Archer Aviation Inc (ACHR) 2023 Q2 法說會逐字稿

Hello, everyone. Thank you for attending today's Archer Aviation Second Quarter 2023 Financial Results Conference Call. My name is Sierra, and I will be your moderator today. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. (Operator Instructions.] I would now like to pass the conference over to our host, Andy Missan, with Archer. Please proceed.

大家好。感謝您參加今天的 Archer Aviation 2023 年第二季度財務業績電話會議。我叫 Sierra，今天我將擔任你們的主持人。在通話的演示部分，所有線路將被靜音，最後有機會提問和回答。 （操作員指示。）我現在想將會議交給我們的東道主安迪·米桑（Andy Missan）和阿切爾（Archer）。請繼續。

Thank you, operator. Good afternoon, everyone, and thank you for joining us today to review Archer's Second Quarter 2023 Operating and Financial Results. My name is Andy Missan, the Chief Legal Officer of Archer. On the call today are Adam Goldstein, our Founder and CEO, Mark Mesler, our CFO; Tom Munis, our COO; and Billy Nolen, who joined Archer in June as our Chief Safety Officer.

謝謝你，接線員。大家下午好，感謝您今天與我們一起回顧 Archer 2023 年第二季度的運營和財務業績。我叫安迪·米桑 (Andy Missan)，Archer 的首席法務官。今天參加電話會議的有我們的創始人兼首席執行官 Adam Goldstein、我們的首席財務官 Mark Mesler； Tom Munis，我們的首席運營官；比利·諾倫 (Billy Nolen) 於 6 月加入阿徹，擔任我們的首席安全官。

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 under the caption Risk Factors, including our upcoming Form 10-Q filing for the quarter ended June 30, 2023. 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. During this call, we may discuss both GAAP and non-GAAP financial measures. A reconciliation of certain 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?

請注意，在今天的電話會議中，我們將做出前瞻性聲明。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，請參閱我們在“風險因素”標題下提交的SEC 文件，包括我們即將提交的截至2023 年6 月30 日的季度的10-Q 表格文件。我們在本次電話會議中做出的任何前瞻性陳述均是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。在這次電話會議中，我們可能會討論公認會計原則和非公認會計原則財務指標。我們在 IR 網站上發布的股東信中包含了某些 GAAP 與非 GAAP 措施的調節。現在我想把電話轉給亞當。亞當？

Thanks, Andy. Over the last seven earnings calls, you've heard me consistently reiterate Archer's strategy of finding the most efficient path to commercializing our world-class eVTOL aircraft as safely as possible. Every quarter, our team has continued to relentlessly execute against that plan. And I'm excited to announce that over the past 90 days, some of the largest stakeholders in aviation have publicly joined us in supporting our strategy.

謝謝，安迪。在過去的七次財報電話會議中，您聽到我不斷重申 Archer 的戰略，即尋找最有效的途徑，盡可能安全地將我們的世界級 eVTOL 飛機商業化。每個季度，我們的團隊都會繼續堅持不懈地執行該計劃。我很高興地宣布，在過去 90 天裡，航空業一些最大的利益相關者已公開加入我們的行列，支持我們的戰略。

First, we're grateful to share multiple points of endorsement from across the United States government. I'm extremely proud to announce that just last week, the Federal Aviation Administration issued our special airworthiness certificate for our first Midnight aircraft, allowing us to begin flying. With this certificate in hand, our team will ramp up both our flight schedules and our fleet size as we work toward our planned 2025 commercial launch. This is a great milestone for Archer, and I'm proud of the teams at both Archer and the FAA, who work tirelessly to ensure our aircraft can begin flying on our desired time line. This announcement comes on the heels of last month's Advanced Air Mobility implementation plan that the FAA published as the culmination of years of collaboration with Archer and other industry leaders. This innovative road map reinforced the government's commitment to U.S. leadership in this sector as well as Archer's expected launch of our commercial service in 2025 by leveraging existing operating rules and infrastructure. Further, the FAA has laid out a plan for making the necessary enhancements of the country's air traffic control systems and operating rules to enable the rising full-scale passenger eVTOL aircraft service by 2028 in time to showcase UAM at the Los Angeles Olympics.

首先，我們很高興分享美國政府的多點支持。我非常自豪地宣布，就在上週，美國聯邦航空管理局為我們的第一架午夜飛機頒發了特殊適航證書，使我們能夠開始飛行。有了這份證書，我們的團隊將擴大我們的航班時刻表和機隊規模，努力實現計劃中的 2025 年商業發射。這對 Archer 來說是一個偉大的里程碑，我為 Archer 和 FAA 的團隊感到自豪，他們不懈地努力確保我們的飛機能夠按照我們期望的時間開始飛行。在此公告發布之前，美國聯邦航空管理局 (FAA) 上個月發布了先進空中機動實施計劃，該計劃是與阿徹和其他行業領導者多年合作的成果。這一創新路線圖強化了政府對美國在該領域的領導地位的承諾，以及 Archer 預計通過利用現有運營規則和基礎設施在 2025 年推出我們的商業服務。此外，美國聯邦航空局還制定了一項計劃，對美國的空中交通管制系統和運營規則進行必要的增強，以便在2028 年之前實現不斷增長的全面電動垂直起降飛機服務，並及時在洛杉磯奧運會上展示UAM。

The leader who directed and oversaw much of this implementation plan and commitment to the time line for commercial launch by 2025 and full-scale operations by 2028 was no other than the distinguished FAA administrator, Captain Billy Nolen, who announced his decision to leave the FAA to join Archer as our Chief Safety Officer back in June. With over 30 years of experience in safety, regulatory affairs and flight operations as well as senior executive roles at American Airlines and Qantas Airways in addition to his service in the U.S. Army as an airplane and helicopter pilot and safety officer. Billy is the ideal person to guide Archer through the most efficient pathway to FAA certification and commercial deployment.

指導和監督這一實施計劃的大部分內容以及對 2025 年商業發射和 2028 年全面運營時間表的承諾的領導者正是傑出的 FAA 局長比利·諾倫上尉，他宣布決定離開 FAA六月份加入Archer 擔任我們的首席安全官。除了在美國陸軍擔任飛機和直升機飛行員和安全官外，他在安全、監管事務和飛行運營方面擁有 30 多年的經驗，並在美國航空和澳洲航空擔任高級管理職務。 Billy 是指導 Archer 通過最有效的途徑獲得 FAA 認證和商業部署的理想人選。

He has long been a strong supporter of the eVTOL aircraft industry, spearheading our countries and the FAA's global leadership role in this important area and his appointment as our Chief Safety Officer underscores our commitment to safety and innovation. Before joining Archer, Billy conducted a thorough assessment of the competitive landscape. You'll hear shortly from Billy about why he chose to come to Archer and his belief in our approach of optimizing our design for certification and focusing on developing only the most critical enabling technology in-house, while also partnering with leading suppliers. With Billy on board, I have already started to see him help us shape the future of transportation and make sustainable, efficient air travel an everyday reality.

長期以來，他一直是電動垂直起降飛機行業的堅定支持者，引領我們各國和美國聯邦航空局在這一重要領域發揮全球領導作用，他被任命為我們的首席安全官強調了我們對安全和創新的承諾。在加入 Archer 之前，Billy 對競爭格局進行了徹底的評估。您很快就會聽到 Billy 講述他選擇加入 Archer 的原因，以及他對我們優化認證設計、專注於開發最關鍵的內部支持技術以及與領先供應商合作的方法的信念。有了比利的加入，我已經開始看到他幫助我們塑造交通運輸的未來，並使可持續、高效的航空旅行成為日常現實。

Second, we are honored that just last week, the U.S. Air Force awarded Archer contracts with the largest contract value of any OEM in the eVTOL industry with a value of up to $142 million. The DoD has made an unprecedented commitment to helping Archer accelerate our technology development. This agreement was made possible through our long-standing partnership with the Department of Defense on a series of projects through the Air Force's AFWERX program, which has been assessing the transformational potential of the vertical flight market and eVTOL technologies for DoD purposes.

其次，我們很榮幸的是，就在上週，美國空軍授予了Archer合同，這是eVTOL行業中所有OEM合同價值最大的合同，價值高達1.42億美元。國防部做出了前所未有的承諾，幫助阿徹加速我們的技術開發。該協議是通過我們與國防部在空軍 AFWERX 計劃的一系列項目上的長期合作夥伴關係實現的，該計劃一直在評估垂直飛行市場和用於國防部目的的 eVTOL 技術的轉型潛力。

In this new execution phase of our partnership, Archer will deliver aircraft to the Air Force. They will test these aircraft to support future missions in personnel transport and logistics support, rescue operations and more. These applications of our midnight aircraft, we hope, will not only help save lives, but also accelerate our technology and operational learnings as we build a world-class consumer aircraft and service. Today, we're announcing that we have accelerated our plans and hope to deliver the first aircraft within the next six months as early as Q4 2023. We believe this would be the first eVTOL aircraft in history to be delivered to a paying customer.

在我們合作夥伴關係的新執行階段，阿徹將向空軍交付飛機。他們將測試這些飛機，以支持未來的人員運輸和後勤支持、救援行動等任務。我們希望，我們午夜飛機的這些應用不僅能夠幫助拯救生命，還能在我們打造世界一流的消費類飛機和服務的過程中加速我們的技術和運營學習。今天，我們宣布加快計劃進度，希望最早在 2023 年第四季度在未來六個月內交付第一架飛機。我們相信這將是歷史上第一架交付給付費客戶的 eVTOL 飛機。

Given the strength of the team that is working on this at Archer, we anticipate leveraging this contract as a platform for future partnerships with the other branches of the Armed Forces, which would increase the total value of our relationship with the DoD. In fact, just last week, we hosted representatives from the U.S. Marine Corps at Archer headquarters and our flight test facilities to demonstrate the capabilities of our Midnight aircraft. A lot of this was made possible by our recently assembled six-member Government Services Advisory Board, who is critical in helping to build our first step of this partnership with the military. I'm sincerely grateful for the support of the DoD, Captain Nolen, our Government Service Advisory Board members and all of the Archer teammates and veterans for their continued service and support in ensuring the U.S. maintains its leadership position in aviation.

