Archer Aviation Inc (ACHR) 2024 Q3 法說會逐字稿

Good afternoon. Welcome to today's Archer Aviation third quarter, 2024 financial results conference call. My name is Victoria and I'll be your moderator today. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end.

午安.歡迎參加今天的 Archer Aviation 2024 年第三季財務業績電話會議。我叫維多利亞，今天我將擔任你們的主持人。在通話的演示部分，所有線路將被靜音，最後有機會提問和回答。

(Operator Instructions)

（操作員說明）

I would now like to pass the conference over to your host, Eric Lentell, General Counsel. Thank you. You may proceed Eric.

現在我想將會議轉交給東道主、總法律顧問 Eric Lentell。謝謝。你可以繼續埃里克。

Good afternoon and thank you for joining Archer's earnings call. This is Eric Lentell Archer's General Counsel. On our call today. We'll be making forward-looking statements.

下午好，感謝您參加阿徹的財報電話會議。我是 Eric Lentell Archer 的總法律顧問。今天我們通話。我們將做出前瞻性陳述。

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，請參閱我們的 sec 文件中的風險因素。

We will also be discussing both GAAP and non-GAAP financial measures on today's call, a reconciliation of those GAAP to non-GAAP financial measures is included in our shareholder letter and earnings release from today.

我們還將在今天的電話會議上討論 GAAP 和非 GAAP 財務指標，這些 GAAP 與非 GAAP 財務指標的調整表包含在我們今天的股東信和收益發布中。

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

法律術語消失後，我會將電話轉給 Adam。亞當？

Thanks Eric. Since founding Archer, our mission has been constant to pursue the most efficient path to making urban air mobility an everyday reality.

謝謝埃里克。自 Archer 成立以來，我們的使命始終是追求最有效的途徑，使城市空中交通成為日常現實。

Over the past six years, we have worked to establish the foundation to allow Archer to seamlessly transition from concept to commercialization.

在過去的六年裡，我們一直致力於為 Archer 從概念到商業化的無縫過渡奠定基礎。

Now, regulators and industry leaders are moving increasingly in lockstep as we enter the commercialization phase of [evtol at Arhi,] we're honored and energized to be at the forefront of that shift.

現在，隨著我們進入 [evtol at Arhi] 的商業化階段，監管機構和行業領導者的步調越來越一致，我們很榮幸也充滿活力地站在這一轉變的最前沿。

This momentum was unmistakable last month when the FAA administrator, Mike Whitaker signed the final powered lift SAR the Special Federal Aviation regulation alongside Archer's Chief Regulatory Affairs Officer and his predecessor, Captain Billy Nolen.

上個月，美國聯邦航空局局長邁克·惠特克(Mike Whitaker) 與阿徹的首席監管事務官及其前任比利·諾倫上尉一起簽署了最終的動力升降機SAR 特別聯邦航空法規，這種勢頭是顯而易見的。

In a few moments, you'll hear directly from Billy on the positive outcome of the [bar] for the entire industry and our collective path forward.

稍後，您將直接從 Billy 那裡聽到有關 [bar] 對整個行業以及我們共同前進道路的積極成果。

The SAR is the key operational piece of the regulatory puzzle here in the US giving us and the rest of the industry a clear path and structured framework for the safe phased rollout [of]

SAR 是美國監管難題的關鍵操作部分，為我們和產業其他成員提供了安全分階段推出的明確路徑和結構化框架

I'm grateful to administrator Whitaker and his team at the FAA for championing America's leadership in advanced aviation technologies and for their continued partnership with Archer and our peers. Today, I'll [lay] out our expectations for how we envision our entry into service in both the US and internationally over the next 18 months, the team and I also will share updates on the momentum we are experiencing across engineering and certification advancements in scaling manufacturing, the deepening of our Stala partnership and why we believe our capital position gives us a unique advantage as we round the corner towards entry into service.

我感謝美國聯邦航空局局長惠特克和他的團隊支持美國在先進航空技術方面的領導地位，並感謝他們與阿徹和我們的同行的持續合作。今天，我將闡述我們對未來 18 個月內如何在美國和國際上投入使用的期望，我和團隊還將分享我們在工程和認證進步方面所經歷的最新進展在擴大製造規模方面，我們與Stala合作關係的深化，以及為什麼我們相信我們的資本地位為我們在即將投入服務的過程中提供了獨特的優勢。

Our commercialization strategy is focused on markets where we can deploy hundreds of aircraft over time backed by strong top down government support and the regulatory commitment required to make this vision a reality.

我們的商業化策略著重於在政府自上而下的強有力支持和實現這一願景所需的監管承諾的支持下，我們可以隨著時間的推移部署數百架飛機的市場。

Right now, we're seeing this potential in the US and in key countries across the Middle East and Asia.

目前，我們在美國以及中東和亞洲的主要國家看到了這種潛力。

Once we identify a market, our priority is to secure top tier strategic partners. Those who not only bring substantial passenger demand and potential for financing but also have the influence and relationships to support our path to commercial service.

一旦我們確定了市場，我們的首要任務就是獲得頂級策略夥伴。那些不僅帶來大量乘客需求和融資潛力，而且擁有支持我們商業服務之路的影響力和關係的人。

I'll walk through our priority launch markets today and show how this playbook is driving our strategy in these priority markets. We're set to begin deployment as soon as next year.

我今天將介紹我們的優先發布市場，並展示手冊如何推動我們在這些優先市場的策略。我們預計最快明年開始部署。

Our goal is to gain real world operational insights from the outset with a three-step plan that puts midnight into action, step one execute, piloted demonstration flights in market step two, fly piloted market survey trips with midnight carrying passengers on our first air taxi routes step three following certification launch in market commercial operations. We believe this precertification early deployment approach will help us build the operational expertise. We need to develop each market and help ensure we're able to safely scale alongside the communities we serve as demand grows.

我們的目標是從一開始就透過三步計畫獲得現實世界的營運見解，該計畫將午夜付諸行動，第一步執行，在市場中進行試航示範飛行，第二步，進行試行市場調查旅行，並在午夜乘坐我們的第一架空中計程車載客在市場商業運營中啟動認證後的第三步路線。我們相信這種預先認證的早期部署方法將幫助我們建立營運專業知識。我們需要開發每個市場，並幫助確保我們能夠隨著需求的成長與我們服務的社區一起安全地擴展。

In the US, we are focused on our initial launch markets, New York, Los Angeles, the San Francisco Bay area and Miami. We believe our airline partners will help us drive demand for the initial routes planned in these markets. Like airport transfers, help us integrate into these busy hubs and are key to helping secure aircraft financing as with United's planned purchase of up to $1.5 billion of midnight aircraft.

在美國，我們的重點是最初的推出市場：紐約、洛杉磯、舊金山灣區和邁阿密。我們相信我們的航空公司合作夥伴將幫助我們推動這些市場中最初規劃航線的需求。與機場接送服務一樣，幫助我們融入這些繁忙的樞紐，也是幫助確保飛機融資的關鍵，就像美聯航計劃購買高達 15 億美元的午夜飛機一樣。

As we work to complete the final phases of a certification. Our engineering and operations teams are concentrating on advancing us to flight testing for credit with both archer and a pilot's flying midnight at our Salinas California facility, Simultaneously, we plan to conduct public in market piloted demonstration flights and market survey trips with our partners introducing midnight to the cities we plan to serve.

當我們努力完成認證的最後階段。我們的工程和營運團隊正集中精力推進我們的飛行測試，以在我們加州薩利納斯工廠進行弓箭手和飛行員的午夜飛行，同時，我們計劃與我們的合作夥伴一起進行公開的市場試點示範飛行和市場調查旅行，介紹午夜飛行到我們計劃服務的城市。

We are seeing true commitment from our airline partners to this electric air taxi vision investing both capital and leadership resources through teams embedded with us as we lay the groundwork for future scaled air taxi services across America.

我們看到我們的航空公司合作夥伴對電動空中計程車願景的真正承諾，透過與我們合作的團隊投資資本和領導資源，為美國未來規模化的空中計程車服務奠定基礎。

These early steps are essential for building safe, efficient operations for our future customers. Internationally., We've been drawing on the expertise of partners and customers with decades of aviation and regulatory experience across key markets.

這些早期步驟對於為我們未來的客戶建立安全、高效的營運至關重要。在國際上，我們一直在利用合作夥伴和客戶的專業知識，他們在主要市場擁有數十年的航空和監管經驗。

We're seeing strong interest from governments and partners eager to be among the first to demonstrate and commercialize electric air taxis. And we've grown our indicative order book to over $6 billion which includes planned pre delivery payments.

我們看到各國政府和合作夥伴對此表現出濃厚的興趣，渴望成為首批展示電動空中計程車並將其商業化的國家。我們的指示性訂單已增加至超過 60 億美元，其中包括計劃的交付前付款。

Our certification and flight operations teams are working closely with regulators in our priority international launch markets to formulate and advance the strategy where we demonstrate piloted midnight flights in market as soon as possible, then transition to commercial operations once both archer and the jurisdictions are confident in the safety of our aircraft in operations.

