Eve Holding (EVEX) investor relations material

Executive summary

• Achieved key Q3 2025 milestones, including final prototype testing, operational Iron Bird test rig, and selection of Embraer as landing gear supplier, supporting system integration and certification.

• Preparing for first flight of full-scale prototype, with successful ground, communication, and integration tests completed.

• Expanded presence in the Middle East with a partnership in Bahrain, targeting commercial operations in 2028 and positioning the region as a hub for electric aviation.

• Engaged with regulators and customers globally, including summits in Brazil and London, and continued pre-revenue development of eVTOL, service solutions, and urban air traffic management software.

• Remains pre-revenue, with financials reflecting development costs and no revenue generated to date.

Financial highlights

• Raised $230M in new equity funding in August/September 2025, boosting liquidity and extending cash runway to 2.5 years; total liquidity at Q3 end was $534.3M, including cash, financial investments, grants, and undrawn credit lines.

• Ended Q3 2025 with $411.7M in cash and equivalents, $344.2M in financial investments, and $105.8M in available debt.

• Net loss for Q3 2025 was $46.9M, up from $35.8M in Q3 2024; nine-month net loss was $160.3M.

• R&D expenses rose to $44.9M in Q3 2025, a 38% year-over-year increase, driven by prototype development and engineering activity.

• Cash consumption for Q3 was $60.7M; $143M consumed in first nine months, on track for low end of $200M–$250M full-year guidance.

Outlook and guidance

• Confident in starting flight campaign by year-end or early next year, with 2025 milestones including first flight, certification plan alignment with ANAC and FAA, and initial production of certification prototype.

• Cash consumption for 2025 projected at $200–250M, with liquidity expected to fund operations for at least the next twelve months and support development through 2027.

• 2026 cash burn may be slightly higher, around $250M, with more details to be provided in future updates.

• Ongoing need for substantial capital to fund R&D, manufacturing expansion, and commercialization until revenue generation begins; plans to continue raising funds as needed.