鑑於 Archer 團隊的實力，我們預計將利用這份合同作為未來與武裝部隊其他部門合作的平台，這將增加我們與國防部關係的總價值。事實上，就在上週，我們在阿徹總部和我們的飛行測試設施接待了美國海軍陸戰隊的代表，以展示我們的午夜飛機的功能。這在很大程度上是由我們最近組建的由六名成員組成的政府服務諮詢委員會促成的，他們在幫助我們邁出與軍方合作夥伴關係的第一步方面發揮了關鍵作用。我衷心感謝國防部、諾倫上尉、我們的政府服務諮詢委員會成員以及所有“阿切爾”團隊成員和退伍軍人的支持，他們為確保美國保持其在航空領域的領導地位而持續提供服務和支持。

Finally, I have long maintained that the eVTOL industry and Archer have been able to move as quickly as we are because of aviation and technology pioneers who for decades, have pushed the envelope on what is possible, collectively transporting millions of people around the world with unparalleled levels associates. Today, I'm excited to announce a strategic relationship with the biggest aerospace giant of the them all, Boeing. Boeing was actually one of the first to fly a fixed-wing VTOL aircraft, the V-22 Osprey, over 30 years ago. And today, I'm excited to call them one of Archer's investors.

最後，我長期以來一直認為，eVTOL 行業和 Archer 之所以能夠像我們一樣快速發展，是因為航空和技術先驅幾十年來不斷挑戰極限，共同在世界各地運送數百萬人。無與倫比的水平的同事。今天，我很高興地宣布與最大的航空航天巨頭波音公司建立戰略關係。實際上，30 多年前，波音公司是最早試飛固定翼 VTOL 飛機 V-22 Osprey 的公司之一。今天，我很高興稱他們為阿徹的投資者之一。

Our collaboration with Boeing and its subsidiary Wisk will be focused on supporting the integration of Wisk's autonomy technology in future variants of our aircraft. For background, Wisk was cofounded by Google founder, Larry Page, who is an early pioneer of the eVTOL industry and one of the sector's biggest advocates in pushing the development of slate autonomy technology. This collaboration could bring for Archer the potential to access world-leading autonomy technology while substantially reducing the cost of developing it ourselves. As the collaboration matures, we will share further details, but it is important to understand that this puts Archer in a unique position to be able to source autonomy technology from a leader in the industry. This is a natural extension of our overall strategy of focusing our in-house research and development on the key enabling technology that cannot be sourced from the existing aerospace supply base.

我們與波音公司及其子公司 Wisk 的合作將重點支持將 Wisk 的自主技術集成到我們未來的飛機型號中。作為背景，Wisk 由谷歌創始人拉里·佩奇 (Larry Page) 聯合創立，他是 eVTOL 行業的早期先驅，也是該行業推動平板自主技術發展的最大倡導者之一。此次合作可以為 Archer 帶來獲得世界領先自主技術的潛力，同時大幅降低我們自己開發該技術的成本。隨著合作的成熟，我們將分享更多細節，但重要的是要了解，這使 Archer 處於獨特的地位，能夠從行業領導者那裡獲得自主技術。這是我們整體戰略的自然延伸，即我們將內部研發重點放在現有航空航天供應基地無法獲得的關鍵支持技術上。

As part of this new collaboration, Archer, Boeing and Wisk have agreed to settle the litigation between the parties and collectively look to the future. I look forward to working with Boeing and Wisk on the collaboration that looks forward to the growth and development of the AAM industry. But that's not all. As part of the party's collaboration, we are excited to welcome Boeing as an investor in today's $215 million funding round alongside our other long-time strategic partners, Stellantis and United. The deep partnership we are seeing from Stellantis across the business is unrivaled from their continued willingness to provide us the capital we need to accelerate our business to the support and energy CEO, Carlos Tavares and CTO, Ned Curic, brings to the table through their dozens of full-time Stellantis employees working alongside ours as we jointly build out the world's first high-volume eVTOL manufacturing facility in Georgia.

作為這項新合作的一部分，Archer、波音和 Wisk 已同意解決雙方之間的訴訟，並共同展望未來。我期待與波音和 Wisk 開展合作，共同促進 AAM 行業的成長和發展。但這還不是全部。作為雙方合作的一部分，我們很高興歡迎波音公司與我們的其他長期戰略合作夥伴 Stellantis 和 United 一起成為今天 2.15 億美元融資的投資者。我們在Stellantis 的整個業務中看到的深厚合作夥伴關係是無與倫比的，因為他們持續願意為我們提供加速業務發展所需的資本，以及首席執行官Carlos Tavares 和首席技術官Ned Curic 通過數十名員工提供的支持和精力一群全職 Stellantis 員工與我們一起工作，共同在佐治亞州建造世界上第一個大批量電動垂直起降製造工廠。

We are seeing similar commitment from our partner, United Airlines, who is an integral player in our push towards our goal of achieving commercialization in 2025 as we work to fulfill United's billion dollar order for Archer's Midnight aircraft. The team at United is working with us hand-in-hand in important launch markets such as New York City and Chicago, where United is developing innovative approaches to operating our aircraft within its Newark and O'Hare airport hubs to enable a world-class customer experience door to door. I'm proud to call Boeing, United and Stellantis partners who are not nearly partners in name, but partners who are truly invested in working toward our collective long-term success in eVTOL. Importantly, as part of this financing, we are grateful to have the support of major long-term financial investors such as ARK Invest, who share our long-term outlook for Archer and our role leading the eVTOL industry.

我們看到我們的合作夥伴聯合航空也做出了類似的承諾，在我們努力履行聯合航空價值10 億美元的Archer Midnight 飛機訂單的過程中，聯合航空是我們推動2025 年實現商業化目標的不可或缺的參與者。美聯航團隊正在紐約市和芝加哥等重要的發射市場與我們攜手合作，美聯航正在開發創新方法，在紐瓦克和奧黑爾機場樞紐內運營我們的飛機，以打造世界一流的機場挨家挨戶的客戶體驗。我很自豪地稱波音、美聯航和 Stellantis 為合作夥伴，他們並非名義上的合作夥伴，而是真正致力於實現我們在 eVTOL 領域共同長期成功的合作夥伴。重要的是，作為本次融資的一部分，我們感謝 ARK Invest 等主要長期財務投資者的支持，他們與我們分享了 Archer 的長期前景以及我們在電動垂直起降行業的領導地位。

As I reflect on these remarkable accomplishments, I want to extend my heartfelt gratitude to our incredible team, partners and shareholders. Together, we are pioneering a new era of aviation, driving innovation and revolutionizing transportation for generations to come.

當我回顧這些非凡的成就時，我想對我們出色的團隊、合作夥伴和股東表示衷心的感謝。我們共同開創航空新時代，推動創新並徹底改變子孫後代的交通運輸。

Before I turn it over to Tom, let's take a step back for a second. In the last quarter alone, the United States military and government have both made an unwavering commitment that America will lead the way in commercializing eVTOL. The FAA has validated the time line for both Archer and Jovy to bring our aircraft to market in the U.S. in 2025. And we both proudly hosted more than 70 members of President Biden's AAM Interagency Working Group last month for a private flight test.

在我把它交給湯姆之前，讓我們先退後一步。僅在上個季度，美國軍方和政府就堅定承諾美國將在 eVTOL 商業化方面發揮帶頭作用。 FAA 已經確認了Archer 和Jovy 於2025 年將我們的飛機推向美國市場的時間表。上個月，我們雙方都自豪地接待了拜登總統的AAM 跨機構工作組的70 多名成員進行了私人飛行測試。

Additionally, the Department of Defense has committed to nearly $300 million in contract value across the sector, providing incredible momentum for being the first country to bring eVTOL to market. When Midnight takes to the skies in the coming weeks, it will mark a new era in advanced error mobility. Our team's hard work and dedication have brought us to this exciting moment, and we can't wait to see Midnight and our industry store. Thank you for joining us on this thrilling journey, and I look forward to your questions later in the call.

此外，國防部已承諾在整個行業簽訂價值近 3 億美元的合同，為成為第一個將 eVTOL 推向市場的國家提供了令人難以置信的動力。當“午夜”在未來幾週內飛上天空時，它將標誌著高級錯誤遷移率的新時代。我們團隊的辛勤工作和奉獻精神讓我們迎來了這個激動人心的時刻，我們迫不及待地想看到 Midnight 和我們的工業商店。感謝您加入我們這段激動人心的旅程，我期待您稍後在電話中提出問題。

I will now hand it over to Tom, who will dive into the technical aspects of our strategy and how those also have begun to bear fruit.

現在我將把它交給湯姆，他將深入探討我們戰略的技術方面以及這些戰略如何開始取得成果。

Thanks, Adam. This past quarter, we continued to execute our strategy, building momentum across our aircraft development, manufacturing and certification efforts with key progress toward our target of commercial launch in 2025. With each passing quarter and each milestone hit on schedule, we continue to prove our steadfast strategy and execute the most efficient path to market optimizing our aircraft for certification, manufacturing and commercial operations, and it is continuing to pay dividends. I couldn't be more pleased with our team's progress, and I'm excited to share updates with you in each of the key areas supporting our aircraft commercialization.

謝謝，亞當。上個季度，我們繼續執行我們的戰略，在飛機開發、製造和認證工作方面積蓄動力，並在實現2025 年商業發射的目標方面取得了重大進展。隨著每個季度的過去和每個里程碑的按時實現，我們繼續證明我們的能力堅定的戰略並執行最有效的市場路徑，優化我們的飛機的認證、製造和商業運營，並且正在持續帶來紅利。我對我們團隊的進展感到非常滿意，我很高興與您分享支持我們飛機商業化的每個關鍵領域的最新動態。

First, on aircraft development. As Adam mentioned earlier, last week, the FAA issued a special airworthiness certificate for our first Midnight aircraft. This is the culmination of an extensive ground testing campaign over the past couple of months as our flight test team has been hard at work, getting the aircraft ready to fly safely. Now that we are certified the fly, we will steadily ramp up both our flight testing regimen and our fleet size and continue to march towards the final stages of our certification program and commercial launch.

首先，關於飛機研製。正如亞當早些時候提到的，上週，美國聯邦航空局為我們的第一架午夜飛機頒發了特殊適航證書。這是過去幾個月廣泛的地面測試活動的高潮，我們的飛行測試團隊一直在努力工作，讓飛機做好安全飛行的準備。現在我們已經獲得了飛行認證，我們將穩步擴大我們的飛行測試方案和機隊規模，並繼續邁向我們的認證計劃和商業發布的最後階段。

As we've discussed before, Midnight combines our proprietary electric powertrain and flight control software along with extensive use of mature certified components and systems from some of the best aerospace suppliers in the world. This strategy of focusing on the key enabling technologies allowed us to invest only where it's needed to ensure that our aircraft can achieve the performance required for commercial success, fishing payload, range, fast charge and turnaround times and speed without having to reinvent the wheel for more conventional aircraft components like flight controlled computers, where our supply of partners have the experience, IP, certification data and scale of manufacturing expertise.

