EVE Holding Inc Q3 2025 Earnings Call - Full-Scale Prototype Ready for Flight Testing & Strategic Expansion to Middle East

Conference Operator: Good day, and welcome to the EVE Holding, Inc. Third Quarter twenty twenty five Earnings Conference Call. All participants will be in listen only mode. After today’s presentation, there will be an opportunity to ask questions. Please note this event is being recorded.

I would now like to turn the conference over to Lucio Ellworth, Director of Investor Relations at EVE. Please go ahead.

Lucio Aldworth, Director of Investor Relations, EVE: Thank you, operator. Good morning, everyone. This is Lucio Aldworth, the Director of Investor Relations at EVE, and I wanted to welcome everyone to our third quarter twenty twenty five earnings conference call. Our CEO, Johan Bordet and CFO, Eduardo Cotto are joining me on the call today. And after their prepared remarks, we will open the call for questions, at which point Luis Valentini, our Chief Technology Officer, will also join us for more technical questions.

We have a deck with a few slides and additional pictures that show our achievements in the quarter as well as the testing phase of our full scale prototype. The deck is on our site at ir.eveairmobility.com, so please feel free to download it and follow along. Let me first mention that today’s conference call includes statements about events or circumstances that have not yet occurred. These are largely based on our current expectations and projections about future events and financial trends affecting our business and our future financial performance. These forward looking statements are based on current expectations and involve risks and uncertainties that could cause financial results to differ substantially from those expressed or implied in this conference call.

And we undertake no obligations to update publicly or revise any forward looking statements because of new information, future events or other factors. For a more detailed list of these risks and uncertainties, please refer to our SEC filings available on our website. With that, I will now turn the presentation over to our CEO, Johan.

Johan Bordet, CEO, EVE: Thank you, Lucio. Good morning, everyone, and welcome to the twenty twenty five third quarter conference call. We had a strong third quarter marked by several key achievements, and we continue to advance the program’s development at a steady pace. We are in the final stages of testing our engineering prototype before its flight campaign starts. We announced an additional supplier for our commercial aircraft, the E-one 100 with a contract with Embraer for their landing gear.

Additionally, the Iron Bird has begun to operate and is already contributing to the testing of the actual hardware that will equip our aircraft. Our schedule remained unchanged with an expected type certification and entry to service in 2027. Starting with slide three, we have now received from Beta Technology Company all of the electrical motors for our engineering prototype. They have been previously tested and specially designed equipment and installed in their respective nacelles. As mentioned previously, we had already performed integration test between the prototype and the remote pilot station that we also call the RPS to make sure that there is a successful communication via the dedicated radio link.

As a reminder, this prototype will be remotely controlled with a pilot sitting in the RPS, and this is the white truck at the far end of the right picture. We are running the last set of tests to make sure that electrical power units were properly integrated with the inverters, battery, and other systems and subsystems in the vehicle. Therefore, we’re confident in starting soon our flight campaign with our first flight by the end of this year or early next year. Slide four is about the selection of our twenty second primary system supplier. Embraer will produce landing gear for our aircraft.

Embraer comes with a strong landing gear manufacturing heritage for their commercial and executive jets as well as military aircraft. The landing gear was introduced as a result of a constant interaction between EVE and its customers understanding how the aircraft will be operated. Now the wheels on our EVTOL will be used for taxing and repositioning the aircraft. This means greater energy efficiency when compared to the hovering. The landing gears also provide the capability of maneuvering the aircraft on the ground, eliminating the use of ground support equipment for the purpose, facilitating operation and reducing time on ground.

The next Slide five shows what is now our functional Iron Bird cockpit. As a reminder, the Iron Bird is a deconstructed eVTOL in which we integrate all the different actual components on our eVTOL into a physical system to make sure that all systems work together properly. This is the interface through which the pilot will control the entire system. As you can see, the simulator has approximately 270 degrees view and is connected with all the different rigs of the vehicle system and components. For instance, the joystick is connected to actuators and motors in another adjacent room, and they react physically to all pilots command.

