3Q26
Filed Nov 5, 2026Eve reported a net loss of $58.1 million in 3Q26, while full-year 2026 cash consumption is expected at the low end of the $225 million to $275 million guidance range.
The pre-operational company reduced quarterly free cash flow consumption and expects full-year consumption toward the low end of guidance, while advancing prototype testing and certification preparation. Net loss increased, R&D expense increased, and total debt was higher than the prior-year comparison.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Research & Development (R&D) expense, 3Q26GAAP | −$48.3M | – | – |
| Selling, General & Administrative (SG&A) expense, 3Q26GAAP | −$6M | – | – |
| Interest Income / Other Non-Operating Expenses, net, 3Q26GAAP | −$800K | – | – |
| Net earnings / (loss), 3Q26GAAP | −$58.1M | – | – |
| Total operating expenses, 3Q26GAAP | $54,255 | – | – |
| Operating loss, 3Q26GAAP | $(54,255) | – | – |
| Gain (Loss) from warrant liability, 3Q26GAAP | $997 | – | – |
| Financial investment income, 3Q26GAAP | $4,255 | – | – |
| Interest expense, 3Q26GAAP | $(5,544) | – | – |
| Other loss, net, 3Q26GAAP | $(523) | – | – |
| Loss before income taxes, 3Q26GAAP | −$55.07M | – | – |
| Income tax expense (benefit), 3Q26GAAP | $2,982 | – | – |
| Research & Development (R&D) expense, 9M26GAAP | −$136.3M | – | – |
| Selling, General & Administrative (SG&A) expense, 9M26GAAP | −$21.5M | – | – |
| Interest Income / Other Non-Operating Expenses, net, 9M26GAAP | −$3.1M | – | – |
| Net earnings / (loss), 9M26GAAP | −$161.1M | – | – |
| Net cash used in operating activities, 3Q26GAAP | −$51.6M | – | – |
| Net additions to PP&E, 3Q26GAAP | −$3.5M | – | – |
| Free Cash Flow, 3Q26non-GAAP | −$55.1M | – | – |
| Net cash provided by financing activities, 3Q26GAAP | $13.3M | – | – |
| Net cash used in operating activities, 9M26GAAP | −$166.9M | – | – |
| Net additions to PP&E, 9M26GAAP | −$6.1M | – | – |
| Free Cash Flow, 9M26non-GAAP | −$173.1M | – | – |
| Net cash provided by financing activities, 9M26GAAP | $139.5M | – | – |
| Cash, Cash Equivalents, Financial Investments (End of period), 3Q26GAAP | $356M | – | – |
| Total debt, 3Q26GAAP | $322.1M | – | – |
| Total liquidity including BNDES Standby Facility and grant, 3Q26non-GAAP | $470.4M | – | – |
| Property, Plant & Equipment (PP&E), 3Q26GAAP | $15.1M | – | – |
| Other Assets, 3Q26GAAP | $38.4M | – | – |
| Total Payables, 3Q26GAAP | $121.1M | – | – |
Full year 2026 outlook
- NoteTotal cash consumption between $225 million and $275 million
- NoteFull year 2026 cashflow consumption is now expected to reach the low-end of our guidance of $225/275 million
- NoteWe expect the first flight of our first conforming prototype in the second half of 2027.
- NoteConcurrent FAA Type Certificate validation, expected for 2028.
- NoteWe expect to initiate EASA certification tests in mid-2028 and certification process to last ~18 months.
What drove it
- Eve is pre-operational and does not expect meaningful revenue, if any, during the aircraft development phase.
- The increase in net loss in 3Q26 was mainly due to higher Research & Development expenses as well as lower net financial results.
- R&D expenses reflect increasing supplier engagement and R&D activities, including eVTOL development and allocation of Embraer engineering resources to the project.
- SG&A dropped to $6.0 million in 3Q26 from $7.0 million in 3Q25, mostly in response to reduced outsourced services and other expenses.
- The engineering prototype completed the hover phase after 59 flights, with 2 hours and 27 minutes of total airtime, and validated 132 points.
- With 73 complete flights, the engineering team validated a total of 170 points, equivalent to 91% of total planned check points for the prototype flight campaign.
- Eve has accumulated approximately 16,500 hours of tests in all different rigs.
- The company has started to receive the first batch of components for the first of six certification-conforming prototypes.
- Eve’s order pipeline totals approximately 2.5K units, with a total non-binding backlog value of approximately $12.6 billion.
- Eve signed a binding agreement with FlyBIS for up to 12 eVTOL aircraft, including 2 firm orders and purchase rights for 10 additional units.
Concerns
- Eve reported a net loss of $(58.1) million in 3Q26 and $(161.1) million in 9M26.
- The company states that R&D continues to demand additional program development activities and testing infrastructure.
- The company expects investments and expenses to stay high in the upcoming quarters, mainly due to strong engineering engagement and possible supplier payments.
