Eve Air Mobility at VERTICON 2026
eVTOL developer Eve Air Mobility has released its fourth quarter and fiscal year 2025 earnings results, reporting yet another huge net loss, attributed to even higher Research & Development (R&D) expenses than last year. Eve states that, being a pre-revenue company, little or no revenue is expected during this phase.
Eve considers these R&D investments to be fruitful, having completed several ground tests and the maiden flight of its engineering prototype in December. Six conforming prototypes are expected to initiate the flight portion of the certification campaign in 2027, and the Iron Bird deconstructed eVTOL replica will be used to accumulate certification credits.
“Our prototype has flown a total of 28 times to date, accumulating more than 1 hour of flight time, with telemetry readings that are better than expected,” said Johann Bordais, CEO of Eve Air Mobility. “Also, the campaign has been progressing as planned, with initial hover and on-air manoeuvres being performed. In total, we expect to fly around 300 times with this prototype in 2026; at the current pace, we are well on our way to hitting this milestone.”
Bordais also stated that Eve’s is a strong position due to “the largest and most diversified backlog,” however this backlog consists primarily of over two thousand Letters of Intent (LOIs) rather than firm orders.
Q4 Overview
Unsurprisingly, Q425 yielded a USD 63.9 million net loss compared to USD 40.7 million in the same period last year, driven by USD 59.4 million in R&D expenses, USD 20.3 million more than the year before. Eve says that the R&D costs went towards the eVTOL’s development, engineering work with Embraer, and engagement with third party suppliers through engineering services, parts, and the first stages of conforming prototype assembly.
Selling, General, and Administrative (SG&A) expenses increased to USD 7.6 million from USD 6.2 million in 4Q24, which Eve attributes to an additional 30 employees, bringing the total team to 200 members. The OEM also points to a c.8% appreciation of the average Brazilian Real versus the US dollar.
Overall, total cash consumption in 4Q25 was USD 32.1 million compared to 39.9 million in the same period, which was impacted by a temporary deferral of a USD 21.3 million invoice with Embraer, as part of the MSA contract.
Full Year Overview
Yet again, Eve reported a significant net loss in 2025 of USD 224.3 million compared to USD 138.2 million in 2024, with R&D expenses totalling USD 194.7 million, increasing from USD 129.8 million in 2024. SG&A expenses also rose to USD 30.7 million from USD 26.5 million year-on-year. Additionally, the OEM has drawn USD 118.2 million of the total funds made available by the BNDES, leaving USD 148.9 million available.
Cash consumption (operating activities + capital expenditures) reached USD 175.2 million for 2025, and Cash, Cash Equivalents, and Financial Investments totalled USD 392.5 million, with total liquidity reaching USD 541.4 million.
“There is no doubt that 2026 will be a challenging year,” added Bordais. “We will continue to operate with discipline in a tough environment, and we still have a long and rigorous path ahead. Still, Eve continues to pave the way for what lies ahead, and the way we closed 2025 says everything about who we are.”
Photo: RotorHub International
