UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023
Or

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to
Commission File No. 001-39704

EVE HOLDING, INC.

(Exact name of registrant as specified in its charter)

Delaware	85-2549808
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
1400 General Aviation Drive Melbourne, FL 32935
(Address of Principal Executive Offices, including zip code)

(321) 751-5050
(Registrant’s telephone number, including area code)

N/A

(Former name and address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share Warrants, each whole warrant exercisable for one share of Common Stock	EVEX EVEXW	The New York Stock Exchange The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐ No ☒

As of August 8, 2023, there were 269,163,921 shares of common stock, par value $0.001 per share, issued and outstanding.

EVE HOLDING, INC.

(FORMERLY EVE UAM, LLC)

	Table of Content
PART I	FINANCIAL INFORMATION (Unaudited)	F-1

Item 1.	Financial Statements	F-1
	Condensed Consolidated Balance Sheets	F-1
	Condensed Consolidated Statements of Operations	F-2
	Condensed Consolidated Statements of Comprehensive Loss	F-3
	Condensed Consolidated Statements of Equity	F-4
	Condensed Consolidated Statements of Cash Flows	F-5
	Notes to Condensed Consolidated Financial Statements	F-6
	Note 1 – Organization and Nature of Business	F-6
	Note 2 – Summary of Significant Accounting Policies	F-7
	Note 3 – Cash and Cash Equivalents	F-10
	Note 4 – Financial Investments	F-10
	Note 5 – Related Party Transactions	F-10
	Note 6 – Other Balance Sheet Components	F-12
	Note 7 – Debt	F-13
	Note 8 – Derivative Financial Instruments	F-14
	Note 9 – Fair Value Measurement	F-14
	Note 10 – Stockholders’ Equity	F-15
	Note 11 – Common Stock Warrants	F-15
	Note 12 – Share-based Payments	F-18
	Note 13 – Earnings Per Share	F-18
	Note 14 – Research and Development	F-19
	Note 15 – Selling, General and Administrative	F-19
	Note 16 – Income Taxes	F-19
	Note 17 – Commitments and Contingencies	F-19
	Note 18 – Segments	F-20
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	1
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	11
Item 4.	Controls and Procedures	12

PART II	OTHER INFORMATION	14

Item 1.	Legal Proceedings	14
Item 1A.	Risk Factors	14
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	14
Item 3.	Defaults Upon Senior Securities	14
Item 4.	Mine Safety Disclosures	14
Item 5.	Other Information	14
Item 6.	Exhibits	15
	Signatures	16

Table of Contents

PART I FINANCIAL INFORMATION (Unaudited)

Item 1. Financial Statements

EVE HOLDING, INC.

(FORMERLY EVE UAM, LLC)

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

	June 30,			December 31,
		2023			2022
ASSETS
Current assets
Cash and cash equivalents	$	33,591,771		$	49,146,063
Financial investments		150,782,326			178,781,549
Related party receivables		313,762			203,712
Related party loan receivable		84,641,828			82,650,375
Other current assets		1,461,953			1,425,507
Total current assets		270,791,640			312,207,206
Property, plant & equipment, net		513,833			451,586
Right-of-use assets, net		550,129			216,636
Total assets	$	271,855,602		$	312,875,428
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable	$	2,350,540		$	2,097,097
Related party payables		17,733,475			12,625,243
Derivative financial instruments		12,541,425			3,562,500
Other payables		5,961,337			6,648,171
Total current liabilities		38,586,777			24,933,011
Other non-current payables		1,530,522			1,020,074
Total liabilities		40,117,299			25,953,085
Stockholders' Equity
Common stock, $0.001 par value		269,164			269,094
Additional paid-in capital		505,659,469			503,661,571
Accumulated deficit		(274,190,330	)		(217,008,322	)
Total stockholders' equity		231,738,303			286,922,343
Total liabilities and stockholders' equity	$	271,855,602		$	312,875,428

The accompanying notes are an integral part of these condensed consolidated financial statements.

Amounts may not add due to rounding.

F-1

Table of Contents

EVE HOLDING, INC.

(FORMERLY EVE UAM, LLC)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
		2023			2022			2023			2022
Operating expenses
Research and development	$	21,821,255		$	10,417,278		$	43,349,593		$	19,531,965
Selling, general and administrative		6,633,106			15,728,933			12,787,425			17,046,966
New Warrants expenses		-			87,352,000			-			87,352,000
Loss from operations		(28,454,361	)		(113,498,211	)		(56,137,018	)		(123,930,931	)
Change in fair value of derivative liabilities		(6,784,425	)		5,842,500			(8,978,925	)		5,842,500
Financial investment income		2,982,448			824,567			6,236,848			887,948
Other financial gain/(loss), net		1,149,332			(260,713	)		2,173,822			98,618
Loss before income taxes		(31,107,006	)		(107,091,857	)		(56,705,273	)		(117,101,865	)
Income tax expense		(303,020	)		(129,708	)		(476,735	)		(129,708	)
Net loss	$	(31,410,026	)	$	(107,221,565	)	$	(57,182,008	)	$	(117,231,573	)
Net loss per share basic and diluted	$	(0.11	)	$	(0.43	)	$	(0.21	)	$	(0.50	)
Weighted-average number of shares outstanding – basic and diluted		275,632,354			248,989,790			275,563,187			234,574,977

The accompanying notes are an integral part of these condensed consolidated financial statements.

Amounts may not add due to rounding.

F-2

Table of Contents

EVE HOLDING, INC.

(FORMERLY EVE UAM, LLC)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
		2023			2022		2023				2022
Net loss	$	(31,410,026	)	$	(107,221,565	)	$	(57,182,008	)	$	(117,231,573	)
Total comprehensive loss	$	(31,410,026	)	$	(107,221,565	)	$	(57,182,008	)	$	(117,231,573	)

The accompanying notes are an integral part of these condensed consolidated financial statements.

Amounts may not add due to rounding.

F-3

Table of Contents

EVE HOLDING, INC.

(FORMERLY EVE UAM, LLC)

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

	Common Stock
		Shares		Amount		Additional Paid-In Capital			Accumulated Deficit			Accumulated Other Comprehensive Loss			Total Stockholders' Equity
Balance as of December 31, 2021		220,000,000	$	220,000	$	53,489,579		$	(42,977,964	)	$	(32,226	)	$	10,699,389
Separation-related adjustment		-		-		(707,846	)		-			32,226			(675,620	)
Balance as of January 1, 2022		220,000,000	$	220,000	$	52,781,733		$	(42,977,964	)	$	-		$	10,023,769
Net loss		-		-		-			(10,010,008	)		-			(10,010,008	)
Contributions from Parent		-		-		732,776			-			-			732,776
Balance as of March 31, 2022		220,000,000	$	220,000	$	53,514,509		$	(52,987,972	)	$	-		$	746,537
Net loss		-		-		-			(107,221,565	)		-			(107,221,565	)
Reclassification of Public Warrants from liability to equity		-		-		10,580,000			-			-			10,580,000
Issuance of fully vested New Warrants		-		-		87,352,000			-			-			87,352,000
Issuance of common stock upon reverse recapitalization, net of fees		43,392,132		43,392		315,283,325			-			-			315,326,717
Share-based compensation and issuance of stock		140,000		140		1,935,848			-			-			1,935,988
Exercise of warrants held by PIPE investor		800,000		800		7,200			-			-			8,000
Share-based payment with non-employees		-		-		1,028,182			-			-			1,028,182
Contributions from Parent		-		-		(2,105,409	)		-			-			(2,105,409	)
Balance as of June 30, 2022		264,332,132	$	264,332	$	467,595,655		$	(160,209,537	)	$	-		$	307,650,450

Balance as of December 31, 2022		269,094,021	$	269,094	$	503,661,571		$	(217,008,322	)	$	-		$	286,922,343
Net loss		-		-		-			(25,771,982	)		-			(25,771,982	)
Share-based compensation		-		-		867,893			-			-			867,893
Share-based payment with non-employees		-		-		480,000			-			-			480,000
Balance as of March 31, 2023		269,094,021	$	269,094	$	505,009,464		$	(242,780,304	)	$	-		$	262,498,254
Net loss		-		-		-			(31,410,026	)		-			(31,410,026	)
Share-based compensation and issuance of stock		69,900		70		650,005			-			-			650,075
Balance as of June 30, 2023		269,163,921	$	269,164	$	505,659,469		$	(274,190,330	)	$	-		$	231,738,303

The accompanying notes are an integral part of these condensed consolidated financial statements.

Amounts may not add due to rounding.

F-4

Table of Contents

EVE HOLDING, INC.

(FORMERLY EVE UAM, LLC)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Six Months Ended June 30,
	2023			2022
Cash flows from operating activities:
Net loss	$	(57,182,008	)	$	(117,231,573	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and loss on disposal of property		103,133			-
Non-cash lease expenses		33,710			-
Unrealized gain on exchange rate translation		(335,838	)		(136,644	)
Share-based compensation		1,805,122			1,935,988
Warrant expenses		480,000			88,380,182
Change in fair value of derivative financial instruments		8,978,925			(5,842,500	)
Changes in operating assets and liabilities:
Accrued interest on financial investments, net		(4,000,777	)		(464,652	)
Accrued interest on related party loan receivable		(1,991,453	)		-
Other assets		20,407			6,098,874
Related party receivables		(109,329	)		(36,943	)
Accounts payable		201,622			2,623,858
Related party payables		5,074,539			1,094,121
Other payables		(681,889	)		1,725,014
Net cash used by operating activities		(47,603,836	)		(21,854,275	)
Cash flows from investing activities:
Redemptions of financial investments		57,500,000			-
Purchases of financial investments		(25,500,000	)		(154,000,000	)
Expenditures for property, plant and equipment		(165,380	)		-
Net cash provided (used) by investing activities		31,834,620			(154,000,000	)
Cash flows from financing activities:
Tax withholding on share-based compensation		(287,154	)		-
Capital contribution net of transaction costs reimbursed to Zanite		-			354,830,252
Transaction Costs reimbursed to parent		-			(15,754,066	)
Distribution to parent, net		-			(1,372,633	)
Net cash provided (used) by financing activities		(287,154	)		337,703,553
Effect of exchange rate changes on cash and cash equivalents		502,078			90,753
Decrease in cash and cash equivalents		(15,554,292	)		161,940,031
Cash and cash equivalents at the beginning of the period		49,146,063			14,376,523
Cash and cash equivalents at the end of the period	$	33,591,771		$	176,316,554
Supplemental disclosure of cash information
Cash paid for:
Income tax paid	$	387,893		$	-
Supplemental disclosure of other non-cash investing and financing activities
Recognition of right-of-use assets and operating lease liabilities	$	359,516		$	-
Issuance of common stock for vested RSUs	$	954,000		$	1,584,800

The accompanying notes are an integral part of these condensed consolidated financial statements.

Amounts may not add due to rounding.

F-5

Table of Contents

EVE HOLDING, INC.

(FORMERLY EVE UAM, LLC)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1 – Organization and Nature of Business

Eve Holding, Inc. (together with its subsidiaries, as applicable, “Eve,” “Eve Holding,” the “Company,” “we,” “us,” or “our”), is an aerospace company that is dedicated to accelerating the urban air mobility (“UAM”) ecosystem. Benefitting from a startup mindset and with a singular focus, Eve is taking a holistic approach to progressing the UAM ecosystem with an advanced electric vertical take-off and landing (“eVTOL”) project, a comprehensive global services and support network, and a unique air traffic management solution. The Company is organized in Delaware with operations in Melbourne, Florida and São Paulo, 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 and 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.

Business Combination

On December 21, 2021, Zanite entered into a Business Combination Agreement (the “BCA”), with Embraer S.A., a Brazilian corporation (“sociedade anonima”) (“ERJ”), Embraer Aircraft Holding, Inc., a Delaware corporation (“EAH”) wholly owned by ERJ, and EVE UAM, LLC, a Delaware limited liability company (“Eve Sub”), a former subsidiary of EAH, that was formed for purposes of conducting the UAM business. For transactions beyond the Business Combination (as defined below) and initial financing, ERJ and EAH are collectively referred to as “Embraer.”

On May 9, 2022, the closing (the “Closing”) of the transactions contemplated by the BCA occurred (“Business Combination”). Pursuant to the BCA, Zanite issued 220,000,000 shares of Class A common stock to EAH in exchange for all of the issued and outstanding limited liability company interests of Eve Sub (the “Equity Exchange”). As a result, Eve Sub became a wholly owned subsidiary of Zanite, which changed its name to “Eve Holding, Inc.”

Financing

On December 21, 2021, December 24, 2021, March 9, 2022, March 16, 2022, and April 4, 2022, in connection with the Business Combination, Zanite entered into subscription agreements or amendments thereto (as amended from time to time, the “Subscription Agreements”) with certain investors, including certain strategic investors and/or investors with existing relationships with ERJ (the “Strategic Investors”), Zanite Sponsor LLC, a Delaware limited liability company (the “Sponsor”), and EAH (collectively, the “PIPE Investors”), pursuant to which and on the terms and subject to the conditions of which, Zanite agreed to issue and sell to the PIPE Investors in private placements to close immediately prior to the Closing, an aggregate of 35,730,000 shares of Class A common stock at a purchase price of $10.00 per share, for an aggregate purchase price of $357,300,000, which included the commitment of the Sponsor to purchase 2,500,000 shares of Class A common stock for a purchase price of $25,000,000 and the commitment of EAH to purchase 18,500,000 shares of Class A common stock for a purchase price of $185,000,000 (the “PIPE Investment”). The PIPE Investment was consummated substantially concurrently with the Closing. Upon Closing, all shares of Zanite Class A and Class B common stock were converted into, on a one-for-one basis, shares of common stock of Eve Holding.

Accounting Treatment of the Business Combination

The Business Combination was accounted for as a reverse recapitalization, equivalent to the issuance of shares by Eve Sub for the net monetary assets of Zanite accompanied by a recapitalization. Accordingly, the consolidated assets, liabilities, and results of operations of Eve Sub became the historical financial statements of the Company. The assets, liabilities, and results of operations of Zanite were consolidated with Eve Sub beginning on the Closing date. For accounting purposes, these financial statements of the Company represent a continuation of the financial statements of Eve Sub. The net assets of Zanite were recorded at historical costs with no goodwill or other intangible assets recorded. Operations prior to the Business Combination are presented as those of Eve Sub.

Both Embraer and Zanite’s sponsors incurred costs in connection with the business combination (“Transaction Costs”). The Transaction Costs that were determined to be directly attributable and incremental to the Company, and as the primary beneficiary of these expenses, were deferred and recorded as other assets in the balance sheet until the Closing. Such costs were subsequently recorded either as an expense of the Business Combination or a reduction of cash contributed with a corresponding reduction of additional paid-in capital if they were attributable to one or multiple sub-transactions of the Business Combination.

As a result of the Closing, EAH did not lose control over Eve Sub because EAH held approximately 90% of Eve Holding’s shares immediately after the Closing. Therefore, the transaction did not result in a change in control that would otherwise necessitate business combination accounting.

F-6

Table of Contents

Basis of Presentation

The Company’s unaudited condensed consolidated financial statements included in this report reflect (i) the historical operating results of Eve Sub prior to the Business Combination on May 9, 2022, prepared on a carve-out basis, (ii) the combined results of Eve Sub and Zanite following the Closing, (iii) the assets and liabilities of Eve Sub at their historical cost, and (iv) the Company’s retroactive recast of the equity structure recapitalization including EPS for all periods presented.

Until the Closing date on May 9, 2022, the condensed consolidated financial statements of Eve Sub reflect the assets, liabilities and expenses that management determined to be specifically attributable to Eve Sub, as well as allocations of certain corporate level assets, liabilities and expenses, deemed necessary to fairly present the financial position, results of operations and cash flows of Eve, as discussed further below. Management believes that the assumptions used as basis for the allocations of expenses, direct and indirect, as well as assets and liabilities in the condensed consolidated financial statements are reasonable. However, these allocations may not be indicative of the actual amounts that would have been recorded had Eve operated as an independent, publicly traded company for the periods presented.

The accompanying condensed consolidated financial statements are presented in US Dollars, unless otherwise noted, and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the accounting and disclosure rules and regulations of the Securities Exchange Commission (“SEC”) for interim financial reporting.

Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. Additionally, operating results for interim periods are not necessarily indicative of the results that can be expected for a full year. The unaudited condensed consolidated financial statements herein should be read in conjunction with our audited consolidated financial statements and notes thereto included within our most recent Annual Report on Form 10-K/A. These unaudited condensed consolidated financial statements reflect, in the opinion of Management, all material adjustments (which include normal recurring adjustments) necessary to fairly state, in all material respects, the Company’s financial position, results of operations, and cash flows for the periods presented. All intercompany balances and transactions were eliminated in consolidation. Certain columns and rows may not add due to rounding.

Note 2 – Summary of Significant Accounting Policies

The information presented under Debt updates our Significant Accounting Policies information presented in our 2022 Form 10-K/A to reflect the debt agreement Eve entered into during the six months ended June 30, 2023.

Change in Carve-Out Methodology

Prior to the separation from Embraer, Eve Sub has historically operated as part of Embraer and not as a standalone company. Therefore, a carve-out methodology was necessary to prepare historical financial statements since Eve Sub’s inception in 2017 until the Closing on May 9, 2022. For reporting periods prior to and for the year ended December 31, 2021, the management approach was used as the carve-out methodology. The management approach takes into consideration the assets that were being transferred to determine the most appropriate financial statement presentation. A management approach may also be appropriate when a parent entity needs to prepare financial statements for the sale of a legal entity, but prior to divestiture, certain significant operations of the legal entity are contributed to the parent in a common control transaction.

The Master Service Agreement (“MSA”) and Shared Service Agreement (“SSA”) were executed on December 14, 2021. Beginning January 1, 2022, Embraer started charging Eve Sub for most of the expenses Eve Sub previously carved out. Refer to Note 5 – Related Party Transactions for information regarding these agreements. On the Closing date, Embraer concluded that all relevant assets and liabilities were contributed to Eve Sub. Based on the direct charges under the MSA and SSA and the transfer of assets and liabilities to Eve Sub, the Company determined it to be appropriate to change the carve-out methodology to the legal entity approach. The legal entity approach is often appropriate in circumstances when the transaction structure is aligned with the legal entity structure of the divested entity. The Company applied the legal entity approach beginning January 1, 2022 until the Closing date May 9, 2022. For activity after the Closing date, no carve-out adjustments were necessary in preparation of Eve’s condensed consolidated financial statements.

