Archer Aviation Inc (ACHR) 2024 Q1 法說會逐字稿

Good afternoon. Thank you for attending today's Archer Aviation Q1 24 financial results conference call. My name is Cole, and I'll be the moderator for today's call. (Operator Instructions)

午安.感謝您參加今天的 Archer Aviation 24 季第一季財務業績電話會議。我叫科爾，我將擔任今天電話會議的主持人。 （操作員說明）

I'd now like to pass it over to our host, Eric Lentell. Please go ahead.

現在我想把它交給我們的主持人 Eric Lentell。請繼續。

Thank you, operator. Good afternoon, everyone, and thank you for joining us today to review Archer's first quarter operating and financial results. My name is Eric Lentell, Archer's General Counsel. On the call with me today are Adam Goldstein, our Founder and CEO; Mark Mesler, our CFO and Tom Muniz, our CTO.

謝謝你，接線生。大家下午好，感謝您今天加入我們回顧 Archer 第一季的營運和財務表現。我叫做艾瑞克‧倫特爾 (Eric Lentell)，Archer 的總法律顧問。今天與我通話的是我們的創辦人兼執行長 Adam Goldstein；馬克‧梅斯勒 (Mark Mesler) 是我們的財務官，湯姆‧穆尼茲 (Tom Muniz) 是我們的首席技術長。

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.

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有重大差異。

For more information about these risks and uncertainties, please refer to our SEC filings under the caption Risk Factors. 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.

有關這些風險和不確定性的更多信息，請參閱我們向 SEC 提交的“風險因素”標題下的文件。我們在本次電話會議中所做的任何前瞻性陳述均基於截至目前的假設，我們不承擔因新資訊或未來事件而更新這些陳述的義務。

During this call, we will 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 Investor Relations website.

在本次電話會議中，我們將討論公認會計原則和非公認會計原則財務指標。我們在投資者關係網站上發布的股東信中包含了某些公認會計原則與非公認會計原則措施的調節。

And now I'll turn the call over to Adam. Adam?

現在我將把電話轉給亞當。亞當？

Thanks, Eric. At Archer, we remain steadfast in our focus on commercializing our Midnight aircraft. We've designed Midnight in pursuit of bringing to market in electric aircraft with world-class design and cutting-edge performance capabilities that will make it the desired air taxi globally.

謝謝，埃里克。在 Archer，我們始終堅定不移地致力於將 Midnight 飛機商業化。我們設計 Midnight 是為了將具有世界一流設計和尖端性能的電動飛機推向市場，使其成為全球理想的空中計程車。

When I think back to 2019 when I first sat down with Tom Muniz, Geoff Bower to sketch out the vision for what became midnight, we were aligned on one single goal. We designed an aircraft that would capture the market potential as soon as possible, meaning one that is both certifiable and manufacturable at scale, all while being purpose-built to addressing the congested 20 to 50 mile automobile commute corridors that gridlock our cities today.

當我回想起 2019 年，當我第一次與 Tom Muniz、Geoff Bower 坐下來勾勒出午夜的願景時，我們在一個目標上達成了一致。我們設計的飛機能夠盡快抓住市場潛力，這意味著一架既可認證又可大規模製造的飛機，同時專為解決當今城市擁堵的 20 至 50 英里汽車通勤走廊而設計。

We decided a 12-tilt-6 vehicle what's optimal for this mission and then we built a full-scale 3,500 pound max gross weight 40 foot wingspan aircraft called Nacre. We separated that aircraft in 2022 and 2023 through the full flight envelope, including transition and high speed flight, and then use those lessons to inform the design of the next evolution our production aircraft Midnight.

我們確定了最適合此任務的 12 傾斜 6 飛行器，然後我們建造了一架名為 Nacre 的全尺寸最大總重 3,500 磅、翼展 40 英尺的飛機。我們在 2022 年和 2023 年透過完整的飛行包線（包括過渡和高速飛行）將這架飛機分開，然後利用這些經驗教訓來設計我們生產的飛機「午夜」的下一個演變。

Today, we are flying Midnight nearly every day and benefiting tremendously from all the lessons we learned from Nacre. In Q1, our flight test team logged over 100 flights, putting us on pace to exceed our goal of 400 flights this year. And we continue to be focused on accelerating the velocity of our flight tested, aiming for reaching 10 to 15 flights a day to mimic commercial endurance.

今天，我們幾乎每天都在午夜飛行，並從 Nacre 學到的所有經驗教訓中受益匪淺。第一季度，我們的飛行測試團隊記錄了 100 多次飛行，使我們有望超越今年 400 次飛行的目標。我們繼續專注於加快測試飛行的速度，目標是達到每天 10 到 15 次飛行，以模仿商業耐力。

As we continue to expand the flight envelope, I couldn't be more excited to see the aircraft transition in the near future. Midnight has a 6,500 pound max gross weight and a 47 foot wingspan, making it what we believe to be the largest eVTOL aircraft in the industry.

隨著我們繼續擴大飛行包線，我對在不久的將來看到飛機的轉變感到無比興奮。 Midnight 的最大總重為 6,500 磅，翼展為 47 英尺，我們認為它是業內最大的電動垂直起降飛機。

We intentionally designed Midnight at this site to maximize payload and provide necessary comforts such as air-conditioning. I believe that our choice to build a higher payload vehicle will prove to be a differentiator as you commercialize this industry.

我們特意在此站點設計了“午夜”，以最大限度地提高有效負載並提供必要的舒適設施，例如空調。我相信，當您將該行業商業化時，我們選擇建造更高有效載荷的車輛將成為差異化因素。

We are on a path to build six conforming Midnight aircraft to be used as part of our FAA certification program. The first of those is in final assembly now and on track to begin piloting flights later this year. Yesterday, we published a comprehensive video tour of our Integrated Test Lab and production facility in California.

我們正在建造六架符合標準的 Midnight 飛機，作為我們美國聯邦航空局認證計劃的一部分。其中第一個現在正在進行總裝，預計在今年稍後開始試飛。昨天，我們發布了我們位於加州的整合測試實驗室和生產設施的綜合視訊導覽。

Given our progress in engineering the aircraft and on our certification and flight test programs we decided to move forward with installing our high-scale automated battery pack manufacturing line earlier this year. This line is capable of producing enough battery packs to support our planned production ramp in Georgia.

鑑於我們在飛機設計以及認證和飛行測試項目方面取得的進展，我們決定在今年稍早繼續安裝我們的大規模自動化電池組生產線。這條生產線能夠生產足夠的電池組來支持我們在喬治亞州計劃的產量提升。

I am confident that we are leading the way in the industry with this capability and that our investment there will pay off for years to come. We've also made similar investments across our supply chain, having spent over $50 million with our suppliers to ensure they are able to achieve our time line and the production throughput, we will need to support our aircraft manufacturing plant.

我相信，我們憑藉這種能力在行業中處於領先地位，並且我們在這方面的投資將在未來幾年得到回報。我們還在整個供應鏈中進行了類似的投資，與我們的供應商花費了超過 5000 萬美元，以確保他們能夠實現我們的時間表和生產吞吐量，我們將需要支援我們的飛機製造廠。

As these capital expenditures and upfront nonrecurring costs roll off, I expect we will naturally reduce our burn and cash needs meaningfully, as we shift into preparing for commercial launch heading into next year.

隨著這些資本支出和前期非經常性成本的減少，我預計隨著我們轉向為明年的商業發布做準備，我們自然會有意義地減少我們的燒錢和現金需求。

One key piece of the strategy has been our partnership with Stellantis. As we have indicated, we are evolving our relationship to position Stellantis to be our contract manufacturing partner so that we can take advantage of their proven ability to produce vehicles at scale, which will in turn reduce Archer's cash outlay necessary to purchase materials and equipment as we start to scale production of our aircraft.

該策略的關鍵部分是我們與 Stellantis 的合作夥伴關係。正如我們所指出的，我們正在發展我們的關係，將Stellantis 定位為我們的合約製造合作夥伴，以便我們能夠利用他們成熟的大規模生產車輛的能力，這反過來將減少Archer 購買材料和設備所需的現金支出，因為我們開始擴大飛機的生產規模。

We believe this capital light strategy will put us in a unique position to rapidly scale production, while minimizing cash requirements. I'm very pleased with how we have managed liquidity through this period where we have made what should be our most substantial CapEx and nonrecurring investments.

我們相信，這種輕資本策略將使我們處於獨特的地位，能夠快速擴大生產規模，同時最大限度地減少現金需求。我對我們在這段期間管理流動性的方式感到非常滿意，我們進行了最實質的資本支出和非經常性投資。

Our liquidity and cash position is nearly flat to where it was one year ago. As the Founder, CEO and the company's largest shareholder, I am sensitive to when and how much capital we taken as we balance our need and desire to grow with potential dilution.

我們的流動性和現金狀況幾乎與一年前持平。作為創辦人、執行長和公司最大股東，我對我們何時以及獲得多少資本非常敏感，因為我們需要平衡成長的需求和願望與潛在的稀釋。

From the beginning, we've chosen a partner first approach with some of the world's greatest companies and investors like Stellantis, United Airlines, Abu Dhabi and Moelis. We believe in the value of what we are doing and are willing and able to help us ensure we get the capital we need when we need it.

從一開始，我們就選擇了合作夥伴優先的方式，與 Stellantis、聯合航空、阿布達比和 Moelis 等一些世界上最偉大的公司和投資者合作。我們相信我們正在做的事情的價值，並且願意並且能夠幫助我們確保我們在需要時獲得所需的資金。

I continue to believe we are massively undervalued relative to the proprietary step change and technology we are creating and we'll remain opportunistic about how and when we've taken capital on our journey to commercialization.

我仍然相信，相對於我們正在創造的專有步驟變革和技術，我們的價值被嚴重低估，我們將在如何以及何時在商業化之旅中獲得資本方面保持機會主義。

I'm lucky to experience the day in and day out progress of making electric aviation a reality, but nothing tops getting to see the emotional reaction people have when they first experienced our aircraft, no matter where we are in the world. I'm incredibly excited about turning those moments into an everyday reality.

我很幸運能夠日復一日地經歷使電動航空成為現實的過程，但沒有什麼比看到人們第一次體驗我們的飛機時的情感反應更重要的了，無論我們身在世界何處。我非常興奮能夠將這些時刻變成現實。

Just last week, I was in DC to celebrate the opening of our DC office with Billy Nolan, who prior to coming to Archer was the acting FAA administrator and have now transitioned to be our Chief Regulatory Affairs Officer, overseeing a team of industry and government veterans who are working on important policy and regulatory issues our industry faces.

就在上週，我在華盛頓與比利·諾蘭(Billy Nolan) 一起慶祝我們在華盛頓特區辦事處的開業，他在來到阿徹之前是聯邦航空局(FAA) 代理管理員，現在已轉任我們的首席監管事務官，負責監督產業和政府團隊致力於解決我們行業面臨的重要政策和監管問題的退伍軍人。

While in DC, I had the pleasure of meeting with lawmakers, the FAA administrator, Mike Whitaker, and his leadership team and senior administration officials at the White House to update them on our progress and to discuss the importance of the FAA reauthorization bill and the upcoming [SVOD].

