Archer Aviation Inc (ACHR) 2023 Q1 法說會逐字稿

Good afternoon. Thank you for attending the Archer Aviation Q1 2023 Quarterly Results Call. My name is Matt, and I'll be your moderator for today's call. All lines will be muted during the presentation portion of the call for an opportunity for questions and answers at the end. (Operator Instructions) I would now like to pass the conference over to our host, Andrew Missan, Chief Legal Officer of Archer. Please go ahead.

下午好。感謝您參加 Archer Aviation 2023 年第一季度季度業績電話會議。我叫馬特，我將擔任今天電話會議的主持人。在通話的演示部分，所有線路都將靜音，以便在結束時有機會提問和回答。 （操作員說明）我現在想將會議轉交給我們的主持人，Archer 的首席法律官 Andrew Missan。請繼續。

Thank you. Good afternoon, and welcome to Archer's First Quarter 2023 Conference Call. Joining me today are Adam Goldstein, our Founder and CEO; Tom Muniz, our COO; and Mark Mesler, our CFO. Please note that during today's call, we will be making forward-looking statements. These statements involve risks and uncertainties that may cause actual results to differ materially from those contemplated by the forward-looking statements. For more information about these risks and uncertainties, please refer to our SEC filings, including the risk factors discussed in our most recently filed annual report on Form 10-K. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events. 

謝謝。下午好，歡迎來到 Archer 2023 年第一季度電話會議。今天加入我的是我們的創始人兼首席執行官 Adam Goldstein；我們的首席運營官 Tom Muniz；和我們的首席財務官 Mark Mesler。請注意，在今天的電話會議中，我們將發表前瞻性陳述。這些陳述涉及風險和不確定性，可能導致實際結果與前瞻性陳述中預期的結果存在重大差異。有關這些風險和不確定性的更多信息，請參閱我們向美國證券交易委員會提交的文件，包括我們最近提交的 10-K 表格年度報告中討論的風險因素。我們在本次電話會議上所做的任何前瞻性陳述均基於截至今天的假設，我們不承擔因新信息或未來事件而更新這些陳述的義務。

During this call, we may present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in our shareholder letter posted on our IR website. And now I'd like to turn the call over to Adam. Adam?

在此電話會議期間，我們可能會同時介紹 GAAP 和非 GAAP 財務指標。我們在 IR 網站上發布的股東信中包含了 GAAP 與非 GAAP 措施的對賬。現在我想把電話轉給亞當。亞當？

Thanks, Andy. 2023 is a landmark year for the leaders in our industry. Efforts are shifting to building the conforming aircraft that will be used as part of certification testing in advance of commercialization in 2025. I want to reiterate Archer's strategy, to build an aircraft with the most efficient path to certification and manufacturing at scale. Our aircraft design has focused on optimizing for the UAM business case, a safe, sustainable, quiet aircraft that can perform rapid, short distance back-to-back trips for full passengers plus a pilot. We believe that UAM will initially be the largest market segment for electric aircraft. Our execution has and continues to focus on leveraging our team's industry-leading expertise to make simultaneous progress across all work streams, technology, certification, manufacturing and commercial operations. The substantial progress we've made to date gives us high confidence that we will be in a position to begin commercial operations in 2025 with the ability to rapidly scale. 

謝謝，安迪。 2023 年對於我們行業的領導者來說是具有里程碑意義的一年。努力正在轉向製造符合要求的飛機，這些飛機將在 2025 年商業化之前用作認證測試的一部分。我想重申 Archer 的戰略，即製造一種飛機，以最有效的途徑進行認證和大規模製造。我們的飛機設計專注於優化 UAM 業務案例，這是一種安全、可持續、安靜的飛機，可以為所有乘客和飛行員執行快速、短距離的背靠背旅行。我們相信 UAM 最初將是電動飛機最大的細分市場。我們的執行一直並將繼續專注於利用我們團隊行業領先的專業知識，在所有工作流、技術、認證、製造和商業運營中取得同步進展。我們迄今為止取得的實質性進展使我們充滿信心，相信我們將能夠在 2025 年開始商業運營，並具有快速擴展的能力。

Last quarter, I spoke in detail about our recently announced manufacturing partnership with Stellantis, one of the world's largest automakers whose iconic brands include Jeep, Ram and Maserati. Remember, that agreement with Stellantis involves us joining forces to build our Midnight aircraft as well as Stellantis providing additional capital to Archer to help ensure we get through to commercial operations with scalable manufacturing. Today, I'll share some exciting updates on our joint efforts to stand up those manufacturing capabilities, including progress on our manufacturing facilities in San Jose, California and in Covington, Georgia. Our collaboration with Stellantis goes back to 2020 and is built on our shared goal of developing a sustainable urban air mobility industry, supported by high-volume manufacturing with a focus on quality, efficiency, profitability and above all else, safety. Stellantis initially became an investor in Archer in 2021. And as part of the recent expansion of our strategic relationship in addition to our manufacturing partnership, they have committed up to an additional $150 million in equity capital for Archer to draw upon at our option between now and the end of 2024. This is a once-in-a-generation opportunity to redefine urban transportation for both Archer and Stellantis.

上個季度，我詳細介紹了我們最近宣布的與 Stellantis 的製造合作夥伴關係，Stellantis 是世界上最大的汽車製造商之一，其標誌性品牌包括 Jeep、Ram 和瑪莎拉蒂。請記住，與 Stellantis 達成的協議涉及我們聯手建造我們的 Midnight 飛機，以及 Stellantis 向 Archer 提供額外資金，以幫助確保我們通過可擴展製造實現商業運營。今天，我將分享一些令人興奮的最新消息，介紹我們為加強這些製造能力所做的共同努力，包括我們在加利福尼亞州聖何塞和佐治亞州卡溫頓的製造工廠取得的進展。我們與 Stellantis 的合作可以追溯到 2020 年，它建立在我們發展可持續城市空中交通行業的共同目標之上，該行業得到大批量製造的支持，重點是質量、效率、盈利能力，最重要的是安全性。 Stellantis 最初於 2021 年成為 Archer 的投資者。除了我們的製造合作夥伴關係之外，作為我們最近戰略關係擴展的一部分，他們已承諾向 Archer 追加高達 1.5 億美元的股權資本，以供我們從現在開始選擇使用和 2024 年底。這是一個千載難逢的機會，可以為 Archer 和 Stellantis 重新定義城市交通。

For Archer, our relationship with Stellantis helps us ensure that we have a robust, scalable manufacturing infrastructure in place at the time of certification. And by leveraging Stellantis' expertise in advance to volume manufacturing, it enables us to do it in a cost-effective and capital-efficient way. For Stellantis, this partnership helps them continue to push the boundaries to provide sustainable freedom of mobility, whether traveling by road or sky. Choosing Archer as a partner for this new market speaks to their belief that we have the right team and technology to drive the UAM transformation. We believe our strategic relationship with Stellantis is by far the deepest commitment to date by a partner across the eVTOL industry. Our high-volume Covington manufacturing facility is slated to come online in 2024. The first phase of development at Covington spans a 96-acre site adjacent to the Covington Municipal Airport, where we will have the ability to produce up to 650 aircraft per year. The second phase would give us the ability to produce up to 2,300 aircraft per year. The end result would be a massive manufacturing operation that makes the Archer and Stellantis team the largest aerospace manufacturer in the world by number of planes produced annually. 

對於 Archer，我們與 Stellantis 的關係幫助我們確保在認證時擁有穩健、可擴展的製造基礎設施。通過提前利用 Stellantis 的專業知識進行批量生產，它使我們能夠以具有成本效益和資本效率的方式進行生產。對於 Stellantis 而言，這種夥伴關係有助於他們繼續突破界限，以提供可持續的移動自由度，無論是通過公路還是空中旅行。選擇 Archer 作為這個新市場的合作夥伴表明他們相信我們擁有合適的團隊和技術來推動 UAM 轉型。我們相信，我們與 Stellantis 的戰略關係是 eVTOL 行業合作夥伴迄今為止最深切的承諾。我們的高產量 Covington 製造工廠計劃於 2024 年上線。Covington 的第一階段開發佔地 96 英畝，毗鄰 Covington Municipal Airport，我們將有能力每年生產多達 650 架飛機。第二階段將使我們能夠每年生產多達 2,300 架飛機。最終結果將是大規模的製造業務，使 Archer 和 Stellantis 團隊成為世界上每年生產的飛機數量最大的航空航天製造商。

Until our Covington facility is online, we're leveraging our integrated test lab and manufacturing facility located right here in San Jose, just around the corner from our headquarters to build our conforming aircraft. This facility can manufacture (inaudible), it can be used for incremental manufacturing capacity as we are ramping up Covington. All of this early work on manufacturing infrastructure is geared towards supporting a robust commercial launch in 2024. Quarter, we announced our plans to launch UAM operations in another city, a key milestone in our go-to-market strategy. We announced the City of Chicago as our next airport to city center route. The announcement was in close coordination with the City of Chicago, the Chicago Department of Aviation, the State of Illinois and ComEd, the utility in Chicago, which is indicative of their view that this is an incredible step forward for Chicago and will be a showcase for the future of sustainable travel. 

