Archer Aviation Inc (ACHR) 2024 Q2 法說會逐字稿

Good afternoon.

午安.

Thank you for attending today's Archer Aviation Q2 '24 operating financial results conference call.

感謝您參加今天的 Archer Aviation Q2 '24 營運財務業績電話會議。

My name is Bethany and I will be the moderator for today's call.

我叫貝瑟尼，我將擔任今天電話會議的主持人。

(Operator Instructions)

（操作員說明）

I would now like to pass the conference over to our host, Eric Lentell with Archer Aviation.

現在我想將會議交給我們的房東、Archer Aviation 的 Eric Lentell。

Please go ahead.

請繼續。

Good afternoon and thank you for joining Archer's earning call.

下午好，感謝您參加 Archer 的獲利電話會議。

This is Eric Lentell, Archer's General Counsel.

我是埃里克·倫特爾 (Eric Lentell)，Archer 的總法律顧問。

On the call with me today are Adam Goldstein, our Founder and CEO; Mark Mesler, our CFO; and Tom Muniz, our CTO.

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，我們的財務長；以及我們的技術長 Tom Muniz。

On the call, we will be making forward-looking statements.

在電話會議上，我們將做出前瞻性聲明。

Those forward-looking statements are based on assumptions as of today and we undertake no obligation to update the statements as a result of new information or future events.

這些前瞻性陳述是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。

These statements involve risks and uncertainties that may cause actual results to differ materially from those contemplated by the forward-looking statements.

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 those risks and uncertainties, please refer to the risk factors in our SEC filings.

有關這些風險和不確定性的更多信息，請參閱我們向 SEC 提交的文件中的風險因素。

We will also discuss both GAAP and non-GAAP financial measures on today's call.

我們還將在今天的電話會議上討論公認會計原則和非公認會計原則財務指標。

A reconciliation of those GAAP to non-GAAP financial measures is included in our shareholder letter and earnings release from today.

這些 GAAP 與非 GAAP 財務指標的調整包含在我們今天發布的股東信和收益報告中。

And with the legalese out of the way, I'll turn the call over to Adam.

法律術語消失後，我會將電話轉給 Adam。

Thanks, Eric.

謝謝，埃里克。

Since founding Archer, we've been focused on finding the most capital and time efficient path to bringing electric aircraft to market.

自成立 Archer 以來，我們一直致力於尋找最具資本和時間效率的途徑將電動飛機推向市場。

Our team is unified around the same goal of commercializing our Midnight aircraft, which is designed to safely and quietly carry passengers above traffic on short, emissions-free flights across cities all over the world.

我們的團隊圍繞著將我們的午夜飛機商業化的同一個目標團結在一起，該飛機旨在通過短途、無排放的航班在世界各地的城市之間安全、安靜地運送乘客在交通上方。

Over the last few years, our team has been hard at work putting in place the building blocks to make those flights an everyday reality.

在過去的幾年裡，我們的團隊一直在努力建立基礎，使這些航班成為日常現實。

On this call, I will focus my discussion on the maturity of our engineering, the expanded manufacturing partnership with Stellantis, and our go-to-market progress, all centered around the goals commercializing Midnight over the next 18 months.

在這次電話會議上，我將重點討論我們的工程成熟度、與 Stellantis 擴大的製造合作夥伴關係以及我們的上市進展，所有這些都圍繞著未來 18 個月將 Midnight 商業化的目標。

This quarter, we accomplished so much, so please take the time to read our Shareholder Letter we released earlier today.

本季度，我們取得了很多成就，因此請花時間閱讀我們今天早些時候發布的股東信。

In June, we completed Midnight's first transition flight.

六月，我們完成了午夜的第一次過渡飛行。

Let's remember, Midnight is an approximately 6,500-pound maximum take-off weight aircraft.

讓我們記住，Midnight 是一架最大起飛重量約 6,500 磅的飛機。

It is, I believe, the largest eVTOL aircraft ever successfully transitioned.

我相信，這是有史以​​來成功轉型的最大的電動垂直起降飛機。

It's one thing to accomplish this with an approximately 4,000-pound aircraft.

用一架重約 4,000 磅的飛機來完成這項任務是一回事。

We've done it for years with Maker, but it's far more challenging to do this with a 6,500-pound vertical take-off and landing aircraft, which we think is critical to supporting a sufficient payload for aerial ride sharing and other use case economics.

我們已經與 Maker 合作多年，但使用 6,500 磅的垂直起降飛機實現這一目標更具挑戰性，我們認為這對於支援足夠的有效載荷以實現空中共享和其他用例經濟性至關重要。

As Midnight continues to mature, we are rapidly advancing our certification efforts.

隨著 Midnight 的不斷成熟，我們正在快速推進我們的認證工作。

In the US, we've reached two key regulatory milestones this quarter, both of which are necessary to unlock a viable path to achieve FAA certification.

在美國，我們本季達到了兩個關鍵的監管里程碑，這兩個里程碑對於開闢一條獲得 FAA 認證的可行途徑是必要的。

First, the FAA finalized Midnight's airworthiness criteria, enabling us to move forward with the final stages of the type certification process.

首先，美國聯邦航空局最終確定了「午夜」的適航標準，使我們能夠推進型號認證過程的最後階段。

Alongside this, we have shared that we have started to build our fleet of six aircraft with systems that conform to these requirements so that we can continue for credit testing with the FAA.

除此之外，我們也透露，我們已經開始建造由六架飛機組成的機隊，其係統符合這些要求，以便我們可以繼續接受美國聯邦航空局的信用測試。

Second, we received our Part 135 certificate, which enables us to operate eVTOL airlines in the United States once Midnight is type certified.

其次，我們獲得了 Part 135 證書，一旦 Midnight 獲得型號認證，我們就可以在美國運營 eVTOL 航空公司。

This will enable Archer to deploy aircraft in key markets on behalf of our domestic airline customers, such as United and Southwest.

這將使 Archer 能夠代表我們的國內航空公司客戶（例如聯合航空和西南航空）在關鍵市場部署飛機。

In parallel, we are also rapidly advancing our certification efforts in certain international markets, including India, Korea, and the UAE, where we see a unique opportunity for expedited deployment, potentially even in advance of the US.

同時，我們也在某些國際市場快速推進我們的認證工作，包括印度、韓國和阿聯酋，我們在這些市場看到了加快部署的獨特機會，甚至有可能領先美國。

I'm super proud of the progress that we've made, and I believe the commercialization of electric aircraft is further ahead than many people realize.

我對我們所取得的進步感到非常自豪，我相信電動飛機的商業化比許多人意識到的要走得更遠。

As we've shown significant technical progress through our flight testing and manufacturing buildout, the investment community and our strategic partners continue to support Archer.

由於我們透過飛行測試和製造擴建取得了顯著的技術進步，投資界和我們的策略合作夥伴將繼續支持 Archer。

Today we announced an additional equity capital raise, taking the total we have raised since the end of Q2 to $230 million.

今天，我們宣布進行額外的股權融資，使我們自第二季末以來籌集的資金總額達到 2.3 億美元。

Combined with our $360 million of cash at the end of Q2, this raise maintains our strong capital position as we advance towards commercialization and industrialization.

加上我們第二季末的 3.6 億美元現金，此次融資在我們邁向商業化和工業化的過程中保持了我們強大的資本地位。

Today's fundraise was led by institutional investors, as well as our partners, United Airlines and Stellantis.

今天的籌款活動由機構投資者以及我們的合作夥伴聯合航空和 Stellantis 領導。

Stellantis continues to be a cornerstone partner with over $300 million invested in Archer to-date, including $55 million just last month.

Stellantis 仍然是基石合作夥伴，迄今已向 Archer 投資了超過 3 億美元，其中上個月就投資了 5,500 萬美元。

In 2019, when we first started working with Stellantis, or Fiat Chrysler at the time, our collaboration was focused on conceptual designs for our aircraft's interior and cockpit.

2019 年，當我們第一次開始與 Stellantis（當時的菲亞特克萊斯勒）合作時，我們的合作重點是飛機內部和駕駛艙的概念設計。

And now, after almost five years of demonstrating our advanced technology and proving our capabilities to the Stellantis management team, we are honored to have Stellantis as our largest investor.

現在，經過近五年的時間向 Stellantis 管理團隊展示我們的先進技術和能力，我們很榮幸 Stellantis 成為我們最大的投資者。

And I'm lucky to have Stellantis' CEO, Carlos Tavares, help me navigate the challenges of commercializing this business.

我很幸運有 Stellantis 的執行長 Carlos Tavares 幫助我應對這項業務商業化的挑戰。

Together, our teams have been hard at work constructing our high-volume manufacturing facility, which we anticipate completing by the end of this year.

我們的團隊一直在努力建造我們的大批量生產設施，預計今年年底完工。

We chose to partner with Carlos and his team because of their vast experience in manufacturing vehicles affordably at scale all over the world.

我們選擇與卡洛斯和他的團隊合作，因為他們在全球大規模製造經濟實惠的車輛方面擁有豐富的經驗。

We always envisioned a future where Stellantis would spearhead manufacturing, allowing Archer to focus on designing, engineering, and bringing to market the best aircraft possible.

我們一直設想未來 Stellantis 將成為製造的先鋒，讓 Archer 專注於設計、工程並將最好的飛機推向市場。

Today, we're announcing that we've agreed in principle on the key terms that will cover the next phase of our partnership with Stellantis, a multifaceted contract manufacturing relationship, which strengthens our capital light strategy.

今天，我們宣布，我們已原則上就關鍵條款達成一致，這些條款將涵蓋我們與 Stellantis 下一階段的合作夥伴關係，這是一種多方面的合約製造關係，這將加強我們的輕資本策略。

As part of this, in addition to the approximately $300 million that Stellantis has invested in Archer to-date, under the contract manufacturing relationship, Stellantis would fund up to nearly $400 million in labor and CapEx to help us scale Midnight manufacturing of up to 650 aircraft annually.