All of these are connected to the avionics and the flight control computers with our fifth generation fly by wire control laws. The motors are connected to the battery with its own thermal management system. As much as possible, all wires and cables replicate the composition, width, and length of the actual harness that will be on our eVTOL. This assures a representative result of the simulation allowing the Iron Bird to be used as a tool for vehicle development, flight test clearance of a new feature and product evolution as well as optimize the test campaign. Through this strategy, we maximize the number of prototypes, streamlining the flight test campaign and making the most efficient use of these assets.

So not only does the Ironbird help us to better integrate and understand how all the system work together and troubleshoot potential problem on the ground, but it also has an important role for the aftermarket benefit. The Ironbird will help us to improve the system and component maturity, and these are important inputs for successful entry into service and an efficient maintenance program. In total, we have logged more than ten thousand hours of test in these rigs. Another advantage is that the Iron Bird has also helped us to expedite and reduce the costs related to our certification campaign. Keep in mind that some tests can be performed on the ground 24 by seven, such as electrical systems, circuit breakers, etcetera, and the Ironbird becomes a very valuable development and certification tool.

Moving on to Slide six. Together with our customers and authorities, we are also developing a strong network of partners in different areas such as infrastructure and energy to address one of the many challenges ahead of the urban air mobility, which is to create a whole new ecosystem besides simply developing an aircraft. On the certification side, we participated in ICAO assembly in Canada along with ENAC, the Brazilian Air Force, and other government officials, along with representative of several other certifying authorities throughout the world. This reinforces our confidence level that we have the right approach to certify our aircraft with NAC as a primary certifying authority. Besides that, we are increasing our presence in The Middle East with an agreement to support the adoption and growth of eVTOLs in the region with The Kingdom Of Bahrain.

The agreement positions Bahrain as a regional hub for electrical aviation and will accelerate its regulatory, operational and infrastructure ecosystem for eVTOLs. The agreement also calls for EVE to possibly conduct test flight in the region in 2027. Slide seven shows our total preorder backlog that stands around 2,800 aircraft for a total value close to $14,000,000,000 based on the list price of 2025. This includes nonbinding letters of intent from 28 different customers as well as revos from order. Out of 28 customers, we also have secured contract with 14 different customers for eVetecare suite of aftermarket products and services, which could bring up to USD 1,600,000,000.0 in revenue to EVE over the first few years of operation.

As you can see, we also have 21 different customers for our air traffic management solution, Vector, and I believe this reflects the market’s leading value proposition we bring to our customers. Now I would like to invite our CFO, Edou, to review the financial results and the twenty twenty five milestone checklist.

Eduardo Cotto, CFO, EVE: Thanks, Johan. Yves has successfully concluded a new funding raise of $230,000,000 through a registered direct offering in August. This equity placement has not only improved our cash position to its highest level ever, but also extended our cash runway to about two point five years. We are very comfortable with our current liquidity and estimate it is sufficient to fund our operations and R and D expenses through 2027. The offering was anchored by two strategic and long standing investors, the Brazilian Development Bank, BNDS and our Controller Embraer, showing strong investor support and commitment to our project.

Also, we had more than 30 U. S. And Brazilian institutional investors participating in this round. The strong institutional participation expanded our public floating and Embraer now has 72% of our total equity, down from 82 and EVE’s daily trading volume in the New York Stock Exchange is averaging $7,000,000 per day. Now moving to Slide 10.

EVE is a preoperational company, and our financials reflect mostly the costs associated with our program development. That said, I would like to highlight some of our numbers. EVE invested EUR 45,000,000 during the third quarter twenty twenty five in our program development. We continue to accelerate our program development with more engineers from EVE and Embraer as well as high engagement with suppliers. We also deployed about $7,000,000 in SG and A during the third quarter, in line with previous quarters.