在我們的卡文頓工廠上線之前，我們將利用我們位於聖何塞的綜合測試實驗室和製造工廠，就在我們總部的拐角處，以製造我們的合格飛機。這個設施可以製造（聽不清），它可以用於增加製造能力，因為我們正在擴大卡溫頓。所有這些關於製造基礎設施的早期工作都是為了支持 2024 年的強勁商業發布。本季度，我們宣布了在另一個城市開展 UAM 業務的計劃，這是我們進入市場戰略的一個重要里程碑。我們宣布芝加哥市作為我們下一個機場到市中心的路線。該公告與芝加哥市、芝加哥航空部、伊利諾伊州和芝加哥公用事業公司 ComEd 密切協調，這表明他們認為這是芝加哥向前邁出的令人難以置信的一步，將成為一個展示為了可持續旅行的未來。

We are seeing high levels of interest from other municipalities all over the country for UAM solutions that can address both traffic issues and sustainability commitments. The Chicago announcement continues the expansion of our existing partnership with United, following our announcement of a Manhattan to Newark route last year. These 2 routes represent important steps in building out our trunking brand strategy as we enter our foundational markets, meaning that we start with the highest traffic, highest demand routes and will expand our UAM network outward over time. The great news is that our approach aligns nicely to the UAM concept of Operations 2.0, the FAA and NASA announced last week. As we've talked about commercialization over the past several quarters, we focused on the civilian use cases for our Midnight aircraft, but we've also been working closely with the Department of Defense on several programs and have been in talks about significantly expanding our relationship. As our Midnight aircraft progresses towards commercialization, based on this performance specifications, including its payload, the Department of Defense has expressed strong interest in using the aircraft for nonkinetic use cases such as rescue operations and for supply chain logistics. 

我們看到全國其他城市對可以解決交通問題和可持續性承諾的 UAM 解決方案表現出濃厚的興趣。在我們去年宣布曼哈頓至紐瓦克航線之後，芝加哥的公告繼續擴大我們與美聯航的現有合作夥伴關係。這兩條路線代表了我們在進入基礎市場時構建集群品牌戰略的重要步驟，這意味著我們從最高流量、最高需求的路線開始，並將隨著時間的推移向外擴展我們的 UAM 網絡。好消息是，我們的方法與美國聯邦航空局和美國宇航局上周宣布的 UAM Operations 2.0 概念非常吻合。正如我們在過去幾個季度談論商業化一樣，我們專注於午夜飛機的民用案例，但我們也一直在與國防部就幾個項目密切合作，並一直在討論大幅擴大我們的關係。隨著我們的 Midnight 飛機朝著商業化的方向發展，基於包括其有效載荷在內的性能規格，國防部對將飛機用於非動力用例（例如救援行動和供應鏈物流）表示出濃厚的興趣。

In support of these efforts, just yesterday, we announced the formation of a government services advisory board with six appointees. These six highly decorated and distinguished military leaders represent the United States Air Force, Navy and Army. We are extremely fortunate to have this significant level of leadership and experience on board and supporting Archer. This advisory Board will further build on our expertise and perspective of U.S. federal government programs and procurement strategies to allow us to more fully engage with U.S. government agencies to explore additional opportunities to commercialize eVTOL aircraft. Before I turn it over to Tom to give more detailed updates on our technology and certification progress, I'd like to note that Archer will be participating prominently in the Paris Air Show in June as the featured eVTOL aircraft manufacturer. 

為支持這些努力，就在昨天，我們宣布成立一個由六名成員組成的政府服務顧問委員會。這六位功勳卓著的傑出軍事領導人代表了美國空軍、海軍和陸軍。我們非常幸運能夠擁有如此重要的領導力和經驗，並為 Archer 提供支持。該諮詢委員會將進一步利用我們對美國聯邦政府計劃和採購戰略的專業知識和觀點，使我們能夠更充分地與美國政府機構合作，探索將 eVTOL 飛機商業化的更多機會。在我轉交給 Tom 更詳細地介紹我們的技術和認證進展之前，我想指出，Archer 將作為特色 eVTOL 飛機製造商參加 6 月的巴黎航空展。

The Paris Air Show is the premier global aviation event of the year, featuring the world's most impressive aircraft while serving as a platform for the aviation industry to come together and provide thought leadership on the direction of the industry. As such, our Midnight aircraft will be making its European review and several of our executives will be speaking on panels that are focused on sharing our vision for the commercialization of our industry. If you're coming to the Paris Air Show, I want to invite you to stop by Archer's location to meet our team and see Midnight for yourself. It's truly a memorable experience. I'll now turn it over to Tom.

巴黎航空展是年度首屈一指的全球航空盛會，展出世界上最令人印象深刻的飛機，同時作為航空業匯聚一堂的平台，為行業方向提供思想領導力。因此，我們的 Midnight 飛機將進行歐洲審查，我們的幾位高管將在小組討論中發言，重點是分享我們對行業商業化的願景。如果您要參加巴黎航空展，我想邀請您到 Archer 的位置停下來與我們的團隊會面並親眼看看 Midnight。這真是一次難忘的經歷。我現在將其交給湯姆。

Thanks, Adam. These last couple of months have been very exciting for the team as we've had some key milestones on our path to bringing Midnight into service in 2025. Most importantly, I'm very excited to announce that production of our first Midnight aircraft is now complete. Just last week, the aircraft was delivered to our flight test facility in Salinas and reassembled. You can see a picture of the aircraft in Salinas on the cover of our shareholder letter. This is right on schedule and means we are on track to begin flight testing of this aircraft this summer once it completes all its necessary ground tests. This is a huge milestone for us and the industry. We plan to fly this Midnight aircraft extensively throughout the second half of this year, paving the way for piloted flight testing of the fleet of conforming the night aircraft we are building to support 4 credit flight testing with the FAA. We remain on track to begin pilot operations in early 2024. 

謝謝，亞當。過去幾個月對團隊來說非常令人興奮，因為我們在 2025 年將 Midnight 投入使用的道路上取得了一些關鍵的里程碑。最重要的是，我很高興地宣布我們的第一架 Midnight 飛機現在已經開始生產完全的。就在上週，這架飛機被交付到我們位於薩利納斯的飛行測試設施並重新組裝。您可以在我們的股東信的封面上看到薩利納斯飛機的照片。這是按計劃進行的，這意味著我們有望在今年夏天完成所有必要的地面測試後開始對該飛機進行飛行測試。這對我們和整個行業來說都是一個巨大的里程碑。我們計劃在今年下半年廣泛試飛這架 Midnight 飛機，為我們正在建造的符合 FAA 要求的 4 學分飛行測試的夜間飛機機隊進行試飛鋪平道路。我們仍有望在 2024 年初開始試點運營。

As we've discussed before, our team of leading engineers have been hard at work over the past couple of years, developing Midnight's proprietary electric propulsion system. We believe that the advanced performance and safety of Midnight's batteries and electric engines, coupled with its design for high-rate manufacturing is a key differentiator and advantage for Archer. Our strategy of realistic innovation led us to optimize the design of our batteries and electric engines to facilitate a more streamlined certification process and support our plan to ramp up manufacturing to allow us to deliver hundreds of aircraft per year shortly after getting certification. The past few months have seen this strategy deliver dividends as the team has made great strides on the engineering certification and manufacturing of these key systems. 