作為該計劃的一部分，除了 Stellantis 迄今已向 Archer 投資約 3 億美元外，根據合約製造關係，Stellantis 還將資助近 4 億美元的勞動力和資本支出，以幫助我們將 Midnight 製造規模擴大到 650 台。每年都有飛機。

This is expected to cover our labor cost for the planned manufacturing ramp through 2030.

預計這將涵蓋我們計劃在 2030 年擴大生產的勞動力成本。

In exchange, on a quarterly basis, we would issue Archer shares to Stellantis based on the labor cost incurred in that quarter.

作為交換，我們將根據該季度產生的勞動力成本，按季度向 Stellantis 發行 Archer 股票。

This also includes Stellantis contributing up to $20 million towards the initial incremental manufacturing CapEx needed to scale production.

這也包括 Stellantis 為擴大生產所需的初始增量製造資本支出貢獻高達 2,000 萬美元。

I'm confident that this evolution of our relationship will increase the odds of us being successful while simultaneously reducing our capital needs over time.

我相信，我們關係的這種演變將增加我們成功的幾率，同時隨著時間的推移減少我們的資本需求。

This is an exciting new chapter with Carlos and the Stellantis team.

這是 Carlos 和 Stellantis 團隊的令人興奮的新篇章。

Once we've manufactured these aircraft, we'll need to ensure each has a home.

一旦我們製造出這些飛機，我們就需要確保每架飛機都有一個家。

You'll see in our shareholder letter that we've made tremendous progress on that front.

您會在我們的股東信中看到我們在這方面取得了巨大進展。

We continue to see strong demand for Midnight across the world.

我們繼續看到世界各地對午夜的強勁需求。

And today, I'm excited to announce the newest addition to our now nearly $6 billion indicative order book, a planned purchase of 116 aircraft from Future Flight Global.

今天，我很高興地宣布我們目前近 60 億美元的指示性訂單簿中新增了一項新成員，即計劃從 Future Flight Global 購買 116 架飛機。

Future Flight Global was founded by members of the core leadership team at Titan Aviation, which has been operating business jets worldwide for over two decades.

Future Flight Global 由泰坦航空 (Titan Aviation) 核心領導團隊成員創立，該公司在全球營運公務機已有二十多年。

This planned purchase represents the potential for over $0.5 billion of revenue.

此次計劃中的收購可能帶來超過 5 億美元的收入。

Future Flight Global made an initial deposit when we signed the MoU, and it is anticipated that they will make significant pre-delivery payments when we sign the definitive aircraft purchase agreement, which we expect to complete this year.

當我們簽署諒解備忘錄時，Future Flight Global 支付了初始定金，預計當我們簽署最終的飛機採購協議時，他們將支付大量的交付前付款，我們預計該協議將於今年完成。

We're excited to work with Future Flight Global to bring a new solution to market for their passengers, which include prominent executives and celebrities to provide connectivity across destinations in Europe, Southeast Asia, and the Middle East.

我們很高興與 Future Flight Global 合作，為乘客（其中包括知名高管和名人）推出新的解決方案，為歐洲、東南亞和中東的目的地提供連接。

It's not enough to just build our order book, we also need to lay the foundation for where these aircraft will fly.

僅僅建立我們的訂單簿是不夠的，我們還需要為這些飛機的飛行地點奠定基礎。

Earlier this quarter, we showcased a detailed plan for our air taxi network in the San Francisco Bay Area.

本季度早些時候，我們展示了舊金山灣區空中計程車網路的詳細計劃。

This network predominantly leveraged relationships we've built with existing aviation infrastructure operators across Silicon Valley, Napa, and the East Bay, including our partners Signature Aviation and Atlantic Aviation.

該網絡主要利用了我們與矽谷、納帕和東灣現有航空基礎設施營運商建立的關係，包括我們的合作夥伴 Signature Aviation 和 Atlantic Aviation。

In addition, we revealed our plans with Kilroy Realty for a [bespoke] vertiport in the heart of South San Francisco, near some of San Francisco's largest tech companies, including Genentech and Stripe.

此外，我們還透露了與 Kilroy Realty 合作在南舊金山市中心建造一個[定制]垂直起降機場的計劃，靠近舊金山一些最大的科技公司，包括 Genentech 和 Stripe。

We also announced plans to develop operational concepts for a joint air taxi network with Southwest Airlines, California's largest air carrier by passenger and flight volume, operating at 14 airports across the state.

我們還宣布了與西南航空 (Southwest Airlines) 制定聯合空中出租車網絡運營概念的計劃，西南航空是加州乘客量和航班量最大的航空公司，在全州 14 個機場運營。

By combining Southwest California airport hubs and frequent interstate flights with Archer's planned network, the goal is to offer Southwest passengers even faster door-to-door journeys.

透過將西南加州機場樞紐和頻繁的州際航班與阿徹計劃的網路相結合，目標是為西南航空的乘客提供更快的門到門旅程。

Routes like Santa Monica to Napa could take less than three hours, nearly half of what they can take today.

像聖莫尼卡到納帕這樣的路線可能需要不到三個小時，幾乎是今天的一半。

Today, we unveiled our plans for our air taxi network in Los Angeles.

今天，我們宣布了洛杉磯空中計程車網路的計劃。

LA commuters spend over 100 hours every year stuck in traffic, and that's not counting the drives they decide to skip because they didn't want to spend the time in traffic.

洛杉磯通勤者每年在交通堵塞中花費超過 100 個小時，這還不包括他們因為不想在交通上花費時間而決定不開車的時間。

This planned network includes take-off and landing locations at Los Angeles International Airport, USC, Orange County, Santa Monica, Hollywood Burbank, Long Beach, and Van Nuys, alongside our partners Signature and Atlantic Aviation, as well as United and Southwest Airlines.

該計劃網絡包括洛杉磯國際機場、南加州大學、奧蘭治縣、聖莫尼卡、好萊塢伯班克、長灘和範奈斯的起飛和降落地點，以及我們的合作夥伴Signature 和Atlantic Aviation，以及聯合航空和西南航空。

We're also working closely with the Los Angeles Rams and Hollywood Park for 300-acre district centered around SoFi Stadium.

我們也與洛杉磯公羊隊和好萊塢公園密切合作，打造以 SoFi 體育場為中心的 300 英畝區域。

This is particularly exciting with major sporting events coming to the area, the World Cup in 2026, the Super Bowl in 2027, and of course, the Summer Olympics in 2028.

尤其令人興奮的是，該地區即將舉辦重大體育賽事，包括 2026 年世界盃、2027 年超級碗，當然還有 2028 年夏季奧運會。

Each of these is expected to bring unprecedented levels of traffic to LA in the coming years.

預計這些都將在未來幾年為洛杉磯帶來前所未有的交通量。

The University of Southern California is also engaged to be part of Archer's planned LA network.

南加州大學也參與了阿徹計劃的洛杉磯網絡的一部分。

Over the next two years, Archer and USC will develop plans for converting USC's existing teleports for Midnight and other vertical take-off and landing aircraft.

在接下來的兩年裡，Archer 和南加州大學將製定計劃，將南加州大學現有的傳送點轉換為午夜和其他垂直起降飛機。

We are very excited about the progress we're making on our domestic air taxi routes and networks.

我們對國內空中計程車路線和網路所取得的進展感到非常興奮。

Our focus, as you can see, has largely been on leveraging existing infrastructure as an extension of our overall capital-led approach to getting to commercialization.

正如您所看到的，我們的重點主要是利用現有基礎設施作為我們以資本為主導的整體商業化方法的延伸。

I also want to share more about how Archer is planning to deploy the aircraft that we plan to manufacture next year.

我還想分享更多關於阿切爾計劃如何部署我們計劃明年製造的飛機的資訊。

We increasingly see an opportunity for expedited launch internationally, where we have decided to partner with key players in each market.

我們越來越多地看到了在國際上加速推出的機會，我們決定與每個市場的主要參與者合作。

In the UAE, we have continued working closely with the country's aviation regulatory agency, the GTAA, who has already spent significant time with our team and at our California facilities to chart a pathway for expedited commercialization across Abu Dhabi and Dubai as soon as 2025, under the same final airworthiness criteria that the FAA published early this year.

在阿聯酋，我們繼續與該國的航空監管機構GTAA 密切合作，GTAA 已經與我們的團隊和我們的加州工廠花費了大量時間，為最快在2025 年在阿布扎比和迪拜加快商業化製定了道路，根據美國聯邦航空局今年年初發布的相同最終適航標準。

In parallel, we are making rapid progress on infrastructure across the country, working together with the Abu Dhabi Investment Office and our partners, Falcon and Air Chateau.

同時，我們與阿布達比投資辦公室以及我們的合作夥伴 Falcon 和 Air Chateau 合作，在全國範圍內的基礎設施建設上取得了快速進展。

Together, with our progress in India and Korea, the team continues to work all over the world to establish the routes, infrastructure, and government support necessary to ensure that we're ready to deploy Midnight aircraft as soon as they come off the line.

隨著我們在印度和韓國取得的進展，團隊繼續在世界各地努力建立必要的航線、基礎設施和政府支持，以確保我們準備好在午夜飛機下線後立即部署它們。

Finally, I want to share more about our progress with the United States Air Force.

最後，我想更多地分享我們與美國空軍的進展。

Last year, we announced the largest eVTOL contract yet by the US Department of Defense for a maximum value of up to $142 million.

去年，我們宣布了美國國防部迄今為止最大的 eVTOL 合同，價值最高可達 1.42 億美元。

Today, we're announcing that as part of that, we recently delivered our first Midnight aircraft to the United States Air Force.

今天，我們宣布，作為其中的一部分，我們最近向美國空軍交付了第一架午夜飛機。

In order to unlock this delivery milestone, our Midnight aircraft first had to pass the DoD's required military airworthiness assessment.

