Eve Holding, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Eve Holding, Inc. has filed its 2023 annual report (10-K) detailing its operations in the aircraft sector.</b>

AI Summary

Eve Holding, Inc. (EVEX-WT) filed a Annual Report (10-K) with the SEC on March 8, 2024. Eve Holding, Inc. (formerly Zanite Acquisition Corp.) filed its 2023 Form 10-K on March 8, 2024. The company operates in the Aircraft industry (SIC 3721). The filing covers the fiscal year ending December 31, 2023. Eve Holding's business address is 1400 General Aviation Drive, Melbourne, FL 32935. The company's IRS number is 852549808.

Why It Matters

For investors and stakeholders tracking Eve Holding, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Eve Holding's financial performance, business operations, and risk factors for the fiscal year 2023, crucial for investors to assess the company's current standing and future prospects. As a company in the aircraft industry, the details within this filing are important for understanding its position relative to competitors and regulatory environments, particularly concerning urban air mobility initiatives.

Risk Assessment

Risk Level: medium — Eve Holding, Inc. shows moderate risk based on this filing. The company operates in the aircraft industry, which is subject to significant regulatory oversight, technological advancements, and market demand fluctuations, as indicated by its SIC code and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Eve Holding's performance and strategic direction in the evolving urban air mobility market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-08 — Filing Date (Date of submission)
• 001-39704 — SEC File Number (Company's SEC file number)
• 3721 — SIC Code (Standard Industrial Classification for Aircraft)

Key Players & Entities

• Eve Holding, Inc. (company) — Filer name
• Zanite Acquisition Corp. (company) — Former company name
• 1400 General Aviation Drive, Melbourne, FL 32935 (address) — Business and mail address
• 852549808 (identifier) — IRS number
• Aircraft (industry) — Standard Industrial Classification
• Embraer Aircraft Holding Inc. (company) — Related entity
• Brazil's National Development Bank (company) — Related entity
• Urban Air Mobility (concept) — Business focus area

FAQ

Risk Factors

• Regulatory Compliance [medium — regulatory]: The company must comply with various aviation regulations, which can be complex and subject to change, impacting operations and market entry.
• Market Adoption of Urban Air Mobility [high — market]: Success depends on the widespread adoption and acceptance of urban air mobility solutions by the public and regulatory bodies.
• Manufacturing and Supply Chain Risks [medium — operational]: Risks associated with manufacturing aircraft and managing a complex supply chain could impact production timelines and costs.
• Funding and Capital Requirements [high — financial]: The development and scaling of new aircraft technologies require significant capital, and the company faces risks related to securing future funding.

Key Dates

• 2024-03-08: 10-K Filing — Annual report submission for fiscal year 2023.
• 2023-12-31: Fiscal Year End — End date of the reporting period.

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share Warrants, each whole warran

Filing Documents

• evex-20231231.htm (10-K) — 4899KB
• img5a67a4b3bf5a4606a508.jpg (GRAPHIC) — 28KB
• ex1026_1.htm (EX-10.26) — 87KB
• ex1027_2.htm (EX-10.27) — 41KB
• ex1031_3.htm (EX-10.31) — 24KB
• ex1032_4.htm (EX-10.32) — 18KB
• ex231_5.htm (EX-23.1) — 2KB
• ex232_6.htm (EX-23.2) — 4KB
• ex311_7.htm (EX-31.1) — 19KB
• ex312_8.htm (EX-31.2) — 19KB
• ex321_9.htm (EX-32.1) — 12KB
• ex322_10.htm (EX-32.2) — 11KB
• ex971_11.htm (EX-97.1) — 84KB
• 0001554855-24-000091.txt (&nbsp;) — 16164KB
• evex-20231231.xsd (EX-101.SCH) — 115KB
• evex-20231231_cal.xml (EX-101.CAL) — 145KB
• evex-20231231_def.xml (EX-101.DEF) — 774KB
• evex-20231231_lab.xml (EX-101.LAB) — 1529KB
• evex-20231231_pre.xml (EX-101.PRE) — 963KB
• evex-20231231_htm.xml (XML) — 1945KB

