Year in review
Eve Air Mobility accomplished several milestones in 2025, a defining year, as we continue to work to shape the global Urban Air Mobility ecosystem.
With the selection of a new pusher motor supplier and the completion of several ground tests, Eve completed the maiden flight of its engineering prototype in December, commencing what has now become a full-fledged and intense flight campaign. Our prototype has flown a total of 28 times to date, accumulating more than 1 hour of flight time, with telemetry readings that are better than expected. Also, the campaign has been progressing as planned, with initial hover and on-air maneuvers being performed. In total, we expect to fly around 300 times with this prototype in 2026; at the current pace, we are well on our way to hitting this milestone.
Simplicity is the DNA of our electric Vertical Take-Off and Landing (eVTOL) aircraft with a Lift+Cruise configuration, eight dedicated propellers for vertical take-off and landing, that do not change position during flight, and fixed wings for cruise flight. Our design also features a dual-electric-motor pusher for horizontal propulsion redundancy, with performance and safety in mind. We believe fewer, simpler parts will help reduce maintenance and operating costs, improve dispatchability for operators, and provide a clearer path to certification.
We continue to be highly engaged with aviation authorities to advance in the certification processes of our aircraft. In Brazil, the National Civil Aviation Agency will soon define the Means of Compliance, a detailed set of rigorous tests that our aircraft must successfully perform to receive Type Certification. We expect to initiate our certification campaign shortly thereafter. And, while our six conforming prototypes should be ready to initiate the flight portion of the certification campaign in 2027, we accomplished a tremendous amount with ground tests on rigs, simulations, wind-tunnel tests, and our Iron Bird, a deconstructed eVTOL that replicates the actual aircraft and can be used to accumulate certification credits.
Eve's strengths have resulted in the largest and most diversified backlog, totaling 2.7k LOIs (Letters of Intent). We also began converting LOIs into firm orders and collecting pre-delivery payments, bringing the total to 100 aircraft under binding agreements. This, combined with the Services & Support Solutions (Eve TechCare®) contracts, offers long-term revenue visibility and will help Eve smooth cash-flow consumption in the years to come. Eve continues to advance Eve Vector®, our Urban Air Traffic Management software, to optimize and safely scale Urban Air Mobility operations worldwide.
Importantly, last year we met all the milestones we had laid out to the market, including cash consumption of $196 million (adjusted for working capital gains in 4Q25), mostly in line with the low-end of 2025 guidance. In total, Eve raised around $400 million in the last six months across a mix of debt and equity instruments, demonstrating strong commitment from the investment community. With total liquidity at its highest level ever, currently at $641 million, and a strong focus on cost discipline and efficiencies with Embraer, we are confident that our financial position is sufficient to fund our Research & Development and operations through 2028.
There is no doubt that 2026 will be a challenging year. We will continue to operate with discipline in a tough environment, and we still have a long and rigorous path ahead. Still, Eve continues to pave the way for what lies ahead, and the way we closed 2025 says everything about who we are.
Last year's accomplishments reinforced my belief that we have the ...
