MELBOURNE, Fla., March 11, 2025 /PRNewswire/ — Eve Holding, Inc. (“Eve”) EVEX reports its fourth quarter and fiscal year 2024 earnings results.
Year in review
Eve Air Mobility accomplished several milestones on our journey to shape the global Urban Air Mobility (UAM) ecosystem in 2024. With the selection of all flight-critical component suppliers for our eVTOL, we completed the assembly of our first full-scale prototype in mid-2024, thus hitting one of the most critical milestones in the development of our aircraft. Simplicity is the DNA of our eVTOL with a Lift+Cruise configuration, eight dedicated propellers for vertical take-off and landing – that do not change position during flight, and fixed wings for cruise flight. Our design also includes a dual electric-motor pusher for horizontal propulsion redundancy with performance and safety in mind. We believe fewer and simpler parts will help reduce maintenance and operating costs, while also increasing dispatchability to operators.
Our team engaged multiple component suppliers for the final development of each part after a thorough and collaborative Joint-Definition Phase (JDP). This is a comprehensive process to ensure that all the system interfaces are fully defined, and that different components will operate seamlessly with each other. This is critical to align and guarantee that the hardware and software interfaces of the multiple components work flawlessly amongst each other and within the specifications of our eVTOL design and performance characteristics.
We are conducting ground tests on our prototype and expect to initiate the flight tests by mid-year 2025. We have recently turned Eve’s pusher motors on for the first time to assess proper installation, as well as performance characteristics, such as thrust, sound emission, vibration, energy consumption and others. We have tested the dedicated radio link between the prototype and the Remote Pilot Station (RPS) to ensure no signal latency for proper aircraft control during the test campaign.
We continue to be highly engaged with aviation authorities to advance in the certification processes of our aircraft. In Brazil, ANAC (National Civil Aviation Agency) published the final version of the airworthiness criteria for Eve’s eVTOL. This is a significant milestone in the certification process of our aircraft and a critical stage of the type certification process. In parallel, the FAA (Federal Aviation Authority) issued the Special Federal Aviation Regulation (SFAR) that details the final rules for Advanced Air Mobility (AAM) and covers eVTOL. In general, the SFAR simplifies pilot training process and allows single control eVTOLs and is supportive of our design.
Our team continues to test our eVTOL design and refine computer models in wind tunnels in the Netherlands. The latest tests were performed with powered rotors to calibrate the wing and rotors’ interface models and improve aerodynamics. These validate the multiple Computer Fluid Dynamic (CFD) test we have performed since the early stages of our design and improve performance of the cruise and transition phases of the flight.
Eve’s strengths have resulted in the largest and most diversified backlog (by number of customers and regions) in the industry today. In total, we have non-binding LOIs (Letters of Intent) for approximately 2.8K aircraft, from 28 different customers in 9 countries and different markets. This, combined with the Services & Support Solutions (TechCare) contracts, offers strong long-term revenue visibility and will help Eve to smooth cash-flow consumption in the years to come as we start to convert the existing LOIs into firm orders and collect pre-delivery payments (PDP). Eve continues to advance Vector, a unique Urban Air Traffic Management (Urban ATM) software, to optimize and scale UAM operations worldwide safely and has secured 21 customers for the software. In November of 2024, Eve conducted a successful simulation in São Paulo – with our partner Revo, to further test the applications of our solution.
Importantly, last year we met all milestones we had laid out to the market, including the conclusion of our first prototype, and the initial stages of the ground tests. We have also defined with ANAC the Basis of Certification and defined the configuration of our eVTOL factory and secured the funding with the BNDES. Lastly, we consumed $141 million of cash, close to the low end of the $130 to $170 million we had guided for 2024.
Lastly, Eve raised a total of $270 million last year – via an equity Private Placement and new credit lines and loans. With total liquidity of approximately $430 million currently, focus on cost control and efficiencies with Embraer, we feel comfortable that our financial position is sufficient to fund our Research & Development (R&D) and operations through 2026. We believe Eve has the right partners, experience, and development team to support the foundation for success in the design, certification, assembly and support of eVTOLs and the UAM market in the years ahead.
Johann Bordais
CEO
Financial Highlights
Eve Air Mobility is an aerospace company dedicated to the development of an eVTOL (electric Vertical Takeoff and Landing) aircraft and the Urban Air Mobility (UAM) ecosystem that includes aircraft development, Services & Support solutions – TechCare and Vector, an Urban Air Traffic Management (Urban ATM) system. Eve is pre-revenue; we do not expect meaningful revenues, if any, during the development phase of our aircraft, and we expect financial results to be mostly related to costs associated with the program’s development during this period.
Fourth Quarter 2024
Eve reported a net loss of $40.7 million in 4Q24 versus $39.3 million in 4Q23, which included a non-recurring $1.1 million gain related to the forfeiture of Restricted Stock Units (RSUs) with the resignation of a former CEO, so recurring net loss in 4Q23 was $40.4 million. The net loss in 4Q24 was mostly driven by Research & Development (R&D) expenses, which are costs and activities necessary to advance in the development of our suite of products and solutions for UAM, including the Master Service Agreement (MSA) with Embraer. R&D expenses were $33.7 million in 4Q24, relatively flat vs. $33.6 million in 4Q23. It was in 4Q23 that our R&D efforts began to intensify with advancements in the development of our eVTOL – which included the purchase of parts and the early stages of the assembly of our first full-scale prototype. Moreover, R&D also demanded an increased engineering engagement with Embraer, additional program development activities and testing infrastructure. Our R&D costs are primarily driven by the Master Service Agreement with Embraer that performs several developmental activities for Eve.
