Eve Air Mobility has released its financial results for Q2 2024. The company lost US$36.4 million compared to $31.4 million in Q2 2023, following the losses in Q1 2024.
The company stated higher Research and Development (R&D) costs as the reason for the loss, with R&D expenses totalling $36.3 million in contrast to $21.8 million the previous year. This was driven by the Master Services Agreement (MSA) with Embraer.
Selling, General, and Administrative expenses decreased to $5.4 million from $6.6 million in Q2 2023 due to a combination of lower outsourced services and payroll costs and a depreciation of the Brazilian Real BRL, as most of SG&A expenses are in Brazilian Currency.
The increase in Research and Development expenses was partially offset by a $2.1 million gain versus a $6.8 million loss the previous year. Eve’s total cash used by operations and capital expenditures in Q2 2024 was $31.4 million, compared to $27.8 million in 2023.
Eve has also entered into subscription agreements with financial and strategic investors, such as Embraer, Space Florida, and Nidec, which will provide additional funding to support future operations and programme investments.
Photo: Eve Air Mobility
