PublicNYSE: EVEXFounded 2020🇧🇷Melbourne, Florida / São José dos Campos, BrazilCEO Johann Bordais
Eve Air Mobility (Eve Holding) is the Embraer-backed eVTOL developer, spun out of the EmbraerX innovation arm in 2020 and NYSE-listed since a 2022 SPAC merger, with Brazilian BDRs on the B3 since 2025.
Latest update Sep 19, 2026
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Its lift-plus-cruise aircraft - eight fixed-pitch lift rotors, a pusher propeller, Embraer fifth-generation fly-by-wire, four passengers plus a pilot, ~100 km range - flew its full-scale engineering prototype for the first time in December 2025, completed a 59-flight hover/low-speed test block in May 2026, and on August 3, 2026 flew its first partial transition flight with the pusher propeller engaged, reaching a stabilized 27 knots. Aviation Week reported in late August that the remotely piloted demonstrator had completed nearly 70 flights as it worked toward a year-end design freeze and full wingborne transition. Eve holds one of the industry's largest order pipelines: ~2,700 aircraft under pre-order from 28 customers across 10 countries, plus binding orders from Revo (Sao Paulo) and Japan's AirX. ANAC type certification and entry into service are targeted for 2028 (with FAA expected around the same time), with the aircraft design set to freeze by year-end 2026 ahead of a first crewed conforming-prototype flight in the second half of 2027. CEO Johann Bordais said in August 2026 the company has enough cash to reach certification, with 2026 cash burn tracking toward the low end of its $225M-$275M guidance, and a Taubate, Brazil plant scaling to 480 aircraft/year. It also sells Vector, its urban air-traffic-management software, to 14 customers. Shares closed September 18, 2026 at $2.04, putting market cap near $711M. Eve's IR feed had no new press releases after the August 17 RV Connex MOU as of September 19.
stockanalysis.comUpdated Sep 19, 2026
Analysis · 6 min read · Sep 19, 2026The long view on Eve Air Mobility: strategy, technology and what to watch02
H2 2026
Having activated the pusher propeller for the first time on August 3, 2026 and reached a stabilized 27 kt (30 kt max ground speed), the prototype logged 66 flights by the Q2 2026 earnings call and nearly 70 by Aviation Week's August 24 report. Management still estimated about 30 more flights from the Q2 baseline - including datalink testing up to 50 kt - to reach full wingborne flight above 85 kt later in 2026. Eve IR published no newer flight-test update between August 17 and September 19, so the campaign remains open.
H2 2027
Eve plans to freeze the aircraft design by year-end 2026 after completing critical design reviews with 21 major suppliers, then assemble six certification-conforming prototypes through 2027, leading to the first crewed conforming-prototype flight in the second half of 2027 and opening the ~12-month conforming flight-test campaign ANAC requires.
2028
Type certification by Brazil's ANAC and entry into service remain targeted for 2028 (revised from 2027 in May 2026). CEO Johann Bordais told Valor in August 2026 that cash covers the program through that date, and that ANAC's close work with the FAA should put US certification on roughly the same timetable. Launch operator Revo plans Sao Paulo operations, and the Taubate plant's first 120-aircraft/year module must be ready to support initial deliveries.
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Eve Air Mobility and Thai aerospace and engineering firm RV Connex signed a memorandum of understanding on August 17 to jointly advance a regulatory framework for advanced air mobility in Thailand, bringing together government, academia and industry stakeholders to assess safety standards, airspace rules and infrastructure needs. The agreement extends the Embraer-backed eVTOL developer's push into new certification jurisdictions alongside its existing Brazil, US and European filings.
Eve Holding reported second-quarter 2026 results on August 4, posting a net loss of $34.2 million, down from $64.7 million a year earlier, with cash, equivalents and financial investments of $403.3 million and total liquidity of $531.3 million including undrawn credit lines. Two new letters of intent signed at the Farnborough Airshow pushed Eve's pre-order backlog to roughly 2,700 aircraft valued at about $13.5 billion at list price.