我們的認證和飛行營運團隊正在與我們優先國際發射市場的監管機構密切合作，制定和推進策略，盡快在市場上展示試運行午夜航班，然後在阿切爾和司法管轄區都對這一點有信心後過渡到商業運作。

This approach opens the door for early international deployments, potentially even ahead of what we have planned for the US.

這種方法為早期國際部署打開了大門，甚至可能早於我們為美國計劃的部署。

The UAE continues to lead the way in this regard. We have established a consortium led by the Abu Dhabi Investment Office to launch commercial air taxi services in the UAE as early as Q4 2025.

阿聯酋在這方面繼續處於領先地位。我們已經成立了一個由阿布達比投資辦公室牽頭的財團，最早將於 2025 年第四季在阿聯酋推出商業空中計程車服務。

Together, we have made significant progress in establishing the regulatory pathway with the GCAA as well as the infrastructure and flight operation plans necessary to enable our market entry.

我們共同在與 GCAA 建立監管途徑以及進入市場所需的基礎設施和航班運營計劃方面取得了重大進展。

We are continuing to work closely with our key partners in the region on this initiative such as Etihad and Falcon Aviation.

我們將繼續與阿提哈德航空和獵鷹航空等該地區的主要合作夥伴就這項舉措密切合作。

This is all under the vision of the Abu Dhabi leadership. We're all working to rapidly advance what was contemplated by the framework agreement signed last year with the Abu Dhabi Investment Office.

這一切都在阿布達比領導階層的願景之下。我們都在努力迅速推動去年與阿布達比投資辦公室簽署的框架協議的設想。

Audio continues to demonstrate their commitment to invest hundreds of millions of dollars to accelerate our commercialization in the country, including support for early operations, critical infrastructure and crucially a regulatory pathway to launch commercially as early as the end of 2025. To bring this vision to life our teams are coordinating with dozens of stakeholders across the Emirates on numerous work streams. We've used our in-house data platform along with local insights to map out air taxi network and design routes tailored to expected demand.

Audio 繼續表明他們致力於投資數億美元來加速我們在該國的商業化，包括對早期營運、關鍵基礎設施的支持，以及最重要的是最早於 2025 年底推出商業化的監管途徑。 ，我們的團隊正在與阿聯酋各地的數十個利益相關者就眾多工作流程進行協調。我們利用內部數據平台和本地見解來規劃空中計程車網路並設計適合預期需求的路線。

We plan to launch in the nation's capital Abu Dhabi which covers roughly 85% of the UAE with plans to expand our operations to connect with Dubai and other Emirates as we scale, Abu Dhabi has five commercial airports and approximately 50 certified helipads at major destinations such as Emirates Palace, allowing us to enter the market by working directly with these entities to electrify and upgrade existing operational infrastructure instead of building new vertiports from scratch. We're partnering with Falcon Aviation founded by the UAE Royal family in Etihad to recruit and train our first pilots, establish maintenance protocols and schedule our initial regional piloted flight exhibitions which we anticipate launching in 2025.

我們計劃在國家首都阿布達比開展業務，該地區涵蓋了阿聯酋約85% 的地區，並計劃隨著規模的擴大擴大我們的業務，以連接杜拜和其他酋長國。並在主要目的地（例如杜拜）擁有約50 個經過認證的直升機停機坪。從頭開始建造新的垂直起落場。我們正在與阿聯酋王室在阿提哈德成立的 Falcon Aviation 合作，招募和培訓我們的第一批飛行員、制定維護協議並安排我們預計於 2025 年推出的首次區域飛行展覽。

I'm also very excited about today's announcement of our latest planned international market entry in September. We signed an agreement with Japan Airlines and Sumitomo Corporation's newly formed JV Sole to bring to market in Japan with plans to order up to $500 million of our midnight aircraft. We've already received the initial pre delivery payment against the agreement underscoring the JBs commitment to this venture.

我也對今天宣布的我們最新計劃於 9 月進入國際市場感到非常興奮。我們與日本航空公司和住友商事株式會社新成立的 JV Sole 簽署了一項協議，將其推向日本市場，併計劃訂購價值高達 5 億美元的午夜飛機。我們已經收到了根據協議支付的首筆預付款，這突顯了 JB 對這項合資企業的承諾。

We'll be working closely with [sole] in the Japan Civil Aviation Bureau to demonstrate midnight in market as we prepare for commercial flights in some of the country's most congested cities including Tokyo where the journey by car from Narita Airport to the city center can take two hours or more.

我們將與日本民航局[唯一]密切合作，在市場上展示午夜，因為我們正在為日本一些最擁擠的城市（包括東京）的商業航班做準備，從成田機場到市中心的汽車旅程可以需要兩個小時或更長時間。

In addition to Japan, we also continue to advance our partnerships in India and Korea, and we will share more progress there in the coming quarters.

除日本外，我們也繼續推動在印度和韓國的合作夥伴關係，我們將在未來幾季分享這些地區的更多進展。

As we move towards commercialization in each priority market, we'll work closely with our key public and private partners to collaboratively teach and learn EBITDA operations. By deploying aircraft in these early operations. We can gather essential insights and operational experience to scale responsibly. This measured approach allows us to refine our processes while fostering strong foundational relationships with the communities we plan to serve.

隨著我們在每個優先市場邁向商業化，我們將與我們的主要公共和私人合作夥伴密切合作，共同教授和學習 EBITDA 營運。透過在這些早期行動中部署飛機。我們可以收集必要的見解和營運經驗來負責任地擴展。這種謹慎的方法使我們能夠改進我們的流程，同時與我們計劃服務的社區建立牢固的基礎關係。

We see this as more than just building an air mobility network. It's about creating a shared journey towards a cleaner, quieter and more connected future to support our commercialization plans. I'm proud to share that we are set to open our manufacturing facility in Covington, Georgia. In the coming weeks, our team has delivered this facility on time and on budget at a cost of approximately $65 million. At scale, this facility will be capable of producing up to 650 aircraft per year setting a powerful foundation for us to scale our production alongside our operations now that we have substantially completed construction, we're on track to begin loading in the manufacturing line equipment by year end with our first line set to become operational early next year, from there we plan to ramp up to a production rate of two aircraft per month by year's end.

我們認為這不僅僅是建立空中交通網絡。這是為了創造一個共同的旅程，邁向一個更乾淨、更安靜、更互聯的未來，以支持我們的商業化計劃。我很自豪地告訴大家，我們即將在喬治亞州卡溫頓開設製造工廠。在接下來的幾週內，我們的團隊按時、按預算交付了該設施，成本約為 6500 萬美元。從規模上看，該工廠每年將能夠生產多達 650 架飛機，為我們擴大生產規模和運營奠定了堅實的基礎，現在我們已基本完成建設，即將開始裝載生產線設備到年底，我們的第一條生產線將於明年初投入運營，我們計劃在年底將產能提高到每月兩架飛機。

[Theis] continues to be a deeply committed partner on this journey to help us achieve scaled manufacturing. As I discussed last quarter, we have an agreement in principle with [Stonis] for them to contribute up to an additional approximately $400 million of Capital to help scale the manufacturing of our midnight aircraft. At this facility. Earlier this week, we announced that we are now seeking shareholder approval of that deal and aim to finalize it by the end of the year.

[Theis] 將繼續成為這趟旅程中堅定的合作夥伴，幫助我們實現規模化製造。正如我上季度所討論的，我們與 [Stonis] 原則上達成協議，他們將額外提供約 4 億美元的資本，以幫助擴大我們午夜飛機的製造規模。在這個設施。本週早些時候，我們宣布，我們正在尋求股東批准該交易，並計劃在今年年底前完成交易。

The goal of the structure with Stellantis is to secure future capital for manufacturing growth without taking any unnecessary dilution of a large capital infusion today, we'll continue to manufacture our power train and a select number of test aircraft at our California low-rate production facilities, ensuring continuity for our R&D and test needs. We're confident this strategy will support a reliable and scalable production flow as we prepare for commercial operations.

Stellantis 結構的目標是確保未來的製造成長資本，而不會對今天的大量資本注入進行任何不必要的稀釋，我們將繼續在加州的低速生產中製造我們的動力系統和精選數量的測試飛機設施，確保我們的研發和測試需求的連續性。我們相信，在我們為商業營運做準備時，這項策略將支援可靠且可擴展的生產流程。

Our engineering and certification teams made significant strides this quarter, advancing FAA type certification and preparing for our first pilot of flights with our midnight aircraft with the SAR in place. Our teams are fully engaged in the final phases of our certification program. Collaborating closely with the FAA on a day to day basis to ensure compliance across all aspects of the program.

我們的工程和認證團隊本季度取得了重大進展，推進了美國聯邦航空局 (FAA) 型號認證，並為我們的首次飛行員在 SAR 到位的午夜飛機上進行飛行做好了準備。我們的團隊全力投入認證計畫的最後階段。與美國聯邦航空局 (FAA) 密切合作，確保該計劃各個方面的合規性。

With the type design mature and our high volume manufacturing facility in Georgia coming online, we are ready to enter a period of tangible operations and scalable growth billy and Tom will outline the road ahead as we work to execute our path to certification and launch of commercial operations.

