Eve Holding, Inc.
For the period ended Jun 30, 2026. Filed Aug 4, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 4, 2026
EVEX$1.85+17.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-05.
0001554855-26-000876
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-04.
0001554855-26-001685
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 113 previous paragraphs and 114 current paragraphs.
84 unchanged; 26 reworded; 4 added; 3 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 2 previous and 3 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (4)
Current report
Investors and others should note that we announce financial information through our investor relations website (www.ir.eveairmobility.com) and our official social media channels identified on our investor relations website, and use our website and official social media channels to communicate with our investors and the public about our company, our solutions and other developments. It is possible that information we make available on our investor relations website or through our official social media channels could be deemed to be material information. Therefore, we encourage investors, the media and others interested in our company to review the information we make available on our investor relations website and through our official social media channels.
Current report
Research and development expenses decreased by $16.7 million and $2.4 million for thethree and six months ended June 30, 2026, respectively. The decrease in research and development expenses was primarily driven by the evolution of negotiations with certain contractors and the program development updates which resulted in a favorable adjustment to previously recorded cost estimates. Despite the R&D reduction from contractors, activities under the Master Services Agreement (MSA) with Embraer continue to increase, reflecting higher efforts related to the eVTOL program, Customer Services, and CapEx-related activities, as well as expenditures on projects such as the Digital Program and the Knowledge Gains Initiative (KGI), driven by ongoing investments to support strategic digital and knowledge development initiatives.
Current report
Selling, general and administrative expenses increased by $0.1 million and decreased by $0.5 million for the three and six months ended June 30, 2026, respectively. The decrease for the six-month period was primarily attributable to lower payroll expenses associated with restricted stock unit ("RSU") awards granted to employees. The increase for the three-month period was mainly driven by higher travel and depreciation expenses. Travel expenses increased primarily due to a change in cost allocation methodology, whereby certain travel costs were recorded separately as reimbursements during the second quarter of 2026, whereas in the second quarter of 2025 these costs were included in engineering services invoices. In addition, depreciation and amortization expense increased as a result of newly placed-in-service assets and systems, including the Full-Scale Mockup, OneStream, and other recent capital investments.
Current report
Other loss, netdecreased $0.4 million and increased $1.3 million for thethree and six months ended June 30, 2026, respectively. The increase for the six-month period was primarily attributable to higher foreign currency losses of $1.2 million and higher financial expenses of $0.1 million. The decrease for the three-month period was primarily due to higher foreign exchange gains recognized during the quarter. The favorable impact of currency fluctuations reduced net losses compared to the prior-year period.
Removed paragraphs (3)
Previous report
Research and development expenses increased by $14.4 million for thethree months ended March 31, 2026. The increase in research and development expenses was primarily driven by the MSA with Embraer who performs several developmental activities for Eve. These efforts continue to intensify with advancements in the development of our eVTOL. Moreover, R&D includes increased engineering engagement with Embraer, additional program development activities, and testing infrastructure. Additionally, during the current quarter, the Company increased the frequency of its flight-testing activities – which started on December 19, 2025, as part of its ongoing development efforts. As of the end of the reporting period, the Company has completed 59 successful flight tests accumulating 2 hours and 27 minutes of total flight time.
Previous report
Selling, general and administrative expenses decreased $0.6 million for the three months ended March 31, 2026. Although the number of direct Eve employees increased to approximately 210, total payroll expenses decreased year-over-year due to lower costs related to a decrease in Restricted Stock Units granted to employees. The most significant contributor to the reduction in SG&A was the capitalization of the Enterprise Resource Planning system implementation that is related to our industrialization project as we prepare our assembly site for production – this was previously expensed. Lastly, the variation in SG&A also reflects an approximately 11% year-over-year average appreciation of the Brazilian real against the US Dollar.
Previous report
Other loss, netincreased $1.8 million for thethree months ended March 31, 2026, primarily related higher financial expenses of $1.4 million, and higher foreign currency losses of $0.3 million.