為了實現這一交付里程碑，我們的午夜飛機首先必須通過國防部要求的軍事適航性評估。

Following the delivery, a team of US Air Force personnel worked alongside Archer to perform flight operations, including executing simulated medical evacuation, cargo, intelligence, surveillance, and reconnaissance flights.

交付後，一組美國空軍人員與阿切爾一起執行飛行操作，包括執行模擬醫療後送、貨運、情報、監視和偵察飛行。

This is just the beginning of how we can unlock our ability to do more with the US government over time.

這只是我們如何逐步釋放與美國政府合作的能力的開端。

And I personally believe that six to nine months from now, the industry will be heavily leaned into the opportunities at large here to offer the military avenues to augment their fleet.

我個人認為，從現在起六到九個月後，該行業將嚴重依賴這裡的整體機會，以提供軍事途徑來增強其艦隊。

I'm proud of the work our team has accomplished this quarter, and I'm grateful for the continued support from our partners.

我對我們的團隊本季完成的工作感到自豪，並感謝我們的合作夥伴的持續支持。

Advancing a new industry is not easy, because there's no playbook to do so.

要推動新產業並不容易，因為沒有可行的方案。

We're building the playbook here at Archer as we race towards a future of electric aviation.

當我們奔向電動航空的未來時，我們正在 Archer 制定劇本。

Thanks for joining us on this journey.

感謝您加入我們的旅程。

And with that, I'll hand it over to our Chief Technology Officer, Tom.

接下來，我會將其交給我們的技術長 Tom。

Thanks, Adam.

謝謝，亞當。

The Archer team continues to execute at an impressive pace.

Archer 團隊繼續以令人印象深刻的速度執行。

As Adam discussed, in June, we successfully completed Midnight's first transition flight.

正如 Adam 所討論的，六月，我們成功完成了午夜的第一次過渡飛行。

The team accomplished this goal in a little over seven months from Midnight's first flight last fall.

自去年秋天午夜首飛以來，球隊僅用了七個多月的時間就實現了這一目標。

This was almost twice as fast as the time it took us to transition Maker.

這幾乎是我們轉換 Maker 所需時間的兩倍。

Having helped to lead eight full-scale of eVTOL programs over the course of my career, I can confidently say our rapid progress is a testaments to the talent and experience of our team.

在我的職業生涯中，我幫助領導了八個全面的 eVTOL 項目，我可以自信地說，我們的快速進步證明了我們團隊的才能和經驗。

The transition flight was just one of many test flights our team completed this past quarter.

這次過渡飛行只是我們團隊上個季度完成的眾多試飛之一。

Year-to-date, we've completed over 230 flights, and we're on track to reach our goal of 400 flights this year.

今年迄今為止，我們已經完成了 230 多次航班，並有望實現今年 400 次航班的目標。

In fact, in a recent week, we completed 26 flights.

事實上，最近一周我們完成了 26 次飛行。

The team is also working towards our goal of demonstrating a commercial operations-like flight cadence with Midnight.

團隊也致力於實現我們的目標，即透過 Midnight 展示類似商業運營的飛行節奏。

That means flying upwards of 15 times in one day.

這意味著一天內向上飛行 15 次。

As Adam mentioned, we also delivered our first Midnight aircraft to the United States Air Force as part of our AFWERX contracts signed last year.

正如 Adam 所提到的，作為去年簽署的 AFWERX 合約的一部分，我們也向美國空軍交付了第一架 Midnight 飛機。

The American aerospace industry has a long and storied history of working with the US military to progress key technologies that go on to benefit consumers here and around the world.

美國航空航太工業在與美國軍方合作開發關鍵技術方面有著悠久而傳奇的歷史，這些技術將繼續造福美國和世界各地的消費者。

Our flight test efforts with AFWERX are a key step towards exploring different use cases for the aircraft and are just a subset of our broader contract with AFWERX, working towards leveraging our technology and aircraft to ensure the United States DoD continues to lead the way with the world's most advanced technology.

我們與 AFWERX 的飛行測試工作是探索飛機不同用例的關鍵一步，並且只是我們與 AFWERX 更廣泛合約的一部分，致力於利用我們的技術和飛機來確保美國國防部繼續在世界上最先進的技術。

On the certification front, this past quarter has been especially productive for Archer.

在認證方面，上個季度對 Archer 來說尤其有成效。

The FAA not only issued our Part 135 Airline Ops Certificate, they also published Midnight's airworthiness criteria as a final rule in the Federal Register, making us one of only two eVTOL companies to have reached this stage in the certification process with the FAA.

FAA 不僅頒發了我們的第135 部分航空公司營運證書，還在《聯邦公報》中發布了Midnight 的適航標準作為最終規則，使我們成為僅有的兩家在FAA 認證過程中達到此階段的eVTOL公司之一。

To my knowledge, the FAA has not published a final or draft set of airworthiness criteria for any other eVTOL program besides those two.

據我所知，除了這兩個項目之外，美國聯邦航空局尚未發布任何其他 eVTOL 項目的最終或草案適航標準。

The FAA continues to be engaged across our certification program.

美國聯邦航空局繼續參與我們的認證計劃。

We recently completed two back-to-back multi-day workshops with the agency at our California headquarters.

我們最近在加州總部與該機構完成了兩次連續的多日研討會。

First, we hosted the FAA for a formal extensive safety review where the regulators evaluated detailed safety analysis deliverables for multiple systems on Midnight.

首先，我們主持了美國聯邦航空管理局 (FAA) 進行正式的廣泛安全審查，監管機構在午夜評估了多個系統的詳細安全分析成果。

The FAA left impressed by the work our teams have done over the last year.

美國聯邦航空局對我們團隊去年所做的工作印象深刻。

We also just completed a multi-day FAA on-site meeting at our facilities to review details of our battery certification and testing process.

我們也剛剛在我們的工廠完成了為期多天的 FAA 現場會議，以審查我們的電池認證和測試流程的詳細資訊。

This was a productive session with all of our in-house subject matter experts and the regulators examining our battery hardware.

這是一次富有成效的會議，我們所有的內部主題專家和監管機構都在檢查我們的電池硬體。

On the testing front, we are nearing completion of our four-credit certification testing on our composite airframe structural materials.

在測試方面，我們即將完成複合機身結構材料的四學分認證測試。

We are also wrapping up environmental testing of the system hardware on the aircraft to support our upcoming first piloted flight with some of those tests being done for certification credit.

我們還完成了飛機系統硬體的環境測試，以支援我們即將進行的首次試飛，其中一些測試是為了獲得認證信用。

We are also continuing to complete four-credit audits for various hardware and software elements of our aircraft.

我們也將繼續完成飛機各種硬體和軟體元件的四信用審核。

The FAA is also making good progress towards finalizing the operational rules for our aircraft with the Powered-Lift SFAR, or Special Federal Aviation Regulation, now at the Office of Management and Budget for review.

美國聯邦航空局在最終確定我們飛機的動力升降 SFAR（特別聯邦航空法規）運行規則方面也取得了良好進展，目前正在管理和預算辦公室審查。

Our understanding is that this indicates the FAA will likely publish the final rule by the end of October.

我們的理解是，這表明 FAA 可能會在 10 月底之前發布最終規則。

This is a big step for us and the industry because it establishes the roadmap for commercial operations once the FAA issues Midnight's type certification and we add it onto our existing Part 135 certificate.

這對我們和整個行業來說都是一大進步，因為一旦 FAA 頒發 Midnight 型號認證，它就為商業運營製定了路線圖，並將其添加到我們現有的第 135 部分證書中。

On the final assembly of our first piloted Midnight aircraft, we recently received the bonded wing assembly at our production facility here in California.

在我們第一架午夜飛行飛機的最後組裝中，我們最近在加州的生產工廠收到了黏合機翼組件。

The team is now integrating systems into the wing and preparing to mate it to the fuselage in the coming weeks.

該團隊目前正在將系統整合到機翼中，並準備在未來幾週內將其與機身配合。

We are also making progress on the bring-up and functional testing of the aircraft systems.

我們在飛機系統的啟動和功能測試方面也取得了進展。

All of these activities are being performed using the manufacturing systems and processes that we plan to use for high-rate production in Georgia, enabling us to pressure test and improve these key elements ahead of ramping production.

所有這些活動都是使用我們計劃用於喬治亞州高生產率生產的製造系統和流程進行的，使我們能夠在提高產量之前進行壓力測試和改進這些關鍵要素。

We've made tremendous progress on the construction of our high-volume manufacturing facility in Georgia, with the walls and roof now constructed and interior framing underway.

我們在喬治亞州的大批量製造工廠的建設方面取得了巨大進展，牆壁和屋頂現已建成，內部框架正在進行中。

As a reminder, the first phase of this facility is a 330,000 square foot final assembly building and a 60,000 square foot production flight test facility, both located on our 100-acre site at the Covington Municipal Airport just outside of Atlanta, Georgia.

請注意，該設施的第一階段是一座 330,000 平方英尺的總裝大樓和一座 60,000 平方英尺的生產飛行測試設施，兩者均位於喬治亞州亞特蘭大郊外科文頓市政機場佔地 100 英畝的場地內。

We expect Phase 1 of this facility to support production volumes of up to 650 aircraft per year when fully operational.

我們預計該工廠一期全面投入運作後，每年可生產多達 650 架飛機。

We remain on track to open the facility later this year, and we are targeting a modest initial production rate of roughly one aircraft per month.

我們仍有望在今年稍後開設該工廠，我們的目標是每月約一架飛機的適度初始生產率。

Following this, our goal is to both increase our production velocity and stand-up additional manufacturing lines to accelerate to a rate of four aircraft per month and then 20 and ultimately 54 aircraft per month in subsequent years.

在此之後，我們的目標是提高生產速度並建立額外的生產線，以加快到每月生產 4 架飛機的速度，然後在隨後的幾年中每月生產 20 架飛機，最終達到 54 架飛機。

The initial years, as we scale, give us a critical opportunity to improve and speed up processes at relatively low volumes as we prepare for higher volumes in the outer years.

