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Dec 31, 2023
Eve Q4 2023 Earnings Report
Eve reported a net loss, driven by higher Research & Development expenses, but made progress in eVTOL development and secured contracts.
Key Takeaways
Eve Air Mobility reported a net loss of $39.3 million in Q4 2023, which was higher compared to the previous year, primarily due to increased Research & Development expenses. However, the company achieved several milestones in its eVTOL development program, including supplier selection and prototype production, and secured Service & Operations Solutions contracts.
Net loss was $39.3 million in 4Q23, compared to $20.1 million in 4Q22.
R&D expenses increased to $33.6 million in 4Q23, driven by the MSA with Embraer.
Total cash consumption in 4Q23 was $24.5 million, versus $20.8 million in 4Q22.
Eve employed approximately 700 full-time collaborators as of 4Q23.
Forward Guidance
Eve expects to continue accelerating program development with ambitious targets for 2024 and 2025 and expects a total cash consumption between $130 and $170 million in 2024.
Positive Outlook
- Selection of eVTOL suppliers mostly concluded
- Definition of Certification Basis and Means of Compliance
- Conclude first prototype assembly / initiate test campaign
Challenges Ahead
- Intensifying program development efforts
- Continued supplier selection
- Assembly of our prototypes
- Necessary investments in the production site
- Expects a total cash consumption between $130 and $170 million in 2024
Historical Earnings Impact
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