Eva Live, Inc. (GOAI) entered into an at‑the‑market equity distribution agreement on April 14, 2026 that allows the company to sell up to $100 million of common stock through Maxim Group LLC, a sales agent that will receive a 3.0% commission on each transaction. The agreement is structured as a private placement and is governed by a Form S‑3 registration statement (File No. 333‑294416) that became effective on March 24, 2026.
The company plans to use the net proceeds for working capital and general corporate purposes, a move that could reduce its reliance on debt financing. Eva Live has historically funded operations through promissory notes and short‑term debt, and the new equity line offers a lower‑cost alternative that can be drawn as needed.
Eva Live reported a 82.6% revenue increase to $17 million and a swing to $8.1 million net income for the fiscal year ended December 31, 2025, compared with the prior year. The strong performance, driven by expanding demand for its AI‑powered media‑buying platform, underpins the company’s confidence in scaling the business and justifies the capital raise.
The equity distribution agreement will dilute existing shareholders, but the dilution will depend on the number of shares ultimately sold and the prevailing market price. The company’s current outstanding share count is not disclosed, so the exact dilution percentage cannot be calculated at this time.
Customer concentration remains a risk, with the top three customers accounting for 85% of revenue in 2024 and 93% in 2023. The capital raise may help Eva Live diversify its client base and reduce concentration risk over time.
The agreement’s at‑the‑market structure allows Eva Live to tap the market gradually, providing flexibility to match capital needs with cash flow cycles. The 3.0% commission to Maxim Group LLC is standard for such offerings and does not materially affect the company’s cost of capital.
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