Eve Air Mobility: Urban Air Mobility Solutions, eVTOL Development, and Growth Strategy Overview

Eve Holding, Inc. 2025 Annual Report—Key Insights for Investors

Executive Summary

Eve Holding, Inc. has released its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The report provides investors with in-depth insights into the company’s performance, financial position, strategic initiatives, and the associated risks and opportunities as Eve continues its mission to revolutionize Urban Air Mobility (UAM).

Key Financial Highlights

Earnings Per Share (Diluted): For the fiscal year ended December 31, 2025, the company reported diluted earnings per share of \$0.70, an increase from \$0.48 in 2024 and \$0.46 in 2023. This indicates improving profitability over the period.
Shares Outstanding: As of March 16, 2026, there were 348,304,584 shares of common stock issued and outstanding, a significant increase that reflects capital raising activities and possible dilution for existing shareholders.
Weighted Average Diluted Shares: The company’s weighted average number of diluted shares outstanding increased from 275,763 (2023) to 288,524 (2024), and to 321,348 (2025), signifying ongoing share issuance, which could impact future earnings per share calculations.

Stock Exchange and Trading Information

Listing: Common Stock (EVEX) and Warrants (EVEXW) are listed on The New York Stock Exchange.
Capital Structure: The company has both common stock and publicly traded warrants. The increased share count and presence of warrants (including penny warrants and restricted stock units) may have a dilutive effect on shareholders.

Corporate Status and Compliance

Accelerated Filer: Eve Holding is classified as an “Accelerated Filer,” not a large accelerated filer, smaller reporting company, or emerging growth company.
Regulatory Filing: The company is subject to all reporting requirements and is in compliance with Section 13 or 15(d) of the Securities Exchange Act, including Interactive Data File requirements and auditor attestation for internal controls under Sarbanes-Oxley.
Not a Shell Company: Eve Holding, Inc. is not a shell company.

Strategic and Market Risks—Price Sensitive Information

Summary of Risk Factors for Investors

UAM Market Uncertainty: The Urban Air Mobility market is still emerging and its growth trajectory is uncertain. There may be slower adoption rates, consumer reluctance, or an unwillingness to pay projected prices.
Capital Requirements & Dilution: Significant investments are necessary for developing the UAM ecosystem, infrastructure, and technology. The company’s current cash flow is not sufficient to support its growth plans, meaning additional capital raises (and further dilution) are likely.
Profitability Challenges: Despite improvements, Eve has not yet achieved stable profitability and may face challenges in doing so, especially if market growth does not meet expectations or costs rise.
Regulatory and Environmental Risks: Compliance with an evolving and complex regulatory environment is critical. Any adverse changes or increased regulatory burdens, including those related to ESG and environmental requirements, may significantly affect operations and costs.
Macroeconomic and Currency Risks: As a company with significant operations in Brazil, Eve is exposed to Brazilian political and economic volatility, foreign exchange fluctuations, and commodity price swings, all of which could materially impact results.
Operational and Supply Chain Risks: The need to build out manufacturing, R&D, and operational infrastructure presents execution risks. Delays, cost overruns, or inability to scale could affect financial performance.
Dependency on Strategic Partnerships: Eve’s business model relies heavily on relationships with third parties, including strategic partners and suppliers. Any breakdown or underperformance in these relationships may hinder growth.
Cybersecurity and Internal Controls: The company asserts that cybersecurity risk management is integrated into their processes, but any breach or failure in internal controls could have a material impact.

Corporate Governance and ESG Initiatives

ESG Focus: Eve is committed to best practices in risk assessment, mitigation, and governance, including alignment with United Nations Sustainable Development Goals. ESG oversight and reporting are ongoing priorities.
Safety and Compliance: The company emphasizes strict compliance with safety protocols and conducts regular audits to ensure best practices are followed across the organization.

Legal and Regulatory Proceedings

The company discloses sections on legal proceedings and mine safety disclosures, but no material proceedings are highlighted in the summary. Investors should monitor the full report for any updates that could become price sensitive in the future.

Shareholder Actions and Proxy Statement

Information required by Part III of the report (including director and executive compensation, security ownership, and related transactions) will be incorporated by reference from the upcoming 2026 proxy statement.

Important Investor Considerations

Potential Share Price Movers:
- Significant ongoing dilution due to share and warrant issuance.
- Execution risks in deploying capital for UAM development.
- Uncertainty about the timeline and size of the UAM market.
- Any regulatory, economic, or operational setback could impact valuation.
- Profitability remains a medium-term goal, not a guarantee.

Access to Further Information

Investors are encouraged to review Eve’s filings and corporate governance documents, which are available free of charge on the company’s investor relations website. The company may disclose material information through its website.

Disclaimer: This summary is intended for informational purposes only. It is not investment advice. All forward-looking statements are subject to risks and uncertainties, and actual results may differ materially. Investors should review the full Annual Report and consult with their financial advisors before making any investment decisions.