Good morning, and welcome to the Eve Holding Inc. Third Quarter 2026 Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on a touch-tone phone. To withdraw your question, please press star then two. Please note, this event is being recorded. I would now like to turn the call over to Lucio Aldworth, Head of IR. Please go ahead.
Welcome to Eve's Third Quarter 2026 Earnings Conference Call. Earlier today, we released our financial results for the quarter, which are available on our investor relations website. Joining me on today's call are Johann Bordais, Chief Executive Officer, and Eduardo Couto, Chief Financial Officer. During the call, Johann will provide an overview of our quarterly performance, strategic initiatives, and progress in our development process. Edu will then review our financial results in greater detail and discuss our outlook. Following our prepared remarks, we will open the call for questions, at which point Marcelo Basile, our Chief Flight Prototype Engineer, will join us to address more technical questions. Before we begin, please note that today's discussion may include forward-looking statements regarding future events, operating performance, and financial results.
These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. Additional information regarding these risks can be found in today's earnings release and our filings with the SEC. We will also discuss certain non-GAAP financial measures. Reconciliations of these measures to the most directly comparable GAAP measures are included in our earnings materials and are available on our investor relations website. Now, I'll turn it over to our CEO, Johann.
Thank you, Lucio. Good morning, everyone, and welcome to our Third Quarter 2026 Conference Call. We had a good quarter with several milestones that clearly demonstrate consistent progress in the development of our eVTOL and the surrounding ecosystem. After the inaugural flight of our engineering prototype last December, we went through a series of hover flights. After we concluded the planned ground test period with software updates, we resumed our flight campaign with partial transition flights, where we started to engage the pusher with the lifters still powered on, and we gradually faster speed. That phase is now complete, and we plan on performing our first full transition flight by powering the lifter down before the end of the year. In parallel, we continue to test individual components in dedicated rigs as part of our building block approach.
This multi-phase testing approach validates not only our design philosophy by extensively testing every part individually, but also the integration of critical systems such as fly-by-wire and fixed-pitch lifter rotors. We have also started to receive the first parts and components of the first of six prototypes we will assemble for our certification campaign. We have some additional pictures further in the presentation. Lastly, we signed a new binding agreement with Brazilian operator FlyBIS, who will serve the southern part of Brazil with our aircraft. Slide three and four show the progress of our flight campaign. With successful completion of our ground test, we cleared the prototype to get back in the air and start transition flights back in July. The prototype flew 73 times and logged a total of three hours and six minutes of airtime.
The pusher was engaged at first with low RPMs and then powered up to around 1,200 RPMs, allowing the aircraft to fly forward at 45 knots, which is about 52 miles per hour. The next phase involves accelerating further towards the transition speed of around 100 knots. This is the speed at which air flowing through the wings is enough to provide it with the necessary lift and maintain airborne with the lifters' motors off. We are now eight to 10 flights away from the full transition phase. Slide four shows the progress we have made in the last few months in terms of speed, and perhaps more importantly, the engineering test points we have validated so far. Our aircraft never flies for the sake of flying. Our engineering team diligently plans the individual points that needs to be successfully validated for the aircraft to move to the next phase.
These points may involve aircraft performance metrics, such as the aerodynamic drags or the loads or the performance of individual components, such as the rotor vibration, battery temperature, motor RPMs versus thrust, et cetera. It is precisely these validations that allow us to move ahead with confidence. As of today, we have successfully validated 170 of 185 planned test points for the engineering prototype flight test campaign, achieving a 91% completion. On slide five, we wanted to show you some additional details of our rigs we have put in place to test individually components separately. We can see here the one of the lifter motors running the last set of tests before shipping, and all lifters are on track for delivery and assembly of our certification prototypes. These tests confirm that each motor produced the necessary thrust for takeoff and landing procedures for the flight schedule.
The rigs are used to corroborate the energy requirement and expected drain on the entire system, and that the inverter also successfully managed the flow of energy during the peak demand and the takeoff and landing phases of the flight. On top of that, we run successful containment of thermal runaway event on the battery pack. There are multiple ways to prevent thermal events via cells isolation, control of charging/discharging on a cell-by-cell basis, all of which are part of our aircraft design. But it must also be able to successfully contain a thermal event to assure the flight safety. On slide six and seven, we show some of the additional components and parts that have already been produced for our first conforming prototype. As you can see here, large fuselage sections, as well as tooling for wings and pylon structure are ready.
