Eve (US:EVEX)2022-12-23 18:34Financial Data and Key Metrics Changes - The company reported a net loss of $36.7 million for Q3 2022 and $154 million for the first nine months of the year [36] - Total liquidity increased to approximately $400 million, providing multiple years of cash for eVTOL development [38][39] - The company invested $14 million in R&D during Q3 2022, totaling almost $34 million for the first nine months [35] Business Line Data and Key Metrics Changes - The backlog grew significantly, with letters of intent for almost 2,800 vehicles, equating to over $8 billion [12][14] - The company has diversified its order book with over 25 clients, ensuring no single client represents more than 15% of the backlog [15] Market Data and Key Metrics Changes - The largest exposure is in North America, accounting for less than 50% of the company's business [16] - The company is expanding its global footprint with partnerships in various regions, including India and Europe [13][30] Company Strategy and Development Direction - The company aims to enhance its balance sheet through a financing agreement with the Brazilian National Development Bank, focusing on sustainable transportation [8][17] - The strategy includes a holistic approach to urban air mobility (UAM), integrating vehicle development, service support, and air traffic management [35][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the certification process, targeting 2026 for primary certification with ANAC and FAA [42][88] - The company is focused on developing a modular production facility to scale operations economically [52][81] Other Important Information - The company restated previous financials due to non-cash costs associated with warrants, impacting 2021 and the first half of 2022 [33][34] - The company is the only eVTOL firm with a complete solution, including vehicle, service, and air traffic control [35] Q&A Session Summary Question: Update on certification process with ANAC and expected timeline - Management confirmed that the certification process is on track for 2026, with ongoing discussions with ANAC and FAA [42][88] Question: Details on BNDES credit line - The BNDES financing includes two credit lines totaling $92.5 million, with a 12-year maturity and grace periods of three to four years [43][44] Question: Expected cash burn for 2023 and major milestones - The company anticipates cash burn to remain between $100 million and $150 million in 2023, with significant milestones in vehicle development and certification [46][47] Question: Production facility timeline - Initial development of the production facility is expected to begin by the end of 2023, with major construction in 2024 [51][52] Question: Comparison of Chicago CONOPS results to previous expectations - The Chicago simulation indicated a need for approximately 240 eVTOLs by 2035, demonstrating the potential for urban mobility in congested areas [20][21] Question: Details on LOI with Bluenest for UATM - The partnership aims to develop urban air traffic management infrastructure, enhancing efficiency for vertiport operators [60][63] Question: Status of the United Airlines relationship - The $15 million investment from United was reflected in Q3, offsetting cash burn, and discussions are ongoing for further commitments [66][70]