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]