With the type design mature and our high volume manufacturing facility in Georgia coming online, we are ready to enter a period of tangible operations and scalable growth billy and Tom will outline the road ahead as we work to execute our path to certification and launch of commercial營運.

The Department of Defense continues to actively engage the industry with increasing momentum. Our contracts with the dod which we understand to be the largest in the industry have grown to a maximum value of $148 million. Just last quarter, we recently delivered our first midnight aircraft to the United States Air Force under those contracts. A milestone that paved the way for exploring expanded defense applications ranging from contested logistics missions to critical medical rescue operations.

國防部繼續以越來越大的勢頭積極參與該行業。我們與國防部簽訂的合約是業內最大的合同，價值最高已增至 1.48 億美元。就在上個季度，我們最近根據這些合約向美國空軍交付了第一架午夜飛機。這是一個里程碑，為探索從有爭議的後勤任務到關鍵的醫療救援行動等擴展的國防應用鋪平了道路。

Over the next 6 to 9 months, we anticipate meaningfully growing this area of our business as we showcase the strategic benefits of tal and government partners including other branches as well as our allies overseas to spearhead these efforts. We are pleased to announce a recent new hire to the Archer team. The addition of Joe Pantalone as our head of advanced programs, a seasoned leader with nearly 30 years at Lockheed Martin. Joe brings invaluable expertise as a protege of Ken Rosen. One of the greatest aircraft engineering leaders of all time. Ken has over 50 years of experience in aviation, served as VP of engineering at Sikorsky where he was responsible for building the original Black Hawk in the 70s and subsequent variants.

在接下來的6 到9 個月內，我們預計我們的這一業務領域將得到有意義的發展，因為我們將展示好未來和政府合作夥伴（包括其他分支機構以及我們的海外盟友）帶頭開展這些工作的戰略優勢。我們很高興地宣布 Archer 團隊最近聘用了一位新員工。 Joe Pantalone 擔任我們的高階專案負責人，他是一位在洛克希德馬丁公司工作了近 30 年的經驗豐富的領導者。作為肯·羅森的門生，喬帶來了寶貴的專業知識。有史以來最偉大的飛機工程領導者之一。 Ken 在航空領域擁有 50 多年的經驗，曾擔任西科斯基公司的工程副總裁，負責製造 70 年代的原始黑鷹飛機及其後續型號。

Finally turning to our capital position, as I mentioned, we're fortunate to have strong backing of Stellantis whose commitment to Archer has continued to expand their investment now stands at nearly [$300 million] to date with an agreement in principle, to commit up to nearly $400 million of additional capital to support our manufacturing lab.

最後談到我們的資本狀況，正如我所提到的，我們很幸運能夠得到Stellantis 的大力支持，他們對Archer 的承諾不斷擴大其投資，迄今為止已接近[3 億美元]，並原則上達成協議，承諾近 4 億美元的額外資本來支持我們的製造實驗室。

This deep support allows us to execute our vision with greater speed and efficiency than would otherwise be possible combined with our cash reserves which total over $500 million at the quarter end, [Arta] remains in a formidable liquidity position to aggressively pursue our entry into commercial service as we close out this quarter, I couldn't be prouder of the significant [strides] our team has made in laying the foundation for our future. We have flown hundreds of test flights with midnight year-to-date demonstrating our commitment to rigorous testing and validation. Our pilot at midnight aircraft is nearing readiness for flight. Our high volume manufacturing facility in Georgia is set to open and we are seeing increasingly clear regulatory pathways both domestically and internationally. Additionally, our growing network of strategic partners is helping pave the way for our vision and with that, I will turn it over to Billy Nolen.

這種深入的支持使我們能夠以比其他方式更快的速度和效率執行我們的願景，加上我們的現金儲備在季度末總計超過5 億美元，[Arta] 仍然處於強大的流動性狀況，以積極推動我們進入商業領域當我們在本季度結束服務時，我對我們的團隊在為未來奠定基礎方面取得的重大[進步]感到無比自豪。今年迄今為止，我們已經在午夜進行了數百次試飛，證明了我們對嚴格測試和驗證的承諾。午夜時分，我們的飛行員已接近做好飛行準備。我們在喬治亞州的大批量生產工廠即將開業，我們看到國內和國際的監管途徑越來越清晰。此外，我們不斷擴大的策略合作夥伴網絡正在幫助為我們的願景鋪平道路，因此，我將把它交給比利·諾倫 (Billy Nolen)。

Thanks Adam.

謝謝亞當。

This type of progress is what drew me to Archer. The opportunity to work with the team. So dedicated to making this vision, a reality is incredibly motivating every day, I had an opportunity to see firsthand the passion and drive that fuels our progress.

這種進步正是吸引我選擇 Archer 的原因。與團隊合作的機會。如此致力於實現這個願景，現實每天都令人難以置信的激勵，我有機會親眼目睹推動我們進步的熱情和動力。

During my tenure as FAA administrator, we set forth an ambitious vision to commercialize eVTOL in American Cities by 2025 with a goal to reach meaningful scale by the [L A] Olympics in 2028.

在我擔任 FAA 局長期間，我們提出了一個雄心勃勃的願景，到 2025 年在美國城市實現 eVTOL 商業化，目標是在 2028 年洛杉磯奧運會之前達到有意義的規模。

It was a privilege to stand alongside my successor, Mike Whitaker as he signed into law, the final power lift. and SAR. Paving the way for the commercial launch of electric air taxis in the United States.

我很榮幸能夠與我的繼任者邁克·惠特克（Mike Whitaker）一起簽署法律，這是最後的權力提升。和特區。為電動空中計程車在美國的商業推出鋪路。

This moment was especially gratifying as we worked tirelessly during my time at the FAA to ensure that strategic innovations like this were championed by the FAA maintaining America's role as the global leader in aviation.

這一刻尤其令人欣慰，因為我們在美國聯邦航空局任職期間不知疲倦地工作，以確保美國聯邦航空局支持此類戰略創新，從而維持美國作為全球航空領導者的地位。

I want to commend the entire of a team for their exceptional work in establishing these new rules on schedule and at record speed.

我要讚揚整個團隊在按計劃並以創紀錄的速度製定這些新規則方面所做的出色工作。

This achievement underscores the FAAS dedication to safely bringing these aircraft to market through a collaborative approach with the industry.

這項成就突顯了 FAAS 致力於透過與業界合作的方式將這些飛機安全地推向市場。

For instance, we developed the power lift [sr] to address unique aspects of VTE technology including pilot training and urban airspace integration.

例如，我們開發了動力升降機 [sr] 來解決 VTE 技術的獨特方面，包括飛行員培訓和城市空域一體化。

This effort required coordination across multiple agencies culminating in a regulatory framework that ensures the safe integration of eVTOL operations into our national airspace.

這項工作需要多個機構之間的協調，最終形成一個監管框架，確保 eVTOL 作業安全地融入我們的國家空域。

I also want to emphasize the broader significance of this achievement.

我還想強調這項成就的更廣泛意義。

The FAA's efforts to create a new aircraft category for the first time in 80 years reflects a historic moment, not just for archer but for the future of urban mobility. Globally. It is a demonstration of how we as a nation can lead in pioneering technology that has the potential to revolutionize how people live and move in urban spaces. We successfully shown that when government and industry work hand in hand, we can advance innovation, set global standards and keep the us at the forefront of aerospace development.

FAA 80 年來首次創建新飛機類別的努力反映了一個歷史性時刻，不僅對弓箭手而言，而且對城市交通的未來而言也是如此。全球範圍內。它展示了我們作為一個國家如何能夠引領領先鋒技術，這些技術有可能徹底改變人們在城市空間中的生活和移動方式。我們成功地表明，當政府和產業攜手合作時，我們可以推動創新、制定全球標準並使美國保持在航空航太發展的前沿。

Now to help us put this into perspective for our certification journey. I want to hand it over to Tom. Tom will walk us through how the SAR and our ongoing partnership with the FAA have allowed us to make substantial progress toward type certification and how each phase of the FAA's process aligns with our strategy of bringing Midnight to market Tom over to you.

現在幫助我們在認證過程中正確看待這一點。我想把它交給湯姆。 Tom 將向我們介紹 SAR 以及我們與 FAA 的持續合作關係如何使我們在型號認證方面取得實質進展，以及 FAA 流程的每個階段如何與我們將 Midnight 推向市場的策略相一致。

Thanks Billy with the clarity we now have following the final release of the power lift sr as well as the compliance planning progress we have made with the FAA. Since our airworthiness criteria, final rule was published. This May we are now able to share our certification progress in a more quantifiable manner.