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The Company has recorded the impacts of the change in carve-out methodology from the management approach to the legal entity approach as adjustments (“Separation-Related Adjustments”) to the January 1, 2022 beginning balance sheet and not as a period activity attributable to the twelve month period ended December 31, 2022. The January 1, 2022 beginning balance sheet adjustments from the December 31, 2021 balances were as follows:

Separation-related Adjustments

		December 31,			Separation-Related			January 1,
		2021			Adjustments			2022
ASSETS
Current assets:
Cash and equivalents	$	14,376,523		$	(8	)	$	14,376,515
Related party receivables		220,000			-			220,000
Other current assets		6,274,397			(8,567	)		6,265,830
Total current assets		20,870,920			(8,575	)		20,862,345
Capitalized software, net		699,753			(699,753	)		-
Total assets	$	21,570,673		$	(708,328	)	$	20,862,345
LIABILITIES AND NET PARENT EQUITY
Current liabilities:
Accounts payable		877,641			(718,232	)		159,409
Related party payables		8,642,340			1,110,032			9,752,372
Derivative financial instruments		32,226			(32,226	)		-
Other payables		616,156			(94,361	)		521,795
Total current liabilities		10,168,363			265,213			10,433,576
Other non-current payables		702,921			(297,921	)		405,000
Total liabilities		10,871,284			(32,708	)		10,838,576
Net parent equity:
Net parent investment		10,731,615			(707,846	)		10,023,769
Accumulated other comprehensive loss		(32,226	)		32,226			-
Total net parent equity		10,699,389			(675,620	)		10,023,769
Total liabilities and net parent equity	$	21,570,673		$	(708,328	)	$	20,862,345

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Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company that is not an emerging growth company or is an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Functional and Reporting Currency

Management has concluded that the US Dollar (“US Dollars,” “USD,” or “$”) is the functional and reporting currency of Eve. The balances and transactions of Eve Soluções de Mobilidade Aérea Urbana Ltda. ("Eve Brazil"), a direct wholly owned subsidiary of Eve based in Brazil, that were recorded in a Brazilian reais (“BRL” or “R$”) have been translated into the functional currency (USD) before being presented in the condensed consolidated financial statements.

Foreign currency gains and losses are related to transactions with suppliers recognized in USD, but settled in BRL. The financial impact is recognized in “Other financial gain/(loss), net” within the condensed consolidated statements of operations.

Prior Period Reclassification

We have reclassified certain prior period amounts to conform to the current period presentation. Exchange rate effects due to translation were reclassified from line items within “Changes in operating assets and liabilities” to “Unrealized gain on exchange rate translation” and “Effect of exchange rate changes on cash and cash equivalents” within the condensed consolidated statements of cash flows.

Use of Estimates

The preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires the Company’s management to make estimates and judgments that affected the reported amounts of assets and liabilities and allocations of expenses. These judgments were based on the historical experience, management’s evaluation of trends in the industry and other factors that were deemed relevant at that time. The estimates and assumptions were reviewed on a regular basis and the changes to accounting estimates were recognized in the period in which the estimates were revised. The Company’s management recognize that the actual results could be materially different from the estimates. Under the legal entity approach, the significant estimates include, but are not limited to the measurement of warrants, fair value measurement and income taxes.

Debt

On January 23, 2023, Eve entered into a line of credit agreement. Any debt or borrowings from banks with an original maturity date falling within twelve months will be classified within current liabilities, as well as the current portion of any long-term debt. Debt or borrowings from banks with maturity dates greater than twelve months (long-term debt) will be classified within non-current liabilities, net of any current portion. Refer to Note 7 for additional information.

New Accounting Pronouncements Not Yet Adopted

There are no recent accounting pronouncements pending adoption that the Company expects will have a material impact on our condensed consolidated financial statements and related disclosures.

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Note 3 – Cash and Cash Equivalents

Cash and cash equivalents include deposits in Bank Deposit Certificates (“CDB’s”) issued by financial institutions in Brazil that are immediately available for redemption and fixed term deposits in US Dollars with original maturities of 90 days or less. Balances consisted of the following:

	June 30,		December 31,
		2023		2022
Cash	$	23,392,996	$	14,446,534
CDBs		5,185,486		4,483,260
Fixed deposits		5,013,289		30,216,269
Total	$	33,591,771	$	49,146,063

Note 4 – Financial Investments

Held to maturity (“HTM”) investments are recorded in the Condensed Consolidated Balance Sheets at amortized cost. These investments include time deposits with original maturities of one year or less, but greater than 90 days.

		June 30, 2023
		Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
HTM securities, at cost:
Time deposits	$	150,782,326	$	-	$	(603,760	)	$	150,178,566

		December 31, 2022
		Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
HTM securities, at cost:
Time deposits	$	178,781,549	$	-	$	(1,127,925	)	$	177,653,624

No allowance for credit losses were recognized as of June 30, 2023 and December 31, 2022.

Note 5 – Related Party Transactions

Relationship with Embraer

Prior to the Closing of the transaction with Zanite, Eve Sub was managed, operated, and funded by Embraer. Accordingly, certain shared costs have been allocated to Eve and reflected as expenses in Eve's stand-alone condensed consolidated financial statements. In December 2021, Embraer started charging research and development (“R&D”) and general and administrative (“G&A”) expenses to Eve through the Master Service Agreement (“MSA”) and Shared Service Agreement (“SSA”), respectively. The expenses reflected in the condensed consolidated financial statements may not be indicative of expenses that will be incurred by Eve in the future.

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Corporate Costs Embraer incurs corporate costs for services provided to Eve. These costs include, but are not limited to, expenses for information systems, accounting, treasury, purchasing, human resources, legal, and facilities. These costs benefit Eve, but are not covered under the MSA or SSA. The corporate costs are allocated to the “Research and development” and “Selling, general and administrative” line items of the condensed consolidated statements of operations as appropriate.

Transaction Costs During the six months period ended June 30, 2022, Embraer paid for Transaction Costs attributable to Eve Sub. The Transaction Costs comprise, but were not limited to, costs associated with legal, finance, consulting, and auditing services with the objective to effectuate the transaction with Zanite, as described in Note 1. Expenses directly related to the anticipated closing of the transaction with Zanite were capitalized and the remaining expenses were charged to the statement of operations as SG&A expenses.

Master Service Agreement and Shared Service Agreement In connection with the transfer of the assets and liabilities of the UAM business to Eve Sub, Embraer and Eve Sub entered into the MSA and SSA on December 14, 2021. The initial terms for the MSA and SSA are 15 years. The MSA can be automatically renewed for additional successive one-year periods. The MSA established a fee so that Eve may have access to Embraer’s R&D and engineering department structure, as well as, at Eve’s option, the ability to access manufacturing facilities in the future. The SSA established a cost overhead pool to be allocated, excluding any margin, so that Eve may be provided with access to certain of Embraer’s administrative services and facilities such as shared service centers. In addition, on December 14, 2021, Eve Sub entered into a MSA with Atech Negócios em Tecnologias S.A., a Brazilian corporation (sociedade anônima) (“Atech”) and wholly owned subsidiary of Embraer, for an initial term of 15 years (the “Atech MSA”). Fees under the Atech MSA are charged to Eve for services related to Air Traffic Management, defense systems, simulation systems, engineering, and consulting services.

Fees and expenses in connection with the MSA are set to be payable within 45 days after receipt of the invoice by Eve together with documentation supporting the fees and expenses. Costs and expenses incurred in connection with the provision of shared services to Eve pursuant to the SSA are set to be payable within 45 days of receipt by Eve. Services provided under the MSA and SSA are recognized in Related party payables within the condensed consolidated balance sheets.

Related Party Receivables and Payables Certain employees have transferred from Embraer to Eve. On the transfer date of each employee, all payroll related accruals for the employee are transferred to Eve. Embraer is responsible for payroll related costs prior to the transfer date. Eve recognizes a related party receivable from Embraer for payroll costs incurred prior to the transfer date. Additionally, Embraer transferred certain liabilities related to the Eve business, which led to the recognition of a receivable from EAH. This receivable balance is decreased when Embraer pays for corporate expenses (e.g., health insurance) on behalf of Eve.

Royalty-Free Licenses Under the MSA and SSA, Eve has a royalty-free license to access Embraer’s intellectual property to be used within the UAM market.

Leases Eve enters into agreements with Embraer to lease corporate office space and other facilities. Refer to Note 17.

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Related Party Loan On August 1, 2022, the Company entered into a loan agreement (the “Loan Agreement”) with EAH, a wholly owned U.S. subsidiary of Embraer, in order to efficiently manage the Company’s cash at a rate of return that is favorable to the Company. Pursuant to the Loan Agreement, the Company agreed to lend to Embraer an aggregate principal amount of up to $81,000,000 at an interest rate of 4.89% per annum. All unpaid principal and any accrued and unpaid interest thereon, shall be due and payable on August 1, 2023. The date may be extended upon mutual written agreement by the Company and Embraer. Any outstanding principal amount under the Loan Agreement may be prepaid at any time, in whole or in part, by EAH at its election and without penalty. The Company may request full or partial prepayment of any outstanding principal amount under the Loan Agreement at any time.

The following table summarizes the related party expenses for the period:

	Three Months Ended June 30,				Six Months Ended June 30,
		2023		2022		2023		2022
Research and development	$	17,272,278	$	8,576,919	$	32,408,255	$	16,228,568
Selling, general and administrative		973,156		6,632,200		1,492,701		7,745,679
Total	$	18,245,434	$	15,209,119	$	33,900,956	$	23,974,247

Note 6 – Other Balance Sheet Components

Other Current Assets

Other current assets are comprised of the following:

	June 30,		December 31,
		2023		2022
Prepaid Directors & Officers insurance	$	1,166,293	$	1,292,317
Advances to employees		229,200		74,064
Income tax advance payments ⁽ⁱ⁾		46,603		34,642
Other assets		19,857		24,484
Total	$	1,461,953	$	1,425,507

(i) Refers to federal withholding taxes and recoverable income taxes.

Property Plant and Equipment

Property, plant and equipment consisted of the following:

		June 30,			December 31,
		2023			2022
Development mockup	$	418,722		$	418,722
Leasehold improvement		165,380			-
Construction in progress ("CIP")		-			44,375
Computer hardware		13,368			13,368
Total property, plant and equipment	$	597,470		$	476,465
Less: Accumulated depreciation		(83,637	)		(24,879	)
Total property, plant and equipment, net	$	513,833		$	451,586

The mockup was built to simulate the operation, design, interior space, and cabin layout of our eVTOL. Depreciation expense for the three months ended June 30, 2023 and 2022 was $36,709 and $0, respectively. Depreciation expense for the six months ended June 30, 2023 and 2022 was $58,759 and $0, respectively. During the three month period ended June 30, 2023, the Company derecognized CIP assets associated with the terminated lease described in Note 17. The expense is recognized in the "Selling, general and administrative" line of the condensed consolidated statement of operations.

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Other Payables

Other Payables are comprised of the following items:

	June 30,		December 31,
	2023			2022
Payroll accruals	$	3,478,351	$	4,075,660
Accrued expenses		2,304,112		2,491,847
Advances from customers ⁽ⁱ⁾		1,050,000		800,000
Other payable		546,014		300,738
Income tax payable		113,382		-
Total	$	7,491,859	$	7,668,245
Current portion	$	5,961,337	$	6,648,171
Non-current portion	$	1,530,522	$	1,020,074

(i) Refers to advances from customers who have signed non-binding Letters of Intent to purchase eVTOLs.

Note 7 – Debt

On January 23, 2023, Eve Brazil entered into a loan agreement (the “BNDES Loan Agreement”) with Banco Nacional de Desenvolvimento Economico e Social (“BNDES”), pursuant to which BNDES agreed to grant two lines of credit to Eve Brazil with an aggregate amount of R$490 million (approximately $102 million), to support the first phase of the development of the Company’s eVTOL project. All USD approximations use foreign currency exchange rate data as of June 30, 2023.

The first line of credit (“Sub-credit A”), in the amount of R$80 million (approximately $17 million), will be granted in Brazilian reais by Fundo Nacional Sobre Mudança Climática (“FNMC”), a BNDES fund that supports businesses focused on mitigating climate change and reducing carbon emissions, and will be subject to an interest rate of 4.55% per year. Sub-credit A has maturity dates on a monthly basis from March 2026 through February 2035. The second line of credit (“Sub-credit B”), in the amount of R$410 million (approximately $86 million), will be granted in US Dollar, as adjusted on a daily basis by the US Dollar sale rate published by the Central Bank of Brazil as the “PTAX” rate, and will be subject to an interest rate of 1.10% per year plus a fixed rate to be published by BNDES every 15 days in accordance with the BNDES Loan Agreement. Sub-credit B has maturity dates on a quarterly basis from May 2027 through February 2035. Such credit lines shall be used by Eve Brazil within 36 months from the date of signing of the BNDES Loan Agreement. Otherwise, BNDES may terminate the BNDES Loan Agreement and any loans shall be paid by no later than February 15, 2035. In addition, Eve Brazil shall pay a one-time R$2 million (approximately $428,000) fee to BNDES, whether or not Eve Brazil ends up using any credit.

The BNDES Loan Agreement provides that the availability of such lines of credit is subject to BNDES’s rules and regulations and, in the case of the first line of credit, FNMC’s budget and, in the case of the second line of credit, BNDES’s financing program (which is subject to funding by the Conselho Monetário Nacional, Brazil’s National Monetary Council). Additionally, the BNDES Loan Agreement provides that the borrowing of any amount under these lines of credit is subject to certain conditions, including, among others, the promulgation of a new law (which condition only applies to the first line of credit), the receipt by BNDES of a guarantee from an acceptable financial institution, absence of any facts that would have a material adverse effect on the economic or financial condition of Eve Brazil, and approval of the project by the applicable environmental entities.

As of June 30, 2023, Eve has not drawn from the lines of credit.

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Note 8 – Derivative Financial Instruments

During the second quarter of 2022, Eve began to consolidate Zanite’s assets and liabilities, which included derivative financial instruments related to the Private Placement Warrants. As of June 30, 2023 and December 31, 2022, the fair value of liability related to these derivative financial instruments was $12,541,425 and $3,562,500, respectively. The increase in the fair value of the liability was recognized as expense within the “Change in fair value of derivative liabilities” line in the condensed consolidated statement of operations. Refer to Note 9 and 11 for additional information.

Note 9 – Fair Value Measurement

The following table lists the Company’s financial assets and liabilities by level within the fair value hierarchy. The Company’s assessment of the significance of an input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. Level 1 refers to fair values determined based on unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 refers to fair values estimated using other observable inputs for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 includes fair values estimated using unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available.

The Company classifies its Private Placement Warrants as Level 2 because they are valued using observable, unadjusted quoted prices in active markets for similar liabilities, the Company’s Public Warrants, which have similar key terms. Refer to Note 8 and 11 for additional information.

During the three and six months ended June 30, 2023 and 2022, there were no changes in the fair value methodology and no transfers between levels of the financial instruments.

		June 30,			December 31,
		2023			2022
		Level 2			Level 2
Liabilities
Private Placement Warrants	$	(12,541,425	)	$	(3,562,500	)

The position and changes in fair value of the Private Placement Warrants for the period ended June 30, 2023 were as follows:

	Private Placement Warrants
Balance as of December 31, 2022	$	3,562,500
Change in fair value		8,978,925
Balance as of June 30, 2023	$	12,541,425

The Public Warrants were previously classified as liabilities. On the Closing date of May 9, 2022, the Public Warrants were remeasured at fair value and reclassified to equity. Refer to Note 11 for additional information.

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Note 10 – Stockholders’ Equity

The Company’s common stock and warrants trade on the NYSE under the symbols “EVEX” and “EVEXW”, respectively. Pursuant to the terms of the Amended and Restated Certificate of Incorporation, the Company is authorized to issue the following shares and classes of capital stock, each with a par value of $0.001 per share: (i) 1,000,000,000 shares of common stock; and (ii) 100,000,000 shares of preferred stock. There were 269,163,921 and 269,094,021 shares of common stock issued and outstanding as of June 30, 2023 and December 31, 2022, respectively. The Company has retroactively adjusted the shares issued and outstanding prior to May 9, 2022, to give effect to the exchange ratio.

Holders of common stock are entitled to one vote per share on all matters to be voted upon by the stockholders. Holders of common stock are entitled to receive such dividends, if any, as may be declared from time to time by the Company’s Board of Directors in its discretion out of funds legally available. No dividends on common stock have been declared by the Company’s Board of Directors through June 30, 2023, and the Company does not expect to pay dividends in the foreseeable future.

The Company had reserved common stock for future issuance as follows:

2022 Stock Incentive Plan	16,562,821
Shares underlying Private Placement Warrants	14,250,000
Shares underlying Public Warrants	11,500,000
Shares underlying New Warrants	37,572,536

Preferred stock may be issued at the discretion of the Company's Board of Directors, as may be permitted by the General Corporation Law of the State of Delaware and without further stockholder action. The shares of preferred stock would be issuable for any proper corporate purpose, including, among other things, future acquisitions, capital raising transactions consisting of equity or convertible debt, stock dividends, or issuances under current and any future stock incentive plans, pursuant to which the Company may provide equity incentives to employees, officers, and directors and in certain instances may be used as an anti-takeover defense. As of June 30, 2023 and December 31, 2022, there was no preferred stock issued and outstanding.

In the event of a voluntary or involuntary liquidation, dissolution, distribution of assets, or winding-up, subject to preferences that may apply to any shares of preferred stock outstanding at the time, the holders of the Company’s common stock will be entitled to receive an equal amount per share of all of our assets of whatever kind available for distribution to stockholders, after the rights of the holders of any preferred stock have been satisfied, if any.

Note 11 – Common Stock Warrants

Before the Closing, Zanite had issued 11,500,000 redeemable warrants included in the units sold in the initial public offering (the "Public Warrants") and 14,250,000 redeemable warrants in private placements (the "Private Placement Warrants"). The exercise period of the Public and Private Placement Warrants started 30 days after the Closing and will terminate on the earlier of five years after the Closing date, the date fixed by the Company to redeem all of the warrants, or the liquidation of the Company.

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Warrants Classified as Equity

Public Warrants

Each Public Warrant entitles its holder to purchase one share of common stock at an exercise price of $11.50 per share, to be exercised only for a whole number of shares of our common stock. The Public Warrants became exercisable 30 days after the Closing (i.e., on June 8, 2022), provided that we have an effective registration statement under the Securities Act covering the shares of common stock issuable upon exercise of the warrants and a current prospectus relating to them is available (or we permit holders to exercise their warrants on a cashless basis under the circumstances specified in the warrant agreement) and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder. The Public Warrants expire five years after the Closing or earlier upon redemption or liquidation. Once the Public Warrants become exercisable, we may redeem the outstanding Public Warrants at a price of $0.01 per warrant, if the last sale price of our common stock equals or exceeds $18.00 per share for any 20 trading days within a 30 trading days period ending on the third business day before the Company sends the notice of redemption to the warrant holders.

