Eve Air Mobility, a U.S.-listed aerospace company primarily focused on developing electric Vertical Takeoff and Landing (eVTOL) aircraft, continues to make significant advances in its Urban Air Mobility (UAM) ecosystem. As of its fourth quarter 2024, the company reported a liquidity position of approximately $430 million, which supports ongoing operations into 2026.

In the fourth quarter, Eve recorded a net loss of $40.7 million compared to a net loss of $39.3 million in the same period last year, primarily attributed to Research & Development (R&D) expenditures. The recurring net loss from the previous year was estimated at $40.4 million. R&D expenses remained relatively stable at $33.7 million versus $33.6 million in the prior-year quarter, reflecting a continued investment in the eVTOL aircraft’s development.

For the fiscal year 2024, total cash consumption reached approximately $141.2 million, closely aligned with the guidance range of $130 to $170 million. This figure marks an increase from $94.7 million in 2023, primarily driven by intensified developmental activities. Cash consumption for 4Q24 was reported at $39.9 million, compared to $24.5 million in the fourth quarter of 2023.

At the end of the fourth quarter, Eve’s cash and cash equivalents totaled $303.4 million, a significant increase from $241.1 million at the end of 2023. The company’s total liquidity of $430 million at the end of 2024, buoyed by capital raised during the year and effective cost control measures, strengthens its financial foundation. This liquidity allows Eve to continue funding R&D and operational activities through and including 2026.

During 2024, Eve successfully raised $270 million, comprising approximately $170 million in debt and $100 million in equity. The company reported a total backlog of about 2,800 eVTOL aircraft, translating to a potential revenue value close to $14 billion based on list prices. This order book comprises non-binding letters of intent (LOIs) from 28 distinct customers across nine countries—demonstrating a broad market interest in its technology.

Eve is planning to initiate the production of its first certification-compliant prototype in 2025. The company expects to use five prototypes for its certification campaign, which will validate the performance and safety of its eVTOL design for commercial operations.

In terms of operational developments, Eve has engaged in extensive ground testing of its full-scale prototype, with the first flight anticipated by mid-2025. The company remains active in discussions regarding the certification process with ANAC (Brazilian Civil Aviation Authority) and the FAA (U.S. Federal Aviation Administration), aiming to harmonize certification procedures between different regulatory bodies.

Overall, Eve’s financial and operational positioning at the close of 2024, alongside its ambitious plans for future growth, indicate a stable trajectory as it progresses through critical phases of development and certification toward launching its eVTOL aircraft.