Aeva Technologies, Inc.

Good day. My name is Stephanie, and I'll be your conference facilitator. I would like to welcome everyone to today's Ava Technologies second quarter 2026 earnings conference call. During the opening remarks, all participants will be in a listen-only mode. Following the opening remarks, we will conduct a question-and-answer session. As a reminder, today's conference is being recorded and simultaneously webcast. I would like to now turn the call over to Andrew Fung, Senior Director of Investor Relations and Corporate Development. Andrew, please go ahead.

Thank you, and welcome everyone to Ava's second quarter 2026 earnings conference call. Joining on the call today are Soroush Salehian, Ava's co-founder and CEO, and Saurabh Sinha, Ava's CFO. Ahead of this call, we issued our second quarter 2026 press release and presentation, which we will refer to today and can be found on our investor relations website at investors.ava.com. Please note that on this call, we will be making forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties. These statements reflect our views only as of today and should not be relied upon as representative of our views as of any subsequent date. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For further discussion of the material risks, and other important factors that could affect our financial results, please refer to our filings with the SEC, including our most recent Form 10-Q and Form 10-K. In addition, during today's call, we will discuss non-GAAP financial measures, which we believe are useful as supplemental measures of AVIS performance. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from GAAP results. The webcast replay of this call will be available on our company website under the investor relations link. And with that, let me turn the call over to Soroush.

