Eve Holdings/Eve Air Mobility on March 17 reported a net loss of $20.1 million for the fourth quarter of 2022 and full-year loss of $174 million.
A loss of less than $20 million was recorded by the electric vertical take-off and landing (eVTOL) aircraft maker in 2021, with the increase in the meantime attributed in part to higher research and development (R&D) expenses and the commissioning of Embraer to "perform several developmental works".
Hiring of new staff also contributed, as Eve's "total cash consumption" in Q4 2022 was $20.8 million, up from $7.4 million in 4Q21 and a hefty chunk of the $59.9 million reported for the year.
But net 2022 cash from "financing activities", chiefly the company's listing on the New York Stock Exchange and from a cash infusion from United Airlines' venture capital business, reached $352.7 million.
By year-end, Eve had $310.6 million in total liquidity with no debt on its balance sheet. The liquidity listed did not include "available BNDES finance to be disbursed throughout 2023 and 2024. Including the BNDES credit lines", Eve said, describing the year as "particularly eventful" due to its listing and involvement with new partners such as United Airlines Ventures and Brazil's National Development Bank (BNDES).
Eve reported that it had "non-binding letters of intent" from 26 customers in 12 countries for 2,770 aircraft and had cash available to fund R&D and operations "well into 2025", with "cost advantages" arising out of its teaming-up with Embraer.