Eve Holding, Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported a net loss of $58.1 million for the third quarter of 2026, compared to a net loss of $46.9 million in the same period of 2025.
• Net loss for the first nine months of 2026 was $161.1 million, versus $160.3 million in the first nine months of 2025.
• Research & Development (R&D) expenses increased to $48.3 million in 3Q26 from $44.9 million in 3Q25; for the first nine months of 2026, R&D was $136.3 million compared to $135.3 million in 2025.
• Selling, General & Administrative (SG&A) expenses decreased to $6.0 million in 3Q26 from $7.0 million in 3Q25; for the first nine months of 2026, SG&A was $21.5 million compared to $23.1 million in 2025.
• Total cash consumption for 3Q26 was $55.1 million, down from $60.7 million in 3Q25; for the first nine months of 2026, cash consumption reached $173.1 million versus $143.0 million in 2025.
• Net cash used in operating activities was $51.6 million in 3Q26 (vs. $54.0 million in 3Q25) and $166.9 million for the first nine months of 2026 (vs. $134.5 million in 2025).
• Cash, Cash Equivalents, and Financial Investments totaled $356.0 million at the end of 3Q26, down from $411.7 million at the end of 3Q25.
• Total liquidity, including undrawn credit lines with BNDES and grants, stood at $470.4 million at the end of 3Q26, down from $534.3 million in 3Q25.
• Total debt increased to $322.1 million at the end of 3Q26 from $168.1 million in 3Q25.
• Property, Plant & Equipment (PP&E) increased to $15.1 million at the end of 3Q26 from $8.9 million in 3Q25.
• Free Cash Flow (non-GAAP) was $(55.1) million in 3Q26 and $(173.1) million for the first nine months of 2026.

Guidance and Future Outlook:

• Full-year 2026 cash flow consumption is expected to reach the low-end of the guidance range of $225 million to $275 million.
• Management believes current funding is sufficient to support operations and program investments through 2028.
• The first flight of the first certification-conforming prototype is expected in the second half of 2027.
• Concurrent Type Certificate (TC) validation with the FAA is expected in 2028.
• EASA certification tests are expected to initiate in mid-2028, with the certification process lasting approximately 18 months.
• Full-year 2026 cash consumption is leaning toward the low-end of the guidance range due to captured synergies with Embraer.

Business Segments and Product Lines:

• Engineering prototype flew for the first time in December 2025 and has completed 73 flights, validating 170 points (91% of the planned campaign checkpoints).
• The engineering prototype successfully demonstrated the Autoland feature and simplified fly-by-wire mode.
• Assembly of certification-conforming prototypes is underway, with the first batch of components received for the first of six planned prototypes.
• Eve plans to build up to six certification-conforming prototypes featuring all redundancies and systems of the commercial version.
• Eve has accumulated approximately 16,500 hours of tests in various rigs, including battery, lifter, and actuator tests.
• Thermal runaway containment was successfully achieved during battery testing.
• The first battery for the conforming prototype was installed with successful high-voltage operation and communication.
• Critical Design Review (CDR) processes are mostly complete, with detailed drawings released for component manufacturing.
• The Eve 100 aircraft is designed with a wingspan of 50ft (15.2m) and a cabin length of 11ft (3.3m), with an expected range of 60 miles (100 km).
• Order pipeline totals approximately 2,500 units with a non-binding backlog value of approximately $12.6 billion.
• 28 customers are in the order book, with no single client representing more than 16% of the total order book.
• Service solutions (Eve TechCare) have secured non-binding contracts with 13 customers, representing LOIs for approximately 1,100 eVTOLs (42% of the order book).
• Service contracts are expected to generate potential revenues of $1.5 billion during the first few years of vehicle operation.
• Vector (Urban Air Traffic Management) has signed LOIs from 21 customers globally.
• A binding agreement was signed with FlyBIS for up to 12 eVTOLs, including two firm orders and purchase rights for 10 additional units.
• An MOU was signed with RV Connex to advance the regulatory framework for Advanced Air Mobility in Thailand.
• A partnership was announced with the Florida Department of Transportation (FDOT) for a UAM initiative at SunTrax Air.

Market and Competitive Landscape:

• Brazil's Civil Aviation Authority (ANAC) published the Basis of Certification for Eve's eVTOL in November 2024, establishing the first set of airworthiness criteria for eVTOLs in Brazil.
• Proposed Noise Certification Criteria for Eve 100 were published by ANAC in July.
• Eve formalized validation with the FAA in 2023 and met with FAA leadership to discuss 2026 deliverables.
• Eve applied for EASA Type Certificate validation in March 2026, accepted in April.
• The Americas account for close to three-fourths of the backlog value (North America 56%, South America 18%).
• Asia accounts for 12% of LOIs, and Europe accounts for 11%.
• The customer base includes fixed-wing operators (35%), helicopter operators (33%), lessors (18%), and ride-sharing platforms (8%).
• LOIs have been received from clients in nine countries across five continents.
• Brazil is positioned as a premier market for urban air mobility with strong government support and two committed operators.

Risks and Challenges:

• The company is pre-operational and does not expect meaningful revenue during the aircraft development phase.
• Financial results are driven mostly by program development costs, resulting in net losses.
• R&D expenses are expected to remain high due to intensifying design and development activities and increased supplier engagement.
• The engineering prototype does not include all final systems, subsystems, and redundancies of a certifiable aircraft and does not carry a pilot onboard.
• The order pipeline is based on non-binding Letters of Intent (LOIs) and is subject to change.
• Forward-looking statements involve significant risks and uncertainties, including regulatory approval timelines and certification processes.

Management Commentary and Tone:

• Management expressed confidence that current liquidity is sufficient to fund operations and program investments through 2028.
• The company is capturing additional cost savings and synergies previously identified with Embraer.
• The flight-testing approach is designed to leverage ground equipment to reduce program risks, timelines, and development costs.
• The engineering prototype's performance, including propulsion and battery metrics, was better than anticipated.
• Management highlighted the importance of the ANAC Basis of Certification as a major milestone for the eVTOL industry.
• The tone regarding the certification campaign is positive, noting that ground tests will allow the campaign to begin before initial flights of certification-compliant prototypes.

Analyst Questions and Answers:

• No specific analyst questions and answers were included in the provided press release text.

Other Key Points:

• Eve is listed on the New York Stock Exchange (ticker: "EVEX") and the B3 Brazilian Stock Exchange (ticker: "EVEB31").
• A MOU was signed with DHL Supply Chain to optimize the supply chain to service centers, focusing on batteries and transport/storage/disposal requirements.
• A Visual & Sound Perception Study was conducted with the Royal Netherlands Aerospace Centre involving over 100 participants in New York, Orlando, and San Francisco.
• The company incurred interest expense of $5.5 million in 3Q26 and $15.4 million for the first nine months of 2026.
• Net cash provided by financing activities was $13.3 million in 3Q26 and $139.5 million for the first nine months of 2026.
• Management will discuss results on a conference call on November 05, 2026, at 8:00 AM Eastern Time.
• Eve senior management is scheduled to attend the UBS Global Industrials and Transportation Conference (December 1-3) and the Goldman Sachs Industrials & Materials conference (December 2-3).