Eve Holding, Inc. Reports Fourth Quarter and FY2025 Results

MELBOURNE, Fla., March 16, 2026 /PRNewswire/ -- Eve Holding, Inc. ("Eve") (NYSE: EVEX and EVEXW / B3: EVEB31) reports its fourth quarter and fiscal year 2025 earnings results.

Year in review

Eve Air Mobility accomplished several milestones in 2025 – a defining year, as we continue to work to shape the global Urban Air Mobility ecosystem.

With the selection of a new pusher motor supplier and the completion of several ground tests, Eve completed the maiden flight of its engineering prototype in December, commencing what has now become a full-fledged and intense flight campaign.  Our prototype has flown a total of 28 times to date, accumulating more than 1 hour of flight time, with telemetry readings that are better than expected.  Also, the campaign has been progressing as planned, with initial hover and on-air maneuvers being performed.  In total, we expect to fly around 300 times with this prototype in 2026; at the current pace, we are well on our way to hitting this milestone.

Simplicity is the DNA of our electric Vertical Take-Off and Landing (eVTOL) aircraft with a Lift+Cruise configuration, eight dedicated propellers for vertical take-off and landing – that do not change position during flight, and fixed wings for cruise flight. Our design also features a dual-electric-motor pusher for horizontal propulsion redundancy, with performance and safety in mind. We believe fewer, simpler parts will help reduce maintenance and operating costs, improve dispatchability for operators, and provide a clearer path to certification.

We continue to be highly engaged with aviation authorities to advance in the certification processes of our aircraft. In Brazil, the National Civil Aviation Agency will soon define the Means of Compliance – a detailed set of rigorous tests that our aircraft must successfully perform to receive Type Certification.  We expect to initiate our certification campaign shortly thereafter.  And, while our six conforming prototypes should be ready to initiate the flight portion of the certification campaign in 2027, we accomplished a tremendous amount with ground tests on rigs, simulations, wind-tunnel tests, and our Iron Bird – a deconstructed eVTOL that replicates the actual aircraft and can be used to accumulate certification credits.

Eve's strengths have resulted in the largest and most diversified backlog, totaling 2.7k LOIs (Letters of Intent).  We also began converting LOIs into firm orders and collecting pre-delivery payments, bringing the total to 100 aircraft under binding agreements.  This, combined with the Services & Support Solutions (Eve TechCare®) contracts, offers long-term revenue visibility and will help Eve smooth cash-flow consumption in the years to come. Eve continues to advance Eve Vector®, our Urban Air Traffic Management software, to optimize and safely scale Urban Air Mobility operations worldwide.

Importantly, last year we met all the milestones we had laid out to the market, including cash consumption of $196 million (adjusted for working capital gains in 4Q25) – mostly in line with the low-end of 2025 guidance.  In total, Eve raised around $400 million in the last six months across a mix of debt and equity instruments, demonstrating strong commitment from the investment community. With total liquidity at its highest level ever – currently at $641 million, and a strong focus on cost discipline and efficiencies with Embraer, we are confident that our financial position is sufficient to fund our Research & Development and operations through 2028.

There is no doubt that 2026 will be a challenging year. We will continue to operate with discipline in a tough environment, and we still have a long and rigorous path ahead.  Still, Eve continues to pave the way for what lies ahead, and the way we closed 2025 says everything about who we are.

Last year's accomplishments reinforced my belief that we have the right team, partners, mindset, and capabilities to move through this phase with confidence, focus, and excellence.  I am incredibly proud of what we achieved together, and even more proud of how we achieved it. We did it with ownership, resilience, and a deep commitment to safety and quality.  I believe we are on the right track.

Let's make 2026 another defining chapter in our journey!

Johann Bordais

CEO

Financial Highlights

Eve Air Mobility is an aerospace company dedicated to the development of an eVTOL (electric Vertical Takeoff and Landing) aircraft and the Urban Air Mobility (UAM) ecosystem that includes aircraft development, Services & Support solutions – TechCare and Vector, an Urban Air Traffic Management (Urban ATM) system. Eve is pre-revenue; we do not expect meaningful revenue, if any, during the development phase of our aircraft, and we expect financial results to be primarily driven by program development costs during this period.

Fourth Quarter 2025

Eve reported a net loss of $63.9 million in 4Q25 versus $40.7 million in 4Q24.  The net loss in 4Q25 was primarily driven by Research & Development (R&D) expenses, which cover costs and activities necessary to advance the development of our UAM suite of products and services, including the Master Service Agreement (MSA) with Embraer. R&D expenses were $59.4 million in 4Q25, vs. $33.7 million in 4Q24, with greater intensity in the development of our eVTOL and greater engagement with third-party suppliers – via engineering services, purchase of parts, and the early stages of the assembly of our conforming prototypes, and the final stages of component design.  Additionally, R&D efforts now demand increased engineering activity with Embraer, incremental program development activities with suppliers, and testing infrastructure.  The MSA primarily drives our R&D costs with Embraer, which performs several developmental activities for Eve, as well as engineering work with third-party suppliers.

Meanwhile, SG&A increased to $7.6 million, from $6.2 million in 4Q24, mostly due to (1) an increase in the number of direct employees at Eve to approximately 200, from approximately 170 at the end of 2024, and (2) a c.8% appreciation of the average Brazilian Real vs. the US dollar.