Upon the Closing, all shares of Zanite Class A and Class B common stock were converted into, on a one-for-one basis, shares of common stock of Eve. As such, in a hypothetical change-in-control scenario, all holders of the stock would receive cash. Additionally, the Public Warrants are indexed to the Company’s own stock. Thus, at the Closing, the Public Warrants valued at $10,580,000 were reclassified from liability to equity.

New Warrants

The Company has entered into warrant agreements with certain strategic private investment in public equity investors ("Strategic PIPE Investors"), including United, pursuant to which and subject to the terms and conditions of each applicable warrant agreement. The Company has issued or has agreed to issue to the Strategic PIPE Investors warrants (the "New Warrants") to purchase an aggregate amount of (i) 24,095,072 shares of common stock with an exercise price of $0.01 per share ("Penny Warrants"), (ii) 12,000,000 shares of common stock with an exercise price of $15.00 per share, and (iii) 5,000,000 shares of common stock with an exercise price of $11.50 per share. Warrants with exercise prices of $15.00 and $11.50 per share are defined as Market Warrants.

Because the cash received for the common stock and New Warrants is significantly different from their fair value, Management considers such warrants to have been issued other than at fair market value. Accordingly, such warrants represent units of account separate from the shares of common stock that were issued to the Strategic PIPE Investors in connection with their respective PIPE Investments and therefore require separate accounting treatment.

Terms related to the issuance and exercisability of the New Warrants differ among the Strategic PIPE Investors and each New Warrant is independently exercisable such that the exercise of any individual warrant does not depend on the exercise of another. As such, Management has concluded that all New Warrants meet the criteria to be legally detachable and separately exercisable and therefore freestanding.

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The New Warrants were recognized, measured, and classified by the Company as follows:

(a) Potential lender/financier: Market Warrants were issued to potential lender/financier counterparties at Closing, vested immediately, and do not contain exercise contingencies. These warrants were determined to be within the scope of ASC 815, Derivatives and Hedging, and equity-classified. Fair value was measured at the issuance date and recognized as New Warrants expense. As long as these warrants continue to be classified as equity, subsequent fair value remeasurement is not required.

(b) Potential customers: Market and Penny Warrants issued or issuable to potential customers of Eve were determined to be within the scope of ASC 718, Compensation-Stock Compensation, for classification and measurement and ASC 606, Revenue from Contracts with Customers, for recognition. In accordance with ASC 718, these warrants were determined to be equity-classified. The Penny Warrants can be separated into two categories: (i) contingently issuable warrants (the “Contingent Warrants”) and (ii) warrants that immediately vested upon Closing (“Vested Warrants”). The Contingent Warrants are measured at fair value on the grant date and will be recognized as variable consideration (a reduction of revenue) under ASC 606 when and if there are related revenue transactions or as New Warrants expense if there are not yet related revenue transactions. The Vested Warrants were accounted for akin to a non-refundable upfront payment to a potential customer and were recognized as New Warrants expense as Eve has no current revenue or binding contracts in place. Market Warrants issued at Closing to potential customers vested immediately and have no contingencies.

(c) Potential suppliers: Penny Warrants issued or issuable to potential suppliers of Eve, which are subject to the satisfaction of certain specified conditions, are accounted for as non-employee awards under ASC 718 and were determined to be equity-classified. The fair value of these warrants will be recognized as expense as products and/or services are received from the suppliers as if Eve paid cash for the respective transactions.

The New Warrants were measured at fair value on the grant date (May 9, 2022), except for cases where there has been a modification, where fair value is remeasured on the modification date. The fair value of Penny Warrants were calculated by subtracting $0.01 from Eve’s share price on the grant date. Market Warrants with an exercise price of $11.50 were estimated using the publicly traded Public Warrants as the terms are similar. The Company used a modified Black-Scholes model to value the Market Warrants with an exercise price of $15.00. The valuation model utilizes management judgment and pricing inputs from observable and unobservable markets with less volume and transaction frequency than active markets. Significant deviations from these estimates and inputs could result in a material change in fair value.

The following table summarizes the Black-Scholes model inputs and assumptions:

		May 9,
Market Warrants with exercise price of $15.00		2022
Share Price (S0)	$	11.32
Maturity Date		12/31/2025
Time (T) - Years		3.63
Strike Price (X)	$	15.00
Risk-free Rate (r)		2.85	%
Volatility (σ)		7.93	%
Dividend Yield (q)		0.00	%
Warrant Value	$	0.11

Forfeitures of New Warrants within the scope of ASC 718, granted to non-employees, are estimated by the Company and reviewed when circumstances change.

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Warrants Classified as Liabilities

Private Placement Warrants

Each Private Placement Warrant entitles its holder to purchase one share of common stock at an exercise price of $11.50 per share, subject to conditions as defined in the Warrant Agreement. The Private Placement Warrants have similar terms as the Public Warrants, except for the $0.01 cash redemption feature. However, in the event a Private Placement Warrant is transferred to a third-party not affiliated with the Sponsor (referred to as a non-permitted transferee), the warrant becomes a Public Warrant and is subject to the $0.01 cash redemption feature. If this occurs, the calculation changes for the settlement amount of the Private Placement Warrants. Since the settlement amount depends solely on who holds the instrument, which is not an input to the fair value of a fixed-for-fixed option or forward on equity shares, the Private Placement Warrants are classified as a liability.

Note 12 – Share-based Payments

On May 5, 2023, the Company granted 358,990 restricted stock units (“RSUs”) to executives and eligible employees under the 2022 Stock Incentive Plan ("the Plan"). These RSUs had a grant date fair value of $7.41 per unit. The RSUs granted this quarter under the Plan will generally vest and settle in common stock (on a one-for-one basis) one to three years after the grant date. Awards with a one-year vesting periods contain performance conditions. Annually, the Board of Directors determine the vesting conditions for the awards granted, subject to the conditions established in the Plan.

Note 13 – Earnings Per Share

Basic and diluted earnings per common share are computed by dividing net income/(loss) for the period by the weighted average number of shares outstanding during the period.

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022				2023			2022
Net loss	$	(31,410,026	)	$	(107,221,565	)	$	(57,182,008	)	$	(117,231,573	)
Weighted-average shares outstanding - basic and diluted		275,632,354			248,989,790			275,563,187			234,574,977
Net loss per share basic and diluted	$	(0.11	)	$	(0.43	)	$	(0.21	)	$	(0.50	)

For the three months ended June 30, 2023 and 2022, the basic and diluted weighted-average shares outstanding included penny warrants not yet exercised of 6,600,000 and 6,400,000, respectively. For the six months ended June 30, 2023 and 2022, the basic and diluted weighted-average shares outstanding included penny warrants not yet exercised of 6,600,000 and 6,400,000 respectively.

The following table presents the number of shares excluded from the calculation of diluted net loss per share as their effect would have been anti-dilutive:

	June 30,
	2023	2022
Unvested restricted stock units	1,133,095	427,235
Penny warrants subject to unmet contingencies	13,972,536	11,450,000
Warrants "out of the money"	42,750,000	42,750,000
Total	57,855,631	54,627,235

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Note 14 – Research and Development

Research and development expenses consist of the following:

	Three Months Ended June 30,				Six Months Ended June 30,
		2023		2022		2023	2022
Outsourced service ⁽ⁱ⁾	$	20,063,536	$	8,812,089	$	39,500,865	$	16,957,952
Payroll costs		1,662,937		1,554,360		3,698,721		2,310,728
Other expenses		94,782		50,829		150,007		263,285
Total	$	21,821,255	$	10,417,278	$	43,349,593	$	19,531,965

(i) For the three months ended June 30, 2023 and 2022, $17,233,228 and $8,329,134 and for the six months ended June 30, 2023 and 2022 $32,322,056 and $15,665,298, were charged under the MSA contract, respectively. Refer to Note 5 for additional information regarding the MSA.

Note 15 – Selling, General and Administrative

Selling, general and administrative expenses consist of the following:

	Three Months Ended June 30,				Six Months Ended June 30,
		2023		2022		2023	2022
Payroll costs	$	2,409,072	$	3,827,517	$	5,127,169	$	4,367,982
Outsourced service ⁽ⁱ⁾		3,005,907		4,405,078		5,115,742		4,624,952
Director & Officers insurance		557,404		646,158		1,559,815		646,158
Other expenses		517,742		1,014,610		758,495		1,042,192
Travel & entertainment		142,981		154,203		226,204		175,048
Transaction Costs		-		5,681,367		-		6,190,634
Total	$	6,633,106	$	15,728,933	$	12,787,425	$	17,046,966

(i) For the three months ended June 30, 2023 and 2022, $237,583 and $163,649 and for the six months ended June 30, 2023 and 2022, $600,158 and $291,708 were charged under the SSA contract, respectively. Refer to Note 5 for additional information regarding the SSA.

Note 16 – Income Taxes

Deferred income taxes are generally recognized, based on enacted tax rates, when assets and liabilities have different values for financial statement and tax purposes. Eve has calculated its income tax amounts using a separate return methodology. Under this method, Eve assumes it will file separate returns with tax authorities. As a result, Eve’s deferred tax balances and effective tax rate as a stand-alone entity will likely differ significantly from those recognized in historical periods. A valuation allowance is appropriate if it is more likely than not all or a portion of deferred tax assets will not be realized. The calculation of income taxes on a separate return basis requires a considerable amount of judgment and use of both estimates and allocations.

The tax loss carryforwards and valuation allowances reflected in the condensed consolidated financial statements are based on a hypothetical stand-alone income tax return basis and may not exist in the ERJ and EAH consolidated financial statements.

Our consolidated effective income tax rate was (0.8)% and (0.1)% for the three months ended June 30, 2023, and 2022, respectively. For the six months ended June 30, 2023, Eve has recognized a current income tax expense of $476,735 due to a year-to-date income in the Brazilian jurisdiction. The tax rate for 2023 is primarily driven by a full valuation allowance against the Company’s deferred tax assets due to historical and current losses incurred.

Note 17 – Commitments and Contingencies

On August 2, 2021, Eve Brazil signed an agreement with Embraer to lease two facilities, one in São José dos Campos and other in Gavião Peixoto, both in the state of São Paulo, Brazil. The leases never commenced and were terminated during the second quarter 2023. There were no costs associated with the lease termination. The Company signed two new leases with Embraer for different sites. The São José dos Campos lease site commenced on June 12, 2023. In connection with the lease commencement, a Right-of-use (“ROU”) asset $338,006 was recognized in the “Right-of-use assets, net” line of the condensed consolidated balance sheet. Operating lease liabilities of $77,531 and $260,475 were recognized in the “Other payables” and “Other non-current payables” lines of the condensed consolidated balance sheet, respectively. The lease for the other site has not commenced as of June 30, 2023.

F-19

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Note 18 – Segments

Operating segment information is presented in a manner consistent with the internal reports provided to the Chief Operating Decision Makers (“CODMs”). Given Eve’s pre-revenue operating stage, it currently has no concentration exposure to products, services, or customers. Eve has determined that it currently operates in three different operating and reportable segments as the CODMs assess the operation results by each R&D project, as follows:

eVTOL Eve is designing and certifying an eVTOL purpose-built for UAM missions. Eve plans to market its eVTOLs globally to operators of UAM services, including fixed wing and helicopter operators, as well as lessors that purchase and manage aircraft on behalf of operators.

UATM Eve is developing a next-generation UATM system to help enable eVTOLs to operate safely and efficiently in dense urban airspace along with conventional fixed wing and rotary aircraft and unmanned drones. Eve expects to offer its UATM solution primarily as a subscription software offering to customers that include air navigation service providers, fleet operators and vertiport operators.

Service and Support Eve plans to offer a full suite of eVTOL service and support capabilities, including material services, maintenance, technical support, training, ground handling and data services. Its services will be offered to UAM fleet operators on an agnostic basis, supporting both its own eVTOL and those produced by third parties.

The CODMs receive information related to the operating results based on cost by each R&D project. Asset information by segment is not presented to the CODMs.

		Three Months Ended June 30,			Six Months Ended June 30,
		2023		2022		2023		2022
Research and development expenses
eVTOL	$	19,709,498	$	8,180,999	$	39,824,485	$	15,885,150
UATM		1,149,515		1,365,309		1,860,888		2,775,845
Service Support		962,242		870,970		1,664,220		870,970
Total	$	21,821,255	$	10,417,278	$	43,349,593	$	19,531,965

F-20

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Item2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis provide information that Eve's management believes is relevant to an assessment and understanding of Eve's consolidated results of operations and financial condition. The following discussion should be read in conjunction with the 2022 Form-10-K/A filed with the U.S. Securities and Exchange Commission (the “SEC”) and the unaudited condensed consolidated financial statements for the three and six months ended June 30, 2023 and 2022, and the related notes that are included elsewhere in this Quarterly Report on Form 10-Q. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. The Company’s actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in this Quarterly Report on Form 10-Q and in our other filings with the SEC.

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q 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 Quarterly Report on Form 10-Q, including, without limitation, statements under Part I, Item 2. 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 Quarterly Report on Form 10-Q 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;
•	the impact of public health crises and epidemics;
•	our ability to implement and maintain an effective system of internal control over financial reporting;
•	our ability to grow market share in our existing markets or any new markets we may enter;
•	our ability to respond to general economic conditions;
•	the impact of foreign currency, interest rate, exchange rate and commodity price fluctuations;
•	our ability to manage our growth effectively;
•	our ability to achieve and maintain profitability in the future;
•	our ability to access sources of capital to finance operations and growth;
•	the success of our strategic relationships with third parties;
•	competition from other manufacturers and operators of electrical vertical take-off and landing vehicles and other methods of air or ground transportation;
•	various environmental requirements;
•	retention or recruitment of executive and senior management and other key employees;
•	reliance on services to be provided by Embraer and other third parties; and
•	other risks and uncertainties described in this Quarterly Report on Form 10-Q, including those under “Risk Factors”

The list above is not intended to be an exhaustive list of all of our forward-looking statements. Our forward-looking statements are based on information available as of the date of this Quarterly Report on Form 10-Q and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. While we believe these expectations, forecasts, assumptions and judgments are reasonable, our forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

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Overview

Eve Holding, Inc. (together with its subsidiaries, as applicable, “Eve”, the “Company”, “we”, “us” or “our”), a Delaware corporation, is an aerospace company with operations in Melbourne, Florida and São José dos Campos, São Paulo. 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.

Eve’s goal is to be a leading company in the urban air mobility ("UAM") market by taking a holistic approach to developing a UAM solution that includes: the design and production of electrical vertical take-off and landing vehicles (“eVTOLs”); a portfolio of maintenance and support services focused on Eve’s and third-party eVTOLs; and a new air traffic management system for eVTOLs, otherwise known as Urban Air Traffic Management (“UATM”) system designed to allow eVTOLs to operate safely and efficiently in dense urban airspace alongside conventional aircraft and drones. Eve’s mission is to bring affordable air transportation to all passengers, improve quality of life, unleash economic productivity, save passengers time and reduce global carbon emissions. Eve plans to leverage its strategic relationship with ERJ to de-risk and accelerate its development plans, while saving costs by utilizing ERJ’s extensive resources.

Eve’s Business Model

Eve plans to fuel the development of the UAM ecosystem by providing a complete portfolio of UAM solutions across four primary offerings:

eVTOL Production and Design. Eve is designing and certifying an eVTOL purpose-built for UAM missions. Eve plans to market its eVTOLs globally to operators of UAM services, including fixed wing and helicopter operators, as well as lessors that purchase and manage aircraft on behalf of operators.

Service and Support. Eve plans to offer a full suite of eVTOL service and support capabilities, including material services, maintenance, technical support, training, ground handling and data services. Its services will be offered to UAM fleet operators on an agnostic basis – supporting both its own eVTOL and those produced by third parties.

Urban Air Traffic Management. Eve is developing a next-generation UATM system to help enable eVTOLs to operate safely and efficiently in dense urban airspace along with conventional fixed wing and rotary aircraft and unmanned drones. Eve expects to offer its UATM solution primarily as a subscription software offering to customers that include air navigation service providers, fleet operators and vertiport operators.

To date, Eve has not generated any revenue, as it continues to develop its eVTOL vehicles and other UAM solutions. As a result, Eve will require substantial additional capital to develop products and fund operations for the foreseeable future. Until Eve can generate any revenue from product sales and services, it expects to finance operations through a combination of existing cash on hand, public offerings, private placements and debt financings. The amount and timing of future funding requirements will depend on many factors, including the pace and results of development efforts.

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Master Service Agreements

EVE UAM, LLC, a Delaware limited liability company (“Eve Sub”) has entered into the Master Service with ERJ and the Atech MSA with Atech (collectively, the "MSAs"), a Service Agreement with the Brazilian Subsidiary and the SSA with ERJ, EAH and the Brazilian Subsidiary. Pursuant to the MSAs with ERJ and Atech, each of ERJ and Atech, either directly or through their respective affiliates, will provide certain services and products to Eve and its subsidiaries, including, among others, product development of eVTOL, services development, parts planning, technical support, AOG support, MRO planning, training, special programs, technical publications development, technical publications management and distribution, operation, engineering, designing and administrative services and, at Eve’s option, future eVTOL manufacturing services. Eve expects to collaborate with ERJ and leverage ERJ’s expertise as an aircraft producer, which will help it design and manufacture eVTOLs with low maintenance and operational costs and design systems and processes for maintenance, develop pilot training programs and establish operations. The services provided under the SSA include, among others, corporate and administrative services to Eve. In addition, Eve Sub has also entered into the Data Access Agreement with ERJ and the Brazilian subsidiary, pursuant to which, among other things, ERJ has agreed to provide the Brazilian Subsidiary with access to certain of its intellectual property and proprietary information in order to facilitate the execution of the specific activities that are set out in certain of the statements of work entered into pursuant to the Services Agreements.

The aforementioned Services Agreements continue to be in full force and effect. Further information about such agreements is set forth beginning on page 68 of our prospectus, dated January 18, 2023, filed on January 20, 2023, pursuant to Rule 424(b) under the Securities Act, relating to the Registration Statement on Form S-1/A, as amended (File No.333-265337) (the “Prospectus”), in the section entitled “Material Agreements”.

Key Factors Affecting Operating Results

For further discussion on the risks attendant to the Key Factors Affecting Operating Results, see the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K/A for the fiscal year ended December 31, 2022.

Brazilian Economic Environment

The Brazilian government has frequently intervened in the Brazilian economy and occasionally made drastic changes in policy and regulations. The Brazilian government’s actions to control inflation and affect other policies and regulations have often involved, among other measures, increases in interest rates, changes in tax policies and incentives, price controls, currency devaluations, capital controls and limits on imports. Changes in Brazil’s monetary, credit, tariff and other policies could adversely affect our business, as could inflation, currency and interest-rate fluctuations, social instability and other political, economic or diplomatic developments in Brazil, as well as the Brazilian government’s response to these developments.

