Operator

Good day. My name is Chloe, and I will be your conference facilitator. I would like to welcome everyone to Aeva Technologies First Quarter 2026 Earnings Conference Call. [Operator Instructions] As a reminder, today’s conference call is being recorded and simultaneously webcast.

I would now like to turn the call over to Andrew Fung, Senior Director of Investor Relations and Corporate Development. Andrew, please go ahead.

Andrew Fung
Senior Director of Investor Relations & Corporate Development

Thank you, and welcome, everyone, to Aeva’s first quarter 2026 earnings conference call.

Joining on the call today are Soroush Salehian, Aeva’s Co-Founder and CEO; and Saurabh Sinha, Aeva’s CFO.

Ahead of this call, we issued our first quarter 2026 press release and presentation, which we will refer to today and can be found on our Investor Relations website at investors.aeva.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 a further discussion of the material risks and other important factors that could affect

The way homeowners approach their outdoor living areas has undergone a dramatic transformation in recent years.

What were once simple backyards with basic patios have evolved into sophisticated extensions of indoor living spaces, complete with climate control, entertainment systems, and designer furnishings. This shift reflects a broader cultural movement toward maximizing usable square footage and creating versatile environments that blur the lines between inside and outside.

The Rise of Outdoor Rooms

Contemporary outdoor design increasingly focuses on creating distinct “rooms” rather than generic patio spaces. Homeowners are dividing their yards into functional zones—outdoor kitchens, dining areas, lounge spaces, and even dedicated work-from-home pods. According to the American Society of Landscape Architects, outdoor living spaces ranked as the number one requested design feature for the fifth consecutive year in their residential landscape architecture survey, with 88% of designers reporting client demand for these areas.

This trend toward compartmentalization allows families to use their outdoor spaces more intentionally throughout the day. A covered breakfast nook might transition to a shaded workspace by afternoon, then serve as an evening cocktail area. The key is creating architectural definition through pergolas, partial walls, outdoor curtains, or strategic plantings that establish boundaries without completely closing off spaces.

Climate Control Solutions Expand Outdoor Season

One of the most significant developments in outdoor living involves extending the usable season through sophisticated climate control. While fire pits and patio heaters have been popular for years, homeowners are now investing in more permanent heating and cooling solutions. Outdoor fireplaces, heated floors, and misting systems allow comfortable use of patios even during temperature extremes.

Interestingly, cooling solutions are gaining particular traction. In regions with hot summers, homeowners are installing ceiling fans specifically designed for outdoor use in covered areas. Some are even adding climate control to transitional spaces like three-season rooms or converted garages, where installing a garage ceiling fan can make the space comfortable year-round for hobbies, exercise, or entertaining.

Sustainable and Native Landscaping

Environmental consciousness has fundamentally reshaped outdoor design philosophy. Rather than water-intensive lawns requiring constant maintenance, homeowners are embracing native plant species that thrive naturally in their local climate. The National Wildlife Federation reports that native plant landscaping has increased by 35% over the past three years, driven by both environmental concerns and the desire for lower-maintenance yards.

This approach creates ecosystems that support local pollinators, birds, and beneficial insects while requiring less water, fertilizer, and pesticide. Xeriscaping—landscaping designed to minimize water use—has moved beyond desert regions into mainstream design across the country. Rain gardens that capture and filter stormwater runoff serve both ecological and aesthetic purposes, creating focal points while managing water sustainably.

Outdoor Kitchens Become Culinary Command Centers

The outdoor kitchen has evolved far beyond a simple grill station. Today’s outdoor cooking spaces rival indoor kitchens in functionality and sophistication. The Hearth, Patio & Barbecue Association found that outdoor kitchen sales increased by 40% between 2020 and 2023, with average project costs exceeding fifteen thousand dollars for high-end installations.

These spaces now commonly include built-in refrigeration, pizza ovens, smokers, warming drawers, and ample prep surfaces with weatherproof cabinetry. Some homeowners are installing outdoor dishwashers and even wine refrigerators. The emphasis is on creating self-sufficient cooking environments that eliminate the need to shuttle back and forth to the indoor kitchen during meal preparation and entertaining.

Biophilic Design Principles

Biophilic design—the concept of increasing human connectivity to nature within built environments—has become a guiding principle in outdoor space planning. This approach goes beyond simply adding plants to incorporate natural materials, water features, and designs that encourage interaction with the natural world.

Living walls covered in vertical gardens bring nature to eye level and can serve as privacy screens or artistic focal points. Natural stone pathways, wooden pergolas, and furniture made from sustainable materials reinforce the connection to organic elements. Water features ranging from simple fountains to elaborate ponds with natural filtration systems provide both visual interest and soothing ambient sound.

