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Eve Holding, Inc. (NYSE: EVEX) is a pioneering company in the Urban Air Mobility (UAM) sector, dedicated to revolutionizing urban transportation through innovative aerospace solutions. Established with a commitment to enhancing urban life, Eve focuses on developing electric vertical take-off and landing vehicles (eVTOLs), comprehensive service and support solutions, and an advanced Urban Air Traffic Management (UATM) system. These innovations aim to enable safe and efficient operation of eVTOLs in densely populated urban airspace alongside conventional aircraft and drones.
Eve operates through three primary segments:
- eVTOL Segment: This includes the design, production, and management of eVTOL aircraft. The segment targets various operators, including fixed-wing and helicopter operators, as well as aircraft lessors.
- Service and Operations Solutions Segment: This segment offers a wide range of maintenance and support services for both its own and third-party eVTOLs, ensuring optimal performance and reliability.
- Urban Air Traffic Management Segment: As a new addition, this segment is focused on developing a sophisticated air traffic management system to facilitate the integration of eVTOLs into urban airspaces.
Backed by Embraer S.A.'s 50-year history of aerospace expertise and listed on the NYSE since May 10, 2022, Eve combines a start-up mindset with robust industry experience. The company aims to lead the $760 billion Urban Air Mobility market, leveraging strong partnerships, strategic investments, and a skilled team of approximately 760 professionals as of Q3 2023.
Recent developments highlight Eve's progress:
- Leadership Appointment: Johann Bordais, previously President and CEO of Embraer Services & Support, was appointed as CEO effective September 1, 2023, bringing extensive experience to accelerate Eve’s growth and operational focus.
- Financial Performance: Despite being in the pre-revenue phase, Eve reported a net loss of $31.2 million in Q3 2023, with substantial investments in R&D and SG&A reflecting the ongoing development of its eVTOL and UAM ecosystem.
- Capital Structure: As of Q3 2023, Eve's total liquidity, including undrawn credit lines, stood at $342.5 million, ensuring sufficient funding for its ambitious development plans.
Looking ahead, Eve is committed to achieving key milestones such as vehicle type certification, market entry, and global operational scaling. The company continues to draw attention with its forward-looking strategies, innovative technology, and dedication to sustainable urban aviation.
Eve Holding, Inc. (NYSE: EVEX) reported its Q2 2024 results, showing a net loss of $36.4 million, up from $31.4 million in Q2 2023. The increase was primarily due to higher R&D expenses of $36.3 million, up from $21.8 million last year, driven by eVTOL development activities. SG&A expenses decreased to $5.4 million from $6.6 million, benefiting from lower outsourced services, payroll costs, and currency depreciation. Eve's total cash used was $31.4 million, up from $27.8 million in Q2 2023. Post-quarter, Eve secured $95.6 million in new equity financing from investors including Embraer and Nidec. As of June 30, 2024, Eve's total liquidity would have been $338.0 million.
Eve Air Mobility (NYSE: EVEX) announced $94 million in new equity financing from multiple investors, including strategic industrial companies like Embraer and Nidec. The funds will support the development and manufacturing of Eve's electric vertical take-off and landing (eVTOL) aircraft. This financing involves issuing 23.5 million new shares at $4.00 per share, along with warrants. The company aims to use the proceeds for ongoing development, bolstered by existing cash and credit lines. Eve holds the industry's largest pre-order book of 2,900 aircraft and is advancing its first full-scale eVTOL prototype. The equity funding is expected to close in the coming weeks, pending customary conditions. Further details are in Eve's Form 8-K filed with the SEC.
Eve Air Mobility (NYSE: EVEX; EVEXW) has appointed Latecoere (Paris: LAT) as the supplier for the doors of its eVTOL (electric vertical takeoff and landing) aircraft. Eve is a global leader in the eVTOL sector, focusing on sustainable, all-electric flight. The company, headquartered in Melbourne, FL, employs nearly 1,000 people and is developing a four-passenger, one-pilot eVTOL aircraft.
Latecoere will be responsible for designing and manufacturing the passenger and pilot doors, with an emphasis on safety, weight optimization, and low-carbon commitments. This collaboration is expected to help Eve achieve its development, certification, and production milestones.
Additionally, Eve plans to begin deliveries in 2026 and has an industry-leading backlog with letters of intent for up to 2,900 eVTOL aircraft. The first production facility will be located in Taubaté, São Paulo, Brazil, and the assembly of the first full-scale prototype is underway.
Eve Holding, Inc. reports a net loss of $25.3 million in 1Q24, a decrease from $25.8 million in 1Q23, despite higher R&D and SG&A expenses. The company is focused on developing an eVTOL aircraft and Urban Air Mobility ecosystem. R&D expenses rose to $27.5 million, driven by developmental activities with Embraer. SG&A expenses increased to $6.5 million, mainly due to headcount growth and industrialization costs. Eve's total cash used in operations was $35.9 million in 1Q24. Despite the loss, the fair value of derivatives resulted in a $6.3 million gain, partially offsetting expenses.
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