Reworded paragraphs (26)
Previous wording
The following discussion and analysis provides information we believe is relevant to an assessment and understanding of our condensed consolidated results of operations and financial condition. The following discussion should be read in conjunction with the Company’s most recent Annual Report on Form 10-K (the “2025 Form 10-K”) filed with the U.S. Securities and Exchange Commission (the “SEC”) and the unaudited condensed consolidated financial statements for thethree months ended March 31, 2026 and 2025, and the related notes that are included in this Quarterly Report on Form 10-Q. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. The Company’s actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those factors set forth under “Cautionary Note Regarding Forward-Looking Statements” in Part I, Item 1A. Risk Factors of our 2025 Form 10-K and in our other filings with the SEC. Capitalized terms not defined have the same meaning as in the notes to the unaudited condensed consolidated financial statements.
Current wording
The following discussion and analysis provides information we believe is relevant to an assessment and understanding of our condensed consolidated results of operations and financial condition. The following discussion should be read in conjunction with the Company’s most recent Annual Report on Form 10-K (the “2025 Form 10-K”) filed with the U.S. Securities and Exchange Commission (the “SEC”) and the unaudited condensed consolidated financial statements for thethree and six months ended June 30, 2026 and 2025, and the related notes that are included in this Quarterly Report on Form 10-Q. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. The Company’s actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those factors set forth under “Cautionary Note Regarding Forward-Looking Statements” below, in Part I, Item 1A. Risk Factors of our 2025 Form 10-K and in our other filings with the SEC. Capitalized terms not defined have the same meaning as in the notes to the unaudited condensed consolidated financial statements.
Previous wording
Eve has entered into Master Services Agreements with each ERJ and Atech (collectively, the “MSAs”). Eve has also entered into a Shared Services Agreement (“SSA”) with ERJ and EAH. Pursuant to the MSAs, ERJ and Atech, either directly or through their respective affiliates, will provide certain services and products to Eve and its subsidiaries, including, among others, product development of eVTOL, services development, parts planning, technical support, AOG (Aircraft on Ground) support, MRO (Maintenance, Repair and Overhaul) planning, training, special programs, technical publications development, technical publications management and distribution, operation, engineering, designing and administrative services and, at Eve’s option, future eVTOL manufacturing services. Eve expects to collaborate with ERJ and leverage their expertise as an aircraft producer, which will help it design and manufacture eVTOLs with low maintenance and operational costs and design systems and processes for maintenance, develop pilot training programs, and establish operations. The services provided under the SSA include, among others, corporate and administrative services to Eve. In addition, Eve has entered into the Data Access Agreement with ERJ, pursuant to which, among other things, ERJ has agreed to provide Eve with access to certain of its intellectual property and proprietary information in order to facilitate the execution of the specific activities that are set out in certain of the statements of work entered into pursuant to these Services Agreements.
Current wording
Eve has entered into Master Services Agreements with each of ERJ and Atech (collectively, the “MSAs”). Eve has also entered into a Shared Services Agreement (“SSA”) with ERJ and EAH. Pursuant to the MSAs, ERJ and Atech, either directly or through their respective affiliates, will provide certain services and products to Eve and its subsidiaries, including, among others, product development of eVTOL, services development, parts planning, technical support, AOG (Aircraft on Ground) support, MRO (Maintenance, Repair and Overhaul) planning, training, special programs, technical publications development, technical publications management and distribution, operation, engineering, designing and administrative services and, at Eve’s option, future eVTOL manufacturing services. Eve expects to collaborate with ERJ and leverage their expertise as an aircraft producer, which will help it design and manufacture eVTOLs with low maintenance and operational costs and design systems and processes for maintenance, develop pilot training programs, and establish operations. The services provided under the SSA include, among others, corporate and administrative services to Eve. In addition, Eve has entered into the Data Access Agreement with ERJ, pursuant to which, among other things, ERJ has agreed to provide Eve with access to certain of its intellectual property and proprietary information in order to facilitate the execution of the specific activities that are set out in certain of the statements of work entered into pursuant to these Services Agreements.
Previous wording
On September 23, 2025, the Company entered into a new Master Services Agreement (the “MSA#2”) with Embraer for the provision of support services to develop an industrialization project, including processes and procedures for the production of eVTOLs and plant operation of the Company’s facility in the city of Taubaté, State of São Paulo, Brazil (the “ETT Manufacturing Site”).
Current wording
On September 23, 2025, the Company entered into a new Master Services Agreement (the “MSA2”) with Embraer for the provision of support services to develop an industrialization project, including processes and procedures for the production of eVTOLs and plant operation of the Company’s facility in the city of Taubaté, State of São Paulo, Brazil (the “ETT Manufacturing Site”).
