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**Eve Holding Q4 2025 Earnings Highlights**
- **Technical Milestones**: 28 flights completed, 300+ planned for 2026 to meet certification requirements.
- **Financial Strength**: $641M liquidity post-2026 loan, with disciplined $225M-$275M cash burn guidance.
- **Strategic Orders**: 2,700 aircraft backlog ($13.5B) including firm orders from Revo and AirX.
- **Production Readiness**: Modular manufacturing approach with scalable 120-480 units/year capacity.
- **Certification Progress**: Engaged with ANAC/FAA on compliance, with CDR nearing completion.

**【CEO Summary Section】**
- Achieved 28 successful flights (1.1 hours total) of the engineering prototype, including hover, transition, and cruise phases. Key milestones include first flight in December 2025 and 300+ planned flights in 2026 for certification.
- Progressed with ANAC on certification plans, with suppliers delivering components for the first six certification-compliant prototypes.
- Secured 2,700 aircraft preorder backlog ($13.5B) including firm orders from Revo and AirX, and 14 TechCare service contracts ($1.6B potential revenue).

**【CFO Financial Commentary】**
- Ended 2025 with $541M liquidity ($390M cash, $150M undrawn credit), up to $641M post-2026 syndicated loan.
- 2025 cash consumption: $175M (operations) + $59M R&D/Q4, total $224M net loss.
- 2026 guidance: $225M-$275M cash burn, driven by R&D ($200M+), with $20M-$30M CapEx for production facilities.

**【Q&A Key Highlights】**
- **Cash Breakdown**: 2026 cash burn split as 80% R&D (Embraer/ suppliers), 15% SG&A ($30M), 5% CapEx.
- **Flight Test Progress**: 300+ flights planned for 2026, focusing on hover, transition, cruise, and failure testing. Current pace: 2 flights/day during dry season.
- **Supplier CDR**: Critical Design Review nearing completion for certification-compliant prototypes.
- **Certification Challenges**: Ongoing work with ANAC/FAA on noise compliance and means of certification, with no timeline impact on CDR.
- **Production Capacity**: Modular approach with initial 120/yr capacity at Taubaté, scalable to 480/yr with additional facilities.
- **LOI Conversion**: 2,700 backlog reflects strategic focus on ecosystem readiness, with Revo and AirX leading the way.

Eve Holding, Inc. (EVEX) Q4 2025 Earnings Call Transcript

- **Strategic Partnerships**: Secured Embraer as landing gear supplier and Bahrain as regional UAM hub, driving $14B pre-order backlog.
- **Technical Milestones**: Engineering prototype set for 2025 flights, Iron Bird testing exceeds 10,000 hours, and $230M funding strengthens liquidity to $534M.
- **Operational Efficiency**: Q3 cash burn of $60M on track for $200-250M annual target, with 2026 spending expected to remain stable.
- **Market Expansion**: Middle East partnership positions Eve for 2028 commercial launch, complementing ANAC certification in 2027.

**【Management Opening Remarks】**
- Lucio Aldworth welcomed participants and highlighted the availability of a presentation deck with slides and prototype testing updates. He emphasized the forward-looking nature of the call and reminded listeners of the associated risks and uncertainties.

**【CEO Summary Section】**
- **Key Achievements**: 
  - Secured Embraer as the 22nd primary supplier for landing gear, leveraging their aviation expertise.
  - Completed integration of Beta Technology's motors into the engineering prototype, with successful communication tests between the prototype and remote pilot station.
  - Launched the Iron Bird testing rig, logging over 10,000 hours of system integration and troubleshooting.
  - Announced a strategic partnership with Bahrain to develop an Urban Air Mobility ecosystem, including potential 2027 test flights.
- **Financial Milestones**: 
  - Pre-order backlog stands at 2,800 aircraft ($14 billion) with 28 customers, including 14 signed for aftermarket services and 21 for air traffic management software.
  - Expected first flight of the engineering prototype by end-2025/early-2026, with Type certification and entry into service in 2027.

**【CFO Financial Commentary】**
- **Funding and Liquidity**: 
  - Completed $230 million equity raise, bringing total cash to $412 million (highest on record) and extending cash runway to 2.5 years.
  - Secured $534 million in total liquidity, including undrawn credit lines and government grants.
- **Financial Performance**: 
  - Q3 2025 net loss of $47 million (vs. $45M R&D spend and $7M SG&A), with annualized cash consumption tracking to the low end of $200-250 million guidance.
  - CFO expects 2026 cash burn to remain stable, with potential slight increase due to ramped-up production activities.