正如我們之前討論的，Midnight 結合了我們專有的電動動力系統和飛行控制軟件，以及廣泛使用來自世界上一些最好的航空航天供應商的成熟認證組件和系統。這種專注於關鍵支持技術的戰略使我們能夠只在需要的地方進行投資，以確保我們的飛機能夠實現商業成功、捕魚有效載荷、航程、快速充電以及周轉時間和速度所需的性能，而無需重新發明輪子。更傳統的飛機部件，如飛行控制計算機，我們的供應合作夥伴擁有經驗、知識產權、認證數據和製造專業知識規模。

As part of this broader strategy, we have also made pragmatic commercially focused decisions in how we developed our core technology, which we like to call realistic innovation. Think of this as applying the design for certification, manufacturing and commercialization recursively through our tech stack. For example, our batteries leverage commercial cylindrical cells because we believe they deliver the best safety and reliability available, paving the way for a smoother path to certification, easier scale-up of manufacturing and lower operating costs, translating into lower prices for consumers. We could have instead chosen a more exotic pouch cell for marginal gains in energy density, but the slight increase in performance that may have yielded would have been more than offset by the increased risk in safety, certification, manufacturability and cost. Similarly, for our electric engines, while every aspect of the design was optimized for our aircraft, each part was also optimized for safety, reliability and manufacturability, leveraging proven and scalable manufacturing processes from the automotive industry that will let us ramp up production while maintaining the highest possible quality standards.

作為這一更廣泛戰略的一部分，我們還在如何開發核心技術方面做出了務實的商業決策，我們喜歡將其稱為現實創新。將此視為通過我們的技術堆棧遞歸地將設計應用於認證、製造和商業化。例如，我們的電池採用商用圓柱形電池，因為我們相信它們具有最佳的安全性和可靠性，為更順利的認證之路、更容易擴大製造規模和降低運營成本舖平了道路，從而為消費者帶來更低的價格。相反，我們可以選擇一種更奇特的軟包電池來獲得能量密度的邊際收益，但可能帶來的性能的輕微提高可能會被安全、認證、可製造性和成本方面風險的增加所抵消。同樣，對於我們的電動發動機，雖然設計的各個方面都針對我們的飛機進行了優化，但每個部件也針對安全性、可靠性和可製造性進行了優化，利用汽車行業經過驗證的、可擴展的製造工藝，這將使我們能夠在提高產量的同時保持盡可能高的質量標準。

With the airworthiness certificate now in hand, we expect to begin flying Midnight in the next couple of weeks. This first Midnight aircraft will be flown without a pilot on board as we did for Maker and will be used to gather data for internal design validation and in preparation for the final stage of our certification program. Data gathered from flying this aircraft to prepare us for having FAA pilots fly our aircraft next year and our [for-credit] certification by testing. This flight test data is complemented by extensive for-credit component and system testing gathered in our world-class Tesla facility, which is now online in San Jose. This facility has roughly a dozen custom design labs where we are putting each of the systems on the aircraft through their paces, gathering all of the ground test data needed for certification and high-volume manufacturing readiness.

現在已經獲得了適航證書，我們預計將在接下來的幾週內開始午夜飛行。這架午夜飛機將像我們為 Maker 所做的那樣在沒有飛行員的情況下飛行，並將用於收集數據以進行內部設計驗證並為我們的認證計劃的最後階段做準備。從駕駛這架飛機中收集的數據可以幫助我們為明年讓美國聯邦航空局飛行員駕駛我們的飛機以及通過測試獲得[學分]認證做好準備。這些飛行測試數據得到了在我們世界一流的特斯拉工廠收集的廣泛的信用組件和系統測試的補充，該工廠現已在聖何塞上線。該工廠擁有大約十幾個定制設計實驗室，我們在那裡對飛機上的每個系統進行測試，收集認證和大批量製造準備所需的所有地面測試數據。

These labs are largely focused on system integration as our strategy of partnering with the best aerospace suppliers in the world means that we benefit from all of their existing component data and test capabilities, limiting the amount of testing and certification work required to get our aircraft certified and ready for mass manufacturing. This facility is also where we are doing the final assembly of our fleet of conforming Midnight aircraft, which will be used for piloted flight testing next year.

這些實驗室主要專注於系統集成，因為我們與世界上最好的航空航天供應商合作的戰略意味著我們受益於他們所有現有的組件數據和測試能力，限制了我們的飛機獲得認證所需的測試和認證工作量並為大規模生產做好準備。該設施也是我們對符合標準的午夜飛機機隊進行最後組裝的地方，這些飛機將用於明年的有人駕駛飛行測試。

We are well underway in manufacturing our initial piloted conforming Unite aircraft. Our supplier partners are currently fabricating the primary structure of many system components, leveraging their decades of experience in the aerospace industry. I want to thank all of our suppliers for their partnership and teamwork as we work together to bring Midnight to market. We plan to start the final assembly of the first conforming piloted Midnight aircraft within the next two months at our state-of-the-art San Jose, California manufacturing facility. Over the next year, we plan to build at least six of these aircraft to accelerate our certification flight testing efforts, and we plan to hold our first piloted flight in early 2024.

我們正在順利製造第一架符合飛行員標準的 Unite 飛機。我們的供應商合作夥伴目前正在利用他們在航空航天行業數十年的經驗製造許多系統組件的主要結構。我要感謝所有供應商的合作和團隊合作，我們共同努力將 Midnight 推向市場。我們計劃在未來兩個月內在我們最先進的加利福尼亞州聖何塞製造工廠開始第一架符合標準的午夜駕駛飛機的最終組裝。明年，我們計劃建造至少六架此類飛機，以加快我們的認證飛行測試工作，併計劃在 2024 年初進行首次試飛。

In Georgia, we are rapidly progressing the build-out of our high rate production facility. Our team has cleared and graded our roughly 100-acre site in preparation for imminently pouring the foundation and the broader construction efforts remain on track to enable occupying factory next year so that we can initiate our production ramp to produce deployment-ready aircraft for 2025. I am sincerely grateful to our government partners across the state from Newton County, the City of Covington and the Georgia DOT as well as our construction partners for their incredible support.

在喬治亞州，我們正在快速推進高效率生產設施的建設。我們的團隊已經清理並平整了大約100 英畝的場地，為即將澆築地基做準備，更廣泛的建設工作仍在按計劃進行，以便明年啟用工廠，以便我們可以啟動生產斜坡，在2025 年生產可部署的飛機。我衷心感謝牛頓縣、卡溫頓市和佐治亞州交通部等全州政府合作夥伴以及我們的建築合作夥伴提供的大力支持。

On the certification front, we are progressively building momentum. I'm happy to report that the FAA has begun accepting our certification plans. As a reminder of where we are in the process, our teams are working closely with the FAA on our detailed certification plans, which detail exactly how our design complies with the airworthiness criteria set out in our certification basis. To give this more context, our certification plans are what allowed the team to move forward with generating for-credit test and analysis data for the FAA to use to validate and certify our aircraft.

在認證方面，我們正在逐步建立動力。我很高興地報告，美國聯邦航空局已開始接受我們的認證計劃。為了提醒我們目前的進展情況，我們的團隊正在與美國聯邦航空局密切合作制定詳細的認證計劃，該計劃詳細說明了我們的設計如何符合認證基礎中規定的適航標準。為了提供更多背景信息，我們的認證計劃使團隊能夠繼續生成信用測試和分析數據，供 FAA 用於驗證和認證我們的飛機。

As I mentioned earlier, a key part of our strategy is that we have leveraged an extensive group of partners to supply components and bring our aircraft to market as efficiently as possible. That strategy has yielded a significantly similar and more focused scope of certification work to do in the implementation phase of the certification program, meaning post development of our certification plans. Then if we had chosen to reinvent the wheel on all the core components and systems on the aircraft. This intentional strategy has allowed the team to advance rapidly through our certification program to date, and it is why I believe that we will take the lead over the next 12 months in the race to bring the first commercial eVTOL aircraft to market here in the U.S.

正如我之前提到的，我們戰略的一個關鍵部分是我們利用廣泛的合作夥伴群體來供應零部件並儘可能高效地將我們的飛機推向市場。該策略在認證計劃的實施階段（即我們的認證計劃的製定後）產生了非常相似且更有針對性的認證工作範圍。那麼，如果我們選擇重新發明飛機上所有核心部件和系統的輪子。這一有意的策略使團隊能夠在迄今為止的認證計劃中迅速取得進展，這就是為什麼我相信我們將在未來 12 個月的競爭中取得領先，將第一架商用 eVTOL 飛機推向美國市場。

Needless to say, our strategy is paying off. Much of that is due to the hard work of the Administrator Nolen and the work he and his team did at the FAA before he joined us, collaborating with industry on the right framework to certify eVTOL aircraft. I'm excited to pass it over the Billy to share his unique perspective on the exciting plan for Archer and the industry.

不用說，我們的策略正在取得成效。這在很大程度上要歸功於管理員諾倫的辛勤工作，以及他和他的團隊在加入我們之前在美國聯邦航空局所做的工作，與業界合作制定正確的框架來認證 eVTOL 飛機。我很高興能通過比利來分享他對阿徹和整個行業令人興奮的計劃的獨特視角。

Thanks, Tom. I'm very excited to be part of the team here at Archer, which I have over the last several years come to believe will become the unambiguous leader among eVTOL manufacturers. During my time at the FAA, I led and oversaw the build-out of the first Advanced Air Mobility framework, which Adam spoke to earlier, with the understanding that the U.S. needs to move fast and with strong intent to maintain our leadership position in aviation and technology that will fundamentally transform the way we move between and within Americas City.

謝謝，湯姆。我很高興能成為 Archer 團隊的一員，過去幾年我一直相信該團隊將成為 eVTOL 製造商中無可爭議的領導者。在美國聯邦航空局任職期間，我領導並監督了第一個先進空中機動框架的構建，亞當早些時候曾對此進行過交談，我理解美國需要快速採取行動，並強烈希望保持我們在航空領域的領導地位和技術將從根本上改變我們在美洲城之間和內部的移動方式。

As a fortune function in this effort, I decided to choose the Los Angeles Summer Olympics in July 2028 as a target date for when the U.S. needs to have built out scaled urban air mobility networks across our largest, most congested American cities. My team originally felt that goal was ambitious. But over the last year, it became clear that the leaders in the eVTOL industry were well positioned to be at real scale by 2028, contingent on the continued strong support that the FAA and the whole of U.S. government had pledged.