Rapid changes in Brazilian political and economic conditions that have occurred and may occur require continued assessment of the risks associated with our activities and the adjustment of our business and operating strategy accordingly. Developments in Brazilian government policies, including changes in the current policy and incentives adopted for financing exports of Brazilian goods, or in the Brazilian economy, over which we have no control, may have a material adverse effect on our business.

Inflation and exchange rate variations have had and may continue to have substantial effects on our financial condition and results of operations.

Inflation and exchange rate variations affect our monetary assets and liabilities denominated in Brazilian reais. The value of these assets and liabilities as expressed in US Dollars declines when the real devalues against the US Dollar and increases when the real appreciates. In periods of devaluation of the real, we report (i) a remeasurement loss on real-denominated monetary assets and (ii) a remeasurement gain on real-denominated monetary liabilities. For additional information on the effects of exchange rate variations on our financial condition and results of operations, see the section entitled “Item 3. Quantitative and Qualitative Disclosures about Market Risk.”

Development of the UAM Market

Our revenue will be directly tied to the continued development and sale of eVTOL and related services. While we believe the market for UAM will be large, it remains undeveloped and there is no guarantee of future demand. We currently anticipate commercialization of our eVTOL services-and-support business beginning in 2025, followed by the commercialization and initial revenue generation from the sale of our eVTOLs beginning in 2026, and our business will require significant investment leading up to launching passenger services, including, but not limited to, final engineering designs, prototyping and testing, manufacturing, software development, certification, pilot training and commercialization.

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We believe one of the primary drivers for adoption of our UAM services is the value proposition and time savings offered by aerial mobility relative to traditional ground-based transportation. Additional factors impacting the pace of adoption of our UAM services include but are not limited to: perceptions about eVTOL quality, safety, performance and cost; perceptions about the limited range over which eVTOL may be flown on a single battery charge; volatility in the cost of oil and gasoline; availability of competing forms of transportation, such as ground or air taxi or ride-hailing services; the development of adequate infrastructure; consumers’ perception about the convenience and cost of transportation using eVTOL relative to ground-based alternatives; and increases in fuel efficiency, autonomy, or electrification of cars. In addition, macroeconomic factors could impact demand for UAM services, particularly if end-user pricing is at a premium to ground-based transportation alternatives or more permanent work-from-home behaviors persist following the COVID pandemic. We anticipate initial operations in selected high-density metropolitan areas where traffic congestion is particularly acute and operating conditions are suitable for early eVTOL operations. If the market for UAM does not develop as expected, this would impact our ability to generate revenue or grow our business.

Competition

We believe that our primary sources of competition are focused UAM developers and established aerospace and automotive companies developing UAM businesses. In addition, we are likely to face competition in our specific business segments from fleet operators that do not partner with us, aviation companies that have built extensive aircraft service and support networks and potentially providers of Unmanned Traffic Management systems if those systems are enhanced to higher levels of safety to support manned flight operations. We expect the UAM industry to be dynamic and increasingly competitive; our competitors could get to market before us, either generally or in specific markets. Even if we are first to market, we may not fully realize the benefits we anticipate and we may not receive any competitive advantage or may be overcome by other competitors. If new companies or existing aerospace or automotive companies launch competing solutions in the markets in which we intend to operate and obtain large-scale capital investment, we may face increased competition. Additionally, our competitors may benefit from our efforts in developing consumer and community acceptance for UAM products and services, making it easier for them to obtain the permits and authorizations required to operate UAM services. In the event we do not capture a first mover advantage, or our current or future competitors overcome our advantages, our business, financial condition, operating results and prospects would be harmed.

Government Certification

We plan to obtain authorizations and certifications for our eVTOL with the ANAC, FAA and EASA initially and will seek certifications from other aviation authorities as necessary. We will also need to obtain authorizations and certifications related to the production of our aircraft and the deployment of our related services. While we anticipate being able to meet the requirements of such authorizations and certifications, we may be unable to obtain such authorizations and certifications, or to do so on the timeline we project. Should we fail to obtain any of the required authorizations or certifications, or do so in a timely manner, or any of these authorizations or certifications are modified, suspended or revoked after we obtain them, we may be unable to launch our commercial service or do so on the timelines we project, which would have adverse effects on our business, prospects, financial condition and/or results of operations.

Initial Business Development Engagement

Since its founding, Eve has been engaged in multiple market and business development projects around the world. Examples of this include two concepts of operation (CONOPS) with Airservices Australia as well as with the United Kingdom Civil Aviation Authority. Both of these market and business development initiatives demonstrated Eve’s ability to create new procedures and frameworks designed to enable the safe scalability of UAM together with our partners. Using these initiatives as a guide, Eve has launched CONOPS in Rio de Janeiro, Miami, Japan and Chicago, and hopes to launch additional concepts of operation in the United States, Brazil and around the world.

In addition to our market development initiatives, Eve has signed non-binding letters of intent to sell over 2,850 of our eVTOL aircraft and we continue to seek additional opportunities for sales partnerships. In addition to these deals, Eve has been actively involved in the UAM ecosystem development by signing Memorandums of Understanding (MOUs) with more than 28 market-leading partners in segments spanning infrastructure, operations, platforms, utilities and others. In the future, we plan to focus on implementation and ecosystem readiness with our existing partners while continuing to seek UATM and support-services partnerships in order to complement our business-model and drive growth.

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Fully-Integrated Business Model

Eve’s business model to serve as a fully-integrated eVTOL transportation solution provider is uncertain. Present projections indicate that payback periods on eVTOL aircraft will result in a viable business model over the long-term as production volumes scale and unit economics improve to support sufficient market adoption. As with any new industry and business model, numerous risks and uncertainties exist. Our financial results are dependent on certifying and delivering eVTOL on time and at a cost that supports returns at prices that sufficient numbers of customers are willing to pay based on value arising from time and efficiency savings from utilizing eVTOL services. Our aircraft include numerous parts and manufacturing processes unique to eVTOL aircraft, in general and our product design, in particular. Best efforts have been made to estimate costs in our planning projections; however, the variable cost associated with assembling our aircraft at scale remains uncertain at this stage of development. The success of our business also is dependent, in part, on the utilization rate of our aircraft and reductions in utilization will adversely impact our financial performance. Our aircraft may not be able to fly safely in poor weather conditions, including snowstorms, thunderstorms, lightning, hail, known icing conditions and/or fog. Inability to operate safely in these conditions would reduce our aircraft utilization and cause delays and disruptions in our services. We intend to maintain a high daily aircraft utilization rate which is the amount of time our aircraft spend in the air carrying passengers. High daily aircraft utilization is achieved in part by reducing turnaround times at vertiports so we can fly more hours on average in a day. Aircraft utilization is reduced by delays and cancellations from various factors, many of which are beyond our control, including adverse weather conditions, security requirements, air traffic congestion and unscheduled maintenance events.

Components of Results of Operations

Revenue

Eve is a development stage company and has not generated any revenue and has incurred operating losses since inception. We do not expect to generate relevant revenue from eVTOL sales unless and until we obtain regulatory approval of and commercialize our first eVTOL. Projected revenue in 2025 is comprised of service and support and UATM. These eVTOL-related revenue sources are not solely dependent on Eve aircraft, which are not expected to begin production until 2025 and generate revenue until 2026. Our ability to generate revenue sufficient to achieve profitability will depend heavily on the successful development and eventual commercialization of our eVTOL.

Operating Expenses

Research and Development Expenses

Research and development activities represent a significant part of Eve’s business. Eve’s research and development efforts focus on the design and development of eVTOLs, the development of services and operations for its vehicles and those operated by third parties, as well as the development of a UATM software platform. Research and development expenses consist of personnel-related costs (including salaries, bonuses, benefits and stock-based compensation) for the Eve’s employees focused on research and development activities and costs of consulting, equipment and materials, as well as other related costs, depreciation and amortization and an allocation of Eve’s general overhead, including rent, information technology costs and utilities. Eve expects research and development expenses to increase significantly as it increases staffing to support eVTOL aircraft engineering and software development, builds aircraft prototypes, progresses towards the launch of its first eVTOL aircraft and continues to explore and develop next generation aircraft and technologies.

Eve cannot determine with certainty the timing or duration of, or the completion costs of its eVTOL aircraft due to the inherently unpredictable nature of its research and development activities. Development timelines, the probability of success and development costs can differ materially from expectations.

Selling, General and Administrative Expenses

Selling, general and administrative expenses consist primarily of personnel-related costs, (including salaries, bonuses, benefits and stock-based compensation) for employees associated with administrative services such as executive management, legal, human resources, information technology, accounting and finance. These expenses also include certain third-party consulting services, including business development, contractor and professional services fees, audit and compliance expenses, certain insurance costs, certain facilities costs and any corporate overhead costs not allocated to other expense categories, including allocated depreciation, rent, information technology costs and utilities. Selling, general and administrative expenses have increased in absolute dollars as Eve ramped up operations and became a public company, which is required to comply with the applicable provisions of the Sarbanes-Oxley Act (“SOX”) and other rules and regulations. Eve has been incurring and will continue to incur additional costs for employees and third-party consulting services related to operating as a public company and to support Eve’s commercialization efforts.

New Warrants Expenses

Eve issued or agreed to issue new warrants to potential customers, financiers and suppliers. See more details in Note 11. The new warrants exercisable upon the closing of the transaction were recognized by Eve at their respective fair values on this date as an operating expense (since Eve has no current revenue or binding contracts in place).

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Results of Operations (unaudited)

Comparison of Three and Six Months Ended June 30, 2023 to the Three and Six Months Ended June 30, 2022:

The following tables set forth statement of operations information for the three and six months ended June 30, 2023 and 2022.

	Three Months Ended June 30,						Six Months Ended June 30,
		2023			2022			2023			2022
Operating expenses
Research and development	$	21,821,255		$	10,417,278		$	43,349,593		$	19,531,965
Selling, general and administrative		6,633,106			15,728,933			12,787,425			17,046,966
New warrants expenses		-			87,352,000			-			87,352,000
Loss from operations		(28,454,361	)		(113,498,211	)		(56,137,018	)		(123,930,931	)
Change in fair value of derivative liabilities		(6,784,425	)		5,842,500			(8,978,925	)		5,842,500
Financial investment income		2,982,448			824,567			6,236,848			887,948
Other financial gain/(loss), net		1,149,332			(260,713	)		2,173,822			98,618
Loss before income taxes		(31,107,006	)		(107,091,857	)		(56,705,273	)		(117,101,865	)
Income tax expense		(303,020	)		(129,708	)		(476,735	)		(129,708	)
Net loss	$	(31,410,026	)	$	(107,221,565	)	$	(57,182,008	)	$	(117,231,573	)
Net loss per share basic and diluted	$	(0.11	)	$	(0.43	)	$	(0.21	)	$	(0.50	)
Weighted-average number of shares outstanding – basic and diluted		275,632,354			248,989,790			275,563,187			234,574,977

	Y-o-Y Changes for the Three Months Ended June 30, 2023 vs June 30, 2022				Y-o-Y Changes for Six Months Ended June 30, 2023 vs June 30, 2022
	Changes in $		Changes in %		Changes in $		Changes in %
Operating expenses
Research and development	11,403,977		109	%	23,817,628		122	%
Selling, general and administrative	(9,095,827	)	(58)	%	(4,259,541	)	(25)	%
New warrants expenses	(87,352,000	)	(100)	%	(87,352,000	)	(100)	%
Loss from operations	85,043,850		(75)	%	67,793,913		(55)	%
Change in fair value of derivative liabilities	(12,626,925	)	(216)	%	(14,821,425	)	(254)	%
Financial investment income	2,157,881		262	%	5,348,900		602	%
Other financial gain/(loss), net	1,410,045		(541)	%	2,075,204		2,104	%
Loss before income taxes	75,984,851		(71)	%	60,396,592		(52)	%
Income tax expense	(173,312	)	134	%	(347,027	)	268	%
Net loss	75,811,539		(71)	%	60,049,565		(51)	%

Research and development expenses

Research and development expenses increased by $11.4 million, from $10.4 million in the three months ended June 30, 2022, to $21.8 million in the three months ended June 30, 2023. Research and development expenses increased by $23.8 million, from $19.5 million in the six months ended June 30, 2022 to $43.3 million in the six months ended June 30, 2023. This increase in research and development was primarily due to an increase in R&D’s team headcount, whose activities are mainly related to eVTOL and UATM development, as well as higher engineering expenses contemplated in MSA agreements with ERJ and Atech, mainly related to cost of supplies for the development of the prototype vehicle, a full-scale model of Eve’s eVTOL, including batteries, motors, thermal management systems and propellers. Further, additional milestone payments and purchases of parts, equipment and supplies went to suppliers and outside contractors in connection with the continued development of the prototype vehicle. Lastly, Eve also started to incur development expenses related to its UATM system in 2021, which continued throughout 2022 and 2023.

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Selling, general and administrative expenses

Selling, general and administrative expenses decreased $9.1 million, from $15.7 million in the three months ended June 30, 2022, to $6.6 million in the three months ended June 30, 2023. Selling, general and administrative expenses decreased by $4.3 million, from $17.0 million in the six months ended June 30, 2022 to $12.8 million in the six months ended June 30, 2023. The decrease in selling, general and administrative expenses was largely driven by the non-recurring nature of several expenses related to the Company’s listing in the New York Stock Exchange (NYSE) on May 9, 2022, including consulting services and marketing expenses.

Financial investment income

Financial investment income increased from $0.8 million in the three months ended June 30, 2022, to $3.0 million in the three months ended June 30, 2023. Financial investment income increased from $0.9 million in the six months ended June 30, 2022, to $6.2 million in the six months ended June 30, 2023. Eve has invested its cash in short fixed-income instruments of low risk, mostly in US Dollar and high-quality financial institutions.

Other financial gain/(loss), net

Other financial loss, net of $0.3 million in the three months ended June 30, 2022, was reverted into a gain of $1.1 million in the three months ended June 30, 2023. This gain was driven mainly by accrual of interest in the Related Party Loan. Eve and Embraer entered into the Related Party Loan agreement on August 1, 2022.

Loss before income tax

As a result of the aforementioned factors, loss before taxes on income decreased by $76.0 million, from a loss of $107.1 million in the three months ended June 30, 2022, to a loss of $31.1 million in the three months ended June 30, 2023. As a result of the aforementioned factors, loss before taxes on income decreased by $60.4 million, from a loss of $117.1 million in the six months ended June 30, 2022 to a loss of $56.7 million in the six months ended June 30, 2023.

Net Loss and comprehensive loss

As a consequence of the aforementioned factors, our consolidated net loss after taxes, decreased by $75.8 million, from a loss of $107.2 million in the three months ended June 30, 2022, to a loss of $31.4 million in the three months ended June 30, 2023. As a consequence of the aforementioned factors, our consolidated net loss after taxes, decreased by $60.0 million, from a loss of $117.2 million in the six months ended June 30, 2022 to a loss of $57.2 million in the six months ended June 30, 2023.

Liquidity and Capital Resources

Eve has incurred net losses since its inception and to date has not generated any revenue from the design, development, manufacturing, engineering and sale or distribution of electric aircraft. We expect to continue to incur losses and negative operating cash flows for the foreseeable future until we successfully commence sustainable commercial operations.

As of the Closing of the business combination with Zanite Acquisition Corp., Eve received net proceeds from the business combination and PIPE Investment of approximately $329.1 million. As of June 30, 2023, Eve had cash of $33.6 million, investments in marketable securities of $150.8 million and a related party loan receivable of $84.6 million from EAH. Additionally, on January 23, 2023, the Company secured two credit lines with BNDES for a total of R$490.0 million (approximately US$101.7 million, using the exchange rate on June 30, 2023), which once drawn, results in total liquidity of $370.7 million. The total liquidity is expected to be sufficient to fund Eve's current operating plan for at least the next twelve months. In addition, Eve will receive the proceeds from any exercise of any warrants in cash, other than a cashless exercise effected in accordance with the terms of such warrants. For additional information, please see “Liquidity and Capital Resources” in Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K/A for the fiscal year ended December 31, 2022.

Eve’s future capital requirements will depend on many factors, including:

•		research and development expenses as it continues to develop its eVTOL aircraft;
•		capital expenditures in the expansion of its manufacturing capacities;
•		additional operating costs and expenses for production ramp-up and raw material procurement costs;
•		general and administrative expenses as Eve scales its operations;
•		interest expense from any debt financing activities; and
•		selling and distribution expenses as Eve builds, brands and markets electric aircraft.

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Eve intends to continue to use the proceeds received from the Business Combination and the PIPE Investment primarily to fund its research and development activities and other personnel costs, which are our business’ principal uses of cash. In light of the significant number of redemptions that occurred during the business combination, the current trading price for shares of your common stock and the unlikelihood that we will receive significant proceeds from exercises of the warrants because of the disparity between the exercise price of the warrants and the current trading price of the common stock, these funds will likely not be sufficient to enable Eve to complete all necessary development of and commercially launch its eVTOL aircraft. Our future capital requirements will depend on many factors, including our revenue growth rate, the timing and the amount of cash received from our customers, the expansion of sales and marketing activities and the timing and extent of spending to support development efforts. Until Eve generates sufficient operating cash flow to cover its operating expenses, working capital needs and planned capital expenditures, or if circumstances evolve differently than anticipated, Eve expects to utilize a combination of equity and debt financing to fund any future capital needs. Currently, no decision has been made as to specific sources of additional funding and Eve may explore different potential funding opportunities including potential long-term debt finance lines with private and public banks, advances and pre-delivery down payments from customers as well as equity and convertible lines. Eve may be unable to raise additional funds when needed on favorable terms or at all. The sale of securities by selling securityholders pursuant to the Prospectus could result in a significant decline in the public trading price of the common stock and could further decrease the likelihood of raising additional funds successfully. If Eve raises funds by issuing equity securities, dilution to stockholders may result. Any equity securities issued may also provide for rights, preferences, or privileges senior to those of holders of common stock. If Eve raises funds by issuing debt securities, these debt securities would have rights, preferences and privileges senior to those of preferred and common stockholders. The terms of debt securities or borrowings could impose significant restrictions on our operations. The capital markets have in the past and may in the future, experience periods of upheaval that could impact the availability and cost of equity and debt financing.

In the event that Eve requires additional financing but is unable to raise additional capital or generate cash flows necessary to continue its research and development and invest in continued innovation, Eve may not be able to compete successfully, which would harm its business, results of operations and financial condition. If adequate funds are not available, Eve may need to reconsider its expansion plans or limit its research and development activities, which could have a material adverse impact on our business prospects and results of operations.

