MELBOURNE, FL, May 7, 2024
/PRNewswire/ -- Eve Holding, Inc.
("Eve") (NYSE: EVEX and EVEXW) reports its First 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
the aircraft development, Service & Operations Solutions and 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 $25.3
million in 1Q24 versus $25.8
million in 1Q23. Net loss decreased despite higher
Research & Development (R&D) – costs and activities
necessary to advance in the development of our suite of products
and solutions for UAM, and Selling, General & Administrative
(SG&A) expenses. R&D expenses were $27.5 million in 1Q24, versus $21.5 million in 1Q23 and are primarily driven by
the Master Services Agreement (MSA) with Embraer that 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.
SG&A, in the meantime, rose to $6.5
million in 1Q24, from $6.2
million in 1Q23, as a result primarily of an increase in
Eve's headcount as well as industrialization and other costs
associated with the Brazilian eVTOL site (Taubate facility). At the
same time, Eve incurred lower other expenses in 1Q24 vs. 1Q23.
The increase in R&D and SG&A expenses was partly offset
by a $6.3 million gain in 1Q24
related to the fair value of derivatives (due to marking to market
of Eve's warrants), vs. a $2.2
million loss in 1Q23. Eve's total cash used by operations
and capital expenditures in 1Q24 was $35.9
million, versus $19.9 million
in 1Q23. R&D expenses associated with Eve's aircraft
development were the main contributors to the higher cash
consumption during the quarter.
For additional information, please access the full 1Q24 Earnings
Results release, available at the Investor Relations website
ir.eveairmobility.com
Webcast details
Management will discuss the results on a conference call
today, May 7, 2024 at 9:30
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
May 21, 2024, by dialing
1-844-512-2921 or 1-412-317-6671 and entering passcode
10187786.
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
View original
content:https://www.prnewswire.com/news-releases/eve-holding-inc-reports-first-quarter-2024-results-302137212.html
SOURCE Eve Holding, Inc.