Eve Holding (EVEX) Q4 2024 earnings summary

Executive summary

• Achieved all 2024 eVTOL development milestones, including full-scale prototype assembly, ground and wind tunnel tests, and rollout of TechCare and Vector platforms.

• Secured $270 million in new funding through equity and credit lines, ending 2024 with $428.6 million in liquidity, supporting R&D and facility investments through 2026.

• Maintained a pre-order backlog of approximately 2,800 aircraft valued at $14 billion, with 28 customers across nine countries.

• Engaged with global certification authorities (ANAC, FAA, JCAB), securing final airworthiness criteria from ANAC and advancing regulatory alignment.

• Launched Vector air traffic management and TechCare/Services & Support platforms, expanding beyond manufacturing.

Financial highlights

• Reported a net loss of $40.7 million in Q4 and $138.2 million for 2024, reflecting increased R&D and SG&A expenses.

• R&D expenses reached $129.8 million for 2024, up from $105.6 million in 2023; SG&A rose to $26.5 million.

• Cash consumption in 2024 was $141.2 million, near the low end of guidance.

• Ended 2024 with $303.4 million in cash, equivalents, and investments, up from $241.1 million in 2023.

• Total liquidity at year-end was $428.6 million, including undrawn BNDES funds.

Outlook and guidance

• Plans to complete ground test phases and achieve first flight of the engineering prototype by mid-2025.

• Expects to consume $200–$250 million in cash in 2025, primarily for R&D and facility investments.

• Will begin production of certification-conforming prototypes, targeting five for the certification campaign.

• No meaningful revenue expected during the development phase; focus remains on certification and development.