#USA #eVTOL #Urban Air Mobility #Melbourne, Florida #Eve Holding

Eve Holding, Inc. Reports Fourth Quarter and FY 2024 Results

Eve Holding, Inc. presented its earnings results for the fourth quarter and the entirety of its fiscal year 2024, revealing key milestones in their ongoing journey towards establishing a comprehensive Urban Air Mobility (UAM) ecosystem. Positioned under the stock tickers EVEX and EVEXW on the NYSE, Eve has achieved significant progress, most notably in the development of its electric Vertical Takeoff and Landing (eVTOL) aircraft.

2024 Year in Review

Eve Air Mobility accomplished a series of notable milestones throughout the year, particularly in refining its eVTOL prototype design. As part of their strategic approach, all flight-critical components have been sourced, and by mid-2024, the assembly of the first full-scale prototype reached completion, marking a crucial step in the aircraft's development.

The eVTOL showcases a simplistic and efficient design, leveraging a Lift+Cruise configuration along with eight dedicated propellers designed for vertical take-off and landing. Fixed wings supplement the aircraft during the cruise phase. Furthermore, a dual electric-motor system ensures horizontal propulsion redundancy, emphasizing safety and performance. This streamlined design is projected to minimize maintenance expenses and enhance operational readiness—an essential proposition for potential future operators.

Eve's development phase engaged an array of component suppliers through a detailed Joint-Definition Phase (JDP). This collaborative effort was crucial in meticulously outlining system interfaces and ensuring all components function in harmony within the eVTOL's specifications. Presently, ground tests are underway, with flight tests anticipated to commence around mid-2025.

Testing and Certification Advancements

In recent developments, Eve successfully powered on the pusher motors for the first time, assessing installation integrity and performance metrics such as thrust, vibrational behavior, and energy efficiency. Additionally, a dedicated radio connection between the prototype and the Remote Pilot Station (RPS) has also been tested to mitigate any signal latency during operation.

Engagement with aviation authorities has been robust as Eve seeks to advance its aircraft certification process. Notably, Brazil's National Civil Aviation Agency (ANAC) has published comprehensive airworthiness criteria for Eve's eVTOL, a critical benchmark in their certification journey. Concurrently, the Federal Aviation Administration (FAA) in the U.S. introduced new regulations for Advanced Air Mobility (AAM) initiatives, facilitating single-pilot eVTOL operations—aligning well with Eve's design ethos.

Growing Customer Backlog

Eve's impressive operational strength has led to the largest and most diversified backlog in the UAM sector. The company has amassed non-binding Letters of Intent (LOIs) for approximately 2,800 aircraft, encompassing 28 different customers across nine global markets. Coupled with the TechCare service contracts, Eve is on a trajectory toward stable long-term revenue generation as they convert these LOIs into firm orders.

The company remains committed to enhancing its Urban Air Traffic Management software, named Vector, to optimize global UAM operations. To date, Eve has secured 21 customers for Vector, evidencing strong interest and investment in UAM infrastructure. A notable simulation event conducted in São Paulo further reinforced the practical applications of their traffic management solutions.

Financial Performance

In terms of financial metrics, Eve reported a net loss of $40.7 million for the fourth quarter of 2024, compared to a loss of $39.3 million in the same quarter the previous year. This loss primarily stemmed from the expenditures related to research and development (R&D) efforts. R&D expenses in Q4 reached $33.7 million, a marginal increase from $33.6 million in Q4 2023, as the pace of development work intensified.

Yearly statistics show Eve's net loss totaled $138.2 million for 2024, up from $127.7 million in 2023, with R&D expenses rising to $129.8 million. Total cash consumption for 2024 was recorded at $141.2 million, aligning closely with projected guidance. Despite these losses, Eve's liquidity improved due to strategic financing activities.

At the conclusion of 2024, Eve's available cash, cash equivalents, and financial resources totaled approximately $303.4 million, reflecting a strategic increase toward bolstering future operational investments. The company remains optimistic, with ongoing access to credit lines, providing a robust financial outlook to support their eVTOL development program through 2026 and beyond.

In summary, Eve Holding, Inc. stands at the forefront of the UAM industry, leveraging both innovative technology and solid financial backing to achieve groundbreaking advancements in urban air mobility solutions. The company's leadership, under CEO Johann Bordais, is confident in their strategic positioning and the execution of key developmental goals as they continue to pave the way for the evolution of aerial transportation.

Upcoming Conference Call

Eve Holding will host a conference call on March 11, 2025, to discuss financial results and strategic initiatives. Access to the webcast will be available through Eve's Investor Relations website.

For more details, visit Eve Air Mobility.