Eve Holding, Inc. Reports Fourth Quarter and FY2025 Results

Rhea-AI Summary

Eve Holding (NYSE: EVEX) reported 4Q25 and FY2025 results on March 16, 2026. Key operational milestones include the maiden engineering-prototype flight (28 flights, >1 hour total) and conversion of LOIs into 100 binding aircraft orders. Financially, Eve reported FY2025 net loss $224.3M and says total liquidity is $641M.

R&D spending and cash consumption rose as development and certification activities accelerated; management expects funding to support operations through 2028.

Positive

• Maiden prototype flights: 28 flights, >1 hour total
• 100 aircraft under binding agreements
• Raised $400 million in last six months
• Liquidity at highest level: $641M

Negative

• FY2025 net loss of $224.3M
• R&D spend reached $194.7M in 2025
• Normalized cash consumption ≈ $196M in 2025

Key Figures

Net loss 4Q25: $63.9 million R&D expense 4Q25: $59.4 million Net loss 2025: $224.3 million +5 more

8 metrics

Net loss 4Q25 $63.9 million Fourth quarter 2025 vs $40.7 million in 4Q24

R&D expense 4Q25 $59.4 million Fourth quarter 2025 vs $33.7 million in 4Q24

Net loss 2025 $224.3 million Full year 2025 vs $138.2 million in 2024

R&D expenses 2025 $194.7 million Full year 2025 vs $129.8 million in 2024

Normalized cash consumption 2025 c.$196.5 million Full year 2025, slightly below $200–$250 million guidance

Cash & equivalents $392.5 million Cash, cash equivalents and financial investments at end of 2025

Total liquidity 2025 $541.4 million End‑2025 liquidity including undrawn BNDES credit lines

Capital raised around $400 million Last six months of 2025 across debt and equity instruments

Market Reality Check

Price: $2.76 Vol: Volume 267,548 is well be...

low vol

$2.76 Last Close

Volume Volume 267,548 is well below the 20-day average 974,976, indicating muted trading interest into the print. low

Technical Shares at $2.76 are trading below the 200-day MA of $4.62 and sit close to the 52-week low of $2.695.

Peers on Argus

EVEX was down 0.17% with light volume. Several high-affinity peers like EH (-2.1...

1 Up

EVEX was down 0.17% with light volume. Several high-affinity peers like EH (-2.15%), RDW (-3.81%), RCAT (-0.88%), ATRO (-1.86%), and LUNR (-1.46%) also traded lower, but momentum scanner data shows only one peer in notable upside momentum and no broad, aligned move with EVEX.

Historical Context

5 past events · Latest: Mar 10 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 10	Australia partnership	Positive	-0.7%	Strategic collaboration to develop eVTOL operations across Australian states.
Mar 04	VERTICON engagement	Positive	+2.0%	Showcased flight‑test progress and nearly 2,700 eVTOL commitments at VERTICON 2026.
Mar 04	VERTICON correction	Positive	+2.0%	Clarified metrics on eVTOL commitments and ~300 planned 2026 test flights.
Feb 03	AirX order	Positive	-2.4%	Binding agreement with AirX for up to 50 eVTOLs including two firm orders.
Jan 20	Debt financing	Positive	-0.9%	Secured $150M 5‑year debt financing to support eVTOL development and testing.

Pattern Detected

Recent positive operational and financing updates have often seen mixed or negative next-day price reactions, indicating a tendency toward divergence between upbeat news and short-term trading.

Recent Company History

Over the last few months, Eve Air Mobility has focused on commercial build‑out and funding its eVTOL program. Partnership news in Australia and at VERTICON 2026 highlighted nearly 2,700 eVTOL commitments and plans for ~300 test flights in 2026, yet price reactions were modest or negative. Financing milestones, including a $150 million debt deal that lifted total funding to $1.2 billion, also drew limited upside. Today’s FY2025 results fit into this pattern of significant operational progress alongside subdued market response.

Market Pulse Summary

This announcement details a pre‑revenue eVTOL developer scaling R&D and flight testing while emphasi...

Analysis

This announcement details a pre‑revenue eVTOL developer scaling R&D and flight testing while emphasizing funding. Net loss reached $224.3 million in 2025 as R&D climbed to $194.7 million, but normalized cash consumption of about $196.5 million came in slightly below the $200–$250 million target. Cash and investments of $392.5 million and total liquidity of $541.4 million support management’s view of funding through 2028. Investors may watch future cash‑use trends, certification milestones and firm order conversions.