感謝 Billy 向我們清楚地介紹了 power lift sr 的最終版本以及我們與 FAA 取得的合規規劃進展。自從我們的適航標準發布以來，最終規則已發布。今年五月，我們現在能夠以更可量化的方式分享我們的認證進度。

We believe the best way to do so is by comparing Midnight's certification progress to the FAA's four phases that lead up to type certification as defined in the FAA's model of the type certification process. In order 8,110 4 C.

我們認為，最好的方法是將 Midnight 的認證進度與 FAA 的型號認證流程模型中定義的型號認證的四個階段進行比較。為了 8,110 4 C.

The first phase in the FAA's type certification process is called conceptual design where the FAA is familiarized with the aircraft design and early discussions are held culminating in an application for type certification. As you know, we finished this phase several years ago.

FAA 型號認證流程的第一階段稱為概念設計，FAA 熟悉飛機設計並進行早期討論，最終提出型號認證申請。如您所知，我們幾年前就完成了這個階段。

The second phase of the FAA's process is requirements definition, which is where the FAA sets the airworthiness criteria or certification basis. Essentially the safety requirements for the aircraft.

FAA 流程的第二階段是需求定義，FAA 在此階段製定適航標準或認證基礎。本質上是飛機的安全要求。

We formally finished this phase this past spring when the FAA published our final errors criteria in the federal register.

去年春天，當美國聯邦航空局在聯邦登記冊上發布我們的最終錯誤標準時，我們正式完成了這個階段。

As you know, we are one of only two companies in the world that have reached that milestone with the FAA.

如您所知，我們是世界上僅有的兩家與 FAA 達成這一里程碑的公司之一。

The third phase is called compliance planning. Where the means and methods of compliance are set and documented in issue papers, detailed design standards and certification plans.

第三階段稱為合規規劃。合規手段和方法在問題文件、詳細設計標準和認證計劃中設定和記錄。

These documents set the detailed requirements that will be used to show that the aircraft complies with the rules in the airworthiness criteria.

這些文件製定了詳細要求，用於證明飛機符合適航標準中的規則。

Our trust completed nearly all of this work and the FAA has now approved or accepted the substantial majority of the material we've submitted.

我們的信託機構幾乎完成了所有這些工作，聯邦航空局現在已批准或接受了我們提交的大部分資料。

It is worth noting that with respect to phase three, the industry has one main open industry issue paper relating to rule 2,105 G in the [ES] criteria which will define how all eVTOL aircraft must handle controlled emergency landing.

值得注意的是，關於第三階段，業界有一份與 [ES] 標準中規則 2,105 G 相關的主要開放產業問題文件，該文件將定義所有 eVTOL 飛機必須如何處理受控緊急降落。

This is not unique to Archer as this issue paper will apply to all eVTOL applicants working towards a powered lift type certification. With the publication of the operating rules in the SAR the FAA is now able to finalize the 21 5 G requirements.

這並不是 Archer 所獨有的，因為本議題文件將適用於所有致力於動力升降機類型認證的 eVTOL 申請人。隨著特別行政區運作規則的發布，FAA 現在能夠最終確定 21 5G 要求。

Based on discussions with the FAA, we believe that our existing design will be compliant. So, we don't anticipate needing any design changes to address this. We expect to close this topic with the FAA in the near future.

根據與美國聯邦航空局的討論，我們相信我們現有的設計將符合要求。因此，我們預計不需要任何設計變更來解決這個問題。我們預計在不久的將來與美國聯邦航空局結束這個話題。

The fourth and final phase leading up to type certification is called implementation. This phase is where we perform the tests and analysis identified in phase three and provide the data to the FAA for them to verify and make compliance findings. Once the FAA has completed all compliance findings in this phase, they issue the type certificate.

型式認證的第四個也是最後一個階段稱為實施。在此階段，我們執行第三階段中確定的測試和分析，並向 FAA 提供數據，以便他們驗證並得出合規性結果。一旦美國聯邦航空局完成此階段的所有合規調查，他們就會頒發型號證書。

At this point, we have FAA approval for 12% of the total compliance verification documents in this final phase before type certification. With much of that progress attributed to our work in materials and process software, avionics and electrical systems.

目前，在型式認證前的最後階段，我們已獲得 FAA 批准的合規性驗證文件總數的 12%。這些進步很大程度上歸功於我們在材料和製程軟體、航空電子設備和電氣系統方面的工作。

In parallel with our fa certification efforts, we are actively working with several international regulators towards bringing our aircraft to market outside of the United States including with the GCAA in the UAE. As Adam mentioned earlier, we also continued to make great progress in our aircraft flight testing efforts. Back in August, we reached our year end goal of flying over 400 times which was four months ahead of schedule and we continued to fly midnight on a regular basis.

在進行 FA 認證的同時，我們也積極與多個國際監管機構合作，將我們的飛機推向美國以外的市場，包括與阿聯酋的 GCAA 合作。正如亞當之前提到的，我們在飛機飛行測試方面也繼續取得了巨大進展。早在 8 月份，我們就實現了飛行次數超過 400 次的年終目標，比原計劃提前了四個月，我們繼續定期進行午夜飛行。

We've gained a lot of key learnings from our flight test program including valuable insights into how our in house developed powertrain performs on the aircraft.

我們從飛行測試計劃中獲得了許多重要的經驗教訓，包括對我們內部開發的動力系統如何在飛機上運行的寶貴見解。

For the past year. We have been flying our a sample electric engines and battery packs on midnight.

過去的一年。我們一直在午夜飛行我們的電動引擎和電池組樣品。

A sample is an automotive term for early hardware that is functional but has limitations and is usually produced with more manual processes.

樣本是一個汽車術語，指的是早期硬件，它可以正常工作，但有局限性，並且通常通過更多的手動流程來生產。

We now have hundreds of flights and thousands of hours of lab and ground testing on this hardware data gathered through this testing informed the design refinements that we have incorporated into our B sample powertrain hardware B sample means the components are fully functional and design representative but not necessarily produced on the final production lines and tooling, In the B sample electric engines, we improved the rotor design to use an innovative magnet retention and assembly design that supports both our maximum performance requirements and is optimized for manufacturability.

現在，我們對此硬體進行了數百次飛行和數千小時的實驗室和地面測試，透過此測試收集的數據通知了我們已納入B 樣本動力總成硬體中的設計改進。功能齊全且具有設計代表性，但不具有代表性。了優化。

We also implemented forged aluminum housings instead of housings machine from a billet to align to the material properties and manufacturing processes that will be used in mass production.

我們還採用了鍛造鋁製外殼，而不是用坯料加工而成的外殼，以符合大規模生產中使用的材料特性和製造過程。

In our B sample battery packs. We updated our battery management hardware and software to the type design that we are working to certify and made some design refinements to the thermoplastic enclosure for improved manufacturability.

在我們的 B 樣品電池組中。我們將電池管理硬體和軟體更新為我們正在努力認證的類型設計，並對熱塑性外殼進行了一些設計改進，以提高可製造性。

We made the conscious decision to wait to begin our piloted test flights for this B sample hardware because we believe this will allow us to move faster during the flight test for credit phase.

我們有意識地決定等待開始對 B 樣本硬體進行試飛，因為我們相信這將使我們在信用階段的飛行測試期間行動得更快。

I want to make it clear that we are focused on building and testing our piloted type design aircraft. This is the aircraft we are working to certify and ramp into early production next year. It is not merely a developmental prototype.

我想明確表示，我們專注於建造和測試我們的駕駛型設計飛機。這是我們正在努力認證並在明年早期投入生產的飛機。它不僅僅是一個開發原型。

These aircraft will only be capable of being flown with a pilot on board as they are using the hardware and software that we are working to certify with the type design now matured. It's ideal timing to bring up our factory in Georgia.

這些飛機只能在有飛行員的情況下飛行，因為它們使用的硬體和軟體是我們正在努力透過現已成熟的型號設計進行認證的。現在正是在喬治亞州建立我們的工廠的理想時機。

Our plan is to start building aircraft in that facility in January with the initial units planned to be used for piloted demonstration and market survey flights with passengers next year, we already have parts on order for the aircraft we plan to produce in 2025 and our goal is to exit 2025 at a production rate of two aircraft per month in Georgia with a plan to ramp beyond that in 2026.

我們的計劃是於 1 月開始在該工廠建造飛機，最初的飛機計劃用於明年進行載客示範和市場調查飛行，我們已經為計劃在 2025 年生產的飛機訂購了零件，我們的目標到2025 年，喬治亞的生產率將達到每月兩架飛機，並計劃在2026 年進一步提高。

And with that, I'll turn it over to Priya.

這樣，我就把它交給 Priya。

Thanks Tom. Good afternoon, everyone. As you may remember, Mark Mesler is currently on temporary medical leave on behalf of the entire team. I want to take a moment to extend our best wishes to him for a smooth recovery. Mark's leadership and guidance has been invaluable to the organization and we wish him well during this time, I have the privilege of stepping in as Archer's Interim CFO I have worked with Mark for over 10 years across various public companies and have now been with Archer for over two years leading the corporate finance team. In today's call, I will go over our liquidity profile. Our financial results for Q3 '24 our estimates for Q4 '24 and a high-level framework for understanding our 2025 spent. With regards to liquidity, we continue to be one of the best capitalized companies in the industry.