隨著我們規模的擴大，最初幾年為我們提供了一個關鍵的機會，可以在相對較低的產量下改進和加快流程，同時我們也為未來幾年的更高產量做好準備。

From there, we have an opportunity to triple the manufacturing capacity at our existing location in Georgia and also replicate the facility in other parts of the world to localize manufacturing.

從那時起，我們有機會將喬治亞州現有工廠的製造能力提高兩倍，並在世界其他地區複製該工廠，以實現製造本地化。

In summary, the team is continuing to execute strongly as we ramp up testing and certification activities on Midnight.

總之，隨著我們加大午夜測試和認證活動的力度，團隊將繼續強勁執行。

In parallel, our manufacturing capabilities are coming online and being put through their paces, with the goal of being ready to start production as soon as next year to support our initial commercial aircraft deployments.

同時，我們的製造能力正在上線並進行測試，目標是最快明年開始生產，以支援我們最初的商用飛機部署。

All of this progress is thanks to our extraordinarily talented and experienced team executing what we believe is the optimal business strategy and path to commercialize our aircraft.

所有這些進步都歸功於我們才華橫溢且經驗豐富的團隊執行我們認為是最佳業務策略和飛機商業化的路徑。

Each milestone that we hit continues to demonstrate and solidify our leadership position, bringing this new technology to market.

我們所達到的每一個里程碑都將繼續證明和鞏固我們的領導地位，將這項新技術推向市場。

And now I'll turn it over to Mark.

現在我將把它交給馬克。

Thanks, Tom.

謝謝，湯姆。

On our last earnings call, I discussed how capitalization and liquidity are top priorities for us and how the strength of our liquidity position is being driven by our ability to raise capital in the public markets and our strong relationships with our partners.

在我們上次的財報電話會議上，我討論了資本化和流動性如何成為我們的首要任務，以及我們在公開市場籌集資金的能力以及我們與合作夥伴的牢固關係如何推動我們的流動性狀況。

We've been thoughtful in implementing capitalization mechanisms, and today's announcements of our capital raise and the key contract manufacturing arrangement terms with Stellantis are testaments to our ability to continue to ensure we have the funding necessary to secure our path to market.

我們在實施資本化機制方面一直深思熟慮，今天宣布的融資以及與 Stellantis 的關鍵合約製造安排條款證明了我們有能力繼續確保我們擁有必要的資金來確保我們的市場之路。

As Adam mentioned, we are focused on finding the most capital and time efficient path to market.

正如 Adam 所提到的，我們專注於尋找最具資本和時間效率的市場路徑。

A major part of this is our efficient R&D path driven by our partnerships with Tier 1 aerospace suppliers.

其中一個主要部分是我們與一級航空航太供應商的合作夥伴關係所推動的高效研發路徑。

However, today I want to dig into the key details of our relationship with Stellantis to help show the capital-wide aspect of our manufacturing strategy.

然而，今天我想深入探討我們與 Stellantis 關係的關鍵細節，以幫助展示我們製造策略的資本層面。

The capital-wide approach to manufacturing includes considerations across the manufacturing footprint, CapEx, and labor cost.

全資本的製造方法包括對製造足跡、資本支出和勞動成本的考量。

The way you should be thinking about the contract manufacturing framework that we have put in place with Stellantis is that the goal is for Stellantis to cover a majority of our capital needs across our manufacturing operations through our ramp to 650 aircraft, substantially de-risking our ability to ramp production.

您應該考慮我們與 Stellantis 建立的合約製造框架的方式是，Stellantis 的目標是透過增加到 650 架飛機來滿足我們整個製造業務的大部分資本需求，從而大大降低我們的風險提高產量的能力。

Importantly, this is not just about the financial contribution for us.

重要的是，這不僅僅是對我們的財務貢獻。

Stellantis produces six million vehicles a year and brings extensive experience in scaling manufacturing across complex systems.

Stellantis 每年生產 600 萬輛汽車，並在跨複雜系統擴展製造方面擁有豐富的經驗。

It's hard to put a value on that.

很難對此進行評估。

Tom spoke about our goal for ramping the factory, and I will provide some color on how we plan to achieve profitability in that scenario.

湯姆談到了我們擴大工廠規模的目標，我將提供一些關於我們計劃如何在這種情況下實現盈利的資訊。

Assuming a $5 million ASP on our direct aircraft sales, our target gross margin is in the 40% to 50% range at a production volume of 250 units.

假設我們直接飛機銷售的平均售價為 500 萬美元，那麼在產量為 250 架的情況下，我們的目標毛利率在 40% 至 50% 範圍內。

As our volumes increase, we project that we will be able to drive costs lower while at the same time improving manufacturing efficiencies.

隨著產量的增加，我們預計我們將能夠降低成本，同時提高製造效率。

At this rate, we believe we'll be able to achieve positive operating margin depending on how much we choose to invest in operating expenses for R&D, sales and marketing, and G&A at that time.

以這個速度，我們相信我們將能夠實現正的營業利潤率，具體取決於我們當時選擇投資於研發、銷售和行銷以及一般管理費用的營運費用的多少。

Our pathway to reducing unit costs over time will be primarily driven by supply chain and manufacturing engineering efforts, such as reducing pricing with key vendors at volume production rates.

隨著時間的推移，我們降低單位成本的途徑將主要由供應鏈和製造工程工作所驅動，例如以批量生產速度降低主要供應商的定價。

And designed for manufacturing that will simplify Midnight's production processes and parts so that the aircraft can be manufactured at lower costs with reduced cycle times.

專為製造而設計，將簡化 Midnight 的生產流程和零件，以便以更低的成本和更短的周期時間製造飛機。

Again, this is all typical work that is done once a new hardware product gets to production and Stellantis and the Archer team are already working closely in this regard.

同樣，這都是新硬體產品投產後需要完成的典型工作，而 Stellantis 和 Archer 團隊已經在這方面密切合作。

Since the end of Q2, we've raised the total of $230 million to enhance our liquidity position.

自第二季末以來，我們已籌集了總計 2.3 億美元的資金來增強我們的流動性狀況。

In addition, our key terms with Stellantis on contract manufacturing provides for up to approximately $400 million of labor and CapEx offsets in exchange for Archer equity in the future when those costs are incurred.

此外，我們與 Stellantis 就合約製造達成的關鍵條款規定，在未來發生這些成本時，我們將提供高達約 4 億美元的勞動力和資本支出補償，以換取 Archer 股權。

The way to think about this framework is much like the Stellantis forward equity purchase agreement structure that has served us well over the last couple of years and will directly reduce our cash burn between 2025 and 2030.

思考這個框架的方式很像 Stellantis 遠期股權購買協議結構，該結構在過去幾年中為我們提供了良好的服務，並將直接減少我們在 2025 年至 2030 年間的現金消耗。

With respect to the quarter, we ended Q2, '24 with $360.4 million of cash and cash equivalents on our balance sheet, and another $6.7 million of restricted cash.

就本季而言，截至 2024 年第二季度，我們的資產負債表上有 3.604 億美元的現金和現金等價物，另有 670 萬美元的限制性現金。

This did not include the $55 million that Stellantis invests in July 1, which coupled with $175 million funding that we announced today ensures we continue to be one of the best capitalized companies in the industry.

這還不包括 Stellantis 在 7 月 1 日投資的 5,500 萬美元，再加上我們今天宣布的 1.75 億美元融資，確保我們繼續成為業內資本最好的公司之一。

Switching to expenses, on a GAAP basis, total operating expenses for Q2, '24 were $121.2 million, which included approximately $24.8 million of non-cash equity-related expenses, including $22.8 million of stock-based compensation and $2 million of warrant expenses.

轉向費用，以GAAP 計算，2024 年第二季的總營運費用為1.212 億美元，其中包括約2,480 萬美元的非現金股權相關費用，其中包括2,280 萬美元的股票薪酬和200 萬美元的認股權證費用。

Non-GAAP operating expenses, which are a proxy for cash expenses, because they don't include non-cash equity-related expenses and depreciation, were $96.4 million and slightly above our estimates range of $80 million to $95 million, due to the timing of materials received to build out our conforming aircraft, on which we have begun production.

非 GAAP 營運費用是現金費用的代表，因為它們不包括非現金股權相關費用和折舊，為 9,640 萬美元，略高於我們 8,000 萬至 9,500 萬美元的預期範圍，原因是時間安排我們收到了用於建造符合要求的飛機的材料，我們已開始生產該飛機。

Within the non-GAAP operating expenses, we incurred approximately $17 million of non-recurring costs, and material expenses with our suppliers during the quarter as we continue to invest in the maturation of our supply chain for Midnight and to procure parts for the manufacture of our Midnight aircraft that we will use for FAA for credit flight testing.

在非 GAAP 營運費用中，我們在本季度與供應商發生了約 1700 萬美元的非經常性成本和材料費用，因為我們繼續投資於 Midnight 供應鏈的成熟度並採購用於製造的零件我們的午夜飛機將用於FAA 進行信用飛行測試。

Finally, for Q3 '24, we anticipate total non-GAAP operating expenses of $90 million to $100 million.

最後，對於 24 年第三季度，我們預計非 GAAP 營運支出總額為 9,000 萬至 1 億美元。

This range represents a slight uptick in spending, as we expect to incur a substantial portion of the costs of materials to support the manufacture of our Midnight aircraft that will support our certification program.

這個範圍代表支出略有上升，因為我們預計將承擔很大一部分材料成本來支援午夜飛機的製造，而午夜飛機將支援我們的認證計畫。

And with that, operator, we can now open the line for questions.

接線員，現在我們可以開通提問專線了。

(Operator Instructions) Savi Syth, Raymond James.

（操作員說明）Savi Syth，Raymond James。

Hi, good afternoon, everyone.

嗨，大家下午好。

This is quite the update with a lot to digest here, but maybe I can ask you on the Midnight flying that you've done.