Eve Air Mobility said on August 3 that its engineering prototype completed its first partial transition flight, activating the rear pusher propeller in forward flight and reaching a stabilized airspeed of 27 knots and a maximum ground speed of 30 knots. The milestone follows dozens of vertical-flight test sorties since the prototype's December 2025 first flight and moves Eve toward full wing-borne transition testing ahead of production of six conforming prototypes later this year.
Eve Air Mobility signed two letters of intent at Farnborough covering up to 46 eVTOL aircraft: up to 30 for Switzerland-based Moov targeting tourism and regional mobility in Cabo Verde and Europe, and up to 16 for Bay Point's Shearwater Global Capital. Eve also applied to Europe's EASA to begin Type Certificate validation, and said Brazil's ANAC opened a consultation on updated airworthiness criteria - advancing the Embraer-backed developer's multi-jurisdiction certification path.
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2025; plus ~800 Embraer employees supporting the program
Q2 2026: net loss $34.2M (down from $64.7M in Q2 2025), cash consumption $49.4M ($118M for H1 2026); FY2025: net loss $224.3M. Full-year 2026 cash-consumption guidance remains $225M-$275M; CEO said in August 2026 cost cuts should pull burn toward the low end, with liquidity supporting operations through 2028 certification.
~2,700 aircraft under pre-order from 28 customers across 10 countries (as of Aug 21, 2026), plus binding orders from Revo and AirX
$531.3M total liquidity (Q2 2026). CEO said in August 2026 the company needs no near-term raise and 2026 cash burn is tracking toward the low end of the $225M-$275M guidance, covering certification in 2028.
ANAC type certification + entry into service in 2028 (revised from 2027 in May 2026); first crewed conforming-prototype flight targeted H2 2027 after a year-end 2026 design freeze. Aviation Week on Aug 24, 2026 said Eve still held that 2028 target while the demonstrator logged nearly 70 flights
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Operating status
Flight-test campaign - transition flight testing underway
Eve's engineering prototype completed its hover/low-speed test block in May 2026 (59 flights) and returned to the air on July 18, 2026 to begin transition testing using vertical-lift devices only. On August 3, 2026 it activated its pusher propeller in flight for the first time, reaching a stabilized 27 knots (30 knots max ground speed) over a 3-minute, 0.84 nautical-mile flight. By its Q2 2026 earnings call in early August the prototype had logged 66 flights; Aviation Week reported nearly 70 flights as of August 24, 2026, with management still targeting full wingborne transition above 85 knots later in 2026 and a year-end design freeze. Six certification-conforming prototypes are to be assembled through 2027, with the first crewed conforming-prototype flight targeted for H2 2027, ahead of ~12 months of conforming flight testing before ANAC/FAA certification in 2028. The company reported $531.3M in total liquidity at Q2 2026 and says it is funded through certification. Eve's IR press list had no new release after August 17, 2026 as of September 19.
The core future business: ~2,700 aircraft in non-binding LOIs (~$14B) across fixed-wing operators, helicopter operators, lessors, and ride-share platforms, plus binding deals with Revo ($250M, up to 50 aircraft) and AirX (2 firm + 48 options), with deliveries from 2028–2029.
SaaS air-traffic-management platform for eVTOL fleet operators, vertiport operators, and air-navigation service providers - 14 customers signed, moving toward an operational trial version.
Eve's service and support package - maintenance, parts, and lifecycle services - bundled into the Revo and AirX agreements alongside the aircraft themselves. Management said the backlog includes about $1.4B in MRO/lifecycle contracts as of Q2 2026.
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How past announced dates turned out.
