Eve Holding (EVEX) Q1 2025 earnings summary

Executive summary

• Achieved key milestones in eVTOL development, including completion and ground testing of the full-scale prototype, with first flight tests expected in 2025.

• Assembly lines for conforming prototypes are ready, with supplier engagement and facility preparation underway at Embraer’s São José dos Campos and Taubaté sites.

• Pre-order backlog stands at approximately 2,800 aircraft valued at $14 billion, diversified across 28 customers in nine countries.

• Secured $1.6 billion in service contracts, with TechCare covering 1,100 eVTOLs and Vector air traffic management solutions reaching 21 customers.

• No revenue generated to date; operations remain pre-commercialization, with commercialization targeted for 2026–2027.

Financial highlights

• Net loss for Q1 2025 was $48.8 million, up from $25.3 million in Q1 2024, driven by increased R&D and SG&A expenses.

• R&D expenses rose to $44.7 million in Q1 2025, with SG&A at $7.9 million.

• Cash, cash equivalents, and financial investments totaled $287.6 million at quarter-end, with total liquidity (including undrawn BNDES credit lines) at $410.3 million.

• Free cash flow was negative $25.3 million in Q1 2025, improved from negative $35.9 million in Q1 2024.

• Total debt increased to $142.3 million at quarter-end, up from $40.0 million a year earlier.

Outlook and guidance

• Funding is expected to be sufficient to support operations and program investments through 2026, with cash consumption for 2025 projected between $200 million and $250 million.

• Commercialization of services is targeted for 2026, with eVTOL sales expected to begin in 2027.

• Sequentially higher investments and expenses are anticipated as engineering and supplier activities intensify.

• On track to begin assembly of conforming prototypes in late 2025 and start certification flight campaign in early 2026.