Archer Aviation Inc (ACHR) 2022 Q4 法說會逐字稿

Good afternoon. Thank you for attending today's Archer Aviation, Inc. Q4 2022 Financial Results Conference Call. My name is Bethany, and I will be the moderator for today's call. (Operator Instructions) I would now like to pass the conference over to our host, Andy Missan, Chief Legal Officer with Archer Aviation. Please go ahead.

下午好。感謝您參加今天的 Archer Aviation, Inc. 2022 年第四季度財務業績電話會議。我叫 Bethany，我將擔任今天電話會議的主持人。 （操作員說明）我現在想將會議轉交給我們的主持人安迪米桑，他是 Archer Aviation 的首席法律官。請繼續。

Thank you, operator. Good afternoon, everyone, and thank you for joining us today to review Archer's Q4 and full year 2022 operating and financial results. My name is Andy Missan, the Chief Legal Officer of Archer Aviation. On the call today is Adam Goldstein, our Founder and CEO; Mark Mesler, our CFO; and Tom Muniz, our COO. We posted a shareholder letter detailing our Q4 and full year 2022 operating and financial results to our IR website. This call is being recorded, and an archive will be available on our IR website. Before we begin, I'd like to remind everyone that during today's call, we'll be making forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual events or actual future results to differ materially from those expressed or implied in the forward-looking statements on this call.

謝謝你，運營商。大家下午好，感謝您今天加入我們，回顧 Archer 的第四季度和 2022 年全年運營和財務業績。我叫 Andy Missan，是 Archer Aviation 的首席法務官。今天的電話會議是我們的創始人兼首席執行官 Adam Goldstein；我們的首席財務官 Mark Mesler；和我們的首席運營官 Tom Muniz。我們在 IR 網站上發布了一封股東信，詳細介紹了我們第四季度和 2022 年全年的運營和財務業績。此通話正在錄音中，我們的 IR 網站上將提供存檔。在我們開始之前，我想提醒大家，在今天的電話會議上，我們將發表前瞻性陳述。這些前瞻性陳述受到風險和不確定性的影響，這些風險和不確定性可能導致實際事件或實際未來結果與本次電話會議的前瞻性陳述中明示或暗示的內容存在重大差異。

Those risks and uncertainties are described in the Risk Factors section of our last annual report on Form 10-K, our Form 10-Q is filed since then and other filings with the Securities and Exchange Commission available on the SEC's website and on our IR website. Except as required by law, we disclaim any obligation to update or make revisions to such forward-looking statements as a result of new information or future events.

這些風險和不確定性在我們上一份 10-K 表格年度報告的風險因素部分進行了描述，我們的 10-Q 表格從那時起提交給美國證券交易委員會的其他文件可在 SEC 網站和我們的 IR 網站上找到.除法律要求外，我們不承擔任何因新信息或未來事件而更新或修改此類前瞻性陳述的義務。

Also, please note on this call, certain financial measures are presented on a non-GAAP basis. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in our shareholder letter posted on our IR website. We'll begin with commentary and then we'll open up the call to questions. And with that, I'd like to turn the call over to Adam Goldstein. Adam?

另外，請注意在本次電話會議上，某些財務措施是在非公認會計原則的基礎上提出的。這些非 GAAP 財務措施與最直接可比的 GAAP 措施的調節包含在我們的 IR 網站上發布的股東信中。我們將從評論開始，然後我們將開始提問。有了這個，我想把電話轉給亞當戈德斯坦。亞當？

We remain committed to bringing to market the leader at for the UAM business case. That means bringing to market a safe, low noise aircraft that can carry approximately 1,000 pounds of payload to enable a pilot plus 4 passenger aircraft operation that has low direct operating cost and the ability to conduct rapid back-to-back trips in and around urban areas; two, designing an aircraft for certification and mass manufacturing from day 1; and three, focusing our in-house development on only the key enabling technologies that cannot be sourced from the existing aerospace supply base. We believe that our strategy, coupled with our team's industry-leading experience across [Entel] aircraft in electric propulsion systems is what allows us to make such demonstrable and clear progress.

我們仍然致力於將 UAM 業務案例的領導者推向市場。這意味著要將一種安全、低噪音的飛機推向市場，這種飛機可以運載大約 1,000 磅的有效載荷，使飛行員和 4 架客機能夠以較低的直接運營成本運行，並能夠在市區內和周邊進行快速背靠背旅行地區；第二，從第一天開始設計用於認證和大規模製造的飛機；第三，將我們的內部開發重點放在無法從現有航空航天供應基地採購的關鍵使能技術上。我們相信，我們的戰略，加上我們團隊在 [Entel] 飛機電力推進系統方面的行業領先經驗，使我們能夠取得如此明顯和明確的進展。

We entered 2022 with an aggressive road map to advance our business across 4 key areas: technology development, manufacturing build-out, certification and commercial operations. We exited 2022 with tremendous momentum with the Archer team achieving significant milestones in each area. I'll recap for you a few of what I believe to be and most noteworthy highlights that demonstrate our leadership in this market, taking maker from Hover to full transition in less than a year, receiving an industry-first $10 million nonrefundable predelivery payment on 100 aircraft from United Airlines. Announcing with United Airlines, the first commercial electric air taxi route in the U.S. from downtown Manhattan to Newark Liberty International Airport, unveiling our production aircraft midnight at our open house event in the Bay Area that included a flight test experience and announcing the industry's first high-volume EV Tal manufacturing facility in Covington, Georgia. I couldn't be prouder of what our team has achieved. We ask them to come to work every day to figure out how to do what was once thought impossible, build and commercialize electric aircraft. But the challenge to our team doesn't stop there. We push them to do it more efficiently than anyone else in the industry. That means finding a way to do it while spending 1/3 less capital, using 1/3 less people and in 1/3 of the time as some of our leading competitors.

進入 2022 年，我們制定了積極的路線圖，以在 4 個關鍵領域推進我們的業務：技術開發、製造擴建、認證和商業運營。我們以巨大的勢頭結束了 2022 年，Archer 團隊在每個領域都取得了重要的里程碑。我將為您回顧一些我認為是和最值得注意的亮點，這些亮點證明了我們在這個市場上的領導地位，在不到一年的時間內將製造商從 Hover 帶到了全面轉型，在聯合航空公司的 100 架飛機。與美國聯合航空公司宣布，美國第一條從曼哈頓市中心到紐瓦克自由國際機場的商業電動空中出租車路線，在我們在灣區舉行的開放日活動中午夜揭幕我們的生產飛機，其中包括飛行測試體驗，並宣佈業界首個高位於佐治亞州卡溫頓的 EV Tal 製造工廠。我為我們團隊所取得的成就感到無比自豪。我們要求他們每天來上班，弄清楚如何做曾經被認為不可能的事情，即製造電動飛機並將其商業化。但對我們團隊的挑戰並不止於此。我們推動他們比業內其他任何人都更有效地做到這一點。這意味著找到一種方法來做到這一點，同時減少 1/3 的資本支出，減少 1/3 的人員和 1/3 的時間，與我們的一些主要競爭對手相比。

Our team continues to deliver in space. One of the keys to our efficiency is how we leverage our relationships with our key strategic partners, United and Stellantis. I've previously talked at length about our United relationship and given our recent exciting announcements about the deepening of our partnership with Stellantis, I'll focus on that on today's call. As a reminder, Stellantis one of the world's largest automakers. It's storied and iconic brands, including Jeep, Ram and Madarabi. Stellantis has been a strategic partner to us since 2020 through various collaboration initiatives. They've also been a cornerstone investor since 2021. During this time, Archer has leveraged Lantus deep manufacturing, supply chain and design expertise in connection with our efforts to design, develop and commercialize our EBT aircraft.

我們的團隊繼續在太空中交付。我們效率的關鍵之一是我們如何利用我們與主要戰略合作夥伴 United 和 Stellantis 的關係。我之前已經詳細討論了我們與 United 的關係，鑑於我們最近發布了關於加深我們與 Stellantis 合作夥伴關係的激動人心的公告，我將在今天的電話會議上重點討論這一點。提醒一下，Stellantis 是世界上最大的汽車製造商之一。它擁有著名的標誌性品牌，包括 Jeep、Ram 和 Madarabi。自 2020 年以來，通過各種合作計劃，Stellantis 一直是我們的戰略合作夥伴。自 2021 年以來，他們也是基石投資者。在此期間，Archer 利用 Lantus 在製造、供應鍊和設計方面的深厚專業知識來設計、開發和商業化我們的 EBT 飛機。

Carlos Tavares, Stellantis's CEO, has a very unique perspective on the industry as a result of his experience as the CEO of one of the world's largest and best run auto manufacturers in the world and having sat on the board of Airbus for nearly 6 years. This makes him one of the only people in the world that have expertise in both efficient, high-volume auto manufacturing operations and large-scale aerospace manufacturing. And that is why we are very proud of the sentiment he shared recently when he commented that he is continually impressed by Archer's ingenuity and unwavering commitment to deliver.