Cash Flows

The following table summarizes cash flows for the periods indicated:

	Six Months Ended June 30,
	2023			2022
Net cash used by operating activities	$	(47,603,836	)	$	(21,854,275	)
Net cash provided (used) by investing activities		31,834,620			(154,000,000	)
Net cash provided (used) by financing activities		(287,154	)		337,703,553
Effect of exchange rate changes on cash and cash equivalents		502,078			90,753
Net (decrease) increase in cash and cash equivalents	$	(15,554,292	)	$	161,940,031

Net Cash Used by Operating Activities

2023 Compared with 2022

Net cash used by operating activities for the six months ended June 30, 2023, was $47.6 million versus net cash used of $21.9 million in the six months ended June 30, 2022, with the change resulting principally from an increase in research and development expenses in 2023, as compared to 2022, partially compensated by higher accounts payable to ERJ.

Net Cash Provided (Used) by Investing Activities

2023 Compared with 2022

Net cash provided by investing activities for the six months ended June 30, 2023, was $31.8 million versus net cash used of $154.0 million in the six months ended June 30, 2022. The change results principally from the investment of proceeds from the business combination with Zanite Acquisition Corp. and from PIPE investments in interest-bearing marketable securities and a related party loan receivable of $83.6 million to Embraer Aircraft Holdings (EAH).

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Net Cash Provided (Used) by Financing Activities

2023 Compared with 2022

Net cash used by financing activities for the six months ended June 30, 2023, was $0.3 million versus net cash provided of $337.7 million in the six months ended June 30, 2022. The change results principally from the proceeds raised from the business combination with Zanite Acquisition Corp. and from PIPE investors in Eve’s public-listing process in May 2022.

As of June 30, 2023, we had no outstanding debt on our balance sheet.

Recent Developments

On July 31, 2023, Eve announced that its Board of Directors had appointed Johann Bordais, current President and CEO of Embraer Services & Support, as Chief Executive Officer, effective September 1, 2023. Eve’s co-Chief Executive Officers, Andre Stein and Jerry DeMuro, will remain at Eve with new roles.

Mr. Bordais has led Embraer’s Services & Support business since its foundation in 2016. He was pivotal in transforming the area into Embraer’s fast-growing, most profitable business, with revenues of $1.27 billion in 2022, accounting for 28% of Embraer’s total revenue. During his tenure at Embraer Services & Support, Mr. Bordais transformed Embraer’s aftersales business model, globalizing its solutions and enhancing customer satisfaction through innovation and integrated products, including providing a broad portfolio of solutions to customers in Commercial Aviation, Executive Jets and Defense, with over 2,300 people dedicated to supporting customers and their 5,700 aircraft worldwide.

Mr. DeMuro will remain at Eve as Executive Vice President of Corporate Development through the end of October 2023 to assist Mr. Bordais in the transition. Mr. DeMuro joined the company in September 2021 as co-CEO and was instrumental in Eve’s SPAC transaction, taking the company to a very successful NYSE listing that raised approximately $400 million from multiple strategic financial investors.

Andre Stein will assume the role of Chief Strategy Officer at Eve, based in the United States. He will be responsible for defining Eve’s strategy, including commercialization, growth and the development and execution of launch strategies with Eve’s international partners and operators. Mr. Stein has over 25 years of experience in the aerospace industry with a focus on sales, product development and market strategy and has nurtured the Urban Air Mobility initiative since its inception, helping to define the industry’s potential use-cases, markets and product characteristics, while contributing to Eve’s spin-off process, NYSE listing and capital raise.

Off-Balance Sheet Arrangements

For additional information on off-balance sheet items as of June 30, 2023, please refer to Note 17.

Critical Accounting Policies and Estimates

The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent liabilities and the reported amounts of expenses during the reporting period. Eve’s estimates are based on our historical experience and on various other factors that Eve believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions and any such differences may be material.

The accounting policies and estimates that affect the condensed consolidated financial statements and the judgments and assumptions used are consistent with those described in the MD&A in our 2022 Form 10-K/A.

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Credit Risk

Financial instruments, which subjects Eve to concentrations of credit risk, consist primarily of cash, cash equivalents, financial investments, related party loan receivable and derivative financial instruments. Eve’s cash and cash equivalents and financial investments are held at major financial institutions located in the United States of America and Brazil. At times, cash account balances with any one financial institution may exceed Federal Deposit Insurance Corporation insurance limits ($250,000 per depositor per institution). Management believes the financial institutions that hold Eve’s cash and cash equivalents and financial investments are financially sound and, accordingly, minimal credit risk exists with respect to cash and cash equivalents and financial investments.

Eve also performs ongoing evaluation of the counterparty of our Intercompany Loan.

Emerging Growth Company Status

We are an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Section 107(b) of the JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the extended transition period to comply with new or revised accounting standards and to adopt certain of the reduced disclosure requirements available to emerging growth companies. As a result of the accounting standards election, we are not subject to the same implementation timeline for new or revised accounting standards as other public companies that are not emerging growth companies which may make comparison of our financials to those of other public companies more difficult.

We also take advantage of some of the reduced regulatory and reporting requirements of emerging growth companies pursuant to the JOBS Act, including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation and exemptions from the requirements of holding non-binding advisory votes on executive compensation and golden parachute payments.

We will lose our emerging growth company status and become subject to the SEC’s internal control over financial reporting management and auditor attestation requirements upon the earlier of (1) the last day of the fiscal year (a) following the fifth anniversary of the date of the completion of our IPO, (b) in which we have total annual gross revenue of at least $1.07 billion or (c) in which we are deemed to be a large accelerated filer, which requires the market value of our Common Stock that are held by non-affiliates to exceed $700 million as of the prior June 30^th , and (2) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three year period.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

Interest Rate Risk

We are exposed to market risk for changes in the Brazilian interest rate CDI, applicable to our cash equivalent in Brazil, that was invested in Bank Deposit Certificates (“CDB”), (Applications issued by financial institutions in Brazil, immediately available for redemption). As of June 30, 2023, approximately 2.81% of our consolidated cash, cash equivalents and financial investments were indexed to the variation of the CDI rate.

The CDI rate is an average of interbank overnight rates in Brazil. The risk arises from the possibility of the Company incurring decrease on financial income of financial investment due fluctuations in Brazilian interest rate.

The interest rates of the lines of credit made available by BNDES are fixed which will not result in unexpected variability of the interest expenses.

Our investment policy is focused on the preservation of capital and supporting its liquidity needs. The Company’s policy for managing the risk of fluctuations in interest rates on financial investments is to maintain a system to measure market risk, which consists of an aggregate analysis of variety of risk factors that might affect the return of those investments.

Foreign Currency Risk

The Company’s operations most exposed to foreign exchange gains/losses are those denominated in Reais (labor costs, tax issues, local expenses and financial investments) arising from the subsidiary located in Brazil. The relationship of the real to the value of the US Dollar, may adversely affect us, mainly due to the factor that 2% of total assets and 13% of total liabilities are in reais.

The Brazilian currency has, during the last decades, experienced frequent and substantial variations in relation to the US Dollar and other foreign currencies. On June 30, 2023, the real appreciated against the US Dollar in comparison to June 30, 2022, reaching BRL4.8192 per US$1.00 as of June 30, 2023.

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Item 4. Controls and Procedures

Management’s Evaluation of Disclosure Control and Procedures

The Company’s management is responsible for maintaining disclosure controls and procedures that are designed to ensure that material information required to be disclosed in our reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our principal executive officers and principal financial officer, to allow timely decisions regarding required financial disclosure. Because of the inherent limitations, disclosure controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the objectives of disclosure controls and procedures are met.

Under the supervision and with the participation of our management, including our principal executive officers and principal financial officer, we evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on this evaluation, our principal executive officers and principal financial officer have concluded that our disclosure controls and procedures were not effective as of June 30, 2023, due to material weaknesses in our internal control over financial reporting, as previously disclosed in Item 9A “Controls and Procedures” of our Annual Report on Form 10-K/A for the year ended December 31, 2022, which have not been remediated as of June 30, 2023.

Notwithstanding the identified material weaknesses in internal control over financial reporting, our management performed additional analysis as deemed necessary to ensure that our condensed consolidated financial statements included in this Quarterly Report on Form 10-Q are fairly stated, in all material respects, in accordance with generally accepted principles in the United States of America.

Previously Reported Material Weaknesses

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis.

As previously disclosed in 9A “Controls and Procedures” of our Annual Report on Form 10-K/A for the year ended December 31, 2022, we have identified material weaknesses in our internal control over financial reporting. In particular:

	•	We did not design and maintain effective controls to timely analyze, account for and disclose non-routine, unusual or complex transactions, as well as accrued expenses, share-based payments and properly disclose certain financial presentation matters.
	•	We did not design and implement an effective risk assessment, information and communication processes.
	•	We do not have sufficient personnel with qualifications and experience within our control environment to address complex accounting matters.

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Management’s Remediation Plan

Our management is actively engaged and committed to taking the steps necessary to remediate the control deficiencies that constituted the material weaknesses. In order to address the material weaknesses in internal control over financial reporting described above, management, with direction from the Audit Committee, is in the process of developing and implementing remediation plans to address the control deficiencies that led to these material weaknesses, including the following actions that were taken in 2023:

	•	We engaged outside consultants to assist in the design, implementation, documentation and remediation of internal controls that address the relevant risks and to assist us in the evaluation of our relevant accounting and operating systems, to enable us to improve our processes and controls over financial reporting.
	•	We engaged an outside firm to assist management with the accounting and disclosure of complex accounting transactions that occur during the year.
	•	We have identified the root cause of the deficiencies and the related relevant controls to be designed and implemented to timely detect and prevent material errors or omitted disclosures.
	•	We have designed and implemented controls to perform an entity level risk assessment and address identified risks related to information and communication processes.
	•	We onboarded multiple resources with qualifications, education, certifications and experience to address complex accounting matters.

Our remediation activities are continuing during 2023. In addition to the above actions, we expect to both continue with the actions above and engage in additional activities, including, but not limited to:

	•	Management will continue to evaluate and hire additional resources within our accounting and financial reporting and internal control functions with the appropriate experience, certifications, education and training for key financial reporting and accounting positions.
	•	We plan to provide training to our personnel performing internal control functions in order to enhance their level of understanding over the appropriate design, implementation and effectiveness of controls.
	•	We will continue our iterative risk assessment process, to enhance overall compliance.
	•	Management will continue to implement and evaluate controls to ensure timely communication within the relevant areas of the Company to identify events and/or transactions that may impact the Company’s financial reporting.

Management believes these enhancements, once implemented, will reduce the risk of a material misstatement resulting from the material weaknesses described above. However, it will require a period of time to determine the operating effectiveness of any newly implemented internal controls.

Changes in Internal Control over Financial Reporting

Except as discussed above, there was no change in our internal control over financial reporting that occurred during the second quarter ended June 30, 2023, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

We are, from time to time, subject to various claims, lawsuits and other legal and administrative proceedings arising in the ordinary course of business. We are not currently a party to any such claims, lawsuits or proceedings, the outcome of which, if determined adversely to us, we believe would, individually or in the aggregate, be material to our business or result in a material adverse effect on our future operating results, financial condition or cash flows.

Item 1A. Risk Factors.

Please refer to the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2022. Any of those factors, or additional risk factors not presently known to us or that we currently deem immaterial, could result in a material adverse effect on our business, financial condition or results of operations. We may disclose changes to such factors or disclose additional factors from time to time in our future filings with the SEC.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

Not applicable.

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Item 6. Exhibits

The following exhibits are filed or furnished as a part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.

Exhibit No.		Description
3.1		Second Amended and Restated Certificate of Incorporation of Eve Holding, Inc., dated as of May 9, 2022 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the SEC on May 13, 2022).
3.2		Amended and Restated Bylaws of Eve Holding, Inc., dated as of May 9, 2022 (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed with the SEC on May 13, 2022).
10.1*		Supply Agreement, effective as of June 16, 2023, by and between EVE UAM, LLC., Embraer S.A., and BAE Systems Controls Inc. (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filled with SEC on June 23, 2023).
10.2*		Supply Agreement, effective as of May 22, 2023, by and between EVE UAM, LLC., Embraer S.A., and SOCIETE DUC (t/a DUC Hélices Propellers) (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the SEC on June 23, 2023).
10.3*		Supply Agreement, effective as of June 16, 2023, by and between EVE UAM, LLC., Embraer S.A., and Nidec Aerospace LLC (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed with the SEC on June 23, 2023).
10.4*		Second Amendment, dated as of June 30, 2023, to the Master Services Agreement, dated as of December 14, 2021, by and between Embraer S.A and EVE UAM, LLC.
31.1		Certification of Co-Chief Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Exchange Act, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act.
31.2		Certification of Co-Chief Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Exchange Act, as Adopted Pursuant to Section 302 of Sarbanes-Oxley Act.
31.3		Certification of Chief Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Exchange Act, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act.
32.1**		Certification of Co-Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act.
32.2**		Certification of Co-Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act.
32.3**		Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act.
101.INS		Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because iXBRL tags are embedded within the Inline XBRL document).
101.SCH		Inline XBRL Taxonomy Extension Schema Document.
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB		Inline XBRL Taxonomy Extension Labels Linkbase Document
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
* Portions of this exhibit have been omitted pursuant to Item 601(b)(2)(ii) or 601(b)(10)(iv) of Regulation S-K, as applicable. ** Furnished.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	EVE HOLDING, INC.
Date: August 8, 2023	By:	/s/ Gerard J. DeMuro
		Name:	Gerard J. DeMuro
		Title:	Co-Chief Executive Officer
		(Principal Executive Officer)

Date: August 8, 2023	By:	/s/ André Duarte Stein
		Name:	André Duarte Stein
		Title:	Co-Chief Executive Officer
		(Principal Executive Officer)

Date: August 8, 2023	By:	/s/ Eduardo Siffert Couto
		Name:	Eduardo Siffert Couto
		Title:	Chief Financial Officer
		(Principal Financial and Accounting Officer)

Exhibit 10.4

Certain identified information marked with “[***]” has been omitted from this document because it is both (i) not material and (ii) the type that the registrant treats as private or confidential.

SECOND AMENDMENT TO THE

MASTER SERVICES AGREEMENT BETWEEN

EMBRAER S.A. AND EVE UAM, LLC

THIS Second Amendment (“Amendment 2”) to the Master Services Agreement between Embraer S.A. and Eve UAM, LLC dated December 14, 2021 (the “Original Agreement”) is made and entered this in 30th of June of 2023 by and between:

EMBRAER S.A., a corporation existing under the laws of Brazil, with its address and principal place of business is at Avenida Brigadeiro Faria Lima, 2170, in the City of São José dos Campos, State of São Paulo, Brazil (“Embraer”); and,

Eve UAM, LLC a limited liability company organized under the laws of the State of Delaware, United States, having its principal place of business at 1400 General Aviation Drive, Melbourne, FL 32935, United States

Embraer and Eve are referred to herein, individually, as a “Party”, and collectively as the “Parties”.

Whereas, Embraer and Eve have decided to revise certain terms of the Original Agreement.

NOW, THEREFORE, for and in consideration of the mutual covenants and agreements herein contained, sufficiency and receipt of which are hereby acknowledged, the Parties hereto agree to amend the Original Agreement as follows:

All capitalized terms used herein, unless otherwise defined or indicated, shall have the same meaning as referred to in the Original Agreement.

1. MODIFIED EXHIBITS

1.1 The following Exhibits attached hereto are hereby included and become integral part of the Original Agreement:

Exhibit 5 Initial Definition Phase (IDP) & Joint Definition Phase (JDP) SOW1.2

Exhibit 6 UAM Business Services – SOW2.2

Exhibit 7 eVTOL Industrialization Phase 1 - SOW1.2.1

The Exhibit 5 describes the detailed scope, workshare activities and responsibilities for each Part as well as estimated expenses, costs for IDP & JDP, as established in Sections 4.6.2 and 4.6.3 of Integrated Product Development – Statement of Work (SOW Number 01), dated as of December 14, 2021.

The Exhibit 6 describes the eVTOL EIS strategic analysis, including design, planning and development of services and goods solutions related to the eVTOL EIS and the eVTOL operation and/or other UAM Business, as established in Sections 5 of UAM Business Services - Statement of Work (SOW Number 02), dated as of December 14, 2021.

The Exhibit 7 describes the support for the definition of the industrialization strategy for the serial production phase of the eVTOL (“eVTOL Industrialization Phase 1”, as established in Section 3 of Integrated Product Development – Statement of Work (SOW Number 01), dated as of December 14, 2021.

2. ENTIRE AGREEMENT

The Original Agreement, as modified from time to time in writing by the Parties, and as modified by this Amendment 2, including all Exhibits, constitutes the complete and exclusive agreement between the Parties relating to the subject matter hereof and cancels and supersedes all previous agreements between the Parties relating thereto, whether written or oral. Furthermore, the terms and conditions contained in this Amendment 2 do not create or represent a precedent for the interpretation of any other agreements that have been or will be executed between the Parties not in relation to the subject matter hereof.

All other terms and conditions set forth in the Original Agreement, not expressly modified by this Amendment 2, are hereby expressly ratified by the Parties, incorporated by reference and remain in full force and effect. In case of any conflict between this Amendment 2, the Amendment 1 and the Original Agreement, this Amendment 2 shall prevail. If any provision of the Original Agreement, as amended from time to time, is or becomes void or unenforceable by force or operation of law, the other provisions shall remain valid and enforceable.

IN WITNESS WHEREOF, Embraer and Eve have caused this Amendment 2 to be duly executed and delivered by their authorized representatives, in duplicate originals, to be effective as of the day first above written.

EVE UAM, LLC

Name:

Title:

EMBRAER S.A.

Name:

Title:

Name:

Title:

Exhibit 5 Initial Definition Phase & Joint Definition Phase SOW1.2

[***]

Exhibit 6 UAM Business Services – SOW2.2

[***]

Exhibit 7 eVTOL Industrialization Phase 1 - SOW 1.2.1

[***]

Exhibit 31.1

CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER PURSUANT TO RULES 13A-14(A) AND 15D-14(A) UNDER THE EXCHANGE ACT, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, Gerard J. DeMuro, certify that:

I have reviewed this Quarterly Report on Form 10-Q of Eve Holding, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	(a)		Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	(b)		Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	(c)		Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	(d)		Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

	(a)		All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
	(b)		Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 8, 2023

/s/ Gerard J. DeMuro

Gerard J. DeMuro

Co-Chief Executive Officer

(Co-Principal Executive Officer)

Exhibit 31.2

CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER PURSUANT TO RULES 13A-14(A) AND 15D-14(A) UNDER THE EXCHANGE ACT, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, André Duarte Stein, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Eve Holding, Inc.;

	(a)		Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	(b)		Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	(c)		Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	(d)		Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

	(a)		All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
	(b)		Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 8, 2023

/s/ André Duarte Stein

André Duarte Stein

Co-Chief Executive Officer

(Co-Principal Executive Officer)

Exhibit 31.3

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO RULES 13A-14(A) AND 15D-14(A) UNDER THE EXCHANGE ACT, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, Eduardo Siffert Couto, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Eve Holding, Inc.;

	(a)		Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	(b)		Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	(c)		Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	(d)		Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

	(a)		All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
	(b)		Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 8, 2023

/s/ Eduardo Siffert Couto

Eduardo Siffert Couto

Chief Financial Officer

(Principal Financial and Accounting Officer)

Exhibit 32.1

CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

In connection with the Quarterly Report on Form 10-Q for the period ended June 30, 2023, as filed by Eve Holding, Inc. with the Securities and Exchange Commission on the date hereof (the “Report”), Gerard J. DeMuro, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

	1.		the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
	2.		the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Eve Holding, Inc.

