Eve Holding's Q2 2025: Unraveling Contradictions on Cash Consumption, Certification Timelines, and Prototype Plans

Cash consumption and liquidity, cash burn and capital expenditure allocation, type certification timeline and revenue impact, production facility investment timeline, and the number of prototypes for certification are the key contradictions discussed in Eve Holding's latest 2025Q2 earnings call.



Program Advancements and Orders:
- Eve Holding, Inc. (NYSE:EVEX) unveiled its full-scale mockup at the Paris Air Show with a new propeller configuration and announced its first firm order with Revo, a helicopter operator in São Paulo, for 50 eVTOLs, totaling $250 million.
- The firm order and LOIs reflect the strong interest in the vehicle design and attributes, as well as the market potential for eVTOL in urban environments.

Financial Performance and Cash Consumption:
- Eve invested $55 million during the second quarter in its program development, and reported a net loss of $64 million, with operations consuming $57 million in the quarter.
- The increase in cash consumption is due to accelerated program development and increased engagement with suppliers, and the company remains comfortable with its full-year guidance of $200 million - $250 million.

Technology and Supplier Partnerships:
- Eve signed an agreement with Beta to test their propulsion electrical motors on its prototype, adding to its supplier list and complementing Nidec's involvement.
- This partnership brings additional operational flexibility and optionality to Eve's program, with Beta's proven maturity in distributed propulsion and strong relationships with the FAA.

Certification and Milestones:
- The full-scale engineering prototype is undergoing final tests and installations before starting its flight campaign, with the first flight expected by the end of the year.
- This progress aligns with the company's commitment to TAP certification and entry into service by 2027, driven by the need to meet regulatory requirements and customer expectations.

Cash Position and Liquidity:
- Eve ended the second quarter with $242 million in cash, including an additional disbursement of $11 million from the Brazilian Development Bank, with total liquidity reaching $375 million.
- The company's solid cash position and standby facilities are expected to sustain operations through 2026, with sufficient resources to fund certification and assembly of aircraft.