Previous wording
The aforementioned Services Agreements continue to be in full force and effect. Further information about such agreements is set forth in our prospectus, dated January 18, 2023, filed with the SEC on January 20, 2023, pursuant to Rule 424(b) under the Securities Act.
Current wording
The aforementioned Services Agreements continue to be in full force and effect. Further information about such agreements is set forth in Note 4 of the unaudited condensed consolidated financial statements.
Previous wording
We believe one of the primary drivers for adoption of our UAM services is the value proposition and time savings offered by aerial mobility relative to traditional ground-based transportation. Additional factors impacting the pace of adoption of our UAM services include but are not limited to: perceptions about eVTOL quality, safety, performance and cost; perceptions about the limited range over which eVTOL may be flown on a single battery charge, volatility in the cost of oil and gasoline, availability of competing forms of transportation, such as ground or air taxi or ride-hailing services, the development of adequate infrastructure, consumers’ perception about the convenience and cost of transportation using eVTOL relative to ground-based alternatives, and increases in fuel efficiency, autonomy, or electrification of cars. In addition, macroeconomic factors could impact demand for UAM services, particularly if end-user pricing is at a premium to ground-based transportation alternatives. We anticipate initial operations in selected high-density metropolitan areas where traffic congestion is particularly acute and operating conditions are suitable for early eVTOL operations. If the market for UAM does not develop as expected, this might impact our ability to generate revenue or grow our business.
Current wording
We believe one of the primary drivers for adoption of our UAM services is the value proposition and time savings offered by aerial mobility relative to traditional ground-based transportation. Additional factors impacting the pace of adoption of our UAM services include but are not limited to: perceptions about eVTOL quality, safety, performance and cost; perceptions about the limited range over which eVTOL may be flown on a single battery charge, volatility in the cost of oil and gasoline, availability of competing forms of transportation, such as ground or air taxi or ride-hailing services, the development of adequate infrastructure, consumers’ perception about the convenience and cost of transportation using eVTOL relative to ground-based alternatives, and increases in fuel efficiency, autonomy, or electrification of cars. In addition, macroeconomic factors could impact demand for UAM services, particularly if end-user pricing is at a premium to ground-based transportation alternatives. We anticipate initial operations in selected high-density metropolitan areas where traffic congestion is particularly acute and operating conditions are suitable for early eVTOL operations. If the market for UAM does not develop as expected, this could impact our ability to generate revenue or grow our business.
Previous wording
We plan to obtain authorizations and certifications for our eVTOL with Brazil’s Agência Nacional de Aviação Civil (“ANAC”), U.S. Federal Aviation Administration (“FAA”), and European Union Aviation Safety Agency (“EASA”) initially and will seek certifications from other aviation authorities as necessary. We will also need to obtain authorizations and certifications related to the production of our aircraft and the deployment of our related services. While we anticipate being able to meet the requirements of such authorizations and certifications, we may be unable to obtain such authorizations and certifications, or to do so on the timeline we project. Should we fail to obtain any of the required authorizations or certifications, or do so in a timely manner, or any of these authorizations or certifications are modified, suspended or revoked after we obtain them, we may be unable to launch our commercial service or do so on the timelines we project, which would have adverse effects on our business, prospects, financial condition and/or results of operations.
Current wording
We plan to obtain authorizations and certifications for our eVTOL with Brazil’s Agência Nacional de Aviação Civil (“ANAC”), the U.S. Federal Aviation Administration (“FAA”), and the European Union Aviation Safety Agency (“EASA”) initially and will seek certifications from other aviation authorities as necessary. We will also need to obtain authorizations and certifications related to the production of our aircraft and the deployment of our related services. While we anticipate being able to meet the requirements of such authorizations and certifications, we may be unable to obtain such authorizations and certifications, or to do so on the timeline we project. Should we fail to obtain any of the required authorizations or certifications, or do so in a timely manner, or any of these authorizations or certifications are modified, suspended or revoked after we obtain them, we may be unable to launch our commercial service or do so on the timelines we project, which would have adverse effects on our business, prospects, financial condition and/or results of operations.
