Eve reported a net loss of USD68.8 million in 1Q26 versus USD48.8 million in 1Q25. The higher net loss in 1Q26 was mainly due to increased Research & Development expenses, said the company. “These costs and activities are necessary to advance our suite of UAM products and solutions, including the Master Service Agreement (MSA) with Embraer. R&D expenses were USD59.1 million in 1Q26 compared to USD44.7 million in 1Q25. This increase reflects the intensifying R&D activity, including eVTOL development, greater engagement with suppliers, and the allocation of Embraer engineering resources to our project. R&D also required additional program development activities and more testing infrastructure. The MSA primarily drives our R&D costs with Embraer, which performs several critical activities for Eve.
“Selling, General & Administrative (SG&A) decreased to USD7.2 million in 1Q26 versus USD7.9 million in 1Q25. This was mostly due to higher payroll-related costs associated with employee Restricted Stock Units (RSUs) recognized in the prior year. The decrease came despite an 11% appreciation of the Brazilian Real versus the US Dollar and a higher number of direct employees at Eve. Our staff now stands at approximately 200, compared to roughly 180 in 1Q25
“Eve’s total cash consumption in 1Q26 was USD68.6 million, compared to USD25.4 million in 1Q25. This reflects the greater intensity of our design and development activities. In 1Q26, cash consumption included an USD11 million payment under the MSA with Embraer, that had been deferred from the previous quarter. Excluding this payment, adjusted cash consumption in 1Q26 was USD57 million. Eve’s Cash, Cash Equivalents, and Financial Investments totaled USD441.1 million at the end of 1Q26. This is our highest cash balance ever. Total liquidity, including undrawn credit lines with the Brazil’s National Development Bank (BNDES), also reached a record level of USD577.7 million, driven by a new 5-year syndicated loan of USD150 million issued in January 2026. We believe this funding is sufficient to support our operations and program investments through 2028.”
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