Eve Holding预计将于2025年中期推出首个eVTOL航班，预购积压金额为140亿美元

Earnings Call Insights: Eve Holding, Inc. (EVEX) Q4 2024

Management View

• CEO Johann Bordais emphasized the company's steady progress in developing its eVTOL technology, with key milestones achieved in 2024 including the rollout of a full-scale engineering prototype and significant advancements in certification efforts. He highlighted the completion of the assembly and ground tests of the prototype, with the first flight expected by mid-2025.

• The company raised $270 million in 2024, ensuring a solid liquidity position of $429 million. This funding supports ongoing R&D, the establishment of the Taubate manufacturing facility in Brazil, and other operational needs.

• CFO Eduardo Couto stated, "Our liquidity position of $429 million, equivalent to three times our 2024 cash consumption, provides confidence to advance the certification program." He also mentioned the company invested $34 million in program development during the quarter and reported a net loss of $40 million for Q4 2024.

• The pre-order backlog consists of approximately 2,800 aircraft, valued at $14 billion, representing commitments from 28 customers across nine countries.

Outlook

• The company plans to fly its full-scale engineering prototype by mid-2025 and initiate its flight test campaign. The certification process, currently progressing with ANAC and FAA, aims to achieve type certification by 2027.

• CFO Couto outlined a 2025 cash consumption guidance of $200-$250 million, driven by increased R&D expenses and initial investments in the production facility.

Financial Results

• Eve Holding reported $34 million in R&D spending during Q4 2024, contributing to a total of $130 million for the year. SG&A expenses were $6 million for the quarter.

• The company’s cash flow consumption for the year reached $141 million, aligning with its guidance range of $130-$170 million.

• Total liquidity stood at $429 million at year-end, supported by $270 million in newly raised capital during 2024.

Q&A

• Savanthi Syth, Raymond James, asked about cash burn trends for 2025. CFO Couto responded, "We expect cash consumption to increase to $200-$250 million, primarily driven by accelerated eVTOL development."

• Ellen Page, Jefferies, inquired about the slight decrease in the pre-order backlog. CEO Bordais explained, "This reduction is due to specific customer situations, such as Wideroe Zero’s acquisition by Norwegian, which deprioritized urban air mobility."

• Austin Moeller, Canaccord, asked about harmonization of certification standards. CEO Bordais stated that ANAC is actively collaborating with global authorities to achieve alignment, reducing the need for significant differences between certifications in various countries.

Sentiment Analysis

• Analysts expressed a slightly positive tone, focusing on Eve's progress towards certification and its robust liquidity position despite a challenging market. Questions reflected cautious optimism about the company's ability to meet its ambitious timelines.

• Management maintained a confident and constructive tone, particularly regarding its development milestones and financial planning. CEO Bordais repeatedly emphasized the company’s focus on delivering a reliable and mature product.

Quarter-over-Quarter Comparison

• The company reported higher liquidity at the end of Q4 2024 ($429 million compared to $305 million in Q3 2024), supported by fresh capital raised during the quarter.

• Certification timelines were slightly adjusted, with type certification now expected in 2027, reflecting a refined development schedule.

• The pre-order backlog decreased from 2,900 to 2,800 aircraft, attributed to specific customer circumstances.

Risks and Concerns

• Management identified certification as a key challenge, emphasizing ongoing engagement with ANAC and FAA to align compliance standards.

• Analyst questions highlighted concerns about cash consumption and the potential impact of delayed certification on revenue realization from pre-orders.

Final Takeaway

Eve Holding is advancing steadily towards its goal of launching commercial eVTOL operations, with a mid-2025 target for its first flight and a certification timeline extending to 2027. Backed by a solid liquidity position of $429 million and a $14 billion pre-order backlog, the company is well-positioned to navigate challenges in certification and operational readiness. Strategic initiatives like Eve TechCare and Vector Air Traffic Management underline its holistic approach to urban air mobility.

Read the full Earnings Call Transcript