Eve posts $11.8 million second-quarter loss in first earnings report since IPO | New

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Eve, the Embraer-backed electric vertical take-off and landing (eVTOL) aircraft developer, posted an $11.8 million loss in the first quarter as it ramps up research and development, sales, marketing and staffing.

It was the company’s first quarterly report since its IPO earlier this year.

The air taxi maker, headquartered in Melbourne, Fla., said Aug. 4 it consumed a total of $13.2 million in net cash for its operations in the first half of the year, compared to $5.1 million in the same period in 2021.

“As we continue to advance our eVTOL development, Eve plans to turn a portion of its non-binding orders into firm contracts,” the company says. “These firm orders can result in significant cash advances and cash inflows to the business through down payments which tend to occur several months before final eVTOL delivery.”

At the end of the second quarter, the company boasted letters of intent for 1,910 eVTOLs, which are designed to be used for urban air mobility (UAM). This number rose to 2,060 at the beginning of August. Eve has letters of intent with 22 clients in 10 countries on six continents, the company says. This equates to a non-binding backlog of approximately $6 billion.

Last month at the Farnborough Airshow, Eve unveiled a new vehicle configuration as well as the interior of the craft. The company redesigned the aircraft to have a conventional wing and tailplane. In past design concepts it had a canard and a wing. The new design still features eight rotors, providing vertical takeoff and landing capability as well as a smooth flight experience.

The interior mockup showed a single pilot seat in the front, with four passenger seats – two forward-facing and two aft-facing. According to the company, Eve will have a range of 54 nm (100 km) and will be in service by 2026.

Eve was spun off from EmbraerX, the Brazilian company’s advanced technology division, in May, raising $377 million from strategic and financial investors. Its shares are traded on the New York Stock Exchange.

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