Eve Holding (EVEX) Q2 2026 earnings summary

Executive summary

• Achieved key milestones in prototype and transition flight testing, including 66 flights and validation of 150 test points between May and August 2026, with commercialization targeted for 2028.

• Advanced certification with ANAC, EASA, and other authorities, with means of compliance nearly complete and new noise certification criteria proposed.

• Announced new LOIs at Farnborough Airshow, bringing total pre-order backlog to ~2,700 aircraft valued at ~$13.5 billion, including first firm and binding orders in Japan.

• Strategic partnerships and collaborations with Embraer, Hitachi, and Florida DOT support R&D, infrastructure, and UAM integration.

• No revenue generated to date as the company remains pre-operational, focusing on eVTOL, support services, and urban air traffic management software.

Financial highlights

• Ended Q2 2026 with $403.3 million in cash and $531.3 million in total liquidity, including $128 million in undrawn credit facilities and grants.

• Net loss for Q2 2026 was $34.2 million, a 47% improvement year-over-year; R&D expenses were $28.9 million, down from $45.7 million in 2Q25.

• Cash burn for the first half of 2026 was $118 million, with full-year guidance between $225 million and $275 million.

• Operating expenses for Q2 2026 were $37.2 million, down 31% year-over-year, driven by lower R&D costs.

• Free cash flow in 2Q26 was $(49.4) million, improved from $(56.9) million in 2Q25.

Outlook and guidance

• Liquidity expected to support operations through 2028 without new funding, though substantial capital needs remain until revenue generation begins.

• R&D expected to return to ~$50 million per quarter going forward.

• CapEx for 2026 projected at $20 million, rising to $50 million in 2027 and $30–$40 million in 2028, totaling ~$100 million for modular production capacity.

• Certification and entry to service targeted for 2028, with conforming prototype flight in H2 2027.

• Future funding may include debt, equity, and customer advances.