When excluding the non-recurring, non-cash gain mentioned above, SG&A remained relatively flat at $6.2 million in 4Q24 (vs. recurring SG&A of $6.4 million in 4Q23). The number of direct employees at Eve has also remained stable vs 4Q23, at approximately 180. Still, payroll-related costs decreased by 16% yoy, reflecting mostly the depreciation of the Brazilian Real during the period. The lower US$-equivalent payroll costs were offset by higher outsourced services and pre-operating expenses related to our first production site located in Taubaté, Brazil.
Eve’s total cash consumption in 4Q24 was $39.9 million, versus $24.5 million in 4Q23. R&D costs associated with Eve’s aircraft development and suppliers’ payments, as well as SG&A expenses, were the main contributors to the cash consumption during the quarter.
Full Year 2024
Net loss in 2024 was $138.2 million, vs. $127.7 million the year before. R&D expenses reached $129.8 million in 2024 – versus $105.6 million 2023, while recurring SG&A expenses increased from $24.2 million in 2023 to $26.5 million in 2024. Like the quarterly numbers, these higher accumulated costs and expenses are primarily driven by increased developmental activities necessary to progress the eVTOL design.
Including personnel contracted through the MSA with Embraer and its subsidiaries, as of 4Q24 Eve employed approximately 900 full-time collaborators, versus roughly 700 at the end of 2023.
In 2024, cash consumption (cash used in operating activities + capital expenditures) was $141.2 million and $94.7 million in 2023 – this is close to the low-end of the $130 to $170 million range we had expected to consume in the program throughout the year, thanks to our focus on cost control, the depreciation of the Brazilian Real (as some expenses are incurred locally, but recognized in US$) and continued synergies with Embraer.
At the end of 2024, Eve’s cash, cash equivalents, financial investments and related partly loan receivable totaled $303.4 million – vs. $241.1 million at the end 2023 and $279.8 million in the previous quarter. The increase in our cash position, despite the cash deployed in our program, reflects a new loan raised during 4Q24 with a private bank as well as the Jul.’24 $95.6 million Private Placement.
Eve has drawn the equivalent of US$83.6 million of total funds made available by the BNDES thus far and still has another $125.2 million for future withdrawals. With that, Eve’s total liquidity position at the end of 2024 was $428.6 million.
We believe the credit lines offer attractive terms and conditions that are aligned with Eve’s early-stage development, with long-term maturity and amortization grace period, which we expect will support Eve as it continues to advance its eVTOL program. We expect to continue drawing from these facilities as our development program advances, to optimize our cash position and capital structure.
For additional information, please access the full 4Q24 and FY2024 Earnings release, available at the Investor Relations website ir.eveairmobility.com
Webcast details
Management will discuss the results on a conference call on Tuesday, March 11, 2025, at 8:00 AM (Eastern Time). The webcast will be publicly available in the Upcoming Events section of the company website: www.eveairmobility.com
To listen by phone, please dial 1-844-481-2554 or 1-412-317-0558. A replay of the call will be available until March 25, 2025, by dialing 1-844-512-2921 or 1-412-317-6671 and entering passcode 10196708.
About Eve Holding, Inc.
Eve is dedicated to accelerating the Urban Air Mobility ecosystem. Benefitting from a start-up mindset, backed by Embraer S.A.’s more than 50-year history of aerospace expertise, and with a singular focus, Eve is taking a holistic approach to progressing the UAM ecosystem, with an advanced eVTOL project, comprehensive global services and support network and a unique air traffic management solution. Since May 10, 2022, Eve is listed on the New York Stock Exchange, where its shares of common stock and public warrants trade under the tickers “EVEX” and “EVEXW”.
For more information, please visit www.eveairmobility.com
Forward Looking Statements
Certain statements contained in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate,” “plan,” “project,” “could,” “should,” “would,” “continue,” “seek,” “target,” “guidance,” “outlook,” “if current trends continue,” “optimistic,” “forecast” and other similar words or expressions. All statements, other than statements of historical facts, are forward-looking statements, including, but not limited to, statements about the company’s plans, objectives, expectations, outlooks, projections, intentions, estimates, and other statements of future events or conditions, including with respect to all companies or entities named within. These forward-looking statements are based on the company’s current objectives, beliefs and expectations, and they are subject to significant risks and uncertainties that may cause actual results and financial position and timing of certain events to differ materially from the information in the forward-looking statements. These risks and uncertainties include, but are not limited to, those set forth herein as well as in Part I, Item 1A. Risk Factors and Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of the company’s most recent Annual Report on Form 10-K, Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 1A. Risk Factors of the company’s most recent Quarterly Report on Form 10-Q, and other risks and uncertainties listed from time to time in the company’s other filings with the Securities and Exchange Commission. Additionally, there may be other factors of which the company is not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ materially from those discussed. The company does not assume any obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting these forward-looking statements. other than as required by law. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statement.
Investor Relations
Lucio Aldworth
Caio Pinez
investors@eveairmobility.com
https://ir.eveairmobility.com/
Media:
media@eveairmobility.com
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SOURCE Eve Holding, Inc.
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