EVE Q3 Earnings Call Highlights

Key Points

• Eve says its cash can fund operations through 2028 without new financing. It ended Q3 with $356 million in cash and $471 million in total liquidity, and expects 2026 cash consumption near the low end of its $225 million–$275 million guidance range, aided by Embraer savings.
• Flight testing is advancing toward a first full transition flight before year-end. The prototype has completed 73 flights and 170 of 185 planned engineering test points; Eve plans to assemble six conforming prototypes starting early next year and is targeting certification by the end of 2028.
• Eve signed a deal with FlyBIS for two firm aircraft orders and options for 10 more, while its broader pre-order backlog stands at about 2,500 aircraft. Its planned Brazilian facility is expected to start with annual capacity of 120 aircraft, expandable to approximately 500.

EVE NYSE: EVEX expects its cash resources to support operations through 2028 without new funding as it advances development of its electric vertical takeoff and landing aircraft, executives said on the company’s third-quarter 2026 earnings call.

The company reported a $58 million quarterly net loss and $55 million in cash consumption. Chief Financial Officer Eduardo Siffert Couto said savings identified with Embraer are helping reduce spending, with full-year cash consumption now expected to be near the low end of the company’s $225 million to $275 million guidance range.

Chief Executive Officer Johann Bordais said Eve also completed the partial transition phase of its engineering prototype’s flight campaign and plans to conduct its first full transition flight before year-end. The maneuver would involve switching off the aircraft’s vertical lifters once its wings provide sufficient lift.

Flight testing and certification plans

The engineering prototype has completed 73 flights, logging three hours and six minutes of airtime, Bordais said. During partial transition testing, the aircraft reached 45 knots, or about 52 miles per hour, with both its pusher and lifters operating. The next phase will involve accelerating toward a transition speed of approximately 100 knots.

Eve is eight to 10 flights away from full transition and has validated 170 of 185 planned engineering test points, Bordais said. The company also reported successful containment of a thermal runaway event in a battery pack during component testing.

Eve plans to begin assembling the first of six conforming prototypes early next year, with the next piloted prototype flight expected in the second half of 2027. Chief Flight Prototype Engineer Marcelo Basile said the six aircraft are intended to support certification by the end of 2028, with separate testing assignments covering areas including flight performance, systems, propulsion and operational reliability.

Basile said Eve’s detailed design standards were 99% complete and its certification plans were defined. The company plans to write specific ground and flight test proposals next year. He said representatives of Brazilian aviation regulator ANAC have already been engaged in the program and will witness testing at Gavião Peixoto.

Cash outlook and Embraer savings

Eve ended the quarter with $356 million in cash and $471 million in total liquidity, including $114 million in undrawn standby credit loans. Cash consumption for the first nine months of 2026 was $174 million, while the net loss for that period was $161 million.

The company spent $48 million on research and development in the third quarter. Selling, general and administrative expenses fell to $6 million from $7 million a year earlier.

Couto said Eve and Embraer have identified $100 million to $150 million in potential savings through certification, of which approximately $50 million had been captured in 2026. He said the savings have not affected the aircraft’s development or certification timeline.

In response to an analyst’s question, Couto said he expects research and development spending to remain around $50 million per quarter and cash burn to stay near current levels next year, even as Eve assembles the six prototypes. He said prototype and engineering costs flow through payments to Embraer as operating cash flow rather than appearing in Eve’s capital expenditure line.

Orders and production

Eve signed an agreement with Brazilian regional operator FlyBIS covering two firm aircraft orders and options for 10 more, with a potential contract value of $60 million. The company reported a total pre-order backlog of approximately 2,500 aircraft, valued at about $12.6 billion at list price.

Asked about a potential sequential decline in the order book, Bordais said customer circumstances and strategies can change. Couto said the company’s focus is on converting letters of intent into firm contracts and receiving payments.

“What matters is our ability to move those LOIs into firm orders, firm contracts, and start to receive the payments,” Couto said. He added that customers make a down payment at signing, followed by additional payments before delivery and the balance at delivery.

Couto said Eve’s planned Brazilian production facility will have an initial annual capacity of 120 aircraft and can be expanded in stages to approximately 500. He said investment in the facility is expected to increase toward the end of 2027 and into early 2028.

About EVE (NYSE:EVEX)

Eve Air Mobility, formerly known as Eve Holding, Inc, develops electric vertical takeoff and landing (eVTOL) aircraft and related urban air mobility solutions. The company is focused on creating quieter, lower-emission transportation options for short urban and regional trips, including passenger flights, airport transfers and other specialized missions.

Its primary product is an eVTOL aircraft designed to operate using electric propulsion and vertical takeoff and landing capabilities.

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