Including R and D and SG and A, it reported a net loss of $47,000,000 in the third quarter twenty twenty five. We also recognized a gain related to the fair value of our outstanding warrants, which is a noncash gain. Moving to cash flow. Our operations consumed around $60,000,000 in the quarter, reflecting higher program activity and overall engagement with engineering and other R and D structures to progress our eVTOL development. With $143,000,000 in cash consumed in the first nine months of the year, we are on track to hit the low end of our guidance of total cash consumption between $200,000,000 to $250,000,000 for the full year of 2025, reflecting our cost discipline, simple business model and advantages of leveraging Embraer’s capabilities.

Finally, on liquidity, we ended the quarter with BRL $412,000,000 in cash, again, the highest ever cash level for EVE. Including an awarded grant and an undrawn BNDES credit lines, total liquidity is now at BRL $534,000,000. These standby facilities continue to help EVE to preserve a solid cash position. Now going to Slide 10. We remain on track to deliver our milestones this year.

As Johan detailed earlier, our first full scale prototype is concluding final tests and installations to start to perform its initial flights in the upcoming months. In parallel, we continue talks with ENAC, Brazil’s certification authority, to detail the certification plans. We expect it to be published by the end of the year to begin certification tests. We continue engaged with suppliers working on the initial parts of our conforming prototypes. And in parallel, we have started to receive the necessary equipment and tooling to produce the certification vehicles.

Lastly, our cash consumption for the year is in good shape and in line to reach the lower end of our guidance of 200,000,000 to $250,000,000 With that, we conclude our remarks, and I would like to open the call for questions. Operator, please proceed.

Conference Operator: Yes. Thank you. We will now begin the question and answer At this time, we will pause momentarily to assemble the roster. The first question

Speaker 4: comes from

Conference Operator: Currently, the first question comes from Savi Savi Syth Syth with with Raymond Raymond James. James.

Speaker 4: Congrats on the progress and financing deals, but I I’m kinda curious about the bar end updates yesterday. Just could you talk a little bit more about how that would work? You know, it looks like 2027, you’ll be doing work there. Is that flight testing using the engineering prototype or maybe the certification aircraft that you’re building? And is part of that agreement?

Johan Bordet, CEO, EVE: Great, Savi. Thank you. Yeah. We’re thrilled about this announcement that we did with Bahrain, with

Speaker 5: the Ministry of Transportation and Telecommunication.

Johan Bordet, CEO, EVE: It was also on Sunday, right, where it was talked about at the Gateway Golf Investment Forum. Very important, we’ve been in talks with The Middle East and The UAE for some time now, and I think this is really proves that we’re bringing the solution that they’re looking for. This is a sandbox that will work to accelerate the readiness of the regulatory aspect, the operational, the infrastructure also, the ecosystem. We’re going to be starting different fronts, like I mentioned, looking at the vertiports, looking at the operation. And when it comes to the testing, we’re looking at the possibility of maybe starting some test flights, right, in 2027.

It’s not defined yet, but this is what we’re definitely working on. Maybe using a prototype, this is something that we’re thinking about, but definitely for the operation in ’28 in the region.

Speaker 4: And does that come with any revenue stream or it’s just kind of more of a demonstration?

Johan Bordet, CEO, EVE: Well, no, it will have, you know, revenue stream, but definitely on demonstration, we haven’t defined exactly the scope and how it’s gonna be, right, at this stage.

Luis Valentini, Chief Technology Officer, EVE: No, we expect to get

Eduardo Cotto, CFO, EVE: orders, right, Savi, as we start to fly and go to the region, we expect some orders. PDP is also the traditional type of sale, traditionally with other customers.

Speaker 4: That makes sense. I appreciate that. And then just on on the cash flow side, just wanted to clarify. Again, congrats on getting that deal across last month or a couple of months ago. But is the two does this current spend still the thought process that this is kind of the level of spend for 2026 as well?