正如我們之前所討論的那樣，我們的領先工程師團隊在過去幾年中一直在努力工作，開發 Midnight 專有的電力推進系統。我們相信 Midnight 的電池和電動引擎的先進性能和安全性，加上其針對高速率製造的設計，是 Archer 的一個關鍵差異化因素和優勢。我們的現實創新戰略促使我們優化了電池和電動發動機的設計，以促進更簡化的認證流程，並支持我們加快製造的計劃，使我們能夠在獲得認證後不久每年交付數百架飛機。在過去的幾個月裡，隨著團隊在這些關鍵系統的工程認證和製造方面取得了長足進步，這一戰略帶來了紅利。

Let's drill down on the battery front. We've now completed critical testing of Midnight's batteries at the cell and pack level. Our proprietary battery packs are built with industry standard cylindrical cells, which we believe have the highest levels of safety and reliability across the industry. Their safety and reliability has been validated through hundreds of thousands of hours of extensive testing by the team over the past few months in preparation for Midnight flight testing. Cylindrical cells have key safety advantages over alternative form factors like pouch cells, such as built-in current interrupt devices and dedicated vent paths, which facilitate the design of safe, efficient and lightweight battery packs, which meet the most stringent aerospace safety requirements. For these reasons, we believe that currently, cylindrical cells are the best technology for aerospace applications. At the pack level, our battery packs have also completed environmental testing, including shock and vibration testing required by the FAA for certification. The data from these tests gives us high confidence as we move forward towards four credit testing with FAA. The validation data also gives us confidence to proceed with preparations for manufacturing scale-up of Midnight's battery packs at our San Jose manufacturing facility. 

讓我們深入研究電池前端。我們現在已經完成了 Midnight 電池在電池和電池組級別的關鍵測試。我們專有的電池組採用行業標準的圓柱形電池製成，我們相信這種電池在整個行業中具有最高水平的安全性和可靠性。在過去幾個月中，該團隊為準備午夜飛行測試進行了數十萬小時的廣泛測試，驗證了它們的安全性和可靠性。與軟包電池等其他形狀因素相比，圓柱形電池具有關鍵的安全優勢，例如內置電流中斷設備和專用通風路徑，這有助於設計安全、高效和輕便的電池組，滿足最嚴格的航空航天安全要求。由於這些原因，我們認為目前圓柱形電池是航空航天應用的最佳技術。在電池組層面，我們的電池組也完成了環境測試，包括美國聯邦航空局認證要求的衝擊和振動測試。這些測試的數據給了我們很高的信心，因為我們正朝著 FAA 的四項信用測試邁進。驗證數據還讓我們有信心繼續準備在我們的聖何塞製造工廠擴大 Midnight 電池組的製造規模。

This progress on battery testing and manufacturing also maps to the progress we are making on the certification front. The detailed testing and data that I just mentioned has facilitated lots of progress and collaboration with FAA. Over just the past couple of months, our battery team has had several in-person meetings with the FAA technical team in both Washington, D.C. and on site at our facilities. In these meetings, the combined team has reviewed detailed design and validation data in preparation for finalizing our subject-specific certification plan for this area, which has now been formally submitted to the FAA for approval. Batteries are just one example of many where we continue to make progress with the FAA on certification. We have now submitted 15 of our 18 subject-specific certification plans to the FAA. As a reminder, SSCP provide precise detail on each of the specific tests and analyses that will be completed during the implementation phase of the project, in which we will demonstrate to the FAA that Midnight meets all relevant FAA requirements necessary to receive type certification. 

電池測試和製造方面的進展也反映了我們在認證方面取得的進展。我剛才提到的詳細測試和數據促進了很多進展以及與 FAA 的合作。在過去的幾個月裡，我們的電池團隊在華盛頓特區和我們的設施現場與 FAA 技術團隊進行了幾次面對面的會談。在這些會議中，合併後的團隊審查了詳細的設計和驗證數據，準備最終確定我們針對該領域的特定主題認證計劃，該計劃現已正式提交給美國聯邦航空局批准。電池只是我們在美國聯邦航空局認證方面繼續取得進展的眾多例子之一。我們現在已經向美國聯邦航空局提交了 18 個特定主題認證計劃中的 15 個。提醒一下，SSCP 提供了項目實施階段將完成的每項具體測試和分析的精確細節，我們將在其中向 FAA 證明 Midnight 滿足獲得型號認證所需的所有相關 FAA 要求。

We have also submitted our project-specific certification plan or PSCP. This is the overall guiding document for the entire project that leverages all SSCPs to provide complete coverage for all global certification requirements. We remain focused on ensuring our progress with the FAA supports our timeline of performing for credit testing with our conforming aircraft next year. Let's now shift to our manufacturing build-out an area where we continue to lead the industry. It's a very exciting time for the team as our San Jose manufacturing and lab facility is now coming online, and we are underway with the construction of our high-volume facility in Georgia. Our San Jose, California facility has 3 main components: test labs, powertrain manufacturing and aircraft final assembly. For testing, the facility contains roughly a dozen specially designed laboratories to conduct specific component and system testing to support both engineering validation and for credit certification testing of all the systems on the Midnight aircraft. This facility also has a significant amount of space allocated to powertrain manufacturing with partially automated assembly lines for our proprietary battery packs and electric engines. 

我們還提交了我們的項目特定認證計劃或 PSCP。這是整個項目的總體指導文件，該項目利用所有 SSCP 來全面涵蓋所有全球認證要求。我們仍然專注於確保我們在美國聯邦航空局取得的進展支持我們明年對符合要求的飛機進行信用測試的時間表。現在讓我們轉向我們的製造業建設，這是我們繼續引領行業的領域。對於團隊來說，這是一個非常激動人心的時刻，因為我們的聖何塞製造和實驗室設施現已上線，我們正在喬治亞州建設我們的大容量設施。我們位於加利福尼亞州聖何塞的工廠有 3 個主要部分：測試實驗室、動力總成製造和飛機總裝。對於測試，該設施包含大約十幾個專門設計的實驗室，用於進行特定組件和系統測試，以支持工程驗證和午夜飛機上所有系統的信用認證測試。該工廠還為動力總成製造分配了大量空間，並為我們專有的電池組和電動發動機配備了部分自動化裝配線。

As we speak, lab and manufacturing equipment such as robots for our battery pack production line are being installed and commissioned. Lastly, there's an aircraft final assembly area that can support the production of tens of aircraft per year. This is where we will assemble the initial fleet of conforming Midnight aircraft later this year that will be used in 4 credit certification testing next year. In parallel, our team has been hard at work alongside a large very experienced team from Stellantis on the production system development for our high-volume facility in Georgia. If you walk around the Archer office here in San Jose, you'll see many Stellantis employees with invaluable experience from their brands like Jeep, working side-by-side with Archer team. The material flow and layout of that facility, along with the detailed building mechanical, electrical and plumbing design is now mature and construction is on track for occupancy in 2024 and on track to support our production ramp for commercialization in 2025. 

就在此時，電池組生產線的機器人等實驗室和製造設備正在安裝和調試中。最後，還有一個飛機總裝區，每年可支持數十架飛機的生產。今年晚些時候，我們將在這裡組裝首批合格的 Midnight 飛機，明年將用於 4 項信用認證測試。與此同時，我們的團隊一直與來自 Stellantis 的經驗豐富的大型團隊一起努力工作，為我們在佐治亞州的大批量工廠開發生產系統。如果您在聖何塞的 Archer 辦公室走走，您會看到許多 Stellantis 員工在他們的品牌（如 Jeep）中積累了寶貴的經驗，與 Archer 團隊並肩工作。該設施的物料流和佈局，以及詳細的建築機械、電氣和管道設計現已成熟，施工有望在 2024 年投入使用，並有望在 2025 年支持我們的生產坡道以實現商業化。

When it comes to manufacturing, we are confident that we are the most advanced eVTOL company in the world, due in large part to our strategy to focus not just on design for certification, but also on designing for mass manufacturing. No other eVTOL company has even announced that they've selected a site for a high-volume facility. I just want to take a moment to thank the tremendous effort both our team and the Stellantis team has put in. There is no replacement for hard work and the teams continue to step up every day as we ready for commercialization. And with that, I'll hand it over to Mark to discuss the financials for the quarter.

