MELBOURNE, Fla., Nov. 4, 2024
/PRNewswire/ -- Eve Holding, Inc. ("Eve") (NYSE: EVEX and
EVEXW) reports its Third Quarter 2024 Earnings Results.
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, Customer Services and Vector, an Urban Air
Traffic Management (Urban ATM) system. Eve is pre-revenue; we do
not expect meaningful revenues, if any, during the development
phase of our aircraft, and we expect financial results to be mostly
related to costs associated with the program's development during
this period.
Eve reported a net loss of $35.8
million in 3Q24 versus $31.2
million in 3Q23. Net loss increased due to higher Research
& Development (R&D) – these are costs and activities
necessary to advance in the development of our suite of products
and solutions for the Urban Air Mobility (UAM) market, as well as
Selling, General & Administrative (SG&A) expenses. R&D
expenses were $32.4 million in 3Q24,
versus $28.6 million in 3Q23 and were
primarily driven by the Master Services Agreement (MSA) with
Embraer who performs several development activities for Eve. These
efforts continue to intensify with increasing maturity of the
development of our eVTOL. Moreover, engagement of our engineering
team continues high – after the roll-out of our engineering
prototype in July, who are now performing a series of system and
integration ground tests on the aircraft before its debut
flight.
In the meantime, SG&A increased to $8.4 million in 3Q24, from $5.0 million in 3Q23, primarily due to a
combination of higher outsourced services, payroll costs and
pre-operating industrialization costs associated with our first
eVTOL plant, in the city of Taubaté in Brazil. These increases were partly offset by
savings on Director & Officers insurance expenses after
renegotiating and lengthening terms with our provider and a c.8%
depreciation of the Brazilian Real (BRL) vs. the USD over the last
year. Most of SG&A expenses are incurred in Brazilian currency.
The growth in payroll expenses reflects mostly an increase in Eve's
headcount.
The increase in R&D and SG&A was partly offset by a
$4.0 million gain in 3Q24 related to
the fair value of derivatives (as private warrants were marked to
market), vs. a $0.9 million loss in
3Q23. Eve's total cash used by operations and capital expenditures
in 3Q24 was $34.0 million, vs.
$22.4 million in 3Q23. R&D
expenses associated with Eve's development were the main
contributors to the higher cash consumption during the quarter.
Eve's Cash, Cash Equivalents and Financial Investments totaled
$279.8 million at the end of 3Q24,
and liquidity reached $305 million,
including $25 million from the BNDES
R&D standby facility available. Subsequent to 3Q24, Eve secured
a new ~$90 million credit line with
the BNDES – Brazil's National
Development Bank, to support the necessary investments in our
Taubaté site, and a new $50 million
loan with Citibank to support the funding of R&D. The
additional funding will strengthen our Balance Sheet and support
our operations and program investments in the upcoming years.
For additional information, please access the full 3Q24 Earnings
Results release, available at the Investor Relations website
ir.eveairmobility.com
Webcast details
Management will discuss the results on a conference call on
Monday, November 4, 2024 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 1-844-826-3033 or
1-412-317-5185. A replay of the call will be available until
November 18, 2024, by dialing
1-844-512-2921 or 1-412-317-6671 and entering passcode
10191816.
Webcast access here.
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 is listed on the New York Stock Exchange, where
its shares of common stock and public warrants trade under the
tickers "EVEX" and "EVEXW".
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 of which the company is not currently
aware 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
investors@eveairmobility.com
https://ir.eveairmobility.com/
Media
media@eveairmobility.com
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SOURCE Eve Holding, Inc.