這是一個相當大的更新，這裡有很多東西需要消化，但也許我可以問你關於你所做的午夜飛行的事情。

Could you talk about how many of those flights you've done are on the Midnight aircraft, and a little bit more color on the kind of the type of flying that you've done and any -- if that's leading to any learning that as you build the next aircraft here?

您能否談談您所完成的這些航班中有多少是在午夜飛機上進行的，以及您所完成的飛行類型和任何飛行類型的更多信息 - 如果這會導致任何學習你在這裡建造下一架飛機嗎？

Yeah.

是的。

Hi Savi, I'll be happy to chat about that.

嗨，薩維，我很樂意談論這個問題。

As I mentioned earlier on the call, and we put in our shareholder letter, we've really ramped up the flight test cadence, these last couple quarters.

正如我之前在電話會議上提到的，我們在股東信中提到，在過去的幾個季度裡，我們確實加快了飛行測試的節奏。

So you can see--we've flown a couple hundred times so far already.

所以你可以看到——到目前為止我們已經飛了幾百次了。

Those flights are across both maker and Midnight.

這些航班跨越製造商和午夜。

Most of the flying we're doing today is with Midnight.

我們今天的大部分飛行都是在午夜進行。

That's where all the lessons are coming from.

這就是所有教訓的來源。

As an example, today we actually did six flights on Midnight.

舉個例子，今天我們實際上在午夜執行了六次航班。

So as to why we're doing the flying and what we're learning from that, there's really two main goals.

至於我們為什麼要進行飛行以及我們從中學到了什麼，實際上有兩個主要目標。

The first is gathering data to support our upcoming pilot flights.

首先是收集數據以支援我們即將進行的試點飛行。

We are learning a lot about the aircraft as we fly, its handling qualities, control laws, those sorts of things.

我們在飛行時學到了很多關於飛機的知識，包括它的操縱品質、控制法則等等。

But then the other thing we're learning, both from maker and Midnight, is the operational learnings.

但我們從創客和 Midnight 學到的另一件事是操作方面的經驗。

So as I talked about, we're working to ramp up the cadence of operations even further, with the goal of demonstrating, the type of operation we do commercially, which will be flying up to 15 times per day.

正如我所說，我們正在努力進一步加快營運節奏，目標是展示我們的商業營運類型，每天最多飛行 15 次。

So in order to do that we have to put a bunch of systems through their paces.

因此，為了做到這一點，我們必須對一系列系統進行測試。

Our battery cooling infrastructure, working to pull data off the aircraft super efficiently, all those things and all that sports both piloted flight testing, as well as the certification and ultimate operations.

我們的電池冷卻基礎設施致力於超高效地從飛機上獲取數據，所有這些都包括飛行員飛行測試以及認證和最終操作。

Hopefully that helps.

希望有幫助。

That's a helpful color.

這是一種有用的顏色。

I appreciate it.

我很感激。

If I might ask Mark just on today's capital raise that you're able to talk a little bit more about who the participants are and just how you are thinking about now with the capital raise, and the contract manufacturing kind of agreement and principle.

如果我可以問馬克今天的融資，您可以多談談參與者是誰，以及您現在如何考慮融資，以及合約製造類型的協議和原則。

Just how you're thinking about capital needs over the next kind of maybe year or two?

您如何考慮未來一兩年的資本需求？

Yeah, I'll let Adam provide some color on it, and then I can give you some details.

是的，我會讓 Adam 提供一些顏色，然後我可以給你一些細節。

Sure.

當然。

Savi, so the capital raise participants were a bunch of institutional investors, as well as some of our strategic partners, including Stellantis and United Airlines.

Savi，所以融資參與者是一群機構投資者，以及我們的一些策略夥伴，包括 Stellantis 和聯合航空。

So think kind of some of the big funds that exist across the US and the globe.

因此，想想美國和全球範圍內存在的一些大型基金。

When I think about the just overall frameworks for capital raising, really, I'll give you a high-level framework to how we're managing the business.

當我考慮融資的整體框架時，實際上，我將為您提供一個關於我們如何管理業務的高級框架。

And I think that will help you understand the cash burn and ultimately even the manufacturing ramp up.

我認為這將幫助您了解現金消耗，甚至最終的製造業成長。

So Mark talked about historically the core expense base here at Archer, and that's around $75 million to $80 million per quarter.

因此，Mark 談到了 Archer 歷史上的核心支出基礎，即每季約 7,500 萬至 8,000 萬美元。

When you exclude the one-time expenses from materials and upfront non-recurring engineering costs that are required to stand up the supply chain.

當您排除維持供應鏈所需的材料和前期非經常性工程成本中的一次性費用。

And so this relationship with Stellantis was designed so that they will cover the manufacturing labor costs and CapEx to scale production.

因此，與 Stellantis 的合作關係旨在讓他們承擔製造勞動成本和規模生產的資本支出。

So my goal is, that unless we start a new aircraft program, which we do not have any plans to do, the cost structure will not materially increase.

所以我的目標是，除非我們開始一個新的飛機計劃（我們沒有任何計劃這樣做），否則成本結構不會大幅增加。

And then when we think about the manufacturing ramp and how that really impacts cash flow, the goal is really to start from a modest perspective.

然後，當我們考慮製造業的成長以及它如何真正影響現金流時，我們的目標實際上是從一個溫和的角度開始。

And we provided a chart in the shareholder letter that shows a few aircraft where we'll start with.

我們在股東信中提供了一張圖表，其中顯示了我們將從中開始的幾架飛機。

And we stay at the several dozens of aircraft level for the first couple of years, deploy them and then ultimately scale up.

最初幾年我們停留在幾十架飛機的水平，部署它們，然後最終擴大規模。

And Mark also mentioned at the 250 aircraft level, it's our goal to hit a target gross margin of 40% to 50%.

Mark也提到，在250架飛機層面，我們的目標毛利率是40%到50%。

So if you assume a $5 million ASP, a 50% gross margin at the 250 volume level, Archer should be cash flow positive at that point.

因此，如果您假設 ASP 為 500 萬美元，250 銷量水準下的毛利率為 50%，那麼 Archer 此時的現金流應該為正。

So really the key to all of this has been about Archer just starting and getting launched.

所以，所有這一切的關鍵在於 Archer 的起步和啟動。

Hopefully that gives you a sense for how we're thinking about it.

希望這能讓您了解我們是如何思考這個問題的。

Bill Peterson, JPMorgan.

比爾彼得森，摩根大通。

Thanks for providing all the details, including how to think about the future financial model and commercialization plans.

感謝您提供所有細節，包括如何思考未來的財務模式和商業化計劃。

My first question is on the on the GCAA.

我的第一個問題是關於 GCAA 的。

I just want to get a sense do you still feel like UAE might be the first market?

我只是想知道您是否仍然認為阿聯酋可能是第一個市場？

And what does the GCAA do in terms of, I'd say, resources towards certification?

我想說，GCAA 在認證資源方面做了什麼？

How might that vary versus the FAA?

這與 FAA 有何不同？

Are they looking at every top program?

他們會關注每一個頂級項目嗎？

I mean, we're aware of at least one other program, but how should we think about the certification in that region?

我的意思是，我們至少知道還有一個其他計劃，但我們應該如何考慮該地區的認證？

Hi Bill, this is Adam.

嗨，比爾，我是亞當。

So yeah, we do think there is an interesting opportunity to launch internationally, particularly in the UAE.

所以，是的，我們確實認為有一個有趣的機會在國際上推出，特別是在阿聯酋。

So just to kind of step back for a second, we've been supported directly by the national government through the Abu Dhabi Investment Office, as well as the regulators.

退一步來說，我們透過阿布達比投資辦公室得到了國家政府以及監管機構的直接支持。

And they've spent time with us here in California, working on the right pathway to launch commercially as soon as next year.

他們在加州與我們一起度過了一段時光，致力於尋找最快明年投入商業運營的正確途徑。

And then we have really strong partners there as well.

我們在那裡也有非常強大的合作夥伴。

So Falcon, Aviation Air Chateau are two of the, are the only two urban air mobility operators in Dubai and Abu Dhabi.

Falcon、Aviation Air Chateau 是其中兩家，是杜拜和阿布達比僅有的兩家城市空中交通營運商。

So both of them today fly helicopters in the two cities, as well as the corridor in between them, but they charge thousands of dollars on those routes.

因此，他們現在都在這兩個城市以及它們之間的走廊上飛行直升機，但他們在這些航線上收取數千美元的費用。

So it's really expensive just due to the high operating cost of helicopters.

因此，由於直升機的運作成本很高，所以它的價格確實很昂貴。

So collectively those two plan to deploy a large number of Midnight aircraft, and they can slot those directly into the routes that they're operating today.

因此，這兩家公司共同計劃部署大量午夜飛機，並且他們可以將這些飛機直接安排到他們今天運營的航線中。

So we're working to electrify and ready the infrastructure there in Abu Dhabi and Dubai.

因此，我們正在努力實現阿布達比和杜拜的電氣化並準備好基礎設施。

So our strategy is really to work with the leaders of the international markets, and that's been paying off.

因此，我們的策略實際上是與國際市場的領導者合作，這已經得到了回報。

We've also previously announced a relationship with Etihad on the training side to work with some of the local partners on simulators and training pilots via their academy.

我們之前也宣布與阿提哈德航空在培訓方面建立合作關係，與一些當地合作夥伴合作開發模擬器並透過他們的學院培訓飛行員。

We've had a lot of support at the highest level there, and that support through the Abu Dhabi Investment Office has really unlocked our ability for the aviation regulator there, the GCAA, to start working with us on an expedited deployment path under the same airworthiness criteria that the FAA published earlier this year.

我們在那裡得到了最高層的大力支持，透過阿布達比投資辦公室提供的支持確實釋放了我們在那裡的航空監管機構GCAA 的能力，使我們能夠在同一框架下開始與我們合作，在快速部署路徑上進行合作。

So the whole goal is to get through that.

所以整個目標就是要完成這個任務。

And maybe I'll let Tom give a sort of little bit more color as well.

