Eve Holding, Inc. Reports Third Quarter 2025 Results

Rhea-AI Summary

Eve Holding (NYSE: EVEX) reported 3Q25 results on November 4, 2025. The company is pre-revenue and reported a net loss of $46.9M in 3Q25 versus $35.8M in 3Q24, driven mainly by higher R&D of $44.9M tied to its MSA with Embraer and program development.

3Q25 cash consumption was $60.7M (9M25: $143.0M). Cash and investments totaled $411.7M at Sept 30, 2025, and total liquidity was $534.3M, implying a runway of over two years against 2025 guidance of $200–$250M. Eve raised $230M in an August 2025 equity placement from BNDES, Embraer and institutions.

Positive

• Cash and investments of $411.7M at Sept 30, 2025
• Total liquidity of $534.3M implies >2-year runway
• Raised $230M in August 2025 equity placement

Negative

• Net loss widened to $46.9M in 3Q25 from $35.8M
• R&D expense increased to $44.9M in 3Q25 from $32.4M
• Quarterly cash consumption rose to $60.7M in 3Q25 from $34.0M

Insights

Corporate Financial Analyst

Eve reports wider 3Q25 loss driven by higher R&D but shows materially stronger liquidity after a large August equity raise.

The company remains pre-revenue and recorded a net loss of $46.9 million in 3Q25 versus $35.8 million in 3Q24, driven mainly by higher R&D spending of $44.9 million versus $32.4 million a year earlier. SG&A fell to $7.0 million, helped by capitalization of an ERP implementation and lower RSU-related payroll costs, while a non-cash derivative gain of $6.4 million partially offset expenses.

Cash consumption rose to $60.7 million in 3Q25 and $143.0 million for the first nine months, consistent with guidance toward the low end of the $200 million–$250 million 2025 cash-use range. Cash, cash equivalents and investments totaled $411.7 million at September-end and total liquidity including undrawn BNDES credit and a grant reached $534.3 million, implying a stated runway of over two years based on 2025 guidance.

The August $230 million equity placement from BNDES, Embraer and other institutional investors materially increased funding and the release notes the company expects funding through 2027. Key near-term monitoring items are quarterly cash burn relative to the $200–250 million guidance, R&D cadence and milestone delivery under the Master Service Agreement with Embraer, and any drawdown or terms on the undrawn BNDES credit line; expect visibility on these over the next 12–24 months.

MELBOURNE, FL, Nov. 4, 2025 /PRNewswire/ -- Eve Holding, Inc. ("Eve") (NYSE: EVEX and EVEXW ; B3: EVEB31) reports its Third Quarter 2025 Earnings Results.

Financial highlights

Eve Air Mobility is an aerospace company dedicated to developing an eVTOL (electric Vertical Takeoff and Landing) aircraft and the Urban Air Mobility (UAM) ecosystem, which includes eVTOL development, Services & Support Solutions – TechCare, and Vector, an Urban Air Traffic Management (Urban ATM) system. Eve is pre-revenue and is not expected to produce meaningful revenues, if any, during the aircraft development phase.  Financial results should primarily reflect the costs associated with the program's development cycle.

Eve reported a net loss of $46.9 million in 3Q25, compared to $35.8 million in 3Q24.  The increase in net loss in 3Q25 was primarily driven by higher Research & Development (R&D) expenses, which are costs and activities necessary to advance the development of our suite of products and solutions for UAM, including the Master Service Agreement (MSA) with Embraer. R&D expenses were $44.9 million in 3Q25 vs. $32.4 million in 3Q24. R&D continues to demand increased engineering engagement with Embraer, as well as additional program development activities and testing infrastructure.  The MSA primarily drives our R&D costs with Embraer, which performs several critical developmental activities for Eve.

SG&A decreased to $7.0 million in 3Q25 vs. $8.4 million in 3Q24.  Although the number of direct Eve employees increased to roughly 190, up from ~170 in 3Q24, total payroll expenses decreased yoy due to lower costs related to Restricted Stock Units for employees. The most significant contributor to the reduction in SG&A was the capitalization of the ERP system implementation, which is related to our industrialization project as we prepare our assembly site for production – this was previously expensed.  Lastly, the variation in SG&A also reflects a roughly 2% year-over-year average appreciation of the Real against the USD.

Lastly, Eve recognized a $6.4 million non-cash gain related to the fair value of derivatives – due to marking-to-market of Eve's private warrants - vs. a $4.0 million increase in 3Q24.

Eve's total cash consumption in 3Q25 was $60.7 million, versus $34.0 million in 3Q24.  In the first nine months of the year, cash consumption reached $143.0 million – in line with the low-end of our cash consumption estimate of $200 million /250 million for 2025.

Eve's Cash, Cash Equivalents, and Financial Investments totaled $411.7 million at the end of September 2025, and total liquidity – including undrawn credit lines with the BNDES (Brazil's National Development Bank) and a recently-awarded grant- reached $534.3 million. Eve's current cash position of $411.7 million is the highest cash level the company has achieved since its IPO in 2022, reflecting its continuous efforts to secure additional funding and maintain healthy liquidity levels. Eve's total liquidity at $534.3 million implies a cash runway of over two years based on the 2025 cash consumption guidance of $200 to $250 million.

Eve raised $230 million in an equity placement in August 2025 from two anchor investors (BNDES – Brazil's National Development Bank, and Embraer), as well as more than 30 institutional investors from the United States and Brazil, reflecting the strong investor support Eve enjoys in the investment community.  The transaction was crucial to securing funding to support our development program through 2027 and to increase the daily trading volume in our shares, which is currently above $7.0 million per day.

For additional information, please access the full 3Q25 Earnings Results release, available at the Investor Relations website ir.eveairmobility.com

Webcast details

Management will discuss the results on a conference call on Tuesday,November 04, 2025, at 8:00 AM ET The webcast will be publicly available on the company website at 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 November 18, 2025, by dialing 1-844-512-2921 or 1-412-317-6671 and entering passcode 10203425.

Webcast access here

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. 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" and it is traded in Brazil on the B3 as "EVEB31". 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

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SOURCE Eve Holding, Inc.

FAQ

What was Eve Holding (EVEX) net loss for 3Q25?

Eve reported a $46.9M net loss in 3Q25 versus $35.8M in 3Q24.

How much did Eve spend on R&D in 3Q25 and why?

R&D was $44.9M in 3Q25, driven by engineering, testing and the MSA with Embraer.

What is Eve's cash position and runway as of Sept 30, 2025?

Cash and investments were $411.7M and total liquidity $534.3M, implying over two years of runway vs 2025 guidance.

How much cash did Eve consume in 3Q25 and year-to-date 2025?

Cash consumption was $60.7M in 3Q25 and $143.0M in the first nine months of 2025.

What financing did Eve complete in August 2025?

Eve raised $230M in an equity placement from BNDES, Embraer and over 30 institutional investors.

Will Eve generate meaningful revenue during aircraft development?

Eve is pre-revenue and does not expect meaningful revenues during the aircraft development phase.