Date: August 8, 2023

/s/ Gerard J. DeMuro

Gerard J. DeMuro

Co-Chief Executive Officer

(Co-Principal Executive Officer)

Exhibit 32.2

CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

In connection with the Quarterly Report on Form 10-Q for the period ended June 30, 2023, as filed by Eve Holding, Inc. with the Securities and Exchange Commission on the date hereof (the “Report”), André Duarte Stein, Co-Chief Executive Officer, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

	1.		the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
	2.		the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Eve Holding, Inc.

Date: August 8, 2023

/s/ André Duarte Stein

André Duarte Stein

Co-Chief Executive Officer

(Co-Principal Executive Officer)

Exhibit 32.3

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

In connection with the Quarterly Report on Form 10-Q for the period ended June 30, 2023, as filed by Eve Holding, Inc. with the Securities and Exchange Commission on the date hereof (the “Report”), Eduardo Siffert Couto, Chief Financial Officer, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

	1.		the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
	2.		the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Eve Holding, Inc.

Date: August 8, 2023

/s/ Eduardo Siffert Couto

Eduardo Siffert Couto

Chief Financial Officer

(Principal Financial and Accounting Officer)

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Aug. 08, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Registrant Name	EVE HOLDING, INC.
Entity Central Index Key	0001823652
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-39704
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-2549808
Entity Address, Address Line One	1400 General Aviation Drive
Entity Address, City or Town	Melbourne
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32935
City Area Code	(321)
Local Phone Number	751-5050
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		269,163,921
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	EVEX
Security Exchange Name	NYSE
Warrant [Member]
Document Information [Line Items]
Title of 12(b) Security	Warrants, each whole warrant exercisable for one share of Common Stock
Trading Symbol	EVEXW
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 33,591,771	$ 49,146,063
Financial investments	150,782,326	178,781,549
Related party receivables	313,762	203,712
Related party loan receivable	84,641,828	82,650,375
Other current assets	1,461,953	1,425,507
Total current assets	270,791,640	312,207,206
Property, plant & equipment, net	513,833	451,586
Right-of-use assets, net	550,129	216,636
Total assets	271,855,602	312,875,428
Current liabilities
Accounts payable	2,350,540	2,097,097
Related party payables	17,733,475	12,625,243
Derivative financial instruments	12,541,425	3,562,500
Other payables	5,961,337	6,648,171
Total current liabilities	38,586,777	24,933,011
Other non-current payables	1,530,522	1,020,074
Total liabilities	40,117,299	25,953,085
Stockholders' Equity
Common stock, $0.001 par value	269,164	269,094
Additional paid-in capital	505,659,469	503,661,571
Accumulated deficit	(274,190,330)	(217,008,322)
Total stockholders' equity	231,738,303	286,922,343
Total liabilities and stockholders' equity	$ 271,855,602	$ 312,875,428

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating expenses
Research and development	$ 21,821,255	$ 10,417,278	$ 43,349,593	$ 19,531,965
Selling, general and administrative	6,633,106	15,728,933	12,787,425	17,046,966
New Warrants expenses	0	87,352,000	0	87,352,000
Loss from operations	(28,454,361)	(113,498,211)	(56,137,018)	(123,930,931)
Change in fair value of derivative liabilities	(6,784,425)	5,842,500	(8,978,925)	5,842,500
Financial investment income	2,982,448	824,567	6,236,848	887,948
Other financial gain/(loss), net	1,149,332	(260,713)	2,173,822	98,618
Loss before income taxes	(31,107,006)	(107,091,857)	(56,705,273)	(117,101,865)
Income tax expense	(303,020)	(129,708)	(476,735)	(129,708)
Net loss	$ (31,410,026)	$ (107,221,565)	$ (57,182,008)	$ (117,231,573)
Net loss per share basic (in dollars per share)	$ (0.11)	$ (0.43)	$ (0.21)	$ (0.5)
Net loss per share diluted (in dollars per share)	$ (0.11)	$ (0.43)	$ (0.21)	$ (0.5)
Weighted-average number of shares outstanding – basic (in shares)	275,632,354	248,989,790	275,563,187	234,574,977
Weighted-average number of shares outstanding – diluted (in shares)	275,632,354	248,989,790	275,563,187	234,574,977

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Comprehensive income
Net loss	$ (31,410,026)	$ (107,221,565)	$ (57,182,008)	$ (117,231,573)
Total comprehensive loss	$ (31,410,026)	$ (107,221,565)	$ (57,182,008)	$ (117,231,573)

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($)	Total	Separation-related adjustment	Adjusted Balance	Common Stock	Common Stock Adjusted Balance	Additional paid-in capital	Additional paid-in capital Separation-related adjustment	Additional paid-in capital Adjusted Balance	Accumulated deficit	Accumulated deficit Adjusted Balance	Accumulated other comprehensive income/(loss)	Accumulated other comprehensive income/(loss) Separation-related adjustment	Accumulated other comprehensive income/(loss) Adjusted Balance
Equity at beginning of the period (in shares) at Dec. 31, 2021				220,000,000	220,000,000
Equity at beginning of the period at Dec. 31, 2021	$ 10,699,389	$ (675,620)	$ 10,023,769	$ 220,000	$ 220,000	$ 53,489,579	$ (707,846)	$ 52,781,733	$ (42,977,964)	$ (42,977,964)	$ (32,226)	$ 32,226	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(10,010,008)								(10,010,008)
Contributions from Parent	732,776					732,776
Equity at end of the period (in shares) at Mar. 31, 2022				220,000,000
Equity at end of the period at Mar. 31, 2022	746,537			$ 220,000		53,514,509			(52,987,972)		0
Equity at beginning of the period (in shares) at Dec. 31, 2021				220,000,000	220,000,000
Equity at beginning of the period at Dec. 31, 2021	10,699,389	$ (675,620)	$ 10,023,769	$ 220,000	$ 220,000	53,489,579	$ (707,846)	$ 52,781,733	(42,977,964)	$ (42,977,964)	(32,226)	$ 32,226	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(117,231,573)
Equity at end of the period (in shares) at Jun. 30, 2022				264,332,132
Equity at end of the period at Jun. 30, 2022	307,650,450			$ 264,332		467,595,655			(160,209,537)		0
Equity at beginning of the period (in shares) at Mar. 31, 2022				220,000,000
Equity at beginning of the period at Mar. 31, 2022	746,537			$ 220,000		53,514,509			(52,987,972)		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(107,221,565)								(107,221,565)
Contributions from Parent	(2,105,409)					(2,105,409)
Share-based compensation and issuance of stock (in shares)				140,000
Share-based compensation and issuance of stock	1,935,988			$ 140		1,935,848
Share based payment with non-employees	1,028,182					1,028,182
Reclassification of Public Warrants from liability to equity	10,580,000					10,580,000
Issuance of fully vested New Warrants	87,352,000					87,352,000
Issuance of common stock upon reverse recapitalization, net of fees	315,326,717			$ 43,392		315,283,325
Exercise of warrants held by PIPE investor (in shares)				800,000
Exercise of warrants held by PIPE investor	8,000			$ 800		7,200
Equity at end of the period (in shares) at Jun. 30, 2022				264,332,132
Equity at end of the period at Jun. 30, 2022	307,650,450			$ 264,332		467,595,655			(160,209,537)		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon reverse recapitalization, net of fees (in shares)				43,392,132
Equity at beginning of the period (in shares) at Dec. 31, 2022				269,094,021
Equity at beginning of the period at Dec. 31, 2022	286,922,343			$ 269,094		503,661,571			(217,008,322)		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(25,771,982)								(25,771,982)
Share-based compensation	867,893					867,893
Share based payment with non-employees	480,000					480,000
Equity at end of the period (in shares) at Mar. 31, 2023				269,094,021
Equity at end of the period at Mar. 31, 2023	262,498,254			$ 269,094		505,009,464			(242,780,304)		0
Equity at beginning of the period (in shares) at Dec. 31, 2022				269,094,021
Equity at beginning of the period at Dec. 31, 2022	286,922,343			$ 269,094		503,661,571			(217,008,322)		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(57,182,008)
Equity at end of the period (in shares) at Jun. 30, 2023				269,163,921
Equity at end of the period at Jun. 30, 2023	231,738,303			$ 269,164		505,659,469			(274,190,330)		0
Equity at beginning of the period (in shares) at Mar. 31, 2023				269,094,021
Equity at beginning of the period at Mar. 31, 2023	262,498,254			$ 269,094		505,009,464			(242,780,304)		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (31,410,026)								(31,410,026)		0
Share-based compensation and issuance of stock (in shares)	69,900
Share-based compensation and issuance of stock	$ 650,075			$ 70		650,005					0
Equity at end of the period (in shares) at Jun. 30, 2023				269,163,921
Equity at end of the period at Jun. 30, 2023	$ 231,738,303			$ 269,164		$ 505,659,469			$ (274,190,330)		$ 0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss	$ (57,182,008)	$ (117,231,573)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and loss on disposal of property	103,133	0
Non-cash lease expenses	33,710	0
Unrealized gain on exchange rate translation	(335,838)	(136,644)
Share-based compensation	1,805,122	1,935,988
Warrant expenses	480,000	88,380,182
Change in fair value of derivative financial instruments	8,978,925	(5,842,500)
Changes in operating assets and liabilities:
Accrued interest on financial investments, net	(4,000,777)	(464,652)
Accrued interest on related party loan receivable	(1,991,453)	0
Other assets	20,407	6,098,874
Related party receivables	(109,329)	(36,943)
Accounts payable	201,622	2,623,858
Related party payables	5,074,539	1,094,121
Other payables	(681,889)	1,725,014
Net cash used by operating activities	(47,603,836)	(21,854,275)
Cash flows from investing activities:
Redemptions of financial investments	57,500,000	0
Purchases of financial investments	(25,500,000)	(154,000,000)
Expenditures for property, plant and equipment	(165,380)	0
Net cash provided (used) by investing activities	31,834,620	(154,000,000)
Cash flows from financing activities:
Tax withholding on share-based compensation	(287,154)	0
Capital contribution net of transaction costs reimbursed to Zanite	0	354,830,252
Transaction Costs reimbursed to parent	0	(15,754,066)
Distribution to parent, net	0	(1,372,633)
Net cash provided (used) by financing activities	(287,154)	337,703,553
Effect of exchange rate changes on cash and cash equivalents	502,078	90,753
Decrease in cash and cash equivalents	(15,554,292)	161,940,031
Cash and cash equivalents at the beginning of the period	49,146,063	14,376,523
Cash and cash equivalents at the end of the period	33,591,771	176,316,554
Cash Paid for [Abstract]
Income tax paid	387,893	0
Noncash Investing and Financing Items [Abstract]
Recognition of right-of-use assets and operating lease liabilities	359,516	0
Issuance of common stock for vested RSUs	$ 954,000	$ 1,584,800

Organization and Nature of Business

6 Months Ended

Jun. 30, 2023

Organization and Nature of Business

Organization and Nature of Business

Note 1 – Organization and Nature of Business

Business Combination

Financing

Accounting Treatment of the Business Combination

Basis of Presentation

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Note 2 – Summary of Significant Accounting Policies

Change in Carve-Out Methodology

Separation-related Adjustments

		December 31,			Separation-Related			January 1,
		2021			Adjustments			2022
ASSETS
Current assets:
Cash and equivalents	$	14,376,523		$	(8	)	$	14,376,515
Related party receivables		220,000			-			220,000
Other current assets		6,274,397			(8,567	)		6,265,830
Total current assets		20,870,920			(8,575	)		20,862,345
Capitalized software, net		699,753			(699,753	)		-
Total assets	$	21,570,673		$	(708,328	)	$	20,862,345
LIABILITIES AND NET PARENT EQUITY
Current liabilities:
Accounts payable		877,641			(718,232	)		159,409
Related party payables		8,642,340			1,110,032			9,752,372
Derivative financial instruments		32,226			(32,226	)		-
Other payables		616,156			(94,361	)		521,795
Total current liabilities		10,168,363			265,213			10,433,576
Other non-current payables		702,921			(297,921	)		405,000
Total liabilities		10,871,284			(32,708	)		10,838,576
Net parent equity:
Net parent investment		10,731,615			(707,846	)		10,023,769
Accumulated other comprehensive loss		(32,226	)		32,226			-
Total net parent equity		10,699,389			(675,620	)		10,023,769
Total liabilities and net parent equity	$	21,570,673		$	(708,328	)	$	20,862,345

Emerging Growth Company

Functional and Reporting Currency

Prior Period Reclassification

Use of Estimates

Debt

New Accounting Pronouncements Not Yet Adopted

There are no recent accounting pronouncements pending adoption that the Company expects will have a material impact on our condensed consolidated financial statements and related disclosures.

Cash and Cash Equivalents

6 Months Ended

Jun. 30, 2023

Cash and Cash Equivalents

Cash and Cash Equivalents

Note 3 – Cash and Cash Equivalents

	June 30,		December 31,
		2023		2022
Cash	$	23,392,996	$	14,446,534
CDBs		5,185,486		4,483,260
Fixed deposits		5,013,289		30,216,269
Total	$	33,591,771	$	49,146,063

Financial Investments

6 Months Ended

Jun. 30, 2023

Financial Investments

Financial Investments

Note 4 – Financial Investments

		June 30, 2023
		Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
HTM securities, at cost:
Time deposits	$	150,782,326	$	-	$	(603,760	)	$	150,178,566

		December 31, 2022
		Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
HTM securities, at cost:
Time deposits	$	178,781,549	$	-	$	(1,127,925	)	$	177,653,624

No allowance for credit losses were recognized as of June 30, 2023 and December 31, 2022.

Related Party Transactions

6 Months Ended

Jun. 30, 2023

Related Party Transactions

Related Party Transactions

Note 5 – Related Party Transactions

Relationship with Embraer

Royalty-Free Licenses Under the MSA and SSA, Eve has a royalty-free license to access Embraer’s intellectual property to be used within the UAM market.

Leases Eve enters into agreements with Embraer to lease corporate office space and other facilities. Refer to Note 17.

The following table summarizes the related party expenses for the period:

	Three Months Ended June 30,				Six Months Ended June 30,
		2023		2022		2023		2022
Research and development	$	17,272,278	$	8,576,919	$	32,408,255	$	16,228,568
Selling, general and administrative		973,156		6,632,200		1,492,701		7,745,679
Total	$	18,245,434	$	15,209,119	$	33,900,956	$	23,974,247

Other Balance Sheet Components

6 Months Ended

Jun. 30, 2023

Other Balance Sheet Components

Other Balance Sheet Components

Note 6 – Other Balance Sheet Components

Other Current Assets

Other current assets are comprised of the following:

	June 30,		December 31,
		2023		2022
Prepaid Directors & Officers insurance	$	1,166,293	$	1,292,317
Advances to employees		229,200		74,064
Income tax advance payments ⁽ⁱ⁾		46,603		34,642
Other assets		19,857		24,484
Total	$	1,461,953	$	1,425,507

(i) Refers to federal withholding taxes and recoverable income taxes.

Property Plant and Equipment

Property, plant and equipment consisted of the following:

		June 30,			December 31,
		2023			2022
Development mockup	$	418,722		$	418,722
Leasehold improvement		165,380			-
Construction in progress ("CIP")		-			44,375
Computer hardware		13,368			13,368
Total property, plant and equipment	$	597,470		$	476,465
Less: Accumulated depreciation		(83,637	)		(24,879	)
Total property, plant and equipment, net	$	513,833		$	451,586

Other Payables

Other Payables are comprised of the following items:

	June 30,		December 31,
	2023			2022
Payroll accruals	$	3,478,351	$	4,075,660
Accrued expenses		2,304,112		2,491,847
Advances from customers ⁽ⁱ⁾		1,050,000		800,000
Other payable		546,014		300,738
Income tax payable		113,382		-
Total	$	7,491,859	$	7,668,245
Current portion	$	5,961,337	$	6,648,171
Non-current portion	$	1,530,522	$	1,020,074

(i) Refers to advances from customers who have signed non-binding Letters of Intent to purchase eVTOLs.

Debt

6 Months Ended

Jun. 30, 2023

Debt

Debt

Note 7 – Debt

As of June 30, 2023, Eve has not drawn from the lines of credit.

Derivative Financial Instruments

6 Months Ended

Jun. 30, 2023

Derivative Financial Instruments

Derivative Financial Instruments

Note 8 – Derivative Financial Instruments

Fair Value Measurement

6 Months Ended

Jun. 30, 2023

Fair Value Measurement

Fair Value Measurement

Note 9 – Fair Value Measurement

During the three and six months ended June 30, 2023 and 2022, there were no changes in the fair value methodology and no transfers between levels of the financial instruments.

		June 30,			December 31,
		2023			2022
		Level 2			Level 2
Liabilities
Private Placement Warrants	$	(12,541,425	)	$	(3,562,500	)

The position and changes in fair value of the Private Placement Warrants for the period ended June 30, 2023 were as follows:

	Private Placement Warrants
Balance as of December 31, 2022	$	3,562,500
Change in fair value		8,978,925
Balance as of June 30, 2023	$	12,541,425

Stockholders' Equity

6 Months Ended

Jun. 30, 2023

Stockholders’ equity

Stockholders’ equity

Note 10 – Stockholders’ Equity

The Company had reserved common stock for future issuance as follows:

2022 Stock Incentive Plan	16,562,821
Shares underlying Private Placement Warrants	14,250,000
Shares underlying Public Warrants	11,500,000
Shares underlying New Warrants	37,572,536

Common Stock Warrants

6 Months Ended

Jun. 30, 2023

Common Stock Warrants

Common Stock Warrants

Note 11 – Common Stock Warrants

Warrants Classified as Equity

Public Warrants

New Warrants

The New Warrants were recognized, measured, and classified by the Company as follows:

The following table summarizes the Black-Scholes model inputs and assumptions:

		May 9,
Market Warrants with exercise price of $15.00		2022
Share Price (S0)	$	11.32
Maturity Date		12/31/2025
Time (T) - Years		3.63
Strike Price (X)	$	15.00
Risk-free Rate (r)		2.85	%
Volatility (σ)		7.93	%
Dividend Yield (q)		0.00	%
Warrant Value	$	0.11

Forfeitures of New Warrants within the scope of ASC 718, granted to non-employees, are estimated by the Company and reviewed when circumstances change.

