.9	%
Risk-free interest rate		3.29	%
Dividend yield		0	%
Share price	$	5.10

The Company estimated the fair value of the market-based PBRSUs award on the grant date using the Monte Carlo simulation model with the following assumptions:


Expected term (years)	0.7 - 4.7
Expected volatility		97.1	%
Risk-free interest rate		4.09	%
Dividend yield		0	%
Share price	$	28.18

Summary of Stock-Based Compensation Expense

Total stock-based compensation expense by function was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cost of revenue	$	112	$	32	$	343	$	63
Research and development expenses		4,927		3,434		8,925		6,411
General and administrative expenses		2,987		2,349		7,988		3,725
Sales and marketing expenses		487		209		622		389
Total	$	8,513	$	6,024	$	17,878	$	10,588

Other Current Assets (Tables)

6 Months Ended

Jun. 30, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Current Assets

Other current assets consisted of the following (in thousands):


	June 30,		December 31,
	2026		2025
Prepaid expenses	$	3,380	$	3,270
Joint development agreement receivable		2,000		6,000
Contract assets		6,881		3,277
Vendor deposits		1,794		890
Other current assets		2,335		9,039
Total other current assets	$	16,390	$	22,476

Description of Business and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 05, 2026	Jun. 04, 2026	Mar. 31, 2026	Jun. 30, 2026	Dec. 31, 2025
Significant Accounting Policies [Line Items]
Common stock, par value				$ 0.0001	$ 0.0001
Cash and cash equivalents				$ 43,235	$ 72,291
Accumulated deficit				$ 871,892	$ 757,289
Number of months required to fund operating and capital expenditure			12 months
Common stock, shares issued				68,683,000	61,580,000
Number of Common Stock Authorized				422,000,000	422,000,000
Money Market Funds [Member]
Significant Accounting Policies [Line Items]
Cash and cash equivalents				$ 177,900
Accumulated deficit				$ (871,900)
Public Offering
Significant Accounting Policies [Line Items]
Offering expenses	$ 108,800
Public Offering price Per share	$ 22.25	$ 22.25
Common stock, shares issued	5,168,539	5,168,539
Additionally shares of common stock sold	674,157	674,157
Discount and commission	$ 5,800
Aggregate public offering price	115,000
Public offering cost	$ 400
Credit Concentration Risk [Member] \| Accounts Receivable [Member] \| Customer Two [Member]
Significant Accounting Policies [Line Items]
Number of customer accounted for accounts receivable				one customer
Credit Concentration Risk [Member] \| Accounts Receivable [Member] \| Customer Three [Member]
Significant Accounting Policies [Line Items]
Concentration risk, percentage				28.00%	72.00%
Credit Concentration Risk [Member] \| Accounts Receivable [Member] \| Customer Five [Member]
Significant Accounting Policies [Line Items]
Number of customer accounted for accounts receivable					three customers
Credit Concentration Risk [Member] \| Accounts Receivable [Member] \| One Vendor [Member]
Significant Accounting Policies [Line Items]
Concentration risk, percentage					33.00%
Credit Concentration Risk [Member] \| Accounts Payable [Member] \| One Vendor [Member]
Significant Accounting Policies [Line Items]
Concentration risk, percentage				27.00%
Credit Concentration Risk [Member] \| Accounts Payable [Member] \| Two Vendors [Member]
Significant Accounting Policies [Line Items]
Number of vendors accounted for accounts payable				two vendors
Credit Concentration Risk [Member] \| Accounts Payable [Member] \| Three Vendor [Member]
Significant Accounting Policies [Line Items]
Number of vendors accounted for accounts payable					three vendors

Segment Information - Schedule of Long-Lived Assets, by Geographical Areas (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	$ 12,399	$ 12,845
North America [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	6,803	8,135
Asia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	$ 5,596	$ 4,710

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common stock warrants	Additional Paid-in Capital [Member]	Accumulated other comprehensive loss	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2024	$ 99,352	$ 6	$ 711,160	$ 47	$ (611,861)
Beginning balance, Shares at Dec. 31, 2024		54,139,560
Share-based compensation	4,564		4,564
Issuance of common stock upon exercise of stock options, Shares		273
Issuance of common stock upon release of restricted stock units, Shares		857,209
Shares withheld for the withholding tax on vesting of restricted stock	(183)		(183)
Shares withheld for the withholding tax on vesting of restricted stock, Shares		(47,758)
Unrealized loss on available-for-sale securities	(54)			(54)
Net Income (Loss)	(34,867)				(34,867)
Ending balance at Mar. 31, 2025	68,812	$ 6	715,541	(7)	(646,728)
Ending balance, Shares at Mar. 31, 2025		54,949,284
Beginning balance at Dec. 31, 2024	99,352	$ 6	711,160	47	(611,861)
Beginning balance, Shares at Dec. 31, 2024		54,139,560
Issuance of common stock in connection with payment of interest on convertible notes	0
Unrealized loss on available-for-sale securities	(52)
Net Income (Loss)	(227,609)
Ending balance at Jun. 30, 2025	(118,181)	$ 6	721,288	(5)	(839,470)
Ending balance, Shares at Jun. 30, 2025		55,430,255
Beginning balance at Mar. 31, 2025	68,812	$ 6	715,541	(7)	(646,728)
Beginning balance, Shares at Mar. 31, 2025		54,949,284
Share-based compensation	6,024		6,024
Issuance of common stock upon exercise of stock options	118		118
Issuance of common stock upon exercise of stock options, Shares		50,388
Issuance of common stock upon release of restricted stock units, Shares		482,010
Shares withheld for the withholding tax on vesting of restricted stock	(395)		(395)
Shares withheld for the withholding tax on vesting of restricted stock, Shares		(51,427)
Unrealized loss on available-for-sale securities	2			2
Net Income (Loss)	(192,742)				(192,742)
Ending balance at Jun. 30, 2025	(118,181)	$ 6	721,288	(5)	(839,470)
Ending balance, Shares at Jun. 30, 2025		55,430,255
Beginning balance at Dec. 31, 2025	13,215	$ 6	770,502	(4)	(757,289)
Beginning balance, Shares at Dec. 31, 2025		61,580,151
Share-based compensation	9,365		9,365
Issuance of common stock upon exercise of stock options	16		16
Issuance of common stock upon exercise of stock options, Shares		9,152
Issuance of common stock upon release of restricted stock units, Shares		1,395,300
Unrealized loss on available-for-sale securities	(26)			(26)
Net Income (Loss)	(34,979)				(34,979)
Ending balance at Mar. 31, 2026	(12,409)	$ 6	779,883	(30)	(792,268)
Ending balance, Shares at Mar. 31, 2026		62,984,603
Beginning balance at Dec. 31, 2025	$ 13,215	$ 6	770,502	(4)	(757,289)
Beginning balance, Shares at Dec. 31, 2025		61,580,151
Issuance of common stock upon exercise of stock options, Shares	12,652
Issuance of common stock in connection with payment of interest on convertible notes	$ (2,297)
Unrealized loss on available-for-sale securities	(84)
Net Income (Loss)	(114,603)
Ending balance at Jun. 30, 2026	27,530	$ 7	899,503	(88)	(871,892)
Ending balance, Shares at Jun. 30, 2026		68,682,947
Beginning balance at Mar. 31, 2026	(12,409)	$ 6	779,883	(30)	(792,268)
Beginning balance, Shares at Mar. 31, 2026		62,984,603
Share-based compensation	8,513		8,513
Issuance of common stock upon exercise of stock options	7		7
Issuance of common stock upon exercise of stock options, Shares		3,500
Issuance of common stock upon release of restricted stock units, Shares		377,268
Issuance of common stock in connection with follow on public offering, net of issuance cost	108,804	$ 1	108,803
Issuance of common stock in connection with follow on public offering, net of issuance cost, Shares		5,168,539
Issuance of common stock in connection with payment of interest on convertible notes	2,297		2,297
Issuance of common stock in connection with payment of interest on convertible notes, Shares		149,037
Unrealized loss on available-for-sale securities	(58)			(58)
Net Income (Loss)	(79,624)				(79,624)
Ending balance at Jun. 30, 2026	$ 27,530	$ 7	$ 899,503	$ (88)	$ (871,892)
Ending balance, Shares at Jun. 30, 2026		68,682,947

