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Eve Holding, Inc. Reports Fourth Quarter and FY2022 Results

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Eve Holding, Inc. (“Eve”) (NYSE: EVEX and EVEXW) reports its fourth quarter and fiscal year 2022 earnings results.

2022 in review

The year of 2022 was particularly eventful for Eve as we accomplished several milestones on our journey to shape the global Urban Air Mobility (UAM) ecosystem, listed the company in the public market, and brought several new partners to our project.  Eve is the first company to graduate from EmbraerX – after having unveiled our first eVTOL (electric Vertical Take Off and Landing) solution in May 2018.  As a separate company, Eve now has the resources, agility and autonomy to continue pursuing innovations to be a protagonist in the UAM market.

During last year, Eve debuted in the New York Stock Exchange (NYSE) as a public company under the symbol EVEX with a de-SPAC transaction that raised net proceeds of approximately $355 million, including PIPE investors and an additional strategic investment by United Airlines Ventures. Also, we secured two distinct credit lines with Brazil’s National Development Bank – the BNDES, for an additional $92.5 million.  With our total liquidity now in excess of $400 million, we feel comfortable that our financial position is sufficient to fund our Research & Development (R&D) requirements as well as operations well into 2025 given the cost advantages we enjoy through our strategic partnership with Embraer.

Our engineers continue to refine our eVTOL design as the program matures. We are leveraging Embraer’s proven development practices, testing subsystems through various methodologies to validate Proofs of Concept (POC’s) and advance towards full-scale prototype of our commercial vehicle for the certification process. Our agile, model-based approach allows us to validate components and airframe features independently or on a systems-basis allowing us to vary configurations as new solutions are identified in a quick and efficient manner. The goal is to develop a safe and reliable eVTOL solution with the most affordable operation and maintenance cost profile, which we believe will be achieved through our Lift + Cruise design configuration.

We have initiated the certification process of our eVTOL with Brazil’s aviation authority – ANAC, and we expect the validation process for the Type Certification (TC) in Brazil to be followed by the FAA (United States Federal Aviation Authority) targeting a dual certification and entry into services in 2026. In parallel, we are in discussions with EASA in Europe and other certification authorities. The Brazilian authorities have a long history of collaboration through bi-lateral agreements with other certification authorities – whereby other certification authorities globally accept and validate the majority of work done by ANAC, typically with reduced additional tests. We believe this combination puts Eve on a clear path to global certification, particularly when combined with our expertise in certification, simple design solutions and undivided attention from the Brazilian authorities.

We continued to conduct simulations with conventional helicopters to test potential applications and use cases of our eVTOL in real urban areas – the most recent ones were a pilot project operated by Blade India with four daily flights from the Bangalore international airport to the city’s business center as well as two weeks of flight simulations in Chicago with the participation of multiple partners including airlines, rotorcraft operators, infrastructure companies and local authorities. After a similar simulation in Rio de Janeiro, we continue to gather market intelligence that will be critical for the proper design of the UAM ecosystem and necessary infrastructure to help scale the business globally and offer a safe and comfortable passenger experience.

Additionally, we are advancing in the selection of the industrial and development partners of critical technologies and components such as battery, propulsion, avionics, manufacturing, among others that we expect to conclude throughout this year.  Some of our partners are also investors in Eve, which provides strong alignment with our interests to develop the UAM market and our aircraft.  Moreover, they bring strategic know-how to support the development of specific components of our aircraft and our suite of products and services for UAM.

The result of Eve’s strengths is the largest and most diversified backlog (by number of customers and regions) in the industry today.  In total, we have non-binding LOIs (Letter of Intent) for 2,770 aircraft, from 26 different customers spread over 12 countries and different markets. We believe this preliminary pipeline offers strong long-term revenue visibility and will help Eve to smooth cash-flow consumption in the years to come as we start to convert the existing letters of intention into firm orders and collect pre-delivery payments (PDP).

We believe Eve has the right partners and development team, which coupled with strong liquidity provide the foundation for success in the design, certification and support of eVTOLs and the UAM market in the years ahead.