Stellantis 的首席執行官卡洛斯·塔瓦雷斯 (Carlos Tavares) 擁有非常獨特的行業視角，這是因為他曾擔任世界上最大、運營最好的汽車製造商之一的首席執行官，並在空中客車公司董事會任職近 6 年。這使他成為世界上為數不多的同時擁有高效、大批量汽車製造業務和大型航空航天製造專業知識的人之一。這就是為什麼我們對他最近分享的情緒感到非常自豪，當時他評論說他一直對 Archer 的獨創性和堅定不移的交付承諾印象深刻。

One of the common investor question people ask me is, how is Archer going to manufacture aircraft and higher volumes than other traditional aerospace OEMs. The answer is simple, together with Stellantis -- and this is what our expanded partnership is all about. As Carlos said, supporting Archer with their manufacturing expertise is another example of how Stellantis will lead the way the world moves. We've joined forces to ramp our manufacturing capabilities together. We will leverage each company's respective strengths and competencies. We bring our world-class team with EV Tal, collective powertrain and certification experts while Stellantis brings advanced manufacturing, technology and expertise, scale, experience, personnel and capital to the partnership. This combination is intended to enable the rapid scaling of aircraft production to meet our commercialization plans while allowing us to strengthen our path by helping us avoid hundreds of millions of dollars of spending during the manufacturing ramp-up phase.

人們問我的一個常見投資者問題是，Archer 將如何製造飛機，並比其他傳統航空航天 OEM 製造更多的飛機。答案很簡單，與 Stellantis 一起——這就是我們擴大合作夥伴關係的意義所在。正如 Carlos 所說，用他們的製造專業知識支持 Archer 是 Stellantis 將如何引領世界發展方式的另一個例子。我們聯手提升我們的製造能力。我們將利用每家公司各自的優勢和能力。我們帶來了世界一流的團隊，包括 EV Tal、集體動力總成和認證專家，而 Stellantis 則為合作夥伴關係帶來了先進的製造、技術和專業知識、規模、經驗、人員和資本。這種結合旨在實現飛機生產的快速擴展以滿足我們的商業化計劃，同時通過幫助我們避免在製造升級階段花費數億美元來加強我們的路徑。

Working with Stellantis, we have now begun construction on the industry's first high-volume manufacturing facility in Covington, Georgia, and a site adjacent to the Covington municipal airport. In selecting this location, we completed together with Stellantis, a comprehensive survey of potential sites across the United States. Key considerations included the availability and diversity of talent in the local labor market, ability to conduct seamless flight test operations, construction costs and logistics. In April, we plan to host a cermonial event at the site to celebrate this achievement and the exciting future we have ahead in Georgia.

我們與 Stellantis 合作，現在已經開始在佐治亞州卡溫頓和卡溫頓市機場附近的一個地點建設該行業的第一個大批量製造工廠。在選擇這個地點時，我們與 Stellantis 一起完成了對美國各地潛在地點的全面調查。主要考慮因素包括當地勞動力市場人才的可用性和多樣性、進行無縫飛行測試操作的能力、建設成本和物流。 4 月，我們計劃在現場舉辦一場儀式，以慶祝這一成就以及我們在佐治亞州擁有的激動人心的未來。

The plan is to initially build out a 350,000 square foot facility capable of producing up to 650 aircraft per year. The facility is set up so that it can be expanded by an additional approximate 550,000 square feet to support production of up to 2,300 aircraft per year. We will share more details on the progress of this build-out as it continues to take shape. Just as important as the manufacturing expertise and experience they bring to the relationship is the capital they bring. As a key part of our expanded relationship, Stellantis is providing us with up to $150 million in equity capital for draw at our discretion in 2023 and 2024, subject to our achievement of certain business milestones, which we expect to occur in 2023.

該計劃最初是建造一個 350,000 平方英尺的設施，每年能夠生產多達 650 架飛機。該設施的設置使其可以再擴展約 550,000 平方英尺，以支持每年生產多達 2,300 架飛機。我們將分享有關此擴展的更多詳細信息，因為它會繼續成形。與他們為關係帶來的製造專業知識和經驗一樣重要的是他們帶來的資本。作為我們擴大關係的關鍵部分，Stellantis 向我們提供高達 1.5 億美元的股本，供我們在 2023 年和 2024 年自行決定提取，前提是我們預計將在 2023 年實現某些業務里程碑。

The structure of this equity investment is quite unique and intentional, and that it gives us the flexibility to access it if and when we need it with our goal being to minimize dilution. Stellantis also signaled their intent to increase their strategic shareholding through future purchases of our stock in the open market. We believe this is by far the deepest commitment by a strategic partner across the eVTOL industry. I couldn't be happier with the relationship we have forged with Carlos Tavares and his team at Stonkus.

這種股權投資的結構非常獨特且有意為之，它使我們能夠在需要時靈活地獲取它，我們的目標是最大限度地減少稀釋。 Stellantis 還表示他們打算通過未來在公開市場上購買我們的股票來增加戰略持股。我們相信這是迄今為止 eVTOL 行業戰略合作夥伴做出的最深切承諾。我對我們與 Carlos Tavares 及其在 Stonkus 的團隊建立的關係感到非常高興。

I'll now shift to what's ahead in 2023. We -- the leaders in this industry are now focusing on building and conducting piloted operations with conforming aircraft to support the goal of entering into service in 2025. Today, we announced our exciting progress at the final assembly of our first midnight aircraft is nearly complete. All major aero structures that is the wing, tail, peso, et cetera, have been built and mated together. Our team has installed a significant portion of the wiring, electronics, actuators and other systems. And we are currently targeting to begin our flight test campaign with this aircraft in mid-2023. I'll let Tom talk in more detail about the progress and purpose of this aircraft, but I do want to note that will be used to enable company testing in advance of 4 credit certification testing.

我現在將轉向 2023 年的未來。我們——這個行業的領導者現在正專注於用合格的飛機建造和進行有人駕駛操作，以支持 2025 年投入使用的目標。今天，我們宣布了令人興奮的進展我們第一架午夜飛機的最後組裝接近完成。所有主要的航空結構，如機翼、尾翼、比索等，都已構建並配對在一起。我們的團隊已經安裝了很大一部分的佈線、電子設備、執行器和其他系統。我們目前的目標是在 2023 年年中開始使用這架飛機進行飛行測試。我會讓湯姆更詳細地談談這架飛機的進展和目的，但我確實想指出，它將用於在 4 信用認證測試之前啟用公司測試。

Additionally, component manufacturing is already underway for our first conforming midnight aircraft, which will be flown with the pilot. As we noted in our shareholder letter, we are planning to build 6 or more conforming aircraft for credit testing with the FAA in support of our type certification. We are targeting completion of our initial conforming aircraft in 4Q 2023. And in turn, we will begin piloted flight test operations with this conforming aircraft in early 2024. These conforming aircraft will be built at our San Jose, California manufacturing facility and integrated test lab, located strategically just around the corner from our HQ. Now I'll turn to our commercial operations build-out efforts.

此外，我們第一架符合標準的午夜飛機的組件製造已經在進行中，這架飛機將由飛行員駕駛。正如我們在股東信中指出的那樣，我們計劃建造 6 架或更多符合條件的飛機，以便與 FAA 進行信用測試，以支持我們的型號認證。我們的目標是在 2023 年第四季度完成我們最初的合規飛機。反過來，我們將在 2024 年初使用這架合規飛機開始試飛操作。這些合規飛機將在我們位於加利福尼亞州聖何塞的製造工廠和綜合測試實驗室建造, 戰略性地位於我們總部的拐角處。現在我將轉向我們的商業運營建設工作。

We continue to make great strides there. Following on from our announcements in 2022 with United Airlines, setting out the first planned commercial point-to-point eVTOL route from downtown Manhattan to Newark Liberty International Airport as well as our joint eVTOL Advisory Committee, our teams continue to work closely to identify additional planned takeoff landing location in the New York metropolitan area and other cities in the U.S. and mature our plans around commercial operational matters.

我們繼續在那裡取得長足進步。繼我們在 2022 年與美國聯合航空公司宣布首條計劃中的從曼哈頓市中心到紐瓦克自由國際機場的點對點 eVTOL 商業航線以及我們的聯合 eVTOL 諮詢委員會之後，我們的團隊將繼續密切合作，以確定更多計劃在紐約都會區和美國其他城市的起飛著陸點，並圍繞商業運營事項完善我們的計劃。

As part of this work with United and as we build out our customer-facing app, our data science and product teams are working hard to map out the desired Urban Air Mobility customer experience. To better understand the customer journey, we recently built out our first Archer portal at our HQ. The Archer portal is a prototype build of the takeoff and landing experience we plan to deploy. It will allow us to test the configuration, technologies and procedures we will leverage in our everyday commercial operations. The Archer portal design is modular, adaptable and low cost, enabling it to evolve based on a variety of environments and requirements. We plan to integrate our Archer portal seamlessly into the existing infrastructure at our takeoff and landing locations so that we can offer a heightened and efficient experience to both passengers and crew members. Stay tuned as we'll continue to have exciting announcements in this area throughout 2023.

