Eve (EVEX)

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Eve (EVEX) - 2022 Q4 - Annual Report
2023-03-22 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-39704 EVE HOLDING, INC. Delaware 85-2549808 (State or other jurisdiction of incorporation or organization) 1400 General Aviation Drive M ...
Eve (EVEX) - 2022 Q4 - Earnings Call Transcript
2023-03-16 18:02
Financial Data and Key Metrics Changes - The company reported a net loss of $20 million for Q4 2022 and a total loss of $174 million for the year, with nonrecurring costs related to warrants and IPO expenses amounting to $111 million, resulting in a recurring loss of $63 million for 2022 [21][97][102] - Total liquidity at the end of Q4 2022 was $311 million, down from $330 million in Q3 2022, but with additional credit lines, total liquidity exceeds $400 million, sufficient to fund operations through 2025 [82][116] Business Line Data and Key Metrics Changes - The company has a diversified backlog with nonbinding letters of intent (LOIs) for 2,770 aircraft from 26 customers across 12 countries, indicating strong long-term revenue visibility [9] - R&D investments totaled $18 million in Q4 2022 and $52 million for the full year, primarily focused on eVTOL development and Urban Air Traffic Management systems [97] Market Data and Key Metrics Changes - The company is leveraging Embraer's existing infrastructure and skilled workforce, which helps reduce development costs and enhances operational efficiency [98] - The eVTOL market is evolving, with a shift from hype to a more mature phase, leading to potential consolidations and a focus on a smaller number of viable projects [54] Company Strategy and Development Direction - The company aims to enter service in 2026, with a focus on optimizing aircraft design and reducing development costs through rigorous testing and supplier engagement [7][92] - The strategy includes developing a complete solution encompassing aircraft, maintenance, and air traffic control, addressing the broader Urban Air Mobility ecosystem [81][98] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the liquidity position and the ability to fund R&D and certification efforts through 2025, emphasizing a strategic approach to customer engagement and market readiness [63][102] - The company is actively engaged with existing customers to refine operational concepts and ensure market readiness for eVTOL deployment [43] Other Important Information - The company has initiated its Type Certification process with ANAC and plans to follow with FAA certification, which is expected to be more efficient due to a bilateral agreement [93] - The Urban Air Traffic Management software is being developed concurrently, with early versions already deployed for testing with potential customers [79][48] Q&A Session Summary Question: What is the current demand environment for new orders? - The company continues its sales campaign and is actively engaging with existing customers to understand operational needs, while also exploring new customer opportunities [43] Question: When can the company start collecting predelivery payments (PDPs)? - The company anticipates starting to see PDPs in 2024, with expectations for increased collections in 2025 and 2026 as the certification milestones are achieved [65][66] Question: How is the supplier selection process progressing? - The company is in the process of finalizing supplier selections for critical components, which will provide clearer visibility on costs and enable the firming of orders [106][112] Question: What is the expected timeline for certification testing? - The certification flight test campaign is expected to take around 18 months, with the company not disclosing specific dates to ensure safety and compliance [127] Question: How does the company view the competitive landscape in the eVTOL market? - Management noted that the industry is moving beyond the initial hype phase, with a focus on a smaller number of viable projects and potential consolidations [54]
Eve (EVEX) - 2022 Q3 - Earnings Call Transcript
2022-12-23 18:34
Eve Holding, Inc. (NYSE:EVEX) Q3 2022 Earnings Conference Call December 23, 2022 9:00 AM ET Company Participants Lucio Aldworth - Director of IR Jerry DeMuro - Co-CEO Eduardo Couto - CFO Andre Stein - Co-CEO Conference Call Participants Savanthi Syth - Raymond James Ellen Page - Jefferies David Zazula - Barclays Marcelo Motta - JPMorgan Marvin Fong - BTIG Operator Greetings. Welcome to Eve Air Mobility Third Quarter 2022 Earnings Call. At this time, all participants are in listen only mode. A question-and-a ...
Eve (EVEX) - 2022 Q3 - Quarterly Report
2022-12-22 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to ____ Commission File No. 001-39704 EVE HOLDING, INC. (Exact name of registrant as specified in its charter) Delaware 85-2549808 (State or other jurisdiction of ...
Eve (EVEX) - 2022 Q2 - Earnings Call Transcript
2022-08-06 02:36
Eve Holding, Inc. (NYSE:EVEX) Q2 2022 Results Conference Call August 4, 2022 12:00 PM ET Company Participants Lucio Aldworth - Director of Investor Relations Jerry DeMuro - Co-Chief Executive Officer Andre Stein - Co-Chief Executive Officer Eduardo Couto - Chief Financial Officer Luiz Valentini - Chief Technology Officer Conference Call Participants Sheila Kahyaoglu - Jefferies Savanthi Syth - Raymond James Marvin Fong - BTIG Jeff Hung - Morgan Stanley Josh Milberg - Morgan Stanley Operator Greetings. Welco ...