謝謝湯姆。大家下午好。您可能還記得，馬克梅斯勒目前代表整個團隊暫時休病假。我想花一點時間向他表示最良好的祝愿，祝他順利康復。 Mark 的領導力和指導對公司來說非常寶貴，我們祝他在這段時間一切順利，我很榮幸能夠擔任Archer 的臨時首席財務官，我與Mark 在多家上市公司共事了10 多年，現在已經在Archer 工作了10 年。在今天的電話會議中，我將回顧我們的流動性狀況。我們對 24 年第 3 季的財務業績、對 24 年第 4 季的估計以及用於了解 2025 年支出的高級框架。在流動性方面，我們仍然是業內資本最好的公司之一。

At the end of Q3 '24 Archer had $501.7 million of cash and cash equivalents on the balance sheet. This puts us at the strongest cash position. We have been at over the last 18 months, and this doesn't include any of the up to $400 million of additional capital. [STLA] has agreed in principle to commit to help scale the manufacturing of our midnight aircraft.

截至 24 年第三季末，Archer 的資產負債表上有 5.017 億美元的現金和現金等價物。這使我們處於最強勁的現金狀況。我們在過去 18 個月裡一直在這樣做，這還不包括高達 4 億美元的額外資本。 [STLA] 原則上同意致力於幫助擴大我們午夜飛機的製造規模。

As you may have seen us announce earlier this week, we are now seeking shareholder approval of that deal so we can finalize the commitment.

正如您可能已經看到我們本週早些時候宣布的那樣，我們現在正在尋求股東對該交易的批准，以便我們可以最終確定承諾。

Furthermore, we have nearly completed the buildout of our large scale manufacturing facility that will support our production ramp for years to come. All of which have been financed through highly favorable terms.

此外，我們已接近完成大型製造設施的建設，這將支持我們未來幾年的產量成長。所有這些都是透過非常優惠的條件提供資金的。

As we look ahead towards the manufacturing and commercial operations ramp, we expect next year, we feel very confident that we will have access to sufficient capital to deliver with regards to our spending this quarter, we continue to invest in the development, certification and test of our midnight aircraft and in the ramp up of our manufacturing and testing capabilities as we build additional midnight aircraft and their associated powertrains.

當我們展望明年的製造和商業營運成長時，我們非常有信心能夠獲得足夠的資金來滿足本季度的支出，我們將繼續投資於開發、認證和測試隨著我們建造更多的午夜飛機及其相關動力總成，我們的午夜飛機的製造和測試能力不斷增強。

As a result, our nongaap operating expenses for Q3 '24 were $96.8 million that is within our guided range of $90 million to $100 million and relatively flat quarter over quarter, our total operating expenses on a GAAP basis for Q3 '24 were $122.1 million, which is also relatively flat to the prior quarter.

因此，我們24 年第三季的非公認會計原則營運支出為9,680 萬美元，處於我們9,000 萬至1 億美元的指導範圍內，並且季度環比相對持平，我們24 年第三季按GAAP 計算的總營運支出為1.221 億美元，與上一季相比也相對持平。

Our GAAP operating expenses included approximately $25.3 million of noncash or onetime expenses primarily driven by the $21.4 million of stock-based compensation within the $96.8 million of non-GAAP operating expenses. We incurred approximately $19 million of non-recurring engineering and material costs with our suppliers during the quarter. As we continue to invest in the maturation of our supply chain for midnight and procure parts for the manufacture of our midnight aircraft.

我們的 GAAP 營運費用包括約 2,530 萬美元的非現金或一次性費用，主要由 9,680 萬美元的非 GAAP 營運費用中的 2,140 萬美元的股票薪酬驅動。本季我們與供應商發生了約 1,900 萬美元的非經常性工程和材料成本。我們繼續投資於午夜供應鏈的成熟度，並採購用於製造午夜飛機的零件。

As we look ahead to Q4 '24 we anticipate total non-GAAP operating expenses of $95million to $110 million.

展望 24 年第 4 季度，我們預計非 GAAP 營運支出總額為 9,500 萬美元至 1.1 億美元。

This range represents an uptick in spending as we plan for an increase in our non-recurring engineering costs with our suppliers to enable our manufacturing ramp as well as an increase in labor and material spend tied to our planned ramp of manufacturing activity.

這個範圍代表了支出的上升，因為我們計劃增加與供應商的非經常性工程成本，以實現我們的製造產能，以及與我們計劃的製造活動產能提升相關的勞動力和材料支出的增加。

As we finalize our contract manufacturing arrangement with [stantive] going into 2025 we expect the majority of these manufacturing labor and CapEx costs to be covered under that construct for the foreseeable future.

當我們最終確定 2025 年的合約製造安排時，我們預計在可預見的未來，大部分製造勞動力和資本支出成本將由該結構涵蓋。

For 2025 I'll discuss the framework for how you should think about our spent our spend for 2025 aligns to five buckets first, our core expenses for engineering and SDNA second supplier, nonrecurring engineering costs and ultra CapEx third labor costs for manufacturing fourth direct material cost with our suppliers to support our aircraft bills. And lastly, the commercial flight operations and [mro] costs necessary to support our commercialization efforts.

對於2025 年，我將討論您應該如何考慮我們的支出的框架，我們2025 年的支出首先與五個部分一致，我們的工程和SDNA 第二供應商的核心費用，一次性工程成本和用於製造第四種直接材料的超資本支出第三勞動成本與我們的供應商支付的費用以支持我們的飛機帳單。最後，商業航班營運和支援我們商業化工作所需的 [mro] 成本。

In the first bucket. Our core run rate expenses for engineering and SDNA on a non-GAAP basis has been in the range of $75million to $80 million per quarter this year. And we expect this core spend rate to be flat to down next year.

在第一個桶子裡。今年，我們的工程和 SDNA 核心運行費用（以非 GAAP 計算）每季在 7,500 萬美元至 8,000 萬美元之間。我們預計明年核心支出率將持平甚至下降。

On the second bucket, we expect the spend on supplier, non-recurring engineering costs and CapEx to be down in 2025. Since in 2024 we have invested heavily in this area, as mentioned earlier with respect to the third bucket we are working to finalize our contract manufacturing agreement with Stellantis and starting next year, we expect that arrangement will cover the majority of our labor and additional CapEx costs for producing aircraft in 2025.

在第二個方面，我們預期供應商支出、非經常性工程成本和資本支出將在2025 年下降。最終確定第三個方面我們與 Stellantis 簽訂了合約製造協議，從明年開始，我們預計該安排將涵蓋我們 2025 年生產飛機的大部分勞動力和額外資本支出成本。

While in our fourth bucket, we anticipate higher direct material spend with our suppliers as we plan to build more aircraft next year. Our goal is to finance that material spend through various mechanisms.

在我們的第四階段，我們預計與供應商的直接材料支出會更高，因為我們計劃明年建造更多飛機。我們的目標是透過各種機制為材料支出提供資金。

Our goal is to enter into customer arrangements that will offset some if not all of these costs over time.

我們的目標是與客戶達成安排，隨著時間的推移，抵銷部分（如果不是全部）這些成本。

In the last bucket. As we engage in commercial deployments, we expect the support needed for flight operations m and market development efforts to also be largely covered by customer arrangements.

在最後一個桶子裡。當我們進行商業部署時，我們預計飛行營運和市場開發工作所需的支援也將主要由客戶安排來滿足。

In summary, we continue to be focused on finding the most efficient path to achieving a sustainable business model and we are well positioned financially to execute against our commercial launch plans. And with that operator, we can now open the line for questions.

總之，我們繼續致力於尋找實現永續商業模式的最有效途徑，並且我們在財務上處於有利地位來執行我們的商業發布計劃。透過該接線員，我們現在可以開通提問熱線。

Of course, we will now begin the Q&A session in the interest of time. We ask that everyone limit themselves to one question and then one follow up question. (Operator Instructions)

當然，為了節省時間，我們現在開始問答環節。我們要求每個人只回答一個問題，然後再提出一個後續問題。 （操作員說明）

Our first question comes from the line of Andres Sheppard with Cantor Fitzgerald. Your line is now open.

我們的第一個問題來自安德烈斯·謝潑德和康托·菲茨杰拉德的台詞。您的線路現已開通。

Hi, good afternoon. This is Anna on behalf of Andres. Congrats on the quarter and thanks for taking your questions. So it seems that some of your peers are focusing more on building a prototype aircraft while you're focusing more on building a conforming aircraft. I was wondering if you could describe what you see as the key advantages of your strategy here and elaborate a little bit on that.

嗨，下午好。我是安娜，代表安德烈斯。恭喜本季度，感謝您提出問題。因此，似乎您的一些同行更專注於製造原型機，而您則更專注於製造合格的飛機。我想知道您是否可以在此描述您認為您的策略的主要優勢，並對此進行詳細說明。

Yeah, absolutely. This is Tom Happy to answer. So I think this is really a reflection of our strategy from the very beginning to design an aircraft that's optimized for certification and manufacturing and take a really methodical step by step approach to bring that aircraft to market.

