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Eve Holding (EVEX)
NYSE:EVEX
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Eve Holding
(NYSE:EVEX)
37Underperform
Positive Factors
Backlog
Eve Air Mobility's industry-leading backlog of over 2,900 preorders could generate cash via PDPs in advance of serial production.
Financing
Eve's improved liquidity position, thanks to favorable financing terms from the BNDES, places the company in an improved position to proceed with flight testing and certification.
Liquidity
Eve Air Mobility secured a $35M loan agreement with the Brazilian National Development Bank to support the second phase of development for the company's eVTOL aircraft.
Negative Factors
Capital Needs
Eve is likely to raise additional capital, at least part of which is expected to be in the form of dilutive equity.
Certification Timeline
The updated certification timeline pushed back expectations to certify the prototype aircraft from late 2026 to 2027.
Orderbook
Some orderbook churn occurred as EVEX's customer count in the eVTOL segment declined by 2, TechCare customers declined by 1, and Vector customers declined by 2.
Eve Holding (EVEX) vs. S&P 500 (SPY)
Market Cap
$1.02B
Dividend YieldN/A
Average Volume (3M)282.31K
Price to Earnings (P/E)―
Beta (1Y)0.98
Revenue GrowthN/A
EPS Growth-2.94%
CountryUS
Employees174
SectorIndustrials
Sector Strength70
IndustryAerospace & Defense
Share Statistics
EPS (TTM)-0.48
Shares Outstanding297,644,300
10 Day Avg. Volume245,326
30 Day Avg. Volume282,305
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
Price to Cash Flow (P/CF)-6.90
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$6.00Price Target Upside66.20% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
Eve Holding Business Overview & Revenue Model
Company DescriptionEve Holding, Inc. develops urban air mobility solutions. It is involved in the design and production of eVTOLs; provision of eVTOL service and support capabilities, including material services, maintenance, technical support, training, ground handling, and data services; and development of urban air traffic management systems. The company is based in Melbourne, Florida.
How the Company Makes MoneyEve Holding makes money through the development and sale of its eVTOL aircraft. The company generates revenue by partnering with urban mobility service providers and city planners to integrate its aircraft into existing transportation networks. Additionally, Eve may engage in direct sales of its eVTOL units to commercial operators and potentially gain recurring revenue through maintenance services and software solutions that enhance the operation and efficiency of its aircraft. Strategic partnerships with aerospace industry leaders and technology companies also play a crucial role in supporting its growth and expanding its market reach.
Eve Holding Financial Statement Overview
Summary
Eve Holding's financial position is precarious with no revenue generation, increasing losses, and significant reliance on debt and external financing. The balance sheet and cash flow challenges indicate financial instability and a need for strategic restructuring to achieve profitability and sustainable growth.Income Statement
Eve Holding has consistently reported zero revenue over the past six years, indicating a lack of operational income. The company is incurring losses, with a significant net loss of $138,168,000 in the latest year. This lack of revenue and continuous losses are major concerns for the income statement.10
Very Negative
Balance Sheet
The balance sheet shows a relatively high debt-to-equity ratio due to increased total debt. Stockholders' equity has decreased, and the equity ratio has declined over time. Although the company maintains a positive cash position, the rising liabilities and decreasing equity are potential risks.25
Negative
Cash Flow
Eve Holding's cash flow statement reveals negative operating and free cash flows, highlighting cash burn issues. Operating cash flow has worsened, reflecting ongoing operational challenges. Despite positive financing cash flows, the reliance on external funding raises sustainability concerns.20
Very Negative
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | Gross Profit |
| 0.00 | -100.00K | -33.49K | -107.93K | 0.00 | EBIT |
| 0.00 | -128.69M | 16.05M | -15.79M | -9.59M | EBITDA |
| 0.00 | -125.74M | -173.06M | -18.15M | -16.66M | Net Income Common Stockholders |
| -138.17M | -127.66M | -174.03M | -15.96M | -9.66M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 56.37M | 158.10M | 227.93M | 14.38M | 1.97M | Total Assets |
| 318.24M | 245.34M | 312.88M | 15.32M | 72.99K | Total Debt |
| 132.01M | 25.76M | 0.00 | 0.00 | 0.00 | Net Debt |
| 75.64M | -21.12M | -49.15M | -14.38M | -1.97M | Total Liabilities |
| 194.32M | 80.29M | 25.95M | 2.23M | 1.09M | Stockholders Equity |
| 123.92M | 165.05M | 286.92M | 13.09M | -1.01M |
| Cash Flow | Free Cash Flow | |||
| -135.97M | -94.68M | -59.93M | -14.89M | -9.03M | Operating Cash Flow |
| -135.97M | -94.51M | -59.46M | -14.89M | -9.03M | Investing Cash Flow |
| -56.22M | 66.83M | -258.48M | -4.60M | -232.30M | Financing Cash Flow |
| 203.02M | 24.93M | 352.70M | 29.26M | 9.03M |
Eve Holding Technical Analysis
Neutral
3.61
Price Trends
3.91
Negative
4.25
Negative
3.68
Negative
Market Momentum
-0.19
Negative
38.99
Neutral
35.05
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EVEX, the sentiment is Neutral. The current price of 3.61 is above the 20-day moving average (MA) of 3.44, below the 50-day MA of 3.91, and below the 200-day MA of 3.68, indicating a neutral trend. The MACD of -0.19 indicates Negative momentum. The RSI at 38.99 is Neutral, neither overbought nor oversold. The STOCH value of 35.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for EVEX.
