Eve Holding, Inc. Q3 FY2025 earnings call

Key Achievements

• Final stages of testing engineering prototype with plans to start flight campaign by end of 2025/early 2026.
• Announced Embraer as supplier for landing gear of E100 commercial aircraft.
• Iron Bird is operating, aiding in testing actual hardware for aircraft.
• Received all electrical motors from Beta Technology for engineering prototype, integrated with nacelles and tested.
• Completed integration test between prototype and remote pilot station (RPS).
• Selected 22nd primary system supplier (Embraer for landing gear) with Embraer's strong landing gear heritage.
• Functional Iron Bird cockpit for system integration, logged over 10,000 hours of test, aiding in vehicle development and certification.
• Participated in ICAO Assembly and signed agreement with Bahrain for eVTOL adoption in the region, aiming for test flights in 2027 and operations in 2028.
• Total pre-order backlog stands at ~2,800 aircraft worth ~$14B, including 28 customers and 14 for Eve TechCare suite.

Eve is a pre-operational company with financials reflecting program development costs. No traditional product segment breakdown. Invested $45M in program development in Q3 2025, reported net loss of $47M, with cash consumption for 2025 expected to be in the lower end of $200M to $250M range.

Guidance

• Cash consumption for 2025 is expected to be at the lower end of $200M to $250M range.
• First flight of engineering prototype expected by end of 2025 or early 2026.
• Type certification and entry into service are scheduled for 2027.

Risks

• Forward-looking statements involve risks and uncertainties from SEC filings, including potential differences between expected and actual financial results due to various factors like new information, future events, etc. Supply chain risks and certification challenges are also potential operational failures.

Q: Based on Bahrain, is ANAC looking to form similar dual cert partnerships with other countries?

A: Work with Bahrain on certification is similar to other authorities, engaging early to build alignment of requirements and support authorities in validating ANAC certification basis to shorten validation time once ANAC type certificate is issued.

Q: Stage of assembly for conforming prototypes?

A: Still in definition of design, with long lead parts being manufactured by suppliers, to be received next year and prototypes assembled next year.