在製造方面，我們有信心成為世界上最先進的 eVTOL 公司，這在很大程度上歸功於我們的戰略，即不僅關注認證設計，還關注大規模製造設計。甚至沒有其他 eVTOL 公司宣布他們已經為大容量設施選擇了一個地點。我只想花點時間感謝我們的團隊和 Stellantis 團隊所付出的巨大努力。辛勤的工作是無可替代的，隨著我們為商業化做準備，團隊每天都在繼續加緊努力。有了這個，我將把它交給馬克討論本季度的財務狀況。

Thanks, Tom. While Adam and Tom highlighted the great progress we are making on our efforts to commercialize in 2025, it is important to note that we are doing so in a financially disciplined manner. To commercialize this industry in any meaningful way, we must not only receive type certification of our aircraft, but also have a mature supply base and manufacturing capabilities that will allow us to launch this industry and capture the forecasted demand for sustainable urban air mobility. I would like to recognize the tremendous work and support we are getting from our foundational suppliers. They are moving and innovating at a pace that is allowing us to track to our commercialization efforts in 2025. We cannot achieve that goal without their hard work and commitment to this new industry and Archer. As we continue to progress our manufacturing operations and mature our commercialization efforts, we also remain focused on maintaining a healthy cash runway. We get questions every quarter about the liquidity necessary to get to commercialization. And we've been very consistent with communicating our comfort around being sufficiently capitalized to get there. 

謝謝，湯姆。雖然 Adam 和 Tom 強調了我們在 2025 年商業化方面取得的巨大進展，但重要的是要注意，我們這樣做是在財務上自律的。要以任何有意義的方式使這個行業商業化，我們不僅必須獲得飛機的型號認證，還必須擁有成熟的供應基地和製造能力，這將使我們能夠啟動這個行業並捕捉對可持續城市空中交通的預測需求。我想感謝我們從基礎供應商那裡獲得的巨大工作和支持。他們正在以一種讓我們能夠在 2025 年追踪我們的商業化努力的速度前進和創新。如果沒有他們對這個新行業和 Archer 的辛勤工作和承諾，我們就無法實現這一目標。隨著我們繼續推進我們的製造業務並使我們的商業化努力成熟，我們也將繼續專注於維持健康的現金跑道。我們每個季度都會收到有關實現商業化所需流動性的問題。我們一直非常一致地表達我們對有足夠的資本來實現目標感到滿意。

We ended Q1 '23 with $450 million of cash and short-term investments on our balance sheet. Additionally, as we discussed in detail last quarter, Stellantis has committed $150 million of equity capital that we can draw upon between now and the end of 2024 in 3 tranches as we need it based on us achieving certain milestones, giving us a total of around $600 million. We structured that agreement in order to give us flexibility as to when we take the investment in an effort to minimize potential dilution to our shareholder base. It is also worth revisiting the fact that we previously announced an LOI with Synovus, our banking partner in Georgia, to finance our factory build in Covington, Georgia and the equipment that we will deploy there. Our intent is that we will enter into a financing facility with Synovus later this year that will cover nearly all of the cost of construction of the Covington facility, minimizing the near-term impact to our cash. We will keep you posted as that progresses. 

我們在資產負債表上以 4.5 億美元的現金和短期投資結束了 23 年第一季度。此外，正如我們在上個季度詳細討論的那樣，Stellantis 已承諾從現在到 2024 年底，根據我們實現某些里程碑的需要，我們可以分 3 次提取 1.5 億美元的股權資本，使我們總共獲得大約6億美元。我們制定該協議是為了讓我們在何時進行投資方面具有靈活性，以盡量減少對股東基礎的潛在稀釋。同樣值得回顧的事實是，我們之前宣布了與佐治亞州銀行合作夥伴 Synovus 的意向書，以資助我們在佐治亞州卡溫頓的工廠建設以及我們將在那裡部署的設備。我們的意圖是，我們將在今年晚些時候與 Synovus 簽訂一項融資協議，該協議將涵蓋卡溫頓設施的幾乎所有建設成本，從而最大限度地減少對我們現金的近期影響。隨著進展的進行，我們會及時通知您。

As you can see, we are being very thoughtful about how we manage our liquidity and potential shareholder dilution. Recall that we also have a 200-unit aircraft purchase agreement with United with an option for them to take another 100 aircraft. To date, they have provided a $10 million predelivery payment for the first 100 aircraft. As we progress further through the aircraft certification program, we expect that we will agree upon and receive additional predelivery payments from United. Beyond these previously announced arrangements, Stellantis and United remain committed to helping Archer get to commercial operations in 2025. We are very fortunate to have the continued support of these 2 strategic partners and investors. As I have discussed in the past, we have taken and continue to take proactive measures to manage our cash flow and optimize our expenses to achieve our program milestones and company goals. Through our rigorous budgeting and forecasting process, we are constantly reviewing our financial requirements to support our path to commercialization and making necessary adjustments to ensure that we are maximizing our resources and operating efficiently. We are committed to delivering on the promise of bringing UAM to market at scale in a thoughtful, financially disciplined manner. We are confident we have the right strategy to do so. 

正如您所看到的，我們正在考慮如何管理我們的流動性和潛在的股東稀釋。回想一下，我們還與美聯航簽訂了 200 架飛機的採購協議，他們可以選擇再購買 100 架飛機。迄今為止，他們已經為首批 100 架飛機支付了 1000 萬美元的交付前付款。隨著我們在飛機認證計劃中取得進一步進展，我們預計我們將同意並從美聯航收到額外的交付前付款。除了這些先前宣布的安排外，Stellantis 和 United 仍致力於幫助 Archer 在 2025 年實現商業運營。我們非常幸運能得到這兩個戰略合作夥伴和投資者的持續支持。正如我過去所討論的那樣，我們已經並將繼續採取積極措施來管理我們的現金流並優化我們的支出，以實現我們的計劃里程碑和公司目標。通過我們嚴格的預算和預測流程，我們不斷審查我們的財務需求，以支持我們的商業化之路，並進行必要的調整，以確保我們最大限度地利用我們的資源和高效運營。我們致力於兌現以深思熟慮、財務紀律的方式將 UAM 大規模推向市場的承諾。我們相信我們有正確的策略來做到這一點。

Now on to our financial performance for Q1 '23. Our non-GAAP total operating expenses were $80 million, right at the midpoint of our estimates range. This led to an adjusted EBITDA loss of $79 million. The preponderance of our operating expenses continue to be investments in headcount and engineering development expenses to build and test our Midnight aircraft. We are also making investments in nonrecurring expenses at vendors for the build-out of our supply base to manufacture conforming components for Midnight over the long term as well as investing in the parts for our development testing in 6 conforming aircraft that we will begin building later this year and will be used for in-credit testing with the FAA as part of our certification program. 

現在談談我們 23 年第一季度的財務業績。我們的非 GAAP 總運營費用為 8000 萬美元，正好處於我們估計範圍的中點。這導致調整後的 EBITDA 虧損 7900 萬美元。我們運營費用的主要部分仍然是對員工人數和工程開發費用的投資，以建造和測試我們的午夜飛機。我們還對供應商的非經常性支出進行投資，以建立我們的供應基地，以便長期為 Midnight 製造符合要求的組件，並投資於我們將在稍後開始建造的 6 架符合要求的飛機中進行開發測試的零件今年，將用於美國聯邦航空局的信貸測試，作為我們認證計劃的一部分。

The investments in nonrecurring costs in parts were approximately $16 million for the quarter. As I've discussed last quarter, these costs generally should not persist beyond 2023. On a GAAP basis, total operating expenses for Q1 '23 were $112 million, which included $25.7 million of stock-based compensation and $6.3 million of warrant expenses for our warrants issued to United and Stellantis. These results were slightly below the midpoint of our estimate range of $115 million. We exited the quarter with $450 million of cash, cash equivalents and short-term investments on our balance sheet. We used $77 million in cash for the quarter, primarily to invest in the $80 million of non-GAAP operating expenses and $11.4 million of capital expenses, partially offset by working capital timing. The investments we are making now are laying the foundation necessary to yield long-term value for Archer's shareholders, including continued development of Midnight, establishing our long-term supply base for conforming parts for Midnight, parts for our 6 conforming aircraft that we will use in 4 credit testing with the FAA, our San Jose, California integrated test lab and manufacturing facility, and our Covington, Georgia facility. 