Revenue (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Summary of Disaggregated Revenue by Geographic Region

Total revenue for the three months ended June 30, 2026 and 2025, based on the disaggregation criteria described above were as follows (in thousands):


	Three Months Ended June 30,
	2026					2025
	Revenue		% of Revenue			Revenue		% of Revenue
Revenue by primary geographical market:
North America	$	3,415		56	%	$	4,707		85	%
EMEA		2,574		42	%		489		9	%
Asia		147		2	%		315		6	%
Total	$	6,136		100	%	$	5,511		100	%

Revenue by timing of recognition:
Recognized at a point in time	$	2,546		41	%	$	4,203		76	%
Recognized over time		3,590		59	%		1,308		24	%
Total	$	6,136		100	%	$	5,511		100	%

Total revenue for the six months ended June 30, 2026 and 2025, based on the disaggregation criteria described above were as follows (in thousands):


	Six Months Ended June 30,
	2026					2025
	Revenue		% of Revenue			Revenue		% of Revenue
Revenue by primary geographical market:
North America	$	5,534		45	%	$	7,864		89	%
EMEA		6,436		52	%		541		6	%
APAC		428		3	%		474		5	%
Total	$	12,398		100	%	$	8,879		100	%

Revenue by timing of recognition:
Recognized at a point in time	$	4,973		40	%	$	6,684		75	%
Recognized over time		7,425		60	%		2,195		25	%
Total	$	12,398		100	%	$	8,879		100	%

Financial Instruments (Additional Information) (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Fair Value Disclosures [Abstract]
Fair value of convertable debt	$ 192.8	$ 101.0

- Definition

Fair value portion of borrowing which can be exchanged for a specified number of another security at the option of the issuer or the holder, for example, but not limited to, the entity's common stock.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

+ Details

Stock-based Compensation

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

Note 13. Stock-based Compensation

Stock Options

Aeva, Inc. adopted the 2016 Stock Incentive Plan in 2016 (the “2016 Plan”). Under the 2016 Plan, the board of directors of Aeva, Inc. granted awards, including incentive stock options, non-qualified stock options and restricted stock units (“RSUs”), to employees. In connection with the Business Combination, the Company assumed the 2016 Plan and all awards outstanding under the 2016 Plan, and adopted the 2021 Incentive Award Plan (the “2021 Plan” and together with the 2016 Plan, the “Stock Plans”) under which incentive stock options, non-qualified stock options and RSU may be granted to employees. Under the Stock Plans, the Company had 602,244 shares available for issuance as of June 30, 2026.

Under the terms of the Stock Plans, incentive stock options must have an exercise price at or above the fair market value of the stock on the date of the grant, while non-qualified stock options are permitted to be granted below fair market value of the stock on the date of grant. The majority of stock options granted have service-based vesting conditions only. The service-based vesting conditions vary; however, typically stock options vest over four years with 25% of stock options vesting on the first anniversary of the grant and the remaining 75% vesting monthly over the remaining 36 months. Option holders have a ten-year period to exercise the options before they expire.

A summary of the Company’s stock option activity, for the six months ended June 30, 2026, was as follows:


	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2025		2,316,417		$	2.81		3.76	$	24,431
Exercised		(12,652	)		1.83		—		—
Outstanding as of June 30, 2026		2,303,765		$	2.82		3.25	$	59,663
Vested and exercisable as of June 30, 2026		2,303,765		$	2.82		3.25	$	59,663
Vested and expected to vest as of June 30, 2026		2,303,765		$	2.82		3.25	$	59,663

There were no options granted during the three months ended June 30, 2026. As of June 30, 2026, the Company had no unrecognized stock-based compensation expense related to the stock options.

Restricted Stock Units and Performance-based Restricted Stock Units (“PBRSUs”)

Beginning November 2020, the Company granted RSUs and PBRSUs to certain employees and consultants pursuant to the 2016 Plan and 2021 Plan. RSUs typically vest 25 percent upon the one-year anniversary date from the initial vesting date, with 12.5% vesting on each six-month anniversary date over the following three years. The RSUs are subject to time-based vesting conditions. PBRSUs are subject to a time-based vesting condition and a performance condition or market condition.

In May 2023, the Company granted a total of 1,176,471 PBRSUs pursuant to the 2021 Plan to certain executives that vest on achieving certain operational milestones as defined in the individual grant agreements subject to continued employment through 2025. Stock-based compensation expense is recognized over the expected performance achievement period of individual performance milestones when the achievement of each individual performance milestone becomes probable. If satisfaction of the performance condition is not probable, stock-based compensation cost recognition is deferred until it becomes probable. The Company reassesses the probability as to whether satisfaction of the performance condition is probable on a quarterly basis, and stock-based compensation cost is adjusted based on the portion of the requisite service provided. These PBRSUs neither carry rights to dividends nor voting rights until the shares are issued or transferred to the recipient. Awards are forfeited if an employee leaves the Company before the PBRSUs vest or the performance period lapses. The weighted-average grant date PBRSU fair value of $5.10 per share is determined based upon the market closing price of the Company’s common stock on the date of grant. These PBRSUs were fully vested and released on December 31, 2025 pursuant to the satisfaction of the applicable service condition.

In May 2023, the Company also granted a total of 735,294 market-based PBRSUs pursuant to the 2021 Plan to certain executives that vest over a multi-year period, upon continued service and when the volume-weighted average price per share (“VWAP Average”) of the Company’s common stock for the preceding 30 consecutive trading days equals or exceeds the target stock price for the indicated year. The Company recognizes stock-based compensation based upon the grant date fair value on an accelerated attribution basis over the requisite service period of the award. Provided that the requisite service is rendered, the total fair value of the market-based PBRSUs at the date of grant is recognized as compensation expense even if the market condition is not achieved. However, the number of shares that ultimately vest can vary significantly with the achievement of the specified market criteria. These PBRSUs neither carry rights to dividends nor voting rights until the shares are issued or transferred to the recipient. Awards are forfeited if an employee leaves the Company before the PBRSUs vest. The weighted-average grant date fair value of the market-based PBRSUs was $1.40 per share. The Company estimated the fair value of the market-based PBRSUs award on the grant date using the Monte Carlo simulation model with the following assumptions:



Expected term (years)	0.5 - 4.7
Expected volatility		70.9	%
Risk-free interest rate		3.29	%
Dividend yield		0	%
Share price	$	5.10

As of June 30, 2026, the total unrecognized compensation expense related to the market-based PBRSUs was $0.2 million, which is expected to be amortized over a weighted-average period of 1.5 years.