1/3announced dates hit on time
Start production of six certification-conforming prototypes
Target Late 2026 · Resolved Aug 4, 2026
At Q1 2026, Eve had guided conforming-prototype production to start 'later in 2026.' On the Q2 2026 earnings call, management instead said the aircraft design will only freeze by year-end 2026 (after critical design reviews with 21 suppliers), with the six conforming prototypes assembled through 2027 and the first crewed conforming-prototype flight now targeted for the second half of 2027 - about a year later than previously guided.
First transition flights of the engineering prototype
Target Summer 2026 (Q3 2026) · Resolved Jul 18, 2026
After a roughly three-month lay-up to prepare the aircraft, the prototype returned to flight on July 18, 2026 (its 60th sortie) and began transition testing, reaching 30 knots forward speed at 215 ft using its vertical-lift devices - on schedule for the announced summer 2026 window.
ANAC type certification and entry into service
Target 2027 · Resolved May 7, 2026
In May 2026, alongside completion of the hover/low-speed test block, Eve moved its ANAC type-certification and entry-into-service target from 2027 to 2028, citing the ~12 months of conforming-vehicle flight testing still required.
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2026
Transition tests continue; nearly 70 flights logged
On August 24, 2026 Aviation Week reported Eve was progressing deeper into transition flight testing of its full-scale eVTOL demonstrator, with the remotely piloted engineering aircraft having completed nearly 70 flights. The company was still working toward a design freeze by year-end 2026 and crewed flights with certification-conforming aircraft in the second half of 2027, and it maintained the 2028 ANAC/FAA certification target. Eve's investor-relations press list showed no newer program update after the August 17 RV Connex Thailand MOU as of September 19, 2026.
Publishes inaugural Sustainability Report
On September 4, 2026 Eve published its first Sustainability Report, covering its ESG strategy across the eVTOL, Vector urban-ATM, and TechCare aftermarket businesses. The report said Eve's Brazilian manufacturing operations run on 100% renewable energy, disclosed a 2025 workforce of 210 employees supported by about 800 Embraer staff, and restated the 2028 certification and Taubate production path.
RV Connex MOU targets a Thailand AAM regulatory framework
Eve signs a memorandum of understanding with Thai aerospace and engineering company RV Connex on August 17, 2026 to jointly pursue long-term regulatory engagement with Thai public and private stakeholders, assessing operating scenarios, safety requirements, airspace rules, and infrastructure needs for advanced air mobility in Thailand.
FDOT partnership advances Florida AAM testing
Eve partners with the Florida Department of Transportation on July 22, 2026 to use SunTrax Air, FDOT's dedicated Advanced Air Mobility research and testing hub, to study the infrastructure, operational procedures, and airspace navigation needed to integrate eVTOLs into Florida's transportation network.
Design freeze and conforming-prototype schedule set for 2027
On the Q2 2026 earnings call, management said the aircraft design will freeze by year-end 2026 after completing critical design reviews with 21 major suppliers, with the six certification-conforming prototypes assembled through 2027 and the first crewed conforming-prototype flight targeted for the second half of 2027 - about a year later than the 'later in 2026' production start Eve had guided at Q1. Full-year 2026 cash-consumption guidance was reaffirmed at $225M-$275M, with $118M consumed in the first half.
Q2 2026 results: narrower loss, backlog hits $13.5B
On August 4, 2026 Eve Holding reported a Q2 2026 net loss of $34.2M, down from $64.7M a year earlier, with cash, equivalents and financial investments of $403.3M and total liquidity of $531.3M including undrawn BNDES credit lines and a grant. Two new letters of intent signed at the Farnborough Airshow pushed the pre-order backlog to roughly 2,700 aircraft valued at about $13.5B at list price, across 27 customers in nine countries.
First partial transition flight with pusher propeller engaged
On August 3, 2026, the engineering prototype activates its rear pusher propeller in forward flight for the first time, reaching a stabilized airspeed of 27 knots and a maximum ground speed of 30 knots - the next step up from the July 18 return-to-flight, which used vertical-lift devices only. Full wingborne transition above 85 knots remains the target for later in 2026.
