管理層發言
Greetings and welcome to Eve Holding's Second Quarter 2026 Earnings Call. Operator Instructions: Please note, this conference is being recorded. I will now turn the conference over to your host, Lucio Aldworth. Please go ahead.
Thank you, Operator. Good morning, everyone. This is Lucio Aldworth, the Director of Investor Relations at Eve. I want to welcome everyone to our second quarter of 2026 earnings conference call. Our CEO, Johann Bordais; and CFO, Eduardo Couto, are joining me on the call today. After their prepared remarks, we're going to open the call for questions, at which point Marcelo Basile, our Chief Flight Prototype Engineer, will also join us to address more technical questions. We will have a deck with a few slides and additional pictures that showcase our achievements in the quarter, including the more recent stages of the test flight of our full-scale prototype. The deck is available on our site at ir.eveairmobility.com. Please feel free to download and follow along. We also published on our Investor Relations website a video of our most recent transition flight, and we encourage all investors and analysts to watch it. Let me first mention that today's conference call includes statements about events or circumstances that have not yet occurred. These are primarily based on our current expectations and projections regarding future events and financial trends that will affect our business and future economic performance. These forward-looking statements are based on current expectations and involve risks and uncertainties that could cause financial results to differ substantially from those expressed or implied in this conference call. We undertake no obligation to update publicly or revise any forward-looking statements because of new information, future events, or other factors. For a more detailed list of these risks and uncertainties, please refer to our SEC filings, which are available on our website. Now I'll turn over to our CEO, Johann Bordais.
Thank you, Lucio. Good morning, everyone, and welcome to our second quarter 2026 conference call. We had a good quarter with several milestones demonstrating steady progress. After the inaugural flight of our engineering prototype last December, we went through a series of hover flights. We concluded a planned three-month software upgrade period, which led us to resume our flight campaign towards full transition by the end of this year. These three major phases validate not only our building-block concept by extensively testing every part, but also the integration of critical systems such as fly-by-wire and fixed-pitch lifter rotors. In parallel, we continue our rig testing of different components for our commercial aircraft and interact with certification authorities and partners. Lastly, we will go through the new LOI agreements announced at the Farnborough Airshow. Slide 3 details some of the tests we performed between May and July in preparation for transition. As I mentioned previously, we uploaded new software to optimize the synchronization between the lifters and the pusher to sustain lift during all phases of flight. We also made sure that the pusher, avionics, actuators, flight control, and other systems were tested again on the ground, this time with motors powered on and the aircraft anchored on the ground. On slide 4, we wanted to show some additional details of the vibration test we performed on the ground. Because our wing-borne flights expose the aircraft to different pressure points, vibration, and aerodynamic loads, we attached a shaker device to the lifters to simulate and assess resulting oscillation in the entire aircraft. Slide 5 shows the progress of our accumulated flights. With successful completion of our ground test, we cleared the prototype to get back in the air and start transition flights. In total, our prototype flew 66 times and logged 2 hours and 46 minutes of airtime. Importantly, the prototype now enters a new phase with partial transition. This is when we gradually accelerate the aircraft by engaging the pusher while still keeping the lifters powered on for lift. The pusher was engaged at first with low RPMs and then powered up to around 1,200 RPMs, allowing the aircraft to fly forward at 30 knots, which is about 35 miles per hour. In the coming weeks, speed will progressively increase to 60 knots and then to 80 to 90 knots to complete the full transition. At that moment, the lifters will be powered off and all lift will come from air passing over the wing, flying like an airplane. This is the aircraft's ultimate mission: take off vertically, transition to wing-borne flight, and then transition back to vertical flight for landing. Slide 6 shows some pictures and has a link to a video of one of the latest transition flights. The video is also on our website and social media platforms. More than quantity, our flight campaign also demonstrates quality. Every flight is diligently planned to test and validate specific aircraft components or flight metrics. In total, we have validated 150 test points. It is precisely these validations that allow us to move ahead with confidence. Moving to slide 7, we can see here part of our physical infrastructure that supports our entire program development with more than 15,000 accumulated hours of testing. We continue testing different components separately in specific rigs to keep optimizing their individual performance and have now deployed the second Iron Bird dedicated to flight control system integration. As a reminder, our first Iron Bird is a deconstructed eVTOL in which we integrate all the different actual components of an eVTOL into a physical system to make sure all the systems work properly together. This is part of our testing process that should expedite testing and certification efforts, which also reduce program cost. In parallel, on slide 8, we continue to advance our certification process with the Brazilian certification authority, ANAC. The means of compliance are almost completed with ANAC. These are the tests that need to be successfully performed on different components to certify the aircraft. A few suppliers have already started testing some components that have means of compliance aligned with ANAC. Separately, ANAC opened a new consultation with industry stakeholders on an updated airworthiness certification base, reflecting alignment