Eve Holding (EVEX) Q4 2025 earnings summary

Executive summary

• Achieved first full-scale prototype flight in December 2025, completing 28 flights and over 1 hour of flight time as of February 2026, with a four-phase campaign targeting 300 flights in 2026.

• Converted LOIs into 100 firm orders with pre-delivery payments, secured a second binding contract with AirX, and maintained a pre-order backlog of 2,700 aircraft valued at $13.5 billion, with ~$500 million under binding agreement.

• Strong engagement with suppliers and authorities, ongoing critical design review, and advanced Urban Air Traffic Management software (Eve Vector®) development.

• Announced partnerships with Skyports Infrastructure and Alt Air to support ecosystem development and expanded customer base across 9–10 countries.

• Dual listing completed in the US and Brazil, with listing on B3 in December 2025.

Financial highlights

• Ended 2025 with $541.4 million in liquidity, including $392.5 million in cash and financial investments, and $150 million in undrawn credit facilities.

• Secured a $150 million syndicated loan in January 2026, raising total liquidity to $641 million, the highest level to date.

• Net loss of $63.9 million in Q4 2025 and $224.3 million for FY2025, driven by $194.7 million R&D and $30.7 million SG&A expenses.

• FY25 net cash used in operating activities was $160.4 million, with normalized cash consumption for FY2025 at $196.5 million.

• Raised approximately $400 million in the last six months via debt and equity, including a $230 million equity offering in August 2025.

Outlook and guidance

• Cash consumption expected to rise to $225–275 million in 2026, with liquidity sufficient to fund operations through 2028 at a $250 million annual cash burn rate.

• No meaningful revenue expected during the development phase; financials driven by program development costs.

• Production capacity at Taubaté site is modularly scalable from 120 to 480 vehicles per year, with potential for further expansion abroad.

• Continued focus on cost discipline and operational efficiency in 2026.

• Ongoing engagement with authorities and suppliers to advance certification and production readiness.