Previous wording
We have submitted certification applications to the Brazilian National Civil Aviation Agency (ANAC), the U.S. Federal Aviation Administration (FAA), and the European Union Aviation Safety Agency (EASA). Based on our preliminary interactions and internal assessments, our certification team does not currently anticipate any material issues
Current wording
We have submitted certification applications to the Brazilian ANAC, the FAA, and the EASA.
Previous wording
Warrant Liability relate to the Private Warrants, which are valued using the trading price of the Company’s Public Warrants. The gain from the change in fair value of the warrant liability decreased $2.7 million for thethree months ended March 31, 2026, due to a $0.10 decrease in the Public Warrant trading price, compared to the trading price decrease of $0.23 for thethree months ended March 31, 2025.
Current wording
Warrant Liability relates to the Private Warrants, which are valued using the trading price of the Company’s Public Warrants. The gain from the change in fair value of the warrant liability increased $11.8 million for thethree months ended June 30, 2026, due to a $0.75 decline in the Public Warrant trading price, compared to the trading price increase of $0.53 for thethree months ended June 30, 2025. The gain from the change in fair value of the warrant liability increased $9.0 million for thesix months ended June 30, 2026, due to a $0.29 decrease in the Public Warrant trading price, compared to the trading price increase of $0.43 for thesix months ended June 30, 2025.
Previous wording
The Company invests cash in highly rated, short-term fixed-income instruments, primarily in US Dollars, with reputable financial institutions. Financial investment income increased $1.2 million for the three months ended March 31, 2026, primarily related to an increase in the average investment balance of $58.7 million.
Current wording
Financial investment income increased $1.1 million and $2.4 million for the three and six months ended June 30, 2026 primarily due to a higher average balance of financial as compared to the prior periods. The Company invests cash in highly rated, short-term fixed-income instruments, primarily in US Dollars, with reputable financial institutions.
Previous wording
Interest expense increased $2.4 million for the three months ended March 31, 2026, primarily related to the larger outstanding debt balance as compared to the prior periods.
Current wording
Interest expense increased $2.8 million and $5.2 million for the three and six months ended June 30, 2026, respectively, primarily related to the larger outstanding debt balance as compared to the prior periods.
Previous wording
Income tax expense decreased $0.7 million for the three months ended March 31, 2026, primarily due to operations of Eve Brazil in the Brazilian tax jurisdiction on a standalone basis. Intercompany transactions with Eve Brazil are eliminated upon consolidation.
Current wording
Income tax expense decreased $3.3 million and $2.7 million for the three and six months ended June 30, 2026, respectively, primarily due to deferred income tax from future transactions that will generate tax benefits of Eve Brazil, in the Brazilian tax jurisdiction on a standalone basis.
Previous wording
As of March 31, 2026, the Company has cash, cash equivalents and restricted cash of $129.4 million, financial investments of $311.6 million, available debt to be drawn of $127 million and grant funding commitments of $10 million from Finep, which totals approximately $578 million of liquidity. Total liquidity is expected to be sufficient to fund our operating plan for at least the next twelve months.
Current wording
As of June 30, 2026, the Company has cash, cash equivalents and restricted cash of $60.8 million, financial investments of $342.5 million, available debt to be drawn of $117.7 million and grant funding commitments of $10.2 million from Finep, which totals approximately $531.3 million of liquidity. Total liquidity is expected to be sufficient to fund our operating plan for at least the next twelve months.
Previous wording
Net cash used by operating activities increased $43.2 million for thethree months ended March 31, 2026, primarily a result of increased net losses due to advancement of the R&D programs and increased headcount, offset by the impact of change in non-cash activity.
Current wording
Net cash used by operating activities increased $34.8 million for thesix months ended June 30, 2026, primarily as a result of the impact of change in non-cash activity offset by decreased net losses due to delays in the program development as well as the revision of contractual milestones.
Previous wording
Net cash used by investing activities increased $50.1 million for thethree months ended March 31, 2026, primarily related to increased purchases of financial investments of $12.0 million and a decrease of redemptions of financial investments of $38.0 million.
Current wording
Net cash used by investing activities decreased $107.0 million for thesix months ended June 30, 2026, primarily related toincreased purchases of financial investments of $57.0 million anda decrease of redemptions of financial investments of $49.0 million.