Key Terms

evtol, urban air mobility, urban air traffic management, letters of intent, +2 more

6 terms

evtol technical

"Eve Air Mobility is an aerospace company dedicated to the development of an eVTOL (electric Vertical Takeoff and Landing) aircraft"

eVTOL stands for "electric vertical takeoff and landing" aircraft, which are small, electric-powered vehicles capable of taking off and landing vertically like a helicopter. They are designed to provide quick, on-demand transportation within cities or between locations, potentially transforming urban mobility. For investors, eVTOLs represent a growing segment of innovative transportation technology with potential for significant market impact and future growth.

urban air mobility technical

"shape the global Urban Air Mobility ecosystem."

Urban air mobility is the emerging system of using small aircraft—often electric vertical takeoff and landing vehicles and delivery drones—to move people and goods around cities. Think of it as adding a new layer of roads in the sky that could cut travel time and congestion, but it matters to investors because success depends on technology, safety, regulation, airspace rules and new infrastructure, all of which affect costs, adoption and revenue potential.

urban air traffic management technical

"Eve continues to advance Eve Vector®, our Urban Air Traffic Management software"

Urban air traffic management coordinates the safe, efficient movement of small aircraft operating in cities—such as delivery drones, air taxis, and low-altitude cargo vehicles—by managing routes, timing, altitudes and communications between vehicles and regulators. For investors it matters because effective management reduces accident and congestion risk, creates predictable rules and fees, and unlocks scalable commercial markets; like traffic lights and navigation apps for the sky, it determines whether urban aerial services can grow reliably and profitably.

letters of intent financial

"backlog, totaling 2.7k LOIs (Letters of Intent)."

A letter of intent is a preliminary written agreement that outlines the main terms and mutual expectations for a planned transaction—such as a sale, merger, partnership, or financing—before the final legal contracts are signed. Think of it as a detailed handshake or a rough recipe: it shows serious intent and sets the roadmap for due diligence and negotiations, but it often leaves key details open and does not guarantee the deal will close, so investors should treat it as a strong signal rather than a certainty.

type certification regulatory

"must successfully perform to receive Type Certification."

Type certification is an official approval from a regulatory authority that a specific design of an aircraft, engine, or other regulated product meets required safety and performance standards. For investors, it is like a government-issued building permit: without it the product cannot be sold or put into commercial use, while earning it reduces regulatory risk, unlocks revenue potential, and increases the value and credibility of the manufacturer.

master service agreement financial

"including the Master Service Agreement (MSA) with Embraer."

A master service agreement (MSA) is a framework contract that sets standard terms—such as pricing rules, responsibilities, liability limits and dispute processes—for all future work between two parties, so individual projects only need a short statement of work. For investors, an MSA matters because it creates predictable revenue procedures, reduces deal-making friction, clarifies risk exposure and can speed sales cycles, improving the company’s ability to win and deliver repeat business.

AI-generated analysis. Not financial advice.

MELBOURNE, Fla., March 16, 2026 /PRNewswire/ -- Eve Holding, Inc. ("Eve") (NYSE: EVEX and EVEXW / B3: EVEB31) reports its fourth quarter and fiscal year 2025 earnings results.

Year in review

Eve Air Mobility accomplished several milestones in 2025 – a defining year, as we continue to work to shape the global Urban Air Mobility ecosystem.

With the selection of a new pusher motor supplier and the completion of several ground tests, Eve completed the maiden flight of its engineering prototype in December, commencing what has now become a full-fledged and intense flight campaign.  Our prototype has flown a total of 28 times to date, accumulating more than 1 hour of flight time, with telemetry readings that are better than expected.  Also, the campaign has been progressing as planned, with initial hover and on-air maneuvers being performed.  In total, we expect to fly around 300 times with this prototype in 2026; at the current pace, we are well on our way to hitting this milestone.

Simplicity is the DNA of our electric Vertical Take-Off and Landing (eVTOL) aircraft with a Lift+Cruise configuration, eight dedicated propellers for vertical take-off and landing – that do not change position during flight, and fixed wings for cruise flight. Our design also features a dual-electric-motor pusher for horizontal propulsion redundancy, with performance and safety in mind. We believe fewer, simpler parts will help reduce maintenance and operating costs, improve dispatchability for operators, and provide a clearer path to certification.