作為這項工作的幸運函數，我決定選擇 2028 年 7 月洛杉磯夏季奧運會作為美國需要在美國最大、最擁擠的城市建立大規模城市空中交通網絡的目標日期。我的團隊最初認為這個目標雄心勃勃。但在過去的一年裡，eVTOL 行業的領導者已經做好充分準備，到 2028 年實現真正規模化，這取決於 FAA 和整個美國政府承諾的持續大力支持。

Working backwards from scaled operations in multiple U.S. cities by 2028, my team at the FAA is further committed to enabling the leaders, including Archer to certify and commercially launch their aircraft by early 2025 in order to start moving people in and around cities while showing the world the power of American innovation when catalyzed by a supportive regulatory environment.

回顧2028 年在美國多個城市進行的規模化運營，我在FAA 的團隊進一步致力於幫助包括Archer 在內的領導者在2025 年初之前認證並商業啟動他們的飛機，以便開始在城市及其周邊地區運送人員，同時展示在支持性監管環境的催化下，世界將看到美國創新的力量。

In line with this, the Innovate 28 plan that the FAA published last month explicitly notes that the agency is putting in place a plan to be ready by 2025 for initial operations in concert with industry. The plan goes on to provide significantly greater detail in this framework to certify, train and integrate eVTOLs and eVTOL operators safely into the National Airspace by leveraging existing operating rules and aviation infrastructure while enabling future upgrades to enable continued growth across the industry. On the certification front, we're well on our way. Having received our certification basis from the FAA in 2021, we are now working to finalize our means of compliance with the FAA airworthiness criteria prior to beginning for credit testing, which we expect to commence in early 2024.

與此相一致的是，FAA 上個月發布的 Innovate 28 計劃明確指出，該機構正在製定一項計劃，準備在 2025 年與行業合作進行初步運營。該計劃繼續在該框架中提供更加詳細的信息，通過利用現有的運營規則和航空基礎設施，同時支持未來的升級，以實現整個行業的持續增長，從而對eVTOL 和eVTOL 操作員安全地認證、培訓和集成到國家空域。在認證方面，我們進展順利。在2021 年獲得美國聯邦航空局(FAA) 的認證基礎後，我們現在正在努力在開始信用測試之前最終確定符合美國聯邦航空局(FAA) 適航標準的方法，我們預計信用測試將於2024 年初開始。

On training, in June, the FAA issued its proposed SVFR on eVTOL pilot training requirements and operational rules, providing a clear pathway for pilots to earn power lift ratings specific to each type of aircraft they fly. Archer is working with the leading eVTOL OEM along with the General Aviation Manufacturing Association to collectively provide industry input to the FAA over the next week.

在培訓方面，6 月，FAA 發布了關於 eVTOL 飛行員培訓要求和操作規則的擬議 SVFR，為飛行員獲得針對其所駕駛的每種飛機類型的升力評級提供了明確的途徑。 Archer 正在與領先的 eVTOL OEM 以及通用航空製造協會合作，在下週共同向 FAA 提供行業意見。

And finally, with regard to airspace integration, the FAA has released a thoughtful blueprint that covers air traffic routes, pilot communication, the use of the existing Heliport infrastructure and the build-out of new vertical infrastructure, leveraging public private partnerships. Archer has already made substantial progress on infrastructure readiness and establishing partnerships with state and local government with the announcement of its planned route in New York and Chicago in partnership with United Airlines, and we're taking a databased approach toward establishing the most efficient operational footprint.

最後，在空域一體化方面，美國聯邦航空局發布了一份深思熟慮的藍圖，涵蓋空中交通路線、飛行員通信、現有直升機場基礎設施的使用以及利用公私合作夥伴關係建設新的垂直基礎設施。 Archer 已經在基礎設施準備就緒以及與州和地方政府建立合作夥伴關係方面取得了實質性進展，宣布與聯合航空公司合作計劃在紐約和芝加哥航線，我們正在採用數據庫方法來建立最高效的運營足跡。

It is clear that the DOT and the FAA have dramatically accelerated the pace of activity to further advance their mobility over the past few months, and we applaud them for appropriately making AAM a top priority within the administration. More importantly, we are grateful to the administration for taking the whole of government approach to ensure the resources are in place for a safe ramp-up of the industry in the period from 2025 through 2028 by publicly committing to enable the industry to deliver on this time line. The administration is signaling that they have provided the incentives and resources to execute this ambitious plan. In doing so, they will undoubtedly position the U.S. at the forefront of a new global industry.

顯然，在過去的幾個月裡，交通部和聯邦航空局大大加快了活動步伐，以進一步提高其機動性，我們讚揚他們適當地將 AAM 作為政府內部的首要任務。更重要的是，我們感謝政府採取整體政府方法，通過公開承諾使該行業能夠實現這一目標，確保資源到位，以便該行業在 2025 年至 2028 年期間安全發展。時間線。政府表示他們已提供激勵措施和資源來執行這一雄心勃勃的計劃。通過這樣做，他們無疑將使美國處於新的全球產業的前沿。

I've been pleased with the continued collaboration between the FAA and companies like Archer, especially since my departure. And I'm very excited to now be working with the Archer team as we approach the final stage of our path to commercialization.

我對 FAA 與 Archer 等公司之間的持續合作感到滿意，尤其是在我離開之後。我很高興現在能與 Archer 團隊合作，因為我們已經接近商業化道路的最後階段。

With that, I'll turn it over to Mark to give you a financial overview.

接下來，我會將其轉交給馬克，讓他向您提供財務概況。

Thanks, Billy. I'm excited about the progress our team has made on a number of fronts as we continue executing our strategy to create the most efficient path to market, both financially and operationally. The equity financing, we just announced will help accelerate that strategy, but I want to share more information about the participants and how we plan to use those proceeds.

謝謝，比利。我對我們的團隊在許多方面取得的進展感到興奮，因為我們繼續執行我們的戰略，以在財務和運營方面創造最有效的市場路徑。我們剛剛宣布的股權融資將有助於加速這一戰略，但我想分享有關參與者以及我們計劃如何使用這些收益的更多信息。

In our 2021 public offering, we raised substantial capital to develop our Midnight aircraft and get to commercialization. Over the last two years, as we have continued to hit our milestones, we've been grateful to see outsized interest from important strategic and financial partners who want to be a part of the Archer story. So, we decided to create an opportunity for them to participate and also further enhance our liquidity. As Adam mentioned, today's equity investment round of $215 million was led by Stellantis with $70 million as part of their previous commitment that they decided to accelerate and pull forward into this equity route. Our long-time partner, United Airlines, invested another $25 million into this round joined by our new partner, Boeing, as Adam detailed earlier.

在 2021 年公開發行中，我們籌集了大量資金來開發 Midnight 飛機並實現商業化。在過去的兩年裡，隨著我們不斷達到里程碑，我們很高興看到重要的戰略和財務合作夥伴表現出了極大的興趣，他們希望成為 Archer 故事的一部分。因此，我們決定為他們創造一個參與的機會，並進一步增強我們的流動性。正如 Adam 提到的，今天的 2.15 億美元股權投資輪由 Stellantis 牽頭，投資了 7000 萬美元，作為他們之前決定加速並推進這一股權投資路線的承諾的一部分。正如 Adam 之前詳細介紹的那樣，我們的長期合作夥伴聯合航空公司在本輪融資中又投資了 2500 萬美元，我們的新合作夥伴波音公司也加入了這一輪投資。

ARK Invest, one of the leading investors in disruptive technologies also invested another $44 million. High-quality financial investors who share the long-term outlook as Archer and our partners [fill] the balance of the round. This investment, combined with the remaining Stellantis commitment to $55 million, brings our total liquidity to over $635 million and brings our aggregate funding to $1.1 billion to date. The funds raised will be used for the continued development of Midnight and related technology, the build-out of our manufacturing and test facilities, working capital and general corporate purposes.

ARK Invest 是顛覆性技術領域的領先投資者之一，也另外投資了 4400 萬美元。與 Archer 和我們的合作夥伴一樣具有長期前景的高質量金融投資者[填補]本輪融資的剩餘部分。這項投資，加上 Stellantis 剩餘的 5500 萬美元承諾，使我們的總流動資金超過 6.35 億美元，並使我們迄今為止的總資金達到 11 億美元。籌集的資金將用於 Midnight 及相關技術的持續開發、製造和測試設施的建設、營運資金和一般企業用途。

Beyond the capital that this fund rate provides, we're proud of the outsized participation from our core partners, Stellantis and United, who have continued to support Archer financially and operationally over the years. When we expanded our partnership with Stellantis earlier this year, they pledged to invest a [pill] of $150 million of capital into Archer. As part of structuring that agreement, we worked jointly with the Stellantis team to develop a creative forward equity purchase framework that allows Archer to call that capital over time at our discretion, subject to certain business milestones instead of taking on significant dilution then at a lower share price.

除了該基金費率提供的資本之外，我們還為我們的核心合作夥伴 Stellantis 和 United 的大量參與感到自豪，他們多年來一直在財務和運營上持續支持 Archer。今年早些時候，當我們擴大與 Stellantis 的合作夥伴關係時，他們承諾向 Archer 投資 1.5 億美元。作為構建該協議的一部分，我們與 Stellantis 團隊共同開發了一個創造性的遠期股權購買框架，該框架允許 Archer 根據某些業務里程碑自行決定隨時間調用該資本，而不是以較低的價格進行大幅稀釋分享價格。

Our wins over the last several months and the performance of our stock price have made it an opportune time to draw down the initial $25 million tranche in June and on the $70 million tranche as part of this financing. In Q2, Coatis also purchased 4.9 million shares of Archer's stock in the open market to deepen our partnership even further. Beyond the financial support, Stellantis continues to be a great operating partner. They were key in helping us identify our Covington, Georgia factory site out of hundreds of potential options across the U.S. due to its apparent proximate location and generous financial package from the state and local municipalities. Stellantis has helped us resolve numerous supply chain issues, and there are now dozens of full-time Stellantis employees working on site at Archer to help us as we continue ramping up our manufacturing operations. Stellantis? commitment to pushing the bounties on the future of mobility and Archer's role in it is second to none.

