Eve Holding, Inc 10-Q for FY2026 Q3

Eve Holding, Inc. (EVEX)

10-Q 2026-11-05 For: 2026-09-30

Added on November 05, 2026

About this 10-Q

Eve Holding, Inc filed this 10-Q on November 5, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).

Headline figures

Quarter ended September 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Net loss: $58.05M; compared with a net loss of $46.87M a year earlier
Diluted EPS: -$0.16; compared with -$0.14 a year earlier

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Delaware	85-2549808
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
1400 General Aviation Drive Melbourne, FL 32935
(Address of Principal Executive Offices, including zip code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share Warrants, each whole warrant exercisable for one share of Common Stock	EVEX EVEXW	New York Stock Exchange New York Stock Exchange

Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

	TABLE OF CONTENTS
PART I	FINANCIAL INFORMATION (Unaudited)	1

Item 1.	Financial Statements	1
	Condensed Consolidated Balance Sheets	1
	Condensed Consolidated Statements of Operations	2
	Condensed Consolidated Statements of Comprehensive Loss	2
	Condensed Consolidated Statements of Equity	3
	Condensed Consolidated Statements of Cash Flows	4
	Notes to the Condensed Consolidated Financial Statements	5
	Note 1 – Organization and Basis of Presentation	5
	Note 2 – Cash and Cash Equivalents	6
	Note 3 – Financial Investments	6
	Note 4 – Related Party Transactions	7
	Note 5 – Other Balance Sheet Components	8
	Note 6 – Debt	9
	Note 7 – Equity	11
	Note 8 – Common Stock Warrants	12
	Note 9 – Warrant Liability	14
	Note 10 – Fair Value Measurements	14
	Note 11 – Earnings Per Share	15
	Note 12 – Research and Development Expenses	16
	Note 13 – Selling, General and Administrative Expenses	16
	Note 14 – Income Taxes	16
	Note 15 – Commitments and Contingencies	17
	Note 16 – Segments	18
	Note 17 – Grants	19
	Note 18- Subsequent Events	20
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	30
Item 4.	Controls and Procedures	31

PART II	OTHER INFORMATION	32

Item 1.	Legal Proceedings	32
Item 1A.	Risk Factors	32
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32
Item 3.	Defaults Upon Senior Securities	32
Item 4.	Mine Safety Disclosures	32
Item 5.	Other Information	32
Item 6.	Exhibits	33
	Signatures	34

		September 30, 2026		December 31, 2025
ASSETS
Current assets
Cash and cash equivalents	$	119,410	$	103,233
Restricted cash		8,207		8,380
Financial investments		228,367		280,845
Related party receivable		6		54
Other current assets		17,755		18,362
Total current assets		373,745		410,874
Non-current assets
Related party receivables		383		19
Property, plant & equipment, net		14,867		10,560
Right-of-use assets, net		215		310
Capitalized software, net		8,976		4,762
Deferred income taxes, net		3,916		3,916
Other non-current assets		7,350		4,434
Total non-current assets		35,707		24,002
Total assets	$	409,452	$	434,875

LIABILITIES AND EQUITY
Current liabilities
Accounts payable	$	4,193	$	3,828
Related party payables		52,883		70,265
Current portion of long-term debt		8,497		3,374
Warrant liability		698		4,588
Other current payables		52,869		42,713
Total current liabilities		119,140		124,769
Non-current liabilities
Long-term debt		313,643		176,412
Other non-current payables		1,858		1,890
Related party payables		9,294		8,046
Total non-current liabilities		324,795		186,348
Total liabilities		443,935		311,117
Commitments and contingencies (Note 15)
Equity
Common stock, $0.001 par value		348		348
Additional paid-in capital		833,352		830,500
Accumulated deficit		(868,184)		(707,090)
Total equity		(34,483)		123,758
Total liabilities and equity	$	409,452	$	434,875