Gerard (Jerry) DeMuro

André Stein

 Co-CEO

Co-CEO

Financial highlights

Eve is a pre-operational company dedicated to the development of an eVTOL (Eletric Vertical Takeoff and Landing Vehicle) and the Urban Air Mobility (UAM) ecosystem that includes the vehicle development, air traffic management systems and services and support. Eve doesn’t expect meaningful revenues during the development phase of its vehicle and its financial results are mostly related to costs associated with the program development.

Eve reported a net loss of $20.1 million in 4Q22 versus $8.3 million in 4Q21. For 2022, net loss was $174.0 million, compared with net loss of $18.3 million reported in 2021. Setting aside non-recurring, non-cash expenses of (1) $104.8 million associated with warrant expenses and (2) $6.2 million related to transaction costs and the business combination with Zanite Acquisition Corp. – the higher net losses in 2022, compared to 2021, were driven by higher Research & Development (R&D) expenses and costs activities necessary to progress the eVTOL design, including the Master Service Agreement (MSA) with Embraer and an increase in Selling, General & Administrative (SG&A) expenses.

R&D expenses were $18.0 million in 4Q22, compared with $6.6 million in 4Q21. For 2022, R&D reached $51.9 million or almost four times the $13.3 million invested in the program in 2021. Our R&D efforts are primarily driven by the MSA with Embraer that performs several developmental works for Eve, which reached $38.6 million in 2022.  These efforts intensified in the last year as the design of Eve’s eVTOL advances, as did Eve’s internal design and development structure.

SG&A expenses increased from $1.6 in the 4Q21 to $9.0 million in the 4Q22 and from $4.9 million in 2021 to $32.9 million in 2022, mainly due to the growth in the number of direct employees at Eve, who perform critical corporate functions including program management, strategy, sales and finance activities.

Including employees contracted through its master services agreement (MSA) with Embraer and its subsidiaries, Eve now has approximately 470 team members engaged in the development of its eVTOL and other elements of the UAM ecosystem versus approximately 120 in the end of 2021.

During the fourth quarter of 2022, Eve’s total cash consumption was $20.8 million of cash, versus $7.4 million in 4Q21. During 2022, Eve consumed $59.9 million of cash, versus $14.9 million in 2021. Net cash provided by financing activities reached $352.7 million in 2022, on a combination of the proceeds from the listing in the NYSE and the United Airlines Ventures (UAV) investment in Eve.

At the end of 2022, Eve had $310.6 million in total liquidity (cash, cash equivalents, financial investments and intercompany loan) versus $329.9 million at the beginning of 4Q22. R&D expenses associated with Eve’s aircraft and SG&A were the main contributors for the cash consumption during the quarter. Lastly, accounts payable – mostly related to the MSA agreement with Embraer, increased by $1.4 million in the quarter, totaling $23.3 million in the end of 2022.

As of 4Q22, Eve did not have any debt on its balance sheet. The proceeds from the business combination with Zanite Acquisition Corp., and strategic PIPE investors combined with potential advances from customers and future finance lines are important sources of capital to fund Eve’s development and certification of its eVTOL.

As already mentioned, in the end of the 4Q22 Eve announced the support of the Brazilian Development Bank (BNDES) to its eVTOL development efforts with two distinct credit lines, totaling $92.5 million that we expect to gradually access during 2023 and 2024. Both credit lines offer beneficial conditions with 12-year maturity and amortization grace period. The support from BNDES is an ideal fit for our project with long-term profile that matches Eve’s cash-flow needs and strengthens our balance sheet.

Eve’s 4Q22 total liquidity (cash and equivalents, and financial investments with private banks and Embraer) of $310.6 million does not include the available BNDES finance to be disbursed throughout 2023 and 2024. Including the BNDES credit lines, Eve’s total current liquidity exceeds $400 million.

As Eve continues to advance its eVTOL program, it expects portions of its non-binding order backlog to be gradually converted into firm contracts during the development phase. Those firm orders may result in significant cash advances and inflows to the company through pre-delivery payments that are expected to occur prior to the final eVTOL delivery.

For additional information, please access the full 4Q22 and FY2022 Earnings release, available in the Investor Relations website at ir.eveairmobility.com

Webcast details

Management will discuss the results on a conference call on March 16, 2023, at 8:00am (Eastern Time). The webcast will be publicly available in the Upcoming Events section of the company website (www.eveairmobility.com).