是的，絕對是。這是湯姆很高興回答。因此，我認為這確實反映了我們從一開始就設計針對認證和製造進行優化的飛機的戰略，並採取真正有條理的逐步方法將該飛機推向市場。

And so the aircraft that we're building right now are the aircraft we're planning to test with the FAA for credit. And then it's that same design that the type design that we're planning to ramp into production next year to use for early commercial operations. So, again, just like we made the pragmatic decisions to not vertically integrate everywhere and focus on something that we think is pragmatic and achievable. You're just seeing that same strategy flow through to the entire business.

因此，我們現在正在建造的飛機就是我們計劃向美國聯邦航空局進行測試以獲得信用的飛機。然後，我們計劃明年投入生產以用於早期商業運營的類型設計也是相同的設計。所以，再次強調，就像我們做了務實的決定，不垂直整合所有地方，而是專注於我們認為務實且可實現的事情。您只會看到相同的策略滲透到整個業務。

Got you. I appreciate the color and with regards to the recent Japan announcement, I was wondering if you're able to give us a little bit more of a timeline as to when you expect to begin deliveries in the area.

明白你了。我很欣賞這種顏色，關於最近在日本發布的公告，我想知道您是否能為我們提供更多時間表，說明您預計何時開始在該地區交付。

And This is Adam. Thanks for the question.

這是亞當。謝謝你的提問。

So if you, if you go back to the chart that we put out last quarter, we can start to see the manufacturing volumes. You can get a sense for how the production may ramp. So you'll see you know, 10 aircraft in 2025 and then it ramps up from there. So there are opportunities for early deployment and we've talked a lot about the UAE where you know, some aircraft will go, we will obviously use some aircraft in our test capacities. And then we also think there's some opportunities to deploy some aircraft even with some of the Western customers as well. So Japan is a, you know, a really great opportunity and we are starting to really work hard to develop all the infrastructure and pathway to launch there. And so as that starts to mature, we will provide more detailed information.

因此，如果您返回我們上季度發布的圖表，我們可以開始看到製造量。您可以了解產量將如何增加。所以你會看到，到 2025 年會有 10 架飛機，然後數量會不斷增加。因此，有早期部署的機會，我們已經談論了很多關於阿聯酋的事情，你知道，一些飛機將會去那裡，我們顯然會在我們的測試能力中使用一些飛機。然後我們也認為，即使是與一些西方客戶一起部署一些飛機也是有機會的。所以，你知道，日本是一個非常好的機會，我們開始努力開發所有基礎設施和在那裡啟動的途徑。隨著它開始成熟，我們將提供更詳細的資訊。

Got you, I appreciate it. And, and lastly, as you just mentioned with the UAE, if you could remind us your plans on how you plan to commercialize there and how you plan to enter this market and how you see it ramping Up

明白了，我很感激。最後，正如您剛剛提到的阿聯酋，您能否提醒我們您計劃如何在那裡進行商業化，並計劃如何進入這個市場以及您如何看待它的發展

So, as we always say, our goal has been to find the most efficient path to commercialization. And so that really means stabilizing the final design, which we've done and building that aircraft and testing it, which we're doing. And then once we do all that safely deploy it. And if you look at the, the UAE, we have a lot of really good relationships there. So Mubadala, the Sovereign Wealth Fund of Abu Dhabi is a long-time investor in Archer, we've engaged the entire Abu Dhabi ecosystem and that's largely been coordinated through the Abu Dhabi Investment office. And that consortium that's been put together includes some of our partners like Etihad and Falcon Aviation. So, the regulatory pathway has now become much more clear that enabled us to be able to launch as soon as fourth quarter next year. And so I'll turn it over to Tom to walk through some of the the process. But hopefully that gives you a sense for all the different you know, parts that are coming together.

因此，正如我們常說的，我們的目標是找到最有效的商業化途徑。因此，這實際上意味著穩定我們已經完成的最終設計，並建造飛機並對其進行測試，這是我們正在做的。一旦我們完成所有這些工作，我們就可以安全地部署它。如果你看看阿聯酋，我們在那裡有很多非常好的關係。阿布達比主權財富基金 Mubadala 是 Archer 的長期投資者，我們已經參與了整個阿布達比生態系統，這在很大程度上是透過阿布達比投資辦公室進行協調的。這個聯盟包括我們的一些合作夥伴，例如阿提哈德航空和獵鷹航空。因此，監管途徑現在變得更加清晰，使我們能夠最快在明年第四季推出。所以我將把它交給 Tom 來完成一些過程。但希望這能讓你了解所有你所知道的不同部分，以及正在組合在一起的部分。

Yeah. And just to add on to that, I think it's again the same strategy of taking a very pragmatic approach to launching the business. So, you know, our strategy in UAE is to partner with great operators out there to leverage existing infrastructure. It's to, you know, leverage a lot of the same data that we're already generating for the FAA to support the the aircraft entrance service there. So just clicking into some details there with respect to the aircraft certification, we're leveraging the same plan, same data that we're already working to develop.

是的。除此之外，我認為這又是同樣的策略，採取非常務實的方法來開展業務。所以，你知道，我們在阿聯酋的策略是與當地的優秀營運商合作，利用現有的基礎設施。您知道，這是為了利用我們已經為美國聯邦航空局產生的大量相同數據來支援那裡的飛機入口服務。因此，只需單擊有關飛機認證的一些詳細信息，我們就會利用我們已經在努力開發的相同計劃和數據。

I just spent a week in the UAE with my cert team and we worked through a lot of the details on that piece. But in other trips I've flown on helicopters operated by Falcon Aviation, our operating partner out there. And so another example is we don't have to build our own [A OC] we can just fly on Falcons. And you know, this is a company that was founded by the royal family up there. So super experienced group and those flights are all using existing infrastructure. So we don't need to take the risk, expense and time to to stand that up. So I think what you what you should look for for us for next year is starting to operate you know, initial flights out in the UAE and making step by step progress towards.

我剛剛和我的認證團隊在阿聯酋度過了一周，我們討論了作品的許多細節。但在其他旅行中，我搭乘的是我們的營運夥伴獵鷹航空營運的直升機。另一個例子是我們不必建立自己的[A OC]，我們可以直接乘坐獵鷹飛行。你知道，這是一家由那裡的皇室創辦的公司。經驗豐富的團隊和這些航班都使用現有的基礎設施。因此，我們不需要冒險、費用和時間來證明這一點。因此，我認為明年您應該為我們尋找的是開始運營阿聯酋的初始航班，並逐步取得進展。

Commercial service there.

那裡有商業服務。

Got it Wonderful. Appreciate the color and congrats again on the quarter. I'll pass it on.

明白了 太棒了欣賞顏色並再次祝賀本季。我會把它傳遞下去。

Thank you for your question.

謝謝你的提問。

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

我們的下一個問題來自德意志銀行的Edison Yu。

Your line is now open.

您的線路現已開通。

Great. Thank you for taking our questions as always. First off, do we have any updated timing or, or thinking on conducting the first pilot fight?

偉大的。感謝您一如既往地回答我們的問題。首先，我們是否有任何最新的時間表或關於進行第一次飛行員戰鬥的想法？

Hey Edison, this is Tom. Well,

嘿愛迪生，這是湯姆。出色地，

I just want to make it clear that we're working towards our first piloted flight of our type design aircraft. So, this is the same aircraft that we're talking about doing the certification testing with FAA and ramping up production next year for early commercial launch in the UAE and other places. And I think we're the only ones in the industry that are really working on that. I don't want to give a specific timeline for the first pilot of flight as this is really a safety decision for us. So I don't want to put undue pressure on the team. But what I can say is that we're getting really close to that milestone.

我只是想明確表示，我們正在努力實現我們的型號設計飛機的首次試飛。因此，這就是我們正在談論的與美國聯邦航空局進行認證測試並在明年提高產量以便在阿聯酋和其他地方早期商業推出的同一架飛機。我認為我們是業內唯一真正致力於此的公司。我不想給出第一位飛行員的具體時間表，因為這對我們來說確實是一個安全決定。所以我不想給團隊過多的壓力。但我可以說的是，我們已經非常接近這個里程碑了。

Understood, and then to your point on this is the, you know, this is the production version, this is the real version. And I just want to confirm that, you know, this is capable, still capable of carrying you know, the payload, the intended payload, the distance all the performance metrics. Those are you're reiterating all those things for this aircraft.

明白了，然後就你的觀點，這是，你知道，這是生產版本，這是真正的版本。我只是想確認一下，你知道，它有能力、仍然能夠承載你知道的有效載荷、預期有效載荷、距離和所有性能指標。這些是您為這架飛機重申的所有這些事情。

Correct? So, this is the aircraft design that we're planning to take into production into commercial launch, you know, pilot plus for passengers.

