Earnings per share

12 Months Ended

Dec. 31, 2025

Basic and diluted earnings per share is computed by dividing net loss by the weighted average number of common stock outstanding during the period. Diluted net loss per common stock reflects the potential dilution that would occur if securities were exercised or converted into common stock. The effects of any incremental potential common stock are excluded from the calculation of earnings per share if their effect would be anti-dilutive. Contingently issuable shares, including equity awards with performance conditions, are considered outstanding common shares and included in basic and diluted earnings per share as of the date that all necessary conditions to earn the awards have been satisfied. Public and Private Warrants are considered for the diluted earnings per share calculation to the extent they are “in-the-money” and their effect is dilutive. The Company has retroactively adjusted the shares issued and outstanding prior to May 9, 2022, to give effect to the exchange ratio.

For the years ended 2025, 2024, and 2023, there were no securities outstanding whose effect would be dilutive to earnings per share. Therefore, the number of basic and diluted weighted-average shares outstanding were equal for each period.

	Year Ended December 31,
		2025		2024		2023
Net loss	$	(224,255)	$	(138,168)	$	(127,658)
Weighted-average shares outstanding – basic and diluted		321,348		288,524		275,763
Net loss per share – basic and diluted	$	(0.70)	$	(0.48)	$	(0.46)

Penny Warrants included in Net loss per share calculation – basic and diluted		3,000		6,000		6,900

The following table presents potentially dilutive securities excluded from the calculation of diluted earnings per share as their effect would have been anti-dilutive.

	December 31,
		2025	2024	2023
Unvested restricted stock units		2,681	1,567	1,132
Penny Warrants with unmet contingencies		15,023	15,023	13,523
Out of the money warrants		34,453	34,453	42,750
Total		52,157	51,043	57,405

Certain Penny Warrants contain contingencies agreed upon with potential customers and suppliers that have not yet been achieved. Warrants that are out of the money include Public, Private, and Market Warrants where the exercise price exceeded the common stock price for the period. Refer to Note 9 for a summary of the terms for all warrants.

Eve Holding, Inc. 10-K