Eve Air Mobility has released its fourth-quarter results, which reveal a loss of US$39.3 million. This compares with $20.1m in the same period of 2022. The company points to higher research and development costs as the prime driver for the higher spending.
Turning to the annual result, the company posted a loss totalling $127m versus $174m the year before. This is despite the company’s increased R&D spending. Overall, Eve said it has consumed $94.7m of its reserves in 2023, considerably up on last year, which saw the company burn USD59.9m. While a considerable increase, Eve said the cash consumption in 2023 was considerably lower than the spend of between $130m to $150m it expected in 2023. Eve said that this is the result of a focus on cost control, a deferral of supplier payments and “synergy gains” with Embraer.
Turning to its cash position, Eve said it has a total liquidity, including the remaining BNDES credit of $316.3m
