Eve Air Mobility has reported a net loss of USD64.7 million in Q2 2025, compared to USD36.4 million in Q2 2024, according to its Q2 financial results.
“The increase in net loss in 2Q25 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,” said the company in a press statement. “R&D expenses were USD45.7 million in 2Q25 vs. USD36.3 million in 2Q24, when R&D efforts intensified with advancements in the development of our eVTOL, including the purchase of parts and components and the assembly of our first full-scale prototype. Moreover, R&D demanded increased engineering engagement with Embraer, 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 increased to USD8.2 million in 2Q25 vs. USD5.4 million in 2Q24. The number of direct employees at Eve increased to approximately 180, up from 170 in 2Q24. 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 our first production site in Taubaté, Brazil. The increase in SG&A was despite the c.6% YoY average depreciation of the Real vs. the USD.
“Lastly, Eve recognized a USD9.5 million non-cash charge related to the fair value of derivatives – due to marking to market of Eve’s private warrants, vs. a USD2.1 million gain in 2Q24.
Eve’s total cash consumption in 2Q25 was USD56.9 million, versus USD31.4 million in 2Q24. Eve’s Cash, Cash Equivalents, and Financial Investments totaled USD242.7 million at the end of 2Q25, and total liquidity – including undrawn credit lines with the BNDES (Brazil’s National Development Bank), and a recently-awarded USD16.5 million grant, reached USD375.5 million. “We believe the funding is sufficient to support our operations and program investments through 2026,” said the company.
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(Image: Eve Air Mobility)