Multi-Functional Furniture and Storage

Space efficiency drives the popularity of convertible outdoor furniture. Coffee tables that lift to dining height, benches with hidden storage compartments, and modular seating that reconfigures for different gatherings maximize flexibility in outdoor rooms. Weather-resistant storage solutions disguised as decorative elements keep cushions, toys, and entertaining supplies accessible yet protected.

This trend particularly benefits homeowners with smaller yards who need every element to earn its place. A storage ottoman might hold gardening tools while providing extra seating during parties. A dining table could fold down when not in use, freeing up space for children’s play or yoga practice.

Technology Integration

Smart home technology has seamlessly extended outdoors, with app-controlled lighting, irrigation systems, and even outdoor speakers becoming standard features. Weatherproof televisions and projection systems turn patios into open-air theaters, while Wi-Fi extenders ensure connectivity throughout the property.

These technological additions transform outdoor spaces into venues equally suited for productive work, active entertainment, or peaceful relaxation—all controlled from smartphones with the same ease as indoor environments.

More than 80 facilities have been hit since the US and Israel launched strikes on Iran on 28 February, with over a third severely damaged, according to the International Energy Agency. Along with Qatar, damage has also been reported in Bahrain, Kuwait, Saudi Arabia and the United Arab Emirates.

TUCSON, Ariz. — Nearly 95 days after 84-year-old Nancy Guthrie vanished from her Catalina Foothills home in a suspected abduction, investigators remain locked in a complex case with few public breakthroughs, while criminal experts float a disturbing new theory: the masked “Porch Guy” captured on her doorbell camera may himself have been killed to silence him.

Pima County Sheriff’s Office and the FBI continue to describe the investigation as active and ongoing, with DNA analysis, surveillance review and public tips still driving the probe. No suspect has been publicly named, and Nancy Guthrie’s whereabouts remain unknown despite a $1 million family reward and extensive searches.

Guthrie, mother of NBC’s “Today” co-anchor Savannah Guthrie, was last seen Jan. 31, 2026. She was reported missing Feb. 1 after family members could not reach her. Authorities found blood on the front porch, a back door propped open and chilling footage of an armed, masked individual tampering with her doorbell camera around 2 a.m. Her pacemaker lost connection shortly afterward.

Disturbing New Theory From Experts

In a NewsNation special hosted by senior correspondent Brian Entin, forensic and profiling experts raised the possibility that the suspect seen on camera — often dubbed “Porch Guy” — may no longer be alive. Dr. Ann Burgess, a pioneering criminal profiler who worked with the FBI’s Behavioral Analysis Unit, suggested the operation appeared professional yet contained amateur elements consistent with a hired operative later eliminated by a “boss” to cover tracks.

“The person we see at the front door could be dead … killed by someone else … killed by the boss,” Entin summarized during the expert roundtable. Burgess noted the planning involved but pointed to the lack of further communication or demands as unusual for a standard ransom kidnapping.

Other experts, including criminal psychologist Dr. Gary Brucato, have speculated about multiple perpetrators working under a lead organizer. The theory aligns with earlier neighbor accounts suggesting at least two or three people may have been involved, possibly using the front-door distraction while accessing the property another way.

Investigation Updates and Challenges

As the case passed the three-month mark on May 1, the Pima County Sheriff’s Office reiterated its commitment. “This is an active and ongoing investigation, and we continue to work closely with our partners at the FBI,” a spokesperson said. DNA evidence recovered from the scene, including hairs and other items, has been sent for advanced FBI laboratory analysis.

FBI Director Kash Patel recently commented on early handling of the case, noting the bureau was reportedly kept out for several days, which delayed advanced forensic work. Local officials have pushed back, saying cooperation improved quickly. Brian Entin reported that coordination between agencies has since strengthened.

Ransom-style notes have surfaced, with Savannah Guthrie publicly stating in March she believes at least some were genuine. However, no verified proof of life has emerged, leading some experts to question whether the notes were opportunistic or part of the original plan.

Recent surveillance footage from a nearby home showing a masked individual stealing plants has circulated but authorities say it is not believed connected to the abduction.

Family’s Ongoing Agony

Savannah Guthrie returned to “Today” in early April, describing the emotional toll while expressing gratitude for public support. The family has cooperated fully and been cleared as suspects. They continue to urge anyone with information to come forward.

The $1 million reward remains active. Tips have poured in, but sifting through them has proven challenging amid false leads and conspiracy theories that have added to the family’s pain.

Possible Motives Under Scrutiny

Profilers have explored several angles: financial gain, retribution possibly linked to Savannah Guthrie’s public profile, or a targeted operation involving someone with indirect familiarity. Dr. Burgess and others have noted the case’s unique elements, describing it as a “type of case that we’ve never seen before.”

Speculation has included possible links to Mexico, though unverified. Nancy Guthrie’s age, pacemaker and need for medication raise urgent concerns about her survival if still alive.