with FAA requirements. This is another important step in the Eve 100 certification process and contributes to the development of a robust regulatory framework for eVTOLs. Following the consultation period, which ends on August 18, ANAC will review the comments received and assess potential refinements to the criteria. In addition, ANAC published proposed noise certification criteria for the Eve 100, which is the result of an extensive engagement between Eve and ANAC drawing on existing aviation noise regulations. Lastly, we applied through ANAC for Type Certification validation by EASA, which is expected to certify our aircraft for European markets 12 to 15 months after ANAC and FAA. On slide 9, we continue to prepare the necessary infrastructure for safe operation of eVTOLs. We have partnered with Hitachi, a global technology leader in electrification, to ensure that vertiports can be reliably connected to a power grid and equipped to handle high-demand, high-frequency operations. This includes ensuring sufficient power capacity, managing fast charging cycles, and integrating new demand into existing energy systems. In Florida, we also partnered with the Florida Department of Transportation to deliver insight into infrastructure, operational procedures, and airspace navigation procedures needed to enable the safe and efficient integration of UAM into Florida's transportation network. On slide 10, you can see the timeline to certification. As I mentioned previously, we are now in the transition phase. We are around 30 flights away from full transition. Meanwhile, we are conducting a critical design review with our suppliers for each system and component that will be featured in our upcoming conforming prototype. This will allow us to release drawings and continue manufacturing components within the required specs to produce and test our conforming vehicle in 2027. With that certification, an entry into service is expected for 2028, considering we will need to fly our conforming prototype for around 12 months after the first crewed conforming prototype flight planned for the second half of 2027. On slide 11, we had a successful outcome at the Farnborough Airshow. We met with several industry leaders, customers, and partners, and we met several investors at the show. We also announced two new LOIs for a total of 46 aircraft from Moov for operations in Cape Verde and Shearwater, a Bay Point Capital company, a new lessor in our backlog. This is a good segue into slide 12, which shows a total pre-order backlog of approximately 2,700 aircraft valued at about $13.5 billion at list price, including the two new LOIs signed this quarter and announced at the Farnborough Airshow. And now, I hand it over to our CFO, Edu, for the second quarter of 2026 financial review.
Thank you, Johann. On slide 13, Eve ended second quarter 2026 with $403 million in cash and total liquidity of $531 million, which includes $128 million in undrawn credit facilities. We believe the current level of liquidity is enough to support operations through 2028 without new funding. Importantly, we have already started to capture some of the synergies and cost avoidance we identified and announced in the first quarter. We have worked extensively with Embraer to find new ways to reduce our cash burn until certification and our initial review indicates we can achieve $100 million to $150 million in potential synergies over the next three years supporting our cash runway. In the first half of 2026, total cash burn was $118 million and our total consumption for the year should remain close to the midpoint of our guidance between $225 million and $275 million. Moving to slide 14, just to highlight some of our numbers, research and development in the second quarter of 2026 was $29 million. This is lower than around $55 million in previous quarters and it reflects better-than-expected agreements with some of our suppliers and program development updates. Going forward, we expect R&D levels to return to around $50 million per quarter. SG&A has been mostly stable at $8 million as we continue to capture synergies and control general and administrative costs. Including R&D and SG&A, net loss was $34 million in the second quarter of 2026. Finally, as mentioned previously, we ended the quarter with $403 million in cash and $531 million in total liquidity. Cash consumption in the second quarter was $49 million and in the first six months of the year was $118 million. This shows some of the early benefits of synergies with Embraer and reinforces our confidence that our current financial position is sufficient to fund our operations until 2028. With that, we conclude our remarks and I would like to open the call for questions. Operator, please proceed.
分析師問答
Operator Instructions: Our first question will come from Savanthi Syth with Raymond James.
Maybe it was really helpful to get some of the forward color on R&D. I was curious if you could share how we should think about CapEx into the second half as well? And how much, if any, of that $100 million to $150 million synergies have been realized or are in the run rate for this year?
Yes. Hi, Savi. Good to talk to you. The synergies we're implementing came from many workshops to make sure we are as efficient as possible in terms of cash burn until certification and to keep our cash burn manageable not only this year, but through certification in 2027 and 2028. We identified $100 million to $150 million in synergies over these three years and we are already capturing some of them. When we say we are confident to stay in the mid-range of our guidance, it already captures part of those synergies. I believe a little less than one-third of those synergies come this year and the rest come in 2027 and 2028. Regarding CapEx for manufacturing, that's another area where we have done extensive studies to be more efficient. We are studying how to use existing Embraer facilities as much as possible so that we can invest in manufacturing facilities as late as possible. For this year, we're talking about roughly $20 million in CapEx investments. Next year, this number should go higher, something around $50 million, and probably another $30 million to $40 million in 2028. Overall, we're planning to invest around $100 million to have a modular production capacity, which we can grow as demand increases. So that's the plan.