在華盛頓期間，我有幸會見了立法者、聯邦航空局局長邁克·惠特克及其領導團隊和白宮高級政府官員，向他們介紹了我們的最新進展，並討論了聯邦航空局重新授權法案和即將推出的[SVOD]。

I'm grateful to administrator Whitaker and the leadership team for all of the progress our two teams have made together over the last several months to advance Midnight towards commercialization. Tom will provide more detail on our certification progress, which we've also highlighted in our shareholder letter. I want to now shift gears and take a moment to touch on the momentum we are seeing from commercializing flying cars all over the globe. It has been a noticeable shift over the past 12 months.

我感謝惠特克管理員和領導團隊，感謝我們兩個團隊在過去幾個月中共同取得的所有進展，推動《午夜》走向商業化。湯姆將提供有關我們認證進度的更多詳細信息，我們也在股東信中強調了這一點。我現在想換個話題，花點時間談談我們從全球飛行汽車商業化中看到的勢頭。自過去 12 個月以來，這是一個顯著的轉變。

Recently, I spent time abroad at the invitation of international regulators and partners new and perspective, and I can say what I've witnessed firsthand is that never before has the excitement in demand for urban air transportation and higher than it is today.

最近，我應國際監管機構和合作夥伴的邀請出國考察，我可以說，我親眼目睹的是，城市航空運輸的需求從未像今天這樣興奮和高漲。

The world cities are growing increasingly congested, while alternative transportation options remain challenging to develop and implement and world leaders have taken note of the potential impact our industry can have on their cities.

世界城市變得越來越擁擠，而替代交通選擇的開發和實施仍然具有挑戰性，世界領導人已經注意到我們的行業可能對其城市產生的潛在影響。

I'm humbled by the opportunity that Archer and our industry have to contribute to making a difference by clustering in this new era of electrical aviation. Just last month, Midnight made its debut in Abu Dhabi for the inaugural Abu Dhabi mobility, where the UAE government ratified what I believe to be the world's largest unified governmental sign of support for our industry outside of the United States.

我對阿徹和我們的行業有機會透過在電動航空新時代的集群來做出貢獻而感到謙卑。就在上個月，Midnight 在阿布達比首屆阿布達比流動大會上首次亮相，阿聯酋政府在會上批准了我認為是美國以外世界上最大的支持我們行業的統一政府標誌。

As part of that, we signed a landmark framework agreement with the Abu Dhabi Investment Office, ADIO that sets out their plan to provide us with an unprecedented investment of several hundreds of millions of dollars to accelerate our launch of air taxis in the region.

作為其中的一部分，我們與阿布達比投資辦公室ADIO 簽署了一項具有里程碑意義的框架協議，其中規定了他們計劃向我們提供數億美元的前所未有的投資，以加速我們在該地區推出空中計程車。

Our team is proud to be partnering directly with the Director General of ADIO, his Excellency Badr Al-Olama with whom we've worked closely over the last year to get to this point under the leadership of (inaudible) who we were proud to host last month in the country's capital city.

我們的團隊很榮幸能夠與 ADIO 總幹事 Badr Al-Olama 閣下直接合作，去年我們與他密切合作，在我們很榮幸接待的（聽不清）的領導下取得了這一成就上個月在該國首都。

Aviation in the UAE, like most other countries as regulated federally, so we are working in close coordination with the GCAA, the General Civil Aviation Authority to plan for the safe integration of our aircraft into the airspace across Abu Dhabi, Dubai and the seven Emirates.

與大多數其他國家一樣，阿聯酋的航空業受到聯邦監管，因此我們正在與 GCAA（民航總局）密切合作，制定計劃，將我們的飛機安全地融入阿布達比、杜拜和七個酋長國的空域。

I want to offer more insight into what these early operations are shaping up to look like. There are existing skilled operators there who have meaningful experienced operating aircraft within the complex UAE airspace. Rather than building a new operator to directly compete with local incumbents, we've chosen to take a more pragmatic approach to launching this market through working with commercial leaders there like Falcon Aviation and Air Chateau.

我想更深入地了解這些早期行動的發展。那裡現有熟練的操作員，他們在複雜的阿聯酋空域內擁有豐富的飛機操作經驗。我們沒有建立一個新的營運商來直接與當地現有營運商競爭，而是選擇採取更務實的方式，透過與 Falcon Aviation 和 Air Chateau 等商業領導者合作來開拓這個市場。

Falcon under the leadership of the Highness Dr. Sheikh Sultan of the UAE royal family has decades of experience transporting passengers within and across Dubai and Abu Dhabi via helicopters. And Air Chateau is one of the country's newest and most forward-leaning helicopter operators located at the newly announced Al Maktoum International Airport, the future home of Emirates Airline and soon to be the largest airport in the world.

獵鷹在阿聯酋王室謝赫蘇丹殿下博士的領導下擁有數十年透過直升機在杜拜和阿布達比境內及之間運送乘客的經驗。 Air Chateau 是該國最新、最具前瞻性的直升機營運商之一，位於新宣布的阿勒馬克圖姆國際機場，該機場是阿聯酋航空未來的所在地，並將很快成為世界上最大的機場。

We remain focused on executing on a partner first approach, and we look forward to continuing to work with the GCAA, ADIO and the Department of Municipalities and transport to enable commercial operations of our air taxis in the country as soon as late 2025.

我們仍然專注於執行合作夥伴優先的方針，我們期待繼續與 GCAA、ADIO 以及市政和交通部合作，最早於 2025 年末實現我們的空中計程車在該國的商業運營。

I recently also spent time in India, and I'm more convinced than ever that India could become the largest urban air mobility market in the world, just as it has already become one of the fastest growing electric vehicle markets.

我最近也在印度待了一段時間，我比以往任何時候都更相信印度可以成為世界上最大的城市空中交通市場，就像它已經成為成長最快的電動車市場之一一樣。

We're proud to be partnering with Rahul Bhatia, one of Aviation's greatest pioneers in this company InterGlobe. Through InterGlobe, Rahul has founded and helmed the third largest airline in the world, Indigo a nearly $20 billion Juggernaut holding two-thirds of the domestic Indian market, with an extensive in-country and global influence and respect towards innovative approach to customer and operational excellence.

我們很榮幸能夠與 Rahul Bhatia 合作，Rahul Bhatia 是 InterGlobe 公司最偉大的航空先驅之一。透過InterGlobe，Rahul 創立並領導了世界第三大航空公司Indigo，這家價值近200 億美元的巨頭，佔據印度國內市場三分之二的份額，在國內和全球範圍內具有廣泛的影響力，並且尊重客戶和營運的創新方法卓越。

In our sector, we are leading the way with maturing our plans and partners in what I'm sure can be one of the largest markets for eVTOL aircraft on there. So I'm very happy with the work our team is doing. I want to be clear that our partnership with InterGlobe is intended to extend far beyond a co-marketing arrangement or simple airport trips.

在我們的領域，我們正在不斷改進我們的計劃和合作夥伴，我相信這將是電動垂直起降飛機最大的市場之一。所以我對我們團隊所做的工作非常滿意。我想澄清的是，我們與 InterGlobe 的合作夥伴關係遠遠超出了聯合行銷安排或簡單的機場旅行。

Beyond the airline InterGlobe is also the country's third largest hospitality player with extensive real estate portfolio as well as UPS's JV partner in the region. As such, this year, we are working to finalize a comprehensive JV with InterGlobe, which is contemplated to not only purchase an initial fleet of up to 200 Midnight aircraft to begin operations in Delhi, Mumbai and Bangalore, but also to build up an extensive network of vertiports and service across the country to include fleet operations, maintenance and power equipment and train.

除了航空公司之外，InterGlobe 也是全國第三大飯店業者，擁有廣泛的房地產投資組合，也是 UPS 在該地區的合資夥伴。因此，今年，我們正在努力與InterGlobe 敲定一家綜合性合資企業，該合資企業不僅計劃購買一支由多達200 架Midnight 飛機組成的初始機隊，以便在德里、孟買和班加羅爾開始運營，而且還將建立一個廣泛的全國範圍內的垂直機場和服務網絡，包括機隊運營、維護、電力設備和火車。

As you can imagine, InterGlobe also has a deep working relationship with India's Director at General of Civil Aviation, the DGCA, and our team has spent time planning our approach with the regulators, Director General, Mr. Vikram Dev Dutt as well as his broader leadership team to make sure we have a regulatory pathway to launch in India.

正如您可以想像的那樣，InterGlobe 還與印度民航總局DGCA 局長建立了深厚的工作關係，我們的團隊花了很多時間與監管機構、總幹事維克拉姆·戴夫·杜特(Vikram Dev Dutt) 先生以及他的更廣泛的同事一起規劃我們的方法。

UAE and India are just the first of our announced international markets. So look for us to continue sharing advancements here as we near commercialization. Also, as I mentioned, the global demand for Midnight is clear, and I'm excited for us to share more advancements on the international front here soon.

阿聯酋和印度只是我們宣布的第一個國際市場。因此，隨著我們接近商業化，期待我們繼續在這裡分享進展。此外，正如我所提到的，全球對 Midnight 的需求是明確的，我很高興我們很快能在這裡分享國際方面的更多進展。

Of course, a go to market strategy is only as good as our product, and I'm excited for Tom to share a deeper update on the next progression. Tom has more experienced leading eVTOL top aircraft program than just about anyone in the world. Midnight is the eighth full-scale eVTOL aircraft he has worked on, those aircraft have flown over 2000 flights combined.

當然，進入市場策略的好壞取決於我們的產品，我很高興 Tom 能夠分享有關下一步進展的更深入的更新。湯姆在領先的 eVTOL 頂級飛機項目方面的經驗比世界上任何人都豐富。 Midnight 是他參與設計的第八架全尺寸 eVTOL 飛機，這些飛機總共飛行了 2000 多次航班。

Now that we have over 750 employees at Archer and given the progress with Stellantis and the contract manufacturing relationship that we're developing, we have elevated Tom to the role of Chief Technology Officer with 500 engineers under Tom's organization.

現在我們在 Archer 擁有超過 750 名員工，並考慮到與 Stellantis 的進展以及我們正在發展的合約製造關係，我們已將 Tom 提升為首席技術官，Tom 的組織擁有 500 名工程師。

As part of that, we have recently shifted the manufacturing supply chain and quality departments to fall under a new production leader, [Tony Archer] having spent 23 years at Apple in leadership roles. Tony has deep experience across complex hardware programs.

作為其中的一部分，我們最近將製造供應鏈和品質部門轉移到了新的生產領導者 [Tony Archer] 的領導下，他在 Apple 擔任了 23 年的領導職務。托尼在複雜的硬體程式方面擁有豐富的經驗。

His fingerprint spanned nearly every major Apple product from the iPhone to the iPad to the Vision Pro from R&D prototyping and contract manufacturing with Apple's many CM partners. I couldn't imagine a better deal than the combination of having Tom running engineering and Tony running production to see our program through commercialization.