作為與 United 合作的一部分，並且在我們構建面向客戶的應用程序時，我們的數據科學和產品團隊正在努力規劃所需的城市空中交通客戶體驗。為了更好地了解客戶旅程，我們最近在總部建立了第一個 Archer 門戶。 Archer 門戶是我們計劃部署的起飛和著陸體驗的原型構建。它將使我們能夠測試我們將在日常商業運營中利用的配置、技術和程序。 Archer 門戶設計採用模塊化、適應性強且成本低的特點，使其能夠根據各種環境和要求進行發展。我們計劃將我們的 Archer 門戶無縫集成到我們起飛和降落地點的現有基礎設施中，以便我們能夠為乘客和機組人員提供更高效的體驗。敬請期待，我們將在整個 2023 年繼續在這一領域發布激動人心的公告。

At Archer and as an industry, we are pushing the boundaries to provide the world with a new sustainable form of transportation that will unlock the skies. We were honored to host FAA Acting Administrator Billy Milan and Director of Certification, LaryO'Lu, along with other members from the FDA at our HQ in January to discuss how we are executing against that goal. The key takeaway from our time together was that safely integrating eVTOL aircraft into the national airspace in 2025 is a top 3 priority at the FAA. Our team remains focused and energized as we close in on achieving our mission. I'll now turn it over to Tom Muniz to share more details on our technology development and certification progress.

在 Archer 和整個行業，我們正在突破界限，為世界提供一種新的可持續交通方式，讓天空暢通無阻。我們很榮幸於 1 月在我們的總部接待 FAA 代理局長 Billy Milan 和認證總監 LaryO'Lu 以及來自 FDA 的其他成員，討論我們如何實現這一目標。我們在一起的關鍵收穫是，在 2025 年將 eVTOL 飛機安全地整合到國家領空是美國聯邦航空局的三大優先事項。當我們接近實現我們的使命時，我們的團隊仍然專注和充滿活力。我現在將其轉交給 Tom Muniz 來分享有關我們技術開發和認證進展的更多詳細信息。

Thanks, Adam. I'd like to start off by thanking our suppliers who have played a key role in allowing us to achieve the progress Adam highlighted on our first midnight aircraft and beginning component manufacturing for our first consultant on only the key enabling technologies and relying on partners to supply components that are already being used on certified aircraft today is really paying off. 2023 is my 14th year working on eVTOL aircraft. Over all these years, I've been lucky enough to play a major role in the design and development of 8 full-scale aircraft. But for me, this year and next with the progress we are seeing at Archer and across the industry is set to be the most exciting period of my career. As Adam highlighted, 2023 and 2024 at Archer are all about building and flying both nonconforming and piloted conforming midnight aircraft to enable entry into service in 2025. Since conformity is such a hot topic, I think it's worth taking a minute to explain what conformity means and why it matters in the type certification process.

謝謝，亞當。首先，我要感謝我們的供應商，他們發揮了關鍵作用，使我們能夠取得 Adam 在我們的第一架午夜飛機上強調的進展，並開始為我們的第一位顧問製造關鍵支持技術的組件，並依靠合作夥伴來供應如今已經在認證飛機上使用的部件真的很划算。 2023 年是我在 eVTOL 飛機上工作的第 14 個年頭。這些年來，我有幸在8架全尺寸飛機的設計和開發中發揮了重要作用。但對我來說，今年和明年我們在 Archer 和整個行業看到的進步將成為我職業生涯中最激動人心的時期。正如 Adam 強調的那樣，Archer 的 2023 年和 2024 年都是關於建造和飛行不合格和有人駕駛的合格午夜飛機，以便在 2025 年投入使用。由於合格是一個熱門話題，我認為值得花一點時間來解釋合格的含義以及為什麼它在型式認證過程中很重要。

As a reminder, a type certificate signifies that the design of the aircraft is in compliance with the aratana standards in the certification basis, all in more simple terms, but the aircraft is engineered correctly and the type design is safe. Conformity means that a particular part has been manufactured, inspected and found to conform to the engineering data of the type design. In a clean sheet certification program like ours, once the design is mature and likely to be compliant with the Arethna standards, the company works with the FAA to conform physical parts to the design data, thereby ensuring that the data generated from tests on those parts is valid to show the performance of the design and compliance. It was with great excitement today that the first build of our midnight aircraft is nearly complete. That aircraft is scheduled to enter into ground testing here very soon and begin its flight test program during the middle of this year.

提醒一下，型號證書表示飛機的設計符合認證基礎中的 aratana 標準，更簡單地說，但飛機的設計是正確的，型號設計是安全的。合規性意味著特定零件已經製造、檢查並發現符合型號設計的工程數據。在像我們這樣的清潔紙認證計劃中，一旦設計成熟並可能符合 Arethna 標準，公司就會與美國聯邦航空局合作，使物理部件符合設計數據，從而確保對這些部件的測試生成的數據有效地表明設計的性能和合規性。今天令人非常興奮的是，我們午夜飛機的第一架飛機即將完成。該飛機計劃很快在這裡進行地面測試，並在今年年中開始其飛行測試計劃。

This program will allow us to perform critical company testing that helps accelerate and reduce risk on the overall midnight program in advance of the 4 credit certification testing we will conduct early next year with the piloted conforming midnight aircraft. The idea behind this strategy is to fly many of the same test points that will be needed during 4 credit flight testing in order to validate the aircraft before the FA witnesses and participates in the testing. This is a standard practice in aircraft certification programs. This first midnight aircraft has essentially the same geometry and powertrain as the conforming aircraft will have and thus, will provide valuable data on our production hardware and software. As Adam highlighted, component manufacturing is already underway or confirming the night aircraft. I want to reiterate that update, component manufacturing for our initial conforming aircraft is already underway.

該計劃將使我們能夠執行關鍵的公司測試，這有助於在我們將於明年初對符合要求的無人駕駛飛機進行的 4 信用認證測試之前加速和降低整個午夜計劃的風險。該策略背後的想法是在 4 學分飛行測試期間進行許多相同的測試點飛行，以便在 FA 見證和參與測試之前驗證飛機。這是飛機認證計劃中的標準做法。這架首架午夜飛機與符合標準的飛機具有基本相同的幾何形狀和動力總成，因此將為我們的生產硬件和軟件提供有價值的數據。正如 Adam 強調的那樣，組件製造已經在進行中或正在確認夜間飛機。我想重申，我們最初的合規飛機的更新、組件製造已經在進行中。

Again, this is a testament to our world-class team and our aerospace supply base partners. To allow us to do that, we are targeting completion of our initial conforming aircraft in Q4 2023. Our current plan is to build at least 6 of these aircraft. We are targeting to begin piloted flight test operations with our conforming aircraft in early 2024. In preparation for this and the flight test of our controlling midnight aircraft, our team is in the midst of expanding our flight facilities down in Salinas, California, where we conducted our Maker-Flight test program last year.

這再次證明了我們世界一流的團隊和我們的航空航天供應基地合作夥伴。為了讓我們能夠做到這一點，我們的目標是在 2023 年第四季度完成我們最初的合格飛機。我們目前的計劃是建造至少 6 架這樣的飛機。我們的目標是在 2024 年初開始使用我們符合標準的飛機進行試飛。為準備這次試飛和我們控制的午夜飛機的試飛，我們的團隊正在擴建我們在加利福尼亞州薩利納斯的飛行設施，我們在那裡去年進行了我們的 Maker-Flight 測試計劃。

These confirming aircraft will all be built at our San Jose, California manufacturing and integrated TestLab facility located strategically just around the corner from our HQ. The team is literally able to just walk over to the facility. The facility is capable of producing multiple aircraft at one time and will also house a number of the labs we will use as part of our 4 credit certification testing, including our iron Bird, material process lab, electric compulsion and system integration labs. -- lock is on behind the scenes to make this type of tremendous progress on reality. I started off by highlighting the great work for supply base. Now I want to talk about a few key highlights of the work being done by our in-house engineering teams. We recently completed an extensive full aircraft Winton test campaign for the Midnight aircraft.

這些確認飛機將全部在我們位於加利福尼亞州聖何塞的製造和綜合測試實驗室工廠建造，該工廠位於我們總部附近的戰略位置。該團隊實際上能夠步行到該設施。該設施能夠同時生產多架飛機，還將容納我們將用作 4 信用認證測試一部分的多個實驗室，包括我們的鐵鳥實驗室、材料加工實驗室、電力強制和系統集成實驗室。 ——Lock 在幕後開啟，以在現實中取得這種巨大進步。我首先強調了供應基地的出色工作。現在我想談談我們內部工程團隊所做工作的幾個主要亮點。我們最近為 Midnight 飛機完成了廣泛的全機 Winton 測試活動。

The team was actively testing in the tunnel for 6 weeks in mind Switzerland at RUAG's state-of-the-art facility. This test campaign is the third in a series of wind tunnel test campaigns that Artis performed to collect valuable data to inform and validate the night's design. We successfully collected critical data that further validated a number of key items on the midnight aircraft, including our aerodynamic models, load predictions, aircraft performance and stability and control characteristics. The team has also now completed key builds of the high-voltage batteries and electric engines that make up the electric propulsion system on midnight. As a reminder, we have over 100 employees at Archer working on our powertrain. The powertrain leadership team alone has over 200 years of powertrain engineering experience. The team has been working hard on these key builds of our proprietary electric propulsion system that's optimized for safety, efficiency, power density and commercialization and mass manufacturing.

