Eve Holding, Inc. Reports Second Quarter 2022 Results

Eve Holding, Inc. reports its second quarter 2022 earnings results.

Eve ready for a new chapter

Eve is a leading developer of next-generation Urban Air Mobility (UAM) solutions. Eve’ goal is to create a comprehensive, practical and capital-efficient UAM solution that includes:

  • Design and production of electric Vertical Takeoff and Landing aircraft (eVTOLs);
  • Portfolio of agnostic maintenance and support services for both Eve and third-party aircraft;
  • Fleet operations services in collaboration with partners;
  • New Urban Air Traffic Management system designed to allow eVTOLs to operate safely and efficiently in densely-populated urban areas alongside conventional aircraft and drones.

Eve’s business was formerly part of Embraer S.A., the third largest aircraft manufacturer in the world specialized in the development of regional and executive jets.

As a separate company, Eve has the resources, agility and autonomy to pursue innovative business models and will be able to serve as a protagonist in shaping the UAM market.

Eve is uniquely positioned to develop, certify and commercialize its UAM solution on a global scale given its aviation heritage, strategic relationship with Embraer and the experience of its management team and employees, complemented by the strategic partners involved with Eve’s project.

Now with the right partners, an experienced and independent team, and an extensive amount of funding secured, Eve is fully engaged to make history.

2Q2022 financial highlights

  • Eve reported a net loss of $11.8 million in 2Q22 versus $2.4 million in 2Q21 mostly driven by higher Research & Development (R&D) expenses and Selling, General & Administrative (SG&A) costs, as eVTOL project continues to advance and as our team of collaborators grows. In the 1H22, Eve reported a net loss of $21.3 million, $16.7 million higher than the $4.6 million net loss in the 1H21.
  • During the first half of 2022, Eve consumed $13.2 million of net cash used in operating activities, versus $5.1 million in 1H21. The 1H22 free cash flow reflects an $11.2 million working-capital gain – most of which is due to higher accounts payable with Embraer.
  • On the finance side, net cash provided by financing activities reached $329.1 million during 1H22 with the net proceeds from their listing on the New York Stock Exchange.
  • At the end of 2Q22, Eve had $330.8 million in total liquidity (cash, equivalents and financial investments) versus $14.4 million at the beginning of the quarter. Eve’s significantly higher cash position comes primarily from the capital raise in May 2022, and was partially offset by development expenses and transaction costs.
  • As of the end of 2Q22, Eve did not have any debt on its balance sheet. The Eve management team continues to monitor the capital markets for debt financing options to bring additional cash resources to Eve at attractive terms. Before service is commenced, Eve may also seek incremental capex lines – via corporate loans, to help fund its manufacturing and production facilities.
  • As Eve continue to advance their eVTOL development, Eve expects to transition part of its non-binding orders into firm contracts. Those firm orders may result in significant cash advances and inflow to the company through down payments that tend to occur several months prior to final eVTOL delivery.

For additional information, please access the full 2Q22 Earnings release, available in the Investor Relations website at