Eve Holding Posts $58.1 Million Third-Quarter 2026 Net Loss as R&D Spending Rises; Liquidity at $470.4 Million
Why It MattersEve's liquidity of $470.4 million, said to cover operations through 2028, shows how long eVTOL developers must fund themselves before any meaningful revenue arrives.
Eve Holding, Inc. (NYSE: EVEX / B3: EVEB31) reported a net loss of $58.1 million for the third quarter of 2026, compared with $46.9 million in the third quarter of 2025. The company attributed the larger loss mainly to higher research and development expenses and lower net financial results. Eve develops an eVTOL aircraft and the Urban Air Mobility ecosystem, including services and support solutions and an urban air traffic management system, and it does not expect meaningful revenue, if any, during the aircraft development phase.
R&D expenses rose to $48.3 million from $44.9 million a year earlier, reflecting increasing supplier engagement and R&D activity, including eVTOL development and the allocation of Embraer engineering resources to the project. The Master Service Agreement with Embraer primarily drives these costs. SG&A expenses fell to $6.0 million from $7.0 million, mostly due to reduced outsourced services and other expenses, despite an average appreciation of about 4% of the Brazilian Real against the US Dollar. Eve said it is already capturing some of the additional cost savings and synergies previously identified with Embraer.
Total cash consumption in the quarter was $55.1 million, versus $60.7 million a year earlier, and reached $173.1 million over the first nine months of 2026. Full-year 2026 cash consumption is now expected at the low end of the $225–275 million guidance range. Cash, cash equivalents and financial investments totaled $356.0 million at quarter-end, and total liquidity, including undrawn BNDES credit lines and a grant, reached $470.4 million, which Eve believes is sufficient to support operations and program investments through 2028.
Management scheduled a conference call on the results for Thursday, November 5, 2026, at 8:00 AM Eastern Time, with a replay available until November 19, 2026. Eve has been listed on the New York Stock Exchange since May 10, 2022, and on the B3 Brazilian Stock Exchange since December 2025.