該團隊在瑞士 RUAG 最先進的設施中積極地在隧道中進行了 6 週的測試。該測試活動是 Artis 進行的一系列風洞測試活動中的第三次，該活動旨在收集有價值的數據以告知和驗證夜間設計。我們成功收集了關鍵數據，進一步驗證了午夜飛機的一些關鍵項目，包括我們的空氣動力學模型、載荷預測、飛機性能和穩定性以及控制特性。該團隊現在還完成了構成午夜電力推進系統的高壓電池和電動發動機的關鍵構建。提醒一下，我們在 Archer 有 100 多名員工在研究我們的動力總成。僅動力總成領導團隊就擁有 200 多年的動力總成工程經驗。該團隊一直致力於我們專有的電力推進系統的這些關鍵構建，這些系統針對安全性、效率、功率密度以及商業化和大規模製造進行了優化。

Key tests on the battery included pack [lobalcharge] and discharge at flight representative power levels, the engines [underwatesting] at power levels up to 100 kilowatts and have been tested with our in-night propeller on a static test stand at our integrated propulsion test lab. I'm very proud of what our team continues to accomplish our strategic approach of using known building blocks to enable safe and achievable powertrain manufacturing and certification has significantly derisked our path to certification and mass manufacturing. These are just 2 of many examples of component and system validation that are occurring now as part of our company testing in advance of 4 credit certification testing that will occur over 2024. Let me now provide you an update on our certification progress. Our team continues to work collaboratively with the FAA on advancing our program through the certification process.

電池的關鍵測試包括電池組 [lobalcharge] 和在飛行代表功率水平下的放電，發動機 [underwatesting] 在功率水平高達 100 千瓦，並且已經在我們的綜合推進測試中使用我們的夜間螺旋槳在靜態試驗台上進行了測試實驗室。我為我們的團隊繼續完成我們的戰略方法感到自豪，即使用已知的構建塊來實現安全和可實現的動力總成製造和認證，這大大降低了我們通往認證和大規模製造的道路的風險。這些只是組件和系統驗證的眾多示例中的兩個，這些示例是我們公司在 2024 年將進行的 4 次信用認證測試之前進行的測試的一部分。現在讓我向您提供我們認證進展的最新情況。我們的團隊繼續與美國聯邦航空局合作，通過認證流程推進我們的計劃。

As Adam highlighted, it was a great host administrator billing on and Director of Certification Lirio along with others from the FAA at our HQ in January. But that's just a glimpse of the collaboration and support we are seeing from the FAA. The teams are meeting almost daily to advance the program. Since our last update, many more of our means of compliance have been agreed to with the FAA. While the majority of our MSCs have been agreed to, based on our technical discussions with the subject matter experts at the FAA, we don't see any significant design risks with the remaining needs of compliance areas that have not yet been formally agreed to with FAA. Over the coming weeks and months, we will continue to work through this process with FAA in an effort to close out on our remaining MOC. As we've discussed previously, we are parallel processing the work to review and agree on our subject specific certification plans or SSCP with the FAA.

正如 Adam 所強調的那樣，1 月份在我們總部與來自 FAA 的其他人一起，這是一位出色的主機管理員計費和認證總監 Lirio。但這只是我們從美國聯邦航空局看到的合作和支持的一瞥。這些團隊幾乎每天都開會以推進該計劃。自我們上次更新以來，我們的更多合規方式已與美國聯邦航空局達成一致。根據我們與美國聯邦航空局主題專家的技術討論，雖然我們的大多數 MSC 已獲得同意，但我們沒有看到任何重大的設計風險以及尚未正式同意的合規領域的剩餘需求美國聯邦航空局。在接下來的幾周和幾個月裡，我們將繼續與 FAA 一起完成這個過程，以努力完成我們剩餘的 MOC。正如我們之前所討論的，我們正在並行處理工作以審查我們的主題特定認證計劃或 SSCP 並與 FAA 達成一致。

If you recall, SCPs provide precise detail on each of the specific tests and analyses that will be completed during the implementation phase of our certification program. We have now submitted a number of our SVPs and are targeting to submit the remaining SCPs on a rolling basis between now and the end of April. The high-level takeaway is that we continue to make progress on all of the necessary certification efforts, and that's why we are laser-focused on building our conforming aircraft to support for credit testing next year. Now I'll turn it over to Mark.

如果您還記得的話，SCP 提供了關於將在我們的認證計劃實施階段完成的每項特定測試和分析的精確細節。我們現在已經提交了一些 SVP，併計劃從現在到 4 月底滾動提交剩餘的 SCP。高層次的收穫是我們在所有必要的認證工作上繼續取得進展，這就是為什麼我們專注於製造符合要求的飛機以支持明年的信用測試。現在我會把它交給馬克。

Thanks, Tom. The 2022 milestone achievements that Adam and Tom have articulated outlined the exemplary program execution by our world-class team. The technical certification, manufacturing and commercial decisions and progress that we have made in 2022 continue to unlock our ability to achieve our goal of commercialization in 2025. I -- and while we still have many more milestones across these areas to check off, we have to also ensure that we can make the jump from a program-centric development company to an operating company generating revenue in 2025. At Archer, we have a lot of smart and experienced people who are working daily in parallel to our technical development and certification efforts to a Archer to capture the full commercial benefits of our industry-leading aircraft upon commercialization. As we transition into 2023, I'd like to provide a little more insight into the business model that we target executing at that time.

謝謝，湯姆。 Adam 和 Tom 闡述的 2022 年里程碑式成就概述了我們世界級團隊出色的計劃執行情況。我們在 2022 年做出的技術認證、製造和商業決策以及取得的進展繼續釋放我們在 2025 年實現商業化目標的能力。我——雖然我們在這些領域還有更多的里程碑需要檢查，但我們有還確保我們能夠在 2025 年從以程序為中心的開發公司躍升為產生收入的運營公司。在 Archer，我們有很多聰明且經驗豐富的人，他們每天都在與我們的技術開發和認證工作並行工作到 Archer，以便在商業化後獲得我們行業領先的飛機的全部商業利益。隨著我們過渡到 2023 年，我想更深入地了解我們當時目標執行的業務模型。

Our target business model is to go to market with 2 business segments: one through Archer Direct, which is the direct sale of our eVTOL aircraft to operators similar to an OEM relationship and one through Archer Air, which is where we will operate our aircraft in urban environments similar to a ridesharing model. We anticipate the revenue mix to be roughly 50% for each in the early years of commercialization. The goal of Archer Direct's revenue stream is to recognize revenue with the sale of each aircraft. So we would generally recognize revenue for the ASP or average selling price of the aircraft at approximately the time of delivery to the operator. As an example, our current agreement with United contemplated a selling price of $5 million per aircraft for up to 200 aircraft or $1 billion of revenue.

我們的目標商業模式是通過兩個業務部門進入市場：一個是通過 Archer Direct，這是將我們的 eVTOL 飛機直接銷售給類似於 OEM 關係的運營商，另一個是通過 Archer Air，這是我們將在類似於拼車模型的城市環境。我們預計在商業化的早期，收入組合約為 50%。 Archer Direct 收入流的目標是通過每架飛機的銷售確認收入。因此，我們通常會在大約向運營商交付時確認 ASP 或飛機平均售價的收入。例如，我們目前與美聯航的協議設想了每架飛機 500 萬美元的售價，最多 200 架飛機或 10 億美元的收入。

The goal of Archer Air's revenue stream is to recognize revenue for each flight. So rather than a selling price for each aircraft, we recognize revenue per flight and price those by smile. On our last earnings call, I outlined a framework to understand this revenue model for the route that we announced last fall from Manhattan to Newark Ravi National Airport. With our 4 passenger payload and pricing that trip a typical ridesharing pricing in the New York City area of around $6 per seat mile, our Midnight aircraft could generate up to $3.2 million of revenue per year, assuming full load capacity, 25 trips per day and operating 365 days per year. We believe that the hybrid business model is beneficial for scaling our business because we can potentially fund part of the Archer Air UAM side of the business with proceeds from our Archer-Direct business. With the recent deepening of our relationship with Stellantis, we have bolstered our liquidity, which has strengthened our path to commercialization.

Archer Air 收入流的目標是確認每次航班的收入。因此，我們不是每架飛機的售價，而是確認每次飛行的收入並通過微笑為這些收入定價。在我們上次的財報電話會議上，我概述了一個框架來理解我們去年秋天宣布的從曼哈頓到紐瓦克拉維國家機場的航線的這種收入模式。憑藉我們的 4 位乘客有效載荷和定價，紐約市地區的典型拼車定價約為每座位英里 6 美元，我們的 Midnight 飛機每年可產生高達 320 萬美元的收入，假設滿載能力，每天 25 次旅行和每年運行 365 天。我們認為，混合業務模式有利於擴大我們的業務，因為我們有可能利用我們的 Archer-Direct 業務的收益為業務的 Archer Air UAM 部分提供資金。隨著我們最近與 Stellantis 的關係加深，我們增強了流動性，這加強了我們的商業化道路。

The partnership we announced with Stellantis, in addition to the manufacturing relationship also provided Archer the ability to draw up to $150 million of equity at our option over the next 2 years. The first $25 million is available at any time. The remaining balance is available over 2 tranches of $70 million and $55 million based on achieving certain business milestones, which we expect to occur in 2023. This construct allows us to be opportunistic to draw on that capital, if needed, but also allows us to do so by taking market conditions into account. Switching gears to our financial performance for Q4 2022 and FY 2022, our Q4 '22 non-GAAP total operating expenses were $76.8 million, which was just above the midpoint of our estimate range of $75 million. This led to an adjusted EBITDA loss of $76 million.

