MELBOURNE, FL, Aug. 6, 2024
/PRNewswire/ -- Eve Holding, Inc.
("Eve") (NYSE: EVEX and EVEXW) reports its Second Quarter 2024
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 that includes
aircraft development, Service & Operations Solutions and
Vector, an Urban Air Traffic Management (Urban ATM) system. Eve is
pre-revenue; we do not expect meaningful revenues, if any, during
the development phase of our aircraft, and we expect financial
results to be mostly related to costs associated with the program's
development during this period.
Eve reported a net loss of $36.4
million in 2Q24 versus $31.4
million in 2Q23. Net loss increased due to higher Research
& Development (R&D) – these are costs and activities
necessary to advance in the development of our suite of products
and solutions for UAM - despite a decrease in Selling, General
& Administrative (SG&A) and a positive impact in the fair
value of our outstanding derivatives. R&D expenses were
$36.3 million in 2Q24, versus
$21.8 million in 2Q23 and were
primarily driven by the Master Services Agreement (MSA) with
Embraer who performs several developmental activities for Eve.
These efforts continue to intensify as the development of the eVTOL
progresses, including the purchase of parts, assembly of our first
full-scale prototype, and continued engineering, program
development and testing infrastructure expenses.
SG&A, decreased to $5.4
million in 2Q24, from $6.6
million in 2Q23, primarily driven by a combination of lower
outsourced services and payroll costs – the latter reflect the
forfeiture of Restricted Stock Units (RSUs) positively impacting
SG&A during the quarter. Eve also reduced Director &
Officers insurance expenses after renegotiating and lengthening
terms with our provider. Lastly, Eve benefitted from the c.10%
depreciation of the Brazilian Real BRL vs. the USD during the
quarter, as most of SG&A expenses are incurred in Brazilian
currency. The reduction in SG&A is despite an increase in Eve's
headcount, as well as industrialization and other costs associated
with Eve's Brazilian eVTOL manufacturing site, located in the city
of Taubaté.
The increase in R&D expenses was partly offset by a
$2.1 million gain in 2Q24 related to
the fair value of derivatives (due to marking to market of Eve's
private warrants), vs. a $6.8 million
loss in 2Q23. Eve's total cash used by operations and capital
expenditures in 2Q24 was $31.4
million, versus $27.8 million
in 2Q23. R&D expenses associated with Eve's aircraft
development were the main contributors to the higher cash
consumption during the quarter.
Lastly and subsequent to 2Q24, Eve entered into subscription
agreements with financial and strategic investors, including
Embraer, Space Florida and Nidec – our electric-motor supplier for
$95.6 million in new equity
financing. The additional funding will strengthen our Balance Sheet
and will help support our operations and program investments in the
upcoming years. Eve's cash, cash equivalents, financial investments
and related party loan receivable was $206.5
million and total liquidity would have been $338.0 million as of June
30th, 2024.
For additional information, please access the full 2Q24 Earnings
Results release, available at the Investor Relations website
ir.eveairmobility.com
Webcast details
Management will discuss the results on a conference call on
Tuesday, August 06, 2024 at 8:00 AM (Eastern Time).
The webcast will be publicly available in the Upcoming Events
section of the company website (www.eveairmobility.com).
To listen by phone, please dial 1-844-826-3033 or
1-412-317-5185. A replay of the call will be available until
August 20, 2024, by dialing
1-844-512-2921 or 1-412-317-6671 and entering passcode
10190411.
Webcast access here.
About Eve Holding,
Inc.
Eve is dedicated to accelerating the Urban Air Mobility
ecosystem. Benefitting from a start-up mindset, backed by Embraer
S.A.'s more than 50-year history of aerospace expertise, and with a
singular focus, Eve is taking a holistic approach to progressing
the UAM ecosystem, with an advanced eVTOL project, comprehensive
global services and support network and a unique air traffic
management solution. Since May 10,
2022, Eve is listed on the New York Stock Exchange, where
its shares of common stock and public warrants trade under the
tickers "EVEX" and "EVEXW".
For more information, please visit www.eveairmobility.com
Forward Looking Statements
Certain statements contained in this release are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements may be
identified by words such as "may," "will," "expect," "intend,"
"anticipate," "believe," "estimate," "plan," "project," "could,"
"should," "would," "continue," "seek," "target," "guidance,"
"outlook," "if current trends continue," "optimistic," "forecast"
and other similar words or expressions. All statements, other than
statements of historical facts, are forward-looking statements,
including, but not limited to, statements about the company's
plans, objectives, expectations, outlooks, projections, intentions,
estimates, and other statements of future events or conditions,
including with respect to all companies or entities named within.
These forward-looking statements are based on the company's current
objectives, beliefs and expectations, and they are subject to
significant risks and uncertainties that may cause actual results
and financial position and timing of certain events to differ
materially from the information in the forward-looking statements.
These risks and uncertainties include, but are not limited to,
those set forth herein as well as in Part I, Item 1A. Risk Factors
and Part II, Item 7. Management's Discussion and Analysis of
Financial Condition and Results of Operations of the company's most
recent Annual Report on Form 10-K, Part I, Item 2. Management's
Discussion and Analysis of Financial Condition and Results of
Operations and Part II, Item 1A. Risk Factors of the company's most
recent Quarterly Report on Form 10-Q, and other risks and
uncertainties listed from time to time in the company's other
filings with the Securities and Exchange Commission. Additionally,
there may be other factors of which the company is not currently
aware that may affect matters discussed in the forward-looking
statements and may also cause actual results to differ materially
from those discussed. The company does not assume any obligation to
publicly update or supplement any forward-looking statement to
reflect actual results, changes in assumptions or changes in other
factors affecting these forward-looking statements. other than as
required by law. Any forward-looking statements speak only as of
the date hereof or as of the dates indicated in the statement.
Investor Relations
Lucio
Aldworth
Caio Pinez
Matt Walters
investors@eveairmobility.com
https://ir.eveairmobility.com/
Media
media@eveairmobility.com
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SOURCE Eve Holding, Inc.