Risk Factors

Item 1A. Risk Factors 14

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 56

Cybersecurity

Item 1C. Cybersecurity 56

Properties

Item 2. Properties 57

Legal Proceedings

Item 3. Legal Proceedings 57

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 57 PART II 58

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 58

[Reserved]

Item 6. [Reserved] 58

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 59

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 69

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 70 Report of Independent Registered Public Accounting Firm (PCAOB ID 185 ) 71 Report of Independent Registered Public Accounting Firm (PCAOB ID 238) 72 Consolidated Balance Sheets F-1 Consolidated Statements of Operations F-2 Consolidated Statements of Comprehensive Loss F-2 Consolidated Statements of Equity F-3 Consolidated Statements of Cash Flows F-4

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements F-5 Note 1 – Organization and Nature of Business F-5 Note 2 – Significant Accounting Policies F-6 Note 3 – Cash and Cash Equivalents F-9 Note 4 – Financial Investments F-9 Note 5 – Related Party Transactions F-10 Note 6 – Other Balance Sheet Components F-11 Note 7 – Debt F-12 Note 8 – Derivative Financial Instruments F-14 Note 9 – Fair Value Measurements F-14 Note 10 – Equity F-14 Note 11 – Common Stock Warrants F-15 Note 12 – Share-Based Compensation F-17 Note 13 – Earnings Per Share F-19 Note 14 – Research and Development Expenses F-20 Note 15 – Selling, General and Administrative Expenses F-20 Note 16 – Income Taxes F-20 Note 17 – Leases F-23 Note 18 – Commitments and Contingencies F-24 Note 19 – Segments F-24

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 74

Controls and Procedures

Item 9A. Controls and Procedures 74

Other Information

Item 9B. Other Information 75

Disclosure Regarding Foreign Jurisdictions that Prevent Inspection

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspection 75 PART III 76

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 76

Executive Compensation

Item 11. Executive Compensation 76

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 76

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 76

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 76 PART IV 77

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 77

Form 10-K Summary

Item 16. Form 10-K Summary 80

Signatures

Signatures 81 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this Annual Report on Form 10-K, including, without limitation, statements under "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" regarding our financial position, business strategy and the plans and objectives of management for future operations. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "hope," "intend," "may," "might," "objective," "ongoing," "plan," "potential," "predict," "project," "should," "target," "will," or "would" or similar terms or expressions or the negative thereof., but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this Annual Report on Form 10-K are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the following risks, uncertainties and other factors: our ability to raise financing in the future; the impact of the regulatory environment and complexities with compliance related to such environment, including changes in applicable laws or regulations; our ability to maintain an effective sys

. Busines s

Item 1 . Busines s Overview Eve Holding, Inc., a Delaware corporation, is an aerospace company with operations in Melbourne, Florida and Brazil. The Company is a former blank check company incorporated on November 19, 2020 , under the name Zanite Acquisition Corp. ( " Zanite" ) as a Delaware corporation that was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. We are a leading developer of next-generation Urban Air Mobility ( " UAM" ) solutions. We are developing a comprehensive UAM solution that includes: the design and production of electric vertical take-off and landing vehicles ("eVTOLs"); a portfolio of maintenance and support services focused on our and third-party eVTOLs; and a new Urban Air Traffic Management system designed to allow eVTOLs to operate safely and efficiently in dense urban airspace alongside conventional aircraft and drones. We believe we are uniquely positioned to develop, certify and commercialize our UAM solution on a global scale given our aviation heritage, our strategic relationship with Embraer S.A., a Brazilian corporation (" sociedade anonima ") ("ERJ"), our technology and intellectual property portfolio and the experience of our management team and employees, among other factors. Our eVTOL has successfully completed important development steps, including engineering simulations, subscale test flights, wind tunnel tests and full-scale ground tests, which have enhanced the technological capability and maturity of our eVTOL. We currently expect to reach entry-into-service in the latter half of 2026 . We have also begun validating simulations of our fleet operations services model in Brazil, working with partners and utilizing conventional helicopters, to better understand the needs of passengers, partners and community stak eholders that will benefit from our mobility services. We have also engaged

View Full Filing

View this 10-K filing on SEC EDGAR