We continue to be highly engaged with aviation authorities to advance in the certification processes of our aircraft. In Brazil, the National Civil Aviation Agency will soon define the Means of Compliance – a detailed set of rigorous tests that our aircraft must successfully perform to receive Type Certification.  We expect to initiate our certification campaign shortly thereafter.  And, while our six conforming prototypes should be ready to initiate the flight portion of the certification campaign in 2027, we accomplished a tremendous amount with ground tests on rigs, simulations, wind-tunnel tests, and our Iron Bird – a deconstructed eVTOL that replicates the actual aircraft and can be used to accumulate certification credits.

Eve's strengths have resulted in the largest and most diversified backlog, totaling 2.7k LOIs (Letters of Intent).  We also began converting LOIs into firm orders and collecting pre-delivery payments, bringing the total to 100 aircraft under binding agreements.  This, combined with the Services & Support Solutions (Eve TechCare®) contracts, offers long-term revenue visibility and will help Eve smooth cash-flow consumption in the years to come. Eve continues to advance Eve Vector®, our Urban Air Traffic Management software, to optimize and safely scale Urban Air Mobility operations worldwide.

Importantly, last year we met all the milestones we had laid out to the market, including cash consumption of $196 million (adjusted for working capital gains in 4Q25) – mostly in line with the low-end of 2025 guidance.  In total, Eve raised around $400 million in the last six months across a mix of debt and equity instruments, demonstrating strong commitment from the investment community. With total liquidity at its highest level ever – currently at $641 million, and a strong focus on cost discipline and efficiencies with Embraer, we are confident that our financial position is sufficient to fund our Research & Development and operations through 2028.

There is no doubt that 2026 will be a challenging year. We will continue to operate with discipline in a tough environment, and we still have a long and rigorous path ahead.  Still, Eve continues to pave the way for what lies ahead, and the way we closed 2025 says everything about who we are.

Last year's accomplishments reinforced my belief that we have the right team, partners, mindset, and capabilities to move through this phase with confidence, focus, and excellence.  I am incredibly proud of what we achieved together, and even more proud of how we achieved it. We did it with ownership, resilience, and a deep commitment to safety and quality.  I believe we are on the right track.

Let's make 2026 another defining chapter in our journey!

Johann Bordais

CEO

Financial Highlights

Eve Air Mobility is an aerospace company dedicated to the development of an eVTOL (electric Vertical Takeoff and Landing) aircraft and the Urban Air Mobility (UAM) ecosystem that includes aircraft development, Services & Support solutions – TechCare and Vector, an Urban Air Traffic Management (Urban ATM) system. Eve is pre-revenue; we do not expect meaningful revenue, if any, during the development phase of our aircraft, and we expect financial results to be primarily driven by program development costs during this period.

Fourth Quarter 2025

Eve reported a net loss of $63.9 million in 4Q25 versus $40.7 million in 4Q24.  The net loss in 4Q25 was primarily driven by Research & Development (R&D) expenses, which cover costs and activities necessary to advance the development of our UAM suite of products and services, including the Master Service Agreement (MSA) with Embraer. R&D expenses were $59.4 million in 4Q25, vs. $33.7 million in 4Q24, with greater intensity in the development of our eVTOL and greater engagement with third-party suppliers – via engineering services, purchase of parts, and the early stages of the assembly of our conforming prototypes, and the final stages of component design.  Additionally, R&D efforts now demand increased engineering activity with Embraer, incremental program development activities with suppliers, and testing infrastructure.  The MSA primarily drives our R&D costs with Embraer, which performs several developmental activities for Eve, as well as engineering work with third-party suppliers.

Meanwhile, SG&A increased to $7.6 million, from $6.2 million in 4Q24, mostly due to (1) an increase in the number of direct employees at Eve to approximately 200, from approximately 170 at the end of 2024, and (2) a c.8% appreciation of the average Brazilian Real vs. the US dollar.

Total cash consumption in 4Q25 was $32.1 million, vs. $39.9 million in 4Q24, and was positively impacted by a temporary deferral of a $21.3 million invoice with Embraer, as part of the MSA contract.  If this invoice had been paid last year, cash consumption would have been $53.4 million.  Engineering services with Embraer and third-party suppliers account for most of the accounts payable, and Eve typically reimburses Embraer for engineering/infrastructure costs 45 days after services are rendered. In contrast, third-party suppliers' payments are connected to specific program milestones.

Full Year 2025

Net loss in 2025 was $224.3 million, vs. $138.2 million the year before. R&D expenses reached $194.7 million in 2025, up from $129.8 million in 2024, and SG&A expenses increased to $30.7 million, up from $26.5 million in 2024.  As with the quarterly numbers, the higher accumulated costs and expenses are primarily driven by increased developmental activities necessary to advance our program.

