Eve Air Mobility has published its 2024 Q4 report and year-end financial results.
Eve reported a net loss of USD40.7 million in 4Q24 versus USD39.3 million in 4Q23, which included a non-recurring USD1.1 million gain related to the forfeiture of Restricted Stock Units (RSUs) with the resignation of a former CEO, so recurring net loss in 4Q23 was USD40.4 million. The net loss in 4Q24 was mostly driven by Research & Development (R&D) expenses.
For the full year, the net loss in 2024 was USD138.2 million, vs. USD127.7 million the year before. R&D expenses reached USD129.8 million in 2024 – versus USD105.6 million 2023, while recurring SG&A expenses increased from USD24.2 million in 2023 to USD26.5 million in 2024. “Like the quarterly numbers, these higher accumulated costs and expenses are primarily driven by increased developmental activities necessary to progress the eVTOL design,” said the company in a press release.
“Including personnel contracted through the MSA with Embraer and its subsidiaries, as of 4Q24 Eve employed approximately 900 full-time collaborators, versus roughly 700 at the end of 2023.
“In 2024, cash consumption (cash used in operating activities + capital expenditures) was USD141.2 million and USD94.7 million in 2023 – this is close to the low-end of the USD130 to USD170 million range we had expected to consume in the program throughout the year, thanks to our focus on cost control, the depreciation of the Brazilian Real (as some expenses are incurred locally, but recognized in US$) and continued synergies with Embraer.
At the end of 2024, Eve’s cash, cash equivalents, financial investments and related partly loan receivable totaled USD303.4 million – vs. USD241.1 million at the end 2023 and USD279.8 million in the previous quarter. The increase in our cash position, despite the cash deployed in our program, reflects a new loan raised during 4Q24 with a private bank as well as the Jul.’24 USD95.6 million Private Placement.
“Eve has drawn the equivalent of USD83.6 million of total funds made available by the BNDES thus far and still has another USD125.2 million for future withdrawals. With that, Eve’s total liquidity position at the end of 2024 was USD428.6 million.”
In terms of programme progress, the company announced:
“With the selection of all flight-critical component suppliers for our eVTOL, we completed the assembly of our first full-scale prototype in mid-2024, thus hitting one of the most critical milestones in the development of our aircraft,” said the company in a press release. “Our team engaged multiple component suppliers for the final development of each part after a thorough and collaborative Joint-Definition Phase (JDP). This is a comprehensive process to ensure that all the system interfaces are fully defined, and that different components will operate seamlessly with each other. This is critical to align and guarantee that the hardware and software interfaces of the multiple components work flawlessly amongst each other and within the specifications of our eVTOL design and performance characteristics.
“We are conducting ground tests on our prototype and expect to initiate the flight tests by mid-year 2025. We have recently turned Eve’s pusher motors on for the first time to assess proper installation, as well as performance characteristics, such as thrust, sound emission, vibration, energy consumption and others. We have tested the dedicated radio link between the prototype and the Remote Pilot Station (RPS) to ensure no signal latency for proper aircraft control during the test campaign.
“We continue to be highly engaged with aviation authorities to advance in the certification processes of our aircraft. In Brazil, ANAC (National Civil Aviation Agency) published the final version of the airworthiness criteria for Eve’s eVTOL. This is a significant milestone in the certification process of our aircraft and a critical stage of the type certification process. In parallel, the FAA (Federal Aviation Administration) issued the Special Federal Aviation Regulation (SFAR) that details the final rules for Advanced Air Mobility (AAM) and covers eVTOL. In general, the SFAR simplifies pilot training process and allows single control eVTOLs and is supportive of our design.
“Our team continues to test our eVTOL design and refine computer models in wind tunnels in the Netherlands. The latest tests were performed with powered rotors to calibrate the wing and rotors’ interface models and improve aerodynamics. These validate the multiple Computer Fluid Dynamic (CFD) test we have performed since the early stages of our design and improve performance of the cruise and transition phases of the flight.”
The company announced non-binding LOIs (Letters of Intent) for approximately 2.8K aircraft, from 28 different customers in nine countries and different markets.
“Eve continues to advance Vector, a unique Urban Air Traffic Management (Urban ATM) software, to optimize and scale UAM operations worldwide safely and has secured 21 customers for the software. In November of 2024, Eve conducted a successful simulation in São Paulo – with our partner Revo, to further test the applications of our solution.”
For more information
https://ir.eveairmobility.com/news-events/press-releases