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Dec 31, 2022
Eve Q4 2022 Earnings Report
Eve reported a net loss and increased R&D and SG&A expenses due to eVTOL design and corporate growth.
Key Takeaways
Eve reported a net loss of $20.1 million in 4Q22, compared to a net loss of $8.3 million in 4Q21. The increased loss was driven by higher Research & Development (R&D) and Selling, General & Administrative (SG&A) expenses. The company's total liquidity at the end of 2022 was $310.6 million.
Net loss for 4Q22 was $20.1 million, compared to $8.3 million in 4Q21.
R&D expenses were $18.0 million in 4Q22, compared to $6.6 million in 4Q21.
SG&A expenses increased to $9.0 million in 4Q22 from $1.6 million in 4Q21.
Total liquidity at the end of 2022 was $310.6 million.
Eve
Eve
Forward Guidance
Eve expects to allocate between $130 and $150 million towards the development program as well as Selling, General and Administrative (SG&A) expenses in 2023.
Positive Outlook
- Selection of primary suppliers in the first semester of 2023 to refine and validate expectations for total aircraft production and operating costs.
- Finalizing the aircraft configuration with defined suppliers and known specifications of critical components.
- Beginning assembly of the first commercially representative prototype in the second half of 2023.
- Commencing the test and certification campaign in 2024 once the prototype is fully assembled and operational.
- Concluding the development of the next release of Eve’s Urban ATM Software in 2023 to test and deploy for trials with potential customers.
Challenges Ahead
- Intensifying design efforts and the initial build of the first commercially representative prototype will lead to increased cash consumption.
- Additional program activities will require an increase in engineering hours.
- Acquisition of raw materials and parts/components to build the full-scale prototype will increase costs.
- Cash-consumption estimates are calculated using an expected exchange rate of R$5.20/US$1 for the full year of 2023.
- Eve doesn’t expect meaningful revenues during the development phase of its vehicle and its financial results are mostly related to costs associated with the program development.