		Three Months Ended				Nine Months Ended
		September 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Operating expenses
Research and development expenses	$	48,293	$	44,873	$	136,299	$	135,256
Selling, general and administrative expenses		5,962		7,025		21,510		23,122
Total operating expenses		54,255		51,898		157,809		158,378
Operating loss		(54,255)		(51,898)		(157,809)		(158,378)
Gain (Loss) from warrant liability		997		6,441		3,890		285
Financial investment income		4,255		4,144		14,063		11,598
Interest expense		(5,544)		(2,671)		(15,392)		(7,293)
Other loss, net		(523)		(1,657)		(5,639)		(5,446)
Loss before income taxes		(55,071)		(45,641)		(160,888)		(159,234)
Income tax expense (benefit)		2,982		1,225		206		1,102
Net loss	$	(58,052)	$	(46,866)	$	(161,094)	$	(160,336)

	Common Stock
	Shares		Amount		Additional Paid-In Capital		Accumulated Deficit		Total Equity
Balance at December 31, 2024	297,644	$	298	$	606,460	$	(482,835)	$	123,922
Net loss	-		-		-		(48,784)		(48,784)
Share-based compensation	-		-		1,002		-		1,002
Balance as of March 31, 2025	297,644		298		607,462		(531,619)		76,141
Net loss	-		-		-		(64,685)		(64,685)
Share-based compensation and issuance for vested awards	242		0		1,980		-		1,980
Balance as of June 30, 2025	297,887		298		609,442		(596,304)		13,435
Net loss	-		-		-		(46,866)		(46,866)
Issuance of common stock, net	47,423		47		217,353		-		217,401
Warrants exercised for common stock	2,995		3		-		-		3
Share-based compensation	-		-		86		-		86
Balance as of September 30, 2025	348,305	$	348	$	826,881	$	(643,171)	$	184,059

Balance as of December 31, 2025	348,305	$	348	$	830,500	$	(707,090)	$	123,758
Net loss	-		-		-		(68,813)		(68,813)
Share-based compensation	-		-		1,108		-		1,108
Balance as of March 31, 2026	348,305		348		831,608		(775,903)		56,054
Net loss	-		-		-		(34,229)		(34,229)
Share-based compensation and issuance of stock	182		0		1,006		-		1,006
Balance as of June 30, 2026	348,486		348		832,614		(810,131)		22,831
Net loss	-		-		-		(58,052)		(58,052)
Share-based compensation and issuance of stock	12		0		738		-		738
Balance as of September 30, 2026	348,499	$	348	$	833,352	$	(868,184)	$	(34,483)

		September 30, 2026		December 31, 2025
Cash	$	2,437	$	71,431
CDBs		732		1,738
Fixed deposits		116,241		30,064
Total cash and cash equivalents	$	119,410	$	103,233

		September 30, 2026
		Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
HTM securities, at cost:
Time deposits	$	228,367	$	3	$	(474)	$	227,896

		September 30, 2026		December 31, 2025
Construction in process ("CIP")	$	6,829	$	3,251
Tooling		6,404		5,010
eVTOL mockups		2,131		2,131
Machinery and equipment		698		594
Leasehold improvement		227		224
Computer hardware		41		39
Total property, plant and equipment	$	16,329	$	11,248
Less: Accumulated depreciation		(1,462)		(688)
Total property, net	$	14,867	$	10,560

		September 30, 2026		December 31, 2025
Accrued services	$	32,780	$	23,412
Subsidies and grants		6,992		6,530
Accrued payroll		5,756		7,600
Accrued interest		3,872		1,062
Advances from customers		2,940		2,770
Income tax payable		206		968
Other payables		322		371
Total	$	52,869	$	42,713

Title	Interest Rate (a)	Maturity Dates		September 30, 2026		December 31, 2025
Term loans outstanding (b)	6.6%	2026-2040	$	326,240	$	182,474
Unamortized debt issuance costs				(4,100)		(2,689)
Total debt, net				322,140		179,785
Less: current portion of long-term debt				(8,497)		(3,374)
Long-term debt, net			$	313,643	$	176,412