We will start receiving these and other parts in the next few months to start the assembly of our first prototype early next year. The assembly of the subsequent five other prototypes will start right after delivering each of them 30 days after another to the Gavião Peixoto test facility. The next piloted prototype flight will take place by the second half of next year. Now, moving to slide eight and nine. As mentioned before, we just signed a new firm agreement with operator FlyBIS for a total of 12 aircraft, two firm orders and an option for additional 10, for a potential contract size of $60 million. FlyBIS is a regional operator in the south of Brazil with routes in region with a high touristic demand.
Brazil represents a premier market for urban air mobility, driven by government and certification authority support, a rapidly maturing ecosystem, and strong passenger demand in cities where infrastructure has not kept the pace of growth. This makes Brazil one of the most important markets and positions it as among the first scale commercially following the certification, with two operators already committed and several more showing strong interest. This is a good entry point into the next slide, which shows our total pre-order backlog of approximately 2,500 aircraft valued at about $12.6 billion at list price. Additionally, approximately 1,100 of those aircraft have a service contract attached to them, bringing a total potential TechCare revenues to about half a billion dollars in the first year of operations.
The next slide shows some of the SunTrax Ecosystem Summit in Florida, gathering 150 representatives of all of our future UAM operation stakeholders. The event, in partnership with the Florida Department of Transportation, provided insight into the infrastructure, operational procedures, and airspace navigation procedures needed to enable the safe and efficient integration of UAM into Florida transportation network. SunTrax advanced air mobility facilities include an aerial test track, vertiports, hangars, and charging infrastructure for simulated eVTOLs takeoff and landing, plus the low altitude corridor for drones, air taxis, and autonomous logistic test in a controlled regulated environment. Now, I hand it over to our CFO, Edu, for the third quarter of 2026 financial review.
Thanks, Johann. On slide 11, Eve ended the third quarter 2026 with $356 million in cash and total liquidity of $471 million, which includes $114 million in undrawn standby credit loans. We believe the current level of liquidity is enough to support operations through 2028 without new funding. One important highlight during the quarter is that Eve has already started to show synergies and cost avoidance gains that were identified in the first half of this year. We have been working extensively with Embraer to find ways to reduce our cash burn until certification, with identified savings of $100 -$150 million. Only in 2026, we already captured approximately $50 million of those savings, despite higher development activities and stronger engineering engagement. Eve's SG&A is going down year-over-year, and our total cash burn in the first nine months of 2026 was $174 million.
With that, Eve's total cash consumption is now pointing towards the low end of our guidance of $225 -$275 million in 2026, which is a reduction versus our initial forecast. The captured synergies are reducing our cash burn and extending Eve's cash runway without any impact in our vehicle development and certification timeline. Now moving to slide 12 with a summary of our financial results. Eve invested $48 million in R&D during the third quarter 2026, mainly for the eVTOL development. Meanwhile, SG&A totaled $6 million for the quarter, down from $7 million a year ago. Including R&D and SG&A, Eve's net loss for the third quarter 2026 was $58 million and $161 million in the first nine months of 2026.
As mentioned previously, we ended the quarter with $356 million in cash and $471 million in total liquidity. Finally, cash consumption in the third quarter was $55 million and $174 million in the first nine months of 2026. With that, we conclude our remarks, and I would like to open the call for questions. Operator, please proceed.
Thank you. We will now begin the question-and-answer session. To ask a question, you may press star then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. The first question comes from Andres Sheppard with Cantor Fitzgerald. Please go ahead.
Hey, everyone. Good morning. Congratulations on the quarter and all the great progress, and thanks for taking our question. Johann, I wanted to maybe start with the quality of the flight campaign. I think very exciting to see the progress here, 91% of the planned progress for the year already complete. I guess maybe just help us understand what is left to get to that first transition flight by year end? What gives you confidence in getting there? What comes after that? Thank you.