正確的？所以，這就是我們計劃投入生產並投入商業發射的飛機設計，你知道，為乘客提供飛行員服務。

Understood, and just last thing on the, I know you mentioned the pre delivery payment for the for the new, the new Japan order. Do, we have a sense on how big that that amount is? I realize you maybe can't provide exact numbers but maybe relative to the other ones.

明白了，最後一件事，我知道您提到了新的日本訂單的預交貨付款。我們知道這個金額有多大嗎？我意識到您可能無法提供確切的數字，但可能是相對於其他數字的數字。

Hey, this is Adam. So, we have collected PDPS from several of our customers. We haven't broken that out in detail. The PDP from the joint venture from Pan Airlines and Sumitomo, the the first payment was a million dollars and we we haven't broken out all the additional payments going forward.

嘿，這是亞當。因此，我們從一些客戶那裡收集了 PDPS。我們還沒有詳細說明這一點。 PDP來自泛航空和住友的合資企業，第一筆付款是100萬美元，我們還沒有列出未來所有的額外付款。

Great. Congrats. Thank you very much.

偉大的。恭喜。非常感謝。

Thank you for your call.

感謝您的來電。

Thank you for your question.

謝謝你的提問。

Our next question comes from the line of Savi Syth with Raymond James. Your line is now open.

我們的下一個問題來自薩維·賽斯 (Savi Syth) 和雷蒙德·詹姆斯 (Raymond James) 的對話。您的線路現已開通。

Hey, good afternoon. [Pre] if I might follow up on the helpful comments that you provided for us to think through 2025 am I to understand like your comments around buckets three through three through five are that you have cash coming in to cover those costs. And I know with the you know, the labor cost, manufacturing cost that [ST] anti financing, I was curious if the other financing comes with like an equity component or debt component or how we should think about that and then just following up on the [stantive ]as well, just given the news over there. It was kind of curious as to if that, you know what their commitment is with this contract manufacturing agreement.

嘿，下午好。 [前]如果我可以跟進您為我們思考 2025 年提供的有用評論，我的理解是，您對第三、三到五個桶的評論是，您有現金來支付這些成本。我知道，[ST] 反融資的勞動成本、製造成本，我很好奇其他融資是否帶有股權部分或債務部分，或者我們應該如何考慮這一點，然後跟進[實事]也是如此，剛剛給出了那邊的消息。有點好奇，你是否知道他們對這份合約製造協議的承諾是什麼。

Thanks for the question. I think I'll lead off with answering your question specific to the how are we thinking about financing for materials? But let me just again, maybe reiterate the framework. So for 2025 right, as we said, we're looking at having essentially, you know, the core expenses for engineering and SDNA. And as we said, we're going to target keeping that flat to down for next year. And we'll, talk about the Sallans relationship for labor and CapEx manufacturing, but specifically for the materials portion.

謝謝你的提問。我想我將首先回答您的具體問題，即我們如何考慮材料融資？但讓我再次重申這個框架。因此，正如我們所說，到 2025 年，我們基本上會考慮工程和 SDNA 的核心支出。正如我們所說，我們的目標是明年保持持平或下降。我們將討論 Sallans 在勞動力和資本支出製造方面的關係，但特別是在材料部分。

You know, our goal is to finance that through the traditional financing mechanisms, working capital, inventory financing. And we're in conversations with multiple entities to see what's the best, most favorable terms for us. And I think with regards to the [spus] relationship, as you've seen, we're going after the shoulder approval right now and we can follow up later on the detailed terms of what that would look like.

你知道，我們的目標是透過傳統的融資機制、營運資金、庫存融資來融資。我們正在與多個實體進行對話，以了解什麼是對我們最好、最優惠的條款。我認為關於[spus]關係，正如你所看到的，我們現在正在尋求肩膀批准，我們可以稍後跟進具體條款。

Got it. And then if I might on the certification aircraft, just was very helpful to understand kind of what you were waiting for ongoing forward with that, just how much of that is built in terms of it sounds like if you're getting very close, but it's fairly built. But I was kind of curious, you know, how much of that has been built and as you've built the two midnight now, a any kind of learnings on how you can kind of scale production.

知道了。然後，如果我可以在認證飛機上，這對於了解您正在等待的持續進展非常有幫助，其中有多少是根據聽起來是否非常接近而構建的，但是它相當堅固。但我有點好奇，你知道，其中已經建成了多少，而且你們現在已經在午夜兩點建成了，想了解如何規模化生產。

Absolutely.

絕對地。

So the aircraft, the, you know, first type design aircraft that we're getting ready to fly, that aircraft is almost complete. So we're in the system integration testing phase, basically the last step that we'll do before we send the aircraft to the flight test. So still some work to do there. But again, getting really close in terms of learnings on manufacturing. You know, again, the broader context here is we are with that aircraft and the other two test aircraft that are in production right now learning all the lessons on the exact design we plan to certify.

所以這架飛機，你知道，我們準備飛行的第一型設計飛機，那架飛機幾乎已經完成。所以我們正處於系統整合測試階段，基本上是我們將飛機送去飛行測試之前要做的最後一步。所以還有一些工作要做。但再次強調，在製造方面的學習已經非常接近了。你知道，這裡更廣泛的背景是我們正在使用那架飛機和目前正在生產的另外兩架測試飛機，學習我們計劃認證的確切設計的所有經驗教訓。

And so there have been lots of lessons learned, lots of that has been informed how we're laying out the initial line in Georgia. And then, you know, beyond that, in parallel, there's extensive lab testing going on of all the hardware. So I mentioned some of the the power train learnings that we've gotten from flight test and lab test, basically taking all that data together using that to develop the manufacturing plans that we're going to start executing against next year.

因此，我們學到了很多經驗教訓，其中許多經驗教訓已經告訴我們如何在喬治亞州佈置最初的生產線。然後，您知道，除此之外，同時還對所有硬體進行廣泛的實驗室測試。因此，我提到了我們從飛行測試和實驗室測試中獲得的一些動力傳動系統知識，基本上將所有這些數據結合在一起，用於製定我們將在明年開始執行的製造計劃。

Hey, Savi, this is Adam, the aircraft that we're building that Tom mentioned are aircraft that will not only just be piloted, but because. They're production. Aircraft, they will also ultimately carry other people as well. And so the safety standard of what we're doing is at the very highest level. So, I know other groups are producing or I'll call it rapidly producing still prototype aircraft that looks like, you know, they don't carry people, but these are piloted aircraft that will carry people. So safety standard here is very high and we're making sure that, you know, we're guiding every single line and crossing every single [T] because you know, we will be going to our aircraft.

嘿，薩維，這是亞當，湯姆提到的我們正在建造的飛機不僅可以駕駛，而且還可以駕駛。他們是生產。飛機，它們最終也將運載其他人。因此，我們所做的事情的安全標準是最高水準的。所以，我知道其他團體正在生產，或者我稱之為快速生產原型飛機，看起來，你知道，它們不載人，但這些是可以載人的有人駕駛的飛機。所以這裡的安全標準非常高，我們要確保，你知道，我們引導每一條線並穿越每一條[T]，因為你知道，我們將前往我們的飛機。

Understood. I'll have a call. Thank you.

明白了。我會打電話。謝謝。

Thank you for your questions.

謝謝您的提問。

Our next question comes to the line of Bill Peterson with JP Morgan.

我們的下一個問題涉及比爾彼得森與摩根大通的關係。

Your line is open..

你的線路開通了..

Hi, this is Mahima Kakani one-behalf of Bill. It was nice to see that the FAA has begun to accept and approve some of your certification plans. Do you have a sense of kind of the pace and the cadence of which the FA will continue to do this over the next couple of quarters? Do you have any expectation around when they'll accept 100% of your compliance verification plans?

大家好，我是 Mahima Kakani，代表比爾。很高興看到美國聯邦航空局已經開始接受並批准你們的一些認證計劃。您是否知道英足總在接下來的幾季將繼續這樣做的步伐和節奏？您是否期望他們何時會 100% 接受您的合規性驗證計劃？

Yeah. So, I think the right way to answer that is to point you back at the chart that we put in our shareholder letter which lays out the four phases that the FAA define leading up type certification. So, you know, the first two were finished when our air within its criteria is published earlier this year. And so, we've been able to do over the last you know, four months or so, 4 months to 6 months is essentially go and finalize a bunch of the means and methods of compliance so that these are things like the [MOC] the detailed design standards, the certification plans that all enable the four-credit test work. And then the other thing we showed for the first time is within that kind of final phase where we're showing the data and then the fa uses that to verify and actually find compliance. We've completed or the FAA I should say has approved about 12% of that total, sort of documentation package. And so, the one remaining open item that we highlighted is this topic around emergency landing. And that's a topic that the FAA is finalizing for the entire industry. So, a little bit in the weeds, but there's basically one issue paper on that topic for the industry. And now that the SAR is out and we know the operational context, the FAA is working to finalize means and methods of compliance around that topic.

