Core Insights - Eve Holding, Inc. (NYSE:EVEX) is recognized as one of the best aerospace stocks to buy, with a recent Buy rating reiterated by Cantor Fitzgerald following a significant $1 billion deal with Beta Technologies for motors [1][2] - The stock has experienced a surge of over 6.8% since the announcement of the deal, indicating positive market sentiment [1] - The company is focused on urban air mobility (UAM) solutions, including the development of electric vertical take-off and landing (eVTOL) aircraft [4] Financial and Market Performance - Analysts have a 12-month average price target for Eve Holding, suggesting an upside potential of more than 44.3% from the current stock level [3] - The company is currently in the pre-revenue stage but aims to conduct its first flight tests in late 2025 or early 2026 [3] Strategic Developments - The partnership with Beta Technologies is expected to enhance Eve Holding's aircraft development by providing high power-to-weight ratios and reliable motor technology [2] - CEO Johann Bordais emphasized the critical role of the electric motor technology in supporting the company's propulsion architecture as it progresses towards service entry [2]

Group 1 - Beta Technologies shares increased by over 9% following Eve Air Mobility's announcement of a deal worth up to $1 billion to purchase motors from the company [1] - Eve Air Mobility, initiated by Brazilian airplane manufacturer Embraer and now part of Eve Holding, stated that the manufacturing agreement could reach a total of $1 billion over a span of 10 years [1] - Eve Holding's shares rose by 14% as a result of this announcement [1] Group 2 - Eve CEO Johann Bordais described the deal as a "pivotal milestone" for the company's electric vertical takeoff and landing (eVTOL) technology [2] - The electric motor technology from Beta Technologies is expected to be crucial for powering Eve's aircraft during cruise, aiding in the development of their propulsion architecture as they move towards service entry [2]

（原标题：高盛"踏足"eVTOL赛道：力挺BETA Technologies(BETA.US)，看衰Joby Aviation(JOBY.US)） 智通财经APP获悉，高盛公司开始涉足电动垂直起降飞行器(eVTOL)行业的股票评级业务。该公司在初 次评估中，给予BETA Technologies(BETA.US)"买入"评级，给予Archer Aviation(ACHR.US)和Eve Holding(EVEX.US)"中性"评级，并将Joby Aviation(JOBY.US)评为"卖出"。 它已与通用电气(GE)合作开发一款用于国防的混合动力飞行器，并采取团队协作方式向竞争对手销售电 机和充电器，这将有助于其扩大规模。我们认为BETA定位最佳，近期股价下跌提供了有吸引力的入场 点。我们给予买入评级。" Joby Aviation (卖出评级): "Joby是该领域历史最悠久的公司，飞行时数最多，且在认证方面领先。它致 力于成为一站式服务提供商(涵盖制造、供应、运营)，这意味着它拥有最大的市场机会，但我们认为其 运营模式将面临监管障碍和巨大的资本需求...该股目前交易价格存在显著溢价，我们认为这不合理。" ...

它已与通用电气(GE)合作开发一款用于国防的混合动力飞行器，并采取团队协作方式向竞争对手销售电 机和充电器，这将有助于其扩大规模。我们认为BETA定位最佳，近期股价下跌提供了有吸引力的入场 点。我们给予买入评级。" 智通财经APP获悉，高盛公司开始涉足电动垂直起降飞行器(eVTOL)行业的股票评级业务。该公司在初 次评估中，给予BETA Technologies(BETA.US)"买入"评级，给予Archer Aviation(ACHR.US)和Eve Holding(EVEX.US)"中性"评级，并将Joby Aviation(JOBY.US)评为"卖出"。 分析师安东尼·瓦伦蒂尼指出，技术进步以及现任政府希望将制造业带回美国的意愿，增加了eVTOL行 业认证时间表的能见度。"竞争激烈，但我们认为这不是一个赢家通吃的市场。我们更青睐售后市场利 润丰厚、垂直整合、具有收入能见度且有满足未来巨大需求能力的商业模式。" 以下是高盛对各eVTOL股票的具体分析： BETA Technologies (买入评级): "其通过CTOL飞机进行的分阶段认证流程，能提前实现收入并加速学习 曲线，且不影响eVTOL的时间线。 ...

Core Insights - Eve Holding, Inc. (NYSE: EVEX) has experienced a decline of 10.3% since the last report, indicating potential risks in sentiment and performance for eVTOL developers [1] - A conservative price target for Eve Holding is set at $4.46, with a more optimistic outlook suggested [1] Company Analysis - The analysis is conducted by an experienced aerospace, defense, and airline analyst who runs The Aerospace Forum, focusing on identifying investment opportunities within these sectors [1] - The analyst's background in aerospace engineering provides a solid foundation for understanding the complexities and growth prospects of the industry [1] Data Analytics - The investing group offers access to an in-house developed data analytics platform, evoX Data Analytics, which supports informed investment decisions [1]

Core Insights - Vivesto is undergoing a significant transformation, focusing on its project portfolio, particularly Paccal Vet and Cantrixil, amidst a capital raise [1] - The company has shifted from a broad R&D organization to a targeted oncology-driven biotech, applying advanced delivery technologies to meet medical needs in both human and veterinary medicine [4] Group 1 - Arwidsro has been a long-term owner of Vivesto, providing stability and capital that has facilitated the company's transformation [3] - The support from shareholders has allowed Vivesto to rebuild and refocus, resulting in a leaner and more agile organization [3] - Vivesto is now positioned for sustainable growth with a clear strategic direction and strong operational discipline [4]