本季度對零部件的非經常性成本投資約為 1600 萬美元。正如我上個季度所討論的那樣，這些成本通常不會持續到 2023 年以後。根據 GAAP，23 年第一季度的總運營費用為 1.12 億美元，其中包括 2570 萬美元的股票薪酬和 630 萬美元的認股權證費用向 United 和 Stellantis 發出的認股權證。這些結果略低於我們估計範圍 1.15 億美元的中點。本季度結束時，我們的資產負債表上有 4.5 億美元的現金、現金等價物和短期投資。本季度我們使用了 7700 萬美元的現金，主要用於投資 8000 萬美元的非 GAAP 運營費用和 1140 萬美元的資本費用，部分被營運資本時間抵消。我們現在正在進行的投資正在為為 Archer 的股東創造長期價值奠定必要的基礎，包括繼續開發 Midnight，為 Midnight 的合格部件建立長期供應基地，我們將使用的 6 架合格飛機的零件在美國聯邦航空局、我們位於加利福尼亞州聖何塞的綜合測試實驗室和製造工廠以及我們位於佐治亞州卡溫頓的工廠進行了 4 項信用測試。

Our ending cash balance, coupled with the potential $150 million in equity capital from Stellantis I previously discussed, provides us with potential liquidity of $600 million to get through to commercialization in 2025. Finally, let's take a look at our Q2 '23 estimates for spending, which are consistent with our Q1 '23 levels. We anticipate total GAAP operating expense of $110 million to $120 million, which includes expected stock-based compensation and warrant expense of approximately $35 million. Total non-GAAP operating expenses will be between $75 million and $85 million. We had a very active investor outreach calendar in Q1 '23, attending events in both the U.S. and Europe. We will continue our outreach in Q2 '23, and we'll be participating in many conferences and non-deal roadshows with the financial community, educating investors on our sector and Archer's strategy. We've provided a detailed calendar on our IR website and our shareholder letter. And with that, operator, we will open it up for questions.

我們的期末現金餘額，加上我之前討論過的來自 Stellantis 的潛在 1.5 億美元股本，為我們提供了 6 億美元的潛在流動性，以在 2025 年實現商業化。最後，讓我們來看看我們對 23 年第二季度支出的估計，這與我們的 Q1 '23 水平一致。我們預計 GAAP 總運營費用為 1.1 億至 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。非 GAAP 運營費用總額將在 7500 萬美元至 8500 萬美元之間。我們在 23 年第一季度有一個非常活躍的投資者外展日曆，參加了美國和歐洲的活動。我們將在 23 年第二季度繼續我們的外展活動，我們將與金融界一起參加許多會議和非交易路演，向投資者介紹我們的行業和 Archer 的戰略。我們在 IR 網站和股東信中提供了詳細的日曆。有了這個，操作員，我們將打開它來提問。

(Operator Instructions) As a reminder, if you're using a speaker phone, please remember to pick up your handset before asking your question. You will pause here briefly as questions are registered. The first question is from the line of Bill Peterson with JPMorgan. Your line is now open.

（操作員說明）提醒一下，如果您使用免提電話，請記得在提問前拿起聽筒。登記問題後，您將在此處短暫暫停。第一個問題來自摩根大通的比爾彼得森。您的線路現已開通。

Yeah, good afternoon and thanks for taking the questions. Nice progress for the quarter. My question is on the government opportunities, the DoD across the branches and maybe other government organizations. Given it sounds like San Jose site really can't build that many units. When you're building high volume in Georgia, I know in the past, you've talked about maybe 50-50 split between aircraft sales and network. How can we -- how should we be thinking about the additional government opportunities within that mix? And especially in the context that maybe building the network maybe may take longer just given lack of infrastructure and obviously awareness and things like that. Just trying to figure out how to think about the go-to-market.

是的，下午好，感謝您提出問題。本季度取得了不錯的進展。我的問題是關於政府機會、跨部門的國防部以及其他政府組織。鑑於聽起來聖何塞站點真的無法建造那麼多單元。當你在佐治亞州建立高容量時，我過去知道，你曾談到飛機銷售和網絡之間可能有 50-50 的比例。我們如何——我們應該如何考慮該組合中的額外政府機會？尤其是在考慮到缺乏基礎設施和明顯的意識以及諸如此類的事情的情況下，構建網絡可能需要更長的時間。只是想弄清楚如何考慮上市。

Thanks, Bill. This is Adam. So we've been working with the DoD for several years. Just trying to put it on context for you. We've had -- we've been working on them across several different programs ranging from acoustics to autonomy. And as we've gotten deeper in with the DoD and really expanded our relationship, we've also seen the DoD really expand the relationship across the whole industry. And so there's been a lot of discussion around use cases and how can we use these vehicles within the DoD. And one of the things that's, I think, been attractive and that we've heard a lot of comments on has been Archer's payload capabilities. And so that has really increased the volume of conversations that we've been having. And so that's really what's been driving a lot of this kind of deepening activity that Archer has put out there. So we decided to form this government advisory board, where we have a range of some of the who's who from the different branches, really deep experienced folks that have worked deep into the budget process to the strategy side across all the different branches. 

謝謝，比爾。這是亞當。所以我們多年來一直與國防部合作。只是想為你把它放在上下文中。我們已經 - 我們一直在從聲學到自治的幾個不同項目中研究它們。隨著我們與國防部的關係越來越深入並真正擴大了我們的關係，我們也看到國防部真正擴大了整個行業的關係。因此，圍繞用例以及我們如何在國防部內使用這些車輛進行了很多討論。我認為，其中一件很有吸引力的事情是 Archer 的有效載荷能力，我們已經聽到了很多評論。因此，這確實增加了我們一直在進行的對話的數量。因此，這確實是推動 Archer 開展的許多此類深化活動的真正原因。因此，我們決定成立這個政府諮詢委員會，其中有來自不同部門的一些知名人士，他們都是經驗豐富的人，他們深入研究了所有不同部門的預算流程和戰略方面。

And we're now kind of figuring out the best strategy on how to go and really pursue the different DoD opportunities. As it relates to our ability to deliver vehicles, one of the things that was super critical to Archer from the very beginning was building a platform that was manufacturable and scalable from day 1. And so we've built a facility that gives us the ability to flex up our production volumes. So in the first phase, we can build up to 650 planes, and there is a second phase to the Georgia Covington facility that will enable us to build up to 2,300 planes per year. So we have plenty of capacity that we can deliver if the demand is there. So I think for now, what we should do is we're going through doing our work. We've put this advisory board together. We're working closely with the DoD and as the opportunities start to materialize, I think will become a lot more clear on the size and timing around them.

我們現在正在找出關於如何去真正追求不同國防部機會的最佳戰略。由於它關係到我們交付車輛的能力，從一開始對 Archer 來說至關重要的事情之一就是構建一個從第一天起就可製造和可擴展的平台。因此我們建立了一個設施，使我們能夠以增加我們的產量。因此，在第一階段，我們最多可以建造 650 架飛機，喬治亞卡溫頓工廠的第二階段將使我們能夠每年建造多達 2,300 架飛機。因此，如果有需求，我們可以提供足夠的產能。所以我認為現在，我們應該做的是完成我們的工作。我們已經將這個諮詢委員會放在一起。我們正在與國防部密切合作，隨著機會開始出現，我認為圍繞它們的規模和時間會變得更加清晰。

Okay. Thanks for that. And maybe the next question is for Mark. I appreciate that you think as how you look at it today, you have the kind of cash and then taking into account the $150 million from Stellantis. But just hoping you can kind of just put some numbers around this. Beyond this quarter, actually we think about the OpEx and CapEx trajectory for this year, and I believe you talked about a few onetime items in this year rolling off. Does that basically mean that OpEx should directionally go down on an absolute basis next year as some of these onetime expenses don't occur? Just try to get more comfort around your cash burn.

好的。感謝那。也許下一個問題是給馬克的。我很欣賞你認為你今天如何看待它，你有那種現金，然後考慮 Stellantis 的 1.5 億美元。但只是希望你能圍繞這個給出一些數字。在本季度之後，實際上我們考慮了今年的運營支出和資本支出軌跡，我相信你談到了今年推出的一些一次性項目。這是否基本上意味著明年 OpEx 應該在絕對基礎上定向下降，因為其中一些一次性費用不會發生？試著讓你的現金消耗更加舒適。

Yes. Sure, Bill. So if you look at Q1 and how we guided Q2, we landed at the midpoint of our guidance for Q1. Q2, we provided the same guidance on non-GAAP expenses and GAAP expenses. At the end, we did provide that there was roughly $16 million of nonrecurring costs within Q1. As I said on last quarter, that is a number that's fairly consistent quarter-to-quarter in our current outlook. So yes, as I said, when you look at going to 2024, those nonrecurring costs will not persist. There will be a small uptick in base level spending as we continue to build out the team, et cetera. But you can expect these nonrecurring costs to roll off. So the numbers that I've given you are probably are fairly directionally correct quarter-to-quarter. I don't see a -- while we're not giving forward annual guidance, I don't see us materially changing spending increasing quarter-over-quarter.