In May 2026, the Company granted a total of 319,954 PBRSUs pursuant to the 2021 Plan to certain executives that vest on achieving certain operational milestones as defined in the individual grant agreements subject to continued employment. Stock-based compensation expense is recognized over the expected performance achievement period of individual performance milestone when the achievement of the performance milestone becomes probable. If satisfaction of the performance condition is not probable, stock-based compensation cost recognition is deferred until it becomes probable. The Company reassesses the probability as to whether satisfaction of the performance condition is probable on a quarterly basis, and stock-based compensation cost is adjusted based on the portion of the requisite service provided. These PBRSUs neither carry rights to dividends nor voting rights until the shares are issued or transferred to the recipient. Awards are forfeited if an employee leaves the Company before the PBRSUs vest or the performance period lapses. The grant date PBRSU value of $28.18 per share is determined based upon the market closing price of the Company’s common stock on the date of grant. As of June 30, 2026, achievement of the performance milestone related to the PBRSUs was not

considered probable. Accordingly, no stock-based compensation expense was recognized during the period. As of June 30, 2026, the total unrecognized compensation expense related to the performance-based PBRSUs was $9.0 million.

In May 2026, the Company also granted a total of 639,908 market-based PBRSUs pursuant to the 2021 Plan to certain executives that vest over a multi-year period, upon continued service and when the average price per share of the Company’s common stock for the preceding 30 consecutive calendar days equals or exceeds the target stock price before the end of the indicated performance period. The Company recognizes stock-based compensation based upon the grant date fair value on an accelerated attribution basis over the requisite service period of the award. Provided that the requisite service is rendered, the total fair value of the market-based PBRSUs at the date of grant is recognized as compensation expense even if the market condition is not achieved. However, the number of shares that ultimately vest can vary significantly with the achievement of the specified market criteria. The weighted-average grant date fair value of the market-based PBRSUs was $26.80 per share. The Company estimated the fair value of the market-based PBRSUs award on the grant date using the Monte Carlo simulation model with the following assumptions:


Expected term (years)	0.7 - 4.7
Expected volatility		97.1	%
Risk-free interest rate		4.09	%
Dividend yield		0	%
Share price	$	28.18

As of June 30, 2026, the total unrecognized compensation expense related to the market-based PBRSUs was $15.6 million, which is expected to be amortized over a weighted-average period of 1.1 years.

The following table summarizes the Company's RSU activity (excluding PBRSUs) for the six months ended June 30, 2026:


	Shares			Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2025		7,137,273		$	6.51
Granted		2,293,220			17.87
Released		(1,772,568	)		8.23
Forfeited		(371,098	)		6.26
Outstanding as of June 30, 2026		7,286,827		$	9.68

As of June 30, 2026, the Company had $61.5 million of unrecognized stock-based compensation expense related to the RSUs. This cost is expected to be recognized over a weighted-average period of 2.5 years.

Compensation expense

Total stock-based compensation expense by function was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cost of revenue	$	112	$	32	$	343	$	63
Research and development expenses		4,927		3,434		8,925		6,411
General and administrative expenses		2,987		2,349		7,988		3,725
Sales and marketing expenses		487		209		622		389
Total	$	8,513	$	6,024	$	17,878	$	10,588

Inventories

6 Months Ended

Jun. 30, 2026

Inventory Disclosure [Abstract]

Inventories

Note 5. Inventories

Inventories consisted of the following (in thousands):


	June 30,		December 31,
	2026		2025
Raw materials	$	4,711	$	3,726
Work-in-progress		597		897
Finished goods		401		1,164
Total inventories	$	5,709	$	5,787

Description of Business and Summary of Significant Accounting Policies - Summary of the Changes in the Value of the Provision for Anticipated Losses (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Contract with Customer, Liability [Abstract]
Loss contract liability, beginning balance	$ 2,932	$ 0
Provision for anticipated losses	0	3,785
Settlement of loss contract liability	(1,088)	(853)
Loss contract liability, closing balance	1,844	2,932
Current portion	$ 1,844	$ 2,932

Acquisition and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Expected Amortization Expense Relating to Purchased Intangible Assets

As of June 30, 2026, expected amortization expense relating to purchased intangible assets was as follows (in thousands):


Remainder of 2026	$	375
Total future amortization	$	375

Loss Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Basic net income (loss) per share:
Net income (loss) attributable to common stockholders, Basic	$ (79,624)	$ (192,742)	$ (114,603)	$ (227,609)
Weighted average shares of common stock outstanding - Basic	64,672,666	55,161,124	63,745,534	54,956,722
Net loss per share, Basic	$ (1.23)	$ (3.49)	$ (1.8)	$ (4.14)
Diluted net income (loss) per share:
Net income (loss) attributable to common stockholders, Basic	$ (79,624)	$ (192,742)	$ (114,603)	$ (227,609)
Weighted-average shares used in computing net income (loss) per share - Basic	64,672,666	55,161,124	63,745,534	54,956,722
Weighted average shares of common stock outstanding - Diluted	64,672,666	55,161,124	63,745,534	54,956,722
Net income (loss) per share, Diluted	$ (1.23)	$ (3.49)	$ (1.8)	$ (4.14)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 17
-Subparagraph (d)(1)
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-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 8: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-52

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
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-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-7

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-52

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-7

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

Other Current Liabilities

6 Months Ended

Jun. 30, 2026

Other Liabilities, Current [Abstract]

Other Current Liabilities

Note 9. Other current liabilities

Other current liabilities consisted of the following (in thousands):


	June 30,		December 31,
	2026		2025
Deferred revenue	$	529	$	284
Other current liabilities		2,664		2,204
Total other current liabilities	$	3,193	$	2,488

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2026	Jul. 30, 2026
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Trading Symbol	AEVA
Entity Registrant Name	AEVA TECHNOLOGIES, INC.
Entity Central Index Key	0001789029
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-39204
Entity Tax Identification Number	84-3080757
Entity Address, Address Line One	555 Ellis Street
Entity Address, City or Town	Mountain View
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94043
City Area Code	650
Local Phone Number	481-7070
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common stock, $0.0001 par value per share
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		69,705,758

Insider Trading Arrangements shares in Thousands	3 Months Ended
Insider Trading Arrangements shares in Thousands	Jun. 30, 2026 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	10b5-1 Trading Plans During the quarter ended June 30, 2026, no Section 16 director or officer adopted, or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement” (as such terms are defined in Item 408 of Regulation S-K of the Exchange Act), except as follows: On May 19, 2026, Saurabh Sinha, our Chief Financial Officer, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (a “Rule 10b5-1 Trading Plan”). Mr. Sinha’s Rule 10b5-1 Trading Plan provides for the sale of up to 267,000 shares of our common stock from August 18, 2026 until February 15, 2027, or earlier if all transactions under the Rule 10b5-1 Trading Plan are completed.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Saurabh Sinha [Member]
Trading Arrangements, by Individual
Name	Saurabh Sinha
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	false
Adoption Date	May 19, 2026
Arrangement Duration	182 days
Aggregate Available	267

Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	20,589,228	21,904,438
Common stock options issued and outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	2,303,765	2,320,011
Restricted stock units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	7,286,827	8,671,167
Performance-based restricted stock units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	1,695,156	1,911,765
Share subscription liability
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	0	3,509,719
Convertible notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	6,303,480	0
Common stock warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	0	2,491,776
Series A warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	3,000,000	3,000,000

Commitments and Contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 15. Commitments and Contingencies

Leases

The weighted-average remaining lease terms were 2.7 years as of June 30, 2026 and December 31, 2025, respectively. The weighted-average discount rate was 8.50% as of June 30, 2026 and as of December 31, 2025, respectively. Operating lease cost for the three months ended June 30, 2026, and 2025, was $0.8 million and $1.1 million, respectively. Operating lease cost for the six months ended June 30, 2026, and 2025, was $1.6 million and $2.1 million, respectively.