To listen by phone, please dial 1-877-704-4453 or 1-201-389-0920. A replay of the call will be available until midnight, March 31, 2023, by dialing 1-844-512-2921 or 1-412-317-6671 and entering passcode 13735465.

Artificial Intelligence

$10 million Artificial Intelligence Mathematical Olympiad Prize appoints further advisory committee members

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D. Sculley, Kevin Buzzard, Leo de Moura, Lester Mackey and Peter J. Liu appointed to the advisory committee for the Artificial Intelligence Mathematical Olympiad Prize.
LONDON, April 26, 2024 /PRNewswire/ — XTX Markets’ newly created Artificial Intelligence Mathematical Olympiad Prize (‘AIMO Prize’) is a $10mn challenge fund designed to spur the creation of a publicly shared AI model capable of winning a gold medal in the International Mathematical Olympiad (IMO).

XTX Markets is delighted to announce the appointment of five further advisory committee members. This group brings great expertise in machine learning, including D. Sculley, the CEO of Kaggle; Lester Mackey, a Principal Researcher at Microsoft Research and a Macarthur Fellow; and Peter J. Liu, a research scientist at Google DeepMind.
Prolific mathematicians Kevin Buzzard, who achieved a perfect score in the International Mathematical Olympiad, and Leo De Moura who is the Chief Architect for Lean, the automated reasoning tool, also join the advisory group.
They join the existing advisory committee members Terence Tao and Timothy Gowers, both winners of the Fields Medal, as well as Dan Roberts, Geoff Smith and Po-Shen Loh.
The AIMO Advisory Committee will support the development of the AIMO Prize, including advising on appropriate protocols and technical aspects, and designing the various competitions and prizes.
Simon Coyle, Head of Philanthropy at XTX Markets, commented:
“We are thrilled to complete the AIMO Advisory Committee with the appointments of D., Kevin, Leo, Lester and Peter. Together, they have enormous experience in machine learning and automated reasoning and are already bringing expertise and wisdom to the AIMO Prize. We look forward to announcing the winners of the AIMO’s first Progress Prize soon, and then publicly sharing the AI models to support the open and collaborative development of AI.”
Further information on the AIMO Prize
There will be a grand prize of $5mn for the first publicly shared AI model to enter an AIMO approved competition and perform at a standard equivalent to a gold medal in the IMO. There will also be a series of progress prizes, totalling up to $5mn, for publicly shared AI models that achieve key milestones towards the grand prize.
The first AIMO approved competition opened to participants in April 2024 on the Kaggle competition platform. The first progress prize focuses on problems pitched at junior and high-school level maths competitions. There is a total prize pot of $1.048m for the first progress prize, of which at least $254k will be awarded in July 2024, There will be a presentation of progress held in Bath, England in July 2024, as part of the 65th IMO.
For more information on the AIMO Prize visit: https://aimoprize.com/ or the competition page on Kaggle: https://www.kaggle.com/competitions/ai-mathematical-olympiad-prize/
Advisory Committee member profiles:
D. Sculley
D. is the CEO at Kaggle. Prior to joining Kaggle, he was a director at Google Brain, leading research teams working on robust, responsible, reliable and efficient ML and AI. In his career in ML, he has worked on nearly every aspect of machine learning, and has led both product and research teams including those on some of the most challenging business problems. Some of his well-known work involves ML technical debt, ML education, ML robustness, production-critical ML, and ML for scientific applications such as protein design.
Kevin Buzzard
Kevin a professor of pure mathematics at Imperial College London, specialising in algebraic number theory. As well as his research and teaching, he has a wide range of interests, including being Deputy Head of Pure Mathematics, Co-Director of a CDT and the department’s outreach champion. He is currently focusing on formal proof verification, including being an active participant in the Lean community. From October 2024, he will be leading a project to formalise a 21st century proof of Fermat’s Last Theorem. Before joining Imperial, some 20 years ago, he was a Junior Research Fellow at the University of Cambridge, where he had previously been named ‘Senior Wrangler’ (the highest scoring undergraduate mathematician). He was also a participant in the International Mathematical Olympiad, winning gold with a perfect score in 1987. He has been a visitor at the IAS in Princeton, a visiting lecturer at Harvard, has won several prizes both for research and teaching, and has given lectures all over the world.
