MELBOURNE, Aug. 4, 2022
/PRNewswire/ -- Eve Holding,
Inc. ("Eve") (NYSE: EVEX and EVEXW) reports its second quarter 2022
earnings results.
Eve ready for a new chapter
Eve is a leading developer of next-generation Urban Air Mobility
(UAM) solutions. Our goal is to create a comprehensive, practical
and capital-efficient UAM solution that includes:
- Design and production of electric Vertical Takeoff and Landing
aircraft (eVTOLs);
- Portfolio of agnostic maintenance and support services for both
Eve and third-party aircraft;
- Fleet operations services in collaboration with partners;
- New Urban Air Traffic Management system designed to allow
eVTOLs to operate safely and efficiently in densely-populated urban
areas alongside conventional aircraft and drones.
Eve's business was formerly part of Embraer S.A., the third
largest aircraft manufacturer in the world specialized in the
development of regional and executive jets. As a separate
company, Eve has the resources, agility and autonomy to pursue
innovative business models and will be able to serve as a
protagonist in shaping the UAM market.
Eve is uniquely positioned to develop, certify and commercialize
its UAM solution on a global scale given its aviation heritage,
strategic relationship with Embraer and the experience of its
management team and employees, complemented by the strategic
partners involved with Eve's project.
Now with the right partners, an experienced and independent
team, and an extensive amount of funding secured, Eve is fully
engaged to make history.
2Q2022 financial highlights
- Eve reported a net loss of $11.8
million in 2Q22 versus $2.4
million in 2Q21 mostly driven by higher Research &
Development (R&D) expenses and Selling, General &
Administrative (SG&A) costs, as eVTOL project continues to
advance and as our team of collaborators grows. In the 1H22,
Eve reported a net loss of $21.3
million, $16.7 million higher
than the $4.6 million net loss in the
1H21.
- During the first half of 2022, Eve's operations consumed
$13.2 million of free cash flow,
versus $5.1 million in 1H21. The 1H22
free cash flow reflects an $11.2
million working-capital gain – most of which is due to
higher accounts payable with Embraer.
- On the finance side, net cash provided by financing activities
reached $329.1 million during 1H22
with the net proceeds from our listing on the New York Stock
Exchange.
- At the end of 2Q22, Eve had $330.8
million in total liquidity (cash, equivalents and financial
investments) versus $14.4 million at
the beginning of the quarter. Eve's significantly higher cash
position comes primarily from the capital raise in May 2022, and was partially offset by development
expenses and transaction costs.
- As of the end of 2Q22, Eve did not have any debt on its balance
sheet. Our management team continues to monitor the capital
markets for debt financing options to bring additional cash
resources to Eve at attractive terms. Before service is commenced,
Eve may also seek incremental capex lines – via corporate loans, to
help fund its manufacturing and production facilities.
- As we continue to advance our eVTOL development, Eve expects to
transition part of its non-binding orders into firm contracts.
Those firm orders may result in significant cash advances and
inflow to the company through down payments that tend to occur
several months prior to final eVTOL delivery.
For additional information, please access the full 2Q22 Earnings
release, available in the Investor Relations website at
ir.eveairmobility.com
2Q2022 Webcast details
Management will discuss the results on a conference call later
today (August 4th, 2022) at
12:00pm (Eastern Time). The webcast
will be publicly available in the Upcoming Events section of the
company website (www.eveairmobility.com).
To listen by phone, please dial 1-877-704-4453 or
1-201-389-0920. A replay of the call will be available until
midnight, Thursday, August 18, 2022,
by dialing 1-844-512-2921 or 1-412-317-6671 and entering passcode
13730439.
About Eve Holding,
Inc.
Eve is dedicated to accelerating the Urban Air Mobility
ecosystem. Benefitting from a start-up mindset, backed by Embraer
S.A.'s more than 50-year history of aerospace expertise, and with a
singular focus, Eve is taking a holistic approach to progressing
the UAM ecosystem, with an advanced eVTOL project, a comprehensive
global services and support network and a unique air traffic
management solution. Eve is listed on the New York Stock Exchange
where its shares of common stock and public warrants trade under
the tickers "EVEX" and "EVEXW". For more information, please visit
www.eveairmobility.com
Forward Looking Statements
Certain statements in this press release include
"forward-looking statements" within the meaning of the "safe
harbor" provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements may be identified by the use of
words such as "estimate," "plan," "project," "forecast," "intend,"
"will," "expect," "anticipate," "believe," "seek," "target", "may",
"intend", "predict", "should", "would", "predict", "potential",
"seem", "future", "outlook" or other similar expressions (or
negative versions of such words or expressions) that predict or
indicate future events or trends or that are not statements of
historical matters. All statements other than statements of
historical facts are forward-looking statements and include, but
are not limited to, statements regarding the Company's expectations
with respect to future performance and anticipated financial
impacts of the business combination. These statements are based on
various assumptions, whether or not identified herein, and on the
current expectations of the Company's management and are not
predictions of actual performance. These forward-looking statements
are provided for illustrative purposes only and are not intended to
serve as, and must not be relied on by any investor as, a
guarantee, an assurance, a prediction or a definitive statement of
fact or probability. Actual events and circumstances are difficult
or impossible to predict and may differ from assumptions, and such
differences may be material. Many actual events and circumstances
are beyond the control of the Company.
These forward-looking statements are subject to a number of
risks and uncertainties, including: (i) changes in domestic and
foreign business, market, financial, political and legal
conditions; (ii) failure to realize the anticipated benefits of the
business combination with Zanite Acquisition Corp.; (iii) risks
relating to the uncertainty of the projected financial information
with respect to the Company; (iv) the outcome of any legal
proceedings that may be instituted against the Company related to
the completion of the business combination; (v) future global,
regional or local economic and market conditions, including the
growth and development of the urban air mobility market; (vi) the
development, effects and enforcement of laws and regulations; (vii)
the Company's ability to grow and manage future growth, maintain
relationships with customers and suppliers and retain its key
employees; (viii) the Company's ability to develop new products and
solutions, bring them to market in a timely manner, and make
enhancements to its platform; (ix) the Company's ability to
successfully develop, obtain certification for and commercialize
its aircraft, (x) the effects of competition on the Company's
future business; (xi) the outcome of any potential litigation,
government and regulatory proceedings, investigations and
inquiries; (xi) the impact of the global COVID-19 pandemic and
(xii) those factors discussed under the heading "Risk Factors" in
the Company's Registration Statement on Form S-1/A filed on
July 29, 2022, and subsequent filings
with the Securities and Exchange Commission (SEC). If any of these
risks materialize or our assumptions prove incorrect, actual
results could differ materially from the results implied by these
forward-looking statements. There may be additional risks that the
Company does not presently know or that the Company currently
believes are immaterial that could also cause actual results to
differ from those contained in the forward-looking statements. In
addition, forward-looking statements reflect the Company's
expectations, plans or forecasts of future events and views as of
the date of this press release. The Company anticipates that
subsequent events and developments will cause the Company's
assessments to change. However, while the Company may elect to
update these forward-looking statements at some point in the
future, the Company specifically disclaims any obligation to do so.
These forward-looking statements should not be relied upon as
representing the Company's assessments as of any date subsequent to
the date of this press release and undue reliance should not be
placed upon the forward-looking statements.
Investor Relations
Lucio Aldworth
Caio Pinez
investors@eveairmobility.com
https://ir.eveairmobility.com/
Media:
media@eveairmobility.com
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SOURCE Eve Holding, Inc.