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]

Financial Performance - Net loss for the three months ended September 30, 2025, was $46.9 million, representing an increase of $11.1 million (31%) from a net loss of $35.8 million in the prior year[147]. - Total operating expenses for the three months ended September 30, 2025, were $51.9 million, an increase of $11.1 million (27%) compared to $40.8 million for the same period in 2024[147]. - Research and development expenses increased by $12.5 million (38%) for the three months ended September 30, 2025, and by $39.1 million (41%) for the nine months ended September 30, 2025, primarily due to intensified development activities with Embraer[150][149]. - Financial investment income increased by $0.5 million (14%) for the three months ended September 30, 2025, primarily due to an increase in the average investment balance to $116.0 million[155]. - Net cash used by operating activities increased by $37.2 million for the nine months ended September 30, 2025, primarily due to increased net losses from R&D advancements[165]. - The company expects to continue incurring losses and negative operating cash flows until it successfully commences sustainable commercial operations[161]. Capital and Financing - The Company entered into a loan agreement with BNDES for R$200 million (approximately $37.6 million) to support the second phase of its eVTOL project[170]. - The Company was awarded a nonrepayable grant of up to $16.9 million from Finep, with a total project investment of up to $35.0 million, reinforcing its leadership in sustainable urban air mobility[171]. - In July and September 2024, the Company closed on a private placement, issuing 23.9 million shares at $4.00 per share, raising a total of $95.6 million in new equity financing[173]. - On August 13, 2025, the Company entered into subscription agreements for the issuance of approximately 47.4 million shares at $4.85 per share, totaling $230.0 million[174]. - Net cash provided by financing activities increased by $112.6 million for the nine months ended September 30, 2025, primarily due to increased proceeds from the issuance of common stock[167]. - The Company entered into a financing agreement with BNDES for four lines of credit totaling R$500.0 million (approximately $92.7 million) as of September 30, 2025[169]. Market and Business Development - The company has signed non-binding letters of intent to sell approximately 2,800 eVTOL aircraft, indicating strong market interest and potential future sales[145]. - The company is engaged in multiple market and business development projects globally, including concepts of operation in various cities to enable scalable UAM[144]. - Eve plans to leverage its strategic relationship with Embraer to accelerate development plans and reduce costs by utilizing Embraer's extensive resources[126]. - The company anticipates initial operations in selected high-density metropolitan areas, focusing on regions with significant traffic congestion[140]. - Competition in the UAM market is expected to be dynamic, with established aerospace and automotive companies potentially entering the market[141]. Regulatory and Certification - Eve plans to obtain certifications from aviation authorities such as ANAC, FAA, and EASA, which are critical for launching commercial services[142]. - The Company plans to obtain certifications for its eVTOL from ANAC, FAA, and EASA, which are critical for launching commercial services[142]. Economic and Operational Risks - The Brazilian economic environment poses risks, including inflation and currency fluctuations, which could adversely affect the company's operations[135][138]. - The company plans to maintain a high daily aircraft utilization rate, which is critical for financial performance, but faces risks from adverse weather conditions and operational disruptions[146]. - Variable-rate debt represented 29%, or $50.0 million, of total long-term debt as of September 30, 2025, with a hypothetical 100 basis point increase in interest rates increasing annual interest expense by approximately $0.5 million[185]. - As of September 30, 2025, less than 1% of total assets and 20% of total liabilities were denominated in Brazilian reais, with the closing exchange rate at 5.3186 reais per US $1.00[186][187]. Company Status and Legal Matters - The Company is classified as an "emerging growth company" and will lose this status by December 31, 2025, becoming subject to additional SEC requirements[179]. - The Company is currently not a party to any claims or lawsuits that could materially affect its business, although a shareholder derivative action has been filed related to the 2024 Private Placement[192][193].

Core Insights - Eve Air Mobility has signed a Framework Agreement with Bahrain's Ministry of Transportation and Telecommunications to promote sustainable air mobility in the Middle East [2][3] - The partnership aims to establish a regulatory and operational framework for eVTOL (electric Vertical Take-Off and Landing) operations in Bahrain, with commercial operations expected to start in 2028 [3][4] Company Commitment - The agreement reinforces Eve's commitment to sustainable air mobility and aligns with Bahrain's vision to become a hub for next-generation mobility solutions [2][4] - Eve's CEO emphasized the importance of this partnership in transforming urban transportation and creating economic opportunities [4] Infrastructure Development - Key objectives of the agreement include creating a sandbox environment for testing Advanced Air Mobility systems and developing vertiport infrastructure for eVTOL deployment [3] - The collaboration focuses on zero-emission, low-noise operations and includes workforce training initiatives [3] Market Expansion - Eve is exploring premium shuttle and tourist routes in major cities such as Dubai, Abu Dhabi, Riyadh, Jeddah, Doha, Istanbul, and Manama, aiming to enhance mobility experiences for residents and tourists [4] Product Features - Eve's eVTOL is designed for the region's climate, featuring advanced UV/IR window protection, microclimate air conditioning, and a Lift + Cruise design to ensure reliability and comfort [5] Company Background - Eve Air Mobility is focused on accelerating the Urban Air Mobility ecosystem, leveraging Embraer's aerospace expertise and a holistic approach to develop eVTOL solutions and air traffic management [6]