The following is a maturity analysis of the annual undiscounted cash flows reconciled to the carrying value of the operating lease liabilities as of June 30, 2026 (in thousands):


	Operating Leases
Remainder of 2026	$	1,458
2027		1,878
2028		1,943
2029		825
Total minimum lease payments		6,104
Less: imputed interest		(629	)
Total lease liability	$	5,475

Litigation

From time to time, the Company is involved in actions, claims, suits, and other proceedings in the ordinary course of business, including assertions by third parties relating to intellectual property infringement, breaches of contract or warranties, or employment-related matters. When it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated, the Company records a liability for such loss contingencies. The Company’s estimates regarding potential losses and materiality are based on the Company’s judgment and assessment of the claims utilizing currently available information. Although the Company will continue to reassess its reserves and estimates based on future developments, the Company’s objective assessment of the legal merits of such claims may not always be predictive of the outcome and actual results may vary from the Company’s current estimates.

Indemnifications

In the ordinary course of business, the Company is not subject to potential obligations under guarantees that fall within the scope of FASB ASC Guarantees (Topic 460), except for standard indemnification provisions that are contained within many of the Company’s customer agreements and give rise only to disclosure requirements prescribed by Topic 460. Indemnification provisions contained within the Company’s customer agreements are generally consistent with those prevalent in the Company’s industry. The Company has not incurred any obligations under customer indemnification provisions and does not expect to incur significant obligations in the future. Accordingly, the Company does not maintain accruals for potential customer indemnification obligations.

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Raw materials	$ 4,711	$ 3,726
Work-in-progress	597	897
Finished goods	401	1,164
Total inventory	$ 5,709	$ 5,787

Stock-based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 8,513	$ 6,024	$ 17,878	$ 10,588
Cost of Revenue [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	112	32	343	63
Research and Development Expenses
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	4,927	3,434	8,925	6,411
General and Administrative Expenses
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	2,987	2,349	7,988	3,725
Selling and Marketing Expenses
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 487	$ 209	$ 622	$ 389

Property, Plant and Equipment

6 Months Ended

Jun. 30, 2026

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Note 6. Property, Plant and Equipment

Property, plant and equipment consisted of the following (in thousands):


	June 30,			December 31,
	2026			2025
Computer equipment	$	1,036		$	3,188
Lab equipment		8,380			8,362
Leasehold improvements		3,479			3,413
Construction in progress		7,542			6,863
Testing equipment		2,368			2,133
Manufacturing equipment		6,050			5,531
Furniture, fixtures and other equipment		461			579
Total property, plant and equipment	$	29,316		$	30,069
Less: accumulated depreciation		(16,917	)		(17,224	)
Total property, plant and equipment, net	$	12,399		$	12,845

Depreciation related to property, plant, and equipment was $1.0 million and $1.1 million for the three months ended June 30, 2026 and 2025, respectively and $2.1 million and $2.3 million for the six months ended June 30, 2026 and 2025, respectively

Acquisition and Intangible Assets - Schedule of expected amortization expense relating to purchased intangible assets (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2026	$ 375
Total future amortization	$ 375

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 29,316	$ 30,069
Less: accumulated depreciation	(16,917)	(17,224)
Total property, plant and equipment, net	12,399	12,845
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	1,036	3,188
Lab Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	8,380	8,362
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	3,479	3,413
Construction In Progress [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	7,542	6,863
Testing Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	2,368	2,133
Manufacturing Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	6,050	5,531
Furniture, Fixtures and Other Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 461	$ 579

Financial Instruments

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Financial Instruments

Note 3. Financial Instruments

The following tables summarize the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy:


	June 30, 2026
	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value		Cash and Cash Equivalent		Marketable Securities
	(in thousands)
Assets
Cash	$	21,392	$	—	$	—		$	21,392	$	21,392	$	—

Level 1
Money market funds		10,401		—		—			10,401		10,401		—

Level 2
U.S. Government securities		31,109		—		(17	)		31,092		—		31,092
U.S. Treasury securities		19,849		—		(7	)		19,842		5,968		13,874
Commercial paper		63,371		—		(35	)		63,336		5,474		57,862
Corporate bonds		31,855		—		(29	)		31,826		—		31,826
Subtotal		146,184		—		(88	)		146,096		11,442		134,654
Total assets	$	177,977	$	-	$	(88	)	$	177,889	$	43,235	$	134,654

Liabilities
Level 3
Convertible notes		—		—		—			192,843		—		—
Warrant liabilities		—		—		—			73,961		—		—
Total liabilities	$	—	$	—	$	—		$	266,804	$	—	$	—


	December 31, 2025
	Adjusted Cost		Unrealized Gain		Unrealized Losses			Fair Value		Cash and Cash Equivalent		Marketable Securities
	(in thousands)
Assets
Cash	$	16,690	$	—	$	—		$	16,690	$	16,690	$	—

Level 1
Money market funds		16,977		—		—			16,977		16,977		—

Level 2
U.S. Government securities		20,818		3		(2	)		20,819		3,984		16,835
U.S. Treasury securities		13,460		—		(2	)		13,458		7,989		5,469
Commercial paper		45,480		2		(4	)		45,478		26,651		18,827
Corporate bonds		8,478		1		(2	)		8,477		—		8,477
Subtotal		88,236		6		(10	)		88,232		38,624		49,608
Total assets	$	121,903	$	6	$	(10	)	$	121,899	$	72,291	$	49,608

Liabilities
Level 3
Convertible notes		—		—		—			100,958		—		—
Warrant liabilities		—		—		—			29,711		—		—
Total liabilities	$	—	$	—	$	—		$	130,669	$	—	$	—

The fair value of the private placement warrants, convertible notes and Series A warrants are based on significant unobservable inputs, which represent Level 3 measurements within the fair value hierarchy. The Company used the Black Scholes option pricing and the lattice model as applicable to determine the fair value of the warrant liabilities and convertible notes, respectively, using unobservable inputs including the expected term, expected volatility, risk-free interest rate, and dividend yield.

Warrant liabilities

The following table presents a summary of the changes in the fair value of the Series A and private placement warrants (in thousands):



	June 30, 2026		December 31, 2025
Fair value, beginning balance	$	29,711	$	8,258
Change in the fair value of Series A warrants included in other income (expense), net		44,250		21,479
Change in the fair value of private placement warrants included in other income (expense), net		—		(26	)
Fair value, closing balance	$	73,961	$	29,711


	December 31, 2025
Expected term (years)		0.2
Expected volatility		101.0	%
Risk-free interest rate		3.67	%
Dividend yield		0	%
Exercise price	$	57.50

The key inputs into the Black-Scholes option pricing model for the Series A warrants were as follows for the relevant periods:


	June 30, 2026			December 31, 2025
Expected term (years)		1.5			2.0
Expected volatility		116.0	%		101.0	%
Risk-free interest rate		4.06	%		3.48	%
Dividend yield		0	%		0	%
Exercise Price	$	5.00		$	5.00

Convertible notes

As of June 30, 2026 and December 31, 2025, the fair value of the Company’s convertible notes was $192.8 million and $101.0 million, respectively. The Company measures the fair value of its convertible notes for disclosure purposes. The fair value was determined based on the Lattice model and has been classified as Level 3 in the fair value hierarchy. See Note 10 “Financing transactions” for information regarding the Company’s convertible notes. The key inputs into the Lattice model for the convertible notes were as follows:


	June 30, 2026			December 31, 2025
Expected term (years)		6.4			6.9
Expected volatility		90.4	%		87.7	%
Risk-free interest rate		4.30	%		3.90	%
Conversion rate	$	15.87		$	15.87
Stock price	$	28.72		$	13.28

