As the calendar approaches Eve Air Mobility’s most intensive testing period, the Embraer subsidiary (EMBR3) reinforces its financing capacity to put the first “flying car” in the air. With around US$550 million in cash and debt available for the years 2026 and 2027, the company foresees more interest in its shares — in Brazil and the USA — after a capital increase in August.
Last Tuesday (9), one of the main global bets on the development of so-called eVTOLs (electric vertical take-off and landing aircraft) announced a new R$200 million financing line with the National Bank for Economic and Social Development (BNDES).
“It’s money that is disbursed as the project progresses. We signed it and, as we progress, this money becomes available. It’s a long pre-operational line, 15 years”, explains the CFO of Eve Air Mobility, Eduardo Couto, to InfoMoney.
In total, Eve has already raised US$1 billion, of which around US$700 million. “Most of the resources go to the development of our eVTOL. Of course there is the structure, but 80% or more goes to development”, says Couto.
On the cash side, the company made a capital increase of R$230 million in August this year, resulting in its dual listing, with the issuance of BDRs on B3 (). Led by BNDES and Embraer, the move diluted the stake of Eve’s controlling aircraft manufacturer to close to 70%.
Issuance of shares
For now, a new issuance is not in the company’s plans and there are no signs of a new dilution of Embraer, which paid US$20 million. Among other effects, the August operation sought to bring more liquidity to the company’s shares traded in New York and São Paulo.
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“Our total liquidity on the stock exchange, mainly here and abroad, was less than US$ 1 million dollars per day. Today, it has traded between US$ 5 million and US$ 10 million”, says Couto. “It is already an interesting volume for several investment funds, mainly international ones.”
Although the BDRs issued in 2025 were mostly purchased by BNDES, with around US$75 million, the bonds have moved between R$200 million and R$500 million on B3.
“We are well capitalized and covered for 2026 and 2027. We have no plans to raise funds in the short term after carrying out this operation”, says Couto. He explains that the company’s focus is now on execution and testing, which should give the company more visibility.
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Cash consumption
In the third quarter of 2025, Eve’s total cash consumption was US$60.7 million, compared to US$34 million in the same period of 2024. When considering the nine months until September, consumption was US$143 million — in line with the lowest estimate in the range projected by the company in 2025, of US$200 million.
“We have been accelerating year after year. In 2025, we have guidance of US$ 200 million to US$ 250 million and we should stay close to the lowest part, something like US$ 200. Next year we should accelerate a little, not much”, explains Couto. “Now we are going to enter this testing phase, so we continue to have a lot of investment in development with engineers, but we will also have a lot of expenditure on flight tests, so it is possible that we will spend more than we spent this year.”
