Second-quarter net losses at Eve Air Mobility spiked by 77% from $36.4 million to $64.7 million, with the company escalating work on its eVTOL aircraft ahead of an anticipated first test flight around the end of 2025. Reporting financial results on August 6, the Embraer-backed venture also disclosed that it is now evaluating an alternative electric propulsion system provided through a partnership with rival electric aircraft manufacturer Beta Technologies.
The first aircraft to fly is an engineering prototype that does not incorporate design changes to the wing and a new propeller. Flight testing a conforming prototype of the four-passenger Eve-100 will start in late 2026, and Eve’s leadership team said this will still allow time to complete type certification in 2027.
Eve’s CEO, Johann Bordais, told analysts the company is considering Beta’s proprietary motors as an alternative to those already provided by existing partner Nidec Aerospace, which is now working on improved motors that should be ready in the next few months. He said there are differences in size, integration requirements, and control and cooling systems between the two propulsion systems and that the company is “trying to find out what is best for the vehicle as a whole.”
Other key suppliers for the Eve-100 include battery supplier BAE Systems, Aciturri (wings), Liebherr (actuators), and Garmin (avionics), with sensors provided by a mix of Thales and Honeywell. Unveiled in June at the Paris Air Show, the cabin interior has largely been developed by Diehl Aviation and Recaro.
Eve’s research and development costs in the three months to June 30 climbed to $45.7 million to cover the costs of parts, components, and assembly work on the first prototype. General running costs for the second quarter increased to $8.2 million as the company expanded its workforce to 180 people. The company is also now incurring operating expenses associated with its production facility at Taubaté in Brazil.
As of June 30, Eve held $242.7 million in cash reserves and total liquidity, including lines of credit and grants, of $375.5 million. The company said it has sufficient funding to support operations and program investments through the end of 2026.
According to Eve’s recently published global market outlook, there could be 30,000 eVTOL aircraft in commercial service worldwide by 2045, with 3 billion passengers expected to be using air taxis over the next 20 years, generating $280 billion in revenues. In June, the company signed an agreement with Brazilian operator Revo covering firm orders for 50 aircraft, and this customer is due to start making deposit payments in the coming months.