Eve (US:EVEX)2025-03-11 20:53Financial Data and Key Metrics Changes - The company raised $270 million in 2024 through a mix of debt and equity instruments, enhancing its liquidity position to $429 million, which is three times its 2024 cash consumption [10][26][30] - The net loss reported was $40 million for Q4 2024 and $138 million for the full year, with total cash consumption of $141 million [29][30] - Cash position increased from $241 million at the end of 2023 to $303 million at the end of 2024, reflecting a continuous focus on liquidity [31] Business Line Data and Key Metrics Changes - The total pre-order backlog stands at approximately 2,800 aircraft valued at around $14 billion, with non-binding letters of intent from 28 customers across nine countries [21][22] - The Eve TechCare aftermarket service suite has secured contracts with 14 customers, potentially generating up to $1.6 billion in revenue over the first few years of operation [22] Market Data and Key Metrics Changes - The company has 21 customers for its air traffic management solution, Vector, indicating a strong market position [23] - The management emphasizes the importance of developing a robust ecosystem for Urban Air Mobility, which includes partnerships with infrastructure and energy sectors [23][80] Company Strategy and Development Direction - The company is focused on advancing its eVTOL development, with plans to conclude ground tests and initiate flight tests in mid-2025 [32] - The strategy includes leveraging existing infrastructure while developing new vertiports and corridors to support eVTOL operations [80] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the certification process, highlighting ongoing engagement with Brazilian and U.S. certification authorities [32][63] - The company anticipates cash burn between $200 million and $250 million in 2025, primarily focused on eVTOL development [34][40] Other Important Information - The company completed the assembly of its full-scale engineering prototype and is preparing for its first flight [12][18] - The Basis of Certification by ANAC establishes airworthiness criteria for eVTOL in Brazil, marking a critical milestone for the company [11] Q&A Session Summary Question: Can you provide more color on the cash burn for this year? - The company expects cash burn to increase to between $200 million and $250 million, primarily focused on eVTOL development and production facility investments [40][42] Question: Can you discuss the order book and LOIs converting? - The order book decreased slightly to 2,800 aircraft, with management emphasizing the fluid nature of customer commitments tied to certification progress [49][52] Question: What are the differences between the current prototype and the conforming prototypes? - The current prototype is a simplified unmanned vehicle, while conforming prototypes will have the necessary redundancies and safety features for certification [56][57] Question: How many prototypes are expected to be built for certification? - The company plans to build five prototypes for the certification campaign, similar to previous Embraer programs [65][66] Question: Will the CapEx cover the full build of the manufacturing facility? - The total CapEx for the manufacturing plant is expected to be around $100 million, with $30 million allocated for 2025 [71][72] Question: Are you actively marketing the TechCare offering? - The company is actively marketing the Eve TechCare suite, which includes comprehensive support services for eVTOL operators [74] Question: Are there investments being made in infrastructure for eVTOLs? - The company is collaborating with authorities and private companies to ensure the necessary infrastructure is developed to support eVTOL operations [80]