也許我也會讓湯姆提供更多的色彩。

Yeah, I would say the way to think about this is, we've got a really well-established certification framework and pathway that the US FAA has put together.

是的，我想說的思考方式是，我們已經擁有美國聯邦航空管理局 (FAA) 制定的非常完整的認證架構和途徑。

We've been executing on for the last several years.

過去幾年我們一直在執行。

And so our state of design of the aircraft is still the United States, still working with the FAA, but the GCAAA is one of the regulators that's come to us interested in working on how, could they essentially validate the data that we're already generating, based off of our existing FAA-CERT program.

因此，我們飛機的設計狀態仍然是美國，仍在與 FAA 合作，但 GCAAA 是對我們感興趣的監管機構之一，他們是否可以從根本上驗證我們已經掌握的數據根據我們現有的FAA-CERT計劃生成。

So we're engaged with them now, on where we are in that process and the one thing that I think we're really aligned on with them is, regardless of those details, we'll only take a safe airplane to market.

所以我們現在正在與他們接觸，了解我們在這個過程中所處的位置，我認為我們真正與他們保持一致的一件事是，無論這些細節如何，我們只會將一架安全的飛機推向市場。

And so right now it's just us continuing to execute, and get the data and it's just another place to share the data with.

所以現在只有我們繼續執行並獲取數據，它只是另一個共享數據的地方。

Yeah, thanks for that.

是的，謝謝你。

I wanted to also follow-up on the test flight campaign.

我還想跟進試飛活動。

So especially, I think you're between, I guess, what needs to happen or what needs to be completed between now and piloted flights.

所以特別是，我認為你介於現在和試飛之間需要發生什麼或需要完成什麼。

Are there more modifications to the powertrain, motors, rotors, things like that?

動力總成、馬達、轉子等是否還有更多修改？

And then I guess when we think about the flight testing, what are they, just could you elaborate more on what you're doing beyond the transition flights that you did in June?

然後我想當我們考慮飛行測試時，它們是什麼，除了六月的過渡飛行之外，您能否詳細說明您正在做的事情？

Yeah, of course.

是的，當然。

So to your first question, there's no modifications that need to be made.

所以對於你的第一個問題，不需要做任何修改。

We're essentially in the process of integrating and bringing up the aircraft we will use, for those first piloted flights.

我們基本上正在整合和調配我們將用於首次試飛的飛機。

So as I mentioned, we had the delivery of the first wing for that aircraft.

正如我所提到的，我們已經交付了該飛機的第一個機翼。

We started to integrate systems.

我們開始整合系統。

We're starting to do the functional testing.

我們開始進行功能測試。

The next phase will be shipping the aircraft to Salinas where we do our flight testing campaign, completing ground tests.

下一階段將把飛機運送到薩利納斯，我們在那裡進行飛行測試活動，完成地面測試。

Basically the whole context there is, this is like real deal piloted flight testing.

基本上整個背景都是這樣，這就像真正的無人駕駛飛行測試。

So again, safety comes first.

所以再次強調，安全第一。

We're going to be flying these aircraft thousands of feet above the ground, a hundred miles an hour.

我們將以每小時一百英里的速度駕駛這些飛機離地面數千英尺。

These are not like demo flights or tethered flights we're doing.

這些與我們正在進行的演示飛行或繫留飛行不同。

This is like real deal flight testing.

這就像真正的飛行測試。

So in terms of the flight testing we've done to-date with Midnight, now that we've completed expanding the transition envelope, the learnings are, as I mentioned, two categories.

因此，就我們迄今為止在「午夜」所做的飛行測試而言，既然我們已經完成了過渡包絡的擴展，正如我所提到的，學習內容分為兩類。

First is engineering focused that's largely around aircraft controls.

首先是工程重點，主要圍繞在飛機控制。

So things that will feed into the final software that goes on the airplane, how we control through transition, how we control different speeds.

因此，這些內容將輸入到飛機上的最終軟體中，我們如何控制過渡，我們如何控制不同的速度。

And then the other main learnings, as I mentioned, to Savi's question are operational.

然後，正如我所提到的，針對薩維問題的其他主要知識是可操作的。

So getting our ground support equipment spooled up, able to recharge the aircraft very quickly in between flights, all those things that matter, both when we get into the certification flight test, and then also in commercial ops.

因此，讓我們的地面支援設備啟動，能夠在兩次飛行之間非常快速地為飛機充電，所有這些都很重要，無論是在我們進入認證飛行測試時，還是在商業運營中。

Hi Bill, this is Adam.

嗨，比爾，我是亞當。

Yeah, maybe if I can just add one more piece of color.

是的，也許我可以再添加一種顏色。

The area I think that's most important in these aircraft programs is being really mature in your design.

我認為在這些飛機項目中最重要的領域是設計的真正成熟。

And that's been the key.

這就是關鍵。

And so what we have felt comfortable with and what we've talked about building these six conforming aircraft, is that we feel very comfortable in the design and maturity of that design.

因此，我們對建造這六架合格飛機感到滿意以及我們所談論的，是我們對設計和設計的成熟度感到非常滿意。

And so I know a lot of the programs you get stuck in this loop where you're constantly trying to figure out, how to close your design and that can cause large, large delays.

所以我知道很多程式都會陷入這個循環，你不斷地試圖弄清楚如何關閉你的設計，這可能會導致很大很大的延遲。

We feel comfortable in the design we're at today, and that's why we feel confident in the flight test program ahead and going forward.

我們對今天的設計感到滿意，這就是為什麼我們對未來的飛行測試計劃充滿信心。

And we've shown already what the capabilities of this aircraft can do.

我們已經展示了這架飛機的功能。

And now it's really just an execution game for us to get through putting the aircraft through all the paces to bring it up and ultimately start flying the piloted conforming aircraft.

現在，對我們來說，這實際上只是一個執行遊戲，讓飛機通過所有步驟，最終開始飛行有人駕駛的合格飛機。

Edison Yu, Deutsche Bank.

於愛迪生，德意志銀行。

So my first question is about the Stellantis funding the labor and the CapEx cost.

所以我的第一個問題是關於 Stellantis 為勞動力和資本支出提供資金的問題。

Can you walk us through like operationally how this works?

您能向我們介紹一下它的運作原理嗎？

Like, for example, who's conducting the hiring of workers and setting volume schedules?

例如，誰負責僱用工人並制定產量計劃？

And how will that cash flow like, flow through the income statement?

現金流量將如何流經損益表？

Is that will be kind of [SBC] in COGS or?

這是否是 COGS 中的一種 [SBC]？

Sure.

當然。

This is Adam.

這是亞當。

I'll start.

我開始吧。

From a high-level perspective, the way you should be think about this launch relationship is kind of twofold.

從高層次的角度來看，您應該從兩個方面考慮這種啟動關係。

One is reduce cash burn as we ramp production at the factory.

一是隨著我們工廠產量的增加而減少現金消耗。

And then two, is to increase the likelihood that we reach our target production levels that allow us to get to profitability.

第二，是增加我們達到目標生產水準的可能性，使我們能夠獲利。

So I think we saw--we've all seen with the startup EV industry, they struggled to ramp volumes.

所以我認為我們都看到了——我們都看到了新創電動車產業，他們正在努力提高產量。

And so I think this relationship here is set up to help us reduce risk there.

因此，我認為建立這種關係是為了幫助我們降低那裡的風險。

So we focused on two key areas, which were labor and CapEx.

因此，我們專注於兩個關鍵領域，即勞動力和資本支出。

The good news is that we've already absorbed a lot of the CapEx that was needed to build out the factory.

好消息是，我們已經吸收了建造工廠所需的大量資本支出。

So there's not a ton left that helps us get through that initial ramp.

因此，已經沒有太多東西可以幫助我們度過最初的斜坡了。

And then there will be additional opportunities to spend more CapEx as we look at, introducing things like automation.

然後，正如我們所看到的，將會有更多的機會花費更多的資本支出，引入自動化等技術。

So that's kind of the primary function how we started it.

這就是我們啟動它的主要功能。

Now, Stellantis has had people working at Archer here for quite some time.

現在，Stellantis 已經在 Archer 工作了相當長一段時間了。

So there are dozens of Stellantis employees that are already mixed into the Archer team across engineering, manufacturing, design, supply-chain quality.

因此，已有數十名 Stellantis 員工加入了 Archer 團隊，涉及工程、製造、設計、供應鏈品質等領域。

And what we're doing here is really looking at the next step, which is on the manufacturing side.

我們在這裡所做的實際上是著眼於下一步，即製造方面。

So we are working together to really spool up a lot of the manufacturing plants, which we have been doing now for quite some time.

因此，我們正在共同努力，真正整合許多製造工廠，我們現在已經這樣做了相當長一段時間了。

But then ultimately what's going to happen from the labor perspective is that Stellantis will help pay for the labor and Archer will reimburse Stellantis with stock over time as those expenses are incurred.

但最終從勞動力角度來看，Stellantis 將幫助支付勞動力費用，而隨著這些費用的發生，Archer 將用庫存補償 Stellantis。

So effectively, it's a way for Archer to reduce its cash burn needs and increase the odds of success.

如此有效，這是 Archer 減少現金消耗需求並增加成功幾率的一種方式。

I think that the net of that is extremely impactful to us at this point.

我認為目前這一網絡對我們影響極大。

You can think about it like an Apple-Foxconn type relationship, where Archer will be Apple in that scenario where we are focused on design of the aircraft and Stellantis will focus heavily on the labor side of scaling.

你可以將其視為蘋果與富士康類型的關係，在這種情況下，Archer 將是蘋果，我們專注於飛機的設計，而 Stellantis 將重點關注規模化的勞動力方面。

Hey, this is Mark here.

嘿，這是馬克。

Your specific question around the accounting of that, we're still working with our -- I mean we just came to these key contract terms recently with our partner Stellantis.