Oh, great. Thank you, Andres, for the question. I will start, and Marcelo can complete also here with us. The company has been going very well. It is based in three phases. The first one that we did when we had the first flight on 19 of December last year, hover phase, what we called, and then we flew. Hover phase doesn't mean that you don't make some movements, but it means that you don't have the pusher on. Then we did, so we completed this by April this year. Then we stopped the aircraft to do some upgrades and software upgrades, some reinforcement, as I mentioned before, just for the next phase, which is the transition, where you have the loads, right, on the aircraft. That's something that we wanted to make sure it matches our engineering model.
This is what we've done, and right before the Farnborough Airshow, we actually announced the resuming of the flight, and then this time with the pusher on. It's not really so much about the number of flights, it's the quality of flight and exactly what the engineering wants to test, right? That's what we call the engineering test. The 91% is exactly what we wanted to do by the end of this year. We're eight to 10 flights away from the full transition, because then once you have the full transition, you have a typical full flight of what we're going to be operating for the Eve 100.
Together with the prototype flying to the full transition, along with all the CDR that we have, we're doing with our suppliers and finalizing the configuration of the aircraft, then we can move on and start producing the conforming prototype. Marcelo, do you want to add anything on the test?
It's perfect. So, we're in the very end of the flight campaign of our uncrewed prototype, and that you provided the final definitions for our conform prototypes that we start building the next year. So, perfect, Johann. Your speech was great.
Thank you.
Well, thank you both. Very helpful. Appreciate all that color. And maybe just as a quick follow-up, I was wondering if you could maybe I know you mentioned it a little bit on the call, but maybe can we get an update on the six ANAC conforming prototypes that you're planning to build? I think you briefly mentioned where the second one stands. Just how should we think about these? What's the timeline for these being built and then ultimately used for test flights? Thank you.
Yeah. No, great question. Well, Marcelo, you go ahead.
Okay. Those six prototypes were dimensioned to allow us to reach the final of 2028 with the Eve 100 certified. We start with the first prototype. It will be responsible for opening the envelope. Opening the envelope means we are progressing both in speed and altitude. We know the aircraft. You provide the pilot feelings, and you finish after four to five months, the definition of the systems under the integration of the airplane. After that, we have the airplane two flying at least one month after the prototype one, which is responsible for part of handling quality and performance flights, followed by the third prototype, which is responsible for the systems, some of the systems of the airplane. The fourth prototype with mainly propulsion test and other systems. The fifth prototype with interior testing and some remaining electrical system testing and the integration of curve.
The final prototype is the sixth one, so that will be designed for operational flights. We call function and reliability flights. That is our plan for 2028, starting from the end of 2027.
Excellent. Very helpful, and congrats again on all the great progress. Very exciting. We will pass it on. Thank you.
Thank you, Andres.
Thank you. The next question comes from Savi Syth with Raymond James. Please go ahead.
Hey, good morning. On the ANAC certification, can you discuss how that's progressing, and then just kind of the discussions around the means of compliance and associated test plans? Are there any kind of regulatory requirements or physical testing that you still need to scope out, or are you still on target to maybe finalize that before year-end?
Okay. In this year, we are closing all our certification plans. Our detailed design standards is 99% closed, which is a demand from both ANAC and SAA, and our certification plans are defined. We just defined also our noise certification base this year, which was accepted by ANAC, and that's under, and finished, just finished the public consultation with success. For the next year, we're writing the specific test proposals, ground and test proposal for flying, which will ensure our readiness for the beginning of 2028 and the end of 2027. We're in the route of the readiness to starting since the beginning of 2028, our flights for both development and credit for certification. We are good on this.
Got it. That's very clear. Thank you. If I might just, congrats on moving forward in getting some of these orders firmed. I was curious if you could remind me again, is that the PDPs, do they come closer to certification, or will you see anything in 2027?
Yeah, I can start with the PDPs, and Johann can talk about the orders. Yes, those firm orders are an important goal for us, right, because we are converting the letters of intention into firm orders, and with that, we start to receive the down payments. We have some aircraft that we're going to receive almost 40% of the value of the aircraft before the delivery, and then we receive the balance at delivery. Yes, this is very important. We are progressing with good customers in very good use cases, especially in Brazil. But in terms of cash, we're going to start to see more and more PDPs flowing through our cash balance.