Prototype returns to flight for transition-testing campaign
After a roughly three-month lay-up to prepare the aircraft for transition flight, the full-scale engineering prototype returns to the air on July 18, 2026 for its 60th sortie - reaching 215 ft (68.6 m) altitude and 30 knots forward speed using its vertical-lift devices, with 130+ performance metrics validated to date. Ground tests continue ahead of flights with the pusher propeller engaged, building toward full wingborne transition above 85 knots later in 2026.
2026
Farnborough LOIs for up to 46 eVTOLs; EASA validation begins
At the Farnborough International Airshow in July 2026, Eve signed two letters of intent covering up to 46 aircraft - up to 30 for Switzerland-based Moov targeting tourism and regional mobility in Cabo Verde and Europe, and up to 16 for Bay Point's Shearwater Global Capital. Eve also applied to Europe's EASA to begin Type Certificate validation of its eVTOL, and said Brazil's ANAC opened a consultation on updated airworthiness criteria - advancing its multi-jurisdiction certification path.
Hover test block complete; certification slips to 2028
By May 2026 the prototype completes its hover/low-speed block - 59 flights, 2h27m airtime, 100+ test points - and Eve moves its ANAC type-certification and entry-into-service target from 2027 to 2028. At Farnborough in July, the company confirms partial transition flights for the summer, full transitions later in 2026, and the start of production of six conforming prototypes.
AirX signs first Asia-Pacific binding order
Tokyo-based AirX signs a firm order for 2 aircraft with options for 48 more (potential value ~$150M) at the Singapore Airshow in February 2026, with deliveries from 2029 - Eve's second binding customer after Revo.
2025
$230M raise with B3 dual listing; full-scale prototype flies
In August 2025 Eve raises $230M from BNDESPAR, Embraer, and institutional investors and dual-lists BDRs on Brazil's B3 (EVEB31), taking total capital raised past $1B. On December 19, the full-scale engineering prototype completes its first flight - an uncrewed hover at Embraer's Gavião Peixoto facility validating fly-by-wire controls and the eight lift rotors.
First binding order - Revo signs $250M framework agreement
São Paulo helicopter operator Revo (owned by Omni Helicopters International) signs Eve's first binding deal in June 2025: a $250M framework agreement for up to 50 aircraft including TechCare support and Vector software.
2024
BNDES finances the Taubaté production plant
Brazil's development bank BNDES lends Eve $88M under the Mais Inovação program to build its first eVTOL factory in Taubaté, São Paulo - modular capacity scaling to 480 aircraft/year - extending a $92.5M credit line from 2022. Eve also raises $94M in new equity during 2024.
2022
NYSE listing via Zanite SPAC; United Airlines orders 200
Eve closes its business combination with Zanite Acquisition Corp. on May 9, 2022, listing on the NYSE as EVEX at a ~$2.9B valuation with $377M in gross proceeds. In September, United Airlines invests $15M and signs a conditional purchase agreement for 200 aircraft plus 200 options.
2020
2018
09
$959Mdisclosed across 6 rounds with a stated amount
Cumulative disclosed raise · dated rounds
SPAC Merger (Zanite Acquisition Corp.)
May 2022
$377M gross (incl. $357M PIPE)
Public listing (NYSE: EVEX) at ~$2.9B valuation; PIPE incl. Embraer, Zanite sponsors, strategic aviation partners
United Airlines Investment
September 2022
United Airlines - alongside a conditional order for 200 aircraft + 200 options
BNDES Financing
2022 & October 2024
$92.5M credit line + $88M loan
BNDES (Brazil's development bank) - 2024 loan funds the Taubaté plant, 16-year maturity
Equity Raise
2024
New equity supporting eVTOL development
Equity Raise + B3 Dual Listing
August 2025
BNDESPAR, Embraer, institutional investors (47.4M shares at $4.85); BDRs listed on B3 as EVEB31
Syndicated Loan
January 2026
5-year facility - lifted total liquidity to a record $577.7M