That's helpful color and great capacity discipline there. If I might, just on the flight timing, it looks like maybe full transition flights have slipped a bit into the fourth quarter from the third quarter. Thinking about when those will be done, does that impact the timing of when you start building certification-conforming aircraft or are those two things not really connected?
Yes, Savi, this is Johann. The two are connected, obviously. The full transition flight is planned by the end of this year. We've resumed the flight campaign and we are pleased with the progress; we recently completed the transition with the pusher engaged in flight. We expect 30 to 40 more flights until we complete full transition, which corresponds to reaching 90 knots and then turning off the lifters. By the end of this year we'll have more information and that will also trigger work on the conforming prototype. We already have parts from suppliers that are ready and being shipped to us; we will start assembly and finalize that next year. The first flight of the conforming prototype is planned for the second half of next year.
Our next question comes from Andres Sheppard with Cantor Fitzgerald.
Congratulations on the quarter. Johann, I wanted to start with the transition flight. Congratulations to the team on the beginning of the transition flight campaign. How do you expect this program to ramp up going forward? What do you see as the major validation points from the flights? And can you remind us where you are on the design and build-out of the six conforming aircraft, which you'll also be using as part of your flight campaign?
Thank you, Andres. Since the beginning, we elected a lift-and-cruise configuration, which we understand is better for certification and aftermarket operations. This approach led us to a building-block methodology proven through Embraer's experience. As we go, we test each component. The first flight was on December 19, then the hover phase, then three months of software upgrades and integration with the pusher. We tested the pusher on the ground and now in flight; this is part of the planned flight campaign and should carry us to the end of the year. We progress with purpose and do not intend to cut corners. We have tested more than 150 points, expanding the flight envelope and learning as we go. We are transferring this knowledge to the conforming prototype where we will freeze the design by the end of this year in the CDR phase with all suppliers. There are 21 suppliers; some CDRs are already done, others are not. We will transfer the knowledge to the conforming prototype. We will have six conforming prototypes built next year with the first flight crewed by a pilot in the second half of next year. Those six prototypes will support certification toward entry to service in 2028, with roughly 12 months of flight testing after the first crewed flight, which is consistent with Embraer's prior certification timelines.
Excellent. Thank you, Johann. Maybe as a quick follow-up, at the Farnborough Airshow you added two LOIs to the backlog. How significant are these orders? How are you thinking about converting those to binding orders going forward? What do you see as the main differentiator of the backlog?
Thanks, Andres. Whether it's a new LOI or a firm order, it's important to move toward entry into service and to sign contracts when they make sense. The two new LOIs bring our backlog to about 2,700 aircraft at list price, and we have 100 firm orders previously announced with Revo and AirX. The LOIs are meaningful when they align with the missions our aircraft is meant for. For example, Moov in Cape Verde fits an ecotourism and network use case where the country is investing in tourism and the eVTOL can scale with that. The Shearwater LOI, a lessor that was recently acquired by Bay Point Capital, is important because interest from the leasing community demonstrates multiple business models: selling to leasing companies who then lease to operators, or selling directly to operators. That leasing interest is valuable and mirrors established practices in aeronautical markets.
We'll go next to Amit Dayal with H.C. Wainwright.
With respect to the synergies, Edu, can you elaborate a little bit on the components of those synergies? Are these mostly from engineering or is there any IP or infrastructure? Can you give us some color on the different aspects of these cost synergies and where you are going to capitalize on them?
When we talk about synergies, we break them into three pockets. The first pocket is the Eve structure, where we look at everything that Eve does and identify functions Embraer already performs at the parent level. We evaluate what must be done at Eve versus what Embraer can handle, which reduces duplicative administrative and general expense. The second pocket is the master service agreement with Embraer. Embraer has a large pool of engineers supporting us and we continuously look for efficiencies in how those services are provided and billed. Sometimes payments can be arranged directly with suppliers to save costs. The third pocket is industrialization: we want to be efficient in production and leverage Embraer's existing assets and investments so we don't duplicate infrastructure. Those are the three pockets: Eve structure, the Embraer service agreement, and industrialization.
I'll give two concrete examples to illustrate those three synergy pillars. First, on organization: Eve has 176 employees and the MSA with Embraer involves about 800 people. Previously we had some mirrored organizations, but we can gain efficiencies by consolidating program ownership at Eve while leveraging Embraer’s larger teams for execution, avoiding duplication and reallocating workforce where appropriate. Second, on certification program logistics: for example, instead of building a brand-new hangar we planned, we can use existing Embraer facilities and add a couple of containers to meet our needs. This avoids substantial infrastructure spending and accelerates operations in Gavião Peixoto. Those are tangible savings reflecting direct synergies with Embraer.