Yeah, remembering that we do have the bigger pre-order book backlog with 2,500 aircraft. I've been saying since the beginning that joined the company that more than the number, it's really the leap of faith that customers are seeing in the solution that we are providing. If, and that's always what they tell us, "We want to go for the UAM solution. We want to go with Eve because Eve is not only the vehicle, but it's a whole solution." It's all about customer support. It's all about creating the ecosystem. Now we're seeing this happening. It started with Revo in 2025. Now we had early this year another customer with AirX in Japan, and then this is the natural third one. Quite natural as we're moving forward and showing steady progress on the program development.
Customers are eager to also get the slots, right, of the first production line. This is what's happening with, like this, right, they signed the LOI in 2022. We've been discussing with them. We've been showing the progress as of the other customers, and they're very eager to develop the UAM in the southern Brazil. Highly touristical. I don't know if you had a chance to go there, but it's beautiful area where the growing city with many cities that Rio Grande do Sul, Balneário Camboriú. It's a bit hard to say, but it's beautiful place, by the way. A lot of tourism growing exponentially. So, it fits perfectly the Eve solution and what they need for the urban air mobility and be the first one in the world, right, in that region.
Yeah. No, that is great to see that progress. Just to clarify, do you have to start flying for certification before you start getting some of those funds, or could you get it sooner?
We get sooner. We get at the signature, we have down payment.
Signature
Then we have 18 months, 12, and six months prior to deliver, we receive additional payments and the balance at delivery.
Got it. Perfect. All right, thank you so much.
Thanks, Savi.
Thank you. The next question comes from Adam Samuelson with Jefferies. Please go ahead.
Yes, thank you. Good morning, everyone. I guess for me, just maybe on expenses and cash usage, the R&D kind of realized up around $48 million or so after kind of being low in the second quarter. Should we look at that $50 million or so quarterly run rate as kind of the new peak intensity, or is there going to be a step up at some point in 2027 with six conforming aircraft kind of entering kind of production?
No, I think the level should stay around this $50 million level that you mentioned, R&D per quarter, right? Around $200 million per year. Of course, next year we're going to assemble the six prototypes, as Basile mentioned. But we have been able to get synergies, right? Additional synergies with Embraer. We're also controlling non-R&D-related expenses, right? That's G&A expenses. So, we have been doing a lot of cost savings and synergies with Embraer that allows us for next year to have the six prototypes being assembled and keep cash burn and total expenses kind of the same level this year, which is a big win and a big achievement for us. So, we're excited because we're going to be showing much more next year and moving towards certification in 2028, at the same time keeping our cash burn around current levels.
Okay. That's very helpful. Again, just as you move past 2027 and through into the certification program and then to production, can you just update us on how you're thinking about the modular manufacturing ramp, and how that can scale as you get 2028, 2029, and beyond?
Yeah, we have a modular facility, right? We can produce up to 500 eVTOLs per year in the Brazilian facility, but it's modular. It starts with 120, and then it can go to 240 and 480, around 500. That's the beauty, right? We did something that we just invest as we have additional demand, right? So initially, we're starting with this 120. It's an investment that we already have a loan, right, a facility to pay for this investment committed. This is part of our standby facility that we already have, so it doesn't bring an additional cash burn for us. So, we're going to start to invest on that. Prototypes are still assembling at the Embraer facility, so the vehicles being delivered, we're going to produce in another facility. We're going to have more investments on that towards the end of next year, in early 2028.
Okay. That's very helpful. I'll pass it on. Thank you.
Thank you. The next question comes from Amit Dayal with H.C. Wainwright. Please go ahead.
Thank you. Good morning, everyone. Just one question from me, guys. Just any clarity on what Embraer is helping you guys with today, and what kind of assistance and support you might get from them down the line?
Thank you, Amit, for the question. Every day they are helping us. Absolutely. It is the way that Eve was created and spin-off. I mean, we are a separate company, but obviously we do have an MSA with Embraer. For the obvious program right now is the program development, so it is more than 1,000, it is around 1,000 engineers dedicated to the Eve program. The Embraer engineers focused on Eve, but it is a program development, so you have to also talk about and prepare the industrialization, which is exactly what Edu just talked about. We are taking the best of what Embraer does today based on lean philosophy, and then obviously putting in the factory that we will have, that will trigger at the right time, right? It is a brownfield. It is another advantage that we have of being a part of Embraer Group.
