Eve Air Mobility has reported its first quarter earnings results for 2025.
Eve reported a net loss of USD 48.8 million in 1Q25 versus USD 25.3 million in 1Q24. The increase in net loss in 1Q25 was primarily driven by higher research and development (R&D) expenses, necessary to advance the development of the company’s urban air mobility products, including the Master Service Agreement (MSA) with Embraer. R&D expenses were USD 44.7 million in 1Q25 vs. USD 27.5 million in 1Q24, when R&D efforts began to intensify with advancements in the development of Eve’s eVTOL – which included purchasing parts and components and the assembling of the company’s first full-scale prototype. Moreover, R&D demanded increased engineering engagement with Embraer, additional program development activities, and testing infrastructure.
Selling, general and administrative expenses (SG&A) increased to USD 7.9 million in 1Q25 vs. USD 6.5 million in 1Q24. The number of direct employees at Eve increased to approximately 180 vs 170 in 1Q24. Additionally, higher payroll-related costs reflect the recognition of Restricted Stock Units to employees, and SG&A also reflects higher outsourced services in the quarter. Lastly, Eve continues to incur pre-operating expenses for its first production site in Taubaté, Brazil.
Eve’s total cash consumption in 1Q25 was USD 25.3 million, versus USD 35.9 million in 1Q24, and was positively impacted by a c.USD 18 million quarter-over-quarter increase in Related Party Payable. Most of the accounts payable are related to the MSA agreement with Embraer – Eve typically pays Embraer for the engineering/infrastructure costs forty-five days after the services are rendered.
Eve’s Cash, Cash Equivalents, and Financial Investments totaled USD 287.6 million at the end of 1Q25, and total liquidity – including undrawn credit lines with Brazil’s National Development Bank, reached USD 410.3 million. Eve said this funding is sufficient to support its operations and programme investments through 2026.
“Eve is pre-revenue; we do not expect meaningful revenues, if any, during the development phase of our aircraft, and financial results should be primarily related to costs associated with the program’s development during this period,” the company said in its May 12 press release.
Highlights for the period include Eve’s full-scale prototype progressing towards its first flight, with pusher motors tested and lifters currently being tested; the company’s global supply chain advancing for aircraft production; and the Eve hangar now ready to assemble conforming prototypes.
For more information
Image: Eve Air Mobility