是的。當然，比爾。因此，如果您查看 Q1 以及我們如何指導 Q2，我們將落在我們對 Q1 指導的中點。第二季度，我們對非 GAAP 費用和 GAAP 費用提供了相同的指導。最後，我們確實提供了第一季度大約有 1600 萬美元的非經常性成本。正如我在上個季度所說的那樣，在我們當前的展望中，這個數字在每個季度都相當一致。所以是的，正如我所說，當你展望 2024 年時，這些非經常性成本將不會持續存在。隨著我們繼續擴建團隊等，基層支出將略有增加。但是您可以預期這些非經常性成本會減少。所以我給你的數字可能在每個季度都是相當正確的。我沒有看到 - 雖然我們沒有給出年度指導，但我沒有看到我們實質性地改變支出環比增長。

Okay. Thanks. That's good color. Thanks.

好的。謝謝。這個顏色好謝謝。

Thank you for your question. Our next question is from the line of Andres Sheppard with Cantor Fitzgerald. Your line is now open.

謝謝你的問題。我們的下一個問題來自 Andres Sheppard 和 Cantor Fitzgerald。您的線路現已開放。

Hey, good afternoon everyone. Congratulations on the quarter and all the announcements, and thanks for taking our questions. Adam, I just wanted to maybe follow up on Bill's first question regarding the relationship with the DoD, I think congrats on that expansion. I was just wondering if maybe you can give us a little color on kind of how that relationship has materialized in the last few years. Maybe a little more color on kind of what's been done and what is perhaps expected to now be done. Thanks.

大家下午好。祝賀本季度和所有公告，並感謝您提出我們的問題。亞當，我只是想跟進比爾關於與國防部關係的第一個問題，我想祝賀擴展。我只是想知道你是否可以給我們一些關於過去幾年這種關係如何實現的顏色。也許對已經完成的事情和現在可能期望完成的事情有更多的顏色。謝謝。

Yes, sure. So as we've always stated from the beginning, Archer's goal has been to find the most efficient path to market. That's what we've always been focused on. We've tried to have a very clear line of sight with the smallest amount of distraction as possible. And so we've been working to commercialize the civilian passenger market. We think it's the biggest market and the market that we're kind of totally focused on. There have been opportunities along the way to partner with the DoD on lots of different areas. Autonomy, we've done several different programs on autonomy and acoustics as an example. And so it's been helpful as it's progressed some of the capabilities within the aircraft. But it's also really enabled the DoD's ability to just see broadly or broader into our overall program. So we've been maturing the design now on the commercial side, and we feel very comfortable with where we're at. We feel comfortable with our certification time line. We feel comfortable with our ability to manufacture the vehicles. So from our perspective, it got -- became interesting to start looking at ways to dual track our path to market. And so we become more open to having those conversations. 

是的，當然。因此，正如我們從一開始就一直強調的那樣，Archer 的目標是找到最有效的上市途徑。這是我們一直關注的。我們試圖以盡可能少的分心來獲得非常清晰的視線。因此，我們一直致力於將民用客運市場商業化。我們認為這是最大的市場，也是我們完全專注的市場。在此過程中，我們有機會在許多不同領域與國防部合作。自治，我們已經完成了幾個關於自治和聲學的不同程序作為例子。因此，它在飛機內部的某些功能方面取得了進步，因此很有幫助。但它也確實使國防部能夠更廣泛或更廣泛地了解我們的整體計劃。所以我們現在在商業方面一直在完善設計，我們對我們所處的位置感到非常自在。我們對我們的認證時間表感到滿意。我們對自己製造車輛的能力感到滿意。因此，從我們的角度來看，開始尋找雙重跟踪我們的市場路徑的方法變得很有趣。因此，我們對進行這些對話變得更加開放。

And then there were several key kind of technical benefits to our vehicle that the DoD was very interested in. One was payload, that's a good example. Another one was the ability to move the vehicles around logistically. So some of the group's step-build vehicles that are much harder to move around logistically versus we've thought through a lot of these different items as it's related to our ability to scale manufacturing and then shift the vehicles all of the world because, obviously, they fly very short distances. So we wouldn't necessarily fly them to their final destination. So when you took all these things together, it really has enabled us to just increase the conversations and the seriousness of the conversations. And so it's become a much more interesting market for us because of the phase that we're in, in the program and because we've become so comfortable with the design and engineering phase with the Midnight vehicle.

然後是國防部非常感興趣的幾種關鍵技術優勢。其中之一是有效載荷，這是一個很好的例子。另一個是在物流上移動車輛的能力。因此，該集團的一些分步製造車輛在物流上更難移動，而我們已經考慮了很多這些不同的項目，因為這與我們擴大製造規模然後將車輛轉移到世界各地的能力有關，因為，顯然，它們飛行的距離很短。所以我們不一定要把它們飛到他們的最終目的地。所以當你把所有這些東西放在一起時，它真的讓我們能夠增加對話和對話的嚴肅性。因此，由於我們所處的階段，在該計劃中，並且因為我們已經對 Midnight 車輛的設計和工程階段感到非常滿意，因此它已成為我們更感興趣的市場。

Got it. Okay. That's super helpful. A follow-up question, a bit of a curveball. Wondering if we can maybe get your thoughts on the announcement of Billy Nolen retiring from the FAA. What impact, if at all, might that take on certification? Thanks.

知道了。好的。這非常有幫助。一個後續問題，有點曲線球。想知道我們是否可以了解您對 Billy Nolen 從美國聯邦航空局退休的公告的看法。如果有的話，這會對認證產生什麼影響？謝謝。

Sure. So first, we're very thankful for the time that Billy Nolen has given in for service at the FAA and for his leadership there. So we think with Billy Nolen stepping down, there's obviously a period of time now where a new person will come into play. But the good news is that we've seen very widespread support on the regulatory side. So it's not even just in the FAA. And you've had recently Secretary Buttigieg been out to see many of the different eVTOL OEM players. We've seen very broad support on Capitol Hill. And we've seen the whole FAA say that AAM is a top 3 priority. So I mean, there are several companies that continue to make significant traction with the FAA. And Archer is now really heading into this testing phase as a lot of the rulemaking part is kind of nearing the back half of that process. So we feel confident that it will have little to no disruption in terms of our progress. And so we feel comfortable with where that's all at.

當然。因此，首先，我們非常感謝比利·諾倫 (Billy Nolen) 在美國聯邦航空局 (FAA) 服役的時間以及他在那裡的領導能力。所以我們認為，隨著 Billy Nolen 的下台，現在顯然有一段時間新人會上場。但好消息是，我們已經看到監管方面的廣泛支持。所以它甚至不只是在美國聯邦航空局。你最近讓 Buttigieg 部長出去看了很多不同的 eVTOL OEM 廠商。我們在國會山看到了非常廣泛的支持。我們已經看到整個 FAA 都說 AAM 是前 3 優先事項。所以我的意思是，有幾家公司繼續對美國聯邦航空局產生重大影響。 Archer 現在真的進入了這個測試階段，因為很多規則制定部分都接近該過程的後半部分。因此，我們相信它不會對我們的進展造成任何干擾。因此，我們對所有內容感到滿意。

Got it. Very helpful again. Congrats on the quarter. I'll pass it on. Thank you.

知道了。再次很有幫助。祝賀這個季度。我會傳下去的。謝謝。

Thank you for your question. The next question is from the line of Edison Yu with Deutsche Bank. Your line is now open.

謝謝你的問題。下一個問題來自德意志銀行的Edison Yu。您的線路現已開通。

Hey, thanks guys, progress. One follow-up on the defense opportunity. Is there any potential chance that you get some contra R&D or something before deliveries to occur with the DoD on one of those lines?

嘿，謝謝大家，進步了。防守機會的後續行動。在與國防部一起在其中一條生產線上進行交付之前，您是否有可能獲得一些反研發或其他東西？

Yeah, hey Edison, this is Adam. Yes, that is certainly a possibility. So the accounting nature of the different opportunities that we're looking at, I think differ in terms of the different programs that we're considering. So there's certainly a possibility for that. There also is a possibility for early revenue opportunities as well. And so we look at it as a way to diversify the path to commercialization. And so we think it's a good opportunity, but we'll give more color as those details start to emerge.