Eve (EVEX) - 2022 Q2 - Quarterly Report
2022-08-03 16:00
Financial Performance - The company reported a net loss of $11.8 million for the three months ended June 30, 2022, compared to a net loss of $2.4 million for the same period in 2021, representing a 388% increase in losses[18]. - The loss from operations for the six months ended June 30, 2022, was $26.3 million, compared to $4.6 million for the same period in 2021, representing a 471% increase[18]. - The net loss for the six months ended June 30, 2022, was $21,282,359, compared to a net loss of $4,631,746 for the same period in 2021, representing an increase in loss of approximately 359%[36]. - The company reported a total comprehensive loss of $11.8 million for the three months ended June 30, 2022, compared to a comprehensive loss of $2.4 million in the same period of 2021[22]. - The company reported a net loss of $11,781,618 for the three months ended June 30, 2022, compared to a net loss of $2,414,626 for the same period in 2021, representing an increase in loss of approximately 388%[165]. - The net loss per share for the three months ended June 30, 2022, was $(0.05), compared to $(0.01) for the same period in 2021, indicating a significant decline in earnings[165]. Assets and Liabilities - Total current assets increased significantly to $331.2 million as of June 30, 2022, compared to $14.6 million at December 31, 2021[14]. - Total liabilities rose to $20.4 million as of June 30, 2022, from $2.2 million at December 31, 2021, marking a 820% increase[14]. - The company’s total stockholders' equity reached $310.8 million as of June 30, 2022, compared to $13.1 million at December 31, 2021, reflecting a substantial increase[15]. - Cash and cash equivalents at the end of the period were $176,316,554, up from $14,376,523 at the beginning of the period, marking an increase of approximately 1,144%[36]. - As of June 30, 2022, cash and cash equivalents totaled $176,316,554, a significant increase from $14,376,523 as of December 31, 2021, reflecting a growth of approximately 1,134%[107]. - The total outstanding related party payable as of June 30, 2022, was $9,560,773, with $8,500,315 related to the MSA[117]. Research and Development - Research and development expenses for the three months ended June 30, 2022, were $9.8 million, up from $1.9 million in the same period of 2021, indicating a 408% increase[18]. - Research and development expenses for the eVTOL segment totaled $7,599,457 for the three months ended June 30, 2022, compared to $1,680,380 for the same period in 2021, reflecting a significant increase[97]. - R&D expenses totaled $18,950,423 for six months ended June 30, 2022, compared to $3,830,463 for the same period in 2021, reflecting a significant increase[148]. Business Operations - The company is focused on advancing the urban air mobility (UAM) ecosystem through its eVTOL project and related services[39]. - The business combination with Embraer S.A. was completed on May 9, 2022, resulting in Eve becoming a wholly-owned subsidiary of the newly named Eve Holding, Inc.[40]. - The company is actively monitoring the impacts of the COVID-19 pandemic on its operations and financial condition[45]. - The company anticipates commercialization of its eVTOL services and support business beginning in 2023, with initial revenue generation from eVTOL sales expected in 2026[203]. - The company is developing a next-generation Urban Air Traffic Management (UATM) system, which it expects to offer primarily as a subscription software solution[191]. Financial Activities - The company provided $329,123,832 in net cash from financing activities for the six months ended June 30, 2022, compared to $5,055,808 in the prior year, reflecting a significant increase[36]. - The company received over $300 million in cash to fulfill its obligations upon closing, enhancing its liquidity position[114]. - The company entered into a loan agreement with Embraer Aircraft Holding, Inc. for an aggregate principal amount of up to $81,000,000 at an interest rate of 4.89% per annum[20]. Stock and Equity - The company had 264,332,132 shares of common stock issued and outstanding as of June 30, 2022, up from 235,582,132 shares as of June 30, 2021, marking an increase of about 12.2%[131]. - The company has reserved 8,730,000 shares for the 2022 Stock Incentive Plan and 14,250,000 shares underlying private placement warrants[135]. - The company issued New Warrants to purchase an aggregate of 18,650,000 shares of common stock at an exercise price of $0.01 per share, among other warrants with varying exercise prices[138]. Foreign Exchange and Tax - The company has experienced foreign currency gains and losses related to transactions settled in Brazilian reais (BRL) but recognized in USD[63]. - The company entered into a Tax Receivable Agreement, which stipulates the payment of 75% of certain federal and state net tax benefits realized[180]. - The company had a net exposure of $2,069,086 in Brazilian reais and $327,822,526 in U.S. dollars as of June 30, 2022, indicating significant foreign exchange exposure[170]. Miscellaneous - The company has not generated any revenue to date and requires substantial additional capital to develop products and fund operations[192]. - The Brazilian economic environment poses risks, including inflation and currency fluctuations, which could adversely affect the Company's business[199]. - The company has not recognized any assets or liabilities related to lease agreements as of June 30, 2022, as the lease term has not commenced[179].
Eve (EVEX) - 2022 Q1 - Quarterly Report
2022-05-02 16:00
Table of Contents Securities registered pursuant to Section 12(b) of the Act: Title of each classTrading symbol(s)Name of each exchange on which registered Units, each consisting of one share of Class A common stock and one-half of one redeemable warrant ZNTU The Nasdaq Stock Market LLC Class A common stock, par value $0.0001 par value ZNTE The Nasdaq Stock Market LLC Warrants, each whole warrant exercisable for one share of Class A common stock, each at an exercise price of $11.50 per share ZNTEW The Nasda ...
Eve (EVEX) - 2021 Q4 - Annual Report
2022-02-14 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39704 ZANITE ACQUISITION CORP. (Exact Name of Registrant as Specified in Its Charter) Delaware (State or Other Jur ...
Eve (EVEX) - 2021 Q3 - Quarterly Report
2021-11-11 16:00
Table of Contents Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-39704 ZANITE ACQUISITION CORP. (Exact name of registrant as specified in its charter) Delaware ...
Eve (EVEX) - 2021 Q2 - Quarterly Report
2021-08-12 16:00
Table of Contents Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-39704 ZANITE ACQUISITION CORP. (Exact name of registrant as specified in its charter) Delaware 85-2 ...