Also the quality system, we are talking about the customer support and services, where we have been working together to prepare the aftermarket and how we are going to be supporting the customers. It is what we call the make or buy, whether it is going to be Eve will be the face of the customer, but then also in the background, it could be also Embraer supporting us, right, with all the logistical network and MRO that they have. Embraer helps us at all levels, right?
Understood. That is all I have, guys. Thank you so much.
Thank you, Amit.
Thank you. The next question comes from Andre Madrid with BTIG. Please go ahead.
Yes, good morning. Thank you for taking my question. I wanted to dive into the backlog real quick and the order book. It looks like maybe a bit of a sequential decline. I know this has happened before, but I was hoping you could maybe elaborate on what might have been the driving causes.
Sorry, Andre, of what? It happened before what? Sorry, come again.
A sequential decline in the order book and backlog.
Well, it's natural, right? Like I said, we've been for the last six years since we created Eve, we've been designing the solution for the customer and with the customers. So, ever since we had the first design, but also talking about the customer support and how we're going to be developing the ecosystem, it's done with the customers. They're early adopters, they're pioneers, they're visionary. Then we have really the profile of our customers, it's from helicopter operators, it's from airlines, it's from also the leasing company, with different missions. So, it's touristical, ecotourism, as we mentioned, but it's the primary business that we're going for. What the customer want is the urban air mobility, it's really under 150 km. They want to have a solution that is fully electrical, one pilot, four pax, and it goes to a 30 - 40 typical route, right?
Which is what we call the shuttle route, downtown of the city to the international airport and back and forth, but it could be any point of the city. That's exactly the market that we're aiming for, right? The customers, when they decided, it's from the world, right? It's 29 customers from nine different countries, and wherever there's a strong support and ecosystem readiness, which comes from authorities, the local government, also the different partners like infrastructure, the power company. We've been leading those discussions, and then customers sees that, okay, the Eve 100 plus the ecosystem readiness and the customer support, they place those LOI. That's why we got to the 2,600, as you mentioned. A decline, it's natural. I mean, it's early.
There's a lot of those companies that can be just going bankrupt or they change their strategy on OEM, but also bringing new customers and new lead, right? That's like FlyBIS, AirX that we recently signed. I think, as we progress in, and very quickly now, in 2027 and 2028, they will be able to see the actual aircraft, right? Especially in Brazil, Gavião Peixoto will have the first prototype, and I can tell you there's no better catalyzer than having a full prototype ready to be certified in the next 16 months or 24 months, right? So, in 2028. So, it will happen. It's natural what's happening right now, and we're thrilled about it, right? Now it's about not additional LOI, it's about the quality LOI, if we go for it, for new market, for new customers, and also the conversion rate, right?
And that is what we are doing right now.
Yeah, if I [Crosstalk] may add, Johann Bordais, it is exactly the focus now, guys, is to firm the orders. We have this very big backlog, 2,600, 2,700, it does not really matter if it is 26 or 27. What matters is our ability to move those LOIs into firm orders, firm contracts, and start to receive the payments, and start to plan the entry into service and the use cases. That is what matters. So, what the analysts should be looking is really this firm order backlog needs to keep growing, so that we have the initial use cases, the launch markets, and the initial delivers. So, that should be the focus.
Got it. That's helpful color. Then maybe, Edu, one for you. I know you talked a lot about the synergies with Embraer, but I'm also looking, and it seems like on a CapEx level, you guys are running pretty light for the year, and it would require a significant step up in the fourth quarter to hit what you guys have outlined. Could you maybe just drive us through the puts and takes of what's really contributing to the lower end of cash burn that you guys have outlined? Is it more the synergies? Is it less of the CapEx? I mean, is it a combination of the two, or the two intertwine? I'm trying to just understand that a little bit better.
