Yup, there is bytecode. Leola is currently a VM on top of a VM.
Danny02 you are right, it would be more optimal to translate to JVM bytecode. However, that was not the goal of this project. My goal was to learn about languages, compilers and virtual machines.
You can translate to bytecode via the 'b' option as Danny02 mentioned. This will compile the source file(s) into the bytecode. You can then run the compiled files directly as so:
java -jar leola.jar b "./test.leola"
java -jar leola.jar "./test.leolac"