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*Not financial advice. Do your own research.*
TL;DR: Eve Air Mobility can become one of the top eVTOL companies because its backed and supported by Embraer (third largest civil aircraft producer worldwide, after Boeing and Airbus).
Eve will leverage their sales, production, and operational infrastructure while competitors will need to burn cash and time to build that from scratch.
Additionally, Eve has the largest order backlog against competitors, but still trades at $1B market cap (compared to Joby at $10B and Archer at $5B).
# Numbers:
* Market Cap: $1.05B
* Total Capital Raised: $1.2B ($395M in the last 6 months)
* Current Liquidity: $648M
* Runway: \~2.5 years at $250M/year burn rate
* Founded: 2020
* CEO: Johann Bordais (former Embraer executive with +20 years in aerospace)
* Order Backlog: +2,800
# Hypothesis:
Eve has a strong potential to grow 5-10x in the next few years due to:
1. Embraer's manufacturing and certification support: reusing their existing facilities and learnings from certifying aircrafts on time
2. Lower-risk design (no tilt-rotor): simpler mechanics means faster certification (and lower operating costs)
3. Local market advantages: Brazilian government backing and São Paulo as the biggest helicopter market worldwide
4. Cash efficiency: saves money by leveraging Embraer's infrastructure instead of building from scratch
5. Largest order backlog: more total orders than ACHR, BETA, and Vertical Aerospace
# 1. Embraer Advantage:
Eve doesn't need to build factories, negotiate with suppliers, or establish quality systems because Embraer already has:
* Global manufacturing presence (Brazil, Portugal, USA, China)
* Strong supplier relationships
* AS9100 quality management system certification
* 70+ global service centers
Embraer has certified +20 aircraft models with FAA, EASA (Europe), and ANAC (Brazil). Their most recent aircraft (E2 Jets, KC-390, Praetor 500/600) were certified on or before the schedule. Competitors have no such strong experience with certifying airplanes.
# 2. Aircraft Design:
Eve chose to have:
* 8 fixed rotors for vertical lift
* 1 rear pusher prop for forward flight
* No tilting mechanisms
The design used by competitors like Joby (6 tilting rotors) and Archer (12 rotors, 6 tilt) is more complex and will make certification harder - in other words:
**more moving parts => more failure modes => longer certification timelines => higher operating costs once in operation.**
In terms of flight progress, Eve is slightly behind Joby and Archer, but has already achieved +20 total flights with \~1hr of total flight time. See video below.
# 3. Sao Paulo Advantage:
Sao Paulo is the city with largest number of helicopters worlwide (+2,100 active helicopters, 700 heliports). (Rich) people are already used to pay $500–800/flight to avoid being stuck in traffic.
This existing market will make it easier to Eve to test and validate the product.
# 4. Cash Efficiency:
Eve is the most recent company, has been spending way less compared to competitors, and still plans to launch in 2027:
|Company|Program Start|Cash Burned|Expected EIS|
|:-|:-|:-|:-|
|Eve|2020|\~$500M|2027|
|Archer|2018|\~$1.5B|2027|
|Beta|2017|\~$720M|2027|
|Joby|2009|\~$1.9B|2027|
# 5. Largest Order Backlog
Eve has the largest order backlog (+2,800 aircrafts), with a customers such as airlines (United, Republic), leasing companies (Azorra, Falko), and helicopter operators (Helisul, Bristow, OHI/Revo).
That's it. Despite the points mentioned above, Eve still trades at a way lower valuation compared to other eVTOL stocks (and that's why I am bullish on the stock)
|Company|Order Backlog|Market Cap|
|:-|:-|:-|
|Joby|\-|\~$10B|
|Archer|\~1,300|$4.9B|
|Beta|\~1,050|$4.53B|
|Eve|\~2,800|$1.05B|
|Vertical|\~1,750|$422M|
# Sources:
• [Flight Videos](https://www.youtube.com/@eveairmobility5857/videos)
• [Investors Day Presentation](https://ir.eveairmobility.com/company-information/presentations)
# Positions:
https://preview.redd.it/n1yt1cr89xmg1.png?width=2134&format=png&auto=webp&s=7e5c25b712af373c1257096219cbac31dd6d8aa8