Eve Air Mobility and Revo Accelerate Urban Air Mobility with $250M Contract

Rhea-AI Summary

Eve Air Mobility (NYSE: EVEX) has secured a binding framework agreement with Revo, a Brazilian UAM operator, for up to 50 eVTOL aircraft and associated services valued at $250M. The deal includes Eve's TechCare package for aftermarket support, with first deliveries planned for Q4 2027. Revo will become Eve's launch operator in São Paulo, a key market with over 400 helicopters and 2,000 daily flights. The partnership aims to transform Revo's current helicopter operations, which connect locations like Zona Sul and GRU International Airport, reducing travel time from 1.5-3 hours by car to just 10 minutes by air. The agreement builds on existing collaborations between Eve, OHI, and Revo, including successful urban air traffic management simulations using Eve's Vector software.

Positive

• Secured binding agreement worth $250M for up to 50 eVTOL aircraft and services
• First deliveries scheduled for Q4 2027 in São Paulo, a mature market with 400+ helicopters
• Partnership includes comprehensive TechCare package for aftermarket support
• Strategic entry into São Paulo market with 2,000 daily takeoffs and landings
• Potential to reduce travel time from 3 hours to 10 minutes on key routes

Negative

• Long wait time until first delivery in Q4 2027
• Contract is for 'up to' 50 aircraft, indicating potential flexibility in final order quantity

Insights

eVTOL Industry Specialist

Eve secures first binding $250M contract for 50 eVTOLs with Revo, signaling critical commercial validation ahead of 2027 deliveries.

Eve Air Mobility has achieved a crucial milestone with its first binding framework agreement with Revo and OHI worth $250 million for up to 50 eVTOL aircraft plus aftermarket services. This represents Eve's first commercial contract with defined delivery timelines, marking the company's transition from development to execution phase. The Q4 2027 delivery timeline provides a concrete commercial roadmap for Eve's eVTOL program.

The strategic significance of this deal extends beyond the aircraft sale. By securing Revo as a launch customer in São Paulo—one of the world's most developed helicopter markets with over 400 registered helicopters and nearly 2,000 daily operations—Eve gains entry into an ideal proving ground for urban air mobility. This market validation is especially valuable as Eve competes against dozens of eVTOL manufacturers for commercial credibility.

The agreement's comprehensive nature, including the TechCare aftermarket support package, indicates Eve is pursuing a full-service business model similar to parent company Embraer's successful approach in conventional aviation. This creates potential for recurring revenue streams beyond the initial aircraft sale. The binding nature of this agreement distinguishes it from the numerous non-binding LOIs and MOUs that have characterized the eVTOL sector, signaling Eve's transition to more mature commercial arrangements with genuine financial commitments.

For context, while $250 million represents significant revenue validation, Eve must secure additional orders to justify its production investments and achieve manufacturing scale. The 2027 delivery timeline also highlights the extended development runway still ahead for Eve's aircraft certification and production ramp-up.

Financial Analyst

Eve's $250M binding contract signals revenue visibility through 2027, though certification and production risks remain significant.

This binding $250 million contract represents Eve's first concrete revenue commitment, providing essential financial validation for a pre-revenue aerospace company. With Eve's market capitalization and cash position in mind, this deal significantly enhances near-term revenue visibility and potentially reduces capital requirements before reaching commercial operations. Importantly, the binding nature of this agreement suggests advanced discussions on pricing, terms, and technical specifications—reflecting greater commercial maturity than the non-binding letters of intent common in the sector.

The aftermarket services component through Eve's TechCare package is particularly noteworthy from a financial perspective. In mature aerospace businesses, aftermarket typically generates higher margins than initial equipment sales and provides steadier recurring revenue. Eve appears to be establishing this business model early, potentially creating a revenue foundation beyond aircraft deliveries.

From a balance sheet perspective, Eve will likely recognize minimal near-term revenue from this deal, as significant payments typically occur closer to aircraft delivery (2027). However, the contract may include pre-delivery payments that could supplement Eve's cash position during the capital-intensive certification phase. Investors should note that despite this positive commercial validation, Eve still faces substantial certification expenses and production investments before recognizing significant revenue from this contract.