Eduardo Cotto, CFO, EVE: Yes. We’re consuming around $60,000,000 right? We consumed that in the third quarter, 6,000,000. Probably fourth quarter should be around $6,000,000 as well, and we may close the year around 200,000,000 For next year, if you keep that pace, which I think is, I would say, reasonable, We may consume a little bit more, right, than 200,000,000 so something maybe around $250,000,000 We’re still working on the details for 2026, and we still don’t have a guidance. We may provide something by the fourth quarter results, but I think it’s reasonable to expect to keep that pace.

Speaker 4: Thank you.

Conference Operator: Thank you. And the next question comes from Andre Shepherd with Cantor Fitzgerald.

Speaker 7: Hey, guys. Good morning. Congratulations on the quarter and all the great progress. Thanks for taking our questions. I wanted to maybe follow-up from Savi’s first call just on the expansion to The Middle East.

Hoping maybe you can give us a bit more detail there. So you’re targeting commercial services in 2028 and then further expansion in 2029. But I’m curious, just given the region’s maybe more leniency towards the certification process, is there an opportunity here perhaps to commercialize ahead of FAA certification? Is that something that’s

Johan Bordet, CEO, EVE: being

Speaker 7: explored? What’s overall the strategy here in the region? Thank you.

Johan Bordet, CEO, EVE: Thanks, Andre. That’s a good question. Obviously, our primary authority is ANAC, and this will start for us with ANAC. And then with the bilateral agreement that they have will be FAA. Now, ANAG has been also in contact and have agreements with all other authorities in the world.

And it wouldn’t be different. It looks like we’ve done at the Embraer for many, many years where they would accept the NAAC certification. So, it’s actually independent of what will happen at the FAA, right? But I’ll let also Valentini give you a little bit more insight. Yes.

And thank

Luis Valentini, Chief Technology Officer, EVE: you, Johan, and good call good question, Andres. This is this doesn’t change the path that we have of certifying first with ANAC and then validating with other authorities. As Johan mentioned, we work to expedite this process by aligning or promoting alignment of not only vehicle characteristics and understanding by all of the authorities, but also supporting ANAC and all that we can in their arrangements and agreements for their certification basis to be accepted by other authorities. So we support the process of having these authorities accept the ANAC certification basis, and that is done in a way to shorten the time that we have their validation once we have the ANAC type certificate.

Speaker 7: Got it. Okay. That’s super helpful. Appreciate it. And maybe just as a quick follow-up.

Just on your test flight program, just to make sure I have it right. So we are targeting first test flight, I think, before year end and then to kinda ramp up the program all throughout next year starting with hover flights and then and then heading towards a a transition. So just can you break that down for us? Just what does that flight path look like? Just the timing again and just confirm what that looks like for this year and next year?

Thank you.

Luis Valentini, Chief Technology Officer, EVE: Sure. Yes. So we’ll start the engineering prototype flights, as we had mentioned, in the end of this year or at the beginning of next year. So that will start first with, let’s say, simpler flights with hovering only, and then that will gradually expand what we call the flight test envelope. So increasing speeds, making maneuvers that cover, let’s say, a more extended range of capabilities of the vehicle.

And then from there, expand also to transition flight, which is what we call the phase of flight between hover and cruise flight, the fixed wing part of the flight, right? So that’s made in a way for us to validate parameters of our analysis today. So we still have some calibration, some knowledge that we expect to gain from the hover flights themselves. So for example, we believe that we’ll be able to gain more insight on the noise of the vehicle once we start flying the hover. So even the hover test phase has significant information for us.

But then, evolving towards the transition is also important for us because even though it’s a short phase of flight, it has a significant, let’s say, a physical phenomenon happening. So it’s important that we get that very well, not only for engineering and certification, but also for the comfort and for the user experience inside the vehicle, right? And then in the end, we’ll also perform cruise flights or fixed wing airplane flights with this engineering prototype. But that’s the, let’s say, the working of the vehicle in which we have more confidence from the background that we bring from previous Embraer programs. So that’s the progress that we are expecting to make, all that to happen next year.