他的足跡幾乎涵蓋了蘋果所有主要產品，從 iPhone 到 iPad，再到 Vision Pro，從研發原型設計到與蘋果眾多 CM 合作夥伴的合約製造。我無法想像比讓湯姆負責工程和東尼負責生產來讓我們的專案實現商業化更好的交易。

With that, I want to step back and reflect on all the progress we've made today. Electrification of aviation continues to increasingly emerge into the mainstream every day, which only further motivate my team here at Archer and underscores our collective commitment to pioneering advancements in transportation.

說到這裡，我想退後一步，反思我們今天的所有進展。航空電氣化每天都在日益成為主流，這只會進一步激勵我在 Archer 的團隊，並強調我們對交通運輸領域開創性進步的集體承諾。

Our valuation today only captures a small fraction of incredible ambition we have to make sustainable aviation and everyday reality. We stand at the forefront of a transformative era where imagination with innovation and dream take flight.

我們今天的估值僅反映了我們實現永續航空和日常生活的令人難以置信的雄心壯志的一小部分。我們站在變革時代的前沿，想像力、創新和夢想正在飛翔。

With that, I'll turn it over to Tom.

有了這個，我會把它交給湯姆。

Thanks, Adam. This past quarter, my team has successfully achieved an ambitious series of milestones across aircraft testing, FAA certification and manufacturing. From the outset I've been clear that our strategy has been to keep the design for Midnight as simple as possible, while delivering industry-leading performance balanced with safety.

謝謝，亞當。上個季度，我的團隊在飛機測試、美國聯邦航空局認證和製造方面成功實現了一系列雄心勃勃的里程碑。從一開始我就明確表示，我們的策略是讓 Midnight 的設計盡可能簡單，同時提供業界領先的效能與安全性的平衡。

As you know, we decided to do this by partnering with what we believe to be the best suppliers in the aerospace industry rather than take on the cost and risk of vertically integrating every aspect of a novel aircraft program.

如您所知，我們決定透過與我們認為是航空航太業最好的供應商合作來實現這一目標，而不是承擔垂直整合新型飛機專案各個方面的成本和風險。

This pivotal decision continues to pay dividends that are more clear today than ever as we continue to make rapid progress towards commercializing Midnight. This is most evident when you look at the strides we have made with our flight test program.

隨著我們繼續在午夜商業化方面取得快速進展，這一關鍵決定將繼續帶來比以往任何時候都更加明顯的紅利。當您查看我們的飛行測試計劃所取得的進展時，這一點最為明顯。

Our team continues to accelerate the cadence at which we are flying. And as Adam mentioned, I'm incredibly proud that we see over 100 flights in Q1 and remain on track to exceed our goal of completing over 400 flights this year.

我們的團隊繼續加快飛行的節奏。正如 Adam 所提到的，我非常自豪，我們在第一季看到了 100 多個航班，並且有望超越今年完成 400 多個航班的目標。

Most importantly, we've safely and steadily advanced midnight through the envelope expansion phase of its flight test program, and we have now entered the transition portion of the flight test campaign. As a reminder, transition is the flight regime between hover and cruise, where the aircraft is flying forward with some lift being generated by both the wing and the propellers.

最重要的是，我們已經安全且穩定地在午夜前完成了飛行測試計畫的包絡擴展階段，現在我們已經進入了飛行測試活動的過渡部分。提醒一下，過渡是懸停和巡航之間的飛行狀態，其中飛機向前飛行，機翼和螺旋槳產生一些升力。

As you recall, our team completed the full transition of maker a couple of years ago generating and valuable data to support the Midnight aircraft we are flying now. Over the coming weeks, we will continue to fly Midnight at incrementally faster airspeeds until we reach the full transition to cruise flight. We are on track to accomplish the seminal milestone in the near future.

您還記得，我們​​的團隊幾年前完成了製造商的全面轉型，產生了寶貴的數據來支援我們現在飛行的午夜飛機。在接下來的幾週內，我們將繼續以越來越快的空速飛行午夜，直到完全過渡到巡航飛行。我們預計在不久的將來實現這一具有開創性的里程碑。

In parallel, our flight test team is starting to ramp up test planning and preparations for us to commence piloted flight testing, which we are on track to begin later this year.

同時，我們的飛行測試團隊正在開始加強測試計劃和準備工作，以便我們開始試飛，我們預計將於今年稍後開始。

On the testing and certification front, this past quarter, we significantly ramped up our testing efforts to drive both safety and flight readiness for upcoming piloted flight tests later this year as well as our ongoing certification program with FAA.

在測試和認證方面，上個季度，我們顯著加大了測試力度，以推動今年晚些時候即將進行的有人駕駛飛行測試以及我們正在進行的與美國聯邦航空管理局(FAA) 的認證計劃的安全和飛行準備工作。

This past quarter has seen extensive testing across many different facets of the aircraft. I'll take a few minutes to highlight some of the key initiatives to illustrate the type of work we're doing and the progress we're making.

上個季度對飛機的許多不同方面進行了廣泛的測試。我將花幾分鐘時間重點介紹一些關鍵舉措，以說明我們正在進行的工作類型和正在取得的進展。

Starting with materials testing as of this past quarter, we have now completed more than 60% of the FAA for credit testing for composite structural materials. We also recently completed several structural component-level tests to validate our structural analysis methods.

從上個季度的材料測試開始，我們現在已完成 FAA 複合結構材料信用測試的 60% 以上。我們最近也完成了多項結構組件級測試，以驗證我們的結構分析方法。

This data supports not just our safety of flight efforts for upcoming piloted fly testing, but also our aircraft structures certification efforts. This past quarter, we also successfully completed structural proof load testing of the fuselage for the piloted Midnight aircraft, ensuring that the structure can safely withstand the loads we expected to see in flight.

這些數據不僅支援我們即將進行的有人駕駛飛行測試的飛行安全工作，還支援我們的飛機結構認證工作。上個季度，我們還成功完成了午夜飛機機身的結構驗證負載測試，確保該結構能夠安全地承受我們預期在飛行中看到的負載。

Moving on to landing gear. The Midnight aircraft has the unique and highly beneficial capability of landing both vertically like a helicopter and conventionally like an airplane. This gives Midnight a distinct operational and safety advantage over other eVTOL aircraft that can only take off and land vertically.

繼續講起落架。午夜飛機具有獨特且非常有益的能力，可以像直升機一樣垂直著陸，也可以像飛機一樣傳統著陸。與其他只能垂直起降的電動垂直起降飛機相比，Midnight 具有明顯的操作和安全優勢。

This ability provides additional use cases, increased safety of our operations and increased redundancy to the aircraft platform. With our partner Mecaer we recently completed a multi-week test campaign where we functionally tested the landing gear to verify the design can withstand any possible lending scenario anticipated even for the harshest of imperfect landings.

這種能力提供了額外的用例，提高了我們的操作安全性並增加了飛機平台的冗餘度。最近，我們與合作夥伴Mecaer 一起完成了為期數週的測試活動，對起落架進行了功能測試，以驗證設計是否能夠承受任何可能的貸款場景，即使是在最惡劣的不完美著陸情況下也是如此。

These harsh lending conditions in part was defined as limit loads, which are loads that are extremely unlikely from a probabilistic standpoint, but possible by conservative definition. Additionally, because Archer's meeting the certification criteria for both helicopter and normal aircraft category landings Part 27 and Part 23, respectively, we tested each landing configuration twice, once with representative tyre spin for conventional lending and once with a static tire for vertical landings.

這些苛刻的貸款條件部分被定義為極限負荷，從機率的角度來看，這些負荷極不可能，但從保守的定義來看，這是可能的。此外，由於Archer 分別滿足直升機和普通飛機類別著陸第27 部分和第23 部分的認證標準，因此我們對每種著陸配置進行了兩次測試，一次使用用於傳統借用的代表性輪胎空轉，一次使用用於垂直著陸的靜態輪胎。

While we performed this testing support safety of flight for the first pilot at Midnight. The test procedures were reviewed and supported by both Mecaer and FAA designated engineering representatives or DERs. Mecaer has established itself as an expert in this area through successful strategic partnerships with many other major aircraft OEMs that supply sophisticated certified products in the aerospace and defense sector.

當我們在午夜進行這項測試時，為第一位飛行員的飛行安全提供了支援。測試程序由 Mecaer 和 FAA 指定的工程代表或 DER 進行審查和支援。透過與許多其他主要飛機原始設備製造商建立成功的戰略合作夥伴關係，Mecaer 已成為該領域的專家，這些原始設備製造商在航空航太和國防領域提供先進的認證產品。

The data reviewed indicates that the landing gear met or exceeded the design targets in all cases. Additionally, because this test campaign directly geared for testing that will be done for certification credits, there is now a high degree of certainty that Midnight's landing gear will pass the certification testing process.

審查的數據表明，起落架在所有情況下都達到或超過了設計目標。此外，由於該測試活動直接針對認證學分的測試，因此現在可以高度確定「午夜」的起落架將通過認證測試過程。

Another capability of Midnight that we believe will be a differentiator is the high-performance environmental cooling system from Honeywell that we are capable of integrating into Midnight, thanks to its size and payload capability.

我們認為 Midnight 的另一個優勢是霍尼韋爾的高性能環境冷卻系統，由於其尺寸和有效負載能力，我們能夠將其整合到 Midnight 中。

We're making great progress on the test and certification of this system benefiting greatly from Honeywell deep certification experience. Testing is progressing well and Honeywell's working on safety of flight declaration letters for several system components, indicating that they're safe to fly on the piloted aircraft.

由於霍尼韋爾豐富的認證經驗，我們在該系統的測試和認證方面取得了巨大進展。測試進展順利，霍尼韋爾正在研究多個系統組件的飛行安全聲明書，表明它們可以安全地在有人駕駛的飛機上飛行。

Certification test plans are being completed now with FAA DERs engaged in every step. So all these releases are likely to be final and can be used in our for credit testing for certification later this year. We have tested several environmental control system components in our system integration lab here in California, and we expect to kick off testing of the entire system connected to the rest of the aircraft systems in our Iron Bird lab in the coming weeks.

認證測試計劃現已完成，FAA DER 參與了每一步。因此，所有這些版本都可能是最終版本，並且可以在今年稍後用於我們的認證信用測試。我們已經在加州的系統整合實驗室測試了多個環境控制系統組件，預計未來幾週內將在我們的 Iron Bird 實驗室中開始測試與其餘飛機系統連接的整個系統。

Moving on to batteries, one of the most challenging tests our aircraft will face as part of its FAA type certification program is the battery pack drop test. For this test we dropped Midnight battery packs multiple times from 50 feet at up to 100% state of charge to simulate extreme impact scenarios.

說到電池，作為 FAA 型號認證計劃的一部分，我們的飛機將面臨的最具挑戰性的測試之一是電池組跌落測試。在本次測試中，我們在午夜將電池組以高達 100% 的充電狀態從 50 英尺高處跌落多次，以模擬極端衝擊場景。

Not only did the battery pack passed the test, but they remarkably still functioned after each drop. This is a testament to the safety and durability of Archer's proprietary pack design and our choice to cylindrical cells over more novel cell designs that could introduce risks into our program.