Core Viewpoint - Eve Holding Inc. is highlighted as a promising investment opportunity despite a wider-than-expected net loss in Q3, driven by increased research and development expenses and a positive outlook due to expanding customer interest and funding support [2][3]. Financial Performance - The company reported a net loss of $46.9 million in Q3, compared to $35.8 million in the same quarter last year, attributed to higher research and development costs [2]. - Research and development expenses increased to $44.9 million from $32.4 million year-over-year, reflecting the company's commitment to engineering engagement with Embraer [2]. Market Position and Outlook - Analysts from H.C. Wainwright and Cannacord Genuity have reiterated a Buy rating on the stock, with Cannacord setting a price target of $7.50 [1]. - The company is expanding its manufacturing and testing facilities, which is expected to enhance its operational capabilities [3]. - Eve Holding has a growing list of potential customers and a significant pipeline of orders and service opportunities, indicating a robust market position [3]. Funding and Development - The company has secured $30 million in equity placement to support its development programs through 2027, ensuring financial backing for its growth initiatives [3]. - Eve Holding develops urban air mobility solutions, including eVTOL aircraft and related services, positioning itself as a key player in the emerging UAM market [4].

Financial Data and Key Metrics Changes - EVE Holding reported a net loss of $47 million for Q3 2025, with cash consumption of approximately $60 million for the quarter, reflecting higher program activity [18][19] - The company ended the quarter with BRL 412 million in cash, the highest cash level ever for EVE, and total liquidity reached BRL 534 million including awarded grants and undrawn credit lines [19] Business Line Data and Key Metrics Changes - EVE invested EUR 45 million in program development during Q3 2025, continuing to accelerate development with increased engineering engagement [17] - The total preorder backlog stands at around 2,800 aircraft, valued at approximately $14 billion, including contracts for aftermarket products and services that could generate up to $1.6 billion in revenue [13] Market Data and Key Metrics Changes - EVE has secured contracts with 14 different customers for its aftermarket products and services, indicating strong market interest [13] - The company has 21 customers for its air traffic management solution, Vector, reflecting a leading value proposition in the market [13] Company Strategy and Development Direction - EVE is focused on developing a strong network of partners in infrastructure and energy to support urban air mobility, alongside aircraft development [12] - The company aims for type certification and entry to service of its aircraft by 2027, with ongoing testing and supplier engagement [5][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in starting flight campaigns soon, with the first flight expected by the end of this year or early next year [7][20] - The company is optimistic about its cash position and liquidity, which is sufficient to fund operations and R&D through 2027 [15][19] Other Important Information - EVE successfully raised $230 million through a registered direct offering, improving its cash position and extending its cash runway [15] - The company is in the final stages of testing its engineering prototype and has begun operations with its Iron Bird, which aids in hardware testing [6][11] Q&A Session Summary Question: Updates on Bahrain agreement and flight testing - Management confirmed that test flights in Bahrain may start in 2027, potentially using the engineering prototype, with a focus on regulatory and operational readiness [26][27] Question: Cash flow expectations for 2026 - The company expects cash consumption to remain around $250 million for 2026, maintaining a disciplined approach to expenses [30] Question: Expansion in the Middle East and certification strategy - EVE plans to certify with ANAC first, then seek validation with other authorities, including the FAA, to expedite the certification process [36][37] Question: Supplier agreements and component testing - EVE has secured landing gear supply from Embraer and does not anticipate needing additional major suppliers, focusing on optimizing existing supplier relationships [45] Question: Test flight program timeline - The first test flight is targeted for late 2025 or early 2026, starting with hover flights and gradually expanding to more complex maneuvers [40][41] Question: Production scaling and supply chain risks - EVE is confident in its modular production approach and does not foresee major challenges in ramping up to 500 eVTOLs per year [60][62]

Product Development - The full-scale prototype is preparing for its first flight at Embraer's test facility[2, 9] - Embraer has been selected to supply the landing gear[3, 13] - The Iron Bird (ground prototype) is operational, expediting certification and reducing costs[4, 16, 17] Ecosystem and Customer Engagement - The company is actively engaging with investors, media, regulators, and customers through various events and agreements[20] - Landmark framework agreement with Bahrain to launch eVTOL operations in the region[20] - The company has secured pre-orders for approximately 2,800 eVTOLs[24] - The firm orders and Letters of Intent (LOIs) are valued at approximately $14 billion based on the current list price[25] Financial Performance and Position - The company raised $230 million in equity capital[27] - The company's cash position is $534 million, providing liquidity for approximately 2.5 years, assuming a cash burn of approximately $200 million per year[29, 31] - For 3Q25, Research & Development (R&D) expenses were $44.9 million, and Selling, General & Administrative (SG&A) expenses were $7.0 million[32]

Financial Results Announcement - Eve Holding, Inc. announced its third quarter 2025 results on November 04, 2025[5] - The press release detailing the financial results is attached as Exhibit 99.1[5] Company Classification - The company is classified as an emerging growth company under the Securities Act[4]