Eve Holding Inc
For the period ended Dec 31, 2024. Filed Mar 11, 2025.
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FY2024 · Filed Mar 11, 2025
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.20549
FORM 10-K
(Mark One)
For the fiscal year ended December 31, 2024
or
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the transition period from to
Commission File No. 001-39704
(Exact name of registrant as specified in its charter)
| Delaware | 85-2549808 |
|---|---|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. EmployerIdentification No.) |
| 1400 General Aviation Drive Melbourne, FL 32935 | |
| (Address of Principal Executive Offices, including zip code) | |
(321) 751-5050
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, par value $0.001 per share Warrants, each whole warrant exercisable for one share of Common Stock | EVEX EVEXW | The New York Stock Exchange The New York Stock Exchange |
Securities registered pursuant to Section 12(g) of the Act:
None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes ☐ No ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is alarge accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of“large accelerated filer,” “accelerated filer,” “smaller reporting company,” and“emerging growth company” in Rule 12 b-2 of the Exchange Act.
| Large accelerated filer | ☐ | Accelerated filer | ☒ |
|---|---|---|---|
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| Emerging growth company | ☒ | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10 D-1(b).☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12 b-2 of the Exchange Act): Yes ☐ No ☒
The aggregate market value of the registrant’s common stock outstanding, other than shares held by persons who may be deemed affiliates of the registrant, computed as of June 30, 2024 (the last business day of the registrant’s most recently completed second fiscal quarter), was approximately$121.7 million.
As of March 11, 2025, there were 297,644,298 shares of common stock, par value $0.001 per share, issued and outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
The information required by Part III of this Report, to the extent not set forth herein, is incorporated herein by reference from the registrant’s definitive proxy statement relating to the annual meeting of stockholders to be held in 2025, which definitive proxy statement shall be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Report relates.
EVE HOLDING, INC.****
| Page | |
|---|---|
| CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS | 1 |
| PART I | 2 |
| Item 1. Business | 2 |
| Item 1A. Risk Factors | 13 |
| Item 1B. Unresolved Staff Comments | 50 |
| Item 1C. Cybersecurity | 51 |
| Item 2. Properties | 52 |
| Item 3. Legal Proceedings | 52 |
| Item 4. Mine Safety Disclosures | 52 |
| PART II | 53 |
| Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 53 |
| Item 6. [Reserved] | 53 |
| Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 54 |
| Item 7A. Quantitative and Qualitative Disclosures About Market Risk | 62 |
| Item 8. Financial Statements and Supplementary Data | 63 |
| Report of Independent Registered Public Accounting Firm (KPMG LLP, Miami, FL, Auditor Firm ID: 185) | 64 |
| Consolidated Balance Sheets | 65 |
| Consolidated Statements of Operations | 66 |
| Consolidated Statements of Comprehensive Loss | 66 |
| Consolidated Statements of Equity | 67 |
| Consolidated Statements of Cash Flows | 68 |
| Notes to Consolidated Financial Statements | 69 |
| Note 1 – Organization and Nature of Business | 69 |
| Note 2 – Significant Accounting Policies | 70 |
| Note 3 – Cash and Cash Equivalents | 74 |
| Note 4 – Financial Investments | 74 |
| Note 5 – Related Party Transactions | 75 |
| Note 6 – Other Balance Sheet Components | 76 |
| Note 7 – Debt | 77 |
| Note 8 – Equity | 79 |
| Note 9 – Common Stock Warrants | 80 |
| Note 10 – Derivative Financial Instruments | 82 |
| Note 11 – Fair Value Measurements | 82 |
| Note 12 – Share-Based Compensation | 83 |
| Note 13 – Earnings Per Share | 85 |
| Note 14 – Research and Development Expenses | 86 |
| Note 15 – Selling, General and Administrative Expenses | 86 |
| Note 16 – Income Taxes | 86 |
| Note 17 – Leases | 89 |
| Note 18 – Commitments and Contingencies | 90 |
| Note 19 – Segments | 91 |
| Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 92 |
| Item 9A. Controls and Procedures | 92 |
| Item 9B. Other Information | 93 |
| Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspection | 93 |
| PART III | 94 |
| Item 10. Directors, Executive Officers and Corporate Governance | 94 |
| Item 11. Executive Compensation | 94 |
| Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 94 |
| Item 13. Certain Relationships and Related Transactions, and Director Independence | 94 |
| Item 14. Principal Accountant Fees and Services | 94 |
| PART IV | 95 |
| Item 15. Exhibits, Financial Statement Schedules | 95 |
| Signatures | 99 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.