Core Insights - The demand for electric vertical takeoff and landing (eVTOL) aircraft is increasing due to urban congestion and innovative mobility technologies, attracting investor interest in companies like Eve Holding (EVEX) and Joby Aviation (JOBY) [1][10]. Industry Overview - The global eVTOL market is projected to grow from $0.76 billion in 2024 to $4.67 billion by 2030, reflecting a compound annual growth rate of 35.3% [3]. Company Analysis: Eve Holdings (EVEX) - Eve Holdings is leveraging its parent company Embraer's aerospace expertise and has a growing backlog of Letters of Intent (LOIs), including a recent agreement for up to 54 eVTOL aircraft, indicating strong commercial demand [5][10]. - As of June 30, 2025, Eve Holdings reported cash and cash equivalents of $41.5 million, with short-term debt of $0.5 million and long-term debt of $154 million, suggesting short-term financial stability but a need for significant revenue generation for long-term sustainability [6]. Company Analysis: Joby Aviation (JOBY) - Joby Aviation is participating in the White House eVTOL Integration Pilot Program to expedite the development of electric air taxis, which could provide a pathway to demonstrate its technology [7]. - The company plans to operate its first FAA-conforming aircraft later this year and has acquired Blade Air Mobility's urban air mobility passenger business, which will enhance its market entry and operational capabilities [8][9]. - Joby Aviation is expanding its facility in Marina, CA, to double its aircraft production capacity, aiming to produce up to 24 aircraft annually as it approaches the launch of its air taxi service [12]. Performance Comparison - Both EVEX and JOBY have negative Return on Equity, indicating inefficiencies in generating profits from their equity base [14]. - In terms of stock price performance, EVEX has outperformed JOBY over the past month [16]. - EVEX has a better earnings surprise history compared to JOBY, having exceeded the Zacks Consensus Estimate for earnings twice in the last four quarters, while JOBY has not met the estimate in any of the past four quarters [19][21]. Conclusion - Eve Holdings demonstrates strong long-term potential backed by Embraer and a growing number of LOIs, while Joby Aviation's recent acquisitions and facility expansions aim to accelerate its commercial rollout [23][24].

Core Insights - The event in São Paulo focused on regulatory advancements, vertiport deployment, and workforce training for the Urban Air Mobility (UAM) sector, aiming for the commercial operation of eVTOL in Brazil by 2027 [1][2]. Company Developments - Eve Air Mobility is committed to developing a complete ecosystem for eVTOL operations, including infrastructure, regulation, and workforce training [2]. - The eVTOL aircraft will be produced in Taubaté, with a manufacturing capacity of up to 480 units per year and approximately 2,800 global orders valued at around US$14 billion [3]. Industry Impact - The eVTOL is expected to significantly reduce travel times on key urban routes, such as the journey from São Paulo's southern zone to Guarulhos International Airport, from 150 minutes to about 15 minutes [5]. - The introduction of eVTOL has the potential to transform various sectors, including tourism, public safety, and healthcare, particularly in the efficient transport of organs for transplants [5].

Core Insights - The demand for next-generation transportation, particularly electric air taxis, is driving growth in eVTOL stocks like Archer Aviation (ACHR) and Eve Holding (EVEX) due to urban road contestation and regulatory support [1][3] - Archer Aviation focuses on both manufacturing eVTOL aircraft and operating air taxi services, while Eve Holding is building a comprehensive ecosystem for urban air mobility [2] Financial Strength and Growth Catalysts - Archer Aviation ended Q2 2025 with cash and cash equivalents of $1.73 billion and long-term debt of $0.08 billion, indicating strong solvency [4] - Eve Holdings had cash and cash equivalents of $41.5 million, with long-term debt of $154 million, suggesting financial viability in the short term but reliance on revenue generation for long-term sustainability [5] - Archer Aviation's strategic partnership with Jetex aims to develop infrastructure for its air taxi network, supporting global expansion [6] - Archer's recent acquisitions to develop next-generation defense aircraft highlight its growth strategy [7] - Eve Holdings' backlog of Letters of Intent, including a recent agreement for 54 eVTOL aircraft, indicates strong commercial interest and growth potential [9] - Eve raised $230 million in August 2025 to enhance financial flexibility and support growth [10] Stock Performance and Estimates - Archer Aviation shares gained 224.9% over the past year, while Eve Holdings rose 29.2%, with ACHR outperforming EVEX [11] - The Zacks Consensus Estimate for Archer's 2025 loss per share shows improvement, while Eve's estimate suggests deterioration for 2025 but improvement for 2026 [14][15] Operational Efficiency - Both companies exhibit negative return on invested capital, indicating inefficiencies in profit generation from invested capital [18] - Eve Holdings is burning cash at a lower rate per share than Archer, suggesting greater operational efficiency and a longer cash runway [22] Strategic Positioning - Archer Aviation and Eve Holdings are leading the eVTOL industry but face challenges related to public acceptance and financial viability [23] - Eve Holdings presents a more financially prudent investment profile, backed by Embraer and a significant order backlog [23] - Eve's less negative EBITDA per share compared to Archer indicates a more efficient use of capital and a potentially more sustainable path to profitability [24]