除了製造關係外，我們宣布與 Stellantis 的合作夥伴關係還使 Archer 能夠在未來 2 年內根據我們的選擇提取高達 1.5 億美元的股權。第一個 2500 萬美元隨時可用。剩餘餘額可根據實現某些業務里程碑（我們預計將在 2023 年實現）分兩批使用，分別為 7000 萬美元和 5500 萬美元。這種結構使我們能夠在需要時有機會利用該資本，但也使我們能夠通過考慮市場條件來做到這一點。切換到我們 2022 年第四季度和 2022 財年的財務業績，我們的 Q4 '22 非公認會計原則總運營費用為 7680 萬美元，略高於我們 7500 萬美元的估計範圍的中點。這導致調整後的 EBITDA 虧損 7600 萬美元。

For the full year FY '22, our non-GAAP total operating expenses were $227.5 million. Operating expenses continue to generally be characterized by investments in people and materials to develop and mature the technology for our EV to aircraft and are focused in 2022 transition from work on our maker demonstrator aircraft to our production aircraft midnight. In addition, we made investments across a number of functions to shore up capability needed to scale our operations. On a GAAP basis, total operating expenses for Q4 '22 were $108.1 million, which included $26.5 million of stock-based compensation and $4.8 million of warrant expenses for our warrant issued united. These results were also above the midpoint of our estimate range of $105 million. For the full year FY '22, GAAP total operating expenses were $347.4 million, which included $102.8 million of stock-based compensation as well as $13.7 million in noncash foreign expenses.

對於 22 財年全年，我們的非 GAAP 總運營費用為 2.275 億美元。運營支出的特徵仍然是對人力和材料的投資，以開發和成熟我們的 EV 到飛機的技術，並集中在 2022 年從我們的製造商演示飛機上的工作過渡到我們的午夜生產飛機上。此外，我們還對多個職能部門進行了投資，以增強擴大運營規模所需的能力。根據 GAAP，22 年第四季度的總運營費用為 1.081 億美元，其中包括 2650 萬美元的股票薪酬和 480 萬美元的聯合發行認股權證費用。這些結果也高於我們估計範圍 1.05 億美元的中點。對於 22 財年全年，GAAP 總運營費用為 3.474 億美元，其中包括 1.028 億美元的股票薪酬和 1370 萬美元的非現金國外費用。

We exited FY '22 with $531.2 million of cash, cash equivalents and short-term investments on our balance sheet. We used $69.4 million in cash for the quarter and $215.4 million for the full year 2022, primarily tied to funding the $227.5 million of non-GAAP operating expenses for the year. Our ending cash balance, combined with $150 million to Latis equity option previously discussed provides us with very strong liquidity heading into 2023. We -- we're remaining highly disciplined on our cost structure, in line with our stated objective to get to commercialization in the most capital efficient way possible. With approximately 500 full-time personnel, we have less than half the headcount of other leading companies in our industry. We continue to focus on executing a capital-efficient business model.

我們以 5.312 億美元的現金、現金等價物和資產負債表上的短期投資結束了 22 財年。我們在本季度使用了 6940 萬美元現金，在 2022 年全年使用了 2.154 億美元現金，主要用於為當年 2.275 億美元的非 GAAP 運營費用提供資金。我們的期末現金餘額，加上之前討論過的 1.5 億美元的 Latis 股權，為我們提供了進入 2023 年的非常強勁的流動性。我們 - 我們在成本結構上保持高度紀律，符合我們在 2019 年實現商業化的既定目標最有效的資本方式。我們擁有大約 500 名全職員工，不到業內其他領先公司的一半。我們繼續專注於執行資本高效的商業模式。

Finally, let's take a look at our Q1 '23 estimates for spending. Recall that per plan, we have seen a short-term uptick in spending to support nonrecurring engineering costs related to the bring-up of midnight suppliers and increased spending on parts and materials for our midnight aircraft. Further included in net spending is the capital to support our manufacturing build-out. More concretely, this spending uptick supports the delivery of the 2023 goals that Adam and Tom had discussed. -- a supply base that can provide parts for confirming the night aircraft, a fleet of 6 or more conforming aircraft for FAA testing and piloted testing and a manufacturing and integrated Tesla facility in San Jose, California, which will come online shortly.

最後，讓我們看一下我們對 23 年第一季度支出的估計。回想一下，根據計劃，我們已經看到支出短期上升，以支持與午夜供應商的培養相關的非經常性工程成本，以及我們午夜飛機零部件和材料支出的增加。淨支出中還包括支持我們製造業擴建的資本。更具體地說，這種支出增長支持 Adam 和 Tom 討論的 2023 年目標的實現。 ——一個可以為確認夜間飛機提供零件的供應基地，一個由 6 架或更多符合標準的飛機組成的機隊，用於 FAA 測試和試飛測試，以及一個位於加利福尼亞州聖何塞的製造和集成特斯拉工廠，該工廠將很快上線。

In support of those efforts, as well as our ongoing business requirements, we anticipate total GAAP operating expenses of $110 million to $120 million, which includes expected stock-based compensation and warrant expenses of approximately $35 million. Our total non-GAAP operating expenses will be in the range of $75 million to $85 million. We continue to be very active with our investor outreach to share the Archer story. We'll be participating in a number of conferences engaging with the financial community to discuss this sector and Archer's leadership in it. We have provided a detailed calendar on our website and in our shareholder letter. And with that, operator, we can now open the call for questions.

為了支持這些努力以及我們持續的業務需求，我們預計 GAAP 運營總費用為 1.1 億美元至 1.2 億美元，其中包括預期的基於股票的補償和認股權證費用約為 3500 萬美元。我們的非 GAAP 總運營費用將在 7500 萬至 8500 萬美元之間。我們繼續積極開展投資者外聯活動，分享 Archer 的故事。我們將參加一些與金融界合作的會議，討論這個領域和 Archer 在其中的領導地位。我們在我們的網站和股東信中提供了詳細的日曆。有了這個，接線員，我們現在可以開始提問了。

(Operator Instructions) Our first question comes from the line of David Zazula with Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的 David Zazula。

Just on the means of compliance, certainly, you're not the –

當然，就合規方式而言，您不是 -

It looks like David next question comes from the line of Savi is with Raymond James.

看起來 David 的下一個問題來自 Savi 和 Raymond James 的台詞。

Mark, maybe I could start. Louis, you've given your final remarks, but it looks like the kind of the 1Q guide is not significantly different than what you saw in the fourth quarter were just kind of seeing pretty meaningful step-ups in the past few quarters. And I'm just kind of curious, is that due to timing of some of that nonrecurring engineering spend and how we should kind of think about the progression through the year?

馬克，也許我可以開始了。路易斯，你已經發表了最後的評論，但看起來 1Q 指南的類型與你在第四季度看到的沒有太大不同，只是在過去幾個季度看到了非常有意義的提升。我只是有點好奇，這是不是由於一些非經常性工程支出的時間安排以及我們應該如何考慮全年的進展？

Savi, that's exactly right. The components of the spend, especially in Q4 and as we transition into Q1, you can think about that spend that we're in the range of around $15 million to $17 million of nonrecurring costs as well as a cost for parts and materials. And that will persist over the next couple of quarters. So, as I said in my comments, with -- as we sit here today, we remain pretty confident around liquidity through the certification process with the $531 million of cash on our balance sheet that I talked through as well as this incremental $150 million from Stellantis so we have available. We're in -- we think we're in very good shape with respect to liquidity. But that's the component and how you can think about our spending over the next couple of quarters on how NRC and spending on parts and materials related to that.

薩維，完全正確。支出的組成部分，尤其是在第四季度和我們過渡到第一季度時，你可以考慮一下我們的非經常性成本以及零件和材料成本在 1500 萬至 1700 萬美元之間。這將在接下來的幾個季度持續存在。因此，正如我在評論中所說，我們今天坐在這裡，我們對通過認證過程的流動性仍然非常有信心，我談到了我們資產負債表上的 5.31 億美元現金，以及來自Stellantis 所以我們有可用的。我們在 - 我們認為我們在流動性方面處於非常好的狀態。但這就是組成部分，你可以如何考慮我們在未來幾個季度的支出，了解 NRC 以及與之相關的零件和材料支出。

That's helpful. And just since you mentioned on the silane capital, are you able to provide a little bit more color on the milestones that you expect to kind of achieve in 2023 to be able to task that and what the kind of the share count dilution is as you tap it?

這很有幫助。就在你提到矽烷資本時，你是否能夠提供更多關於你希望在 2023 年實現的里程碑的顏色，以便能夠完成任務，以及你的股份數量稀釋的類型點擊它？

We talked -- I don't think we're going to go any further than what was discussed in the 8-K, they are tied to some business milestones that we plan to achieve this quarter -- or sorry, this year. And so, it's pretty straightforward. But other than that, we won't comment any further on it.

我們談過——我認為我們不會比 8-K 中討論的內容更進一步，它們與我們計劃在本季度實現的一些業務里程碑相關——或者抱歉，今年。因此，這非常簡單。但除此之外，我們不會對此做任何進一步評論。

Our next question comes from the line of Andres Sheppard with Cantor Fitzgerald.