關於您關於會計的具體問題，我們仍在與我們合作——我的意思是我們最近剛剛與我們的合作夥伴 Stellantis 達成了這些關鍵合約條款。

So we're still working also through the accounting for those with our accounting partners.

因此，我們仍在與我們的會計合作夥伴一起為那些人進行會計工作。

So we can give you more data as that becomes available.

因此，我們可以在有可用數據時為您提供更多數據。

Okay.

好的。

Got it.

知道了。

Yeah, I think the second question is, you have a lot of announced orders now.

是的，我認為第二個問題是，你們現在有很多已宣布的訂單。

So could you give us a sense of how many deposits will be paid this year and how much that will ramp up in 2025 to 2026?

那麼您能否讓我們了解今年將支付多少押金以及 2025 年至 2026 年將增加多少？

Sure.

當然。

So this is Adam.

這就是亞當。

The way we have structured a lot of our aircraft sales has been there's an initial 1% to 2% down payment.

我們大部分飛機銷售的結構方式是先支付 1% 到 2% 的首付。

And then the goal is to collect up to 50% in pre-delivery payments, as we get close to the delivery of the aircraft.

然後，我們的目標是，當我們接近飛機交付時，收取高達 50% 的交付前付款。

And so the way we're going to slot and go to collect those different payments, really have to do on a market-by-market basis in terms of our ability to work with the local regulator, and get through the certification process.

因此，我們要安排和收取這些不同付款的方式，實際上必須根據我們與當地監管機構合作並通過認證流程的能力，在逐個市場的基礎上進行。

So you can think about it like the increase in pre-delivery payments will ultimately really result in a placement, or a slot that these different orders will be connected to.

因此，您可以將其視為預交付付款的增加最終將真正導致這些不同訂單將連接到的放置或插槽。

And so as it becomes more clear the different geographies, I think that will become much more clear of when those pre-delivery payments will get paid.

因此，隨著不同地區的情況變得更加清晰，我認為何時支付這些預付款將變得更加清晰。

So as we've mentioned, the UAE is a good example of this, where there is increasing level of transparency, or an increasing path to us getting to market.

正如我們所提到的，阿聯酋就是一個很好的例子，那裡的透明度不斷提高，或者說我們進入市場的途徑越來越多。

So I would expect the level of pre-delivery payments to start to pick up, considerably as we get closer to the launch dates.

因此，我預計隨著我們越來越接近發布日期，預交付付款水準將開始大幅上升。

Austin Moeller, Canaccord.

奧斯汀·莫勒，Canaccord。

My first question here, when we think about Los Angeles, how many aircraft just sort of ball parking are you expecting to scale to in the LA area by either like the 2028 Olympics or the Super Bowl, just when we think about operations?

我的第一個問題是，當我們考慮洛杉磯時，當我們考慮營運時，您預計在 2028 年奧運會或超級盃比賽期間在洛杉磯地區增加多少架飛機？

Hey, Austin.

嘿，奧斯汀。

So what's interesting about Los Angeles is when Billy Nolen was the administrator at the FAA, he put out a goal for the -- what he called Innovate 2028, which was for the mass use of eVTOLs at scale at the LA Olympics in 2028.

因此，洛杉磯的有趣之處在於，當比利·諾倫(Billy Nolen) 擔任FAA 行政長官時，他提出了一個他稱之為“創新2028”的目標，即在2028 年洛杉磯奧運會上大規模使用eVTOL 。

So that was a goal that the FAA had put out there.

這就是美國聯邦航空局提出的目標。

And so what's really cool about this announcement, is we're starting to work towards that goal, especially with some of those key assets that will likely be involved in the LA Olympics.

因此，這項公告真正酷的是，我們開始努力實現這一目標，特別是那些可能參與洛杉磯奧運的一些關鍵資產。

And so the way that Billy had framed it was the goal was to be able to use hundreds of eVTOLs at a given time.

因此，比利制定的目標是能夠在給定時間使用數百架 eVTOL。

Now that doesn't necessarily mean it'll just be Archer that that would be the only one that's doing that.

現在這並不一定意味著只有阿徹才會這樣做。

So the way that we're going to really target this is, stand up a lot of the operations from the infrastructure perspective, work with the different local communities, to get their buy-in and support as we go do this.

因此，我們真正要實現這一目標的方式是，從基礎設施的角度開展大量業務，與不同的當地社區合作，在我們這樣做時獲得他們的支持和支持。

And then ultimately deploy as many aircraft as we can.

然後最終部署盡可能多的飛機。

But the way I would think about it is--it is a global showcase of America's leadership in aviation at a point that I think will be extremely well received.

但我的想法是——這是美國在航空領域領導地位的全球展示，我認為這將受到極大的歡迎。

But that's really the 2028 time frame.

但這確實是 2028 年的時間框架。

But even in 2026, you have the ability to showcase a similar type of scenario at the World Cup, which will be held in Los Angeles.

但即使在 2026 年，你也有能力在洛杉磯舉行的世界盃上展示類似的場景。

And then you even have a Super Bowl that will likely be -- it will be in LA even before that.

然後你甚至可能會舉辦超級盃——甚至在那之前就在洛杉磯舉行。

So lots of opportunities to showcase the aircraft across that network, to get a lot of community involvement and support for the industry.

因此有很多機會在該網路上展示飛機，以獲得大量社區參與和對該行業的支持。

And of course, LA is probably the number one place for traffic in the US And so there will be likely a very large demand for the aircraft.

當然，洛杉磯可能是美國交通第一的地方，因此對飛機的需求可能會非常大。

Great to see Innovate 2028 coming to life.

很高興看到創新 2028 落地。

Another question, what kind of decibel levels are you recording in the latest test flights of the Midnight?

另一個問題，您在最近的午夜試飛中記錄到的分貝水平是多少？

And has it improved since the prior prototypes like Maker?

與之前的 Maker 原型相比，它是否有所改進？

Sure.

當然。

Hey, Austin, this is Tom.

嘿，奧斯汀，這是湯姆。

Basically, all the acoustic testing so far has been in line with predictions.

基本上，到目前為止所有的聲學測試都符合預測。

I forget the exact number off the top of my head, so I don't want to provide it right now.

我忘記了確切的數字，所以我現在不想提供。

But essentially, our models that we tuned with Maker are yielding estimates in line with what we expect for Midnight.

但本質上，我們與 Maker 一起調整的模型所產生的估計值與我們對 Midnight 的預期一致。

And we still expect it to be significantly quieter than helicopters.

我們仍然預計它會比直升機安靜得多。

We have data to show that both in take-off and landing and then obviously in forward flight where I've heard Midnight by myself, it's practically silent when in cruise.

我們有數據顯示，無論是在起飛和著陸時，還是在向前飛行時，我自己都聽到了“午夜”的聲音，而在巡航時，它幾乎是安靜的。

So it's super cool.

所以這非常酷。

Josh Sullivan, The Benchmark Company.

喬許·沙利文，基準公司。

With 10 aircraft anticipated here in '25, and 50 in '26, how's the pilot training certification framework coming together?

預計 25 年將有 10 架飛機，26 年將有 50 架飛機，飛行員訓練認證架構如何整合？

Sure.

當然。

Well, I mentioned on the call that the FAA is making good progress on the SFAR.

嗯，我在電話中提到 FAA 在 SFAR 方面正在取得良好進展。

And that's really the main piece of data that we need to give you a firm answer on that in the sense that that regulation will define the training requirements.

這確實是我們需要給您一個明確答案的主要數據，因為該法規將定義培訓要求。

On the Archer side, though, we, on our airline team, are standing up our own formal pilot training capability.

不過，在阿切爾方面，我們的航空公司團隊正在建立自己的正式飛行員訓練能力。

So there's an entire team that's focused on developing the training syllabus for that, as well as doing the work, putting together simulator hardware to support that program.

因此，整個團隊專注於為此開發培訓大綱，並開展工作，組裝模擬器硬體以支援該計劃。

But until the SFAR comes out, it's a little bit hard to say all the details.

但在 SFAR 發布之前，很難說出所有細節。

And then just switching over to the order book, looking at the order book versus the production schedule, what percentage of the book are you leaving open for new customers entering the backlog, or for the first couple of years here booked out at this point?

然後切換到訂單簿，查看訂單簿與生產計劃，您為進入積壓訂單的新客戶保留了多少百分比的訂單，或者此時在頭幾年已預訂完畢？

And then what percentage of production are you thinking about dedicating to Archer versus direct sales and the partnerships?

那麼，相對於直接銷售和合作夥伴關係，您考慮將多少比例的生產投入 Archer 中？

Hey, Josh, it's Adam.

嘿，喬什，我是亞當。

So the direct sales model is quite compelling, because it gives us an ability to generate cash flow relatively early in the company's life cycle.

因此，直銷模式非常引人注目，因為它使我們能夠在公司生命週期的相對早期產生現金流。

And so I think that's really important to building the long-term Archer Air platform that can be scaled globally.

因此，我認為這對於建立可在全球擴展的長期 Archer Air 平台非常重要。

So that was really key to the beginning part of the entire strategy that we had here at Archer.

因此，這確實是我們在 Archer 制定的整個策略的開始部分的關鍵。

So we've been working to partner with really the most prominent and largest companies and groups in the international markets.

因此，我們一直致力於與國際市場上最著名、最大的公司和集團合作。

And as we have made those connections and formed those agreements, it's been -- really quite helpful to be introduced really to those countries at such a high level.

當我們建立這些聯繫並達成這些協議時，向這些國家介紹如此高的等級確實非常有幫助。

And so what I think will really play out, is there will be an opportunity to introduce aircraft across many different countries at relatively low levels, take time to learn, and then ultimately scale them up.

因此，我認為真正會發揮作用的是，將有機會在許多不同的國家以相對較低的水平引進飛機，需要時間學習，然後最終擴大規模。

So I actually think by putting a handful of aircraft in many different countries will ultimately lead to a much faster ramp than just targeting one or two places in the very beginning.