Community and National Attention

The affluent Catalina Foothills neighborhood remains on edge. Residents have installed additional security and shared footage. The case has drawn national fascination, with true crime enthusiasts and media outlets dissecting every detail.

As the search nears 100 days, experts warn that time works against resolution in abduction cases. Yet authorities stress that cold cases can break with a single tip or forensic match. Advanced DNA techniques offer hope even months later.

Public appeals continue for any video, sightings or information from late January and early February in the Tucson area. The FBI and sheriff’s office maintain dedicated tip lines.

The disappearance of Nancy Guthrie has become one of 2026’s most haunting mysteries — a case blending high-profile family ties, sophisticated surveillance evidence and deepening questions about what really happened that night. While theories multiply, the central plea remains unchanged: bring Nancy home.

Wells Fargo’s brokerage unit recruited another financial advisor team that oversaw $1.6 billion in client assets at UBS, adding to Wells Fargo’s string of recent hires. The team, called AGT Private Wealth Group, joined Wells Fargo in Frisco, Texas on Friday.

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ET Intelligence Group: Hero MotoCorp delivered a strong March quarter on a year-on-year basis, but sequential performance remained subdued as rising input costs weighed on profitability. In addition, intense competition and rising momentum in sales of the low-margin EV segment are expected to dent margins further in the coming quarters. The company’s EV market share nearly doubled to 11.2% in the March quarter from 6.1% a year ago, driven by new launches and the rollout of battery-as-a-service (BaaS) to improve affordability.

The company’s cost structure has been spiralling upwards, affected by input cost inflation and higher labour, logistics, and advertising expenses amid intense competition. The advertising and promotion spending rose 22% in FY26 compared with 18% increase in FY25. Though the company raised product prices recently, it may not be able to fully cover the incremental costs. In addition, promotional costs are expected to rise further in the current fiscal year given the company’s push on launching new models. The company, however, believes the cost pressure is transitory. It has iterated the medium-term guidance of 14-16% for operating margin before depreciation and amortisation (Ebitda margin). It reported a 30 basis point expansion in the margin at 14.7% margin for FY26.

The company’s electric vehicles (EV) division, despite its growing market share and long-term relevance, continues to operate at a lower margin than the core internal combustion engine (ICE) operations. Hero Moto is in the investment phase for EVs with heavy spending on product development, network expansion and capacity build up. On a positive side, its EV losses are gradually narrowing on a per-unit basis as volumes scale up, costs moderate and benefits from incentive schemes increase, though the segment is still some distance away from turning profitable.
On demand front, Hero Moto enters FY27 on a firm footing, extending the recovery seen in the second half of the previous year. It expects the two-wheeler industry to grow at high single-digit in FY27, with scooters growing faster than motorcycles, aided by structural trends such as urbanisation, e-commerce and the gig economy. Hero MotoCorp expects to outperform the industry, supported by a strong pipeline of launches across scooters, premium motorcycles and EVs.

Mumbai: India’s equity indices rose over 1% each on Wednesday in a late surge, logging their strongest single-day gain in nearly three weeks, after reports of a possible US-Iran accord led to an 8% plunge in oil prices. “The biggest hero and villain of this story are oil prices, which plummeted on easing tensions, and stoked optimism,” said Lakshmi Iyer, group president and chief executive, Bajaj Alternates. “Investors cheered the possibility of a resolution of war between the US and Iran.”

Easing Volatility
This “has been hanging like a sword over markets,” said Iyer.

The NSE Nifty 50 advanced 1.2%, or 298.15 points, to close at 24,330.95, while the S&P BSE Sensex climbed 1.2%, or 940.73 points, to 77,958.52.

Brent crude futures dropped to around $100.7 a barrel, after holding above the $100 level for nearly two weeks, with the US and Iran said to be closing in on an agreement to end the war in the Gulf. US President Donald Trump, however, warned that if Iran doesn’t agree to US demands, bombing will resume at a “higher level and intensity.”

The fall in oil prices boosted global sentiment.
South Korea surged 6.5%, while China and Hong Kong rose 1.2% each. Taiwan added 0.9% and Japan gained 0.4%.
Iyer said oil prices remain pivotal and a sustained move below the $100-a-barrel mark could extend the rally, while failure to do so may keep markets range-bound.
Back home, volatility eased. The India VIX dropped 6.9% to 16.7, closing below 17 for the first time since the onset of the conflict, signalling lower near-term risk expectations. The rebound on Wednesday helped shrug off the recent lethargy.

“Nifty was struggling to sustain at higher levels in the past eight sessions and the rebound in Wednesday’s session pushed it above a cluster of averages at 24,000 levels, and the index surpassed 24,300 levels,” said Nilesh Jain, vice president, head of technical and derivative research, Centrum Finverse.

Jain expects the index to move toward 24,500-24,600 levels in the near term, supported by follow-through buying, with dips likely to be bought.