Eve Air Mobility released its financial results for the fourth quarter and full year 2025 on March 16. The company reported a major milestone with the maiden flight of its full-scale engineering prototype, while also recording a significantly wider net loss driven by increased Research & Development (R&D) expenditure.

Backed by Embraer, the electric Vertical Take-Off and Landing (eVTOL) developer remains behind competitors such as Joby Aviation and Archer Aviation in the race toward commercial service. However, management acknowledged that the path forward remains long and rigorous, emphasizing the complexity of certification and scaling operations.

Prototype milestones and certification timeline 

Eve’s full-cale prototype has completed 28 flights since its debut, accumulating over one hour of total airtime, with CEO Johann Bordais describing the telemetry data as better than expected. The company is targeting approximately 300 prototype flights over the course of 2026

Six conforming aircraft are planned to begin a formal certification campaign with Brazil’s National Civil Aviation Agency (ANAC) in 2027, with entry into service expected to follow once certification is granted. Eve is also engaging with the FAA and EASA, whose validations are expected to follow via bilateral agreements

Eve stated that the company’s order backlog is one of its strengths, pointing to nearly 2,700 aircraft in letters of intent valued at $13.5 billion at 2025 list prices. However, the vast majority of that figure remains non-binding, with firm orders accounting for just 100 aircraft

Eve’s losses widen as flight testing accelerates  

Eve recorded a Q4 net loss of $64 million, bringing its full-year 2025 net loss to $224 million,  up from $138 million in 2024. The increase reflects higher R&D expenditure and the ramp-up of flight test operations following the December 2025 first flight of its full-scale engineering prototype. Selling, General, and Administrative (SG&A) expenses rose to $30.7 million, up from $26.5 million in 2024, partly driven by headcount growth to approximately 930 full-time employees

Eve ended 2025 with $392.5 million in cash and a total liquidity position of $641 million that included an undrawn credit line with Brazil’s National Development Bank and a newly secured syndicated loan. Management stated this runway is sufficient to fund operations through 2028

Normalized operating cash consumption for the year came in at approximately $196.5 million, slightly below the company’s own guidance range of $200 million to $250 million. Looking ahead, Eve has guided for cash consumption of $225 million to $275 million in 2026 as the flight test campaign intensifies

How Eve compares to Joby and Archer 

In contrast to its U.S. competitors, Eve remains earlier in the certification process. Joby Aviation burned through $539 million in operating cash in 2025, more than double Eve’s consumption, but closed the year with $1.4 billion in cash and recorded an 18-point FAA certification progress increase in the fourth stage of its type certification programme. Joby also posted Q4 revenue of $30.84 million, exceeding analyst expectations, and is targeting its first commercial passenger flights this year

Archer, meanwhile, ended 2025 with approximately $2.0 billion in total liquidity and became the first eVTOL manufacturer to achieve full FAA acceptance of its aircraft’s Means of Compliance. Archer is targeting piloted VTOL operations and first passenger flights in both the United States and the UAE in 2026.