Eve Holding Inc. Reports Fourth Quarter and Fiscal Year 2025 Results

2025 has been a pivotal year for Eve Air Mobility, characterized by several key achievements that underscore the company's commitment to shaping the global UAM ecosystem. The year culminated in the successful maiden flight of its engineering prototype in December, a milestone that set the stage for an extensive flight campaign aimed at enhancing the company's eVTOL (electric Vertical Take-Off and Landing) aircraft.

The prototype has successfully completed 28 flights, accumulating over one hour of operational flight time, with telemetry data exceeding expectations. Eve aims to conduct approximately 300 flights in 2026, indicating robust progress in its flight campaign.

Eve's eVTOL aircraft is designed with simplicity at its core, featuring a Lift+Cruise configuration with eight dedicated propellers for vertical take-off and landing, and fixed wings for cruise flight. The inclusion of a dual-electric-motor pusher for horizontal propulsion ensures redundancy, enhancing both safety and performance. This streamlined design is anticipated to lower maintenance costs and improve dispatchability, paving the way for effective certification processes.

Eve is actively engaging with aviation authorities to expedite certification for its aircraft. In Brazil, the National Civil Aviation Agency is set to define the Means of Compliance, which outlines the tests necessary for Type Certification. Following this, Eve plans to initiate its certification campaign, with six conforming prototypes expected to commence flight testing in 2027.

Eve has made significant progress with ground tests, simulations, and wind-tunnel tests, as well as utilizing its Iron Bird—a deconstructed eVTOL model—to accumulate certification credits.

Eve boasts the largest and most diversified backlog in the industry, currently holding 2,700 Letters of Intent (LOIs) for its aircraft. The company has begun converting LOIs into firm orders, resulting in 100 aircraft under binding agreements. This, combined with its Services & Support Solutions (Eve TechCare®), provides long-term revenue visibility and aids in managing cash flows.

In 2025, Eve reported a net loss of $224.3 million, an increase from $138.2 million in 2024. R&D expenses surged to $194.7 million, reflecting intensified efforts to advance the eVTOL program, particularly with the Master Service Agreement (MSA) with Embraer. The company’s cash consumption was $175.2 million, supported by disciplined cost control and synergies with Embraer.

In the fourth quarter of 2025, Eve recorded a net loss of $63.9 million, compared to $40.7 million in the same quarter of the previous year. The rise in losses was primarily attributed to higher R&D expenditures, which amounted to $59.4 million. This increase was due to intensified development activities and greater engagement with suppliers.

Significantly, total cash consumption for Q4 was $32.1 million, a decrease from $39.9 million in Q4 2024, aided by a temporary deferral of a $21.3 million invoice with Embraer. Eve's total liquidity reached an all-time high of $641 million, bolstered by recent funding efforts, including $400 million raised in the last six months through various instruments.

As Eve prepares for 2026, the company acknowledges that the upcoming year will present challenges. However, the management remains optimistic about the future, emphasizing the commitment to operate with discipline and focus on safety and quality. CEO Johann Bordais expressed pride in the team’s achievements and confidence in their ability to navigate the complex landscape of UAM development.

"The way we closed 2025 says everything about who we are," Bordais stated, highlighting the company's resilience and dedication to meeting market milestones.

Eve Holding, Inc. is positioning itself as a leader in the Urban Air Mobility sector, with a strong financial foundation and a clear vision for the future. As the company continues to advance its eVTOL program and certification processes, stakeholders can expect a dynamic year ahead as Eve seeks to redefine urban transportation.

Management will discuss the results in greater detail during a conference call on March 17, 2026, at 8:00 AM Eastern Time, providing further insights into the company’s strategy and operational outlook.