Eve Holding (EVEX) Q3 2025 earnings summary

Executive summary

• Achieved key milestones in eVTOL program development, including final prototype testing, ground and integration tests, and operational Iron Bird test rig, expediting certification and reducing costs.

• Remains pre-revenue, with continued development of eVTOL aircraft, service solutions, and urban air traffic management software.

• Net loss for Q3 2025 was $46.9 million, up from $35.8 million in Q3 2024, mainly due to higher R&D expenses.

• Secured Embraer as the landing gear supplier, completing the primary supplier lineup and enhancing energy efficiency.

• Expanded global presence with a strategic agreement in Bahrain to support eVTOL adoption and potential test flights in 2027.

Financial highlights

• Raised $230 million in new equity in August/September 2025, boosting cash and equivalents to $411.7 million and total liquidity to $534.3 million at quarter-end.

• R&D expenses rose to $44.9 million in Q3 2025, with SG&A at $7.0 million; cash consumption for the quarter was $60.7 million, totaling $143.0 million for the first nine months.

• Operating loss was $51.9 million for Q3 2025; net loss per share was $(0.14) for Q3 2025.

• Financial investment income increased due to higher average balances; interest expense rose with higher debt.

• Free cash flow was negative $60.7 million in Q3 2025.

Outlook and guidance

• Liquidity is expected to fund operations and R&D through 2027, with cash consumption guidance for 2025 at $200–250 million.

• First flight of the full-scale prototype expected by year-end or early next year, with certification plans to be published by year-end.

• Ongoing need for substantial capital to fund R&D, manufacturing, and commercialization until revenue generation begins.