Eve Holding Risk Analysis
Eve Holding disclosed 13 risk factors in its most recent earnings report. Eve Holding reported the most risks in the “Ability to Sell” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Eve Holding Peers Comparison
Overall Rating
UnderperformOutperform
Sector (62)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | $7.62B | 13.01 | 3.19% | 3.32% | 3.77% | -14.28% | |
55 Neutral | $939.35M | ― | -39.63% | ― | 285.43% | 32.34% | |
44 Neutral | $3.81B | ― | -95.88% | ― | ― | 17.43% | |
42 Neutral | $90.60M | ― | -83.78% | ― | 3.47% | 53.31% | |
37 Underperform | $1.02B | ― | -95.63% | ― | ― | -2.94% | |
36 Underperform | $849.91M | ― | -52.21% | ― | 94.86% | -78.25% | |
25 Underperform | $282.41M | ― | 115.25% | ― | ― | 23.26% |
* Industrials Sector Average
Performance Comparison
EVEX
Eve Holding
3.61
-1.34
-27.07%
SPCE
Virgin Galactic Holdings
2.58
-17.82
-87.35%
EH
Ehang Holdings
14.44
-1.93
-11.79%
EVTL
Vertical Aerospace
3.43
-4.07
-54.27%
SKYH
Sky Harbour Group
11.54
0.72
6.65%
ACHR
Archer Aviation
7.03
3.14
80.72%
Eve Holding Earnings Call Summary
Earnings Call Date: Mar 11, 2025 | % Change Since: -0.55% | Next Earnings Date: May 13, 2025
Earnings Call Sentiment Positive
Eve demonstrated significant progress in its eVTOL development, securing substantial capital, advancing prototype testing, and maintaining a strong order backlog. However, challenges remain with financial losses, a slight reduction in the order book, and anticipated high cash burn.Highlights
Successful Capital Raising
Eve raised $270 million in 2024 through a mix of credit and equity instruments, providing a solid liquidity position of $429 million, enough to sustain operations through 2025 and 2026.
Prototype Development and Testing
Eve completed the assembly of its full-scale engineering prototype, performed several ground tests, and is preparing for its first flight by mid-2025.
Certification Progress
Eve published the Basis of Certification with ANAC, a critical milestone for eVTOL commercial flight in Brazil, and is actively engaging with FAA and JCAB for certification plans.
Strong Pre-Order Backlog
Eve maintains a pre-order backlog of approximately 2,800 aircraft valued at $14 billion from 28 customers across nine countries.
Eve TechCare Launch
Eve launched its aftermarket service portfolio, securing contracts with 14 customers for up to $1.6 billion in potential revenue.
Lowlights
Order Book Reduction
The pre-order backlog decreased from 2,900 to 2,800 aircraft, although the dollar amount remained at $14 billion.
Continued Financial Losses
Eve reported a net loss of $40 million for Q4 2024 and $138 million for the full year, reflecting ongoing R&D and SG&A expenses.
High Cash Burn Anticipated
Eve anticipates a cash burn of $200 to $250 million in 2025 due to accelerated eVTOL development and initial investments in production facilities.
Company Guidance
During the Eve Holding, Inc. Fourth Quarter 2024 earnings call, the company highlighted significant achievements and provided guidance for 2025. The company raised $270 million in 2024, comprising $170 million in debt and $100 million in equity, enhancing their liquidity to $429 million, which is sufficient to cover operations through 2026. Eve plans to invest $30 million in 2025 for developing their manufacturing facility, with a total planned investment of $100 million. The company aims to build five certification prototypes and expects to perform the first flight of their full-scale engineering prototype by mid-2025. Their total pre-order backlog stands at approximately 2,800 aircraft, valued at nearly $14 billion, with 21 customers for their air traffic management solution, Vector. For 2025, Eve anticipates a cash burn of $200 to $250 million, driven primarily by eVTOL development and facility investments.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.