The Q4 2027 delivery timeline provides a critical benchmark for financial projections. This extended timeline highlights both the remaining technical and regulatory work required and the need for sufficient capitalization to reach commercial operations. The $250 million contract value suggests an implied average selling price in line with industry expectations for eVTOL aircraft, though actual per-unit economics depend on the final order quantity and service component valuation.

A fleet of up to 50 aircraft and aftermarket services is poised to revolutionize
urban transport across Revo's key markets.

PARIS, June 15, 2025 /PRNewswire/ -- Eve Air Mobility ("Eve") (NYSE: EVEX) (NYSE: EVEXW) has signed its first binding framework agreement with Revo, an advanced urban air mobility (UAM) operator headquartered in São Paulo, Brazil, and its parent company, Omni Helicopters International SA (OHI). The contract includes the purchase of up to 50 electric Vertical Takeoff and Landing (eVTOL) aircraft, associated entry into service and aftermarket services. This milestone marks Eve's transition from development to execution, solidifying its position as a leading provider of next-generation UAM solutions.

"This binding agreement with Revo and OHI is a pivotal step for Eve, demonstrating growing market confidence in our technology and operational model," said Johann Bordais, CEO of Eve Air Mobility. "By moving from concept to implementation, we are not only advancing our commercial roadmap but also helping to shape a robust and sustainable UAM ecosystem, setting a global benchmark for eVTOL deployment."

The agreement represents Eve's commitment to Revo & OHI, encompassing eVTOL aircraft and comprehensive aftermarket support through Eve's TechCare package. Revo will become the launch operator for Eve's eVTOLs in São Paulo, with first delivery planned for fourth quarter of 2027 one of the world's most dynamic and advanced markets for aerial mobility, São Paulo has over 400 registered helicopters and nearly 2,000 daily takeoffs and landings.

"Our decision to partner with Eve Air Mobility was clear, rooted in their mature design, comprehensive support ecosystem, and Embraer's unparalleled aerospace heritage," said Revo CEO Joao Welsh. "These eVTOL aircraft will be the cornerstone of our ambitious plan to revolutionize Revo's high touch mobility service, offering a safe sustainable, and scalable business that will connect communities and redefine convenience."

Revo, wholly owned by OHI, currently operates a door-to-door mobility solution, integrating car and luggage services with scheduled helicopter service connecting key locations in southeast Brazil. These include daily flights between Zona Sul and GRU International Airport, a route that typically takes 1.5 to 3 hours by car but can be completed in just 10 minutes by air. With Eve's eVTOLs, these operations will become fully electric and sustainable, delivering a superior customer experience, and supporting the city's goals for greener transportation.

"Adding up to 50 of Eve Air Mobility's eVTOLs to our fleet furthers our diversification journey and leadership in the low altitude economy," said Jeremy Akel, Group CEO, Omni Helicopters International. "Our partnership with Eve is evidence of our shared vision to bring to life revolutionary mobility ideas that transform how people move within cities."

This binding proposal builds on the strategic collaboration between Eve, OHI, and Revo, which includes previous agreements for aircraft, service solutions, and successful simulations of urban air traffic management using Eve's Vector software. The agreement also provides access to Eve TechCare, an all-in-one suite of operational support designed to streamline eVTOL operations and maximize fleet performance.

"Our eVTOL is designed to seamlessly integrate into existing transportation networks, providing operators with a vital link to complete their passengers' journey," said Megha Bhatia, CCO at Eve Air Mobility. "Our aircraft enables Revo and operators to provide the last mile of service, such as airport shuttles to and from the city, in a fraction of the time. A safe, efficient, and innovative option that enhances connectivity and reimagines urban air mobility for operators and their customers."

Image :  Revo Eve Air Mobility Aircraft 

About Eve Air Mobility
Eve Air Mobility is dedicated to accelerating the Urban Air Mobility (UAM) ecosystem. Benefitting from a start-up mindset, backed by Embraer's 55-year history of aerospace expertise, and with a singular focus, Eve is taking a holistic approach to progressing the UAM ecosystem, with an advanced eVTOL project, comprehensive global services and support network and a unique air traffic management solution. Since May 10, 2022, Eve is listed on the New York Stock Exchange where its shares of common stock and public warrants trade under the tickers "EVEX" and "EVEXW". For more information, please visit www.eveairmobility.com.