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (114,603)	$ (227,609)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,579	2,716
Loss on joint development (2)	0	3,785
Impairment of inventories	0	134
Issuance of shares for Convertible note interest payment	2,297	0
Change in fair value of warrant liabilities	44,250	93,878
Fair value loss on share subscription liability	0	69,996
Stock-based compensation	17,878	10,588
Amortization of right-of-use assets	1,129	1,830
Amortization of premium and accretion of discount on available-for-sale securities, net	(1,024)	(795)
Accretion of convertible notes issuance cost	203	0
Changes in operating assets and liabilities:
Accounts receivable, net	(349)	(2,709)
Inventories	78	(1,448)
Other current assets	586	2,849
Other noncurrent assets	589	505
Accounts payable	1,992	(1,779)
Accrued liabilities	(2,580)	(2,940)
Accrued employee costs	(9,987)	(3,337)
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	114,999	0
Transaction costs related to issuance of common stock	(5,750)	0
Proceeds from equity-related funding in connection with the JDA	5,500	0
Payments of taxes withheld on net settled vesting of restricted stock units	0	(578)
Transaction costs related to issuance of convertible notes	(297)	0
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
Supplemental disclosures of cash flow information:
Cash paid for interest	0	0
Cash paid for income taxes	101	73
Supplemental disclosures of non-cash investing and financing activities:
Issuance of shares for Convertible note interest payment	2,297	0
Public offering issuance cost included in accounts payable	445
Right-of-use asset obtained in exchange for lease liability	532	0
Joint development agreement receivable	0	7,500
Share subscription liability	0	8,632
Unpaid property, plant and equipment purchases	$ 0	$ 1,206

Acquisition and Intangible Assets

6 Months Ended

Jun. 30, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Acquisition of Intangible Assets

Note 4. Acquisition of Intangible Assets

As of June 30, 2026, expected amortization expense relating to purchased intangible assets was as follows (in thousands):


Remainder of 2026	$	375
Total future amortization	$	375

The Company recorded amortization expense related to the acquired intangible assets of $0.3 million and $0.3 million each for the three months ended June 30, 2026 and June 30, 2025, respectively, and $0.5 million each for the six months ended June 30, 2026, and June 30, 2025, respectively.

Financial Instruments - Summary of Changes in Fair Value of Level 3 Financial Instruments (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value, Beginning Balance	$ 29,711	$ 8,258
Change in the fair value loss on share subscription liability	0	(26)
Fair Value, Ending Balance	73,961	29,711
Warrant and Series A [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Change in the fair value loss on share subscription liability	$ 44,250	$ 21,479

Financial Instruments - Schedule of Option Pricing Model (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Series A warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term (years)		2 months 12 days
Expected volatility		101.00%
Risk-free interest rate		3.67%
Dividend yield		0.00%
Exercise Price		$ 57.5
Series A warrants \| Series A Preferred Stock [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term (years)	1 year 6 months	2 years
Expected volatility	116.00%	101.00%
Risk-free interest rate	4.06%	3.48%
Dividend yield	0.00%	0.00%
Exercise Price	$ 5	$ 5
Convertible Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term (years)	6 years 4 months 24 days	6 years 10 months 24 days
Expected volatility	90.40%	87.70%
Risk-free interest rate	4.30%	3.90%
Dividend yield	15.87%	15.87%
Exercise Price	$ 28.72	$ 13.28

Inventories (Tables)

6 Months Ended

Jun. 30, 2026

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following (in thousands):


	June 30,		December 31,
	2026		2025
Raw materials	$	4,711	$	3,726
Work-in-progress		597		897
Finished goods		401		1,164
Total inventories	$	5,709	$	5,787

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 43,235	$ 72,291
Marketable securities	134,654	49,608
Accounts receivable	3,712	3,363
Inventories	5,709	5,787
Other current assets	16,390	22,476
Total current assets	203,700	153,525
Operating lease right-of-use assets	4,883	5,480
Property, plant and equipment, net	12,399	12,845
Intangible assets, net	375	825
Other noncurrent assets	6,437	7,026
Total assets	227,794	179,701
Liabilities and stockholders' equity
Accounts payable	7,298	5,885
Accrued liabilities	9,483	12,063
Accrued employee costs	3,958	13,945
Lease liability, current portion	2,031	1,488
Other current liabilities	3,193	2,488
Total current liabilities	25,963	35,869
Lease liability, noncurrent portion	3,444	4,213
Convertible Notes Payable	96,896	96,693
Warrant liability	73,961	29,711
Total liabilities	200,264	166,486
Commitments and contingencies (Note 15)
Convertible preferred stock $0.0001 par value; 10,000 shares authorized; no,shares issued and outstanding	0	0
Stockholders' Deficit
Common stock $0.0001 par value; 422,000 shares authorized; 68,683 and 61,580 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	7	6
Additional paid-in capital	899,503	770,502
Accumulated other comprehensive loss	(88)	(4)
Accumulated deficit	(871,892)	(757,289)
Total stockholders' equity	27,530	13,215
Total liabilities and stockholders' equity	$ 227,794	$ 179,701

Property, Plant and Equipment (Tables)

6 Months Ended

Jun. 30, 2026

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment consisted of the following (in thousands):


	June 30,			December 31,
	2026			2025
Computer equipment	$	1,036		$	3,188
Lab equipment		8,380			8,362
Leasehold improvements		3,479			3,413
Construction in progress		7,542			6,863
Testing equipment		2,368			2,133
Manufacturing equipment		6,050			5,531
Furniture, fixtures and other equipment		461			579
Total property, plant and equipment	$	29,316		$	30,069
Less: accumulated depreciation		(16,917	)		(17,224	)
Total property, plant and equipment, net	$	12,399		$	12,845

Financing Transactions (Tables)

6 Months Ended

Jun. 30, 2026

Warrants and Rights Note Disclosure [Abstract]

Schedule of Carrying Amount of the Convertible Notes

The net carrying amount of the Convertible Notes was as follows (in thousands):


	June 30,		December 31,
	2026		2025
Principal	$	100,000	$	100,000
Unamortized debt discount and issuance costs		3,104		3,307
Net carrying amount	$	96,896	$	96,693

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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-Name Accounting Standards Codification
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+ Details

Description of Business and Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Description of Business

The Company’s common stock is listed on the Nasdaq Global Select Market under the symbols “AEVA”.

Basis of Presentation and Unaudited Interim Financial Statements

Public Offering

Principal of Consolidation and Liquidity

Principles of Consolidation and Liquidity

Significant Risks and Uncertainties

Concentration of Credit Risk

Provision for Anticipated Losses on Contracts

The following table presents a summary of the changes in the value of the provision for anticipated losses (in thousands):


	June 30, 2026			December 31, 2025
Loss contract liability, beginning balance	$	2,932		$	—
Provision for anticipated losses		-			3,785
Settlement of loss contract liability		(1,088	)		(853	)
Loss contract liability, closing balance	$	1,844		$	2,932
Current portion	$	1,844		$	2,932

Recent Accounting Pronouncements

Capital Structure

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Capital Structure

Note 11. Capital Structure

As of June 30, 2026, the Company was authorized to issue up to 422,000,000 shares of common stock, each with a par value of $0.0001 per share.

Preferred Stock

The Company is authorized to issue up to 10,000,000 shares of preferred stock, each with a par value of $0.0001 per share. As of June 30, 2026 and December 31, 2025, no shares of preferred stock were issued and outstanding.