Yeah. No, the majority of the cash burn goes on the development, right? We have around 800 engineers at Embraer today working on the development of our eVTOL. On top of that, we have production guys that are starting to, they're going to be starting to assemble the final prototypes. That's the bulk of our cash burn and our spending. Anything outside that is not a priority, and we're trying to bring synergies with Embraer and reduce as much as possible. In terms of CapEx, all these, the expenses of the engineers, all the expenses on the prototypes, it all goes through these payments we do to Embraer, so it doesn't show in the CapEx line. CapEx line only shows some toolings and some machines that we're starting to buy.
As the prototypes are assembled inside the Embraer facility, I believe we're going to see more CapEx probably towards the end of next year when we start to prepare our final facility, which will be used for the initial delivers in late 2028. So, probably throughout next year, we're still going to see light CapEx investment, but that doesn't mean that we're not buying parts, assembling the prototypes. It just means that all of that goes as operating cash flow on those payments we do to Embraer. I don't know if it's clear.
Yeah, no, that's perfect. Thank you so much.
Thank you. The next question comes from Austin Moeller with Canaccord. Please go ahead.
Hi, good morning. Just to walk through the timeline here on development, if we get the full transition by end of year, does that set you up for closing out critical design review in early 2027? When should we be thinking about ANAC or other FAA officials stepping into the final prototype to do their own tests?
Yeah, that is correct. Yeah. It's really the final transition, also in parallel with the CDR. By the end of this year, we're down to, yeah, probably 10, 11 CDR that we need to close yet, and we're on track, and then we'll be able to start the assembly. All the parts that we showed you and all the other parts that we showed you in this presentation also, they're at the suppliers that they've starting to send to us, and then we can start the production of the first prototype. That's when then the authorities, which they have been engaged, by the way, right? They all been engaged. Even in the engineering prototype, we have ANAC representative and following the development and all the flight campaign. Go ahead, Marcelo, on the ANAC.
Yes. I was about to say that they are already engaged, both ANAC, SA, and EASA with our program. To be more direct to your question, they'll be getting into their plane after the half of the next year, after opening the envelope, and locally in the beginning with some system certification. Because we're already designing and getting ready for the test campaign to be a certification campaign. Since the beginning, we'll have the ANAC representatives going to Gavião Peixoto witnessing the tests. By the half of the 2028, with the final envelope opening, we close the final aircraft systems and the aerodynamic integration. We expected to receive our TIA, right? We have ANAC on board. By the end of the year, 2028, we have the SA getting there for the validation of the certification.
Okay. Can you talk about what countries or municipalities might be launching the Vector Air Traffic Management System first? Would this be in some of the launch cities where you will have aircraft with customers, like São Paulo?
Oh, yeah, definitely. The launch of Vector, it is happening. It already happened last year, as a matter of fact, at the Brazilian Grand Prix. Revo, our launch customer for the eVTOL, didn't want to wait for the eVTOL, but already wanted to use it because it is the first module of Vector of the UATM, right? The traffic management also does the ground, and that is the first module, the ground management of the helipad. They are doing it again this weekend as we speak. So, they are using the Vector first module. Then it will go, they will be using the fleet module, and then it will go up to eventually with the UATM air traffic management module. So, it is three phases which will be developed along for the next five years, right?
Vector, it is also part of the solution that we are offering to our customers, part of the TechCare solution, right? The customer support and services. It is the aircraft customer support and services and the ATM ecosystem readiness. Basically, all the customers who will be operating eVTOL will be very interested to get also the Vector. They showed interest, a part of the LOI that we signed with them.
Just to highlight, Johann, as you said, right, this weekend, guys, there is the Formula 1 race in São Paulo, right?
São Paulo, yeah.
Revo will be operating a lot of flights.
About 300 flights.
300 flights during the weekend, and they're going to be using the Vector solution this weekend in the São Paulo F1 race, okay?
Thanks to Vector, they will have the very efficient landing and taking off of the activities of helicopters. So, turnaround time, the most efficient one. There is a lot of people you want to get in and out of the Brazilian Grand Prix.
Very exciting. Congrats on the operational progress.
Appreciate it. Thank you.
Thank you. The next question comes from Pat McCann with D. Boral Capital. Please go ahead.
