Eve (EVEX)2025-05-12 10:03Financial Performance - Eve reported a net loss of $48.8 million in Q1 2025, compared to a net loss of $25.3 million in Q1 2024, primarily due to increased R&D expenses of $44.7 million versus $27.5 million in the prior year[4]. - Research and development expenses for Q1 2025 were $44.7 million, compared to $27.5 million in Q1 2024, reflecting a 62% increase[64]. - The net loss for Q1 2025 was $48.8 million, compared to a net loss of $25.3 million in Q1 2024, indicating a 93% increase in losses year-over-year[64]. - Total current assets decreased from $312.8 million at the end of 2024 to $297.6 million by March 31, 2025[65]. - Total liabilities increased from $194.3 million at the end of 2024 to $228.0 million by March 31, 2025[65]. Cash Flow and Liquidity - Total cash consumption in Q1 2025 was $25.3 million, a decrease from $35.9 million in Q1 2024, with total liquidity reaching $410.3 million, sufficient to support operations through 2026[5][6]. - Eve plans to consume between $200 million and $250 million in total cash in 2025, compared to $141.2 million in 2024 and $94.7 million in 2023[33]. - Cash and cash equivalents at the end of Q1 2025 were $59.5 million, up from $56.2 million at the beginning of the period[68]. - Total liquidity as of March 31, 2025, is $410.3 million, a decrease from $428.6 million on December 31, 2024[74]. - Cash and cash equivalents increased to $59.5 million from $56.4 million in the same period[74]. - Net cash used by operating activities improved to $(24.9) million for the three months ended March 31, 2025, compared to $(35.8) million for the same period in 2024[75]. - Net cash provided by investing activities was $18.5 million for the three months ended March 31, 2025, compared to $(2.1) million in the prior year[75]. - Net cash provided by financing activities significantly increased to $93 million from $14.7 million year-over-year[75]. Development and Production - The company is advancing its eVTOL development, with the first full-scale prototype assembly completed and extensive ground tests currently underway[8][9]. - Eve has secured a Master Service Agreement with Embraer, which significantly drives R&D costs and engineering engagement for the development of its eVTOL aircraft[4]. - The company is preparing its first production site in Taubaté, Brazil, with an investment plan to achieve a capacity of 480 units per year[26][29]. - Eve plans to initiate a certification campaign for its eVTOL prototypes even before the Means of Compliance are published by ANAC, aiming for a faster certification process[23][25]. - The company has begun testing lifter motors and other systems to ensure readiness for the upcoming flight test campaign, with ANAC supervising these tests[42][43]. Market and Orders - Eve's order pipeline totals approximately 2.8K units, with a non-binding backlog value of about $14 billion[54]. - The current client base consists of 28 customers, with no single client representing more than 14% of the total order book[55]. - The Americas account for nearly two-thirds of Eve's backlog, with North America at 47% and South America at 18%[56]. - Eve has secured non-binding contracts for service solutions worldwide with 14 customers, representing 41% of the order book[57]. - Potential revenues from non-binding service contracts are estimated at $1.6 billion during the first few years of vehicle operation[59]. Regulatory and Industry Impact - The FAA issued a Special Federal Aviation Regulation that simplifies pilot training for eVTOLs, positively impacting the Urban Air Mobility market[18]. - Eve is focused on advancing the Urban Air Mobility ecosystem with a comprehensive approach, leveraging Embraer S.A.'s aerospace expertise[77]. Corporate Information - The company is listed on the New York Stock Exchange under the ticker "EVEX" since May 10, 2022[77]. - Forward-looking statements indicate optimism about future growth, but are subject to significant risks and uncertainties[78]. - The company does not assume any obligation to update forward-looking statements unless required by law[78]. - Investor relations can be contacted via email at investors@eveairmobility.com for further inquiries[79].