Warrants

As of June 30, 2026, the Company had 3,000,000 Series A Warrants outstanding in connection with the Facility Agreement. Each Series A Warrant entitles the registered holder to purchase one share of common stock at an exercise price of $5.00 per share. As of December 31, 2025, the Company also had 12,074,876 public warrants and 384,000 private warrants outstanding, exercisable for 2,491,776 shares of common stock. These warrants expired on March 12, 2026, and they were no longer traded upon expiration.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Other non-current assets - Schedule of Other Non-Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Other Assets, Noncurrent [Abstract]
Non marketable equity investments	$ 5,000	$ 5,000
Security deposit	500	500
Joint development agreement receivable	0	1,500
Contract assets	906	0
Other non-current assets	31	26
Total other non-current assets	$ 6,437	$ 7,026

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Segment Information - Additional Information (Details) - Segment	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue, Major Customer [Line Items]
Number of Operating Segments			1
Number of Reportable Segments	1
Customer Member \| Sales Revenue Net Member \| Customer Concentration Risk Member
Revenue, Major Customer [Line Items]
Concentration Risk, Percentage	44.00%	15.00%	55.00%	11.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of the basic and diluted net loss per share attributable to common stockholders for the periods presented (in thousands, except per share data):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Numerator:
Net loss attributable to common stockholders	$	(79,624	)	$	(192,742	)	$	(114,603	)	$	(227,609	)

Denominator:
Weighted average shares of common stock outstanding — Basic and Diluted		64,672,666			55,161,124			63,745,534			54,956,722
Net loss per share attributable to common stockholders — Basic and Diluted	$	(1.23	)	$	(3.49	)	$	(1.80	)	$	(4.14	)

Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share

The following table presents the potential common shares outstanding that were excluded from the computation of diluted net loss per share of common stock as of the periods presented because including them would have been anti-dilutive:


	Six Months Ended June 30,
	2026		2025
Common stock options issued and outstanding		2,303,765		2,320,011
Restricted stock units		7,286,827		8,671,167
Performance-based restricted stock units		1,695,156		1,911,765
Share subscription liability		—		3,509,719
Common stock warrants		—		2,491,776
Convertible notes		6,303,480		—
Series A warrants		3,000,000		3,000,000
Total		20,589,228		21,904,438

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Property, Plant and Equipment [Abstract]
Depreciation	$ 1.0	$ 1.1	$ 2.1	$ 2.3

Revenue - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
Revenue - Additional Information (Details) $ in Thousands	Jun. 30, 2026 USD ($) Customer	Jun. 30, 2025 Customer	Jun. 30, 2026 USD ($) Customer	Jun. 30, 2025 Customer	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Disaggregation of Revenue [Line Items]
Contract assets	$ 6,881		$ 6,881		$ 3,277
Revenue remaining performance obligation	28,700		28,700
Contract liabilities	$ 1,844		$ 1,844		2,932	$ 0
Revenue Recognized Percentage			30.00%
Customer Concentration Risk Member \| Sales Revenue Net Member
Disaggregation of Revenue [Line Items]
Number Of customers meeting concentration risk threshold \| Customer	2	3	2	3
Customer Concentration Risk Member \| Sales Revenue Net Member \| Customer One [Member]
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	32.00%	36.00%	40.00%	45.00%
Customer Concentration Risk Member \| Sales Revenue Net Member \| Customer Two [Member]
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	30.00%	16.00%	19.00%	17.00%
Customer Concentration Risk Member \| Sales Revenue Net Member \| Customer Three [Member]
Disaggregation of Revenue [Line Items]
Concentration risk, percentage		14.00%		10.00%
Current Assets [Member]
Disaggregation of Revenue [Line Items]
Contract assets	$ 7,800		$ 7,800		3,300
Other current liabilities [Member]
Disaggregation of Revenue [Line Items]
Contract liabilities	$ 500		$ 500		$ 0

Financial Instruments - Summary of Financial assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Available-for-sale [Abstract]
Cash and cash equivalents	$ 43,235	$ 72,291
Level 2 [Member]
Available-for-sale [Abstract]
Adjusted Cost	177,977	121,903
Unrealized Gains		6
Unrealized Losses	(88)	(10)
Fair Value	177,889	121,899
Cash and cash equivalents	43,235	72,291
Marketable Securities	134,654	49,608
Level 3 [Member]
Available-for-sale [Abstract]
Total liabilities	266,804	130,669
Level 3 [Member] \| Convertible Notes
Available-for-sale [Abstract]
Total liabilities	192,843	100,958
Level 3 [Member] \| Warrant liability
Available-for-sale [Abstract]
Total liabilities	73,961	29,711
Money Market Funds [Member] \| Level 1 [Member]
Available-for-sale [Abstract]
Adjusted Cost	10,401	16,977
Fair Value	10,401	16,977
Cash and cash equivalents	10,401	16,977
U.S. agency securities [Member] \| Level 2 [Member]
Available-for-sale [Abstract]
Adjusted Cost	31,109	20,818
Unrealized Gains		3
Unrealized Losses	(17)	(2)
Fair Value	31,092	20,819
Cash and cash equivalents		3,984
Marketable Securities	31,092	16,835
U.S. Treasury Securities [Member] \| Level 2 [Member]
Available-for-sale [Abstract]
Adjusted Cost	19,849	13,460
Unrealized Gains		0
Unrealized Losses	(7)	(2)
Fair Value	19,842	13,458
Cash and cash equivalents	5,968	7,989
Marketable Securities	13,874	5,469
Commercial Paper [Member] \| Level 2 [Member]
Available-for-sale [Abstract]
Adjusted Cost	63,371	45,480
Unrealized Gains		2
Unrealized Losses	(35)	(4)
Fair Value	63,336	45,478
Cash and cash equivalents	5,474	26,651
Marketable Securities	57,862	18,827
Corporate Bonds [Member] \| Level 2 [Member]
Available-for-sale [Abstract]
Adjusted Cost	31,855	8,478
Unrealized Gains		1
Unrealized Losses	(29)	(2)
Fair Value	31,826	8,477
Marketable Securities	31,826	8,477
Subtotal [Member] \| Level 2 [Member]
Available-for-sale [Abstract]
Adjusted Cost	146,184	88,236
Unrealized Gains		6
Unrealized Losses	(88)	(10)
Fair Value	146,096	88,232
Cash and cash equivalents	11,442	38,624
Marketable Securities	134,654	49,608
Cash [Member]
Available-for-sale [Abstract]
Adjusted Cost	21,392	16,690
Fair Value	21,392	16,690
Cash and cash equivalents	$ 21,392	$ 16,690

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Income tax provision	$ 58	$ 70	$ 90	$ 127

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (h)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.7-04(9))
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-SubTopic 10
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+ Details

Revenue - Summary of Disaggregated Revenue by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Disaggregation Of Revenue [Line Items]
Revenue	$ 6,136	$ 5,511	$ 12,398	$ 8,879
% of Revenue	100.00%	100.00%	100.00%	100.00%
Recognized at a point in time [Member]
Disaggregation Of Revenue [Line Items]
Revenue	$ 2,546	$ 4,203	$ 4,973	$ 6,684
% of Revenue	41.00%	76.00%	40.00%	75.00%
Recognized over time [Member]
Disaggregation Of Revenue [Line Items]
Revenue	$ 3,590	$ 1,308	$ 7,425	$ 2,195
% of Revenue	59.00%	24.00%	60.00%	25.00%
Revenue by timing of recognition Member
Disaggregation Of Revenue [Line Items]
Revenue	$ 6,136	$ 5,511	$ 12,398	$ 8,879
% of Revenue	100.00%	100.00%	100.00%	100.00%
North America
Disaggregation Of Revenue [Line Items]
Revenue	$ 3,415	$ 4,707	$ 5,534	$ 7,864
% of Revenue	56.00%	85.00%	45.00%	89.00%
EMEA
Disaggregation Of Revenue [Line Items]
Revenue	$ 2,574	$ 489	$ 6,436	$ 541
% of Revenue	42.00%	9.00%	52.00%	6.00%
Asia [Member]
Disaggregation Of Revenue [Line Items]
Revenue	$ 147	$ 315
% of Revenue	2.00%	6.00%
APAC
Disaggregation Of Revenue [Line Items]
Revenue			$ 428	$ 474
% of Revenue			3.00%	5.00%

