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The call emphasized strong technical progress and meaningful regulatory engagement (flight test milestones, validated models, Autoland, positive motor/battery performance), a robust preorder backlog and record liquidity that supports operations through 2028. Key challenges include ongoing net losses and cash burn, certification timing that delays revenue until ~2028, limited binding orders relative to backlog, and remaining supplier/integration and compliance risks. Management also identified actionable synergies with Embraer ($100–$150M over three years) that should help reduce cash consumption.
Eve reiterated financial and operational guidance: management expects 2026 cash burn of $225–$275 million (pre‑synergies) while ending Q1 with a record $441 million in cash and $578 million total liquidity (including ~$136 million undrawn BNDES credit and a new $150 million five‑year loan), which they say should support operations through 2028; they target $100–$150 million of incremental Embraer synergies to be captured from 2026–2028 that would reduce cash usage. Q1 results showed $59 million of R&D, $7 million SG&A, a $69 million net loss and $69 million cash consumption in the quarter (or $57 million excluding an ~$11 million timing item). Flight‑test guidance calls for roughly 300 engineering‑prototype flights (59 completed so far, ~2.5 hours logged, 130 validated performance points, max 215 ft altitude and 30 kt forward speed achieved), software and structural ground work in Q2, initiation of transition testing with progressive speeds toward full transition >85 kt (targeting first conforming prototype assembly/first flights in 2026–mid‑2027), 12 months of conforming‑prototype flights prior to certification and a more likely entry‑into‑service in 2028. Commercially, backlog stands at ~2,700 aircraft (~$13.5 billion list) across 27 customers, two binding orders (including Revo ~50 firm) and about $500 million currently under binding agreements, with down payments/PDPs expected up to ~30–40% of aircraft value prior to delivery.
Engineering prototype completed 59 flights, logged nearly 2.5 hours of flight time, validated 130 distinct performance points, reached 215 ft altitude and 30 knots forward speed, introduced complex on‑air maneuvers and fully validated Autoland and consistent 4‑axis control behavior.
Progressed from stationary climbs (40 ft) to higher/longer/faster flights; predictive models validated as reliable and precise; motor thrust and battery performance were better than expected; noise and vibration metrics met expectations.
Detailed plan to upload refined flight software, complete structural ground tests and perform gradual transition testing up to full wing‑borne flight (>85 knots) with controlled failure testing thereafter; target to begin transition flights in Q2–Q3 timeframe for envelope expansion.
Active engagement with ANAC, FAA, JCAB and EASA; formally applied for EASA type certificate; reported ~90% of means-of-compliance agreed with ANAC, increasing confidence that certification and entry into service are more likely in 2028 (requires 12 months of conforming vehicle flights).
Preorder backlog of ~2,700 aircraft at approximately $13.5 billion list price across 27 customers; LOIs for aftermarket services with 14 customers and interest in Vector from 21 potential customers; 2 binding orders already (including Revo firm for up to 50 aircraft).
Record cash balance of $441 million and total liquidity of $578 million (including ~$136 million undrawn credit facility); raised a new 5‑year $150 million loan in January and stated liquidity should support operations through 2028 without new funding.
Identified $100–$150 million of potential incremental synergies to capture between 2026–2028 (from organizational, supplier, industrialization and services optimization); these actions are expected to reduce forecasted cash burn and extend runway.
Greetings, and welcome to the Eve Holding, Inc. First Quarter 2026 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Lucio Aldworth, Head of Investor Relations. Thank you. You may begin.
Thank you, operator. Good morning, everyone. This is Lucio Aldworth, the Director of Investor Relations at Eve, and I wanted to welcome everyone to our first quarter 2026 earnings conference call. Our CEO, Johann Bordais; and CFO, Eduardo Couto, are joining me on the call today. After their prepared remarks, we will open the call for questions. At that point, Luiz Valentini, our Chief Technology Officer, will also join in to address some more technical questions. We have a deck with a few slides and additional pictures that showcase our achievements in the quarter, including, of course, the more recent stages of the test flights of our full-scale prototype. The deck is available on our site at ir.eveairmobility.com.
So please feel free to download it and follow along. And in fact, we just published on our website today a video of one of the more recent flights that features some more complex on-air maneuvers. You might want to check that out as well. Let me first mention that today's conference call includes statements about events or circumstances that have not yet occurred. These are primarily based on our current expectations and projections regarding future events and financial trends that will affect our business and future economic performance. These forward-looking statements are based on current exp...