電池組不僅通過了測試，而且在每次跌落後仍能正常運作。這證明了 Archer 專有電池組設計的安全性和耐用性，以及我們選擇圓柱形電池而不是可能為我們的專案帶來風險的更新穎的電池設計。

As a reminder, we announced earlier this year our SpaceX agreement with NASA to collaborate on battery cell safety testing, and we'll provide an update on this collaboration in the quarters to come. Lastly, we've made significant progress on environmental and functional testing for many elements of our avionics and flight control system.

提醒一下，我們今年稍早宣布了 SpaceX 與 NASA 就電池安全測試進行合作的協議，我們將在未來幾季提供有關這項合作的最新資訊。最後，我們在航空電子設備和飛行控制系統許多元件的環境和功能測試方面取得了重大進展。

As a reminder, Midnight as a fly-by-wire aircraft, meaning that the pilot inputs go to a computer where software processes these inputs along with other aircraft information to decide what the engines and actuators should do to achieve the power content. This makes our aircraft easier to fly and safer for passengers.

提醒一下，「午夜」是一架電傳操縱飛機，這意味著飛行員的輸入會發送到計算機，計算機上的軟體會處理這些輸入以及其他飛機信息，以決定發動機和執行器應該做什麼來實現功率內容。這使得我們的飛機更容易飛行，乘客也更安全。

This system features components that are sourced from several leading suppliers, including site decks sourced from Crouzet. These, as with several other components have deep certification heritage as they feature a design that is derived from what is found on the Airbus A220.

該系統的組件均來自多家領先供應商，包括來自 Crouzet 的站點平台。與其他幾個組件一樣，這些組件具有深厚的認證傳統，因為它們的設計源自於空中巴士 A220 上的設計。

We've now successfully completed environmental qualification testing on the side sticks, flight guidance panel, display controller, Wi-Fi & LTE data link, audio processor, navigation systems, transponder, and radio altimeter.

我們現已成功完成側桿、飛行引導面板、顯示控制器、Wi-Fi 和 LTE 資料鏈、音訊處理器、導航系統、應答器和無線電高度計的環境資格測試。

On the process side of certification, this past quarter, we finalized additional issue papers with the FAA covering needs of compliance for our battery as well as occupant protection, enabling us to finalize our methods of compliance and test plans.

在認證流程方面，上個季度，我們與美國聯邦航空局完成了額外的問題文件，涵蓋了我們的電池合規性以及乘員保護的需求，使我們能夠最終確定合規性方法和測試計劃。

Last week, we had a productive face-to-face meeting with the FAA administrator and aviation safety leadership in Washington, D.C. They reiterated their support for certifying and implementing new advanced mobility aircraft like ours and shared that the SFR, which contains the operational rules for all of the industry, remains on track to be published as a final rule later this year.

上週，我們在華盛頓特區與美國聯邦航空局局長和航空安全領導層進行了一次富有成效的面對面會議。對於整個行業來說，該規則仍有望在今年稍後作為最終規則發布。

This is great news as this effort remains right on schedule based on the target the FAA set about two years ago. The FAA team also reiterated that our airworthiness criteria is on track to be published this month in the Federal Register.

這是個好消息，因為根據美國聯邦航空局大約兩年前設定的目標，這項工作仍然按計劃進行。美國聯邦航空局團隊也重申，我們的適航標準預計將在本月在《聯邦公報》上發布。

On the manufacturing side, we are advancing the integration of the first mid-life aircraft that will be used for piloting testing at our integrated test lab and manufacturing facility here in California. Primary structural parts and assemblies for the next two flight test aircraft are in production across our supply base, almost many other system components.

在製造方面，我們正在推進第一架中期飛機的集成，該飛機將用於我們位於加州的綜合測試實驗室和製造工廠的駕駛測試。接下來兩架飛行測試飛機的主要結構部件和組件正在我們的供應基地生產，幾乎還有許多其他系統組件。

This past quarter, we also issued purchase orders for some long-lead items for our first production aircraft to be built in 2025, which signals our confidence in our design maturity and manufacturing readiness. As we announced earlier this week, our battery pilot line has been completed at our California lab and manufacturing facility.

上個季度，我們也為將於 2025 年建造的第一架生產飛機發出了一些長期專案的採購訂單，這表明我們對設計成熟度和製造準備充滿信心。正如我們本週早些時候宣布的那樣，我們的電池試驗線已經在我們的加州實驗室和製造工廠完成。

This state-of-the-art line is where we will build the batteries for the pilot test aircraft we will use for certification testing and where we will build battery packs for the first several years of production. This high-volume manufacturing line will be capable of ramping up to 15,000 battery packs per year.

這條最先進的生產線是我們為用於認證測試的試點測試飛機製造電池的地方，也是我們為生產的前幾年製造電池組的地方。這條大批量生產線每年將能夠生產多達 15,000 個電池組。

This is a great example of how our strategy to choose simple, robust designs optimized for safety and manufacturability is setting us up to have a scalable product and business. We also remain on track to complete construction of our high-volume manufacturing facility in Georgia later this year.

這是一個很好的例子，說明我們選擇簡單、穩健、針對安全性和可製造性進行最佳化的設計的策略如何讓我們擁有可擴展的產品和業務。我們還有望在今年稍後完成位於喬治亞州的大批量製造工廠的建設。

We have now completed two of the most challenging phases of construction freighting of the site and pouring the foundations. Because of the topography of the site, we had to move roughly 450,000 cubic yards of dirt to balance the site. This required our team to navigate through large deposits of rock that required blasting.

我們現在已經完成了現場施工貨運和澆築地基這兩個最具挑戰性的階段。由於場地的地形，我們必須移動大約 450,000 立方碼的泥土來平衡場地。這要求我們的團隊穿越需要爆破的大量岩石沉積物。

Now that the foundations are complete, our team is focused on standing up the exterior walls, which are on track to be completed in June. We shared some photos of this latest progress in our shareholder letter today.

現在地基已經完成，我們的團隊正專注於豎立外牆，預計六月完工。我們今天在股東信中分享了這一最新進展的一些照片。

Construction is scheduled to wrap up this fall, and we expect to receive our occupancy permits and start assembly of the first midnight aircraft in this facility before the end of the year. As you can see, all of the building blocks that we've been working on for the past few years are coming together from flight testing to certification to manufacturing all in support of our North Star goal of getting to commercialization as quickly and efficiently as possible.

施工計劃於今年秋季結束，我們預計將在年底前獲得入住許可並開始在該設施組裝第一架午夜飛機。正如您所看到的，過去幾年我們一直在努力的所有構建模組都匯集在一起，從飛行測試到認證再到製造，所有這些都是為了支持我們的北極星目標，即盡快、高效地實現商業化。

Thanks, Tom. As you can see from what Adam and Tom have discussed and what we have disclosed in our shareholder letter. We are making tremendous progress across all the key areas. I previously discussed in detail how our operating expense structure during this phase of the commercialization process includes nonrecurring investments of key suppliers to enable the development and manufacturing setup of many of our Midnight components.

謝謝，湯姆。正如您從 Adam 和 Tom 討論的內容以及我們在股東信中披露的內容中看到的那樣。我們在所有關鍵領域都取得了巨大進展。我之前詳細討論過我們在商業化過程的這一階段的營運費用結構如何包括主要供應商的非經常性投資，以實現我們許多 Midnight 組件的開發和製造設置。

We have also discussed that approximately 80% of our parts are sourced from the existing aerospace supply base. Recall that we believe that strategy allows us to execute our product development process of lower operating costs by allowing us to avoid the ongoing structural spending that would be necessary to develop those other technologies ourselves.

我們也討論過，我們大約 80% 的零件來自現有的航空航太供應基地。回想一下，我們相信該策略使我們能夠避免持續的結構性支出（而這些支出是我們自己開發其他技術所必需的），從而能夠執行降低營運成本的產品開發流程。

Additionally, once we transition into the commercial manufacturing phase of our program, we will not have to build out manufacturing capability, capacity and headcount to manufacture at scale the components that we are sourcing from our mature aerospace supply base. And that capital-light strategy was further supported by our joint goal with Stellantis for them to be our contract manufacturing partner for our Midnight aircraft.

此外，一旦我們進入專案的商業製造階段，我們將無需建立製造能力、產能和人員來大規模製造我們從成熟的航空航太供應基地採購的組件。我們與 Stellantis 的共同目標進一步支持了這種輕資本策略，即他們成為我們午夜飛機的合約製造合作夥伴。

If you're working through this period of significant supply chain build-out and test aircraft manufacturing. I wanted to provide an update and some transparency on how to be thinking about our quarterly spending profile.

如果您正在經歷這段重要的供應鏈建設和測試飛機製造的時期。我想提供有關如何考慮我們的季度支出狀況的最新情況和一些透明度。

Recall that our current quarterly spending profile is made up of our core expenses for ongoing operations. In addition to nonrecurring investments with suppliers to establish Midnight supply base and materials expenses to build our first six conforming Midnight test aircraft.

回想一下，我們目前的季度支出狀況由持續營運的核心支出組成。除了與供應商建立午夜供應基地的非經常性投資以及用於建造我們的前六架合格午夜測試飛機的材料費用之外。

Our total non-GAAP operating expenses for Q1 of '24 were approximately $89 million. About $17 million of that amount is made up of nonrecurring investments to suppliers for material expenses for Midnight aircraft. Backing out that is nonrecurring a material expense amounts, yield about $70 million to $75 million of normalized quarterly run rate core expenses to operate the business for about $280 million to $300 million annualized run rate spending.

2024 年第一季我們的非 GAAP 營運支出總額約為 8,900 萬美元。其中約 1700 萬美元是對供應商的非經常性投資，用於午夜飛機的材料費用。剔除非經常性材料費用金額後，可產生約 7,000 萬至 7,500 萬美元的標準化季度運行率核心費用，以營運約 2.8 億至 3 億美元的年化運行率支出。

That level of spending is our core structural operating spending that will persist through 2024 and into 2025. As we complete the build-out of our supply chain and finalize the manufacture of our six test aircraft, we expect to see nonrecurring investments and mature expenses start to tail off in late 2024.

這項支出水準是我們的核心結構性營運支出，將持續到2024 年至2025 年。成熟支出開始到 2024 年底逐漸減少。

Within that context, we're always remaining highly disciplined with our spending to get to commercialization in the most capital efficient way possible. We ended Q1 '24 with approximately $523 million of liquidity, which included $406 million of cash and cash equivalents on our balance sheet, combined with the remaining approximately $117 million of debt and equity proceeds available under various capital arrangements.