我們在過去幾個月中取得的勝利以及股價的表現使得我們現在是在 6 月份提取最初的 2500 萬美元資金以及作為本次融資的一部分的 7000 萬美元資金的最佳時機。第二季度，Coatis 還在公開市場購買了 490 萬股 Archer 股票，以進一步深化我們的合作夥伴關係。除了財務支持之外，Stellantis 仍然是一個出色的運營合作夥伴。他們在幫助我們從美國各地數百個潛在選項中確定佐治亞州卡溫頓工廠廠址方面發揮了關鍵作用，因為該工廠位置明顯較近，而且州和地方市政當局提供了慷慨的財政方案。 Stellantis 幫助我們解決了許多供應鏈問題，現在有數十名全職 Stellantis 員工在 Archer 現場工作，幫助我們繼續擴大製造業務。斯特蘭蒂斯？致力於推動移動出行未來的發展，Archer 在其中的作用是首屈一指的。

In a similar vein, United support has been unrivaled in our industry. As you'll remember, coupled with their initial investment in Archer, United agreed to purchase up to 300 aircraft from us that they planned to deploy across American cities with a focus on their important hubs. Just last August, they provided a $10 million predelivery payment against the first 100 aircraft, which is an important sign of conviction that we have not always seen in deals of this nature across the industry. Together with United, we have announced our first two commercial eVTOL routes that we plan to operate together, including United hubs at Newark serving New York City and O'Hare serving Chicago. We are very proud and fortunate to have the support of these two world-class partners who are now joined by Boeing as we collaborate with them on our autonomous flight.

同樣，美聯航的支持在我們行業中是無與倫比的。您可能還記得，加上對 Archer 的初始投資，美聯航同意從我們這裡購買最多 300 架飛機，他們計劃將這些飛機部署在美國各城市，重點關注其重要樞紐。就在去年 8 月，他們為前 100 架飛機提供了 1000 萬美元的預付款，這是一個重要的信念跡象，我們在整個行業的此類性質的交易中並不總是看到這一跡象。我們與美聯航一起宣布了計劃共同運營的前兩條商業 eVTOL 航線，其中包括服務於紐約市的紐瓦克聯合航空樞紐和服務於芝加哥的奧黑爾航空樞紐。我們非常自豪和幸運能夠得到這兩個世界級合作夥伴的支持，現在波音公司也加入了我們的行列，與他們合作開發自主飛行。

Now let's switch to our financial performance for Q2. Our non-GAAP total operating expenses was $77.4 million. We landed towards lower end of our estimate range of $75 million to $85 million. This led to an adjusted EBITDA loss of $76.3 million. Our operating expenses continue to be primarily driven by investments in headcount, aircraft parts and materials and tooling and other nonrecurring supplier costs. With respect to our GAAP financials, the impact of our agreements with Boeing and Wisk and the issuance of new warrants resulted in noncash charges to our P&L, which I will outline in our GAAP financials.

現在讓我們看看第二季度的財務業績。我們的非 GAAP 總運營支出為 7,740 萬美元。我們的估值範圍已接近 7500 萬至 8500 萬美元的下限。這導致調整後 EBITDA 損失 7630 萬美元。我們的運營支出仍然主要由對員工、飛機零部件和材料以及工具以及其他非經常性供應商成本的投資驅動。就我們的 GAAP 財務數據而言，我們與波音和 Wisk 的協議以及發行新認股權證的影響導致我們的損益表產生非現金費用，我將在我們的 GAAP 財務數據中概述這一點。

On a GAAP basis, total operating expenses for Q2 2023 were $181.4 million, which included $104 million of noncash charges. These noncash charges were comprised of $25 million for the vested portion of warrants provided in support of the Boeing Wisk agreements I just discussed, $48 million for the unvested portion that is subject to certain investment criteria and may never be realized for those agreements, $26.5 million of our standard stock-based compensation expenses and $4.5 million of [warrant] expenses for our (inaudible) Stellantis. This drove a net loss of $184.1 million.

根據 GAAP 計算，2023 年第二季度的總運營費用為 1.814 億美元，其中包括 1.04 億美元的非現金費用。這些非現金費用包括2,500 萬美元，用於支持我剛才討論的波音Wisk 協議而提供的認股權證的歸屬部分；4,800 萬美元，用於未歸屬部分，該部分受某些投資標準的約束，並且可能永遠無法實現這些協議；2,650 萬美元我們的標準股票補償費用和我們（聽不清）Stellantis 的 450 萬美元[認股權證]費用。這導致淨虧損 1.841 億美元。

We finished the quarter with $407.6 million of cash, cash equivalents and short-term investments on our balance sheet. Our net change in cash in Q2 2023 was $42.3 million, including the $25 million drawn in June from the Stellantis funding agreement. This cash was primarily used to fund non-GAAP operating expenses and CapEx.

本季度結束時，我們的資產負債表上有 4.076 億美元的現金、現金等價物和短期投資。我們 2023 年第二季度的現金淨變化為 4230 萬美元，其中包括 6 月份從 Stellantis 融資協議中提取的 2500 萬美元。這筆現金主要用於資助非公認會計準則運營費用和資本支出。

As I discussed on prior calls, in 2023, Archer is making some nonrecurring investments alongside key suppliers to support the development and manufacturing setup of many of our Midnight components. This spending is also consistent with our overall strategy of creating the most efficient path to market where we're focused on investing and hiring to for our key differentiating technologies and leveraging the existing aerospace industry supply base for the rest. That framework allows us to avoid the ongoing structural spending of headcount to develop those other individual technologies and execute a lower operating cost development model while derisking our certification efforts and accelerating our time to market if we would have had to develop those technologies internally.

正如我在之前的電話中討論的那樣，2023 年，Archer 將與主要供應商一起進行一些非經常性投資，以支持我們許多 Midnight 組件的開發和製造設置。這項支出也符合我們創建最有效的市場路徑的總體戰略，我們專注於投資和招聘我們的關鍵差異化技術，並利用現有的航空航天工業供應基地來實現其餘技術。該框架使我們能夠避免持續的結構性人員支出來開發其他單獨的技術，並執行較低的運營成本開發模型，同時降低我們的認證工作的風險，並加快我們的上市時間（如果我們必須在內部開發這些技術）。

Given that, in Q2, of the $77.4 million in non-GAAP operating expenses, the amount of nonrecurring engineering and other investments was $12 million. Our overall spending framework for 2023 is similar, made up of our core operating expenses, nonrecurring costs to establish our supply base and CapEx. Nonrecurring costs for Q1 2023 and Q2 2023 or $16 million and $12 million, respectively. These nonrecurring costs will not be a material part of our expense structure in 2024 and beyond as we will have completed most of that work this year.

鑑於第二季度 7740 萬美元的非 GAAP 運營支出中，非經常性工程和其他投資金額為 1200 萬美元。我們 2023 年的總體支出框架類似，由核心運營支出、建立供應基地的一次性成本和資本支出組成。 2023 年第一季度和 2023 年第二季度的非經常性成本分別為 1600 萬美元和 1200 萬美元。這些一次性成本不會成為我們 2024 年及以後費用結構的重要組成部分，因為我們今年將完成大部分工作。

Backing those amounts out of our current expense structure, we have core operating expenses of $61.5 million and $65.5 million, respectively, for Q1 2023 and Q2 2023. That level of current spending is our standard core structural spending that will persist into the future, and the nonrecurring costs will not persist materially beyond 2023.

將這些金額從我們當前的支出結構中剔除，我們2023 年第一季度和2023 年第二季度的核心運營支出分別為6150 萬美元和6550 萬美元。當前支出水平是我們的標準核心結構支出，並將持續到未來，並且2023 年之後，非經常性費用不會持續存在。

I wanted to make this differentiation to share how our overarching strategy impacts our spending profile. Our June ending cash balance of $407.6 million, combined with the capital that we raised today and the remaining $55 million from the Stellantis equity option previously discussed provides us with more than $675 million of liquidity to get to commercialization in 2025. In addition to this liquidity, we do see other opportunities for non-dilutive cash receipts in the form of predelivery payments from United and potential other future orders and spending offset from the DoD contract that we announced last week.

我想通過這種區分來分享我們的總體戰略如何影響我們的支出狀況。我們 6 月末的現金餘額為 4.076 億美元，加上我們今天籌集的資金以及之前討論的 Stellantis 股權期權剩餘的 5500 萬美元，為我們在 2025 年實現商業化提供了超過 6.75 億美元的流動性。 ，我們確實看到了非稀釋性現金收入的其他機會，包括美聯航的預交付付款以及我們上周宣布的國防部合同中潛在的其他未來訂單和支出抵消。

Finally, for Q3 2023, we anticipate a total GAAP operating expense of $42 million to $52 million. This was lower than our historical spending due to a onetime noncash benefit of $58 million as a result of reversal of an unrealized expense relating to the founder grants, offset by expected stock-based compensation and warrant expense of approximately $25 million. Total non-GAAP operating expenses for Q3 2023 is anticipated to be $75 million to $85 million.

最後，我們預計 2023 年第三季度的 GAAP 運營費用總額為 4200 萬美元至 5200 萬美元。這低於我們的歷史支出，因為與創始人補助金相關的未實現費用沖銷導致一次性非現金收益為 5800 萬美元，並被預期的股票薪酬和約 2500 萬美元的認股權證費用所抵消。 2023 年第三季度的非 GAAP 運營支出總額預計為 7500 萬至 8500 萬美元。

And with that, operator, let's open it up for questions.

那麼，操作員，讓我們開始提問吧。

[Operator Instructions.] Our first question comes from Edison Yu with Deutsche Bank.

[操作員說明] 我們的第一個問題來自德意志銀行的 Edison Yu。

Congratulations. You guys have certainly been very busy. So, starting off, could you maybe talk about the role Boeing will have or could have going forward? Obviously, there was a pretty contentious lawsuit going on and it's been settled, what kind of role do you envision them having going forward?

恭喜。你們肯定很忙。那麼，首先，您能否談談波音公司未來將扮演或可能扮演的角色？顯然，有一場相當有爭議的訴訟正在進行，並且已經和解，您認為他們未來將扮演什麼樣的角色？

Thanks for the question, Edison. This is Adam. So first, I am thrilled to have the Boeing company investment and to be working with them and Wisk on autonomy. So, Boeing support, I think, really can only help just further the growth and development of the entire AAM industry. But if I think about the relationship here, this is multifaceted. And so, there's a number of components here that went into this. One is Boeing's investment and our latest financing round to the collaboration agreement between the parties where we will work with Boeing and Wisk on autonomy for future versions, the Midnight aircraft. Three, there were warrants provided to Boeing and Wisk and, four, the settlement of all the litigation between the parties. So, probably that puts it in perspective here, but we are really excited to work with Boeing and Wisk on these future autonomy programs.