**【Q&A Key Highlights】**
- **Bahrain Partnership**: 
  - Focus on regulatory sandbox development, vertiport infrastructure, and operational testing (potential 2027 flights using engineering prototype).
  - Anticipates revenue from orders and aftermarket services, aligning with ANAC certification timeline.
- **Supply Chain and Production**: 
  - 22 primary suppliers finalized, with lifetime agreements ensuring long-term component availability.
  - Modular production strategy targets 500+ aircraft/year by 2027, leveraging Embraer's manufacturing capabilities.
- **Technical Development**: 
  - Motor testing underway to optimize performance, weight, and cost; dual-sourcing strategy with Nidec and Beta Technology remains under evaluation.
  - Conforming prototypes expected to begin assembly in 2026, with long-lead parts already in production.
- **Risk Management**: 
  - No identified supply chain bottlenecks; Embraer's aviation expertise mitigates production risks.
  - Focus on cost discipline and operational efficiency to maintain cash runway through 2027.

Eve Holding, Inc. (EVEX) Q3 2025 Earnings Call Transcript

- **Market Leadership**: Secured first firm order for 50 eVTOLs ($250M) and expanded LOIs to 2,800 aircraft ($14B), solidifying position as UAM leader.
- **Technical Advancement**: New 4-blade rotor design reduces noise/vibration; testing Beta motors to enhance propulsion efficiency.
- **Financial Discipline**: Q2 net loss of $64M, cash burn of $57M, with $242M liquidity supporting operations through 2026.
- **Strategic Momentum**: Engineering prototype set for late 2025 flight, on track for 2027 certification and São Paulo launch.

**【CEO Summary Section】**
- Unveiled full-scale mockup at Paris Air Show with new 4-blade rotor configuration, reducing vibration and noise.
- Secured first firm order for 50 aircraft from Revo, a São Paulo helicopter operator, with total contract value of $250 million (including TechCare services).
- Added 104 LOIs across Brazil, U.S., and Costa Rica, bringing total preorder backlog to 2,800 aircraft ($14B) and 1,100 aircraft under TechCare ($1.6B in services).
- Announced partnership with Beta for distributed propulsion testing, complementing Nidec's motors, to optimize safety, performance, and cost.
- Engineering prototype nearing first flight (late 2025), with certification campaign targeting 2027.

**【CFO Financial Commentary】**
- Q2 2025 net loss of $64M (vs. $55M R&D spend, $8M SG&A).
- Cash consumption of $57M (Q1: $28M), total H1 cash burn $85M, guiding to $200-250M annualized.
- Ending cash of $242M, total liquidity $375M (including $50M grant), sufficient for operations through 2026.
- R&D acceleration driven by 140+ new engineers and supplier engagement.

**【Q&A Highlights】**
- **Cash Position**: Comfortable with $242M cash, guiding to low end of $200-250M annualized burn, leveraging Embraer's engineering resources.
- **Test Flight Timeline**: Engineering prototype first flight late 2025, 5 conforming prototypes for certification (2026-2027).
- **Order Book Strategy**: Focusing on LOI conversions with key partners like Revo, prioritizing 2027 readiness for São Paulo launch.
- **Competitive Landscape**: Welcomes Joby-Blade partnership, views Blade as multi-OEM platform, no direct threat to Eve's backlog.
- **Motor Comparison**: Beta motors differ in cooling architecture and integration, testing to optimize for noise/vibration.
- **Battery Supplier**: Continuing with BAE Systems for battery development.
- **Capital Needs**: No immediate funding required; exploring long-term loans and shelf registration for 2027+.

Eve Holding, Inc. (EVEX) Q2 2025 Earnings Call Transcript

- **eVTOL Development Accelerates**: Full-scale prototype ground tests complete; first flights in 2025. Five conforming prototypes for certification set to begin assembly in H2 2025.
- **Order Backlog Strengthens**: 2,800 aircraft LOIs ($14B) with 40% of backlog secured for service contracts. Vector ATMS signed by 21 customers.
- **Financial Discipline Maintained**: Q1 net loss $49M, cash reserves $288M. 2025 cash burn guidance $200-250M, comfortably covered by $411M liquidity.
- **Key Risks Mitigated**: Stable supplier engagement, no delays to certification timeline, and diversified funding options for long-term growth.

**【CEO Summary Section】**
- **eVTOL Development Milestones**: Completed ground tests of the full-scale prototype, including pusher motor and lifter motor installations. Initial flights for the engineering prototype are scheduled for 2025, with partial and full transition testing phases. The Iron Bird simulator is operational for system integration and maintenance planning.
- **Supplier Progress**: Key components (nose fuselage, actuators, seats) for the first conforming prototype are in production. Assembly of the five certification prototypes will begin in H2 2025 at the Embraer facility in Sao Jose dos Campos.
- **Order Backlog**: 2,800 aircraft LOIs ($14B) from 28 customers across 9 countries. 1,100 aircraft (40% of backlog) have secured TechCare service contracts, generating $1.6B in potential revenue.
- **Ecosystem Expansion**: 21 customers signed for the Vector air traffic management system. Collaborating with infrastructure and energy partners to address urban air mobility challenges.

