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- **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

Revenue

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EVEX

EVEX fundamentals

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