Speaker 7: Wonderful. Very helpful. Thanks again. I’ll pass it on.

Conference Operator: Thank you. And the next question comes from Egan McDermott with Jefferies.

Speaker 8: Hi, guys. Good morning and thanks for taking my question. Maybe on the supplier with Embraer signing on to provide the landing gear, could you remind us of what other suppliers or component agreements you still need to secure? And maybe at a higher level, what kind of advantages does your extensive supplier network provide compared to peers who have a more vertically integrated approach?

Luis Valentini, Chief Technology Officer, EVE: So thank you for the question. So this is really the last main system that we have introduced to the vehicle with respect to bringing new suppliers in. So we don’t expect to have any other supplier for any major aspect of the vehicle coming in from now on the program. And then we’ve been working with on the second part of your questions with suppliers that we believe bring a differential to our program given their background on aviation products and their knowledge on certification of these products. So, for example, the fact that we are working on the battery supply with BAE, we believe that puts us on a good path for certifying this system, which is one of the critical systems of the vehicle, right?

So as we mentioned previously, we believe that the list of suppliers that we assembled was a list that for our program optimized not only the maturity that they bring to our project and the background that they have on the vehicle, but then optimizes what we have in terms of integration of these systems on the vehicle from the previous experience of Embraer projects. Does that answer your question?

Speaker 8: It does. Yes. And maybe one follow-up or slightly related question. But in terms of the motor when it comes to performance tests, could you provide an update of, you know, what you’re monitoring better in terms of performance testing? And are you going to continue to dual source motors from NIDAC and Beta, or is there any intention to source both the lifter and pusher from one supplier?

And what would be your priorities in in making such a decision if so, whether it’s cost, performance, scale, or else?

Luis Valentini, Chief Technology Officer, EVE: Yeah. So as we mentioned last time, we the the flight test of the engineering prototype is part of a process for us to optimize the vehicle characteristics, and that goes through choosing what are the right systems and components to compose the vehicle, right? So we are still on that path that we mentioned on the last call to understand the opportunities that we have for supply of the motors, both lifters and pusher. And then based on the choices that we have and the fit that we get from the tests, then choose the final configuration. We choose these components, on a number of parameters.

I’d say, most importantly, related to performance, so such as controllability that they provide to the vehicle. But also, cost, of course, is an important one and what we believe is the capability of these companies to provide a good product for the life of the vehicle, right? So for production, for support, for spare parts and all of that. So it’s really a complete set of parameters that we analyze to that will eventually lead to the choice of the supplier for these components.

Speaker 8: Very helpful. Thank you.

Conference Operator: Thank you. And the next question comes from Samir Joshi with H. C. Wainwright.

Speaker 5: Hey, good morning. Thanks for taking my questions. I just had a couple of questions. First, on the cash burn expectations for this year. I think I heard that you were expecting to be closer to the lower end of the 200,000,000 to $250,000,000 there a reason for that?

Were there some programs that were slowed down? Or what was the or were you more efficient than you expected to be?

Eduardo Cotto, CFO, EVE: In terms of the cash for this year, you’re right. We believe we’re going to be closer to the low end of the guidance range of BRL200 million to BRL250 million, pretty much because we’re trying to optimize our cash consumption the whole time, right? We control expenses, we make sure we’re spending money the right way, we try to increase payment terms and have some working capital gains. We are always discussing with suppliers, payment terms. There is a lot of work that is done by Embraer as well that we have on the service agreement.

So there are different pockets, right, of cash consumption that we’re always trying to optimize. We leverage a lot existing infrastructure, existing capabilities, things that the Embraer Group already has in order to have these more optimized cash burn, and we’re going to continue to do this way. Okay?

Speaker 5: Okay. Okay. Got it. Thank you. And then just a broader question.