我們的下一個問題來自 Andres Sheppard 和 Cantor Fitzgerald 的台詞。

Congrats on the quarter, and I wanted to maybe touch on certification. Just wanted to clarify. Can you just maybe give us an update on -- particularly on G2, kind of where that stands and when we might expect an update on that front?

祝賀這個季度，我想談談認證。只是想澄清一下。你能不能給我們一個更新——特別是在 G2 上，它的立場以及我們什麼時候可以期待在這方面的更新？

Yes. Andreas, this is Tom. Thanks for the question. Like we said on the call, at this point, we've reached agreement with FAA on the majority of the means compliance for their -- complying to the or criteria. They're in the G1. So, when you talk about G2, it's really that compliance stuff. We also said that our goal is to submit all of our surplans by the end of April. So -- we don't really want to get into percentages for these sorts of things because it's not really a linear process. At this point, really, the way we're working with the FAA is kind of blending across med compliance and surplans just because of the nature of the technology. Things are pretty tied together. So having said that, though, teams are working super close last week, our battery team was out in D.C. meeting with the subject matter experts. -- next week, a big team from the LAAC is going to be in our office for a couple of days. So, we're continuing to make a lot of progress on there. In general, we're feeling really good about where we are super proud of the progress.

是的。安德烈亞斯，這是湯姆。謝謝你的問題。就像我們在電話中所說的那樣，此時，我們已經與美國聯邦航空局就他們的大多數手段合規性達成協議 - 遵守或標準。他們在G1。所以，當你談論 G2 時，它確實是合規性的東西。我們還說過，我們的目標是在 4 月底之前提交所有超額計劃。所以 - 我們真的不想進入這些事情的百分比，因為它不是一個真正的線性過程。在這一點上，實際上，我們與美國聯邦航空局合作的方式只是因為技術的性質而混合了醫療合規性和超額計劃。事情非常緊密地聯繫在一起。話雖如此，上週團隊的工作非常緊密，我們的電池團隊在華盛頓與主題專家會面。 -- 下週，來自 LAAC 的一個大團隊將在我們的辦公室呆幾天。因此，我們將繼續在這方面取得很大進展。總的來說，我們對我們為取得的進展感到非常自豪的地方感覺非常好。

Got it. I appreciate the color there. So still on track for Q4 '24. I think that was the last update. Just wanted to confirm that.

知道了。我欣賞那裡的顏色。所以仍然在 24 年第四季度的軌道上。我認為那是最後一次更新。只是想確認一下。

Yes. So, on the side for our own deliverables, we're feeling really good. We don't think about it more in terms of entry into service in 2025. So, we talk about the type sert side a lot, but the reality is we need the operational side to come together. We need all the infrastructure in to SFR. So as far as looking at entering to service 2025, we feel really good. For everything that's in our control for types, we also feel really good, but we're reliant on the FAA, obviously. And so, we're delivering against our plans. I can't really speak to what the at will be able to do, but we feel good about where we are.

是的。因此，就我們自己的可交付成果而言，我們感覺非常好。在 2025 年投入使用方面，我們沒有更多地考慮它。因此，我們經常談論類型 sert 方面，但現實是我們需要運營方面的合作。我們需要 SFR 中的所有基礎設施。因此，就進入 2025 年服役而言，我們感覺非常好。對於我們可以控制的所有類型，我們也感覺非常好，但顯然我們依賴於美國聯邦航空局。因此，我們正在按照我們的計劃交付。我真的不能說 at 將能夠做什麼，但我們對我們所處的位置感覺良好。

Got it. Wonderful. And maybe a quick follow-up. In terms of the production capacity, right, in Georgia, you've outlined here kind of expecting that initial annual production to be around 650 aircraft. -- and then ramping up to up to 2,300 aircraft. I guess what is kind of that time line look like, like in terms of transitioning from the 650 aircraft initially to north of 2,000. Do you foresee that kind of taking place over a few years? Or is that kind of longer dated throughout the decade, I guess?

知道了。精彩的。也許是快速跟進。就生產能力而言，在佐治亞州，您在這裡概述了預計最初的年產量約為 650 架飛機。 -- 然後增加到 2,300 架飛機。我想那條時間線是什麼樣的，比如從最初的 650 架飛機過渡到 2,000 架以上。您是否預見到這種情況會在幾年內發生？或者我猜這十年中那種過時的時間更長嗎？

Andres, this is Adam. So, the factory is being built across 2 phases. The Phase 1 of the factory, which is what we've recently announced is the first 350,000 square feet, and that's where we broke ground recently. And that first phase has the ability to build up to 650 aircraft per year. That certainly does not mean 650 year 1 that just has the sort of capacity to do that. There is a second phase that we would have to build out, which would require an additional 500,000 to 800,000 square feet.

安德烈斯，這是亞當。因此，工廠分兩期建設。我們最近宣布的工廠第一階段是第一個 350,000 平方英尺，這就是我們最近破土動工的地方。第一階段有能力每年建造多達 650 架飛機。這當然並不意味著 650 year 1 有能力做到這一點。我們必須擴建第二階段，這將需要額外的 500,000 至 800,000 平方英尺。

And between Phase I and Phase II, the factory would then have the ability to build up to 2,300 aircraft per year. So, while the factory is being built to produce a lot of vehicles, even in year 1, there's still a lot of moving parts that we have to connect in order to really make that happen. And so, we are going to balance our production against many other factors and to really just ensure that the vehicles that come off the line are immediately put into service. So for example, we need to have infrastructure in place to deploy vehicles. We need to have local municipalities on board, et cetera. So, as we get closer to commercialization, we will provide more details.

在第一階段和第二階段之間，工廠將有能力每年製造多達 2,300 架飛機。因此，雖然工廠正在建設中以生產大量車輛，但即使在第一年，我們仍然需要連接許多活動部件才能真正實現這一目標。因此，我們將根據許多其他因素來平衡我們的生產，並真正確保下線的車輛立即投入使用。因此，例如，我們需要有基礎設施來部署車輛。我們需要讓當地市政當局參與進來，等等。因此，隨著我們越來越接近商業化，我們將提供更多細節。

Wonderful. Thanks, Adam. -- glad to get them the quarter guys. I'll pass it on.

精彩的。謝謝，亞當。 - 很高興讓他們成為四分之一的人。我會傳下去的。

Thank you. Our next question comes from the line of David Zazula with Barclays.

謝謝。我們的下一個問題來自巴克萊銀行的 David Zazula。

I apologize for getting disconnected earlier. I hope I'm not repeating. If I could just ask a little bit about the testing process, specifically what you're gaining out of the testing and component testing process right now that's going to feed into the 4 credit testing process and how that works, how you're able to leverage the data, the dialogue with the FAA for the eventual 4 credit testing process?

我為之前斷開連接而道歉。我希望我沒有重複。如果我能問一點關於測試過程的問題，特別是你現在從測試和組件測試過程中獲得了什麼，這些將被輸入到 4 信用測試過程中，以及它是如何工作的，你如何能夠利用數據，與美國聯邦航空局就最終的 4 信用測試過程進行對話？

David, this is Tom. It's a great question. So, the way to think about the air (inaudible) requirements, right? And then that you've got data that shows, you've tested all of those components and systems and ultimately, the aircraft to verify the design performs as expected. So, one way to think about it is how mature is the design and then how much risk have you removed essentially from that design. So, our strategy at the aircraft level here that we outlined in the shareholder letter was to initially build a nonconforming midnight aircraft. -- that we will be flying in the middle of this year, which is representative in many ways of the aircraft will certify. So, the geometry is very similar. The aero performance will be very similar, powertrain components. It's all essentially the same as it will be on the certified aircraft. So, all of the testing we do there gives us confidence that we will be able to go efficiently through the 4 credit testing with FAA. So, it's really traditional in aerospace, right, to do company testing, verify the designs for yourselves and then do that do the testing again with the conforming aircraft with a for credit. Hopefully, that makes sense.

大衛，這是湯姆。這是一個很好的問題。那麼，考慮空氣（聽不清）要求的方式，對嗎？然後你得到的數據表明，你已經測試了所有這些組件和系統，並最終測試了飛機以驗證設計是否按預期執行。因此，考慮它的一種方法是設計的成熟程度，以及您從該設計中基本上消除了多少風險。因此，我們在股東信中概述的飛機級別戰略是最初建造一架不合格的午夜飛機。 -- 我們將在今年年中飛行，這在飛機的許多方面都具有代表性，將得到認證。因此，幾何形狀非常相似。航空性能將非常相似，動力總成組件。這與在經過認證的飛機上的表現基本相同。因此，我們在那裡進行的所有測試讓我們有信心能夠有效地通過 FAA 的 4 信用測試。所以，這在航空航天領域真的很傳統，對，做公司測試，自己驗證設計，然後用合格的飛機再次進行測試，並獲得信用。希望這是有道理的。

It does. And then if I could squeeze one in for Mark on the relationship with Pilatus and line you're getting there. I know it's commercially sensitive, so you probably don't want to give the specific milestones, but can you give us any more color on the milestones and why you have confidence that you'll achieve them this year? And then as far as the pricing mechanism, whether that will be a market-based pricing mechanism or the pricing is preset.

