Eve Holding, Inc.

Eve reported second-quarter 2026 R&D of $29 million, down from around $55 million in previous quarters, and SG&A of $8 million. Net loss was $34 million in the quarter, cash consumption was $49 million, and first-half 2026 cash burn was $118 million. The company ended Q2 with $403 million in cash and $531 million in total liquidity, including $128 million in undrawn credit facilities. Management said full-year cash consumption should remain close to the midpoint of guidance between $225 million and $275 million. For forward guidance, R&D is expected to return to around $50 million per quarter, CapEx is expected to be about $20 million this year, around $50 million next year, and $30 million to $40 million in 2028, and the company still expects operations to be funded through 2028 without new funding.

Johann Bordais emphasized steady execution and disciplined test progression, framing the quarter as one of several important milestones rather than a single event. He said Eve completed the ground-test reset, resumed the flight campaign, and is now advancing toward full transition with no shortcuts, describing the approach as “progress with purpose.” He also tied flight-test learning directly to the conforming prototype and certification path, saying design freeze is targeted by year-end and that the company remains on track for 2028 entry into service.

Eduardo Couto focused on liquidity, cost discipline, and the Embraer synergy program. He said Eve ended the quarter with $403 million in cash and $531 million in total liquidity, and that current liquidity should support operations through 2028 without new funding. He also said the company is targeting $100 million to $150 million of potential synergies over the next three years, with less than one-third expected to come in 2026, and outlined CapEx of roughly $20 million this year, $50 million next year, and $30 million to $40 million in 2028.

Analysts focused on how much of the synergy program is already in run rate, the cadence of CapEx, and whether full-transition timing slipping into late 2026 affects the conforming-aircraft schedule. Management said the synergy plan is already being captured, mostly in certification-related costs, and that the delayed timing of full transition does not break the overall certification path, though it may be clarified further next quarter. Questions also covered the six conforming prototypes, where management said each aircraft has a different certification purpose, from envelope expansion and systems testing to cabin and reliability work.