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Mar 31, 2024
Eve Q1 2024 Earnings Report
Eve reported a net loss of $25.3 million, with increased R&D and SG&A expenses, offset by a gain in the fair value of derivatives, and continues to advance its eVTOL development and testing phase.
Key Takeaways
Eve Air Mobility reported a net loss of $25.3 million in Q1 2024, a slight decrease from $25.8 million in Q1 2023. The net loss was influenced by higher R&D and SG&A expenses, which were partially offset by a gain related to the fair value of derivatives. The company's cash used by operations and capital expenditures totaled $35.9 million.
Net loss decreased to $25.3 million in 1Q24 from $25.8 million in 1Q23.
R&D expenses increased due to the Master Services Agreement (MSA) with Embraer.
SG&A expenses rose due to an increase in headcount and industrialization costs.
Total cash used by operations and capital expenditures in 1Q24 was $35.9 million.
Forward Guidance
Eve anticipates total cash consumption between $130 million and $170 million in 2024 due to intensifying program development efforts, supplier selection, prototype assembly, and investments in the production site. The company is confident that its current liquidity is sufficient to fund operations, design, and certification efforts through 2025.
Positive Outlook
- Current liquidity is sufficient to fund operations through 2025.
- Prototype assembly is progressing quickly.
- EVTOL factory configuration is underway.
- Partnerships and LOIs are being established.
- Certification efforts are advancing with ANAC and FAA.
Challenges Ahead
- Expected increase in the number of engineering hours.
- Anticipated rise in raw materials and parts/components acquisition.
- Potential supplier payments.
- Sequentially higher investments and expenses in the quarters ahead.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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