Warrants Classified as Liabilities

Private Placement Warrants

Share-based payments	6 Months Ended
Share-based payments	Jun. 30, 2023
Share-based payments
Share-based payments	Note 12 – Share-based Payments On May 5, 2023, the Company granted 358,990 restricted stock units (“RSUs”) to executives and eligible employees under the 2022 Stock Incentive Plan ("the Plan"). These RSUs had a grant date fair value of $7.41 per unit. The RSUs granted this quarter under the Plan will generally vest and settle in common stock (on a one-for-one basis) one to three years after the grant date. Awards with a one-year vesting periods contain performance conditions. Annually, the Board of Directors determine the vesting conditions for the awards granted, subject to the conditions established in the Plan.

Earnings per share

6 Months Ended

Jun. 30, 2023

Earnings per share

Earnings per share

Note 13 – Earnings Per Share

Basic and diluted earnings per common share are computed by dividing net income/(loss) for the period by the weighted average number of shares outstanding during the period.

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022				2023			2022
Net loss	$	(31,410,026	)	$	(107,221,565	)	$	(57,182,008	)	$	(117,231,573	)
Weighted-average shares outstanding - basic and diluted		275,632,354			248,989,790			275,563,187			234,574,977
Net loss per share basic and diluted	$	(0.11	)	$	(0.43	)	$	(0.21	)	$	(0.50	)

The following table presents the number of shares excluded from the calculation of diluted net loss per share as their effect would have been anti-dilutive:

	June 30,
	2023	2022
Unvested restricted stock units	1,133,095	427,235
Penny warrants subject to unmet contingencies	13,972,536	11,450,000
Warrants "out of the money"	42,750,000	42,750,000
Total	57,855,631	54,627,235

Research and Development

6 Months Ended

Jun. 30, 2023

Research and Development

Research and Development

Note 14 – Research and Development

Research and development expenses consist of the following:

	Three Months Ended June 30,				Six Months Ended June 30,
		2023		2022		2023	2022
Outsourced service ⁽ⁱ⁾	$	20,063,536	$	8,812,089	$	39,500,865	$	16,957,952
Payroll costs		1,662,937		1,554,360		3,698,721		2,310,728
Other expenses		94,782		50,829		150,007		263,285
Total	$	21,821,255	$	10,417,278	$	43,349,593	$	19,531,965

Selling, general and administrative

6 Months Ended

Jun. 30, 2023

Selling, general and administrative

Selling, general and administrative

Note 15 – Selling, General and Administrative

Selling, general and administrative expenses consist of the following:

	Three Months Ended June 30,				Six Months Ended June 30,
		2023		2022		2023	2022
Payroll costs	$	2,409,072	$	3,827,517	$	5,127,169	$	4,367,982
Outsourced service ⁽ⁱ⁾		3,005,907		4,405,078		5,115,742		4,624,952
Director & Officers insurance		557,404		646,158		1,559,815		646,158
Other expenses		517,742		1,014,610		758,495		1,042,192
Travel & entertainment		142,981		154,203		226,204		175,048
Transaction Costs		-		5,681,367		-		6,190,634
Total	$	6,633,106	$	15,728,933	$	12,787,425	$	17,046,966

Income Taxes

6 Months Ended

Jun. 30, 2023

Income Taxes

Income Taxes

Note 16 – Income Taxes

Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies

Commitments and Contingencies

Note 17 – Commitments and Contingencies

Segments

6 Months Ended

Jun. 30, 2023

Segments

Segments

Note 18 – Segments

The CODMs receive information related to the operating results based on cost by each R&D project. Asset information by segment is not presented to the CODMs.

		Three Months Ended June 30,			Six Months Ended June 30,
		2023		2022		2023		2022
Research and development expenses
eVTOL	$	19,709,498	$	8,180,999	$	39,824,485	$	15,885,150
UATM		1,149,515		1,365,309		1,860,888		2,775,845
Service Support		962,242		870,970		1,664,220		870,970
Total	$	21,821,255	$	10,417,278	$	43,349,593	$	19,531,965

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2023

Summary of Significant Accounting Policies

Change in carve-out methodology

Change in Carve-Out Methodology

Separation Related Adjustments

Separation-related Adjustments

		December 31,			Separation-Related			January 1,
		2021			Adjustments			2022
ASSETS
Current assets:
Cash and equivalents	$	14,376,523		$	(8	)	$	14,376,515
Related party receivables		220,000			-			220,000
Other current assets		6,274,397			(8,567	)		6,265,830
Total current assets		20,870,920			(8,575	)		20,862,345
Capitalized software, net		699,753			(699,753	)		-
Total assets	$	21,570,673		$	(708,328	)	$	20,862,345
LIABILITIES AND NET PARENT EQUITY
Current liabilities:
Accounts payable		877,641			(718,232	)		159,409
Related party payables		8,642,340			1,110,032			9,752,372
Derivative financial instruments		32,226			(32,226	)		-
Other payables		616,156			(94,361	)		521,795
Total current liabilities		10,168,363			265,213			10,433,576
Other non-current payables		702,921			(297,921	)		405,000
Total liabilities		10,871,284			(32,708	)		10,838,576
Net parent equity:
Net parent investment		10,731,615			(707,846	)		10,023,769
Accumulated other comprehensive loss		(32,226	)		32,226			-
Total net parent equity		10,699,389			(675,620	)		10,023,769
Total liabilities and net parent equity	$	21,570,673		$	(708,328	)	$	20,862,345

Emerging Growth Company

Emerging Growth Company

Functional and Reporting Currency

Functional and Reporting Currency

Prior Period Reclassification

Prior Period Reclassification

Use of Estimates

Debt

Debt

New Accounting Pronouncements Not Yet Adopted

New Accounting Pronouncements Not Yet Adopted

There are no recent accounting pronouncements pending adoption that the Company expects will have a material impact on our condensed consolidated financial statements and related disclosures.

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2023

Summary of Significant Accounting Policies

Summary of Separation-related adjustments

		December 31,			Separation-Related			January 1,
		2021			Adjustments			2022
ASSETS
Current assets:
Cash and equivalents	$	14,376,523		$	(8	)	$	14,376,515
Related party receivables		220,000			-			220,000
Other current assets		6,274,397			(8,567	)		6,265,830
Total current assets		20,870,920			(8,575	)		20,862,345
Capitalized software, net		699,753			(699,753	)		-
Total assets	$	21,570,673		$	(708,328	)	$	20,862,345
LIABILITIES AND NET PARENT EQUITY
Current liabilities:
Accounts payable		877,641			(718,232	)		159,409
Related party payables		8,642,340			1,110,032			9,752,372
Derivative financial instruments		32,226			(32,226	)		-
Other payables		616,156			(94,361	)		521,795
Total current liabilities		10,168,363			265,213			10,433,576
Other non-current payables		702,921			(297,921	)		405,000
Total liabilities		10,871,284			(32,708	)		10,838,576
Net parent equity:
Net parent investment		10,731,615			(707,846	)		10,023,769
Accumulated other comprehensive loss		(32,226	)		32,226			-
Total net parent equity		10,699,389			(675,620	)		10,023,769
Total liabilities and net parent equity	$	21,570,673		$	(708,328	)	$	20,862,345

Cash and cash equivalents (Tables)

6 Months Ended

Jun. 30, 2023

Cash and Cash Equivalents

Schedule of cash and cash equivalents

	June 30,		December 31,
		2023		2022
Cash	$	23,392,996	$	14,446,534
CDBs		5,185,486		4,483,260
Fixed deposits		5,013,289		30,216,269
Total	$	33,591,771	$	49,146,063

Financial Investments (Tables)

6 Months Ended

Jun. 30, 2023

Financial Investments

Schedule of Financial Investments

		June 30, 2023
		Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
HTM securities, at cost:
Time deposits	$	150,782,326	$	-	$	(603,760	)	$	150,178,566

		December 31, 2022
		Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
HTM securities, at cost:
Time deposits	$	178,781,549	$	-	$	(1,127,925	)	$	177,653,624

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2023

Related Party Transactions

Schedule of Related Party Transactions

	Three Months Ended June 30,				Six Months Ended June 30,
		2023		2022		2023		2022
Research and development	$	17,272,278	$	8,576,919	$	32,408,255	$	16,228,568
Selling, general and administrative		973,156		6,632,200		1,492,701		7,745,679
Total	$	18,245,434	$	15,209,119	$	33,900,956	$	23,974,247

Other Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2023

Other Balance Sheet Components

Schedule of Property, plant and equipment

		June 30,			December 31,
		2023			2022
Development mockup	$	418,722		$	418,722
Leasehold improvement		165,380			-
Construction in progress ("CIP")		-			44,375
Computer hardware		13,368			13,368
Total property, plant and equipment	$	597,470		$	476,465
Less: Accumulated depreciation		(83,637	)		(24,879	)
Total property, plant and equipment, net	$	513,833		$	451,586

Schedule of Other Current Assets

	June 30,		December 31,
		2023		2022
Prepaid Directors & Officers insurance	$	1,166,293	$	1,292,317
Advances to employees		229,200		74,064
Income tax advance payments ⁽ⁱ⁾		46,603		34,642
Other assets		19,857		24,484
Total	$	1,461,953	$	1,425,507

(i) Refers to federal withholding taxes and recoverable income taxes.

Summary of other payables

	June 30,		December 31,
	2023			2022
Payroll accruals	$	3,478,351	$	4,075,660
Accrued expenses		2,304,112		2,491,847
Advances from customers ⁽ⁱ⁾		1,050,000		800,000
Other payable		546,014		300,738
Income tax payable		113,382		-
Total	$	7,491,859	$	7,668,245
Current portion	$	5,961,337	$	6,648,171
Non-current portion	$	1,530,522	$	1,020,074

(i) Refers to advances from customers who have signed non-binding Letters of Intent to purchase eVTOLs.

Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Measurement

Schedule of company’s financial assets and liabilities by level within the fair value hierarchy

		June 30,			December 31,
		2023			2022
		Level 2			Level 2
Liabilities
Private Placement Warrants	$	(12,541,425	)	$	(3,562,500	)

The position and changes in fair value of the Private Placement Warrants for the period ended June 30, 2023 were as follows:

Schedule of change in the fair value of the Private Placement Warrants

	Private Placement Warrants
Balance as of December 31, 2022	$	3,562,500
Change in fair value		8,978,925
Balance as of June 30, 2023	$	12,541,425

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2023

Stockholders’ equity

Schedule of common stock reserved for future issuance

2022 Stock Incentive Plan	16,562,821
Shares underlying Private Placement Warrants	14,250,000
Shares underlying Public Warrants	11,500,000
Shares underlying New Warrants	37,572,536

Schedule of Warrants, valuation assumptions

		May 9,
Market Warrants with exercise price of $15.00		2022
Share Price (S0)	$	11.32
Maturity Date		12/31/2025
Time (T) - Years		3.63
Strike Price (X)	$	15.00
Risk-free Rate (r)		2.85	%
Volatility (σ)		7.93	%
Dividend Yield (q)		0.00	%
Warrant Value	$	0.11

Common Stock Warrants (Tables)

6 Months Ended

Jun. 30, 2023

Common Stock Warrants

Schedule of Warrants, valuation assumptions

		May 9,
Market Warrants with exercise price of $15.00		2022
Share Price (S0)	$	11.32
Maturity Date		12/31/2025
Time (T) - Years		3.63
Strike Price (X)	$	15.00
Risk-free Rate (r)		2.85	%
Volatility (σ)		7.93	%
Dividend Yield (q)		0.00	%
Warrant Value	$	0.11

Earnings per share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings per share

Schedule of earnings per share

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022				2023			2022
Net loss	$	(31,410,026	)	$	(107,221,565	)	$	(57,182,008	)	$	(117,231,573	)
Weighted-average shares outstanding - basic and diluted		275,632,354			248,989,790			275,563,187			234,574,977
Net loss per share basic and diluted	$	(0.11	)	$	(0.43	)	$	(0.21	)	$	(0.50	)

Schedule of number of anti-dilutive shares excluded from the calculation of diluted net loss per share

	June 30,
	2023	2022
Unvested restricted stock units	1,133,095	427,235
Penny warrants subject to unmet contingencies	13,972,536	11,450,000
Warrants "out of the money"	42,750,000	42,750,000
Total	57,855,631	54,627,235

Research and Development (Tables)

6 Months Ended

Jun. 30, 2023

Research and Development

Research and Development

	Three Months Ended June 30,				Six Months Ended June 30,
		2023		2022		2023	2022
Outsourced service ⁽ⁱ⁾	$	20,063,536	$	8,812,089	$	39,500,865	$	16,957,952
Payroll costs		1,662,937		1,554,360		3,698,721		2,310,728
Other expenses		94,782		50,829		150,007		263,285
Total	$	21,821,255	$	10,417,278	$	43,349,593	$	19,531,965

Selling, general and administrative (Tables)

6 Months Ended

Jun. 30, 2023

Selling, general and administrative

Schedule of selling, general and administrative expenses

	Three Months Ended June 30,				Six Months Ended June 30,
		2023		2022		2023	2022
Payroll costs	$	2,409,072	$	3,827,517	$	5,127,169	$	4,367,982
Outsourced service ⁽ⁱ⁾		3,005,907		4,405,078		5,115,742		4,624,952
Director & Officers insurance		557,404		646,158		1,559,815		646,158
Other expenses		517,742		1,014,610		758,495		1,042,192
Travel & entertainment		142,981		154,203		226,204		175,048
Transaction Costs		-		5,681,367		-		6,190,634
Total	$	6,633,106	$	15,728,933	$	12,787,425	$	17,046,966

Segments (Tables)

6 Months Ended

Jun. 30, 2023

Segments

Schedule of information related to the operating results based on cost by each R&D project

		Three Months Ended June 30,			Six Months Ended June 30,
		2023		2022		2023		2022
Research and development expenses
eVTOL	$	19,709,498	$	8,180,999	$	39,824,485	$	15,885,150
UATM		1,149,515		1,365,309		1,860,888		2,775,845
Service Support		962,242		870,970		1,664,220		870,970
Total	$	21,821,255	$	10,417,278	$	43,349,593	$	19,531,965

Organization and Nature of Business (Details)		6 Months Ended
Organization and Nature of Business (Details)	May 09, 2022 shares	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Apr. 04, 2022 USD ($) $ / shares shares
Disclosure of general information about entity [line items]
Transaction Costs incurred in connection with the Business Combination \| $		$ 0	$ 15,754,066
Common stock \| Class A \| Private Placement \| PIPE Investors
Disclosure of general information about entity [line items]
Common stock shares subscribed but not issued (in shares) \| shares				35,730,000
Share price (in dollars per share) \| $ / shares				$ 10
Common stock value subscribed but not issued \| $				$ 357,300,000
Common stock \| Class A \| Private Placement \| Zanite Sponsor LLC
Disclosure of general information about entity [line items]
Common stock shares subscribed but not issued (in shares) \| shares				2,500,000
Common stock value subscribed but not issued \| $				$ 25,000,000
Common stock \| Class A \| Private Placement \| Embraer Aircraft Holding Inc. (“EAH”)
Disclosure of general information about entity [line items]
Common stock shares subscribed but not issued (in shares) \| shares				18,500,000
Common stock value subscribed but not issued \| $				$ 185,000,000
Embraer Aircraft Holding Inc. (“EAH”)
Disclosure of general information about entity [line items]
Ownership Percentage (as a percent)		90.00%
Business Combination Agreement \| Zanite Acquisition Corp. \| Common stock \| Class A
Disclosure of general information about entity [line items]
Stock conversion ratio		0.01
Business Combination Agreement \| Zanite Acquisition Corp. \| Common stock \| Class B
Disclosure of general information about entity [line items]
Stock conversion ratio		0.01
Business Combination Agreement \| Embraer Aircraft Holding Inc. (“EAH”) \| Zanite Acquisition Corp. \| Common stock \| Class A
Disclosure of general information about entity [line items]
Issuance of shares for consideration (in shares) \| shares	220,000,000

Summary of Significant Accounting Policies (Details) - USD ($)	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 33,591,771		$ 49,146,063			$ 14,376,523
Related party receivables	313,762		203,712			220,000
Other current assets	1,461,953		1,425,507			6,274,397
Total current assets	270,791,640		312,207,206			20,870,920
Capitalized software, net						699,753
Total assets	271,855,602		312,875,428			21,570,673
Current liabilities
Accounts payable	2,350,540		2,097,097			877,641
Related party payables	17,733,475		12,625,243			8,642,340
Derivative financial instruments	12,541,425		3,562,500			32,226
Other payables	5,961,337		6,648,171			616,156
Total current liabilities	38,586,777		24,933,011			10,168,363
Other non-current payables	1,530,522		1,020,074			702,921
Total liabilities	40,117,299		25,953,085			10,871,284
Net parent equity
Net parent investment						10,731,615
Accumulated other comprehensive income/ (loss)						(32,226)
Total stockholders' equity	231,738,303	$ 262,498,254	286,922,343	$ 307,650,450	$ 746,537	10,699,389
Total liabilities and stockholders' equity	$ 271,855,602		$ 312,875,428			21,570,673
Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Current assets
Cash and cash equivalents						14,376,515
Related party receivables						220,000
Other current assets						6,265,830
Total current assets						20,862,345
Capitalized software, net						0
Total assets						20,862,345
Current liabilities
Accounts payable						159,409
Related party payables						9,752,372
Derivative financial instruments						0
Other payables						521,795
Total current liabilities						10,433,576
Other non-current payables						405,000
Total liabilities						10,838,576
Net parent equity
Net parent investment						10,023,769
Accumulated other comprehensive income/ (loss)						0
Total stockholders' equity						10,023,769
Total liabilities and stockholders' equity						20,862,345
Legal entity change separation-related adjustments
Current assets
Cash and cash equivalents						(8)
Related party receivables						0
Other current assets						(8,567)
Total current assets						(8,575)
Capitalized software, net						(699,753)
Total assets						(708,328)
Current liabilities
Accounts payable						(718,232)
Related party payables						1,110,032
Derivative financial instruments						(32,226)
Other payables						(94,361)
Total current liabilities						265,213
Other non-current payables						(297,921)
Total liabilities						(32,708)
Net parent equity
Net parent investment						(707,846)
Accumulated other comprehensive income/ (loss)						32,226
Total stockholders' equity						(675,620)
Total liabilities and stockholders' equity						$ (708,328)