Hey, good morning. Thanks for taking my questions, and thanks for the thoughtful answers to all the questions already. I'll just add one more. I believe you mentioned in your prepared remarks a little bit about the opportunity in Brazil being a favorable one. I was wondering if you could talk a little bit more about that, if you could give any more details as to what makes that a strong opportunity for building additional customers in the pipeline. Maybe on top of that, if you could speak a little bit about if you broadly look globally, where you think your strongest opportunities are as you move towards commercialization.
Very nice, Pat. Thank you for this important question. Absolutely, in the remarks, we did mention that Brazil is and will be the leader of the UAM. That's a good reason for this because it takes different aspects. The first one, it needs to have a wish from the government. It's a new segment we're talking about. It's not a regular aircraft that you'll put in service, right? Of course, at the beginning, we'll be using everything that it is existing, whether it's in the area, whether it's in infrastructure, using the helipad, remembering that São Paulo has the biggest fleet in the world of helicopter. It's got the biggest number of helipad. It's more than 2,000 in and out of helicopter taking off and landing in São Paulo. The city has been growing.
We've done and we come up with the market outlook in 2025 last year, and we did mention that the planet Earth will have two billion more people in the next 20 years, right? 70% of those 10 billion people will be living in cities. So, if you think that spending 200 hours in traffic, whether it's in São Paulo or any other big cities in the world, it's bad. It's going to get worse. I think it's just Brazil is the perfect ecosystem, the perfect market to make it happen. We do have the history and the DNA of aerospace development, right? We do have Embraer now with the eVTOLs. We do make a vehicle that would be very safe, at the highest safest level to be operating. We do have a big city, right? People ask me, "What about urban air mobility?
When is it going to start?" It already started, and Revo is the proof of it. Revo didn't want to wait for the eVTOL. They wanted to go and really start to have, because they see the market, they see the need of having the need of having urban air mobility alternative in the big city. That's what they started. They started with a dual turbine, dual pilot helicopter. It's not the most efficient in terms of operating cost, but that's what it takes to get the customers and grow their marketplace. That's what they've been doing. They started in São Paulo, but now they're also going to other cities. This is exactly what urban air mobility is about. You can see with FlyBIS, it's happening in the south of Brazil.
I can tell you there's other operators talking to us now to also cover other region, right? I know that you're probably thinking about, "Oh, what about Rio?" Absolutely. Rio is another place that with the UAM and eVTOLs will be perfect for the environment and for that type of business. Brazil, I can tell you, will be, thanks to Eve, thanks to the aeronautical DNA that Brazil has, all the big governmental wish and incentives that they were pushing for this, the vision of the future for the Brazilian cities and the Brazilian, yeah, Brazilian will be one of the first one in the world to be flying on eVTOLs. Of course, the market is the big one also for us is the U.S., right? Very well prepared, great infrastructure, a lot of initiative also from the government. We've been in talks with many states.
One of the latest one, and you saw it in the presentation with SunTrax in Florida, they've been supportive of what's going to be for the next few years, the urban air mobility, and we're part of it, right? Not only, we've applied for EASA, right? Marcelo mentioned it early this year. It's also another important market. We believe that it may come a little bit later, right? But another one, very important for us, which represent almost 20% of what we see as a growth for all the eVTOL, is Asia-Pacific, right? This is not by chance that we announced this new customer, AirX in Japan, having the same model, that business model that Revo is having, or FlyBIS, or even Australia. We were the only one having such a big base of LOI also in Australia for ecotourism and also shuttle operation.
Excellent. Really appreciate the commentary, and congrats again on the continued development.
Thank you, Pat.
Thank you. Again, if you have a question, please press star then one. This concludes our question- and- answer session. I would like to turn the conference back over to Lucio Aldworth for any closing remarks.
Thank you, Drew, and thank you everyone who joined the call today. This was an important quarter for Eve. It was marked by significant milestones and continued progress across... Very excited about the opportunity in front of us and confident in our ability to continue executing on the development plan. The next quarter will be very important for Eve, and we look forward to keeping the investment community informed as we achieve additional milestones and advance our objectives. Thank you for your continued support and engagement, and we look forward to seeing you in the many of the upcoming conferences and investor events we're going to be attending. Have a great day, everyone. Thank you.
Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.