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Eve Holding, Inc. Reports Third Quarter 2024 Results

MELBOURNE, Fla., Nov. 4, 2024 /PRNewswire/ -- Eve Holding, Inc. ("Eve") (NYSE:EVEX) reports its Third 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, Customer Services 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 $35.8 million in 3Q24 versus $31.2 million in 3Q23. 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 the Urban Air Mobility (UAM) market, as well as Selling, General & Administrative (SG&A) expenses. R&D expenses were $32.4 million in 3Q24, versus $28.6 million in 3Q23 and were primarily driven by the Master Services Agreement (MSA) with Embraer who performs several development activities for Eve. These efforts continue to intensify with increasing maturity of the development of our eVTOL. Moreover, engagement of our engineering team continues high, after the roll-out of our engineering prototype in July, who are now performing a series of system and integration ground tests on the aircraft before its debut flight.

In the meantime, SG&A increased to $8.4 million in 3Q24, from $5.0 million in 3Q23, primarily due to a combination of higher outsourced services, payroll costs and pre-operating industrialization costs associated with our first eVTOL plant, in the city of Taubaté in Brazil. These increases were partly offset by savings on Director & Officers insurance expenses after renegotiating and lengthening terms with our provider and a c.8% depreciation of the Brazilian Real (BRL) vs. the USD over the last year. Most of SG&A expenses are ...