Eve Holding, Inc. (EVEX) Income Statement

Revenue is absent, so growth is measured by investment intensity. R&D climbed from $27.5M in 2024Q1 to $59.1M in 2026Q1, before easing to $28.9M in 2026Q2, suggesting a deliberate push toward certification milestones. The lack of revenue means the company's trajectory is entirely dependent on converting non-binding LOIs into firm orders, a key risk to monitor.

R&D expenses have grown from $27.5M in 2024Q1 to a peak of $59.4M in 2025Q4, while SG&A has remained relatively stable, indicating a focused investment in engineering and testing. The high fixed-cost base implies that any revenue shortfall would directly pressure operating margins, though the company's reliance on Embraer for shared services may understate true standalone costs.

The absence of gross profit means every dollar of R&D and SG&A directly flows to operating losses. The sequential decline in R&D in 2026Q2 may indicate a temporary reprioritization, but without revenue, operating leverage remains a future prospect. Investors should monitor the pace of cost growth relative to any future revenue ramp.

The supplier selections in late 2025 suggest that Eve is moving toward production readiness, which may explain the elevated R&D. The subsequent decline in 2026Q2 could indicate a transition to lower-cost testing phases or a deliberate effort to conserve cash. This inflection point is critical for assessing the company's ability to reach certification without additional capital.