Eve Q3 2025 presentation: Full-scale prototype nears first flight as orders reach $14B

Introduction & Market Context

Eve Holding Inc. (NASDAQ:EVEX) presented its third-quarter 2025 update on November 4, highlighting significant progress on its eVTOL (electric vertical takeoff and landing) aircraft development program. Despite reporting an EPS beat of -$0.14 versus the expected -$0.16, the company's stock declined 3.39% to $4.13 during the trading session, reflecting continued investor caution about the capital-intensive development phase.

The urban air mobility company, backed by Brazilian aircraft manufacturer Embraer, maintains a strong order book while progressing toward key technical milestones in a competitive eVTOL landscape.

Prototype Development Progress

Eve's presentation emphasized three major product development achievements, with the full-scale prototype approaching its first flight after completing critical ground tests.

As shown in the following comprehensive development update:

The company has successfully completed ground communication and integration tests, along with pusher and lifter motor testing for its full-scale prototype. Eve also announced that Embraer has been selected to supply the landing gear system, which the company claims will enhance energy efficiency through ground taxi capabilities versus hovering.

The prototype is now being prepared at Embraer's test facility to begin its flight campaign, as illustrated in these images:

Additionally, Eve has made its Iron Bird operational - a ground prototype that combines actual aircraft hardware and software for certification testing. This de-constructed eVTOL setup includes a flight simulator with all eVTOL hardware in the loop and is built to the exact specifications of the actual aircraft.

Customer Engagement and Order Book

Eve reported continued momentum in customer acquisition and engagement across global markets. The company has secured agreements with 28 customers in 9 countries for its eVTOL aircraft, 14 customers in 8 countries for its TechCare service portfolio, and 21 customers in 10 countries for its Vector urban air traffic management solution.

The following slide details Eve's comprehensive ecosystem approach and impressive order book:

Most notably, Eve maintains approximately 2,800 pre-ordered eVTOLs (including firm orders and letters of intent), representing a potential order book value of approximately $14 billion based on current list prices. During the quarter, the company engaged with investors and media at the NYSE, participated in the ICAO assembly in Canada, and established a landmark framework agreement with Bahrain as part of its Middle East expansion strategy.

Financial Position and Performance

Eve reported a strengthened financial position following a recent equity capital raise of $230 million. The company now has total liquidity of $534 million, which it projects will be sufficient for approximately 2.5 years of operations.

The following breakdown illustrates Eve's current cash position:

Despite the improved liquidity, Eve reported a net loss of $47 million for Q3 2025, with cash consumption of approximately $60 million during the quarter. The company maintains dual listings in the US and Brazil, with daily trading liquidity exceeding $7 million.

Eve's detailed financial performance for the quarter shows the ongoing investment required for its development program:

2025 Milestones and Outlook

Eve maintains that all its 2025 milestones remain on track, including the critical first flight of its full-scale prototype. The company also reports progress on aligning its detailed certification plan with aviation authorities in Brazil (ANAC) and the US (FAA).

As shown in this milestone tracker:

The company projects total cash consumption for 2025 between $200-250 million, with executives noting during the earnings call that Q3 consumption was approximately $60 million, suggesting they expect to be at the lower end of the guidance range.

While Eve's presentation emphasizes that the first flight milestone is "on track," the company's earnings call indicated the flight might occur between late 2025 and early 2026, introducing some uncertainty to the timeline. Eve continues to target type certification by 2027 and entry into service between 2027 and 2028, with plans to scale production capacity to 240 and eventually 480 eVTOLs annually.

As Eve progresses toward these critical milestones, investors will be watching closely for the successful execution of the first flight campaign and certification process, which represent significant technical and regulatory hurdles on the path to commercialization in the emerging urban air mobility market.

Full presentation:

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