是的，嘿愛迪生，這是亞當。是的，這當然是可能的。因此，我們正在尋找的不同機會的會計性質，我認為在我們正在考慮的不同計劃方面有所不同。所以肯定有這種可能性。也有可能獲得早期收入機會。因此，我們將其視為使商業化道路多樣化的一種方式。所以我們認為這是一個很好的機會，但隨著這些細節開始出現，我們會提供更多的顏色。

Well said. And then on Stellantis, I'm curious if you could share perhaps some of the early learnings you discovered. Obviously, they've been doing this for a very long time and very high scale. Are there things that you guys kind of encountered that said, "Oh, this is we wouldn't have known this without Stellantis, something -- any key takeaways you got there?

說得好。然後在 Stellantis 上，我很好奇您是否可以分享您發現的一些早期知識。顯然，他們已經這樣做了很長時間並且規模很大。有沒有你們遇到過的事情說，“哦，如果沒有 Stellantis，我們就不會知道這個，一些東西——你們有什麼重要的收穫嗎？

Hey Edison, this is Tom. It's a great question. I would say the reality is we're both learning from each other. So to set the broad context here, Stellantis is really interested and this becoming a big part of their business long term. So as much as we're benefiting from their experience in industrial engineering and automation, they're also learning about the right solutions that make sense for the problems we're trying to solve today. And as we said before, we're taking a very phased approach here where early days. We're using traditional processes, we're being very thoughtful with where we're deploying capital and automation, trying to balance getting to market, using our resources most effectively. So I don't know if you have any like super great example for you, but hopefully, that sort of overall description is helpful.

嘿愛迪生，這是湯姆。這是一個很好的問題。我會說現實是我們都在互相學習。因此，為了在這裡設置廣泛的背景，Stellantis 真的很感興趣，這將成為他們長期業務的重要組成部分。因此，儘管我們從他們在工業工程和自動化方面的經驗中受益，他們也在學習對我們今天試圖解決的問題有意義的正確解決方案。正如我們之前所說，我們在早期採取了非常分階段的方法。我們正在使用傳統流程，我們對部署資本和自動化的地方非常周到，試圖平衡進入市場，最有效地利用我們的資源。所以我不知道您是否有適合您的超棒示例，但希望這種總體描述對您有所幫助。

Sure. And if I could sneak one more in the in the original release that they will be looking to make open market purchases of the stock. I'm curious, is that still in your view, their intention? And what's the outlook?

當然。而且，如果我能在原始版本中再偷偷放一張，他們將尋求在公開市場上購買股票。我很好奇，在你看來，他們的意圖還在嗎？前景如何？

We can't comment specifically on any potential activities of Stellantis. However, I will draw attention to the fact that they did file a 13D Form 13D with the SEC two days ago, where they actually indicated their intention or reiterated their intention to make open market purchases of our stock. So that is a document that is required for them to even be able to do that, so.

我們無法具體評論 Stellantis 的任何潛在活動。但是，我要提請注意，他們確實在兩天前向美國證券交易委員會提交了 13D 表格 13D，他們實際上表明了他們的意圖或重申了他們公開市場購買我們股票的意圖。因此，這是他們能夠做到這一點所必需的文件，所以。

Alright, great. Thanks for the color.

好的，太棒了。謝謝你的顏色。

Thank you for your question. The next question is from the line of Savi Syth with Raymond James. Your line is now open.

謝謝你的問題。下一個問題來自 Savi Syth 與 Raymond James 的對話。您的線路現已開通。

Hey, good afternoon everyone. Just on the certification front, I was curious looking at kind of based on the comments from other companies and stakeholders made in the kind of the notice of criteria that was in the public register. What are some of the main areas of concern or contention with the kind of FAA certification process of standards? And kind of how do you expect that to impact your process?

大家下午好。就認證方面而言，我很想看看其他公司和利益相關者在公共登記冊中的那種標准通知中發表的評論。 FAA 標準認證流程的主要關注或爭議領域有哪些？您希望這會如何影響您的流程？

Yes. Hi Savi, this is Tom. Happy to answer that. So maybe just to set the stage, you're referring to comments on our air (inaudible) criteria that were published last fall after we got our Stage 21. So these are the high-level rules. Yes. So as you said, there was about a 6-week, 2-month public comment period. FAA got a bunch of comments the last many months, FAA team has been working through those. And everything that we've heard so far is that we shouldn't really expect significant changes, if you think back to about a year ago, our original G-1 from 2117A, 2117B is kind of a similar time frame here, and we saw very few changes. An example was they added a bad strike requirement, but we had already been designing for that. So it wasn't any substantive impact for us. So all the data we have so far is that we shouldn't expect much change, but we haven't gotten the official documents. We expect them soon. So we'll happily share more once we have the data.

是的。嗨，薩維，我是湯姆。很高興回答這個問題。因此，也許只是為了奠定基礎，您指的是去年秋天我們獲得第 21 階段後發布的關於空氣（聽不清）標準的評論。所以這些是高級規則。是的。正如你所說，大約有 6 週、2 個月的公眾意見徵詢期。在過去的幾個月裡，FAA 收到了很多評論，FAA 團隊一直在努力解決這些問題。到目前為止我們所聽到的一切都是我們真的不應該期待重大變化，如果你回想大約一年前，我們從 2117A、2117B 開始的原始 G-1 與這裡的時間框架有點相似，我們看到很少的變化。一個例子是他們添加了一個壞罷工要求，但我們已經為此設計了。所以這對我們沒有任何實質性影響。所以我們目前擁有的所有數據都是我們不應該期望有太大變化，但我們還沒有得到官方文件。我們期待他們很快。所以一旦我們有了數據，我們會很樂意分享更多。

That's helpful. And just to follow up on that part of it. With the subject-specific certification plans that you've submitted, have any of those been accepted by the FAA?

這很有幫助。只是跟進它的那一部分。對於您提交的特定主題的認證計劃，FAA 是否接受了其中的任何計劃？

No. None of them have been accepted so far, but there are a handful that are pretty close to being accepted. And overall, I would say, really, the thing that matters for us is driving down the risk through the conversations and working sessions with the FAA. And from that perspective, what we've seen so far is a lot of alignment, and I would say, benefit from the simplified approaches that we're taking that's getting us into rooms with these assays subject matter experts that are saying, quite quickly, okay, we understand what you guys are doing. We've seen this before. This is easy to understand. And the trend is that, that's paving the way for us to have an efficient path forward here. So hopefully, that's good color.

沒有。到目前為止，他們都沒有被接受，但有一些非常接近被接受。總的來說，我想說的是，對我們來說真正重要的是通過與美國聯邦航空局的對話和工作會議來降低風險。從這個角度來看，到目前為止我們看到的是很多一致性，我想說的是，受益於我們正在採取的簡化方法，這些方法讓我們進入了這些化驗主題專家的房間，他們說，很快，好吧，我們明白你們在做什麼。我們以前見過這個。這很容易理解。趨勢是，這為我們在這裡擁有一條有效的前進道路鋪平了道路。所以希望，這是很好的顏色。

Yes, that's very helpful. Thanks Tom. And maybe, Mark, just a question on the liquidity front. Is there a certain liquidity level that you're kind of comfortable maintaining especially other potential avenues of funding you might consider in case certification slips?

是的，這很有幫助。謝謝湯姆。馬克，也許只是流動性方面的問題。是否有一定的流動性水平，您可以輕鬆維持，尤其是您可能考慮的其他潛在資金渠道，以防認證單？

Hi Savi, this is Adam. So maybe let me just take a crack at that. I'm the largest shareholder. So I think about it a lot as well. And I think we are in a pretty unique position here, right? We have the flexibility from Stellantis. We have a large order with United. They've already given us some predelivery payments with the potential for additional predelivery payments, plus we raised a lot of capital. So we're just going to be strategic about how we think about capital. We don't need capital today, but we do have optionality here built in. So I think about dilution versus capital as well on a regular basis, and I think we are just in a fortunate position to be able to manage that over a pretty significant period of time.