確實如此。然後，如果我能為 Mark 擠進一個關於與 Pilatus 和 line 的關係，你就到了那裡。我知道它在商業上很敏感，所以你可能不想給出具體的里程碑，但你能給我們更多關於里程碑的顏色嗎？為什麼你有信心在今年實現它們？然後在定價機制上，是市場化定價機制還是預先定價。

Yes. So, with respect to the milestones, they are -- I mean they were ones that you would expect us to deliver as we roll out the midnight aircraft. So, I mean, they were already on our radar and in our plan to achieve for the year. And so we just solidified them in the form that we have finalized with Stellantis. With respect to the pricing, I think we disclosed in the 8-K that it will be priced around when we draw down based on sort of evaluated approach to what the market -- where the market is at the time that we draw down. So that would be typical in something like this.

是的。因此，關於里程碑，它們是——我的意思是它們是您希望我們在推出午夜飛機時交付的里程碑。所以，我的意思是，它們已經在我們的關注範圍內，並且在我們今年的計劃中。因此，我們只是將它們固化為我們與 Stellantis 最終確定的形式。關於定價，我認為我們在 8-K 中披露，當我們根據對市場的某種評估方法縮減時，它會定價——我們縮減時的市場。所以這在這樣的事情中很典型。

Our next question comes from the line of Xin Yu with Deutsche Bank.

我們的下一個問題來自Xin Yu 與德意志銀行的專線。

First off, you put some pretty clear timing on getting initial build-out for midnight and then flying a fully conforming aircraft. I think there's about a year, maybe less in between. And I noticed that you're only building on nonconforming midnight, whereas I think others are building several nonconforming aircraft on the way up to getting that for credit testing. So what gives you the confidence, I guess, that you have done enough flying testing and getting up data that you can push forward on this time line.

首先，您在午夜進行初步擴建並駕駛完全符合要求的飛機時安排了一些非常明確的時間。我認為大約有一年的時間，也許更短。我注意到你只是在不合格的午夜建造飛機，而我認為其他人正在建造幾架不合格的飛機，以便進行信用測試。那麼，我猜是什麼讓你有信心，你已經做了足夠的飛行測試並獲得了你可以在這個時間線上推進的數據。

Xin, this is Tom. I think a lot of it just goes back to the strategy we've taken here, right? So, if you put it all into context, we started with Maker and we went through a very rigorous flight test campaign. We generated a lot of invaluable data that validated our design tools, validated a lot of our system architectures and then we carried that forward into the design of midnight. And we've taken this really rigorous development approach, right, following the traditional kind of phase gates, right? And that's positioned us to a spot where we just have a lot of confidence that the design we have today is ultimately very close to the design that's going to be certified. So, the idea with building the one non-confirming aircraft, as you mentioned earlier, was it's a way to accelerate our ability to get data to just continue increasing our confidence. But then on the 6 confirming aircraft that we've just started manufacturing on, I think it just speaks to the confidence that we have in the design and that it's ultimately very close to the design that's going to be certified. So, we're happy to proceed with the conformity on those parts...

欣，這是湯姆。我認為很多都可以追溯到我們在這裡採取的策略，對吧？所以，如果你把這一切都放在上下文中，我們從 Maker 開始，我們經歷了非常嚴格的飛行測試活動。我們生成了大量寶貴的數據，這些數據驗證了我們的設計工具，驗證了我們的許多系統架構，然後我們將其帶入了午夜的設計中。我們採用了這種非常嚴格的開發方法，對吧，遵循傳統的階段門，對吧？這讓我們非常有信心，我們今天的設計最終非常接近將要獲得認證的設計。因此，正如您之前提到的那樣，建造一架非確認飛機的想法是加快我們獲取數據的能力，從而繼續增強我們的信心。但是在我們剛剛開始製造的 6 架確認飛機上，我認為這只是說明了我們對設計的信心，它最終非常接近將要獲得認證的設計。所以，我們很高興繼續對這些部分進行整合......

Understood. And then looking out, how should we think about the transition of production from the San Jose to Georgia? I think you indicated that the first those 6 will obviously build sort of the smaller production line. But I guess the timing -- what's the timing to kind of move things out to Georgia? And is it conceptually kind of just a much bigger version? Or is it like a completely new sort of method that you're kind of working on with talents?

明白了。然後放眼望去，我們應該如何考慮從聖何塞到佐治亞州的生產過渡？我想你表示前 6 條顯然會建造某種較小的生產線。但我猜是時候了——什麼時候把東西搬到格魯吉亞？它在概念上只是一個更大的版本嗎？還是您正在與人才合作的一種全新方法？

Xin, this is Adam. So maybe I'll take a crack at that, and Tom can chime in here. So, as you mentioned, we have been building out 2 manufacturing facilities. The first one is in San Jose, and that one is located strategically directly next to our HQ where the bulk of our engineers are sitting every day. And so that facility, which is coming online here very soon, can produce like tens of conforming aircraft per year. It also contains our integrated test lab, which we're using for conducting the credit for testing as well. So that facility will come online in April, and we'll build really like the first 6 to 10 planes out of that facility. We'll then take those planes and move them to flight test, which we're doing at Salinas.

欣，這是亞當。所以也許我會嘗試一下，湯姆可以在這裡插話。所以，正如你提到的，我們一直在建設 2 個製造設施。第一個在聖何塞，戰略性地緊鄰我們的總部，我們的大部分工程師每天都坐在那裡。因此，該設施很快就會在這裡上線，每年可以生產數十架符合標準的飛機。它還包含我們的集成測試實驗室，我們也將其用於進行測試。因此，該設施將於 4 月上線，我們將從該設施中建造真正的前 6 到 10 架飛機。然後我們將把這些飛機運到薩利納斯進行飛行測試。

Then there is a second facility as well, which we have built in Georgia. So that one is going through a build-out process today. And that one will come online likely in '24. And so you can think about sort of the kind of low rate or medium rate production facility will be located here next to the engineers, where we can work. We can iterate really quickly the engineers can kind of go back and forth between the production facilities and where the engineers sit. And then we have a shift over to the larger facility once the vehicles are getting closer to the type certificate and our commercialization time line is about to...

然後還有第二個設施，我們在佐治亞州建造了它。因此，今天正在經歷一個擴建過程。那個可能會在 24 世紀上線。因此，您可以考慮將這種低速或中速生產設施設在工程師旁邊，我們可以在那里工作。我們可以非常快速地迭代，工程師可以在生產設施和工程師坐的地方之間來回走動。然後，一旦車輛接近型式證書並且我們的商業化時間表即將……，我們就會轉移到更大的設施。

And just a follow-up. Is the -- I guess for the Georgia one, are you in Stellantis kind of working on some, I guess, NextGen or the sort of proprietary kind of production process that will enable you guys to scale up more than the traditional aerospace?

只是一個跟進。是——我想對於佐治亞州來說，你在 Stellantis 是否正在研究一些，我想，NextGen 或那種能讓你們比傳統航空業擴大規模的專有生產工藝？

Yes. So, this is Tom. The way to think about that is maybe more traditional, let's say, in the sense that we're working closely with the states team to design the production system for the vehicles out there. But at these rates, it's relatively traditional, right? It will be a pulse manufacturing line with -- on the order of 50 or 60 stations where the aircraft spends several hours per station and then advances kind of for the next chunk of work. So, if you compare that to what we'll be doing here in San Jose at our -- you think of it like a pilot line, it's all the work content and processes will be the same.

是的。所以，這是湯姆。考慮這一點的方式可能更傳統，比方說，從某種意義上說，我們正在與各州團隊密切合作，為那裡的車輛設計生產系統。但按照這些比率，它是相對傳統的，對吧？這將是一條脈衝生產線——大約有 50 或 60 個工位，飛機在每個工位上花費幾個小時，然後繼續進行下一部分工作。所以，如果你將它與我們將在聖何塞這裡所做的進行比較——你認為它就像一條試驗線，所有的工作內容和流程都是一樣的。

We'll just have more space to optimize the line flow and essentially like resource level, all the work out in Georgia. So, it's not too dissimilar from what (inaudible) already does, optimizing the flow and the labor content in their manufacturing plants today. If you think further down the line to these much higher volumes, right, talking about 1,000 spacercraft then there's more opportunity to leverage automation more heavily and start to get to processes that are more similar to what you see in automotive and those sorts of scale, but it's going to be a step-by-step process to get there.

我們將有更多空間來優化生產線流程，基本上就像資源水平一樣，所有工作都在佐治亞州進行。因此，它與（聽不清）已經做的並沒有太大不同，優化了他們今天製造工廠的流程和勞動力內容。如果你進一步考慮這些更高的數量，對，談論 1,000 艘航天器，那麼就有更多機會更多地利用自動化，並開始採用與你在汽車和那些規模上看到的更相似的流程，但這將是一個循序漸進的過程。

Appreciate the color... Thank you...

欣賞顏色...謝謝...

Thank you. Our next question comes from the line of Bill Peterson with JPMorgan.

謝謝。我們的下一個問題來自摩根大通的比爾彼得森。

I wanted to talk about the 4 credit testing in 2024. I guess if you think about a year, roughly, if you were to be able to start early to 2024, trying to get a feel if that's enough time for certification. And I guess is that the point why you have 6 or more aircraft? Are they all going to be doing the same testing or different types of testing? Just trying to get a feel for the timing and how realistic a year is for that type of credit testing.