在這種背景下，我們始終對支出保持嚴格的紀律，以盡可能最有效的資本效率商業化。截至24 年第一季度，我們擁有約5.23 億美元的流動資金，其中包括資產負債表上的4.06 億美元現金和現金等價物，以及各種資本安排下可用的剩餘約1.17 億美元的債務和股權收益。

We also have another $6.7 million restricted cash. Specifically quarter over quarter cash decreased by $59 million from $465 million to $406 million. Switching to expenses on a GAAP basis, total operating expenses for Q1 '24 were $142.2 million, which included approximately $48.3 million of noncash equity related expenses, including $40.7 million of stock-based compensation and $7.6 million of warrant expenses.

我們還有另外 670 萬美元的限制性現金。具體而言，季度現金減少了 5,900 萬美元，從 4.65 億美元降至 4.06 億美元。依照公認會計準則計算費用，24 年第一季的總營運費用為1.422 億美元，其中包括約4,830 萬美元的非現金股權相關費用，其中包括4,070 萬美元的股票薪資和760 萬美元的認股權證費用。

Non-GAAP operating expenses, which are a proxy for cash expenses and they don't include non-cash equity related expenses were $89.1 million and within our estimates range of $75 million to $95 million.

非 GAAP 營運費用（代表現金費用且不包括非現金股權相關費用）為 8,910 萬美元，在我們估計的 7,500 萬至 9,500 萬美元範圍內。

As I outlined earlier, we incurred approximately $17 million of nonrecurring costs and material expenses for our suppliers during the quarter as we continue to build out our supply chain for Midnight and procure parts for the manufacture of our six conforming Midnight aircraft that we will use for FAA for credit flight testing.

正如我之前概述的那樣，本季度我們為供應商支付了約1700 萬美元的非經常性成本和材料費用，因為我們繼續建造午夜供應鏈並採購零件來製造六架合格的午夜飛機，這些飛機將用於製造FAA 進行信用飛行測試。

Within that context, for Q2 2024, we anticipate total non-GAAP operating expenses of $80 million to $95 million. One final note, capitalization and liquidity have always been and continue to be a top priority for us. The strength of our liquidity is driven by a number of factors, including one, our capital light approach to commercialization.

在此背景下，我們預計 2024 年第二季的非 GAAP 營運支出總額為 8,000 萬美元至 9,500 萬美元。最後一點，資本化和流動性一直並將繼續是我們的首要任務。我們的流動性強度是由許多因素驅動的，其中之一是我們的輕資本商業化方法。

For example, we are leveraging the existing aerospace supply base for the development and manufacture of 80% of our parts, allowing us not to have to invest in R&D resources and people and capital to manufacture those components.

例如，我們利用現有的航空航太供應基地來開發和製造我們80%的零件，使我們無需投資研發資源、人力和資金來製造這些零件。

Impact of this strategy is also manifesting itself in the construction of our high-volume manufacturing facility in Georgia, where we are only investing $65 million in the construction of the factory that will enable capacity of up to 650 aircraft per year. As a reminder, that $65 million is being financed for factory loan with favorable commercial terms with our Georgia banking partners, Synovus.

這項策略的影響也體現在我們在喬治亞州建造大批量製造工廠時，我們僅投資 6,500 萬美元建造工廠，每年可生產多達 650 架飛機。謹此提醒，我們正在與喬治亞州銀行合作夥伴 Synovus 合作，以優惠的商業條款為工廠提供 6,500 萬美元貸款。

Two, our business model where we will be selling aircraft from our approximate $3.5 billion backlog, allowing us to get periodic predelivery payments, help fund working capital for inventory purchases as we get closer to commercial production of aircraft similar to the $10 million PDP that we received from United on this first one aircraft last year.

第二，我們的商業模式，我們將從大約35 億美元的積壓訂單中出售飛機，使我們能夠定期獲得交付前付款，幫助為庫存採購提供營運資金，因為我們越來越接近飛機的商業生產，類似於我們計劃的1000 萬美元的PDP去年，第一架飛機從聯合航空收到。

We fully expect to announce further PDPs as we continue to mature our commercial arrangements with operators. And finally, three by the strong partnerships we have forged with well-established companies, especially with Stellantis.

隨著我們與營運商的商業安排不斷成熟，我們完全期望宣布更多的 PDP。最後，第三點是我們與知名公司（尤其是 Stellantis）建立的強大合作關係。

Stellantis has continues to be a great operating partner. We also believe there are other partners with manufacturing, commercial and other strategic interests that similar capabilities to support Archer on our journey to leading this sector into commercialization.

Stellantis 仍然是一位出色的營運合作夥伴。我們也相信，還有其他具有製造、商業和其他戰略利益的合作夥伴具有類似的能力，可以支持 Archer 引領該產業走向商業化。

In summary, it is these factors that put us in a position to continue to opportunistically and favorably capitalize the company as and when we need to.

總之，正是這些因素使我們能夠在需要時繼續機會主義地、有利地利用公司資本。

And with that, operator, we will now open up for questions.

接線員，我們現在開始提問。

(Operator Instructions)

（操作員說明）

Edison Yu, Deutsche Bank.

於愛迪生，德意志銀行。

Hey, good afternoon. Thank you for taking our questions. The international opportunities are clearly gaining a lot of momentum. Can you give us a sense how we should think about the business model economics for places such as UAE or India. And what would you say is a realistic range for the amount of aircraft you can placed R&D in the early years?

嘿，下午好。感謝您接受我們的提問。國際機會顯然正在獲得巨大動力。您能否告訴我們應該如何思考阿聯酋或印度等地的商業模式經濟學？您認為早期可以研發的飛機數量的實際範圍是多少？

Hey, Edison, this is Adam. So yes, I think you are correct, we are very excited about the international opportunities and even the entire GCC in the Middle East. We haven't given any specific guidance on specific fleet sizes, but maybe here's a way for you to think about it.

嘿，愛迪生，這是亞當。所以，是的，我認為你是對的，我們對國際機會甚至整個中東海灣合作委員會感到非常興奮。我們尚未就特定機隊規模提供任何具體指導，但也許這是您思考的一種方法。

One is the region is very leaned in and so I have increasing confidence that the GCC will be one of the first places that we deploy aircraft in the world. And we've talked a lot about the UAE, specifically on that note. As you look across the entire GCC, we actually believe that the market will be much bigger than people think you can see this happening in the airline industry. So the region built up three of the largest and most revered airlines, Emirates, Qatar and Etihad.

一是該地區的優勢非常明顯，因此我越來越有信心海灣合作委員會將成為我們在世界上最先部署飛機的地方之一。我們已經談論了很多關於阿聯酋的事情，特別是在這一點上。當你縱觀整個海灣合作委員會時，我們實際上相信市場將比人們想像的要大得多，你可以在航空業看到這種情況。因此，該地區建立了三個最大、最受尊敬的航空公司：阿聯酋航空、卡塔爾航空和阿提哈德航空。

But where I really get excited about the volumes is more on the India side. And so I continue to believe that India has the potential to be one of the largest eVTOL markets in the world. And so we're working with InterGlobe to set up all those operations.

但真正令我興奮的地方更多是在印度方面。因此，我仍然相信印度有潛力成為世界上最大的電動垂直起降市場之一。因此，我們正在與 InterGlobe 合作來建立所有這些操作。

So we'll start producing aircraft out of the factories in Georgia as soon as next year. But there's definitely opportunities also to build local facilities. And there's a lot of excitement for us to do that there as well.

因此，我們最快將於明年開始在喬治亞州的工廠生產飛機。但肯定也有機會建造當地設施。在那裡做這件事也讓我們很興奮。

Thanks. And just a follow-up to that. I know you mentioned hundreds of millions of support from the UAE. Can you give us a sense what that might look like in terms of is that you needs to do something to make that happen as early as it milestone based and how or when that will start flying through?

謝謝。這只是後續行動。我知道你提到了阿聯酋數億的支持。您能否讓我們了解一下，您需要做一些事情來儘早實現基於里程碑的目標，以及如何或何時開始實現這一目標？

Yeah, so I'll share some more specific details on that in the coming months, but it's a multiyear agreement, and it's focused on us reaching scale in the region and with our base being in Abu Dhabi. It's a comprehensive framework agreement, and it's intended to make this move of ours very economically attractive and for us to accelerate things like subsidizing aircraft and operations and really enticing us to bring engineering to the region, the timing of investments specifically will be tied to our ramp-up of activity there.

是的，所以我將在接下來的幾個月分享一些更具體的細節，但這是一項多年協議，它的重點是我們在該地區達到規模，我們的基地位於阿布扎比。這是一項全面的框架協議，旨在使我們的這一舉措在經濟上極具吸引力，並加速我們對飛機和運營的補貼，並真正吸引我們將工程引入該地區，投資的時機具體將與我們的那裡的活動有所增加。

Great. Thank you.

偉大的。謝謝。

Thanks, Edison.

謝謝，愛迪生。

Andres Sheppard, Cantor Fitzgerald.

安德烈斯·謝潑德，康托·菲茨杰拉德。

Hey, guys, good afternoon and congratulations on the quarter and thanks for taking our questions. Adam, I want to maybe build on that UAE and India market question. I'm curious as to your vision as to entry into these markets, maybe I'm less interested obviously, the potential there is massive given the infrastructure in the market.

嘿，夥計們，下午好，祝賀本季度，感謝您回答我們的問題。亞當，我想也許以阿聯酋和印度市場問題為基礎。我很好奇您對進入這些市場的願景，也許我顯然不太感興趣，考慮到市場的基礎設施，潛力巨大。

But just more curious on kind of how you see the potential to enter those markets in the near term. And I guess, is there an opportunity to enter either these markets without TC. Would that be something that would be feasible to try to understand. Thank you.

但更好奇的是您如何看待短期內進入這些市場的潛力。我想，在沒有 TC 的情況下是否有機會進入這些市場。這是可以嘗試理解的事情嗎？謝謝。

Yeah, so I'll start and then I'll hand it over to Tom to talk about on the certification side, and I'll start with the UAE. So first is we've done a lot of analysis with our partners and with the government on the UAE to identify dozens of routes, which make a lot of sense for us to commercialize the region.

是的，所以我會開始，然後我會將其交給湯姆談論認證方面，我將從阿聯酋開始。首先，我們與合作夥伴以及阿聯酋政府進行了大量分析，確定了數十條路線，這對我們將該地區商業化非常有意義。

And so our plan right now is to launch with initial interest city routes in Abu Dhabi as early as next year and then quickly expand to flights between Abu Dhabi and Dubai and then expand from there. And of course, looking at across all seven Emirates as well.

因此，我們現在的計劃是最早於明年在阿布達比推出初步感興趣的城市航線，然後迅速擴展到阿布達比和杜拜之間的航班​​，然後從那裡開始擴展。當然，也要看看所有七個酋長國。

So there are several kind of factors that we looked at. One is the ecosystem there, it's been incredibly supportive. So we are not going to go compete with local operators there who are well established, we are going to partner with them.

我們研究了幾種因素。一是那裡的生態系統，它提供了令人難以置信的支持。因此，我們不會與當地成熟的營運商競爭，我們將與他們合作。

And so we've announced several of those partnerships, one with Falcon Aviation and the other with Air Chateau, both which have placed orders for Midnight aircraft. With Falcon, they've also announced their first vertiports one is in Dubai at the Atlantis Hotel and Palm Jumeirah, and the other is in Abu Dhabi on the [Corniche] and both have operational helipads today. So it's not like there's a huge gap of time that would take to launch there.