謝謝你的提問，愛迪生。這是亞當。首先，我很高興能夠獲得波音公司的投資，並與他們和 Wisk 就自主權進行合作。因此，我認為，波音的支持確實只能幫助進一步促進整個 AAM 行業的成長和發展。但如果我思考一下這裡的關係，這是多方面的。因此，這裡涉及到許多組件。其中之一是波音公司的投資和我們對雙方合作協議的最新一輪融資，我們將與波音公司和 Wisk 合作開發未來版本“午夜”飛機的自主性。第三，向波音和 Wisk 提供了搜查令，第四，雙方之間的所有訴訟得到和解。因此，這或許可以讓我們正確看待這一問題，但我們真的很高興能與波音和 Wisk 就這些未來的自主項目進行合作。

And following up on the DoD opportunity, I know you landed one with the Air Force already and you mentioned that the Marines visited last week. Do you have a sense of how big that opportunity can be going forward? Not trying to pin you down to any number, but it sounds as if there is quite a bit of upside. I'm curious how do you think about that growing?

繼國防部的機會之後，我知道您已經向空軍降落了一個，並且您提到海軍陸戰隊上周訪問過。您知道這個機會有多大嗎？並不是想把你固定在任何數字上，但聽起來似乎有很大的好處。我很好奇你如何看待這種增長？

Yes. No, I totally agree with you, Edison. The contract value itself, right, there's a stated number in there, which I think is really exciting, and it's the largest contract that we've seen in the industry. But it really is the -- I would think the bigger value here is really the opportunities that go beyond that. So, we now have a chance to showcase the vehicle and capabilities to all the different branches of the Armed Services, which really opens us up to broader applications. And then there's also global applications of that as well. This also provides like another channel for us to sell into outside of the FAA-led civilian side. So, it really does provide a nice diversification of revenue and allows us to be able to get to market sooner than the -- than just purely on the civilian side.

是的。不，我完全同意你的觀點，愛迪生。合同價值本身，對吧，裡面有一個明確的數字，我認為這真的很令人興奮，而且這是我們在行業中見過的最大的合同。但這確實是——我認為這裡更大的價值實際上是超越這一點的機會。因此，我們現在有機會向武裝部隊的所有不同部門展示車輛和功能，這確實為我們開闢了更廣泛的應用領域。然後還有它的全球應用。這也為我們提供了另一個向美國聯邦航空局領導的民用部門之外銷售的渠道。因此，它確實提供了很好的收入多元化，並使我們能夠比純粹的民用領域更快地進入市場。

Got it. And if I could just sneak one in for Billy. I know you mentioned you kind of evaluated the entire competitive landscape. You have a very bold vision. How do you sort of see the ramp of the eVTOL industry from 2025 to 2028? Is it -- are we talking hundreds, thousands of aircraft across cities, what's the UAM sort of look like in your view by that date?

知道了。如果我能為比利偷偷送一份就好了。我知道你提到過你對整個競爭格局進行了評估。你有一個非常大膽的願景。您如何看待 2025 年至 2028 年 eVTOL 行業的發展？是嗎？我們是在談論城市中數百架、數千架飛機嗎？在您看來，到那時 UAM 會是什麼樣子？

Yes, thanks for the question. If you think back to the whole premise of Innovate 28, it was indeed getting to that 2025. So, we're probably talking multiples of 10, 20 aircraft in that 2025 time frame and then really scaling up from there. My estimation from my time sitting in an administrators chair was that we could certainly be into the hundreds of eVTOLs the time we get to 2028, if not in the thousands there. So, we'd see that as this take often as the market demand, which we're seeing globally is kind of what we are projecting, which is why we really wanted to have the strong framework in place.

是的，謝謝你的提問。如果你回想一下“創新 28”的整個前提，它確實是到了 2025 年。因此，我們可能會在 2025 年的時間範圍內談論 10 架、20 架飛機的倍數，然後從那裡開始真正擴大規模。根據我坐在管理椅上的時間，我的估計是，到 2028 年，我們肯定會擁有數百架 eVTOL，即使不是數千架。因此，我們會看到，這通常是我們在全球範圍內看到的市場需求，這就是我們所預測的，這就是為什麼我們真正希望擁有強大的框架。

Our next question comes from Andres Sheppard with Cantor Fitzgerald.

我們的下一個問題來自安德烈斯·謝潑德和坎托·菲茨杰拉德。

Congrats on the quarter. Congrats on all the recent announcements. Maybe a first question for Mark. Would you mind just walking us through again, that $215 million investment? So, the $70 million investment from Stellantis, is that in addition to the prior $150 million or that's part of that agreement? And then I think you broke it down further $25 million from United. Just trying to reconcile the total amount, Mark, if you don't mind.

恭喜本季度。祝賀最近發布的所有公告。也許是馬克的第一個問題。您介意再向我們介紹一下那筆 2.15 億美元的投資嗎？那麼，Stellantis 的 7000 萬美元投資是在之前的 1.5 億美元之外還是該協議的一部分？然後我想你又從曼聯那里分了 2500 萬美元。如果你不介意的話，馬克，我只是想核對一下總金額。

Yes, sure. So, a couple of points there, Andres, one -- yes, that was an acceleration of the $70 million from the prior a $150 million commitment as we got momentum around the DoD contract and some of the more recent announcements, they were anxious to get in with this round. We've only currently publicly disclosed those four investors, United at 25, Stellantis at 70% and ARK at 44 and the others are -- we haven't disclosed for the full $215 million.

是的，當然。所以，安德烈斯，有幾點——是的，隨著我們圍繞國防部合同和最近的一些公告獲得動力，這比之前的 1.5 億美元承諾增加了 7000 萬美元，他們急於參加這一輪。我們目前隻公開披露了這四位投資者，United 25%，Stellantis 70%，ARK 44%，其他投資者 - 我們尚未披露全部 2.15 億美元。

Okay. Got it. That's helpful. And then maybe a question for Adam. Adam, in your CMC interview prior to the earnings call, you alluded as to where you see the industry moving forward in maybe the later years as it pertains to autonomy. I think you went in so far to say you expect autonomy to maybe take a leading role later in the industry. I'm just wondering maybe you can expand on what you meant there and how you see now the collaboration with Wisk integrating and maybe some sort of time line that you might be able to give us?

好的。知道了。這很有幫助。然後可能要問亞當一個問題。 Adam，在財報電話會議之前接受 CMC 採訪時，您提到了您認為該行業在未來幾年可能會在自治方面向前發展。我認為您到目前為止是在說您希望自治可能會在以後的行業中發揮主導作用。我只是想知道您是否可以詳細闡述一下您的意思，以及您現在如何看待與 Wisk 集成的合作，也許您可​​以給我們提供某種時間表？

Yes. So, Archer's strategy has always been to find the most efficient path to market. And in doing that, we started by having a piloted vehicle. And so that's where the existing roles are. We can enter into service here in the very near future. And so, we're really excited about that. As the industry scales, though and really goes beyond where you start to have thousands, tens of thousands, hundreds of thousands of vehicles, the need for autonomy really helps increase a lot of value to the industry, one because there's a less need for pilots. But two, there's an increased potential for safety. And so, I think that really is a big deal. So, I guess, and the third one here is cost. You can also reduce cost by doing that. So as the industry scales, there's an ability to add this capability.

是的。因此，Archer 的策略始終是尋找最有效的市場路徑。為此，我們首先擁有一輛無人駕駛車輛。這就是現有角色的所在。我們可以在不久的將來在這裡投入服務。因此，我們對此感到非常興奮。儘管隨著行業規模的擴大，並且確實超出了您開始擁有數千、數万、數十萬輛車輛的範圍，但對自動駕駛的需求確實有助於為該行業增加很多價值，其中之一是因為對飛行員的需求減少了。但第二，安全潛力增加。所以，我認為這確實是一件大事。所以，我想，這裡的第三個是成本。您還可以通過這樣做來降低成本。因此，隨著行業規模的擴大，就有能力添加這種功能。

Now for us, why this is so interesting, if you think back to our strategy, our strategy has been to partner with the best groups that can help us get to market. So, we partnered with the Tier 1 suppliers like Honeywell and Safran and Garmin. And this has really helped us get this -- to help us find our efficient path to market. But then we look to the future, and we start thinking about future variance in the vehicle and developing autonomy can be obviously a very expensive path, especially because the date of launching the services is also harder to predict. So, this is a good way for us to leverage and work with the group that probably has the most experience in the world in flight autonomy and allows us to keep going down a path of having piloted vehicles come to market early and then have an application on the ability to test these vehicles with autonomy and ultimately scale as the technology becomes available.

現在對我們來說，為什麼這如此有趣，如果你回想一下我們的策略，我們的策略是與可以幫助我們進入市場的最好的團隊合作。因此，我們與霍尼韋爾、賽峰和 Garmin 等一級供應商合作。這確實幫助我們找到了進入市場的有效途徑。但展望未來，我們開始考慮車輛未來的變化，開發自動駕駛顯然是一條非常昂貴的道路，特別是因為推出服務的日期也更難以預測。因此，對於我們來說，這是一個很好的方式，可以利用這個可能在世界上最有飛行自主經驗的團隊並與之合作，並使我們能夠繼續走上無人駕駛車輛儘早進入市場然後進行應用的道路。測試這些車輛的自主性並最終隨著技術的成熟而擴展的能力。

Got it. That's super helpful and super insightful. Maybe if I could just squeeze one last one. Related to the Air Force and the DoD contract, you've quantified the worth of the contract so far. But I guess I'm wondering, do you see the -- do you expect the military to maybe open these programs of records for eVTOL and in doing so, maybe open up a new market? I mean there's opportunities here for growth within that contract, I would imagine. So just kind of curious how you're thinking about that -- that partnership over the medium to longer term.

知道了。這非常有幫助並且非常有洞察力。也許如果我能擠最後一顆就好了。與空軍和國防部合同相關，到目前為止您已經量化了合同的價值。但我想我想知道，您是否認為軍方可能會開放這些 eVTOL 記錄項目，並在這樣做時可能會開闢一個新市場？我的意思是，我想，在這份合同中存在著成長的機會。所以我有點好奇你是如何看待中長期合作關係的。

Yes. I mean I believe that this contract is really just the start for the industry and will really evolve into a very sizable relationship with the U.S. military. Since we announced our first contract with AFWERX, we've seen outsized interest from pretty much every branch in the armed forces. And as we mentioned, we hosted the Marine Corps last week and our -- one of the members of our government advisory board, 4 star General Townsend has been working with us to help crack the code on how to work with the U.S. Army, which has the largest [aircraft] fleet in the world. So, I do believe there is a very real potential for the eVTOL industry to move into a multi-hundred million dollar or even $1 billion programs of record with the DoD over time.

