Eve Holding, Inc. has reported its fourth quarter and fiscal year 2022 earnings results and its future programme milestones. These are:
- Selection of primary suppliers
“We intend to define the suppliers of the most critical components of our aircraft (e.g., battery, propulsion, etc.) in the first semester of 2023. When completed, we will be able to refine and validate our expectations for total aircraft production and operating costs.
- Aircraft systems architecture definition
“With defined suppliers and known specifications of each of the critical components, we will finalize the configuration of our aircraft.
- First prototype
“We plan to begin assembly of the first commercially representative prototype, to be used in our test and certification campaign, during the second half of 2023.
- Initiate test campaign
“Test and certification campaign should commence once the prototype is fully assembled and operational, which is currently planned for 2024.
- Trial software for Urban Air Traffic Management (Urban ATM)
“Throughout 2023, we plan to conclude the development of the next release of Eve’s Urban ATM Software to test and deploy for trials with potential customers.
- Total cash consumption
“With intensifying design efforts and the initial build of our first commercially representative prototype, Eve expects to allocate between USD130 and USD150 million towards the development program as well as Selling, General and Administrative (SG&A) expenses in 2023. The additional program activities will require an increase in the number of engineering hours – via our Master Service Agreement (MSA) with Embraer as well as direct Eve personnel, and the acquisition of raw materials and parts/components to build our fullscale prototype. “We feel comfortable that our current liquidity is sufficient to fund our operations, design and certification efforts into 2025.”
At the end of 2022, Eve had USD310.6 million in total liquidity (cash, cash equivalents, financial investments and intercompany loan) versus USD329.9 million at the beginning of 4Q22. R&D expenses associated with Eve’s aircraft and SG&A were the main contributors for the cash consumption during the quarter.
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