Of course, you have like a 14,000,000,000 sort of backlog or of orders, including from the EU TechCare and Vector offerings. How are you continuing to engage with these customers? Because the flights are I mean, the commercial flights are not until 2027. What kind of what level of interaction do you have that with them? Do you have feedback from them on design, interior design and stuff like that?

Johan Bordet, CEO, EVE: Yeah. Thanks for this question. Johan speaking. This is the essence of how EVE was built on is really based on workshop with our customers that we have those workshop, whether it’s on the HMI, like a human machine interface workshop that tells you how the pilots interact and what we need to have, or whether it’s all the con ops that we’ve been doing since the very beginning, whether it’s in Rio or Chicago or in London. This is really building together like what will be the urban air mobility environment and the type of operation, and that it shapes not only the vehicle, and this is why you can see over the last five years, how the vehicle has evolved outside, but also inside.

And with a cabin and those full flex cabin concept where you can in one day, you can change within a couple of hours, you can change your configuration, whether it’s a full cargo or removing the first row, putting in the club configuration for the operation. So, this is something that we’ve been doing since the very beginning. And that’s what led us to have the 28 customers and the largest preorder backlog because we bring not only the vehicle, but the whole solution, whether it’s the full suite, strong from the Embraer heritage, where the 4,000 people that are around the world, the customers understand that we have the DNA and what it takes to support an operation, not only to certify and deliver the first airplane, but make sure that you guarantee a dispatch reliability rate or a schedule reliability rate, which is exactly what the customers want to make sure. The asset is available and it has the most competitive operating cost. And this is the two pillars that we have.

And the third one is eventually not at the beginning because we can start the operation with the existing infrastructure and airspace management system. But eventually, if we’re going to be putting and we will be putting thousands, not only us, but the others putting thousands of those vehicles in the air, then we need to make sure that we have urban traffic management software adequate. And I think this is all the DNA that we’re bringing, aviation DNA, that really pushes the customer to elect EVE.

Speaker 5: Understood. Thanks for that color, John.

Johan Bordet, CEO, EVE: Thanks for taking my questions. Thank you. Thank

Conference Operator: you. And the next question comes from Andre Madrid with BTIG.

Johan Bordet, CEO, EVE: Good morning, Johan and Edu. Appreciate the question. When you think about scaling production moving forward, where might you anticipate the largest bottlenecks forming? Or I guess, maybe put more broadly, are there any risks that you see throughout your supply chain currently?

Lucio Aldworth, Director of Investor Relations, EVE: We believe the way we are going to

Eduardo Cotto, CFO, EVE: be doing the manufacturing, right, the industrialization of the EBITDA is going to be modular, right? We start with we’re going to have basically three modules, right? The first one, one hundred and twenty EVTOLs per year, 120, doing in the Brazilian factory. Then we can go from 120 to two forty just with an extra shift, right? The first one has two shifts.

Together, the $2.40, we go to the third shift. Then we can double the $240,000,000 to $480,000,000 with some additional tooling and equipment. Nothing major for the $240,000,000 probably going to be investing around $100,000,000 for the $480,000,000 $150,000,000 So we have all of that mapped. The suppliers, as Valentini mentioned, right, we have very good suppliers. They have production capabilities, a lot of production capabilities as well.

And we keep them informed of our production plans. As we ramp up production, we believe suppliers will be ready also to ramp up their supply. We’re not envisioning any major challenge to get this 500 EVTOLs per year. Of course, to deploy all those EVTOLs in the markets and so on, We may need some local assembly. But in terms of the production of the EBITDA itself, we’re confident on this initial 500 EBITDAs

Luis Valentini, Chief Technology Officer, EVE: per year capability.

Johan Bordet, CEO, EVE: Got it. Got it. I’ll let you And Andre, yes, go ahead. No, sorry. Yes, I just want to complement another aspect of the what we’ve done with our 22 primary suppliers is those contracts.