是的。我的意思是，我相信這份合同實際上只是該行業的開始，並將真正發展成為與美國軍方的非常大的關係。自從我們宣布與 AFWERX 簽訂第一份合同以來，我們看到武裝部隊幾乎每個部門都表現出了極大的興趣。正如我們提到的，我們上週接待了海軍陸戰隊，我們的政府顧問委員會成員之一、四星湯森將軍一直在與我們合作，幫助破解如何與美國陸軍合作的密碼，這擁有世界上最大的[飛機]機隊。因此，我確實相信，隨著時間的推移，eVTOL 行業確實有可能與國防部一起進入數億美元甚至 10 億美元的記錄項目。

Wonderful. Congrats again on the quarter. I'll pass it on.

精彩的。再次祝賀本季度。我會把它傳遞下去。

Our next question comes from [Savi] Syth with Raymond James.

我們的下一個問題來自 [Savi] Syth 和 Raymond James。

If I may just follow up on Andre's question just before. With these investments, are you -- have you shared like at the price point that they're being made or if there's any warrants associated with them?

我可以跟進安德烈之前的問題嗎？對於這些投資，您是否分享過這些投資的價格點，或者是否有任何與之相關的認股權證？

In the 8-K, it discloses the pricing of this. If we look at recent financing activity, some of our peers have priced at a 20% discount we've observed with our bankers, other public fall on rounds, pricing at an average of 8% to 8.5% discount. Our round was actually oversubscribed. And we had a caller structure around it where we priced ours at roughly a 5% discount, which are better terms than other deals getting done today.

在8-K中，它披露了這個的定價。如果我們看一下最近的融資活動，我們與銀行家觀察到，一些同行的定價為 20% 的折扣，而其他幾輪公眾的定價則平均為 8% 至 8.5% 的折扣。我們的這一輪實際上已經超額認購了。我們圍繞它制定了一個來電結構，我們的定價大約有 5% 的折扣，這比今天完成的其他交易更好。

That's helpful. Sorry, I missed that. And then just on the certification conforming aircraft and building that, are there anything that you need from the FAA in terms of accepting various certification plans that you've submitted or clarifying kind of on rulemaking that's needed before you can start that? Or is it really a matter of just kind of getting production set up and moving forward?

這很有幫助。抱歉，我錯過了。然後，就飛機的認證和建造而言，在接受您提交的各種認證計劃或澄清開始之前所需的規則制定方面，您是否需要美國聯邦航空局提供任何信息？或者這真的只是建立生產並繼續推進的問題嗎？

So maybe to give you a little context there, our whole strategy around certification was to keep things as simple and easy as possible. And that's like why we took this approach of partnering with existing aerospace suppliers wherever we could to leverage their existing certification data capabilities, etc. But then on our own path towards getting the TC, the big thing that we've been working through over the past six months is what you're asking about getting those cert plans finalized. The most important thing there is not necessarily checking the box, but the cert plans accepted, but more what's the content of those plans and what the scope of testing? So, to get at your question, specifically, what do we need to move forward, once we have those or plans agreed, then it's a matter of just executing the steps laid out in those plans, doing the test, doing the analysis to get our TC, specifically around conformity, each of those cert plans, which are very self-contained. Those give the specific details of what's delegated, what's going to be conformed to what standard to do what tests and then it's purely an execution game.

因此，也許為了給您提供一些背景信息，我們圍繞認證的整個策略是讓事情盡可能簡單和容易。這就是為什麼我們採取這種方法與現有的航空航天供應商合作，盡可能利用他們現有的認證數據能力等。但在我們自己的獲得 TC 的道路上，我們一直在努力解決的重大問題過去六個月是您要求最終確定這些證書計劃的時間。最重要的事情不一定是勾選複選框，而是接受的證書計劃，但更重要的是這些計劃的內容是什麼以及測試的範圍是什麼？因此，為了解決你的問題，具體來說，我們需要向前推進什麼，一旦我們商定了這些或計劃，那麼只需執行這些計劃中規定的步驟，進行測試，進行分析即可我們的TC，特別是圍繞合規性，每個證書計劃都非常獨立。這些給出了委託的具體細節，什麼將符合什麼標準來進行什麼測試，然後這純粹是一個執行遊戲。

So again, because of the strategy we took, we feel very optimistic that we're going to have a very smooth path and you'll really see us start accelerating here over the rest of the year into next year because we've laid for this, let's say, relatively simple path to go and execute. Hopefully, that's helpful context.

因此，由於我們採取的策略，我們感到非常樂觀，我們將有一條非常順利的道路，你真的會看到我們在今年剩餘時間到明年開始加速，因為我們已經為可以說，這是相對簡單的執行路徑。希望這是有幫助的背景。

That's super helpful. And just a clarification, have you submitted all the cert plans? Or is that like in our process? So, kind of where are you in the submission part of it?

這非常有幫助。只是澄清一下，您是否提交了所有證書計劃？還是我們的流程就是這樣？那麼，您在提交部分處於什麼位置？

Yes. Great question. So, we've submitted the majority of our certification plans. There's a couple of remaining that we haven't submitted. Those are in less, let's say, critical areas, things that -- things like noise, which we don't expect to be a driver on the overall schedule. We also have started to get our cert plans formally accepted. So first one was accepted a couple of weeks ago, and there are several others in the queue that we expect to be accepted soon. So, we're really starting to build momentum and very happy with the progress.

是的。很好的問題。因此，我們已經提交了大部分認證計劃。還有一些我們尚未提交。比如說，這些都屬於不太關鍵的領域，比如噪音，我們不希望噪音成為整個計劃的驅動因素。我們還開始正式接受我們的證書計劃。因此，第一個已在幾週前被接受，隊列中還有其他幾個我們預計很快就會被接受。因此，我們確實開始積聚動力，並對進展感到非常滿意。

Our next question comes from Bill Peterson with JPMorgan.

我們的下一個問題來自摩根大通的比爾·彼得森。

Nice to see all these announcements here. I wanted to talk first about the DoD contract and maybe some clarifications around that first within that. So, the delivery for maybe end of this year early next year, is that one of the conforming aircraft, or is that something different? And then I think Mark might have said something like this might be like OpEx offsets for some of these early aircraft. And I believe you also -- with the value of the contract, I'm guessing there's the maintenance and repair. So, I guess, how should we roll that through a model? And what's the timing for this -- I guess, for the entirety of the first announcement, how many years and so forth?

很高興在這裡看到所有這些公告。我想首先談談國防部合同，也許首先要對此進行一些澄清。那麼，可能會在今年年底明年初交付，這是一架合格的飛機，還是有什麼不同？然後我認為馬克可能會說類似的話可能類似於某些早期飛機的運營支出抵消。我相信你也——根據合同的價值，我猜其中包括維護和修理。那麼，我想，我們應該如何通過模型來實現這一點？我想，對於整個第一個公告來說，這個時間是多少年等等？

So, the contract is a multifaceted contract. It spans service, it spans, training and it spans hardware and expands some development work internally as well. So, it's going to be a combination of sort of cost reimbursement as well as revenue. I think as we sit here today, that's still coming together in terms of the timing of how that's going to play out. We think a preponderance of the development work will happen over the next -- prior to certification. But I think the timing of everything we haven't discussed. So more to come as we work through that with the DoD.

因此，合同是一個多方面的合同。它涵蓋服務、培訓、硬件，並在內部擴展了一些開發工作。因此，這將是成本補償和收入的結合。我認為，當我們今天坐在這裡時，就如何進行的時間安排而言，我們仍然在商量。我們認為大部分開發工作將在接下來的認證之前進行。但我認為我們還沒有討論過所有事情的時間安排。當我們與國防部合作解決這個問題時，還會有更多的事情發生。

And is one of these aircraft conforming aircraft? Or is it an additional aircraft?

其中一架飛機是否符合要求？或者是額外的飛機？

So, the first aircraft we'll be delivering is a nonconforming unit that will be used for early operational testing, but then there are also deliveries of piloted conforming aircraft next year and beyond.

因此，我們將交付的第一架飛機是一架不合格飛機，將用於早期操作測試，但明年及以後還會交付有人駕駛的合格飛機。

Okay. That's helpful. I don't know if this is for Billy or for Adam, but we hear the FAA is proposing reserve requirements for power lift aircraft being consistent with larger aircraft, 30 minutes daytime, 45 minutes at night. I just wanted to make sure if that's really the case. And are these requirements built into the certification plan for Archer?

好的。這很有幫助。我不知道這是給比利的還是給亞當的，但我們聽說美國聯邦航空局正在提議動力升力飛機的儲備要求與大型飛機一致，白天 30 分鐘，晚上 45 分鐘。我只是想確認一下情況是否屬實。這些要求是否已納入 Archer 的認證計劃中？

Yes. I'll chime in first and then let Billy give his thoughts, but you're talking about the reserve requirements that came out in the draft SVFR that the FAA published a couple of months ago. So just help give everybody context here. That's the first draft, right? And the way the process works is that the FAA kind of works amongst themselves without input from industry exparte, rulemaking, and then they publish initial thoughts. And so, over the last couple of months, we've been working with others in the industry to share our perspective on what the right kind of balanced approach looks like to get these rules in a state that obviously supports the required safety but also efficient operations of the aircraft. So, the public comment period on this draft is closing in the next week or so. So, we'll be commenting along with all of our peers as well as our industry associations, GAMA and (inaudible 51.58) etc. We think it's most likely we'll end up with more performance-based reserve requirements similar to what YASAs published rather than a generic VFR endurance kind of number. But we have obviously looked at what our go-to-market path would be if the draft rules kind of stayed as they were. And even in that scenario, I'm happy to say we'd still be very comfortable with being able to operate all the missions we're targeting in cities. So yes, Billy, anything else you want to add?

是的。我先插話，然後讓比利發表他的想法，但你談論的是美國聯邦航空局幾個月前發布的 SVFR 草案中提出的儲備金要求。所以這裡只是幫助大家了解一下背景。這是初稿吧？這個過程的運作方式是，美國聯邦航空管理局在沒有行業專家、規則制定的參與的情況下自行開展工作，然後發布初步想法。因此，在過去的幾個月裡，我們一直在與業內其他人合作，分享我們對正確的平衡方法的看法，以使這些規則處於明顯支持所需安全性但又高效的狀態。飛機的操作。因此，該草案的公眾評議期將在下週左右結束。因此，我們將與所有同行以及行業協會、GAMA 和（聽不清 51.58）等一起發表評論。我們認為，我們最終很可能會提出更多基於績效的準備金要求，類似於 YASA 發布的內容而不是一般的VFR 耐力數字。但我們顯然已經研究過，如果規則草案保持原樣，我們的上市路徑將會是什麼。即使在這種情況下，我很高興地說，我們仍然對能夠在城市中執行我們的所有目標任務感到非常滿意。那麼，是的，比利，您還有什麼要補充的嗎？

Yes, thanks, Tom. Just to build upon what Tom was just saying. So clearly, during my time, the FAA always wants to hear from the industry, they're limited in the most early part of rulemaking from having what they call exparte communication, as you're probably well aware, right? So, this, as Tom spoke to, the comment period is closing. We've certainly assembled our comments, and we're joining the rest of the industry in getting there. So, we believe at the end of the day, we will find a middle ground that works. But again, as Tom spoke to, we are prepared either way. But we're certainly -- have a strong position that we will convey to the FAA.

