Eve Air Mobility – in a pre-revenue stage and not expected to produce meaningful revenues, if any, during the aircraft development phase – reported a net loss of USD46.9 million in 3Q25, compared to USD35.8 million in 3Q24.
According to the latest results reported in a press statement:
“The increase in net loss in 3Q25 was primarily driven by higher Research & Development (R&D) expenses, which are costs and activities necessary to advance the development of our suite of products and solutions for UAM, including the Master Service Agreement (MSA) with Embraer. R&D expenses were USD44.9 million in 3Q25 vs. USD32.4 million in 3Q24. R&D continues to demand increased engineering engagement with Embraer, as well as additional program development activities and testing infrastructure. The MSA primarily drives our R&D costs with Embraer, which performs several critical developmental activities for Eve.
“SG&A decreased to USD7.0 million in 3Q25 vs. USD8.4 million in 3Q24. Although the number of direct Eve employees increased to roughly 190, up from ~170 in 3Q24, total payroll expenses decreased yoy due to lower costs related to Restricted Stock Units for employees. The most significant contributor to the reduction in SG&A was the capitalization of the ERP system implementation, which is related to our industrialization project as we prepare our assembly site for production – this was previously expensed. Lastly, the variation in SG&A also reflects a roughly 2% year-over-year average appreciation of the Real against the USD.
“Lastly, Eve recognized a USD6.4 million non-cash gain related to the fair value of derivatives – due to marking-to-market of Eve’s private warrants – vs. a USD4.0 million increase in 3Q24.
“Eve’s total cash consumption in 3Q25 was USD60.7 million, versus USD34.0 million in 3Q24. In the first nine months of the year, cash consumption reached USD143.0 million – in line with the low-end of our cash consumption estimate of USD200 million /250 million for 2025.
“Eve’s Cash, Cash Equivalents, and Financial Investments totalled USD411.7 million at the end of September 2025, and total liquidity – including undrawn credit lines with the BNDES (Brazil’s National Development Bank) and a recently-awarded grant- reached USD534.3 million. Eve’s current cash position of USD411.7 million is the highest cash level the company has achieved since its IPO in 2022, reflecting its continuous efforts to secure additional funding and maintain healthy liquidity levels. Eve’s total liquidity at USD534.3 million implies a cash runway of over two years based on the 2025 cash consumption guidance of USD200 to USD250 million.
Eve raised USD230 million in an equity placement in August 2025 from two anchor investors (BNDES – Brazil’s National Development Bank, and Embraer), as well as more than 30 institutional investors from the United States and Brazil, reflecting the strong investor support Eve enjoys in the investment community. The transaction was crucial to securing funding to support our development program through 2027 and to increase the daily trading volume in our shares, which is currently above USD7.0 million per day.”
For more information
https://ir.eveairmobility.com/news-events/press-releases/detail/92/eve-holding-inc-reports-third-quarter-2025-results