Eve employed approximately 930 full-time collaborators – including personnel contracted through the MSA with Embraer and its subsidiaries, as of 4Q25, versus c.900 at the end of 2024.

In 2025, cash consumption (operating activities + capital expenditures) was $175.2 million, and was also positively impacted by the temporary working-capital gain observed in 4Q25.  The invoices with Embraer were paid in early 2026, so the normalized level of cash consumption was c.$196.5 million last year, slightly below the $200 to $250 million range we had expected to invest in our program.  Our cash consumption continues to reflect our disciplined cost control and continued synergies with Embraer.

Eve's Cash, Cash Equivalents, and Financial Investments totaled $392.5 million at the end of 2025, and total liquidity – including undrawn credit lines with the BNDES (Brazil's National Development Bank)- reached $541.4 million. We believe the funding is sufficient to support our operations and program investments through 2028.  The increase in our cash position during the year, despite the cash deployed in our program, reflects a new loan raised during 4Q25 with an export credit agency and the August 2025 $230 million Registered Direct Equity Offer.

Eve has drawn $118.2 million of the total funds made available by the BNDES thus far and, including unused portions of a grant awarded to Eve last June, still has another $148.9 million available for future withdrawals.

We believe the credit lines offer attractive terms and conditions, and are aligned with Eve's early-stage development, including a long-term maturity and amortization grace period, which we expect will support Eve as it continues to advance its eVTOL program.  We expect to continue drawing from these facilities as our development program advances, to optimize our cash position and capital.

For additional information, please access the full 4Q25 and FY2025 Earnings release, available at the Investor Relations website ir.eveairmobility.com

Webcast details

Management will discuss the results on a conference call on Tuesday, March 17, 2026, at 8:00 AM (Eastern Time). The webcast will be publicly available in the Upcoming Events section of the company website: www.eveairmobility.com 

To listen by phone, please dial 1-844-676-6050 or 1-412-634-6902. A replay of the call will be available until March 31, 2026, by dialing 1-844-512-2921 or 1-412-317-6671 and entering passcode 10206616.

About Eve Holding, Inc.

Eve is dedicated to accelerating the Urban Air Mobility ecosystem. Benefitting from a start-up mindset, backed by Embraer S.A.'s more than 50-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 has been listed on the New York Stock Exchange, where its shares of common stock and public warrants trade under the tickers "EVEX" and "EVEXW". In December 2025, the Company was listed on the B3, Brazilian Stock Exchange, under the ticker EVEB31. The information on, or accessible through, any website referenced herein is not incorporated by reference into, and is not a part of, this release.

For more information, please visit www.eveairmobility.com

Forward Looking Statements

Certain statements contained in this release are forward-looking statements within the meaning of the 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 which the company is not currently aware of 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.

Investor Relations
Lucio Aldworth
Caio Pinez
investors@eveairmobility.com
https://ir.eveairmobility.com/

Media:
media@eveairmobility.com

View original content:https://www.prnewswire.com/news-releases/eve-holding-inc-reports-fourth-quarter-and-fy2025-results-302715092.html

SOURCE Eve Holding, Inc.

FAQ

What did Eve (EVEX) report for net loss in FY2025?

Eve reported a FY2025 net loss of $224.3 million. According to the company, higher R&D and program development costs drove the year-over-year increase as prototype development and supplier engagement accelerated.

How many prototype flights has Eve's engineering prototype completed as of March 16, 2026?

The engineering prototype completed 28 flights totaling over one hour. According to the company, telemetry exceeded expectations and the 2026 plan targets roughly 300 total flights with this prototype.

How much liquidity does Eve (EVEX) say it has to fund operations through 2028?

Eve states total liquidity is $641 million. According to the company, this balance plus credit lines and recent financings supports R&D and operations through 2028, assuming current plans and cost discipline.

How many firm orders and LOIs does Eve report as of March 16, 2026?

Eve reports 100 aircraft under binding agreements and a backlog of 2.7k LOIs. According to the company, converting LOIs and TechCare contracts provide long-term revenue visibility and pre-delivery payments.

What drove the increase in Eve's R&D expenses in 4Q25 and 2025 overall?

Increased development intensity drove R&D to $59.4M in 4Q25 and $194.7M in 2025. According to the company, engineering work with Embraer, supplier engagement, prototype assembly, and testing infrastructure increased program costs.

What was Eve's cash consumption in 2025 and how does that compare to guidance?

Eve reports cash consumption of $175.2M (operating plus capex) and a normalized level near $196M. According to the company, this was slightly below their prior $200–$250M guidance range for 2025 program investment.