Total cash consumption in 4Q25 was $32.1 million, vs. $39.9 million in 4Q24, and was positively impacted by a temporary deferral of a $21.3 million invoice with Embraer, as part of the MSA contract.  If this invoice had been paid last year, cash consumption would have been $53.4 million.  Engineering services with Embraer and third-party suppliers account for most of the accounts payable, and Eve typically reimburses Embraer for engineering/infrastructure costs 45 days after services are rendered. In contrast, third-party suppliers' payments are connected to specific program milestones.

Full Year 2025

Net loss in 2025 was $224.3 million, vs. $138.2 million the year before. R&D expenses reached $194.7 million in 2025, up from $129.8 million in 2024, and SG&A expenses increased to $30.7 million, up from $26.5 million in 2024.  As with the quarterly numbers, the higher accumulated costs and expenses are primarily driven by increased developmental activities necessary to advance our program.

Eve employed approximately 930 full-time collaborators – including personnel contracted through the MSA with Embraer and its subsidiaries, as of 4Q25, versus c.900 at the end of 2024.

In 2025, cash consumption (operating activities + capital expenditures) was $175.2 million, and was also positively impacted by the temporary working-capital gain observed in 4Q25.  The invoices with Embraer were paid in early 2026, so the normalized level of cash consumption was c.$196.5 million last year, slightly below the $200 to $250 million range we had expected to invest in our program.  Our cash consumption continues to reflect our disciplined cost control and continued synergies with Embraer.

Eve's Cash, Cash Equivalents, and Financial Investments totaled $392.5 million at the end of 2025, and total liquidity – including undrawn credit lines with the BNDES (Brazil's National Development Bank)- reached $541.4 million. We believe the funding is sufficient to support our operations and program investments through 2028.  The increase in our cash position during the year, despite the cash deployed in our program, reflects a new loan raised during 4Q25 with an export credit agency and the August 2025 $230 million Registered Direct Equity Offer.

Eve has drawn $118.2 million of the total funds made available by the BNDES thus far and, including unused portions of a grant awarded to Eve last June, still has another $148.9 million available for future withdrawals.

We believe the credit lines offer attractive terms and conditions, and are aligned with Eve's early-stage development, including a long-term maturity and amortization grace period, which we expect will support Eve as it continues to advance its eVTOL program.  We expect to continue drawing from these facilities as our development program advances, to optimize our cash position and capital.

For additional information, please access the full 4Q25 and FY2025 Earnings release, available at the Investor Relations website ir.eveairmobility.com

Webcast details

Management will discuss the results on a conference call on Tuesday, March 17, 2026, at 8:00 AM (Eastern Time). The webcast will be publicly available in the Upcoming Events section of the company website: www.eveairmobility.com 

To listen by phone, please dial 1-844-676-6050 or 1-412-634-6902. A replay of the call will be available until March 31, 2026, by dialing 1-844-512-2921 or 1-412-317-6671 and entering passcode 10206616.

About Eve Holding, Inc.

Eve is dedicated to accelerating the Urban Air Mobility ecosystem. Benefitting from a start-up mindset, backed by Embraer S.A.'s more than 50-year history of aerospace expertise, and with a singular focus, Eve is taking a holistic approach to progressing the UAM ecosystem, with an advanced eVTOL project, comprehensive global services and support network and a unique air traffic management solution. Since May 10, 2022, Eve has been listed on the New York Stock Exchange, where its shares of common stock and public warrants trade under the tickers "EVEX" and "EVEXW". In December 2025, the Company was listed on the B3, Brazilian Stock Exchange, under the ticker EVEB31. The information on, or accessible through, any website referenced herein is not incorporated by reference into, and is not a part of, this release.

For more information, please visit www.eveairmobility.com

Forward Looking Statements

Certain statements contained in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as "may," "will," "expect," "intend," "anticipate," "believe," "estimate," "plan," "project," "could," "should," "would," "continue," "seek," "target," "guidance," "outlook," "if current trends continue," "optimistic," "forecast" and other similar words or expressions. All statements, other than statements of historical facts, are forward-looking statements, including, but not limited to, statements about the company's plans, objectives, expectations, outlooks, projections, intentions, estimates, and other statements of future events or conditions, including with respect to all companies or entities named within. These forward-looking statements are based on the company's current objectives, beliefs and expectations, and they are subject to significant risks and uncertainties that may cause actual results and financial position and timing of certain events to differ materially from the information in the forward-looking statements. These risks and uncertainties include, but are not limited to, those set forth herein as well as in Part I, Item 1A. Risk Factors and Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of the company's most recent Annual Report on Form 10-K, Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 1A. Risk Factors of the company's most recent Quarterly Report on Form 10-Q, and other risks and uncertainties listed from time to time in the company's other filings with the Securities and Exchange Commission. Additionally, there may be other factors which the company is not currently aware of that may affect matters discussed in the forward-looking statements and may also cause actual results to differ materially from those discussed. The company does not assume any obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting these forward-looking statements, other than as required by law. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statement.

Investor Relations

Lucio Aldworth

Caio Pinez

[email protected]

https://ir.eveairmobility.com/

Media:

[email protected]

SOURCE Eve Holding, Inc.