Eve Air Mobility has released its fourth-quarter and fiscal year 2023 results, showcasing significant progress and achievements in shaping the global urban air mobility (UAM) ecosystem. The company reported a net loss of $39.3 million in the fourth quarter of 2023, compared to $20.1 million in the same period of 2022. When adjusted for non-recurring charges, the net loss was $17.5 million in 4Q22 and $40.4 million in 4Q23.
R&D expenses were a major driver of the increased net losses, rising to $33.6 million in 4Q23 from $18.0 million in 4Q22. The company's total cash consumption in 4Q23 was $24.5 million, up from $20.8 million in the prior-year period. For the full year 2023, net loss was $127.7 million, a decrease from $174.0 million in 2022. R&D expenses surged to $105.6 million in 2023 from $51.9 million in 2022, while recurring SG&A expenses increased from $19.9 million in 2022 to $24.2 million in 2023.
Eve's cash and equivalents, financial investments, and related party loan receivable totaled $241.1 million at the end of 2023, down from $310.6 million at the end of 2022. The company's total liquidity, including undrawn portions of credit lines, stood at $316.3 million as of December 2023.
The company has secured non-binding letters of intent for 2,850 aircraft from 29 different customers, offering strong long-term revenue visibility. Eve also continues to develop a unique urban air traffic management software and has already secured 14 customers for the software.
Eve's CEO, Johann Bordais, expressed confidence in the company's financial position, stating that the current total liquidity in excess of $300 million is sufficient to fund research and development requirements as well as operations through 2025.
Looking ahead, Eve aims to continue accelerating its program development, including the selection of EVTOL suppliers, defining certification basis, and means of compliance, and initiating the first prototype assembly and test campaign.
The company has made significant progress in EVTOL development, including finalizing supplier selections for flight-critical components, defining the final architecture, commencing the assembly of the first full-scale EVTOL prototype, and securing service and operations solutions contracts with customers. Eve's focus on cost control and synergy gains with Embraer have contributed to optimizing cash position and capital structure.
As Eve Air Mobility continues to make strides in the urban air mobility space, the company remains committed to achieving its ambitious targets for 2024 and 2025 while ensuring the development of safe, reliable, and affordable EVTOL solutions.
Following these announcements, the company's shares moved 4.3%, and are now trading at a price of $5.39. If you want to know more, read the company's complete 8-K report here.