Summary of Significant Accounting Policies (Details 3 Textuals)	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($) shares	Jun. 30, 2023 USD ($) Number	Jun. 30, 2022 USD ($)
New Warrants expenses \| $	$ 0	$ 87,352,000	$ 0	$ 87,352,000
Number of reportable segments \| Number			3
Common stock
Stock issued during period for warrants exercised, shares \| shares		800,000
2022 Stock Incentive Plan \| Restricted Stock Units (“RSUs”)
Stock conversion ratio			1
2022 Stock Incentive Plan \| Restricted Stock Units (“RSUs”) \| Minimum
Share-based compensation arrangement by share-based payment award, award vesting period			1 year
2022 Stock Incentive Plan \| Restricted Stock Units (“RSUs”) \| Maximum
Share-based compensation arrangement by share-based payment award, award vesting period			3 years

Cash and cash equivalents (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash and Cash Equivalents
Cash	$ 23,392,996	$ 14,446,534
CDBs	5,185,486	4,483,260
Fixed deposits	5,013,289	30,216,269
Total cash and cash equivalents	$ 33,591,771	$ 49,146,063	$ 14,376,523

Financial investments (Details) - USD ($)	6 Months Ended	12 Months Ended
Financial investments (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Summary of Investment Holdings [Line Items]
Amortized Cost	$ 150,782,326	$ 178,781,549
Held-to-Maturity Securities [Member]
Summary of Investment Holdings [Line Items]
Amortized Cost	150,782,326	178,781,549
Unrealized Gains	0	0
Unrealized Losses	(603,760)	(1,127,925)
Fair Value	$ 150,178,566	$ 177,653,624

Financial investments (Details 1 Textuals) - USD ($)	6 Months Ended
Financial investments (Details 1 Textuals) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Financial Investments
Maturity of time deposits	90 days
Impaired financing receivable related allowance	$ 0	$ 0

Related Party Transactions (Details) - USD ($)	3 Months Ended		6 Months Ended
Related Party Transactions (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Allocated corporate costs (income)	$ 18,245,434	$ 15,209,119	$ 33,900,956	$ 23,974,247
Research and development
Related Party Transaction [Line Items]
Allocated corporate costs (income)	17,272,278	8,576,919	32,408,255	16,228,568
Selling, general and administrative
Related Party Transaction [Line Items]
Allocated corporate costs (income)	$ 973,156	$ 6,632,200	$ 1,492,701	$ 7,745,679

Related Party Transactions (Details 3 - Textuals) - USD ($)		3 Months Ended		6 Months Ended
	Dec. 14, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Aug. 01, 2022
Related Party Transaction [Line Items]
Allocated corporate costs (income)		$ 18,245,434	$ 15,209,119	$ 33,900,956	$ 23,974,247
Master Service Agreement [Member]
Related Party Transaction [Line Items]
Service agreement fees and expenses settlement days				45 days
Shared Service Agreement [Member]
Related Party Transaction [Line Items]
Service agreement fees and expenses settlement days				45 days
Shared Service Agreement [Member] \| Parent Company [Member]
Related Party Transaction [Line Items]
Period of service agreement term	15 years
Selling, general and administrative
Related Party Transaction [Line Items]
Allocated corporate costs (income)		973,156	6,632,200	$ 1,492,701	7,745,679
Research and Development Expense [Member]
Related Party Transaction [Line Items]
Allocated corporate costs (income)		$ 17,272,278	$ 8,576,919	$ 32,408,255	$ 16,228,568
ERJ \| Master Service Agreement [Member]
Related Party Transaction [Line Items]
Period of service agreement renewal term	1 year
Atech \| Master Service Agreement [Member]
Related Party Transaction [Line Items]
Period of service agreement term	15 years
Embraer Aircraft Holding Inc. (“EAH”)
Related Party Transaction [Line Items]
Principal amount of loans receivable						$ 81,000,000
Loans receivable, Annual interest rate						4.89%

Other Balance Sheet Components (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment
Total property, plant and equipment	$ 597,470	$ 476,465
Less: Accumulated depreciation	(83,637)	(24,879)
Total property, plant and equipment, net	513,833	451,586
Development mockup
Property, Plant and Equipment
Total property, plant and equipment	418,722	418,722
Leasehold improvement
Property, Plant and Equipment
Total property, plant and equipment	165,380	0
Construction in progress ("CIP")
Property, Plant and Equipment
Total property, plant and equipment	0	44,375
Computer hardware
Property, Plant and Equipment
Total property, plant and equipment	$ 13,368	$ 13,368

Other Balance Sheet Components (Details 1) - USD ($)

Jun. 30, 2023

Dec. 31, 2022

Dec. 31, 2021

Other Balance Sheet Components

Prepaid Directors & Officers insurance

$ 1,166,293

$ 1,292,317

Advances to employees

229,200

74,064

Income tax advance payments

^[1]

46,603

34,642

Other assets

19,857

24,484

Total

$ 1,461,953

$ 1,425,507

$ 6,274,397

[1]	Refers to federal withholding taxes and recoverable income taxes.

Other Balance Sheet Components (Details 2) - USD ($)

Jun. 30, 2023

Dec. 31, 2022

Dec. 31, 2021

Other Balance Sheet Components

Payroll accruals

$ 3,478,351

$ 4,075,660

Accrued expenses

2,304,112

2,491,847

Advances from customers

^[1]

1,050,000

800,000

Other payable

546,014

300,738

Income tax payable

113,382

Total

7,491,859

7,668,245

Current portion

5,961,337

6,648,171

$ 616,156

Non-current portion

$ 1,530,522

$ 1,020,074

$ 702,921

[1]	Refers to advances from customers who have signed non-binding Letters of Intent to purchase eVTOLs.

Other Balance Sheet Components (Details 3 Textuals) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Other Balance Sheet Components
Depreciation and amortization expenses	$ 36,709	$ 0	$ 58,759	$ 0

Debt (Details Textuals) R$ in Millions		6 Months Ended
Debt (Details Textuals) R$ in Millions	Jan. 23, 2023 BRL (R$)	Jun. 30, 2023 USD ($)
Brazil’s National Development Bank (“BNDES”) \| First line of credit
Line of Credit Facility [Line Items]
Line of credit facility, interest rate	4.55%
Fundo Nacional Sobre Mudanca Climatica (“FNMC”) \| First line of credit
Line of Credit Facility [Line Items]
Line of credit	R$ 80	$ 17,000,000
Fundo Nacional Sobre Mudanca Climatica (“FNMC”) \| Second line of credit
Line of Credit Facility [Line Items]
Line of credit	R$ 410	86,000,000
Loan Agreement
Line of Credit Facility [Line Items]
Line of Credit Facility, Covenant Terms	within 36 months from the date of signing of the BNDES Loan Agreement. Otherwise, BNDES may terminate the BNDES Loan Agreement and any loans shall be paid by no later than February 15, 2035.
Loan Agreement \| Brazil’s National Development Bank (“BNDES”)
Line of Credit Facility [Line Items]
Line of credit facility, interest rate	1.10%
Fixed rate of interest publish terms	15 days
Eve Brazil \| Brazil’s National Development Bank (“BNDES”)
Line of Credit Facility [Line Items]
Commitment fee amount	R$ 2	428,000
Eve Brazil \| Loan Agreement \| Brazil’s National Development Bank (“BNDES”) \| Two lines of credit
Line of Credit Facility [Line Items]
Line of credit	R$ 490	$ 102,000,000

Derivative Financial Instruments (Details Textuals) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Zanite Acquisition Corp. \| Private Placement Warrants
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments in Hedges, Assets, at Fair Value	$ 12,541,425	$ 3,562,500

Fair Value Measurement (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Recurring \| Level 2
Liabilities
Total liabilities	$ (12,541,425)	$ (3,562,500)

Fair Value Measurement (Details 1) - Private Placement Warrants	6 Months Ended
	Jun. 30, 2023 USD ($)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Fair value of the derivative liabilities, beginning balance	$ 3,562,500
Change in fair value	8,978,925
Fair value of the derivative liabilities, ending balance	$ 12,541,425

Stockholders' Equity (Details)	Jun. 30, 2023 shares
2022 Stock Incentive Plan
Summary of common stock reserved for future issuance
Common stock reserved for future issuance	16,562,821
Shares underlying Private Placement Warrants
Summary of common stock reserved for future issuance
Common stock reserved for future issuance	14,250,000
Shares underlying Public Warrants
Summary of common stock reserved for future issuance
Common stock reserved for future issuance	11,500,000
Shares underlying New Warrants
Summary of common stock reserved for future issuance
Common stock reserved for future issuance	37,572,536

Stockholders' Equity (Details 1 Textuals) - $ / shares	6 Months Ended
Stockholders' Equity (Details 1 Textuals) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	1,000,000,000
Preferred stock, shares authorized	100,000,000
Common stock, shares issued	269,163,921	269,094,021
Common stock, shares outstanding	269,163,921	269,094,021
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, voting rights	one vote per share

Common Stock Warrants (Details) - Market Warrants - Strategic Warrants, two	May 09, 2022 USD ($) $ / shares
Share Price (S0)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Strategic Warrants Outstanding, Measurement Input	11.32
Maturity Date
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Strategic Warrants Outstanding, Maturity Date	Dec. 31, 2025
Time (T) - Years
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Strategic Warrants Outstanding, Term	3 years 7 months 17 days
Strike Price (X)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Strategic Warrants Outstanding, Measurement Input	15
Risk-free Rate (r)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Strategic Warrants Outstanding, Measurement Input	0.0285
Volatility (σ)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Strategic Warrants Outstanding, Measurement Input	0.0793
Dividend Yield (q)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Strategic Warrants Outstanding, Measurement Input	0
Warrant Value (US$)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Strategic Warrants Outstanding, Measurement Input \| $	0.11

Common Stock Warrants (Details 1 Textuals)	6 Months Ended
Common Stock Warrants (Details 1 Textuals)	Jun. 30, 2023 USD ($) $ / shares shares
Public Warrants
Class of Warrant or Right [Line Items]
Class of warrant or right redemption threshold consecutive days from date of closing of business combination	30 days
Warrants and Rights Outstanding, Term	5 years
Class of warrant, date from which warrants exercisable	Jun. 08, 2022
Class of warrants redemption price per unit \| $ / shares	$ 0.01
Reclassification of Public Warrants from liability to equity \| $	$ 10,580,000
Public Warrants \| Common stock
Class of Warrant or Right [Line Items]
Number of securities called by each warrant \| shares	1
Common Stock, Exercise price \| $ / shares	$ 11.5
Class of warrants, Convertible, Stock Price Trigger \| $ / shares	$ 18
Class of warrant or right redemption threshold consecutive trading days	20 days
Class of warrant or right redemption threshold trading days	30 days
Public Warrants \| Common stock \| Class A
Class of Warrant or Right [Line Items]
Stock conversion ratio	0.01
Public Warrants \| Common stock \| Class B
Class of Warrant or Right [Line Items]
Stock conversion ratio	0.01
Public Warrants \| Zanite Acquisition Corp.
Class of Warrant or Right [Line Items]
Class of warrants or rights issued \| shares	11,500,000
Class of warrant or right redemption threshold consecutive days from date of closing of business combination	30 days
Warrants and Rights Outstanding, Term	5 years
Private Placement Warrants \| Common stock
Class of Warrant or Right [Line Items]
Number of securities called by each warrant \| shares	1
Common Stock, Exercise price \| $ / shares	$ 11.5
Private Placement Warrants \| Zanite Acquisition Corp.
Class of Warrant or Right [Line Items]
Class of warrants or rights issued \| shares	14,250,000
Class of warrant or right redemption threshold consecutive days from date of closing of business combination	30 days
Warrants and Rights Outstanding, Term	5 years

Common Stock Warrants (Details 2 Textuals)	6 Months Ended
Common Stock Warrants (Details 2 Textuals)	Jun. 30, 2023 $ / shares shares
Strategic Warrants
Class of Stock [Line Items]
Number of categories of warrants	2
Strategic Warrants \| Penny Warrants
Class of Stock [Line Items]
Common Stock, Exercise price	$ 0.01
Strategic Warrants, one \| Common stock \| Penny Warrants
Class of Stock [Line Items]
Common Stock issuable shares \| shares	24,095,072
Common Stock, Exercise price	$ 0.01
Strategic Warrants, two \| Common stock \| Market Warrants
Class of Stock [Line Items]
Common Stock issuable shares \| shares	12,000,000
Common Stock, Exercise price	$ 15
Strategic Warrants, three \| Common stock \| Market Warrants
Class of Stock [Line Items]
Common Stock issuable shares \| shares	5,000,000
Common Stock, Exercise price	$ 11.5
Private Placement Warrants \| Common stock
Class of Stock [Line Items]
Common Stock, Exercise price	$ 11.5
Number of securities called by each warrant \| shares	1
Public Warrants
Class of Stock [Line Items]
Class of warrants redemption price per unit	$ 0.01
Public Warrants \| Common stock
Class of Stock [Line Items]
Common Stock, Exercise price	$ 11.5
Number of securities called by each warrant \| shares	1

Share-based payments (Details Textuals) - Stock Incentive Plan 2022 - Restricted Stock Units (“RSUs”)		6 Months Ended
	May 05, 2023 $ / shares shares	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation award, other than option equity instruments, granted \| shares	358,990
Share-based compensation award, other than option equity instruments, grant date fair value \| $ / shares	$ 7.41
Stock conversion ratio		1
Share-based compensation award, award vesting rights		one-year vesting periods contain performance conditions.
Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation award, award vesting period		1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation award, award vesting period		3 years

Earnings per share (Details) - USD ($)	3 Months Ended				6 Months Ended
Earnings per share (Details) - USD ($)	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings per share
Net loss	$ (31,410,026)	$ (25,771,982)	$ (107,221,565)	$ (10,010,008)	$ (57,182,008)	$ (117,231,573)
Weighted-average number of shares outstanding - basic	275,632,354		248,989,790		275,563,187	234,574,977
Weighted-average number of shares outstanding - diluted	275,632,354		248,989,790		275,563,187	234,574,977
Net loss per share basic (in dollars per share)	$ (0.11)		$ (0.43)	$ (0.43)	$ (0.21)	$ (0.5)
Net loss per share diluted (in dollars per share)	$ (0.11)		$ (0.43)		$ (0.21)	$ (0.5)

Earnings per share (Details 1) - shares	6 Months Ended
Earnings per share (Details 1) - shares	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	57,855,631	54,627,235
Unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,133,095	427,235
Penny warrants subject to unmet contingencies
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	13,972,536	11,450,000
Warrants "out of the money"
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	42,750,000	42,750,000

Earnings per share (Details 2 - Textuals) - shares	3 Months Ended		6 Months Ended
Earnings per share (Details 2 - Textuals) - shares	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Penny warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average shares outstanding, basic and diluted	6,600,000	6,400,000	6,600,000	6,400,000

Research and Development (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Research And Development [Line Items]

Total

$ 21,821,255

$ 10,417,278

$ 43,349,593

$ 19,531,965

Research and Development Expense [Member]

Research And Development [Line Items]

Outsourced service

^[1]

20,063,536

8,812,089

39,500,865

16,957,952

Payroll costs

1,662,937

1,554,360

3,698,721

2,310,728

Other expenses

94,782

50,829

150,007

263,285

Total

$ 21,821,255

$ 10,417,278

$ 43,349,593

$ 19,531,965

[1]	For the three months ended June 30, 2023 and 2022, $17,233,228 and $8,329,134 and for the six months ended June 30, 2023 and 2022 $32,322,056 and $15,665,298, were charged under the MSA contract, respectively. Refer to Note 5 for additional information regarding the MSA.

Research and Development (Details 1 Textuals) - USD ($)	3 Months Ended		6 Months Ended
Research and Development (Details 1 Textuals) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Research and Development Expense [Member] \| Master Service Agreement [Member]
Research And Development [Line Items]
Outsourced service charged from related parties	$ 17,233,228	$ 8,329,134	$ 32,322,056	$ 15,665,298

Selling, general and administrative (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Selling, General and Administrative

Total

$ 6,633,106

$ 15,728,933

$ 12,787,425

$ 17,046,966

Selling, General and Administrative Expenses [Member]

Selling, General and Administrative

Payroll costs

2,409,072

3,827,517

5,127,169

4,367,982

Outsourced service

^[1]

3,005,907

4,405,078

5,115,742

4,624,952

Director & Officers insurance

557,404

646,158

1,559,815

646,158

Other Expenses

517,742

1,014,610

758,495

1,042,192

Travel & entertainment

142,981

154,203

226,204

175,048

Transaction Costs

5,681,367

6,190,634

Total

$ 6,633,106

$ 15,728,933

$ 12,787,425

$ 17,046,966

[1]	For the three months ended June 30, 2023 and 2022, $237,583 and $163,649 and for the six months ended June 30, 2023 and 2022, $600,158 and $291,708 were charged under the SSA contract, respectively. Refer to Note 5 for additional information regarding the SSA.

Selling, general and administrative (Details 1 Textuals) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Selling, General and Administrative Expenses [Member] \| Shared Service Agreement [Member]
Selling, General and Administrative
Outsourced service charged from related parties	$ 237,583	$ 163,649	$ 600,158	$ 291,708

Income Taxes (Details Textuals) - USD ($)	3 Months Ended		6 Months Ended
Income Taxes (Details Textuals) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Taxes [Line Items]
Effective income tax rates for continuing operations	(0.80%)	(0.10%)
Current income tax expense	$ 303,020	$ 129,708	$ 476,735	$ 129,708

Commitments and Contingencies (Details Textuals)	6 Months Ended
Commitments and Contingencies (Details Textuals)	Jun. 30, 2023 USD ($) Number	Jun. 12, 2023 USD ($)	Dec. 31, 2022 USD ($)	Aug. 02, 2021 Number
Commitments and Contingencies
Costs associated with the lease termination	$ 0
Number of lease facilities \| Number	2			2
Right-of-use assets, net	$ 550,129	$ 338,006	$ 216,636
Operating lease liabilities, current	$ 77,531
Operating lease liabilities, current, statement of financial position	Current portion
Operating lease liabilities, non-current	$ 260,475
Operating lease liabilities, non-current, statement of financial position	Non-current portion

Segments - Schedule of information related to the operating results (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	$ 21,821,255	$ 10,417,278	$ 43,349,593	$ 19,531,965
eVTOL [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	19,709,498	8,180,999	39,824,485	15,885,150
UATM [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	1,149,515	1,365,309	1,860,888	2,775,845
Service Support
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	$ 962,242	$ 870,970	$ 1,664,220	$ 870,970

Segments (Details 1 - Textuals)	6 Months Ended
Segments (Details 1 - Textuals)	Jun. 30, 2023 Number
Segments
Number of reportable segments	3

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