Free cash flow remains deeply negative with a $68.6 million quarterly burn, highlighting the company's dependence on external funding to support its ongoing certification activities.
| Cash from Operations | -203.67M | -160.43M | -135.97M | -94.51M | -59.46M | -14.89M | -9.03M | -7.5M |
| Operating CF Margin % | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -297.46% | -17.99% | -43.87% | -58.95% | -299.42% | -64.87% | -20.36% | - |
| Net Income | -244.28M | -224.25M | -138.17M | -127.66M | -174.03M | -18.26M | -9.63M | -7.69M |
| Depreciation & Amortization | 1.24M | 930K | 200K | 184K | 33.49K | 108K | 9.06K | 10.69K |
| Stock-Based Compensation | 1.18M | 4.32M | 0 | 3.29M | 0 | 150K | 0 | 0 |
| Deferred Taxes | -1.28M | -1.28M | -923K | -1.71M | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 9.92M | 2.53M | -5.2M | 13.26M | 98.41M | 0 | -736 | 31.21K |
| Working Capital Changes | 29.55M | 57.33M | 8.13M | 18.13M | 16.13M | 3.11M | 588.83K | 142.22K |
| Change in Receivables | -63K | 399K | -282K | 0 | 206.81K | -220K | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -269K | -258K | -3.31M | 2.46M | 1.92M | 31K | 527.38K | 99.84K |
| Cash from Investing | -96.8M | -46.73M | -56.22M | 66.83M | -258.48M | 0 | 0 | 0 |
| Capital Expenditures | -8.98M | -14.73M | -5.22M | -168K | -476.46K | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -46.82M | 0 | 81M | 0 | -81M | 0 | 0 | 0 |
| Cash from Financing | 370.91M | 263.12M | 203.02M | 24.93M | 352.7M | 29.26M | 9.03M | 7.5M |
| Debt Issued (Net) | 153.66M | 45.87M | 109.68M | 25.45M | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 217.41M | 217.41M | 94.3M | 3K | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | -1.37M | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -158K | -158K | -956K | -530K | 352.7M | 29.26M | 9.03M | 7.5M |
| Net Change in Cash | 71.42M | 55.25M | 9.42M | -2.26M | 4.55M | 14.38M | 0 | 0 |
| Free Cash Flow | -212.65M | -172.99M | -141.18M | -94.68M | -59.93M | -14.89M | -9.03M | -7.5M |
| FCF Margin % | - | - | - | - | - | - | - | - |
| FCF Growth % | -62.82% | -22.53% | -49.12% | -57.97% | -302.62% | -64.87% | -20.36% | - |
| FCF per Share | -0.61 | -0.54 | -0.49 | -0.34 | -0.24 | -0.06 | -0.04 | -0.03 |
| FCF Conversion (FCF/Net Income) | 0.87x | 0.72x | 0.98x | 0.74x | 0.34x | 0.82x | 0.54x | 0.98x |
| Interest Paid | 0 | 0 | 0 | 77K | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 1.76M | 0 | 0 | 0 | 0 |
Liquidity and certification timeline
As reported in financial statements, the relationship between net income and operating cash flow remains highly volatile, with the OCF/NI ratio fluctuating from 0.41 in 2025Q4 to 0.99 in 2026Q1, suggesting that accounting losses are not yet consistently mirrored by actual cash outflows.
The lack of a stable conversion ratio reflects the pre-revenue nature of the business where non-cash items and working capital swings dominate the cash flow statement. Investors should monitor whether this volatility persists as the company moves toward commercialization, as it currently obscures the true underlying cash burn rate.
Based on recent SEC filings, Eve Holding's free cash flow trajectory remains deeply negative, with a quarterly burn of $68.6 million in 2026Q1, indicating that the company continues to consume significant capital to fund its ongoing R&D and certification activities without any offsetting revenue streams.
The consistent negative FCF trend underscores the capital-intensive nature of the eVTOL development cycle. Without a clear path to revenue, this trajectory suggests that the company remains entirely dependent on external financing to sustain its operations through the certification phase.
According to reported figures, working capital changes have been highly erratic, swinging from a $38.7 million inflow in 2025Q4 to a $2.7 million outflow in 2026Q1, which suggests that timing differences in payables and accruals are significantly impacting the company's short-term liquidity position.
These swings appear to be driven by the timing of project-related payments rather than operational efficiency. The reliance on these fluctuations to manage cash flow warrants further investigation, as it may mask the underlying structural burn rate of the business.
As highlighted by the company's financial history, the cash flow statement obscures the true cost of development by relying on intermittent stock-based compensation and minimal capitalized costs, which may understate the actual economic resources required to reach the production phase of the aircraft.
The minimal depreciation and amortization figures suggest that the company has not yet built a significant asset base, keeping the focus on R&D-driven cash outflows. This structure may lead to a sudden increase in capital intensity once the company transitions from design to full-scale manufacturing.
Quick answers to the most common questions about buying EVEX stock.
Eve Holding, Inc. (EVEX) generated $-160.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Eve Holding, Inc. (EVEX) reported negative free cash flow of $173.0M in 2025, indicating capital requirements exceeded cash from operations.
Eve Holding, Inc. (EVEX) spent $14.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.