**【CFO Financial Commentary】**
- **Q1 2025 Financials**: Net loss of $49M (vs. $25M cash consumption due to delayed invoice). R&D expenses $45M, SG&A $8M. Cash reserves $288M, total liquidity $411M, sufficient for 2025-2026 operations.
- **Cash Guidance**: Full-year cash burn expected at $200-250M, likely closer to $200M. Standby credit facilities ($100M+) provide flexibility for 2027 certification phase.
- **Milestone Progress**: On track for 2025 goals, including prototype testing, supplier engagement, and certification campaign preparation.

**【Q&A Highlights】**
- **R&D Spend**: Q1 R&D at $44M reflects increased supplier and Embraer engineering engagement. Expect similar levels for the remainder of 2025.
- **Certification Timeline**: First conforming prototype assembly begins late 2025, with manned test flights in 2026. No delays anticipated in the certification campaign.
- **Battery Strategy**: Engineering prototype uses a different battery design than commercial vehicles, but shares core technology and supplier. Commercial battery development is on track.
- **Funding Outlook**: Ample liquidity for 2025-2026. Exploring grants, ECAs, and long-term debt for 2027+ needs, including strategic investors in the urban mobility ecosystem.

Eve Holding (EVEX)-12 May 25-2025 Q1 Earnings call transcript

- **2024 Milestone Achievement**: Completed key eVTOL development milestones, including prototype assembly, certification basis publication, and $270M funding raise.
- **2025 Financial Plan**: $200-250M cash burn for eVTOL development, with $30M allocated to production facility tooling.
- **Order Book Stability**: 2,800 aircraft preorders ($14B) with 40% under TechCare contracts, signaling customer confidence.
- **Certification Progress**: Engaged with global regulators to define 2026 flight test campaign using 5 conforming prototypes.
- **Ecosystem Expansion**: Collaborating with infrastructure partners to build UAM corridors and vertiports, supporting mass deployment.


**【CEO Summary Section】**
- **2024 Milestones Achieved**: Completed Vector air traffic management simulations in São Paulo, launched Eve TechCare aftermarket services, raised $270M in funding, and published Brazil's first eVTOL certification basis with ANAC.
- **Prototype Progress**: Assembled full-scale engineering prototype with composite materials, conducted pusher motor tests, and preparing for first flight in mid-2025.
- **Order Book Strength**: 2,800 aircraft preorders ($14B) from 28 customers across 9 countries, including 1,100 aircraft under TechCare contracts.
- **Certification Dialogue**: Engaged with ANAC, FAA, and Japan JCAB to define certification tests and compliance plans.

**【CFO Financial Commentary】**
- **2024 Financials**: $141M cash consumed, ending with $429M liquidity (3x 2024 cash burn). Invested $34M/Q4 in R&D, $130M/year total. Net loss of $40M/Q4, $138M/year.
- **2025 Outlook**: $200-250M cash burn for eVTOL development, $30M on production facility tooling, and $100M long-term credit for manufacturing expansion.
- **Liquidity Position**: $430M as of year-end, sufficient for 2025-2026 operations.

**【Q&A Key Takeaways】**
- **Cash Burn Trend**: 2025 R&D-focused at $200-250M, with 2026 shift to production. Currency hedging mitigates BRL/USD volatility.
- **Production Facility**: Existing Embraer site being retrofitted; $100M credit secured for 2026 tooling.
- **Order Conversion**: 40% of preorders (1,100 aircraft) under TechCare contracts, reflecting customer confidence in Eve's ecosystem.
- **Certification Strategy**: 5 conforming prototypes for 2026 flight test campaign, aligned with global regulators for harmonized standards.
- **Ecosystem Development**: Partnering with infrastructure providers to build vertiports and corridors, leveraging existing heliports.


Actual	-0.05	-0.14	-0.07	-0.09	-0.11	-0.11	-0.14	-0.09	-0.13	-0.12	-0.14	-0.16	-0.21	-0.14	-0.16
Forecast	-0.335	-0.09	-0.1	-0.0967	-0.105	-0.1233	-0.17	-0.13	-0.1333	-0.14	-0.16	-0.142	-0.164	-0.1625	-0.156
Surprise	+85.07%	-55.56%	+30.00%	+6.93%	-4.76%	+10.79%	+17.65%	+30.77%	+2.48%	+14.29%	+12.50%	-12.68%	-28.05%	+13.85%	-2.56%

Actual	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Forecast	0	0	166.67K	0	0	0	133.33K	0	0	0	0	0	0	0	0
Surprise	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

EVEX

EVEX fundamentals

EVEX Q4 2025 Earnings

Earnings Call

You can ask Aime

EVEX

EVEX fundamentals

EVEX Q4 2025 Earnings

Earnings Call

EVEX Earnings Call Summary for Q4/20258:00 AM on Mar 17, 2026

EVEX Earnings Call Summary for Q3/20258:00 AM on Nov 4, 2025

EVEX Earnings Call Summary for Q2/20258:00 AM on Aug 6, 2025

EVEX Earnings Call Summary for Q1/20258:00 AM on May 12, 2025

EVEX Earnings Call Summary for Q4/20248:00 AM on Mar 11, 2025

You can ask Aime