It looks that it can compile to two banckends: one called "Quick" and other called "Portable"
I think "Quick" is a complete home backed Jit, while "Portable" is LLVM based
So probably (im guessing from fast source code study): This VM can JIT from bytecode to native while running (the Quick backend) and can run a already native payload using the LLVM backend..
The native payload probably will be very optimized since is AOT, and the Quick, since is JIT will probably have lower optimizations (as a runtime compiled code)
(and we can assume that, the Dalvik VM is getting obsolete)
Edit: adding more observations..
They have created a very sophisticated retargatable compiler that deliver into a SSA based IR and from there it goes to the backends that i have cited earlier