- The order pipeline is based on non-binding Letters of Intent and is therefore subject to change.
- Total debt was $322.1 million at the end of 3Q26, compared with $168.1 million in 3Q25.
- Total equity was $(34,483) at September 30, 2026.
What to watch
- Full-year 2026 total cash consumption relative to the $225 million to $275 million guidance range.
- Progress on transition-flight testing, including in-flight activation of the rear pusher propulsion system and advancement toward wing-borne flight.
- Completion of Critical Design Review processes by the end of 2026 and continuing receipt of tooling and components for conforming prototypes.
- The first flight of the first conforming prototype expected in the second half of 2027.
- ANAC Means of Compliance alignment, FAA concurrent validation expected for 2028, and EASA certification tests expected to initiate in mid-2028.
- Supplier engagement, engineering hours under the Master Service Agreement with Embraer, and potential supplier payments.
Balance sheet and cash flow
- Cash, cash equivalents and financial investments totaled $356.0 million at the end of 3Q26.
- Total liquidity, including undrawn credit lines with Brazil’s National Development Bank (BNDES) and a grant, reached $470.4 million.
- Cash and cash equivalents were $119,410 at September 30, 2026, compared with $103,233 at December 31, 2025.
- Restricted cash was $8,207 at September 30, 2026, compared with $8,380 at December 31, 2025.
- Financial investments were $228,367 at September 30, 2026, compared with $280,845 at December 31, 2025.
- Total assets were $409,452 at September 30, 2026, compared with $434,875 at December 31, 2025.
- Total liabilities were $443,935 at September 30, 2026, compared with $311,117 at December 31, 2025.
- Total equity was $(34,483) at September 30, 2026, compared with $123,758 at December 31, 2025.
- Long-term debt was $313,643 at September 30, 2026, compared with $176,412 at December 31, 2025.
- Net cash used by operating activities was $(166,936) for the nine months ended September 30, 2026, compared with $(134,498) for the nine months ended September 30, 2025.
- Net cash provided by financing activities was $139,478 for the nine months ended September 30, 2026, compared with $250,342 for the nine months ended September 30, 2025.
Analysis
Eve remains pre-operational, and the reported period was defined by aircraft development spending rather than revenue generation. The company reported a 3Q26 net loss of $(58.1) million versus $(46.9) million in 3Q25. Management attributed the larger loss mainly to higher R&D expense and lower net financial results. R&D expense was $(48.3) million versus $(44.9) million, reflecting supplier engagement, eVTOL development activity, and Embraer engineering resources under the Master Service Agreement.
Cash consumption improved in the quarter despite intensifying development work. Free Cash Flow, which Eve defines as a non-GAAP measure, was $(55.1) million in 3Q26 versus $(60.7) million in 3Q25. For 9M26, Free Cash Flow was $(173.1) million versus $(143.0) million in 9M25. The company expects full-year 2026 total cash consumption of between $225 million and $275 million and said full-year consumption is trending toward the low end of that range as it captures identified Embraer synergies.
Liquidity remains central to the investment case. Cash, cash equivalents, and financial investments were $356.0 million at the end of 3Q26, while total liquidity was $470.4 million. Eve stated that it believes this funding is sufficient to support operations and program investments through 2028. The balance sheet also showed total debt of $322.1 million and total equity of $(34,483) at September 30, 2026. Financing activities provided $139.5 million in 9M26, compared with $250.3 million in 9M25.
Program execution advanced through the flight campaign and certification preparation. The engineering prototype completed 73 flights and validated 170 points, which Eve described as 91% of planned check points for the entire prototype flight campaign. The company has begun receiving components for the first of six certification-conforming prototypes and expects the first flight of its first conforming prototype in the second half of 2027. The primary operational milestones to follow are continued flight-envelope expansion, completion of Critical Design Review processes by the end of 2026, certification progress with ANAC, and the pace of cash use as supplier and engineering activity continues.
Commercial indicators are still principally non-binding. Eve cited an approximately 2.5K-unit order pipeline with approximately $12.6 billion of non-binding backlog value and announced a FlyBIS binding agreement for up to 12 aircraft, including 2 firm orders. The company also described potential service contracts and ecosystem partnerships, but it explicitly does not expect meaningful revenue, if any, during the aircraft development phase. Accordingly, cash runway, development execution, certification progress, and conversion of the pipeline are the material reported variables rather than near-term revenue or profitability.
Not in the filing
stated, not guessed- Revenue, including total revenue and segment revenue, was not reported because Eve is pre-operational.
- Gross profit, gross margin, operating margin, net margin, and tax rate were not reported.
- GAAP and non-GAAP earnings per share were not reported.
- Prior-quarter comparisons were not reported for the listed key metrics.
- No share repurchases or dividends were reported.
- No named executive quotes were included in the filing.
- Revenue, gross margin, operating expense, and tax-rate guidance were not reported.
- A previous outlook section was not provided, so comparison with prior guidance is unavailable.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.