我想談談 2024 年的 4 項信用測試。我想如果你大概考慮一年，如果你能夠提前到 2024 年開始，試著感受一下是否有足夠的時間進行認證。我猜這就是為什麼你有 6 架或更多飛機的原因？他們都將進行相同的測試還是不同類型的測試？只是想了解一下時間以及一年對這種類型的信用測試有多現實。

Yes. Good question, Bill. This is Tom. So if you think about the 4 credit testing holistically, that's not going to wait until 2024 to start at the component and system level. We're already doing a lot of lower-level tests that will build up to that. So really in 2024, it's all about the flight testing of the conforming piloted aircraft. And yes, you're spot on. The reason why we have -- we are building multiple conforming aircraft to support getting through that flight test campaign as efficiently as we can. So, we actually think the 4 credit flight test campaign is probably on the order of 5 to 6 months, not a whole year, but it relies on us having a lot of company testing under our belts out of time to be able to execute efficiently on the whole process. Hopefully, that helps.

是的。好問題，比爾。這是湯姆。因此，如果您從整體上考慮 4 信用測試，那不會等到 2024 年才開始在組件和系統級別進行。我們已經在做大量的低級測試，這些測試將以此為基礎。所以實際上在 2024 年，一切都是關於合格的有人駕駛飛機的飛行測試。是的，你是正確的。我們這樣做的原因——我們正在建造多架符合標準的飛機，以支持盡可能高效地完成飛行測試活動。所以，我們實際上認為 4 學分的飛行測試活動可能需要 5 到 6 個月，而不是一整年，但它依賴於我們有大量的公司測試，以便能夠有效地執行在整個過程中。希望這會有所幫助。

Super helpful. I believe, Mark, just switching over to more like spend. I think Mark talked about OpEx, but how should we think about CapEx for this year? It sounds like you saw some lab build out still to go in San Jose. And then for Covington, how much would be your contribution for this year?

超級有幫助。我相信，馬克，只是轉向更喜歡花錢。我想馬克談到了運營支出，但我們應該如何看待今年的資本支出？聽起來您在聖何塞看到一些實驗室仍在建設中。那麼對於 Covington，您今年的貢獻是多少？

Yes. If we start with Covington, we've got an agreement where we really won't put any capital down until early next year with our current construction partner there. So it's minimal on the Covington side. On the San Jose side, it's embedded in sort of the non-GAAP OpEx that I talked about as well as for this quarter, you can think about $5 million to $8 million of capital spend that would go into not just that factory, but in general. So, for Q1, that is what we've got in our current budget.

是的。如果我們從卡文頓開始，我們已經達成協議，在明年初之前我們不會與我們目前的建築合作夥伴一起真正投入任何資金。因此，在卡溫頓方面，它是最小的。在聖何塞方面，它嵌入了我談到的非 GAAP 運營支出以及本季度，您可以考慮 500 萬至 800 萬美元的資本支出，不僅會投入該工廠，還會投入一般的。因此，對於第一季度，這就是我們當前預算中的內容。

Thank you. Our next question is the follow-up from the line of Savi with Raymond James.

謝謝。我們的下一個問題是 Savi 與 Raymond James 的後續行動。

Okay. Just curious on the commercialization side work that you're doing, you've identified that first route with United, when do you start kind of looking at the infrastructure that you need to kind of operate that first route and making sure that's in place.

好的。只是對你正在做的商業化方面的工作感到好奇，你已經確定了與聯合航空公司的第一條路線，你什麼時候開始研究運營第一條路線所需的基礎設施並確保它到位。

Thanks, Savi. This is Adam. So, we've had 2 exciting updates regarding infrastructure that took place during the quarter. The first was that we built out what we called our first Archer portal. So, we did this at HQ. And so we just take a minute to explain what this is and how this kind of plays into the infrastructure strategy. So, we know we need to find the places to pick off and land, and we know they need to be near where people are located and where they want to go. But we also need to make sure that customers have a really great user experience.

謝謝，薩維。這是亞當。因此，我們在本季度進行了 2 次關於基礎設施的激動人心的更新。首先是我們構建了我們所謂的第一個 Archer 門戶。所以，我們在總部這樣做了。因此，我們只需花一點時間來解釋這是什麼以及這種類型如何影響基礎設施戰略。所以，我們知道我們需要找到起飛和降落的地方，我們知道它們需要靠近人們所在的地方和他們想去的地方。但我們還需要確保客戶擁有真正出色的用戶體驗。

And so we had to find a solution that was practical, but also really affordable. And so we came up with this concept of the Archer portal, which we showed a snapshot in our shareholder letter of what it looks like. So we designed these portals to be modular, stackable, movable. And we are trailing like the entire user experience from when a customer books a flight to how they check in to really just their entire user journey. And so we went through this process, and that process actually led us to really working on flushing out the entire concept of operations. And so, we then have roped in United's team as well. And so, we really started working with them to go through this. And this has led to a bunch of the conversations at Newark, where we are currently in the process of selecting the sites to which where the vehicles will land.

因此，我們必須找到一種既實用又真正負擔得起的解決方案。因此，我們提出了 Archer 門戶的概念，我們在股東信中展示了它的外觀快照。所以我們將這些門戶設計為模塊化、可堆疊、可移動的。我們正在追踪整個用戶體驗，從客戶預訂航班到他們如何辦理登機手續，再到真正的整個用戶旅程。所以我們經歷了這個過程，這個過程實際上讓我們真正致力於刷新整個操作概念。因此，我們也加入了曼聯的團隊。因此，我們真的開始與他們合作來解決這個問題。這導致了紐瓦克的一系列對話，我們目前正在選擇車輛降落的地點。

So United had offered up several different potential locations, and we narrowed it down to the final few -- and I think actually next week, we're doing a walk-through with the United team where we will ultimately make a selection where we think these vehicles can go. So, the whole goal, though, is really to reduce friction so that travelers save as much time as possible. That's the whole goal. You want to have a really seamless process. And then at the same time, we're also working with United on announcing additional locations at United hubs in the very near future.

所以曼聯提供了幾個不同的潛在地點，我們將其縮小到最後幾個——我想實際上下週，我們將與曼聯團隊進行演練，我們最終會在我們認為的地方做出選擇這些車輛可以去。所以，儘管如此，整個目標實際上是減少摩擦，讓旅行者盡可能多地節省時間。這就是整個目標。你想要一個真正無縫的過程。與此同時，我們還與美聯航合作，宣佈在不久的將來在美聯航樞紐開設更多地點。

That's great. I appreciate that color. And then just -- I might have missed this, but have you talked about like the critical parts from a supplier contract standpoint, just where you are and kind of when you'll have kind of 100% of that contracted.

那太棒了。我很欣賞那種顏色。然後——我可能錯過了這一點，但你是否從供應商合同的角度談過關鍵部分，比如你在哪裡，以及什麼時候你會有 100% 的合同。

Yes. Savi, this is Tom. So, as it stands today, we've got a little over 80% of the bill materials with Spire selected. There are still a few contracts that are kind of just getting over the finish line there. But with that content, we've essentially locked up all of the really critical parts that you're getting at. So, in the last remaining bit, those are more, let's say, commodity check components, things like machine parts, forged parts that will go into electric engines and things like that, where it's maybe a little less time critical you can think of it as. But we feel really good at where we are with the supplier selection today.

是的。薩維，這是湯姆。因此，按照今天的情況，我們選擇了 Spire 的票據材料略多於 80%。仍然有一些合同剛剛完成那裡的終點線。但是有了這些內容，我們基本上已經鎖定了您正在訪問的所有真正關鍵的部分。所以，在最後剩下的部分，比方說，商品檢查組件，機器零件，將進入電動發動機的鍛造零件等類似的東西，你可以想到它的時間緊迫性可能會降低一些作為。但我們對今天在供應商選擇方面的進展感到非常滿意。

Thank you. There are no additional questions waiting at this time. I would like to pass the conference back to CEO, Adam Goldstein for any closing remarks.

謝謝。目前沒有其他問題等待您回答。我想將會議轉回給 CEO Adam Goldstein，聽取任何閉幕詞。

Thank you for attending our call. This has certainly been the most exciting quarter to date from our perspective. We're nearing completion of our midnight aircraft. We're starting to produce our conforming aircraft and 2023 is really shaping up to be an incredible year. It has been a pleasure working with our team. It is the best team that I've ever worked with, and I couldn't be prouder of the work that we're doing together. Thank you for joining us today...

感謝您參加我們的電話會議。從我們的角度來看，這無疑是迄今為止最激動人心的季度。我們的午夜飛機即將完成。我們開始生產符合標準的飛機，而 2023 年確實將成為令人難以置信的一年。與我們的團隊合作很愉快。這是我共事過的最好的團隊，我為我們一起做的工作感到無比自豪。感謝您今天加入我們...

That concludes the Archer Aviation, Inc. Q4 2022 Financial Results Conference Call. I hope you all enjoy the rest of your day. You may now disconnect your lines.

Archer Aviation, Inc. 2022 年第四季度財務業績電話會議到此結束。我希望你們都過得愉快。您現在可以斷開線路。