因此，我們宣布了其中幾項合作夥伴關係，其中一項是與 Falcon Aviation，另一項是與 Air Chateau，這兩家公司都已訂購了 Midnight 飛機。他們還與Falcon 一起宣布了他們的第一個垂直起降場，一個位於迪拜的亞特蘭蒂斯酒店和朱美拉棕櫚島，另一個位於阿布扎比的[Corniche]，目前兩者都有運營的直升機停機坪。因此，在那裡啟動並不需要很大的時間差距。

And so this obviously unlock the interest city routes, but it also helps unlock the service between the Emirates as well and we'll be sharing more of those specific routes too. The next category to think about this really on the investment side. So we've had big support from the investors as well.

因此，這顯然解鎖了感興趣的城市路線，但它也有助於解鎖阿聯酋航空之間的服務，我們也將分享更多這些特定路線。下一個真正要從投資方面考慮的類別。所以我們也得到了投資人的大力支持。

So Abu Dhabi, sovereign wealth fund Mubadala has been an early Archer investor, and we've seen big support from them, but also support from other sovereign wealth funds within the region and Abu Dhabi Investment Office ADIO as well.

因此，阿布達比主權財富基金 Mubadala 一直是 Archer 的早期投資者，我們看到了他們的大力支持，但也得到了該地區其他主權財富基金和阿布達比投資辦公室 ADIO 的支持。

We are -- we announced that agreement, the landmark framework agreement that covers hundreds of millions of dollars of investment to accelerate our plans in the UAE. And I believe we're the only ones in the sector to announce a deal like that. And that comes with actual capital from the government to help us become operational.

我們宣布了該協議，這是一項具有里程碑意義的框架協議，涵蓋數億美元的投資，以加快我們在阿聯酋的計劃。我相信我們是該行業中唯一宣布此類交易的公司。這來自於政府的實際資本來幫助我們開展業務。

The other side is really on the government's commitment so in the UAE, we've had the opportunity to show Midnight to His Highness Sheikh Hamdan bin Mohammed bin Zayed, Abu Dhabi royal family and His Highness Sheikh Hamdan Bin Mohammed Al Maktoum, the Crown Prince of Dubai and another a number of other members the ruling family. And so we've seen a huge amount of support from really from the entire government there as well.

另一方確實是政府的承諾，因此在阿聯酋，我們有機會向阿布達比王室謝赫·哈姆丹·本·穆罕默德·本·扎耶德殿下和王儲謝赫·哈姆丹·本·穆罕默德·阿勒馬克圖姆殿下展示《午夜》杜拜的其他一些統治家族成員。因此，我們也看到了整個政府的大力支持。

I'll have Tom just answer some of the certification timeline questions as well.

我也會讓 Tom 回答一些認證時間表問題。

Yeah, absolutely. So one thing keep in mind is that the state of design for the aircraft is the US, right. That's the country where we're based and the framework that we're using to certify has been put together by the FAA.

是的，絕對是。所以請記住一件事是，飛機的設計國家是美國，對吧。這就是我們所在的國家，我們用來認證的框架是由美國聯邦航空局製定的。

So as Adam said, even with that being the case, we're seeing interest really across the globe from different regulators. And the GCAA and UAE is one of those. So we've been engaged with them and we're still engaging to talk about where we are in the certification process.

因此，正如亞當所說，即使情況如此，我們也看到全球不同監管機構確實對此感興趣。 GCAA 和阿聯酋就是其中之一。因此，我們一直在與他們合作，並且仍在討論我們在認證過程中的進展。

Our North Star is that we'll only put a safe airplane into market. And we're very aligned with UAE GCAA on this and honestly, wherever in the world, we're aligned on that. We think the process that we're marching down with FAA is really clear, and we're continuing to execute on that.

我們的北極星是我們只會將安全的飛機投入市場。我們在這一點上與阿聯酋 GCAA 非常一致，而且說實話，無論在世界任何地方，我們在這一點上都是一致的。我們認為我們與美國聯邦航空局一起推進的流程非常明確，我們將繼續執行該流程。

So I can't tell you exactly when we'll be to market in UAE or US or any other country. But what I can tell you is that we'll be ready to bring safe aircraft to market as soon as next year.

因此，我無法準確告訴您我們何時在阿聯酋、美國或任何其他國家/地區上市。但我可以告訴你的是，我們最快將於明年準備將安全的飛機推向市場。

Got it. Thanks, guys. That's super helpful and detailed. Tom, maybe just to follow up on that, I guess would you see a situation where you could enter and operate in these markets without a type certificate. Not that you wouldn't obviously get that just in the event of a potential delay in that process. Could there be a possibility to enter these markets without yet having that type certificate.

知道了。多謝你們。這非常有幫助且詳細。湯姆，也許只是為了跟進這一點，我想您是否會看到一種情況，您可以在沒有類型證書的情況下進入這些市場並在這些市場中運營。並不是說如果該過程可能出現延遲，您顯然不會得到這一點。在沒有該類型證書的情況下是否有可能進入這些市場？

Sure. So obviously, I can't speak for the regulators that are in charge of that. But what I can say is we continue to execute the CERT program FAA and us are working towards and other regulators push to bring aircraft like ours into the -- into their ecosystems into their countries. They can leverage the data that we are gathering for that sort of effort.

當然。顯然，我不能代表負責此事的監管機構發言。但我可以說的是，我們將繼續執行聯邦航空局的 CERT 計劃，我們正在努力，其他監管機構也將推動將像我們這樣的飛機帶入他們的國家的生態系統。他們可以利用我們為此類工作收集的數據。

So certainly there will come a point where we feel our craft is safe and ready to launch. There will be a time that the FAA agrees and they've reviewed the data and so other regulators can need to determine their own mechanisms for making the same conclusion.

因此，肯定有一天我們會覺得我們的飛船是安全的並且準備好發射。總有一天，美國聯邦航空局會同意並且他們已經審查了數據，因此其他監管機構可能需要確定自己的機制來得出相同的結論。

Got it, okay. No, that's super helpful. I appreciate that. Maybe just one last one for Mark. So you incurred I think you mentioned the stock-based comp and a one-time expense. Should we consider that into future quarters as well or in another words, should we be thinking about that, but is that resolved or is there any other expenses that you could incur I guess, throughout the year? Thank you.

明白了，好吧。不，這非常有幫助。我很感激。也許只是馬克的最後一件事。所以你發生了我想你提到了基於股票的補償和一次性費用。我們是否應該在未來幾季考慮這一點，或者換句話說，我們是否應該考慮這一點，但是這個問題是否已解決，或者我猜您全年可能會產生任何其他費用嗎？謝謝。

Yeah, with respect to stock-based comp, Andres, our typical run rate in that $25 million to $35 million range. So I think that's the range you could consider going forward.

是的，關於基於股票的比較，安德烈斯，我們的典型運行率在 2500 萬美元到 3500 萬美元範圍內。所以我認為這是你可以考慮繼續前進的範圍。

Okay, wonderful. Thanks, guys. Congratulations on the quarter again and out, I'll pass it on.

好吧，太棒了。多謝你們。再次恭喜這個季度的到來，我會把它傳遞下去。

Thanks, Andres.

謝謝，安德烈斯。

Savi Syth, Raymond James.

薩維·賽斯，雷蒙德·詹姆斯。

Hey, good afternoon, everyone. I was just kind of curious as you're building these aircraft and any insights and learnings as you build that kind of the next certification aircraft versus your first Midnight build?

嘿，大家下午好。我只是有點好奇，當你建造這些飛機時，當你建造下一款認證飛機與你的第一架午夜建造的飛機時，有什麼見解和學習嗎？

Yes, great question. Hey Savi, this is Tom. Yeah, we're learning a ton building these first conforming aircraft. So, I think it's really two categories of things. The first is putting the aircraft together and learning about essentially the design and assembly process of the aircraft.

是的，很好的問題。嘿薩維，這是湯姆。是的，我們正在學習大量知識來建造這些第一架合格的飛機。所以，我認為這實際上是兩類事情。第一個是將飛機組裝在一起，並了解飛機的設計和組裝過程。

So if you remember, because of the strategy we've taken our manufacturing outside of batteries and electric engines is really just final assembly, integrating all of the LRUs we get from suppliers big aerospace companies we always talk about.

因此，如果您還記得的話，由於我們採取的策略是在電池和電動發動機之外進行製造，實際上只是最終組裝，集成了我們從供應商（我們經常談論的大型航空航天公司）獲得的所有LRU 。

So certainly there's some learnings there those are just kind of the usual type things. So this is like the eight a different aircraft have gone through the integration process for and you're not sure we get better and better at that every time.

因此，當然可以學到一些東西，這些只是常見的事情。所以這就像八架不同的飛機經歷了整合過程，你不確定我們每次都會變得越來越好。

But one thing that I think is important to keep in mind is we're not just building one aircraft here. This building this fleet is really teaching us how to set up a scalable manufacturing process and overall production system.

但我認為需要牢記的一件事是我們不僅僅在這裡建造一架飛機。建造這個車隊實際上是在教導我們如何建立可擴展的製造流程和整體生產系統。

So a lot of learnings are also coming from that side. So things like setting up our manufacturing execution system that collects data as we build this aircraft, how that ties in implements all of our safety processes and our quality manual. So all these things are really critical to both put us in a position to scale manufacturing and get our production certificate with the FAA to enable us to ramp up here in the coming years.

所以很多東西也來自這方面。例如建立我們的製造執行系統，在我們製造這架飛機時收集數據，以及如何將其與我們所有的安全流程和品質手冊的實施連結起來。因此，所有這些事情對於我們能夠擴大生產規模並獲得美國聯邦航空局的生產證書非常重要，使我們能夠在未來幾年在這裡擴大規模。

That's helpful color. Thank you, Tom. And then maybe Mark, just the Boeing with kind of adjustment this quarter, could you kind of give a little color on what that was? And do we is that kind of fully settled there kind of more going forward.

這是有用的顏色。謝謝你，湯姆。然後也許馬克，只是本季進行了某種調整的波音公司，您能否對這是什麼進行一些說明？我們是否已經完全安頓下來，並繼續向前邁進。

That's fully settled, Savi, recall that was a series of agreements that we had with them for the technology resolution arrangement we had with them. There was a final true up on a mark to market adjustment that we had to make as that period ended in February. So you won't see any more of that. That's the last adjustment we had to make.

這已經完全解決了，薩維，記得我們與他們就技術解決安排達成了一系列協議。在二月該時期結束時，我們必須對市場調整進行最終的調整。所以你不會再看到這樣的事情了。這是我們必須做的最後一次調整。

Got it. Thank you.

知道了。謝謝。

Austin Moeller, Canaccord.

奧斯汀·莫勒，Canaccord。

Hi, good evening, Adam and Mark. Just my first question here. How much cash you expect to use on building the additional midnight prototypes needed for certification and how does that compare of the $520 million of existing liquidity?