Previous wording
Net cash provided by financing activities increased $107.8 million for thethree months ended March 31, 2026, primarily related to increased proceeds from debt of $158.4 million, offset by an increase of repayment of debt of $50.7 million.
Current wording
Net cash provided by financing activities increased $105.7 million for thesix months ended June 30, 2026, primarily related to increased proceeds from debt of $157.4 million, offset by an increase of repayment of debt of $51.8 million.
Previous wording
As of March 31, 2026, there is approximately $127.0 million available to be drawn under the Company’s debt arrangements.
Current wording
As of June 30, 2026, there was approximately $117.7 million available to be drawn under the Company’s debt arrangements.
Previous wording
On January 23, 2023, the Company entered into a loan agreement with BNDES, pursuant to which BNDES granted two lines of credit to the Company, with an aggregate amount of R$490.0 million (approximately $95.5 million, using the exchange rate on March 31, 2026), to support the development of the eVTOL. For additional information about the Loan Agreement, see the Company’s Current Report on Form 8-K filed with the SEC on January 30, 2023. On December 21, 2023, the Company announced that Bradesco Bank had concluded that these lines of credit under the loan agreement aligned with the 2023 Green Loans Principles, which is a set of guidelines issued for structuring loan operations for sustainable purposes. As of March 31, 2026, these lines of credit have been fully drawn at a weighted-average interest rate of 5.5%.
Current wording
On January 23, 2023, the Company entered into a loan agreement with BNDES, pursuant to which BNDES granted two lines of credit to the Company, with an aggregate amount of R$490.0 million (approximately $95.6 million, using the exchange rate on June 30, 2026), to support the development of the eVTOL. For additional information about the Loan Agreement, see the Company’s Current Report on Form 8-K filed with the SEC on January 30, 2023. On December 21, 2023, the Company announced that Bradesco Bank had concluded that these lines of credit under the loan agreement aligned with the 2023 Green Loans Principles, which is a set of guidelines issued for structuring loan operations for sustainable purposes. As of June 30, 2026, these lines of credit have been fully drawn at a weighted-average interest rate of 5.5%.
Previous wording
On October 10, 2024, the Company entered into a financing agreement, dated as of October 7, 2024, with BNDES, pursuant to which BNDES agreed to grant four lines of credit totaling R$500.0 million (approximately $94.0 million) as of March 31, 2026. As of March 31, 2026, the company has not drawn from these lines of credit.
Current wording
On October 10, 2024, the Company entered into a financing agreement, dated as of October 7, 2024, with BNDES, pursuant to which BNDES agreed to grant four lines of credit totaling R$500.0 million (approximately $94.5 million) as of June 30, 2026. As of June 30, 2026, the Company has not drawn from these lines of credit.
Previous wording
The early repayment was made in connection with, and as a required condition to the Company’s entry into a new syndicated Credit Agreement
Current wording
The early repayment was made in connection with, and as a required condition to the Company’s January 13, 2026 entry into a new syndicated Credit Agreement, as discussed below.
Previous wording
On November 22, 2024, the Company entered into a loan agreement with BNDES for R$200 million (approximately $38.3 million), to support the second phase of the development of the Company’s eVTOL project. As of March 31, 2026, the company has drawn $35.7 million from this line of credit.
Current wording
On November 22, 2024, the Company entered into a loan agreement with BNDES for R$200 million (approximately $38.6 million), to support the second phase of the development of the Company’s eVTOL project. As of June 30, 2026, the company had drawn $36.6 million from this line of credit.
Previous wording
On June 3, 2025, the Company announced that it had been selected by Finep – Brazil’s Funding Authority for Studies and Projects, to receive a nonrepayable grant of up to $16.9 million. The total project investment amount is up to $35.0 million, combining the Finep grant with Eve’s required company contribution of $18.9 million. This is the first grant awarded to the Company, which we believe reinforces our leadership in developing innovative solutions for sustainable urban air mobility. As of March 31, 2026, approximately $7 million has been received under the Grant Agreement. The Company has incurred eligible costs of $7.2 million and made a deposit of $1.6 million into a specific bank account for funding of the Finep grant, in order to receive the first installment from Finep.