Leo de Moura
Leo is a Senior Principal Applied Scientist in the Automated Reasoning Group at AWS. In his spare time, he dedicates himself to serving as the Chief Architect of the Lean FRO, a non-profit organization that he proudly co-founded alongside Sebastian Ullrich. He is also honoured to hold a position on the Board of Directors at the Lean FRO, where he actively contributes to its growth and development. Before joining AWS in 2023, he was a Senior Principal Researcher in the RiSE group at Microsoft Research, where he worked for 17 years starting in 2006. Prior to that, he worked as a Computer Scientist at SRI International. His research areas are automated reasoning, theorem proving, decision procedures, SAT and SMT. He is the main architect of several automated reasoning tools: Lean, Z3, Yices 1.0 and SAL. Leo’s work in automated reasoning has been acknowledged with a series of prestigious awards, including the CAV, Haifa, and Herbrand awards, as well as the Programming Languages Software Award by the ACM. Leo’s work has also been reported in the New York Times and many popular science magazines such as Wired, Quanta, and Nature News.
Lester Mackey
Lester Mackey is a Principal Researcher at Microsoft Research, where he develops machine learning methods, models, and theory for large-scale learning tasks driven by applications from climate forecasting, healthcare, and the social good. Lester moved to Microsoft from Stanford University, where he was an assistant professor of Statistics and, by courtesy, of Computer Science. He earned his PhD in Computer Science and MA in Statistics from UC Berkeley and his BSE in Computer Science from Princeton University. He co-organized the second place team in the Netflix Prize competition for collaborative filtering; won the Prize4Life ALS disease progression prediction challenge; won prizes for temperature and precipitation forecasting in the yearlong real-time Subseasonal Climate Forecast Rodeo; and received best paper, outstanding paper, and best student paper awards from the ACM Conference on Programming Language Design and Implementation, the Conference on Neural Information Processing Systems, and the International Conference on Machine Learning. He is a 2023 MacArthur Fellow, a Fellow of the Institute of Mathematical Statistics, an elected member of the COPSS Leadership Academy, and the recipient of the 2023 Ethel Newbold Prize.
Peter J. Liu
Peter J. Liu is a Research Scientist at Google DeepMind in the San Francisco Bay area, doing machine learning research with a specialisation in language models since 2015 starting in the Google Brain team. He has published and served as area chair in top machine learning and NLP conferences such as ICLR, ICML, NEURIPS, ACL and EMNLP. He also has extensive production experience, including launching the first deep learning model for Gmail Anti-Spam, and using neural network models to detect financial fraud for top banks. He has degrees in Mathematics and Computer Science from the University of Toronto.
About XTX Markets:
XTX Markets is a leading financial technology firm which partners with counterparties, exchanges and e-trading venues globally to provide liquidity in the Equity, FX, Fixed Income and Commodity markets. XTX has over 200 employees based in London, Paris, New York, Mumbai, Yerevan and Singapore. XTX is consistently a top 5 liquidity provider globally in FX (Euromoney 2018-present) and is also the largest European equities (systematic internaliser) liquidity provider (Rosenblatt FY: 2020-2023).
The company’s corporate philanthropy focuses on STEM education and maximum impact giving (alongside an employee matching programme). Since 2017, XTX has donated over £100mn to charities and good causes, establishing it as a major donor in the UK and globally.
In a changing world XTX Markets is at the forefront of making financial markets fairer and more efficient for all.
 

