In its filing with the US Securities and Exchange Commission (SEC), Eve has posted a net loss of US$25.3 million for the first quarter of 2024. The losses, while significant, are an improvement ($500,000) on the same period in 2023 and come despite higher spending on R&D as well as selling, general and administrative (SG&A) expenses.
These increases in spending were offset by gains in derivatives totalling $6.3m compared with losses of $2.2m in 2023.
Perhaps a fairer measure for a company that is yet to have any products to sell is its cash consumption, which reflected the increases in company activities and headcount leading to a spend in Q1 2024 of $35.9m compared with $19.9m in the same period last year.
