EVEX

Eve Holding is a pre-revenue eVTOL developer whose own 10-K states plainly that 'To date, Eve has not generated any revenue' and that it 'will require substantial additional capital to develop products and fund operations for the foreseeable future.' The numbers confirm a deeply pre-commercial business: five straight years of losses culminating in a -$224M net loss for FY2025 (a 62% YoY widening), -$160M operating cash burn, and a -$707M accumulated deficit. R&D jumped 50% to $195M as the program scales toward certification, and the first uncrewed full-scale prototype flight only occurred on December 19, 2025 — meaning type certification, production ramp, and meaningful deliveries are still multiple years away in a regulatory environment the filing explicitly flags as a risk.

The balance sheet is being kept alive by financing, not operations. Total liabilities surged 60% to $311M while equity was flat at $124M (L/E now 2.51x), and management has had to stack new debt facilities just in the last few months: a BNDES facility (~$37.9M combined), and a $150M Itaú-led syndicated loan signed January 13, 2026. Cash of $103M against a $160M annual burn implies the company would be out of money in under a year without these new facilities — and even with them, the runway is measured in quarters, not years, against a multi-year certification timeline. Share count is already up 17% YoY to 348M, and the filing's forward-looking risks lead with 'our ability to raise financing in the future' and 'our ability to achieve and maintain profitability' — i.e., further dilution is the base case.