嗨，晚上好，亞當和馬克。這只是我的第一個問題。您預計將使用多少現金來建立認證所需的額外午夜原型？

Hey, Austin, this is Mark. So we haven't disclosed what the cost of each of those aircraft are I mean they're early essentially prototype builds. However, the cost of those is fully contemplated within the $520 million of liquidity going forward. So we're pretty comfortable there.

嘿，奧斯汀，這是馬克。所以我們還沒有透露每架飛機的成本是多少，我的意思是它們基本上是早期的原型機。然而，這些成本已在未來 5.2 億美元的流動資金中得到充分考慮。所以我們在那裡很舒服。

Great. And just to follow up on the certification process, how many flights do you think you'll need to conduct from now through 2025 to generate the data either needed for type certification or for the FAA pilots to feel comfortable with getting on board and doing their own flight?

偉大的。為了跟進認證流程，您認為從現在到 2025 年您需要進行多少次飛行才能產生型號認證所需的數據，或者讓 FAA 飛行員能夠輕鬆登機並完成他們的任務自己的航班？

Yeah, absolutely. So as you referenced, there's kind of two categories of flights there so there's company testing until we do ourselves to gather data to prove to ourselves that the design is safe. And then there's FAA pilots or designees flying a post, TIA. TIA is an acronym stands for type inspection authorization that's basically the gate that enables the FAA to start flying on aircraft.

是的，絕對是。正如您所提到的，那裡有兩類航班，因此公司會進行測試，直到我們自己收集資料以向自己證明設計是安全的。然後還有 FAA 飛行員或指定人員執行任務，TIA。 TIA 是型式檢驗授權的縮寫，基本上是 FAA 開始在飛機上飛行的大門。

I don't have an exact number of flights or hours for you, but what I can say is for this fleet of six aircraft that we're building, each one has a very specific set of test objectives to go gather and their sequence quite logically into bins of objectives and things. In terms of orders of magnitude, we're talking about like hundreds of hours of testing here, if not, you're now into something like 1,000 hours of testing across these activities.

我沒有確切的飛行次數或小時數，但我可以說的是，對於我們正在建造的這支由六架飛機組成的機隊，每架飛機都有一組非常具體的測試目標需要收集，而且它們的順序相當邏輯地放入目標和事物的箱子中。就數量級而言，我們在這裡談論的是大約數百小時的測試，如果沒有，您現在正在對這些活動進行大約 1,000 小時的測試。

Awesome. That's very helpful. Thank you.

驚人的。這非常有幫助。謝謝。

Josh Sullivan, Benchmark.

喬許·沙利文，基準。

Hey, good evening. Just a follow-up on the cash question here. What are the large tent poles left for the cash needed ahead of certification. And you gave some quarters there during the comments, but when do you think cash is peak?

嘿，晚上好。這裡只是現金問題的後續行動。認證前所需的現金還剩下多少大帳篷桿？您在評論中給出了一些季度的信息，但您認為現金何時達到頂峰？

What was the last part of that, Josh?

喬什，最後一部分是什麼？

Just when do you think the cash outlays peak heading into certification?

您認為認證的現金支出何時達到高峰？

Lets recall, I mean, consistent with what we discussed in the past the big buckets through this period are the nonrecurring costs with our vendor base, the materials to build out the aircraft and some of the CapEx that has gone into building out our production facility here in California as well as the Covington, Georgia facilities.

我的意思是，與我們過去討論的一致，這一時期的大桶是我們的供應商基礎的一次性成本、建造飛機的材料以及用於建造我們生產設施的一些資本支出位於加利福尼亞州以及佐治亞州卡溫頓的工廠。

I think you can think about it is these corridors that we're in right now are the peak spending quarters with respect to building out those that functionality and those capabilities. So the guidance that I provided, in the $80 million to $95 million range as we sit here today, and our models show that we are sort of in our peak spending rates right now. We've given the current construct of the company and where we are, I think that answers, -- I think material answers, which you're asking.

我想你可以想一想，我們現在所處的這些走廊是建立那些功能和能力的高峰支出季度。因此，當我們今天坐在這裡時，我提供的指導意見為 8000 萬至 9500 萬美元，我們的模型顯示我們目前正處於支出率的峰值。我們已經給出了公司目前的結構和我們所處的位置，我認為這些答案，--我認為是你所問的實質答案。

Yeah, it's good. And then just as far as the cadence of recognizing the works related contracts, when should we see kind of that revenue really ramp?

是的，這很好。然後，就承認工程相關合約的節奏而言，我們什麼時候應該看到收入真正增加？

Hey, Josh, so over the course of this year, there are a lot of programs that we have slated to recognize they range from anywhere from flight test to training work to test simulator work. And so we are receiving different payments a long time last, I think fourth quarter we received a few million dollars.

嘿，喬希，在今年的過程中，我們計劃開展很多計劃，以認識到它們的範圍從飛行測試到培訓工作再到測試模擬器工作。因此，我們長期以來一直收到不同的付款，我認為第四季度我們收到了幾百萬美元。

And I think this year we've already received some additional cash as well. And so it will be lumpy, that will come through there. But in order of magnitude, I think it will start to increase as we go forward through to the end of the year.

我認為今年我們也已經收到了一些額外的現金。所以它會是塊狀的，會通過那裡。但從數量級來看，我認為隨著年底的到來，這個數字將會開始增加。

Good. Thank you for your time.

好的。感謝您的時間。

Bill Peterson, JP Morgan.

比爾彼得森，摩根大通。

Yeah, hi. Good afternoon and thanks for taking the questions. I'd like to ask what remains to be achieved before the full transition. And I guess what does near future meaning does that mean you expect this within the current quarter, the third quarter.

是的，嗨。下午好，感謝您提出問題。我想問一下，在全面過渡前還需要達成什麼目標？我想不久的將來意味著什麼意味著您預計在當前季度、第三季度內發生這種情況。

And then on piloted flight testing, it does appear at least relative to maybe this time last year, you are delayed relative to prior expectations this supposed to be even in early '24 or maybe first half now it's there later this year?

然後在有人駕駛的飛行測試中，至少相對於去年的這個時候，你確實比之前的預期有所延遲，這應該是在 24 年初，或者可能是上半年，現在已經到了今年晚些時候？

So I guess what has led to the delays and what gives you confidence you'll be able to do piloted testing before the end of the year. What are you doing to train pilots and get ready for that?

因此，我猜是什麼導致了延誤，以及是什麼讓您有信心在年底之前進行試點測試。您正在做什麼來培訓飛行員並為此做好準備？

Yes, absolutely. Hey, Bill, this is Tom. So first part of your question with regard to transitioning the first Midnight aircraft, just to give you some context or set the stage on that. We transitioned maker for the first time a couple of years ago and took us a little under 12 months to get through that, which I was super happy with. I think the team did great.

是的，一點沒錯。嘿，比爾，這是湯姆。所以你的問題的第一部分是關於第一架午夜飛機的過渡，只是為了給你一些背景資訊或為此奠定基礎。幾年前，我們第一次轉型為創客，花了不到 12 個月的時間完成這個過程，我對此非常滿意。我認為球隊做得很好。

Midnight, we started flying in October, six or seven months ago, and you're asking for a little more precision on the date, we're getting pretty close to transition. So I'm confident it will happen in the coming couple of months here. So really excited about the progress they're learning a lot, ramping up flight testing in general.

午夜，我們在六七個月前的十月開始飛行，您要求日期更精確一些，我們已經非常接近過渡了。所以我相信這將在未來幾個月內發生。他們對所取得的進展感到非常興奮，整體上加大了飛行測試的力度。

Your question regarding piloted flight testing. So basically, safety comes first and we're taking a thoughtful, methodical steps here, working towards that milestone of the engineering team that we have 500 or so folks, the vast majority are all working towards that goal.

您關於有人駕駛飛行測試的問題。所以基本上，安全是第一位的，我們正在採取深思熟慮、有條不紊的步驟，努力實現工程團隊的里程碑，我們有 500 名左右的員工，絕大多數人都在朝著這個目標努力。

And if you look at our shareholder letter, you can see the aircraft coming together. You can see pictures of the Iron Bird, we're getting deep into testing, talked about getting safety of flight declaration letters from suppliers and doing our own testing.

如果您查看我們的股東信，您可以看到飛機正在組合在一起。你可以看到鐵鳥的圖片，我們正在深入測試，討論從供應商那裡獲得飛行安全聲明信並進行我們自己的測試。

So everything's coming together to make that happen this year. What I like it to be faster, absolutely. But do I think we're doing a great job, I think we're doing awesome. So we'll fly when it's safe to find one already, but feel super good about the progress.

因此，今年一切都將齊心協力實現這一目標。我絕對喜歡它更快。但我認為我們做得很好嗎？因此，當我們已經安全地找到一個人時，我們就會起飛，但對進展感到非常滿意。

Hey Bill, this is Adam, just to add a little color on there. This is the progress of starting a flight test campaign going through the full flight envelope, including transition is something all of the aviation companies have to go through, this is not a unique thing to Archer.

嘿比爾，我是亞當，只是為了給那裡添加一點色彩。這是開始試飛活動，經歷整個飛行包線的過程，其中過渡是所有航空公司都必須經歷的事情，這並不是Archer獨有的事情。

And so I know it gets talked a lot about with Archer because the difference between maker and Midnight they physically look different, even though they're both the 12-tilt-6 configuration, we use same aero model, we use largely the same flight control schemes.

所以我知道Archer對此進行了很多討論，因為製造商和Midnight之間的差異它們的物理外觀不同，即使它們都是12-傾斜-6配置，我們使用相同的航空模型，我們使用基本上相同的飛行控制方案。

So everyone's going through the same the same thing. And so I actually believe the progress we have has been quite incredible transitioning maker within less than a year and will transition midnight even faster than that.

所以每個人都在經歷同樣的事情。因此，我實際上相信，在不到一年的時間裡，我們所取得的進展是相當令人難以置信的，而且午夜的過渡速度甚至會更快。

And so I know that's not as necessarily it's easy to understand with some of the programs we just happen to be very transparent about it. And so we are -- you should expect to see, a lot of flight test content and we're really excited about where that program is today.

所以我知道，對於一些我們恰好對此非常透明的項目來說，這並不一定很容易理解。所以我們——你應該期待看到大量的飛行測試內容，我們對該計劃今天的進展感到非常興奮。

Okay, thanks for that. And I know you have a lot of go-to-market opportunities and overseas opportunities. Now, it does feel at least at a glance at some of your DoD efforts appear to be either deemphasized or in any case would be good to get an update on $142 million program.

好的，謝謝。我知道你們有很多進入市場的機會和海外機會。現在，至少乍一看，你確實感覺國防部的一些努力似乎要么被忽視，要么無論如何，獲得 1.42 億美元計劃的最新信息是件好事。

I think in the second quarter last year, you'd expect to deliver actual aircraft to the DoD. Are you still planning that I guess can you just update us on the milestones of the DoD. How should we think about the opportunities with the DoD this year and maybe next year?

