Eve Holding, Inc.

Pre-revenue eVTOL developer with a solid balance sheet and Embraer backing but entirely binary commercialization risk.

Strengths

• $384M cash (72.8th pct) with ~8.9 quarters runway and clean liquidity (current ratio 3.3)
• Strategic relationship with Embraer and a ~2,700-vehicle, $14B non-binding order pipeline

Risks

• No revenue or certified product; eVTOL/UAM market unproven and timelines uncertain
• Negative returns (ROE -1.8x artifact, interest coverage -22) and continuing significant losses
• Orders are overwhelmingly non-binding and certification/regulatory approval is not assured

Notable findings

• No interest coverageInterest coverage -22.23 (cannot cover interest)
• Exec changeRecent 8-K item 5.02 8-K ↗
• Cash burnNegative free cash flow (-173.0M)
• Strong balance sheetStrong balance sheet — $384M cash & investments, ~9 quarters of runway