Going forward, can these synergies continue to add up beyond the $100 million to $150 million range now? I know the focus is on certification-related synergies until 2028, but in the future could you find more areas of cost synergies?
Yes. The current focus is synergies related to certification until we get certification in 2028. But later, in services and support, Embraer has many MROs and facilities worldwide that we can leverage, which would reduce our need to invest in a global infrastructure. So while the immediate focus is certification synergies, there are additional opportunities post-entry-into-service.
Understood. One last question: this partnership with Hitachi — is this more for Eve's operational execution and infrastructure or are you targeting the general eVTOL infrastructure opportunity with this partnership?
Since the beginning, we believe in an agnostic approach to enable UAM at scale. We need standardized solutions for electrification, battery thermal management, and FATO interfaces so various vertiports and operators can scale. This non-exclusive partnership with Hitachi aligns with that strategy. Hitachi brings broad electrification experience across industries and their knowledge will be important to help build scalable vertiport solutions, whether through their systems or others, to enable UAM worldwide.
And we'll go next to Austin Moeller with Canaccord Genuity.
For TechCare, how should we think about the process of revenue generation on the $1.4 billion in MRO contracts? What kind of work might need to be performed on these aircraft in their first year after delivery to customers?
Since Eve's inception, we have thought of three pillars: the vehicle, customer support and services leveraging Embraer's experience and network, and UATM. TechCare is our suite of technical solutions and it's a fly-by-the-hour program based on well-known industry models. During negotiations with suppliers — the 21 or 22 suppliers we have — we structured lifecycle contracts not only for the prototypes and production but also for customer support and services. We want to be the primary face to the customer to ensure operators have vehicle availability and predictable operating costs. TechCare includes MRO, material availability with an exchange program, repair services, a network of providers, and training. We have a contract with ECTS, a joint venture between CAE and Embraer, to provide training for pilots and mechanics. We will also leverage Embraer's Ahead Pro prognostic service, using sensors across the aircraft to predict maintenance needs. The eVTOL is an electrical vehicle with fewer maintenance tasks compared to combustion aircraft, but support programs like TechCare focus on predicting failures and returning the aircraft to operation as quickly as possible, which is what operators want.
Okay. Can you comment on the component or part-level differences between the six cert-conforming prototypes that you expect to start building this year and that will complete different tasks?
Do you mean the differences between the six conforming prototypes, or the difference between the conforming prototype and the engineering prototype?
The six conforming prototypes.
We do have Marcelo Basile on the line and he can provide more detail.
Good morning, this is Marcelo Basile. The differences among those prototypes relate to specific certification tasks ahead. The first prototype will focus on envelope expansion and handling quality performance. The second will go deeper into handling and performance tasks. The third vehicle will focus on systems, most likely propulsion and the electrical system. The fourth aircraft will also focus on systems but with emphasis on avionics. The fifth prototype will focus on interior cabin systems and will be the first to have a full cabin implemented. The sixth will be dedicated to function and reliability testing and will be the closest to series aircraft; this airplane will be compliant with functional reliability requirements and is essentially the last step before entry to service under type certification.
Moving on to Andre Madrid with U.S. Bancorp.
Looking at the supply chain, can you give us an update? As you go through production and build conforming prototypes, do you think there's room to add additional suppliers?
Good question. We have 21 or 22 suppliers — I say both because a few off-the-shelf components like ELTs are standard and not subject to heavy negotiation or customization. The major contracts were negotiated in prior periods, including batteries and engines back in 2023. We are in a development phase with iterative requirements that we send to suppliers and they respond; we make changes as we evolve and test. We will freeze the Eve-100 design by the end of this year for certification purposes. After that, only minor changes will be acceptable. Those contracts are lifecycle agreements that cover production and long-term support. They include clauses to allow ramp-up in production based on experience, leveraging Embraer's long history of supplier management. We also colocate employees at suppliers when necessary to support development — that's part of our supplier relationship DNA.
This concludes our question-and-answer session. I would like to turn the floor back over to Lucio Aldworth for closing comments.
Thanks, Carrie, and thank you everyone who joined the call today. As you saw, we achieved several important milestones this quarter, and we'll continue evolving quickly forward. Our achievements will be much more clearly visible to the investment community as we progress. We look forward to meeting you at upcoming events we will participate in. As always, if you have any questions, don't hesitate to reach out to me or my team. Thank you and have a good day.
Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines and have a wonderful day.