嗨薩維，這是亞當。所以也許讓我試一試。我是最大的股東。所以我也想了很多。而且我認為我們在這里處於非常獨特的位置，對嗎？我們擁有 Stellantis 的靈活性。我們與聯合航空有一筆大訂單。他們已經給了我們一些交付前付款，並有可能進行額外的交付前付款，而且我們籌集了大量資金。所以我們只是要戰略性地考慮我們如何看待資本。我們今天不需要資本，但我們確實有內置的可選性。所以我經常考慮稀釋與資本，我認為我們很幸運能夠在相當長的時間內管理好它重要的一段時間。

Thanks sir. Thank you.

謝謝先生。謝謝。

Thank you for your question. The next question is from the line of David Zazula of Barclays. Your line is now open.

謝謝你的問題。下一個問題來自巴克萊銀行的 David Zazula。您的線路現已開通。

Hey, thanks for taking my question. I want to come back to -- and I think others have as well, Bill's original question and just sit on another angle. I just by original understanding of kind of the mission and intent of Archer was to produce aircraft in order to become the greatest and largest operator of air mobility aircraft. Just as I heard, Adam, you described the mission today, maybe I'm just parsing words too much, but it sounded like you were focusing a little bit more on the production side and less on the Archer Air side. So I guess, is that an evolution you're thinking? Are there other opportunities that are -- you're looking at that are better than you had originally thought? Or is it just same as it ever was.

嘿，謝謝你提出我的問題。我想回到——我想其他人也有，比爾最初的問題，只是換個角度。我只是根據最初的理解，Archer 的使命和意圖是生產飛機，以成為最大的空中機動飛機運營商。就像我聽說的那樣，亞當，你今天描述了任務，也許我只是在分析文字太多，但聽起來你更關註生產方面而不是弓箭手航空方面。所以我想，這是你在想的進化嗎？是否還有其他機會——您正在尋找比您原先想像的更好的機會？或者它和以前一樣嗎？

Thanks, David, for the question. So from the beginning, we've always said we've looked at kind of have a dual strategy of selling some aircraft through Archer direct and also operating some aircraft through the UAM business. And so we've kind of put out a high-level target there of 50-50 from that standpoint. So nothing has changed from that and maybe it's parsing words too much. But what I think the DoD opportunity represents is just more potential upside in the direct side of things. It gives us the ability to sell into the DoD. And if there are great opportunities that we can take advantage of, given our ability to flex up the manufacturing capabilities that we have, we'll certainly take advantage of that. So I think we'll reserve the right to sell more vehicles if we find an interesting opportunity to do that. So I would say at this point, we're not changing our outlook from saying kind of 50-50 split. And the reason we've always said 50-50 split is we think this will be a capital-intensive business where we will generate cash flow on the manufacturing side to help pay for the way the long-term view of building the UAM vision. And so maybe there's an opportunity to help finance that through broader sales. That's certainly a potential. But I think today, we'll kind of keep that same framework in place of about 50-50 split.

謝謝大衛提出的問題。因此，從一開始，我們就一直說我們一直在研究一種雙重戰略，即通過 Archer 直接銷售一些飛機，並通過 UAM 業務運營一些飛機。因此，從這個角度來看，我們已經設定了 50-50 的高水平目標。所以一切都沒有改變，也許它對單詞的解析太多了。但我認為國防部的機會所代表的只是事物直接方面的更多潛在優勢。它使我們有能力向國防部出售。如果有很好的機會我們可以利用，鑑於我們有能力提高我們擁有的製造能力，我們肯定會利用它。所以我認為，如果我們找到一個有趣的機會，我們將保留銷售更多車輛的權利。所以我想說，在這一點上，我們不會改變我們的觀點，不會說 50-50 的分裂。我們一直說 50-50 拆分的原因是我們認為這將是一項資本密集型業務，我們將在製造方面產生現金流，以幫助支付建立 UAM 願景的長期觀點的方式。因此，也許有機會通過更廣泛的銷售來幫助融資。這當然是一種潛力。但我認為今天，我們將保留相同的框架，而不是大約 50-50 的拆分。

That's very helpful. And then maybe for Tom, noticing that there is one plant nonconforming aircraft, not that I'm wishing ill upon it. But certainly, if there were any test fees or complications with that aircraft, you wouldn't be the first in the industry to see those. So I guess are there contingency plans? Or what would the impact be if something happened to that aircraft through the testing process, how would that ultimately impact your certification time line?

這很有幫助。然後也許對湯姆來說，注意到有一架不合格的飛機，而不是我希望它生病。但可以肯定的是，如果那架飛機有任何測試費用或併發症，你不會是業內第一個看到這些的人。所以我想有應急計劃嗎？或者，如果該飛機在測試過程中出現問題，將會產生什麼影響，這最終將如何影響您的認證時間表？

Yes., Hi David, happy to answer that. So the first Midnight aircraft that's entering flight test here in the next couple of months. The strategy of that vehicle is to reduce risk and accelerate our path to market with piloted conforming aircraft. So we see it as a great opportunity to gather data, do the type of testing we're going to need to do for credit later as early as possible to learn and reduce risk. So we take a very rigorous approach to flight testing. Today, we don't talk about it much, but we still fly maker on a very regular basis with our very professional flight test team, and that's the same team that's going to be executing flight tests with Midnight going forward. So it's all part of this broader strategy to get to pilot flight early next year, which we remain on track to do and then get into the 4 credit testing working towards our TC. So that's how that fits into the overall arc. And yes, we're basically just executing to the strategy.

是的，嗨大衛，很高興回答這個問題。因此，第一架午夜飛機將在接下來的幾個月內在這裡進行飛行測試。該車輛的戰略是降低風險並加快我們通過符合要求的有人駕駛飛機進入市場的道路。因此，我們將其視為收集數據的絕佳機會，儘早進行我們稍後需要為信用進行的測試類型，以學習和降低風險。所以我們對飛行測試採取了非常嚴格的方法。今天，我們不會談論太多，但我們仍然會定期與我們非常專業的飛行測試團隊一起進行飛行製造，而這支團隊將在未來的 Midnight 中執行飛行測試。因此，這是明年年初進行試飛這一更廣泛戰略的一部分，我們將繼續按計劃進行，然後進入 4 項信用測試，為我們的 TC 工作。這就是它如何融入整體弧線。是的，我們基本上只是在執行戰略。

I guess as I hear that, it's important, but there are other avenues to perform the test that you're planning? I guess, is that the summary there?

我想正如我所聽到的那樣，這很重要，但是還有其他途徑可以執行您計劃的測試嗎？我想，那是那裡的摘要嗎？

Hi David, this is Adam. So here's how to think about it. The factory in San Jose is coming online right now. That factory has the ability to build tens of planes. So this first nonconforming plane is only months ahead of the production plans that are also getting built. So we're in the process where we're pooling that factory up right now. So I mean, even in the ultimate worst-case scenario, there's a factory that can build planes like that is building planes right behind that. So we don't really -- we're obviously taking a very rigorous approach to flight testing. But I think from in a very negative framing up the question, there still is a factory there that's ready to produce -- that is producing or will be producing vehicles right after the nonconforming aircraft rolls off the line.

嗨大衛，這是亞當。所以這裡是如何考慮它。位於聖何塞的工廠即將上線。那家工廠有能力建造幾十架飛機。因此，這架第一架不合格飛機僅比同樣正在建造的生產計劃提前了幾個月。所以我們現在正在集中那個工廠。所以我的意思是，即使在最壞的情況下，也有一家可以製造飛機的工廠正在製造飛機。所以我們真的沒有 - 我們顯然正在採取非常嚴格的飛行測試方法。但我認為，從一個非常消極的角度來看這個問題，那裡仍然有一家工廠準備生產——在不合格的飛機下線後立即生產或將生產車輛。

Thanks much, appreciated.

非常感謝，感激不盡。

Thank you for your question. There are no additional questions waiting at this time. So I'll turn the call back over to Adam Goldstein, CEO and Founder, Archer for closing remarks.

謝謝你的問題。目前沒有其他問題等待您回答。因此，我將把電話轉回給 Archer 的首席執行官兼創始人 Adam Goldstein 作結束語。

Thank you, everyone, for joining us today on the call. 2023 is really going to be an amazing year, and there are so many catalysts to come. This is one of the most exciting times to be building in aerospace, and we thank you very much for your participation.

謝謝大家今天加入我們的電話會議。 2023 年真的會是了不起的一年，未來會有很多催化劑。這是航空航天領域最激動人心的時刻之一，我們非常感謝您的參與。

That concludes the conference call. Thank you for your participation. You may now disconnect your lines.

電話會議到此結束。感謝您的參與。您現在可以斷開線路。