Eve Air Mobility reports FY2024 results, highlights progress eVTOL development
Embraer spin-off, Eve Air Mobility (Eve), recently released its financial results for the fourth quarter (Q4) and fiscal year 2024 (FY24).
For Q4, the company reported a net loss of $40.7 million, compared to $39.3 million in the same period the previous year.
The loss was primarily driven by research & development (R&D) expenses, totalling $33.7 million for the quarter, largely consistent with the previous year.
Meanwhile, Eve’s full-year 2024 net loss amounted to $138.2 million, compared to $127.7 million in 2023.
R&D expenses for the year increased to $129.8 million from $105.6 million, driven by intensified development efforts, including supplier engagement and prototype assembly.
These activities primarily focused on advancing the electric vertical take-off and landing (eVTOL) prototype, as well as engineering and testing infrastructure.
Furthermore, Eve’s total cash consumption for 2024 was $141.2 million, within its projected range of $130 to $170 million.
The company says this was made possible through its effective cost control measures and continued synergies with Embraer.
Moreover, it raised $270 million through private placements and loans in 2024 and ended the year with a liquidity position of $428.6 million.
Progress in eVTOL development
One of Eve’s major achievements during the year was the successful assembly of its first full-scale prototype.
The aircraft features a Lift+Cruise configuration with eight fixed-position propellers and fixed wings for cruising.
The design prioritises simplicity, incorporating fewer components to reduce maintenance and operational costs while enhancing dispatch reliability.
Currently, ground tests on the prototype are underway, with flight tests expected to begin by mid-2025.
Recent evaluations included the activation of the pusher motors to assess thrust, sound emission, and energy consumption.
Additionally, the company completed testing of the dedicated radio link between the prototype and the Remote Pilot Station (RPS), ensuring real-time control with no signal latency.
Furthermore, Eve also made strides in certification processes throughout 2024.
Brazil’s National Civil Aviation Agency (ANAC) published the final airworthiness criteria for the aircraft, marking a crucial step in the certification journey.
Simontenously, the US Federal Aviation Administration (FAA) issued the Special Federal Aviation Regulation (SFAR), streamlining pilot training requirements and permitting single-control eVTOLs, which aligns with Eve’s design philosophy.
Strategic partnerships and market positioning
In parallel, Eve continued to advance its urban air traffic management (Urban ATM) software, Vector.
In November 2024, the company conducted a successful simulation in São Paulo in collaboration with Revo and demonstrated the practical applications of its air traffic management solutions.
Eve currently holds the industry’s largest backlog, with letters of intent for 2,800 eVTOL aircraft from 28 customers across nine countries. The company has also secured 21 customers for its Vector software.
At the Future Aviation Forum held in Riyadh in May last year, the company signed a memorandum of agreement (MoA) with Saudia Technic, the engineering arm of the Saudia group, to explore the potential demand for eVTOL maintenance, repair, and overhaul (MRO) activities in the Middle East.
Additionally, at the MRO Europe event, held in Barcelona in October, it unveiled Eve TechCare, a fully integrated aftermarket services portfolio aimed at ensuring safe and efficient urban air mobility (UAM) operations.
With a solid cash position and a focus on cost efficiency, Eve believes it is well-positioned to continue advancing its eVTOL program through 2026, leveraging strategic partnerships and ongoing innovations to shape the future of urban air mobility.