About Omni Helicopters International
Omni Helicopters International SA (OHI), a subsidiary of OHI Group SA, founded in Portugal in the 90s, stands at the forefront of Latin America's air mobility and delivery solutions sector. As the region's largest provider of these services, OHI caters to diverse customer groups across multiple segments, ensuring seamless and efficient solutions.

Through its subsidiaries Omni Taxi Aéreo in Brazil, Omni Helicopters Guyana Inc., and Omni Helicopters International Mozambique, OHI offers unmatched capability and capacity to serve offshore customers in the fastest growing offshore energy markets. The company's extensive portfolio includes Crew Change, Emergency Medical Services, Firefighting, Search and Rescue operations, as well as highly specialized Cargo and Utility services in remote and challenging locations.

In line with its commitment to innovation and sustainability, OHI has introduced two groundbreaking ventures: OHI Unmanned, a specialist division focusing on unmanned aerial vehicles services, and Revo, a premium advanced air mobility solution provider. For more information, visit https://www.omnihelicoptersinternational.com.

About Revo
Operating in São Paulo since January 2024, Revo is an advanced urban air mobility solution founded and fully owned by Omni Helicopters International SA. Revo is a cutting- edge urban mobility solution that delivers a seamless, door-to-door travel experience. Designed for those who value wellbeing and demand the highest standards of safety, reliability, and sustainability, Revo uses advanced technology to integrate aerial and ground transportation into one cohesive platform. Revo unlocks fast, efficient mobility in one of the world's most congested cities. Guests can book single seats or private cabins through the app, website, or a dedicated concierge service. For more information, please visit www.flyrevo.com

Forward-Looking Statement Disclosure
Certain statements contained in this release are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward- looking statements may be identified by words such as "may," "will," "expect," "intend," "anticipate," "believe," "estimate," "plan," "project," "could," "should," "would," "continue," "seek," "target," "guidance," "outlook," "if current trends continue," "optimistic," "forecast" and other similar words or expressions. All statements, other than statements of historical facts, are forward-looking statements, including, but not limited to, statements about the company's plans, objectives, expectations, outlooks, projections, intentions, estimates, and other statements of future events or conditions, including with respect to all companies or entities named within. These forward-looking statements are based on the company's current objectives, beliefs and expectations, and they are subject to significant risks and uncertainties that may cause actual results and financial position and timing of certain events to differ materially from the information in the forward-looking statements. These risks and uncertainties include, but are not limited to, those set forth herein as well as in Part I, Item 1A. Risk Factors and Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of the company's most recent Annual Report on Form 10-K, Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 1A. Risk Factors of the company's most recent Quarterly Report on Form 10-Q, and other risks and uncertainties listed from time to time in the company's other filings with the Securities and Exchange Commission. Additionally, there may be other factors of which the company is not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ materially from those discussed. The company does not assume any obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting these forward-looking statements. other than as required by law. Any forward- looking statements speak only as of the date hereof or as of the dates indicated in the statement.

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SOURCE Eve Air Mobility

FAQ

What is the value of Eve Air Mobility's contract with Revo?

The contract with Revo is valued at $250 million and includes up to 50 eVTOL aircraft along with entry into service and aftermarket services.

When will Eve Air Mobility (EVEX) deliver its first eVTOL aircraft to Revo?

Eve Air Mobility plans to deliver its first eVTOL aircraft to Revo in the fourth quarter of 2027.

How many helicopters currently operate in São Paulo where Eve's eVTOLs will launch?

São Paulo currently has over 400 registered helicopters and handles nearly 2,000 daily takeoffs and landings.

How much time will Eve's eVTOL aircraft save on the Zona Sul to GRU International Airport route?

The route that typically takes 1.5 to 3 hours by car can be completed in just 10 minutes using Eve's eVTOL aircraft.

What services are included in Eve Air Mobility's agreement with Revo?

The agreement includes eVTOL aircraft purchases, entry into service support, and aftermarket services through Eve's TechCare package.