Current wording
On June 3, 2025, the Company announced that it had been selected by Finep – Brazil’s Funding Authority for Studies and Projects, to receive a nonrepayable grant of up to $17.4 million. The total project investment amount is up to $35.0 million, combining the Finep grant with Eve’s required company contribution of $19.5 million. This was the first grant awarded to the Company, which we believe reinforces our leadership in developing innovative solutions for sustainable urban air mobility. As of June 30, 2026, approximately $7.1 million has been received under the Grant Agreement. The Company has incurred eligible costs of $7.3 million and made a deposit of $1.6 million into a specific bank account for funding of the Finep grant, in order to receive the first installment from Finep.
Previous wording
On November 18, 2025, the Company entered into a loan agreement with BNDES, pursuant to which BNDES has agreed to grant two lines of credit totaling approximately $38.4 million as of December 31, 2025, which are intended to support the electric motor development phase of eVTOLs. Sub-credit A is in the amount of R$160 million (approximately U.S.$30.7 million) and Sub-credit B is in the amount of R$40 million (approximately U.S.$7.3 million). As of December 31, 2025, the Company has not drawn from either line of credit. As of March 31, 2026, the Company has drawn $9.6 million from this loan agreement.
Current wording
On November 18, 2025, the Company entered into a loan agreement with BNDES, pursuant to which BNDES has agreed to grant two lines of credit totaling approximately $38.4 million as of December 31, 2025, which are intended to support the electric motor development phase of eVTOLs. Sub-credit A is in the amount of R$160 million (approximately U.S.$30.9 million) and Sub-credit B is in the amount of R$40 million (approximately U.S.$7.3 million). As of June 30, 2026, the Company had drawn $19.0 million from this loan agreement.
Previous wording
On December 23, 2025, the Company entered into a loan agreement with Private Export Funding Corporation, ("PEFCO"), and Export-Import Bank of the United States, an agency of the United States of America, ("US EXIM") pursuant to which PEFCO agreed to establish a credit facility in favor of and guaranteed by the Company, in the maximum principal amount of up to U.S. 15,607,279.94, subject to certain conditions set forth in the Credit Agreement, intended to be used to finance (i) the Financed Portion of the relevant Goods (as defined in the Credit Agreement) and (ii) 100% of the Exposure Fee in respect of such Goods and Services (as defined in the Credit Agreement). The Company has borrowed the total amount of US$ 13,574,467 subject to an interest rate of 1.95% per year plus Term Secured Overnight Financing Rate (“SOFR”). As of March 31, 2026, the company has drawn $13.6 million from this loan agreement.
Current wording
On December 23, 2025, the Company entered into a loan agreement with Private Export Funding Corporation, ("PEFCO"), and Export-Import Bank of the United States, an agency of the United States of America, ("US EXIM") pursuant to which PEFCO agreed to establish a credit facility in favor of and guaranteed by the Company, in the maximum principal amount of up to U.S. 15,607,279.94, subject to certain conditions set forth in the Credit Agreement, intended to be used to finance (i) the Financed Portion of the relevant Goods (as defined in the Credit Agreement) and (ii) 100% of the Exposure Fee in respect of such Goods and Services (as defined in the Credit Agreement). The Company has borrowed the total amount of US$ 13,574,467 subject to an interest rate of 1.95% per year plus Term Secured Overnight Financing Rate (“SOFR”). As of June 30, 2026, the Company had drawn $13.6 million from this loan agreement.
Previous wording
On January 13, 2026, the Company entered into a syndicated credit agreement with Banco do Brasil S.A. New York Branch (“BB”), Citibank, N.A. (“Citibank”), Itaú Unibanco S.A. Miami Branch (“Itaú”), MUFG Bank, Ltd. (“MUFG”, and, together with BB, Citibank and Itaú, the “Lenders” and each a “Lender”), and Banco Itaú Chile as administrative agent (in such capacity the “Administrative Agent”), dated as of January 13, 2026, pursuant to which the Lenders agreed, subject to certain conditions set forth in the Credit Agreement, to provide an advance to EVE UAM of an aggregate amount of U.S.$150 million. As of March 31, 2026, the company has drawn $150.0 million from this credit agreement.