Description of Business and Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

The Provision for Anticipated Losses

The following table presents a summary of the changes in the value of the provision for anticipated losses (in thousands):


	June 30, 2026			December 31, 2025
Loss contract liability, beginning balance	$	2,932		$	—
Provision for anticipated losses		-			3,785
Settlement of loss contract liability		(1,088	)		(853	)
Loss contract liability, closing balance	$	1,844		$	2,932
Current portion	$	1,844		$	2,932

Acquisition and Intangible Assets (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 0.3	$ 0.3	$ 0.5	$ 0.5

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
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-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

Segment Information (Tables)

6 Months Ended

Jun. 30, 2026

Geographic Areas, Long-Lived Assets [Abstract]

Schedule of Consolidated Operating Result Including Segment Expenses

The table below presents the Company's consolidated operating results including segment expenses (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Revenues:
Product	$	2,546		$	4,203		$	4,973		$	6,684
Professional service		3,590			1,308			7,425			2,195
Total revenues		6,136			5,511			12,398			8,879
Less:
Segment expense:
Product (excluding 1)		2,558			3,960			5,547			6,512
Professional service (excluding 1 and 2)		1,277			454			2,377			929
Loss on joint development (2)		—			3,785			—			3,785
Stock-based compensation expense (1)		8,513			6,024			17,878			10,588
Research and development expenses (excluding 1)		19,962			19,407			38,790			37,999
General and administrative expenses (excluding 1)		7,229			5,620			14,580			11,461
Selling and marketing expenses (excluding 1)		1,157			1,184			2,922			2,946
Loss from Operations		(34,560	)		(34,923	)		(69,696	)		(65,341	)
Interest income		893			619			1,770			1,626
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	)
Interest expense		(1,196	)		-			(2,379	)		-
Other income (expense), net		(3	)		106			42			107
Income tax provision		58			70			90			127
Net loss	$	(79,624	)	$	(192,742	)	$	(114,603	)	$	(227,609	)

Schedule of Property and Equipment by Geographic Region

The following table sets forth the Company’s property, plant, and equipment, net by geographic region (in thousands):


	June 30,		December 31,
	2026		2025
North America	$	6,803	$	8,135
Asia		5,596		4,710
Total	$	12,399	$	12,845

Commitments and Contingencies - Summary of Maturity Analysis of the Annual Undiscounted Cash Flows of Operating Lease Liabilities (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2026	$ 1,458
2027	1,878
2028	1,943
2029	825
Total minimum lease payments	6,104
Less: imputed interest	(629)
Total lease liability	$ 5,475

Financing Transaction (Additional Information) (Details)						1 Months Ended	6 Months Ended
	Jun. 05, 2026 USD ($) $ / shares shares	Jun. 04, 2026 $ / shares shares	Aug. 20, 2025 USD ($) $ / shares shares	May 13, 2025 USD ($) $ / shares	Nov. 08, 2023 USD ($) Segment Days $ / shares shares	Nov. 30, 2025 USD ($) $ / shares shares	Jun. 30, 2026 USD ($) Warrants Days $ / shares shares	Jun. 30, 2025 USD ($)	May 15, 2026 shares	Dec. 31, 2025 $ / shares shares	Nov. 06, 2025	Dec. 31, 2023 $ / shares shares
Subsidiary or Equity Method Investee [Line Items]
Common stock, shares issued \| shares							68,683,000			61,580,000
Common stock, par value \| $ / shares							$ 0.0001			$ 0.0001
Proceeds from issuance of common stock							$ 114,999,000	$ 0
Common stock, shares outstanding \| shares							68,683,000			61,580,000
Advance condition					The Company’s right to request Advances is conditioned upon the Company achieving a minimum of one new passenger auto-original equipment manufacturer (“OEM”) or commercial OEM program award with at least a 50,000 unit volume
Program award 1 \| Segment					50,000
Trading price of the common stock					$ 38,000
Fixed consideration							$ 7,500,000
Gain on Fair Value Instrument							$ 1,700,000
Convertible Senior Notes [Member]
Subsidiary or Equity Method Investee [Line Items]
Common stock, shares issued \| shares									149,037
Sale of Stock, Price Per Share \| $ / shares						$ 15.8643
Debt instrument convertible threshold trading days \| Days							20
Fixed price per share \| $ / shares						$ 15.8643
Convertible Note, Description							The Company may redeem for cash all or any portion of the Convertible Notes, at its option, on or after November 20, 2028, if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. The redemption price will be equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The Company may redeem for cash all of the Notes, at a redemption price equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon, if at any time less than 10% of the aggregate principal amount of the Notes initially issued on the date of the Indenture remain outstanding.
Issue Amount Of Debt						$ 100,000,000
Interest Rate						4.375%	100.00%				4.375%
Effective interest rate of the Convertible Notes						4.95%
Convertion of share \| shares						63.0348
Debt Conversion, Converted Instrument, Amount						$ 1,000,000	$ 1,000,000
Repurchase price of convertible note							1,000,000
Proceeds from Debt, Net of Issuance Costs						$ 96,700,000
Public Offering [Member]
Subsidiary or Equity Method Investee [Line Items]
Common stock, shares issued \| shares	5,168,539	5,168,539
Additionally shares of common stock sold \| shares	674,157	674,157
Sale of Stock, Price Per Share \| $ / shares	$ 22.25	$ 22.25
Offering expenses	$ 108,800,000
Fixed price per share \| $ / shares	$ 22.25	$ 22.25
Discount and commission	$ 5,800,000
Aggregate public offering price	115,000,000
Public offering cost	$ 400,000
Private Placement [Member]
Subsidiary or Equity Method Investee [Line Items]
Common stock, shares issued \| shares			3,509,719
Share price \| $ / shares			$ 9.26
Proceeds from issuance of common stock			$ 32,500,000
Subscription Agreements [Member]
Subsidiary or Equity Method Investee [Line Items]
Common stock, shares issued \| shares					7,360,460
Common stock, par value \| $ / shares					$ 0.0001
Share price \| $ / shares					$ 2.9
Proceeds from issuance of common stock					$ 21,400,000
Standby Equity Purchase Agreement [Member]
Subsidiary or Equity Method Investee [Line Items]
Share price \| $ / shares					$ 10,000
Preferred stock liquidation preference per share \| $ / shares					$ 12,000
Percentage of dividend payble					7.00%
Convertible preferred stock nonredeemable or redeemable issuer option value					$ 10,000,000
Common stock applicable conversion price					250.00%
Facility fee							2,500,000
Origination fee							600,000
Administrative fees expense							300,000
Fees and expenses of the investor and its counsel							$ 400,000
Standby Equity Purchase Agreement [Member] \| Series A One [Member]
Subsidiary or Equity Method Investee [Line Items]
Common stock, shares outstanding \| shares							16,428,553
Warrants issued \| shares												3,000,000
Standby Equity Purchase Agreement [Member] \| Preferred Stock [Member]
Subsidiary or Equity Method Investee [Line Items]
Total preferred facility					$ 125,000,000
Standby Equity Purchase Agreement [Member] \| Common Stock [Member]
Subsidiary or Equity Method Investee [Line Items]
Common stock, shares outstanding \| shares					16,428,553
Standby Equity Purchase Agreement [Member] \| Common Stock [Member] \| Series A One [Member]
Subsidiary or Equity Method Investee [Line Items]
Warrants issued to purchase shares of common stock, Exercise price \| $ / shares												$ 5
Number of warrants outstanding \| Warrants \| Warrants							3,000,000
Standby Equity Purchase Agreement [Member] \| Maximum [Member]
Subsidiary or Equity Method Investee [Line Items]
Debt instrument convertible threshold trading days \| Days					30
Standby Equity Purchase Agreement [Member] \| Maximum [Member] \| Preferred Stock [Member]
Subsidiary or Equity Method Investee [Line Items]
Number of shares preferred stock aggregate value					$ 50,000,000
Standby Equity Purchase Agreement [Member] \| Minimum [Member]
Subsidiary or Equity Method Investee [Line Items]
Debt instrument convertible threshold trading days \| Days					20
Standby Equity Purchase Agreement [Member] \| Minimum [Member] \| Preferred Stock [Member]
Subsidiary or Equity Method Investee [Line Items]
Number of shares preferred stock aggregate value					$ 25,000,000
LG Subscription Agreement [Member]
Subsidiary or Equity Method Investee [Line Items]
Sale of Stock, Price Per Share \| $ / shares				$ 9.26
Strategic investment				$ 32,500,000
Fixed price per share \| $ / shares				$ 9.26
Ownership limit percentage				9.90%
LG Subscription Agreement [Member] \| Maximum [Member]
Subsidiary or Equity Method Investee [Line Items]
Sale of Stock, Price Per Share \| $ / shares				$ 7.41
Fixed price per share \| $ / shares				$ 7.41

