Eve (EVEX)2025-03-11 10:03Financial Performance - The net loss for the year ended December 31, 2024, was $138.2 million, representing an increase in loss of $10.5 million or 8% compared to 2023 [344]. - The net loss for the year ended December 31, 2024, was $138,168,000, compared to a net loss of $127,658,000 in 2023, reflecting a decline of 8.8% [395]. - The net loss for 2024 was $138.168 million, compared to a net loss of $127.658 million in 2023, representing an 8.8% increase in losses [506]. - Basic and diluted net loss per share for 2024 was $(0.48), slightly worse than $(0.46) in 2023 [506]. - Cash flows used by operating activities totaled $135.966 million in 2024, up from $94.509 million in 2023, reflecting a 43.9% increase in cash outflow [404]. Research and Development - Research and development expenses increased by $24.3 million to $129.8 million for the year ended December 31, 2024, primarily due to intensified eVTOL development activities [344]. - Research and development expenses increased to $129,844,000 in 2024, up from $105,581,000 in 2023, a rise of 22.9% [395]. - Research and development expenses are focused on eVTOL, Service and Operations Solutions, and UATM projects, with costs expensed as incurred [430]. - Research and development expenses increased to $93.5 million in 2024, up 28.5% from $72.8 million in 2023, and significantly higher than $39.3 million in 2022 [455]. Operating Expenses - Total operating expenses for the year ended December 31, 2024, were $156.4 million, a decrease of $25.8 million or 20% compared to 2023 [344]. - Selling, general and administrative expenses increased by $3.4 million for the year ended December 31, 2024, mainly due to an increase in the workforce and outsourced services [348]. - Selling, general and administrative expenses rose to $26.529 million in 2024 from $23.104 million in 2023, a 10.5% increase [510]. Liquidity and Capital Resources - As of December 31, 2024, the company has cash and cash equivalents of $56.4 million, financial investments of $247.0 million, and available debt to be drawn of $125.2 million, totaling approximately $428.6 million in liquidity [355]. - The company intends to use its liquidity primarily for research and development activities and personnel costs, with future capital requirements dependent on revenue growth and customer cash flow timing [355]. - The company may explore various funding opportunities, including long-term or convertible debt, advances from customers, or equity issuances, but may face challenges in raising additional funds on favorable terms [355]. - The company raised $94.288 million from the issuance of common stock, net of fees, and $110.762 million from the issuance of debt in 2024, contributing to a net cash provided by financing activities of $203.019 million [404]. Debt and Financing - Interest expense increased by $3.4 million for the year ended December 31, 2024, primarily due to a larger principal balance compared to 2023 [351]. - Long-term debt surged to $132,011,000 in 2024, compared to $25,764,000 in 2023, indicating a significant increase of 413.5% [392]. - The company has outstanding long-term debt of $132.0 million as of December 31, 2024, a substantial increase from $25.8 million in 2023, with a weighted-average interest rate of 6.6% [459]. - The company entered into a loan agreement with BNDES for R$490 million (approximately $93.1 million) to support the development of the eVTOL aircraft, with R$360.7 million (approximately $69.6 million) issued as of December 31, 2024 [362][363]. Future Outlook - The company anticipates commercialization of eVTOL services beginning in 2026, with initial revenue generation from eVTOL sales expected in 2027 [337]. - The company is focused on developing a fully-integrated eVTOL transportation solution, with significant uncertainties regarding the business model and aircraft utilization rates [343]. - The company is focused on advancing the urban air mobility ecosystem through its eVTOL project and related services, with operations in Florida and Brazil [407]. Assets and Valuation - As of December 31, 2024, total assets increased to $318,242,000 from $245,339,000 in 2023, representing a growth of 29.7% [392]. - Total liabilities increased significantly to $194,320,000 in 2024 from $80,288,000 in 2023, marking a rise of 142.3% [392]. - Total equity decreased to $123,922,000 in 2024 from $165,051,000 in 2023, a decline of 25.0% [392]. - Valuation allowances against deferred tax assets were $428.5 million, reflecting the company's best estimate of future events impacting the utilization of these assets [369]. Shareholder and Stock Information - The weighted-average number of shares outstanding increased to 288,524,000 in 2024 from 275,763,000 in 2023, an increase of 4.6% [395]. - The maximum number of shares of common stock reserved for issuance under the 2022 Stock Incentive Plan is 16.6 million shares as of December 31, 2024 [496]. - The total unrecognized compensation expense associated with nonvested awards is $7.4 million, expected to be recognized over a weighted-average period of 2.0 years [502]. Lease Obligations - As of December 31, 2024, total operating lease ROU assets increased to $1,096 million from $508 million in 2023, representing a 116.5% increase [523]. - Total operating lease liabilities rose to $1,047 million in 2024, compared to $510 million in 2023, marking a 105.5% increase [523]. - The operating lease cost for 2024 was $588 million, significantly up from $113 million in 2023, indicating a 419.5% increase [523].