(a)	Weighted-average interest rate as of September 30, 2026
(b)	Includes debt denominated in BRL and converted to USD as of the reporting date

		2026			2027			2028			2029			2030			2031 and thereafter			Total
Debt maturities	$	1,045		$	11,788		$	19,812		$	19,976		$	95,142		$	178,477		$	326,240

	September 30, 2026								December 31, 2025
	Carrying		Fair Value						Carrying		Fair Value
	Amount		Level 1		Level 2		Level 3		Amount		Level 1		Level 2		Level 3
Private Warrants	$	698	$	-	$	698	$	-	$	4,588	$	-	$	4,588	$	-
Debt	$	322,140	$	-	$	310,999	$	-	$	179,786	$	-	$	184,139	$	-

		Nine Months Ended
		September 30, 2026		September 30, 2025
Cash flows from operating activities
Net loss	$	(161,094)	$	(160,336)
Adjustments to reconcile net loss to net cash used by operating activities
Depreciation and amortization		1,408		542
Non-cash lease expenses		132		469
Unrealized (gain)/loss on exchange rate translation		3,231		3,279
Share-based compensation		3,001		3,225
(Gain) Loss from warrant liability		(3,890)		(285)
Changes in operating assets and liabilities
Accrued interest on financial investments, net		2,477		(1,216)
Other assets		(3,854)		(2,997)
Related party receivables		(316)		409
Accounts payable		(1,089)		(1,421)
Related party payables		(16,155)		10,138
Other payables		9,211		13,696
Net cash used by operating activities		(166,936)		(134,498)
Cash flows from investing activities
Redemptions of financial investments		284,000		221,000
Purchases of financial investments		(234,000)		(317,000)
Expenditures for capitalized software		(3,101)		-
Expenditures for property, plant and equipment		(3,022)		(8,454)
Net cash provided (used) by investing activities		43,878		(104,454)
Cash flows from financing activities
Repayment of long-term debt principal		(52,814)		-
Proceeds from issuance of common stock		-		226,336
Non-investor equity issuance costs		-		(8,932)
Proceeds from debt		192,692		33,272
Non-creditor debt issuance costs		(252)		(178)
Tax withholding on share-based compensation		(149)		(157)
Net cash provided by financing activities		139,478		250,342
Effect of exchange rate changes on cash and cash equivalents		(416)		(329)
Increase in cash, cash equivalents and restricted cash		16,004		11,060
Cash, cash equivalents and restricted cash at beginning of period		111,613		56,366
Cash, cash equivalents and restricted cash at end of period	$	127,617	$	67,426
Supplemental disclosure of cash information
Cash paid for interest	$	10,054	$	6,697
Cash paid for income tax	$	-	$	1,015
Supplemental disclosure of other non-cash investing and financing activities

	September 30, 2026	September 30, 2025
Unvested restricted stock units	3,154	3,305
Penny warrants subject to unmet contingencies	15,023	15,023
Warrants “out-of-the-money”	34,453	34,453
Total	52,630	52,781

		Nine Months Ended
		September 30, 2026		September 30, 2025		Change
Net cash used by operating activities	$	(166,936)	$	(134,498)	$	(32,438)
Net cash provided (used) by investing activities	$	43,878	$	(104,454)	$	148,331
Net cash provided by financing activities	$	139,478	$	250,342	$	(110,864)

EVE HOLDING, INC.
Date: November 5, 2026	By:	/s/ Johann Bordais
		Name:	Johann Bordais
		Title:	Chief Executive Officer
		(Principal Executive Officer)

Date: November 5, 2026	By:	/s/ Eduardo Couto
		Name:	Eduardo Couto
		Title:	Chief Financial Officer
		(Principal Financial and Accounting Officer)

	(a)		Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	(b)		Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	(c)		Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	(d)		Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

	(a)		All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
	(b)		Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	1.		the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
	2.		the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Eve Holding, Inc.