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Eve Holding reports USD31.4 million loss for Q2 2023 and USD370.7 million liquidity

Eve Holding has released its second-quarter earnings today reporting a net loss of USD31.4 million in 2Q23 versus USD107.2 million in 2Q22.

According to the company statement “Setting aside non-recurring warrant-related expenses connected to Eve’s PIPE investments and the merger with Zanite (SPAC transaction) of USD87.4 million incurred in 2Q22, net loss was then USD19.9 million. The higher recurring net losses in 2Q23 compared to the same period of 2022 were mostly driven by higher Research & Development (R&D) expenses, which are costs and activities necessary to advance the eVTOL design, including the Master Service Agreement (MSA) with Embraer, as well as higher recurring Selling, General & Administrative (SG&A) expenses. Higher R&D and recurring SG&A expenses during the quarter were partly offset by financial investment income and FX gains of USD4.1 million in the 2Q23 versus a gain of USD0.6 million in the 2Q22, on benefits from higher interest rates and cash position on Eve’s financial investments.

“During the second quarter of 2023, Eve’s total cash consumption was USD27.8 million, versus USD20.0 million in 2Q22. R&D associated with Eve’s aircraft development and SG&A expenses mentioned above were the main contributors to the higher cash consumption during the quarter.

“At the end of 2Q23, Eve’s liquidity position was USD269.0 million – including cash, cash equivalents, financial investments, and related-party loan with Embraer, versus USD294.6 million at the end of 1Q23. As of 2Q23, Eve did not have any debt on its balance sheet. The proceeds from the business combination with Zanite Acquisition Corp., and strategic PIPE investors raised in 2022, combined with potential advances from customers and current and future finance lines are the main sources of capital to fund Eve’s development and certification of its eVTOL.

“Eve’s 2Q23 total liquidity – including still-undrawn BNDES credit lines of USD101.7 million (to be disbursed throughout 2023 and 2024), was USD370.7 million.”

For more information

ir.eveairmobility.com

www.eveairmobility.com

(Image: Eve Air Mobility)

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