How did the eVTOL companies perform in Q3 2024?

The big players in the AAM world with publicly available financial data have presented their Q3 2024 numbers.

*Vertical has yet to release their data, so we estimate their numbers.

**For Volocopter, we had to guess based on funding rounds and when they stated they were out of money and facing insolvency back in the Spring.

Here are the basic financials:

Net Income or (Losses) in Millions

1. Archer ($115.3)
2. Joby ($143.9)
3. EHang $2.17
4. Eve ($35.8)
5. Vertical* ($25.0)
6. Volocopter** ($30.0)

Cash on Hand in Millions

1. Archer $501.7
2. EHang $148.9
3. Eve $279.8
4. Joby $710.0
5. Vertical* $38.0
6. Volocopter** $100.0

We also had our first significant failure, with Lilium recently entering insolvency. I imagine there will be at least a few more in the near future.

Charts

The first chart is a visualization of the data presented above.

In the following chart, the cash on hand for each quarter between Q3 2024 to Q1 2026 are shown. Future values were calculated by subtracting the Q3 expenses for each subsequent quarter. Of course, this assumes no future changes to cash inflow or expenses.

Along similar lines, below shows the financial longevity of each company, in the number of quarters, assuming no future changes to cash inflow or expenses. Note: The analysis only goes out 6 quarters, so if a company has a longevity of 6, it likely will keep going beyond that point.

A new (and exciting) chart shows the number of units (eVTOLs) delivered in the most recent quarter (Q3 2024). While EHang is the only manufacturer currently delivering aircraft, we are probably not far from others joining the list.

Where do we go from here?

While the provided details are forecasts, they corroborate trends in firm performance, offering industry stakeholders enhanced insight into the most formidable manufacturers. This is an overview of the consequences:

1. Archer & Joby are burning cash like crazy but have plenty of cash on hand and appear to have retained investors' confidence.
2. Eve has strong financial backers and has a "reasonable" cash burn rate and cash on hand.
3. EHang is the only company making money and delivering aircraft. With that said, their ability to penetrate markets outside of China and Southeast Asia is uncertain. Further, the utility of the current eVTOL offering for anything beyond sightseeing or very short range shuttle service is nonexistent.
4. Vertical & Volocopter are struggling to remain afloat. Vertical seems to have some solid financial supporters so maybe that can help them weather the storm. Volocopter is probably the most at risk, even mentioning possible insolvency back in the Spring of 2024.

In short, it would not be a surprise if one, maybe two, of those on this list to fail within the next year. Only time will tell - let's keep our fingers crossed!

"Spit-ball" Ratings

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