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Hikvision redefines urban mobility with AIoT-powered solutions at Intertraffic 2024

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HANGZHOU, China, April 26, 2024 /PRNewswire/ — Hikvision made a significant appearance at Intertraffic Amsterdam, the leading global trade fair for mobility and traffic technology. At the trade event, Hikvision unveiled a suite of traffic, transport, and parking management solutions and products powered by Artificial Intelligence of Things (AIoT) technology, which promised to improve urban mobility, road safety, and operational efficacy.

Elevating urban traffic intelligence with AIoT
One highlight of the Hikvision stand was its intelligent urban traffic solution, which leveraged the power of AIoT to deliver comprehensive real-time monitoring, incident detection, and traffic control. This solution intelligently reshapes traffic dynamics, offering a more responsive and data-driven approach to enhance situational awareness and traffic management. Key innovations in the solution included:
Hikvision’s radar-video fusion camerasThese combine the range perception of radar with the visual perception of video. The 4 MP Radar and Video Vehicle Detector, for example, helps to enhance road safety by providing early warning of potential hazards in challenging situations such as blind spots at intersections and obstacles outside the visual range.Hikvision’s All-In-One Traffic SpotterThis stands out with its multifaceted design incorporating video, radar, and lighting technologies for heightened traffic violation detection. Its streamlined column design facilitates effortless installation.Hikvision’s Radar-Linked PTZ Camera This ensures consistent performance in adverse weather and lightening conditions, and minimizes false alarms with advanced deep-learning algorithms.Innovating parking management
Hikvision also introduced its parking management solutions. These combine extremely precise license plate recognition and intelligent barrier controls incorporating highly accurate radar sensors. This comprehensive approach enhances security, reduces the need for manual intervention, and streamlines traffic flow across parking areas. The Global Shutter CMOS* (GMOS) ANPR camera was a new addition to the lineup. Designed to seamlessly blend in the environment, it is tailored for the task of discreetly capturing license plates at parking facilities that prioritize subtlety.
Advancing public transportation safety and efficiency
Attendees also had the opportunity to explore Hikvision’s latest public transport solutions, integrating AI-driven analytics with advanced video security, on-site voice broadcasting, and centralized management for enhanced onboard security, improved passenger experience, and operational efficiency for buses and taxis. This included the Four-way monitoring system and the Panoramic Auxiliary System, both designed to reduce blind spots and provide high-definition imaging to improve driving safety.
“As ever, we are continually expanding our suite of technologies to enhance traffic safety and efficiency,” said Nick Wu, Project Product Director at Hikvision Europe. “Our commitment lies in minimizing the need for extensive roadside installations by incorporating comprehensive perception and robust AI within unified device frameworks. These innovations automate and streamline every aspect of traffic management, from violation detection to traffic flow monitoring, driving safety, and parking management.”
To find out more about Hikvision’s urban mobility products and solutions, please explore its official website.
Note: CMOS stands for Complementary Metal-Oxide-Semiconductor.
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Artificial Intelligence

London Blockchain Conference Launches the No Future Campaign

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LONDON, April 26, 2024 /PRNewswire/ — The London Blockchain Conference is excited to announce the launch of its ground-breaking, ‘No Future Campaign’. This initiative aims to create a strong narrative surrounding blockchain technology by challenging perceptions and sparking conversations. By creating this platform, the campaign aims to instil a fear of missing out (FOMO) sensation among the audience, positioning the London Blockchain Conference as a gateway to securing a stake in the future and unlocking the potential of blockchain technology.

With a bold and evocative narrative theme, the campaign will initially confront the audience with a jarring reality check of “NO FUTURE” and then resolve the statement “WITHOUT BLOCKCHAIN” to spark curiosity and engagement with the optimistic revelation that blockchain holds the key to a prosperous future.
The ‘No Future Campaign’ started on 17 April 2024 with the London Blockchain Conference creating and executing content on/with media platforms and partnerships:
Wharf Life inserts (17/04/2024) – Print and a digital advert/editorial-sponsored pieces.Animations being released on paid and organic channels in a 3-week campaign.Alex Stein, Conference Director said, “The No Future Campaign is a call for individuals, enterprises, and governments to recognise the importance and role of blockchain in shaping the future. Through the London Blockchain Conference, we aim to educate and inspire attendees to understand and harness the potential of blockchain technology.”
The three-day London Blockchain Conference at the ExCel will bring together politicians, business leaders, and innovators. The conference will be running from 21 – 23 May 2024 and will focus on disruptive and real-world applications of blockchain technology and the impact it is having on politics, emerging technologies, and enterprises.
For more information about the ‘No Future campaign’, visit the London Blockchain Conference website.
About the London Blockchain Conference
NETWORK. LEARN. ENGAGE. 
 At the London Blockchain Conference, we show how Blockchain will change the world and help people see another way to manage data, build scalable on-chain solutions and achieve great things. We do this by creating valuable, insightful, and engaging events that educate and inform, allowing you to connect and network to build strong business relationships. Our conference is the best avenue to see blockchain innovations, ecosystem announcements, product launches, technology updates, keynote speeches, panels, and fireside chats from blockchain leaders. Join us and experience it for yourself. 
 
 

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