因此，我實際上認為，透過在許多不同的國家/地區部署少量飛機，最終將比一開始就瞄準一兩個地方更快地實現飛機起飛。

So that's been the strategy on how to do that.

這就是如何做到這一點的策略。

And there has been some countries that have leaned in very heavily.

有些國家已經大力支持。

So example, UAE, we've obviously talked a lot about, but the broader GCC has also leaned in pretty heavily as well.

例如，我們顯然已經談論了很多阿聯酋，但更廣泛的海灣合作委員會也大力支持。

So you've seen a lot of action and support from Saudi Arabia as well as an example.

您已經看到了沙烏地阿拉伯的大量行動和支持以及一個例子。

So as these countries continue to lean in, we will continue to form more partnerships that can allow us to put the just base level frameworks, in place to allow us to scale to these larger numbers in the outer years.

因此，隨著這些國家繼續努力，我們將繼續建立更多的夥伴關係，使我們能夠建立公正的基礎水平框架，使我們能夠在未來幾年擴大到這些更大的數字。

Thank you.

謝謝。

(Operator Instructions) David Zazula, Barclays.

（操作員指示）David Zazula，巴克萊銀行。

Adam, I mean, this is a pretty monumental step in the relationship between you and Stellantis.

亞當，我的意思是，這是你和斯特蘭蒂斯之間關係中具有里程碑意義的一步。

Obviously, they've been a critical partner up until now, and this only further enhances that relationship.

顯然，到目前為止，他們一直是重要的合作夥伴，而這只會進一步加強這種關係。

What can you say publicly about your conversations as a shareholder with them as far as how comfortable they are in taking the increased equity stake in Archer?

關於您作為股東與他們的對話，您能公開談論他們對於增加 Archer 股權的意願嗎？

And how much of a stake they're willing to take, and then how comfortable you are with the portion of the company owned by strategic investors?

他們願意持有多少股份，然後您對策略投資者擁有的公司份額有多滿意？

Thanks for the question, David.

謝謝你的提問，大衛。

So when I started Archer, what was just absolutely critical to me was that I was able to build a vehicle and deploy it.

因此，當我創辦 Archer 時，對我來說絕對重要的是我能夠建造一輛車輛並部署它。

And so there's a lot of founders out there that will build hardware companies, and there's ways to generate a personal financial return from doing that and never actually get a product to market.

因此，有很多創辦人會建立硬體公司，並且有很多方法可以透過這樣​​做來產生個人財務回報，但實際上卻不會將產品推向市場。

But that's been not my goal at all.

但這根本不是我的目標。

My entire goal has been to deploy a product that can have global scale, and just create real impact.

我的整個目標是部署一款具有全球規模的產品，並產生真正的影響力。

And so that's really what I've been optimizing everything towards.

這就是我一直在優化一切的目標。

And so the relationship with Stellantis has been geared towards helping us get to market.

因此，與 Stellantis 的關係旨在幫助我們進入市場。

And it's really focused across those two areas that I talked about, which was a capital light way to get to market, and while finding the fastest path to commercializing.

它確實集中在我談到的這兩個領域，這是一種進入市場的輕資本方式，同時找到最快的商業化路徑。

So increasing the likelihood that we could reach our production levels and ultimately get to profitability.

因此增加了我們達到生產水平並最終實現盈利的可能性。

That's what this does.

這就是這個的作用。

And so for me, really, everything is about just increasing those odds.

所以對我來說，真的，一切都是為了增加這些幾率。

So that really means we need more capital.

所以這確實意味著我們需要更多的資金。

And so that helped by doing that by offsetting a lot of the cost we have here going forward.

因此，這有助於抵消我們未來的大量成本。

And then also increasing just the production capabilities.

然後還增加生產能力。

So this was a huge, huge announcement for us, and at least for me, from my perspective, and dramatically increases the odds that we get to market.

因此，這對我們來說是一個非常非常重大的公告，至少對我來說，從我的角度來看，它大大增加了我們進入市場的幾率。

If you just take a step back and look at what's happened, David, we went in -- and Archer's a relatively newcomer into the industry.

如果你退後一步看看發生了什麼，大衛，我們就進入了——而阿徹是這個行業的一個相對較新的人。

We started in 2018.

我們從 2018 年開始。

A lot of the competitors started 10 years before that.

許多競爭對手早在 10 年前就開始了。

And you look at what we've done from the pacing of even just engineering accomplishments, I mean, we've now built and flown, that's our second generation aircraft that's been through a full transition.

你從工程成就的節奏來看我們所做的事情，我的意思是，我們現在已經建造並飛行了，這是我們已經經歷了全面過渡的第二代飛機。

I mean, a lot of the companies that even started before us have still yet to even fly in aircraft.

我的意思是，許多甚至在我們之前成立的公司還沒有駕駛飛機。

So that was -- I'm super proud of that.

所以這就是——我對此感到非常自豪。

Now we're building this fleet of piloted conforming aircraft.

現在我們正在建造這支有人駕駛的合格飛機機隊。

I don't see anybody else in the world, saying they're building piloted conforming aircraft even right now.

我沒有看到世界上有任何其他人說他們現在正在建造有人駕駛的合格飛機。

And then we have the factory that's put in place that can ramp and scale.

然後我們就有了可以擴大規模的工廠。

We have a partner that's going to help pay for all of that.

我們有一個合作夥伴可以幫助支付所有費用。

And then we have a pretty clear path now and how to get to market with a huge indicative order book, backlog.

然後我們現在有一個非常清晰的路徑，以及如何以巨大的指示性訂單簿和積壓進入市場。

So we're ready.

所以我們準備好了。

And this is the time.

現在就是時候了。

This is the point where I think Archer assumes a leadership position in the world.

我認為阿切爾在這一點上佔據了世界領導地位。

And I think people are going to wake up, and really see in the very near term here that eVTOL is coming to market and will be scaled up here and I think Archer leads that charge.

我認為人們將會覺醒，並在不久的將來真正看到 eVTOL 即將進入市場，並將在這裡擴大規模，我認為 Archer 引領著這一潮流。

Thanks.

謝謝。

That is helpful color around the announcement.

公告周圍的顏色很有幫助。

Tom, can I follow-up on one of Bill's questions earlier?

湯姆，我可以跟進比爾之前提出的一個問題嗎？

Could you put maybe a finer point about what for credit testing you're doing?

您能否更詳細地說明一下您正在做什麼信用測試？

What types of components you've done for credit testing on and what the plan is for kind of system level for credit testing this year?

您對哪些類型的組件進行了信用測試？

Yeah, absolutely.

是的，絕對是。

So if you go to our Shareholder Letter, we've got a chart in there that I've been updating the last couple of quarters.

因此，如果您查看我們的股東信，我們會在其中提供一張圖表，我在過去幾個季度一直在更新該圖表。

So the areas that we're doing for credit testing are obviously areas where we have certification plans that are approved, and we're just executing with that.

因此，我們正在進行信用測試的領域顯然是我們擁有已批准的認證計劃的領域，我們正在執行該計劃。

So the like main category of things there, just broad brush strokes, are the system components that are coming from our supply base.

因此，類似的主要類別，只是粗略地說，是來自我們供應基地的系統組件。

So as we've talked about over and over, our whole strategy was to make as much of the aircraft as simple and low risk as possible.

因此，正如我們一遍又一遍地談論的那樣，我們的整個策略是使飛機盡可能簡單且風險盡可能低。

And we've done that by partnering with all the companies we've mentioned, Safran, Garmin, Honeywell, et cetera.

我們透過與我們提到的所有公司（賽峰、Garmin、霍尼韋爾等）合作來做到這一點。

So just kind of pointing you to the chart, you can see in which of these systems we are in which stages.

因此，只需將您指向圖表，您就可以看到我們處於哪個系統中的哪個階段。

And then in those areas, there's some examples of things we're doing like, SOI-2, hardware and software audits with Honeywell.

然後在這些領域，有一些我們正在做的事情的例子，例如 SOI-2、與霍尼韋爾一起進行硬體和軟體審計。

All or a big chunk of the environmental for credit testing completed for most of our flight control system and flight tech avionics.

我們的飛行控制系統和飛行技術航空電子設備大多已完成全部或大部分信用測試環境。

So that's kind of where we're in.

這就是我們現在的處境。

If I take a step back, this is really that system and component level testing that all needs to be done before we ultimately get to for credit flight testing.

如果我退後一步，這實際上是系統和組件級別的測試，在我們最終進行信用飛行測試之前需要完成所有這些測試。

So the goal is to be doing that next year with these piloted aircraft that we've mentioned are in production.

因此，我們的目標是明年利用我們提到的這些正在生產的有人駕駛的飛機來實現這一目標。

Thank you.

謝謝。

There are no additional questions waiting at this time.

目前沒有其他問題等待。

I would like to pass the conference back to the CEO, Adam Goldstein, for any closing remarks.

我想將會議轉交給執行長 Adam Goldstein，讓其發表閉幕詞。

I'd like to thank everyone who joined today's call and also the entire Archer team and our partners that have really helped us relentlessly execute and maintain our leadership position in the industry in bringing electric aircraft to markets as early as next year.

我要感謝參加今天電話會議的所有人，以及整個 Archer 團隊和我們的合作夥伴，他們真正幫助我們堅持不懈地執行和保持我們在行業中的領導地位，最早於明年將電動飛機推向市場。

Our capital efficient approach has helped us maintain a strong liquidity position.

我們的資本效率方法幫助我們維持強勁的流動性狀況。

As we enter the second half of 2024, I am really excited about the quarter ahead.

隨著我們進入 2024 年下半年，我對未來的季度感到非常興奮。

Thanks again for joining us today.

再次感謝您今天加入我們。

That concludes the Archer Aviation Q2 '24 operating financial results conference call.

Archer Aviation '24 年第二季營運財務業績電話會議到此結束。

I hope you all enjoy the rest of your day.

我希望你們都度過愉快的一天。

You may now disconnect your line.

現在您可以斷開線路。