Thanks, Andrew, and good afternoon, everyone. Q2 was another strong quarter at Ava. We continue to build on our leadership position with more milestones delivered to our customers and partners and important expansion into new areas leveraging our same core technology developed in the last decade. In particular, we announced today our entrance into a very exciting new market beyond sensing applications that I will talk more about in a bit. Reflecting our commercial momentum, we achieved another strong revenue quarter with continued strong center shipments at NRE higher than the previous year. With demand for EVOS technology continuing to grow, we are progressing on the targets we set this year to scale our manufacturing. and we are working on ramping across our supply chain from our CM partners to foundries and component suppliers to support higher volumes to meet demand. We also strengthened our balance sheet in June with a follow-on equity offering that brought our total available liquidity to over $300 million at the end of Q2. We believe this further differentiates and positions Ava to support our current customers to commercial deployment and expand our commercial traction across the board. I would now like to highlight recent achievements and business developments. First, we are excited to announce the launch of the Ava Optical Connectivity business, which is our expansion to a new market that leverages Ava's high optical power source and silicon photonic technology to enable next generation AI data centers. Ava has spent the past decade Developing and proving out our proprietary laser-based technology for the automotive and industrial applications. Because our technology is built on the same foundational technology used in the telecom industry, it uniquely positions Ava to repurpose it without significant development to pursue the massive data center market opportunity as the major AI compute companies like NVIDIA, AMD, and hyperscalers such as Amazon, Microsoft, Google transition to optical connectivity where we believe AVA can provide differentiated solutions to achieve the increasing performance, power efficiency and scalability requirements for AI data centers. Earlier this year, we published a paper detailing the industry-leading performance of AVA's high-power optical source technology. Since then, we have moved quickly to meet growing interest from leaders in AI infrastructure in Ava's capabilities. In just a few short months, we have been working with a number of AI chip companies and optical solution providers to hyperscalers to validate some of those capabilities, and the results so far have been very encouraging. We have been able to demonstrate how Ava's technology can deliver across stringent key metrics that require high optical power, low noise, reliability, and Power Efficiency in a scalable solution to address the rapidly growing bandwidth and power demands of multiple next-generation AI data center architectures, including Near Package Optics and Co-Package Optics, or CPO. And I am thrilled to share today that we have just signed a key joint development agreement with a leading provider of high-speed optical engines to integrate EVA's technology into a near-packaged optic solution for a major hyperscaler with planned commercial deployments as soon as feasible with the potential to start initial volumes in 2027 and ramping in 2028. This is a significant validation of the performance, maturity, and scalability of Ava's technology, and we believe it will advance the business we are launching today, including our other ongoing engagements across the industry. The potential scale for this market is large, and we believe a deployment like with this deal, once qualified at the hyperscaler, has the potential to exceed multiple millions of units annually, with revenues in the multiple hundreds of millions of dollars per year. To support the significant potential for optical connectivity, we plan to leverage Ava's existing manufacturing and foundry supply chain for volume production. We've also established a dedicated team with Pradeep Srinivasan, EVA's VP of Photonics, taking an expanded role as Senior VP of Optical Connectivity. Pradeep has been instrumental in developing and industrializing EVA's Silicon Photonics IP, and together with the team will enable EVA to accelerate the development, deployment, and adoption of optical connectivity. With our technology, team, and the growing commercial interest, We are very excited about the future of optical connectivity and plan to share more updates on this as we progress. Now, moving to automotive. We also made really good progress across our key automotive programs this past quarter. On Diamond Truck, we continue to scale shipments of production-intent Atlas sensors to the OEM for their AV stack validation ahead of series production. Importantly, we've begun manufacturing at our fully automated assembly line at Jabil in North America, a major milestone towards EVA's readiness and ability to scale manufacturing for automotive and others, including Diamond Trucks production program. In passenger vehicles, we've also progressed our milestones with the delivery of our Atlas Ultra systems and continued integration work for joint stack development with the top 10 European passenger OEMs. as well as with NVIDIA on the Drive Hyperion platform. Our collaboration with Bendex has also progressed to a critical next stage. Bendex has selected to use AVA's 4D LiDAR and Perception software and integrate them into its next-generation ADAS series production system for key added safety functionality for trucks, such as collision mitigation across a broader range of scenarios and nighttime driving. Bendex is the leader in commercial vehicle ADAS. Its current Bendex Fusion, which is a vision and radar-based system, is the market-leading collision mitigation and active safety solution in North America. It is available on most of the 300,000 Class A trucks that are sold annually in North America alone. And with Bendex having the goal to make its next-generation ADAS system standard future for the factory models of their major OEMs, names like PACCAR or International. This selection not only highlights how the industry continues to adopt LiDAR to improve performance, but it's also a strong validation of the manufacturability and the cost effectiveness of AVA solutions in level two plus ADAS applications, where LiDAR has traditionally not penetrated yet. Now turning to factory automation, We reached an important milestone with another customer launch of AVA product, our EVE sensor. This quarter, SICK-AG, one of the largest industrial sensor providers globally, commercially launched its first industrial sensor using AVA's EVE precision sensing system. This is part of our long-term strategic collaboration with SICK to leverage AVA's advantages, such as immunity to ambient light and sensor-to-sensor interference, Saurabh Sinha for long range and velocity detection, as well as for vehicle positioning and stealth operational capability in GPS-denied environments. This quarter, we also progressed on other opportunities with major defense companies and organizations beyond ground applications, including, for example, on aerial autonomy. We look forward to sharing more on these in the coming months. And last but not least, in smart infrastructure, we continue to see good traction with the recently introduced AVA CityOS, our AI-powered platform for real-time intelligent traffic management. Following our first large-scale deployment in the Atlanta, Georgia area, the City of Fargo in North Dakota selected us to deploy CityOS to improve roadway safety, and Traffic Management, leveraging FortiLighter's ability to operate in inclement weather, such as snow, fog and rain, and at all lighting conditions. Ava's ITS team is also active with other DOTs and municipalities, and we believe that our differentiated solution will continue to penetrate for additional deployments. So, in summary, we achieved a lot this past quarter, and our differentiated technology and balance sheet positioned us to further solidify a leadership position in the industry as we execute on our commercial momentum. Before I turn the call to Saurabh to walk through our Q2 financial results, I want to say a few words on the CFO transition he announced today. Saurabh, who joined Ava six years ago as our CFO, will be moving on in September to pursue a new opportunity outside the sensing industry. I want to personally thank him for his many contributions to Ava including his role in helping to take the company from early public stage to where we are today. And we wish him all the best on his next role. We have already initiated a search for a permanent successor which will be announced separately once complete. In the interim Rupesh Maheshwari, our VP Corporate Controller, will step in as interim CFO. Rupesh brings more than 20 years of accounting and finance leadership experience at large and growing technology companies. and we'll work alongside Saurabh to ensure a successful and seamless transition. With that, let me now turn the call over to Saurabh.