Stock-based Compensation - Schedule of Stock Options Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Options, Outstanding, Beginning as of December 31, 2025 \| shares	2,316,417
Number of Options, Exercised \| shares	(12,652)
Number of Options, Outstanding as of June 30, 2026 \| shares	2,303,765	2,316,417
Number of Options, Vested and exercisable as of June 30, 2026 \| shares	2,303,765
Number of Options, Vested and expected to vest as of June 30, 2026 \| shares	2,303,765
Weighted- Average Exercise Price, Outstanding, Beginning as of December 31, 2025 \| $ / shares	$ 2.81
Weighted- Average Exercise Price, Exercised \| $ / shares	1.83
Weighted- Average Exercise Price, Outstanding, Ending as of June 30, 2026 \| $ / shares	2.82	$ 2.81
Weighted- Average Exercise Price, Vested and exercisable as of June 30, 2026 \| $ / shares	2.82
Weighted- Average Exercise Price, Vested and expected to vest as of June 30, 2026 \| $ / shares	$ 2.82
Weighted-Average Remaining Contractual Life (Years), Outstanding	3 years 3 months	3 years 9 months 3 days
Weighted-Average Remaining Contractual Life (Years), Vested and exercisable as of June 30, 2026	3 years 3 months
Weighted-Average Remaining Contractual Life (Years), Vested and expected to vestas of June 30, 2026	3 years 3 months
Aggregate Intrinsic Value, Outstanding \| $	$ 59,663	$ 24,431
Aggregate Intrinsic Value, Vested and exercisable as of June 30, 2026 \| $	59,663
Aggregate Intrinsic Value, Vested and expected to vest as of June 30, 2026 \| $	$ 59,663

Other Current Assets - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 3,380	$ 3,270
Joint development agreement receivable	2,000	6,000
Contract assets	6,881	3,277
Vendor deposits	1,794	890
Other current assets	2,335	9,039
Total other current assets	$ 16,390	$ 22,476

Loss Per Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Loss Per Share

Note 12. Loss Per Share

The following table sets forth the computation of the basic and diluted net loss per share attributable to common stockholders for the periods presented (in thousands, except per share data):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Numerator:
Net loss attributable to common stockholders	$	(79,624	)	$	(192,742	)	$	(114,603	)	$	(227,609	)

Denominator:
Weighted average shares of common stock outstanding — Basic and Diluted		64,672,666			55,161,124			63,745,534			54,956,722
Net loss per share attributable to common stockholders — Basic and Diluted	$	(1.23	)	$	(3.49	)	$	(1.80	)	$	(4.14	)


	Six Months Ended June 30,
	2026		2025
Common stock options issued and outstanding		2,303,765		2,320,011
Restricted stock units		7,286,827		8,671,167
Performance-based restricted stock units		1,695,156		1,911,765
Share subscription liability		—		3,509,719
Common stock warrants		—		2,491,776
Convertible notes		6,303,480		—
Series A warrants		3,000,000		3,000,000
Total		20,589,228		21,904,438

Segment Information

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Information

Note 16. Segment Information

The Company operates as one operating segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision-maker (“CODM”), consisting of the Company’s chief executive officer and the Company’s chief technology officer as a group, in deciding how to allocate resources and assess the Company’s financial and operational performance. In addition, the Company’s CODM evaluates the Company’s financial information and resources and assesses the performance of these resources on a consolidated basis. As a result, the Company has determined that the Company’s business operates in a single operating segment. The CODM uses net loss as the measure of profit and loss to allocate resources and assess performance. The CODM regularly reviews net loss as reported on the Company's condensed consolidated statements of operations and comprehensive loss. Financial forecasts and budget to actual results used by the CODM to assess performance and allocate resources, as well as those used for strategic decisions related to headcount and capital expenditures are also reviewed on a consolidated basis. The CODM considers the impact of the significant segment expenses in the table below on net loss.

The measure of segment assets is reported on the condensed consolidated balance sheet as total assets. The CODM does not review segment assets at a level other than as presented in the Company's condensed consolidated balance sheets.

The table below presents the Company's consolidated operating results including segment expenses (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Revenues:
Product	$	2,546		$	4,203		$	4,973		$	6,684
Professional service		3,590			1,308			7,425			2,195
Total revenues		6,136			5,511			12,398			8,879
Less:
Segment expense:
Product (excluding 1)		2,558			3,960			5,547			6,512
Professional service (excluding 1 and 2)		1,277			454			2,377			929
Loss on joint development (2)		—			3,785			—			3,785
Stock-based compensation expense (1)		8,513			6,024			17,878			10,588
Research and development expenses (excluding 1)		19,962			19,407			38,790			37,999
General and administrative expenses (excluding 1)		7,229			5,620			14,580			11,461
Selling and marketing expenses (excluding 1)		1,157			1,184			2,922			2,946
Loss from Operations		(34,560	)		(34,923	)		(69,696	)		(65,341	)
Interest income		893			619			1,770			1,626
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	)
Interest expense		(1,196	)		-			(2,379	)		-
Other income (expense), net		(3	)		106			42			107
Income tax provision		58			70			90			127
Net loss	$	(79,624	)	$	(192,742	)	$	(114,603	)	$	(227,609	)

Revenues from External Customers

Revenue from customers outside the United States was 44% and 15% of total revenue for the three months ended June 30, 2026 and June 30, 2025, respectively. Revenue from customers outside the United States were 55% and 11% of total revenues for the six months ended June 30, 2026 and June 30, 2025 respectively.

Long-Lived Assets

The following table sets forth the Company’s property, plant, and equipment, net by geographic region (in thousands):


	June 30,		December 31,
	2026		2025
North America	$	6,803	$	8,135
Asia		5,596		4,710
Total	$	12,399	$	12,845

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details