我認為去年第二季度，您預計將向國防部交付實際飛機。您是否還在計劃，我想您可以向我們介紹國防部里程碑的最新情況嗎？我們該如何看待今年甚至明年與國防部合作的機會？

Sure. So we submitted all the paperwork necessary to begin the delivery process to the DoD and expect to have our military air worthiness in June and then delivery afterwards. But that being said, we are balancing the priorities of the entire program.

當然。因此，我們向國防部提交了開始交付程序所需的所有文件，並期望在 6 月獲得軍用適航性，然後再交付。但話雖這麼說，我們正在平衡整個計劃的優先事項。

And in the near term, we actually believe we'll receive more cash from DoD programs that are not flight test related. So for example, there's $5 million to $10 million of payments that we can receive from the DoD that are related to other items to testing items to training items, simulator work.

在短期內，我們實際上相信我們將從與飛行測試無關的國防部項目中獲得更多現金。例如，我們可以從國防部收到 500 萬至 1000 萬美元的付款，這些付款與其他項目、測試項目、培訓項目、模擬器工作有關。

So we'll kind of take it as it comes but I think those are the what we're really trying to prioritize where a lot of the dollars will come from a lot more coming from some of those other items.

因此，我們會接受它，但我認為這些才是我們真正想要優先考慮的，其中許多美元將來自其他一些項目。

Okay, thanks. If I could just it one more. One of your peers talked about having a kind of full-scale testing capability. I guess in terms of your testing for credit, do you have the tool you need or do your suppliers to your parts and systems have the test capability or do you need to access third parties. Just trying to get a sense on your test capabilities, whether it be in-house or to partners to your full credit testing programs?

好的謝謝。如果我還能再來一次就好了。您的一位同行談到了擁有一種全面的測試能力。我想就您的信用測試而言，您是否擁有所需的工具，或者您的零件和系統的供應商是否具有測試能力，或者您是否需要訪問第三方。只是想了解您的測試能力，無論是內部測試還是與完整信用測試計劃的合作夥伴？

No, we have everything we need. Obviously, nice advantage we have is that we've got this broad range of suppliers and all the capabilities and relationships they have a sort of leveraging all those but today we're executing nothing specific, no needs.

不，我們有我們需要的一切。顯然，我們擁有的一個很好的優勢是，我們擁有廣泛的供應商以及他們擁有的所有能力和關係，可以利用所有這些，但今天我們沒有執行任何具體的操作，沒有任何需求。

So let me give you, this is Adam, I'll give you just a little bit of color. So the example that Tom talked about the inceptor right, the side sticks. Those are made by a company called Crouzet which build side sticks for some of the large aviation programs.

所以讓我給你，這是亞當，我會給你一點顏色。所以湯姆談到的例子就是右邊的接收器，側邊。這些是由一家名為 Crouzet 的公司製造的，該公司為一些大型航空項目生產側桿。

Our side sticks are very similar to the side sticks used on the A220. So Crouzet that has 4,000 people that work there. So you think about if we were to do that in house, we would have, I don't know, 5 people, 10 people that did that. So we get to leverage a company like Crouzet that as 4,000 people to go help do that.

我們的側桿與 A220 上使用的側桿非常相似。 Crouzet 那裡有 4,000 名員工。所以你想一想，如果我們在內部這樣做，我不知道，我們會有 5 個人、10 個人這樣做。因此，我們可以利用像 Crouzet 這樣的公司 4,000 名員工來幫助做到這一點。

So we have everything in place that we need in house as well as partnership with our investors and with our partners on the supply base, you can see the progress as we are to we show in the shareholder letter, the buckets keep increasing, where we're showing you things in progress and the stuff that's moving really fast and going really well, especially comes from the stuff that our partners are doing.

因此，我們內部擁有所需的一切，以及與投資者和供應基地合作夥伴的合作夥伴關係，您可以看到我們在股東信中展示的進展，水桶不斷增加，我們在哪裡向您展示正在進行的事情以及進展非常快且進展非常順利的事情，尤其是來自我們的合作夥伴正在做的事情。

Because they have been through this process many, many times with very similar parts over many programs over many decades. So hopefully that gives you a sense for where this is at. I actually think this is the part of the program where we are most excited where we will accelerate and who knows maybe be the first one to actually get through it.

因為幾十年來，他們在許多專案中使用非常相似的部件多次經歷了這個過程。希望這能讓您了解它的位置。事實上，我認為這是該計劃中我們最興奮的部分，我們將加速，誰知道也許是第一個真正完成它的人。

Yeah, no, thanks for that sharing insights, sir. Leave it there.

是的，不，謝謝您分享見解，先生。把它留在那裡。

Thanks, Bill.

謝謝，比爾。

David Zazula, Barclays.

大衛·扎祖拉，巴克萊銀行。

Hey, afternoon. Thanks for taking my questions. Tom, I just wanted to dig in a little bit into the battery drop testing, whether there was anything unexpected or anything you learned during the battery truck drop testing and the feedback you've gotten from the FAA on the test and then when do you expect to transition to full credit testing on that one?

嘿，下午。感謝您回答我的問題。湯姆，我只是想深入了解一下電池跌落測試，在電池卡車跌落測試期間是否有任何意外情況或您學到的東西，以及您從 FAA 獲得的測試反饋，然後您什麼時候做期望過渡到全面信用測試嗎？

Yeah, absolutely. So as we talked about in the shareholder letter and early in the script, better drop testing went really well. So just to paint a picture, we take our whole battery pack it's like a 300 pound assembly, drop it from a crane tax at 55 feet because we have to account for drag and kind of rigging the guidance aircraft down and then have to impact concrete on the ground and not have anything catastrophically fail.

是的，絕對是。因此，正如我們在股東信中和劇本早期所討論的那樣，更好的跌落測試進展得非常順利。因此，為了描繪一幅圖，我們將整個電池組（就像一個 300 磅的組件）從 55 英尺處的起重機上扔下來，因為我們必須考慮阻力以及將導引飛機安裝下來，然後必須撞擊混凝土地面上並沒有發生任何災難性的失敗。

So we did several drops after each drop the battery pack, we were really surprised continue to function, meaning we can log on get data it was still working. So huge confidence booster for our team that's one of the harder tests for us to pass. So really great risk reduction for us getting through that.

因此，每次掉落電池組後，我們都會進行幾次掉落，我們真的很驚訝它還能繼續工作，這意味著我們可以登入以取得它仍在工作的數據。這對我們團隊來說是巨大的信心助推器，這對我們來說是更難通過的考驗之一。對我們來說，度過難關確實大大降低了風險。

To be clear that was for our own testing so now we have all the data that we need to do it for credit testing. So as I mentioned earlier, we've advanced some of the issue papers around this topic and to tee up quite well to do that for credit testing with a lot of confidence that we'll be able to get through it here in the coming months.

需要明確的是，這是為了我們自己的測試，所以現在我們擁有進行信用測試所需的所有數據。正如我之前提到的，我們已經圍繞這個主題提出了一些問題文件，並為信用測試做好了充分的準備，我們充滿信心，我們將能夠在未來幾個月內完成它。

I know we're up against time, but maybe quickly on the battery production, I mean, my simple math is that, that's enough for 23 batteries per year for everything coming out of Covington. So is that the plan to be able to support additional facilities on your part. Could you potentially be a battery outsourcer, what I guess what's the need to have that level of capacity from a battery facility?

我知道我們的時間緊迫，但也許電池生產很快，我的意思是，我的簡單數學是，每年 23 個電池足以滿足卡溫頓生產的所有產品。能夠支持您的額外設施的計劃也是如此。您有可能成為電池外包商嗎？

Yeah, it's a great question so several thoughts. The first thing is a lot of the automation that you see there is really driven by safety and quality first production volume. So that production line is really similar to what you'd see in a state of the art automotive plant, supporting automotive levels of production.

是的，這是一個很好的問題，所以有幾個想法。首先，您看到的許多自動化實際上是由安全和品質第一的產量所驅動的。因此，該生產線與您在最先進的汽車工廠中看到的非常相似，可支援汽車的生產水平。

But we need that robustness and quality control to be set up for building safe batteries for safe aircraft and to get our production certificate to be able to build these things ourselves. So we need repeatability, we need all that traceability, and that's what that system gives us also gives us the ability to scale.

但我們需要建立穩健性和品質控制來為安全飛機製造安全電池，並獲得生產證書才能自己製造這些東西。因此，我們需要可重複性，我們需要所有可追溯性，這就是該系統為我們提供的，也為我們提供了擴展的能力。

Absolutely, so one thing to keep in mind is when we're in production, we don't need battery packs just for new aircraft coming off the production line, but also for the fleet that's going to be out there in service needing battery replacements once maybe twice a year. So that's the reason why if you do that math, it looks like more battery packs than 650 aircraft per year. Hopefully, that makes sense.

當然，所以要記住的一件事是，當我們在生產時，我們不僅需要電池組用於下線的新飛機，而且還需要用於需要更換電池的即將投入使用的機隊一年一次也許兩次。這就是為什麼如果你算一下的話，你會發現每年的電池組數量比 650 架飛機還要多。希望這是有道理的。

Thanks, Tom.

謝謝，湯姆。

We are out of time for questions, so I will pass it back to Adam Goldstein for closing remarks.

我們已經沒有時間提問了，所以我會將其轉回給 Adam Goldstein 進行結束語。

In closing our strategy is paying off from the outset, we've been clear that our approach is to keep the design of the Midnight as simple as possible while delivering industry-leading performance balanced to safety.

總而言之，我們的策略從一開始就得到了回報，我們很清楚，我們的方法是讓 Midnight 的設計盡可能簡單，同時提供業界領先的性能與安全性之間的平衡。

We're accomplishing this by partnering with what we believe to be supplier the best suppliers in the aerospace industry. This capital-light strategy continues to pay dividends that are more clear today than ever, as we continue to make rapid progress towards commercializing electric aviation.

我們透過與我們認為是航空航太業最好的供應商合作來實現這一目標。隨著我們繼續在電動航空商業化方面取得快速進展，這種輕資本策略繼續帶來比以往任何時候都更加明顯的紅利。

I want to take a moment to step back and appreciate not only the progress we at Archer making, but all the progress across the entire industry. Our partner beta recently demonstrated a piloted transition flight and Vermont.

我想花點時間退後一步，不僅欣賞我們在 Archer 的進步，而且欣賞整個行業的所有進步。我們的合作夥伴測試版最近展示了佛蒙特州的試運行過渡飛行。

Our neighbors, still be recently announced their final airworthiness criteria with the FAA as we expect to also do here do so shortly. The electrification of aviation continues to increasingly emerge into the mainstream every day. Thank you for joining us.

我們的鄰居最近仍將向美國聯邦航空局宣布他們的最終適航標準，我們預計很快也會在這裡這樣做。航空電氣化日益成為主流。感謝您加入我們。

That concludes today's call, thank you all for your participation. You may now disconnect your lines.

今天的電話會議到此結束，感謝大家的參與。現在您可以斷開線路。