Eve Holding, Inc. reports its Second Quarter 2025 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, which includes eVTOL development, services & support solutions – TechCare and Vector, as well as an Urban Air Traffic Management (Urban ATM) system.
Eve is pre-revenue, so it is not expected to produce meaningful revenues, if any, during the aircraft development phase. Financial results should primarily be related to the costs associated with the program’s development cycle.
Eve reported a net loss of $64.7 million in 2Q25, compared to $36.4 million in 2Q24. The increase in net loss in 2Q25 was primarily driven by higher Research & Development (R&D) expenses, which are costs and activities necessary to advance the development of our suite of products and solutions for UAM, including the Master Service Agreement (MSA) with Embraer.
R&D expenses were $45.7 million in 2Q25 vs. $36.3 million in 2Q24, when R&D efforts intensified with advancements in the development of our eVTOL, including the purchase of parts and components and the assembly of our first full-scale prototype.
Moreover, R&D demanded increased engineering engagement with Embraer, additional program development activities, and testing infrastructure.
The MSA primarily drives our R&D costs with Embraer, which performs several critical developmental activities for Eve.
SG&A increased to $8.2 million in 2Q25 vs. $5.4 million in 2Q24. The number of direct employees at Eve increased to approximately 180, up from 170 in 2Q24.
Additionally, higher payroll-related costs reflect the recognition of Restricted Stock Units to employees, and SG&A also reflects higher outsourced services in the quarter.
Lastly, Eve continues to incur pre-operating expenses for our first production site in Taubaté, Brazil. The increase in SG&A was despite the c.6% YoY average depreciation of the Real vs. the USD.
Lastly, Eve recognized a $9.5 million non-cash charge related to the fair value of derivatives – due to marking to market of Eve’s private warrants, vs. a $2.1 million gain in 2Q24.
Eve’s total cash consumption in 2Q25 was just $56.9 million, versus $31.4 million in 2Q24.
Eve’s Cash, Cash Equivalents, and Financial Investments totalled $242.7 million at the end of 2Q25, and total liquidity – including undrawn credit lines with the BNDES (Brazil’s National Development Bank), and a recently-awarded $16.5 million grant, reached $375.5 million.
We believe the funding is sufficient to support our operations and program investments through 2026.