Current wording
On January 13, 2026, the Company entered into a syndicated credit agreement with Banco do Brasil S.A. New York Branch (“BB”), Citibank, N.A. (“Citibank”), Itaú Unibanco S.A. Miami Branch (“Itaú”), MUFG Bank, Ltd. (“MUFG”, and, together with BB, Citibank and Itaú, the “Lenders” and each a “Lender”), and Banco Itaú Chile as administrative agent (in such capacity the “Administrative Agent”), dated as of January 13, 2026, pursuant to which the Lenders agreed, subject to certain conditions set forth in the Credit Agreement, to provide an advance to EVE UAM of an aggregate amount of U.S.$150 million. As of June 30, 2026, the Company had drawn $150.0 million from this credit agreement.
Previous wording
On August 13, 2025, Eve Holding, Inc. (the “Company”) entered into subscription agreements (the “Subscription Agreements”) with certain investors (the “Subscribers”), including BNDES Participações S.A. – BNDESPAR (“BNDESPAR”), Embraer Aircraft Holding, Inc. (“EAH”) and other institutional investors, for the issuance and sale of an aggregate of 47,422,680 newly issued shares of common stock of the Company, par value $0.001 per share (the “Common Stock”), at a purchase price of $4.85 per share, including the subscription by BNDESPAR of Brazilian Depositary Receipts (the “BDRs”), each of which represents one share of Common Stock, at a purchase price of R$26.21 per BDR (which reflects an equivalent value of the price per share based on the PTAX rate on August 12, 2025), in a registered direct offering effected pursuant to the Company’s registration statement on Form S-3 (File No. 333-287863) filed under the Securities Act of 1933, as amended (the “Registered Direct Offering”). Closing is expected to occur on August 15, 2025 (the “Closing”), subject to the satisfaction or waiver of the conditions set forth in the Subscription Agreements, except for the issuance of Common Stock to EAH which will take place at least 20 business days following the delivery to Company’s stockholders of an information statement complying with Regulation 14C under the Securities Exchange Act of 1934, as amended. The Subscription Agreements contain customary representations and warranties and covenants that the parties made to each other in the context of the Registered Direct Offering.
Current wording
On August 13, 2025, the Company entered into subscription agreements (the “Subscription Agreements”) with certain investors including BNDES Participações S.A. – BNDESPAR (a subsidiary of BNDES and collectively included in the term “BNDES”), Embraer and other institutional investors, for the issuance and sale of an aggregate of approximately 47.4 million newly issued shares of common stock of the Company, par value $0.001 per share (the “Common Stock”), at a purchase price of $4.85 per share. The subscription by BNDES included Brazilian Depositary Receipts (“BDRs”), each of which represents one share of Common Stock, at a purchase price of R$26.21 per BDR, which reflects an equivalent value of the price per share based on the PTAX rate on August 12, 2025, in a registered direct offering effected pursuant to the Company’s registration statement on Form S-3 (File No. 333-287863) filed under the Securities Act of 1933, as amended. The Subscription Agreements contain customary representations and warranties and covenants that the parties made to each other in the context of the Registered Direct Offering. The Company received aggregate gross proceeds of $230.0 million in the transaction. Issuance costs of approximately $12.6 million were charged against the gross proceeds as part of the transaction. The proceeds were recorded to the “Additional paid-in capital” line item of the condensed consolidated balance sheets, with exception of the par value of common stock issued as part of the transaction.
Previous wording
The Company estimates that the net proceeds from the Registered Direct Offering will be approximately $217.4 million, after deducting placement agent fees and estimated offering expenses payable by the Company. The Company expects to receive approximately $20.0 million in gross proceeds from EAH for 4,123,711 newly issued shares of Common Stock as part of the Registered Direct Offering, the issuance of which was approved by a special committee of independent and disinterested directors of the Company, with the assistance of its independent financial and legal advisors. The Company is required to use the gross proceeds from the subscription of BDRs by BNDES, in the amount of approximately $75.0 million, to pay for services performed in Brazil. The Company expects to use the remaining net proceeds from the Registered Direct Offering for general corporate purposes, including the financing of its operations, possible business acquisitions or strategic investments and repayment of outstanding indebtedness.
Current wording
As part of the subscription by BNDES, the Company is required to use the gross proceeds of $75.0 million from BNDES to pay for services performed in Brazil. The Company expects to use the remaining proceeds for general corporate purposes, including the financing of its operations and repayment of outstanding indebtedness.