是的，謝謝，湯姆。只是為了鞏固湯姆剛才所說的話。很明顯，在我任職期間，美國聯邦航空局總是希望聽取業界的意見，他們在規則制定的最早期階段就受到限制，無法進行所謂的“單方面溝通”，正如您可能很清楚的那樣，對吧？因此，正如湯姆所說，評論期即將結束。我們當然已經收集了我們的意見，並且我們正在與業界其他公司一起實現這一目標。因此，我們相信最終我們會找到一個可行的中間立場。但正如湯姆所說，我們已經做好了準備。但我們肯定有一個強有力的立場，我們將向美國聯邦航空局傳達這一立場。

If I could sneak one more, too. So, this Innovate 28, and I'm sure that's something you probably are aware of when you were there, Billy, but the document talks about the OEMs, operators, governments, obviously, a lot of local buy-ins for infrastructure. So -- what is the latest thinking around infrastructure, especially with buying from the public on new sites. So, I mean, is this -- try to think, is this a risk to the new sites coming online? How should we think about the infrastructure as we look towards 2028?

如果我也能偷偷再偷一次就好了。所以，這個 Innovate 28，我相信你在現場時可能已經意識到了這一點，Billy，但該文件談到了 OEM、運營商、政府，顯然還有很多本地基礎設施的投資。那麼，圍繞基礎設施的最新想法是什麼，尤其是在新站點上向公眾購買的基礎設施。所以，我的意思是，嘗試思考一下，這對新網站上線是否構成風險？展望 2028 年，我們應該如何看待基礎設施？

Yes. Good question. When we think about infrastructure, so that was exactly why you want to have a forcing function like Innovate 28, which gives the time for all of the stakeholders, right? So, we have the infrastructure in place today that can accommodate as things kick off in 2025. Everything is in place, low-density using current helicopter routes using the current [APC] infrastructure. As we scale up, we'll see the equipment that we will commit to on Archer's side, and we've also heard from the FAA in terms of how they will ensure that they can accommodate within the national air space.

是的。好問題。當我們考慮基礎設施時，這正是您想要擁有像 Innovate 28 這樣的強制功能的原因，它為所有利益相關者提供了時間，對嗎？因此，我們今天擁有的基礎設施可以適應 2025 年的啟動。一切都已就位，使用當前的直升機航線和當前的 [APC] 基礎設施實現低密度飛行。隨著我們規模的擴大，我們將看到我們將在阿切爾方面承諾的設備，我們也從美國聯邦航空局那裡聽到了他們將如何確保它們能夠容納在國家領空內的消息。

At the same time, as the FA is having conversations at the state and local levels, so is Archer. We're meeting with stakeholders across the country to make sure when we think about vertiports when we think about current infrastructure that not only can it accommodate us, but we're prepared to be at scale as we move into the future as well.

與此同時，隨著英足總在州和地方層面進行對話，阿切爾也在進行對話。我們正在與全國各地的利益相關者會面，以確保當我們考慮垂直起降場時，我們考慮當前的基礎設施不僅能夠滿足我們的需求，而且我們也準備好在邁向未來時實現規模化。

Our next question comes from David Zazula with Barclays.

我們的下一個問題來自巴克萊銀行的大衛·扎祖拉。

First one is for Billy. Just I think you talked about what you see the industry going forward. Can you maybe take us backwards and just compare what you expected the AAM process going into it with how it actually ended up? What surprised you about it? And maybe if applicable, how that contributed to you choosing to come to Archer.

第一個是給比利的。我認為您談到了您對行業未來的看法。您能否讓我們倒退一下，將您期望的 AAM 流程與實際結果進行比較？是什麼讓你感到驚訝？也許如果適用的話，這對您選擇來到Archer 有何影響。

Yes. So, if I go back, the FAA had a lot of these parts were already in place. What I feel that I brought to it, right, was that idea of having a forcing function, that is to have something that you could really coalesce around a -- so this really was the genesis of 2028. If you ask what has surprised me, it really comes as no surprise at all. The FAA has got a great group of professionals and their ability to come together. But more importantly, what I would say on behalf of all of us here in Archer internally, I know Adam has already restated it. We just extended the note of thanks to the administration for pulling together this really hold of government an approach because we know that's what it's going to take. We are certainly prepared to do our part, but we know it takes us, the government and at the state and local level, all working together to make sure this happens. Great.

是的。所以，如果我回去的話，美國聯邦航空局已經有很多這樣的部分了。我覺得我帶來的就是擁有一個強制功能的想法，那就是擁有一些你可以真正圍繞某個東西結合起來的東西——所以這確實是 2028 年的起源。如果你問什麼讓我感到驚訝，這確實一點也不奇怪。美國聯邦航空局擁有一支優秀的專業團隊以及他們團結起來的能力。但更重要的是，我要代表 Archer 內部所有人所說的話，我知道 Adam 已經重申了這一點。我們剛剛向政府表示感謝，感謝他們將政府的這一真正控制措施整合在一起，因為我們知道這就是政府將採取的做法。我們當然準備儘自己的一份力量，但我們知道這需要我們、政府以及州和地方層面的共同努力才能確保這一目標的實現。偉大的。

And then for Andy or Adam, is there any other color you can give us on the agreement with Wisk and Boeing specifically on the ability to use the autonomous technology. Is that something you can implement in the next generation of aircraft if it is in fact not an autonomous aircraft? Or do you need to kind of go full all-in on autonomy to be able to use this technology?

然後，對於安迪或亞當，您是否可以就與 Wisk 和波音公司達成的協議（特別是關於使用自主技術的能力）向我們提供任何其他信息。如果下一代飛機實際上不是自動駕駛飛機，那麼您是否可以在下一代飛機中實現這一點？或者你是否需要全力以赴才能使用這項技術？

Yes, David, it's Adam. Maybe I can give you a sort of a high-level answer here. Archer has a lot of success working with strategic partners, and you can see that with our work with United, or work with Stellantis. And so, we start off finding ways to work together and then really growing the relationship from there. So, we are bringing to market a piloted vehicle, and Boeing and Wisk have spent a lot of time, a lot of years, a lot of money doing autonomy. So, there's this natural overlap. And at this stage, we are working together through that to see how to best implement this. And we will certainly provide you with more details and updates as that relationship matures.

是的，大衛，是亞當。也許我可以在這裡給你一個高層次的答案。 Archer 與戰略合作夥伴合作取得了很多成功，您可以通過我們與曼聯或 Stellantis 的合作看到這一點。因此，我們開始尋找合作方式，然後真正發展關係。因此，我們正在向市場推出無人駕駛車輛，波音和 Wisk 花了很多時間、很多年、很多錢來進行自主化。因此，存在這種自然的重疊。在這個階段，我們正在共同努力，看看如何最好地實施這一點。隨著這種關係的成熟，我們肯定會為您提供更多細節和更新。

Our next question comes from Josh Sullivan with The Benchmark Company.

我們的下一個問題來自 Benchmark Company 的 Josh Sullivan。

Congratulations on a number of fronts here. I know you're still working on cert plans. But with the six conforming aircraft assumption for certification, do you have an assumption on the number of credit hours each aircraft is going to need to execute to get to certification at this point?

在此對許多方面表示祝賀。我知道您仍在製定證書計劃。但是，根據六架符合認證要求的飛機的假設，您是否對每架飛機此時獲得認證所需執行的學時數有假設？

Great question. So, we do have a very detailed flight test schedule that goes to each of those specific tail numbers and assign the exact tests that we're going to do. I don't recall the exact number of flat hours off the cuff here, but all of that is like very methodically planned out in advance. And you really have to do it that way and make sure that each aircraft has the proper systems installed properly conformed as we were talking about earlier on the call so that you can get credit for the testing.

很好的問題。因此，我們確實有一個非常詳細的飛行測試計劃，該計劃針對每個特定的尾號並分配我們將要進行的確切測試。我不記得這裡具體的即興工作時間，但所有這些都是提前非常有條理地計劃好的。你確實必須這樣做，並確保每架飛機都安裝了正確的系統，並且正如我們之前在電話中討論的那樣，這樣你就可以獲得測試的榮譽。

Got it. And then as far as the collaboration with Boeing, when autonomous flight comes to commercial markets, up for debate, but how are your defense relationships looking at that partnership? Is that a faster avenue, especially now you're going to deliver an aircraft this year? And I guess what additional development would you need for Midnight today on the defense side for autonomous operations? Just curious how that might develop.

知道了。至於與波音公司的合作，當自動駕駛飛行進入商業市場時，存在爭議，但你們的國防關係如何看待這種合作關係？這是一個更快的途徑嗎，特別是現在你們今年要交付一架飛機？我猜想今天的 Midnight 需要在防禦方面進行哪些額外的開發才能實現自主操作？只是好奇這會如何發展。

Yes. That's a really interesting question, Josh. I don't have much more color that I can add. I do agree with you that there's lots of avenues and applications here that are interesting, and we're definitely exploring all of those. But I think I would say stay tuned on that one, and we'll give you more updates as those start to come about.

是的。這是一個非常有趣的問題，喬什。我沒有更多的顏色可以添加。我確實同意你的觀點，這裡有很多有趣的途徑和應用程序，我們肯定正在探索所有這些。但我想我會說請繼續關注這一消息，當這些消息開始出現時，我們將為您提供更多更新。

Got it. And then just one last one. Anything precluding an international defense relationship with the Midnight at this point?

知道了。然後只有最後一張。目前有什麼因素阻礙了與午夜組織的國際防務關係嗎？

I don't believe so. I mean, I think the high-level rules, the way people talk about it is anywhere the U.S. government sells to the differentiated players can sell to. So that's a pretty broad list.

我不相信是這樣。我的意思是，我認為高層規則，人們談論它的方式是美國政府向差異化參與者出售產品的任何地方。這是一個相當廣泛的列表。

Thank you for your questions. There are no questions waiting in queue at this time. So, I will conclude the conference call at this time. Thank you all for your participation. You may now disconnect your lines.

謝謝您的提問。目前沒有任何問題在隊列中等待。所以，我現在就結束電話會議。感謝大家的參與。您現在可以斷開線路。