It took us a year, but each of them, it’s based on the strong experience of supply chain management the Embraer is bringing. And we know on the conventional aviation, I mean, this it is a challenge that we get to cope with and that we’ve been really learning from. And all the contract that we negotiated are a lifetime agreement, right, not only these for the prototype, not only for the production, but also for the aftermarket. So, giving all this, we’ve taken the best breed of negotiation and learning from Embraer, and then we’ve negotiated this contract where one example, I mean, it’s not single source program, right? Those are conditions that we had with the suppliers, and it allows us also to derisk the ramp up or the production, different flows that we can have.

Also, another one that we’ve taken to the next level is also we are the face of the customer on the aftermarket. That’s another angle just to make sure that you know, we are in touch with our customers in constant basis and guarantee what I told you, you know, from the suppliers, and then it goes through us, and then we support the customers on the dispatcher availability or operating cost. So those are really advantages and strong learning that we’ve had from the past that, you know, that for someone from a company that’s done it for fifty six years. That’s incredibly helpful color. Thank you so much.

Thank you, Andre.

Conference Operator: Thank you. And the next question comes from Austin Molder with Canaccord.

Speaker 9: Hi. Good morning, Johan and Edu. So based on what you said about Bahrain, is ANAC looking to form similar dual cert partnerships with for eVTOLs with other countries similar to the relationship that they have with the FAA once the means of compliance are published?

Luis Valentini, Chief Technology Officer, EVE: So Austin, the work we’ve done, we’re doing with Bahrain with respect to certification is very similar to how we’re working with other authorities. So we’ve been trying to, as much as we can, work on the certification basis so that if we don’t have full harmonization, we have good alignment of the requirements. So that means from early on engaging with these authorities to understand their expectation in terms of the requirements for the vehicle and then developing the vehicle in a way that we will be able to show compliance with those requirements, right? So we start talking to these authorities following what we believe will be important markets for our EVTOL and then start building this alignment on the certification basis. That’s something that EVE does.

In parallel, as I mentioned earlier, we promote and we try to support as much as we can, a work that is done directly between authorities, so from AMAC to other authorities in the world and bilateral agreements that they have within the authorities and also agreements that they have with respect to validation of type certificates, for example. So we support that and we try to steer that and we do that by giving information to the authorities, steer that to where we believe we should focus with respect to what markets are most important for our vehicles. So it’s a very similar process to what we’re doing with the Bahrain Certification Authority is to connect with these authorities in the world, build early engagement and then also promote the connection between the authorities to, again, shorten the time that we have for validation once the TC from ENAK is issued.

Speaker 9: Great. And can we talk about what stage we’re at on assembly for each of the conforming prototypes right now and how close any of them might be to finishing assembly?

Luis Valentini, Chief Technology Officer, EVE: Yes. So for now, we are still on the definition of much of the design of these prototypes. There are some more long lead parts that are already being manufactured by the suppliers. So those have already, have drawings released and are also already in production by the suppliers. We will receive start to receive those parts next year and then assemble the prototypes next year.

So, so far, we are not assembling. We are still working with the manufacturing of the more long lead items and also designing the ones that are, let’s say, shorter to manufacture, which then we expect to start manufacturing next year.

Speaker 9: Great. Thanks for all the details.

Luis Valentini, Chief Technology Officer, EVE: Thank

Conference Operator: you. And this concludes our question and answer session. I would like to turn the conference to Lucia Odworth for any closing comments.

Speaker 4: This meeting is no longer being transcribed. We’re

Lucio Aldworth, Director of Investor Relations, EVE: engaged and moving fast, and there’s much more to come. So we’re going to continue updating you on our progress through the next few quarters, which will be very exciting and we look forward to meeting you in the upcoming events we’re going to attend. As always, if you have any questions, please don’t hesitate to reach out to our team. Thanks and have a good day.

Conference Operator: Thank you. The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect your lines.