是的。因此，我認為回答這個問題的正確方法是讓您回顧我們在股東信中放入的圖表，該圖表列出了美國聯邦航空局定義的領先型號認證的四個階段。所以，你知道，當我們今年早些時候發布符合其標準的空氣時，前兩個已經完成。所以，我們在過去的四個月左右，基本上是在 4 個月到 6 個月的時間裡完成了一系列合規的手段和方法，這些都是像 [MOC] 之類的東西。設計標準、認證計畫都使四學分測驗工作成為可能。然後我們第一次展示的另一件事是在最後階段，我們展示數據，然後 fa 使用它來驗證並實際找到合規性。我們已經完成了，或者我應該說，FAA 已經批准了總計約 12% 的文檔包。因此，我們強調的剩下一個未解決的問題是有關緊急降落的主題。這是美國聯邦航空局正在為整個產業敲定的主題。所以，雖然有一點雜草，但基本上業界已經有一份關於這個主題的問題文件。現在，特別行政區已經結束，我們也了解了營運背景，美國聯邦航空局正在努力確定圍繞該主題的合規手段和方法。

And that topic is related to things in a handful of certain plans. So it's basically those things that are still open at this point, as I mentioned earlier, we don't see any risk today on any of that. And it's much more of a kind of an administrative cleanup process just like you saw on the certification basis. So, what I think you should be expecting from us is to see an increase in that compliance, finding a final phase as we step towards the TC

這個話題與一些特定計劃中的事情有關。因此，正如我之前提到的，基本上這些事情目前仍處於開放狀態，我們今天沒有看到任何風險。這更像是一種行政清理過程，就像您在認證基礎上看到的那樣。因此，我認為您應該期望我們看到合規性的提高，並在我們邁向 TC 時找到最後階段

Mahima.

馬希瑪。

This is Adam, just, you know, reiterating one of the points tom made, during the prepared remarks, the 2105 G issue paper is not unique to Archer that is an industry wide issue paper. And then when you look at the kind of phase four implementation phase, the 12% is actually quite advanced and, you know, it's, hard to understand how all the different groups do it. But, you know, we, may actually end up, you know, be leading the industry in terms of certification progress because that is a, you know, a pretty high number, especially compared to the way some of the other groups break it out.

這是 Adam，只是，你知道，重申了 Tom 在準備好的發言中提出的觀點之一，2105 G 問題文件並不是 Archer 所獨有的，它是一份全行業的問題文件。然後，當你看看第四階段的實施階段時，12% 實際上已經相當先進了，你知道，很難理解所有不同的群體是如何做到這一點的。但是，您知道，我們實際上可能最終在認證進度方面領先於行業，因為這是一個相當高的數字，特別是與其他一些團體的方式相比。

Okay, thank you. But that's really helpful color. For a second question, I appreciate that you can't really touch on specific timing of piloted flight in the UAE. But do you have a sense of how many aircraft you'll send there for testing and then potentially how long that could take before entry into service?

好的，謝謝。但這確實很有幫助。關於第二個問題，我知道你不能真正觸及阿聯酋有人駕駛飛行的具體時間。但是您是否知道將派出多少架飛機去那裡進行測試以及可能需要多長時間才能投入使用？

Yeah. Well, we have a plan to be in commercial service in the UAE before the end of next year and it's a challenging plan, but it's one that we are executing against and is certainly doable. The aircraft that we are starting to produce in Georgia in the coming months are the aircraft that we will be deploying to the UAE. Adam and the team gave some, you know, general guidance on aircraft production over the next couple of years. So the way to think about it is we're currently producing, you know, the remaining conforming aircraft we'll use for FAA flight testing. Then also this additional batch of aircraft, same design but intended to be deployed for these early commercial operations, whether they be in the UAE or, or other places.

是的。嗯，我們計劃在明年年底之前在阿聯酋投入商業服務，這是一個具有挑戰性的計劃，但這是我們正在執行的計劃，而且肯定是可行的。未來幾個月我們將在格魯吉亞開始生產的飛機將部署到阿聯酋。亞當和他的團隊為未來幾年的飛機生產提供了一些一般性指導。因此，我們目前正在生產剩餘的合格飛機，我們將用於美國聯邦航空局的飛行測試。然後還有這批額外的飛機，設計相同，但打算部署用於這些早期商業運營，無論它們是在阿聯酋還是其他地方。

And I think the, you know, what, what's compelling is we have a lot of support from the GCAA which is the local regulator in the UAE. These aircraft will be piloted from day one. So I think it actually makes some of the certification process a bit more clear where, you know, we're not switching back and forth from different types of aircraft. And so we have a pretty straight line in how to get there and now we have to go do the hard work to get it done.

我認為，你知道，最引人注目的是我們得到了 GCAA 的大力支持，GCAA 是阿聯酋的當地監管機構。這些飛機將從第一天起就開始試飛。所以我認為這實際上使一些認證過程更加清晰，你知道，我們不會在不同類型的飛機之間來回切換。因此，我們對於如何到達那裡有一個相當直線的路線，現在我們必須努力完成它。

Okay, thanks so much. And I'll hop back in the queue.

好的，非常感謝。我會跳回到隊列中。

Thank you for your questions.

謝謝您的提問。

Our next question comes from the line of Josh Sullivan with the benchmark company.

我們的下一個問題來自 Josh Sullivan 與基準公司的對話。

Your line is now open.

您的線路現已開通。

Good evening.

晚安.

Just looking at the, looking at the order this morning as you know, as well as others that might be out there. I've had a couple of these, you know, these size orders at this point and I know you referenced the chart there from last quarter as far as you know, how you can ramp. But I assume to order, you know, 100 aircraft or so, there's some pricing advantage versus just a single unit by our customers ordering rights to production slots or specific deliveries and batches, you know, just generally trying to get a feel for how the market for, you know, orders is shaping up in these deals.

如你所知，請看看今天早上的訂單，以及其他可能存在的訂單。我已經收到了一些這樣的訂單，你知道，這些尺寸訂單，我知道你參考了上個季度的圖表，據你所知，你可以如何增加。但我假設訂購 100 架左右的飛機，與我們的客戶訂購生產時段或特定交付和批次的權利而僅訂購一架飛機相比，有一定的價格優勢，您知道，通常只是想了解一下你知道，訂單市場正在這些交易中形成。

Yeah, thanks Josh. This is Adam.

是的，謝謝喬希。這是亞當。

So when we engage with customers from around the world, I think it's become increasingly clear that Archer is one of if not, you know, the company that's going to get to market you know, early or first and so we have had great success in finding really great strategic partners all around the globe in some of the biggest countries, biggest cities. And so with some of the best, you know, really companies out there. And so that has enabled us to sort of pick and choose the different groups. I think what will be interesting in terms of the rollout is a lot of the customers want access to the aircraft as soon as possible because it's not really for them immediately about revenue generation or about, you know, flying the aircraft passengers, it's about learning how to deploy these aircraft. So let's say, for example, you wanted to go deploy a fleet of aircraft at Newark Liberty International in the US. All of a sudden, you have to go start learning all the operational capabilities. You have to learn how charging is going to work, how it is going to work, get the pilots involved. So we've seen a lot of interest from pretty much all of the customers around the world, want aircraft as early as possible.

因此，當我們與來自世界各地的客戶互動時，我認為越來越明顯的是，Archer 是一家會儘早或首先進入市場的公司，如果不是的話，我們也取得了巨大的成功。的國家、最大的城市尋找真正偉大的戰略夥伴。因此，有些最好的公司確實存在。因此，這使我們能夠挑選不同的群體。我認為就推出而言，有趣的是許多客戶希望盡快使用飛機，因為這對他們來說並不是立即產生收入，或者是關於駕駛飛機乘客，而是關於學習如何部署這些飛機。舉例來說，您想在美國紐瓦克自由國際機場部署飛機機隊。突然之間，你得開始學習所有的操作能力。你必須了解充電將如何進行，如何進行，讓飛行員參與其中。因此，我們看到世界各地幾乎所有客戶都表現出了濃厚的興趣，希望能儘早獲得飛機。

So what we've done is, we've said, you know, with the new customers we're talking to, we said we would like there to be pre delivery payments early, meaning there's some dollar commitment to show how serious they are. Nonrefundable predelivery payments. Second is we'll start to look at, you know, delivering aircraft doing in market demonstration flights followed by market survey flights and then ultimately launching there. And so, as we roll that out, that process out all over the world, you'll start to see, you know, a handful of aircraft in each of these countries, each of these cities. And then ultimately, you know, passengers flying on those for market survey flights and then ultimately the launch there.

所以我們所做的是，我們已經說過，你知道，對於我們正在交談的新客戶，我們說我們希望儘早進行交付前付款，這意味著有一些美元承諾來表明他們有多認真。交貨前付款不可退還。其次，我們將開始考慮交付飛機進行市場展示飛行，然後進行市場調查飛行，最後在那裡發射。因此，當我們在世界各地推出這項流程時，您將開始看到，每個國家、每個城市都有少量飛機。最後，你知道，乘坐這些航班進行市場調查的乘客，然後最終在那裡發射。

So, hopefully that gives you a sense for how this is how this is starting to shape out. I think as it relates specifically to Japan, Japan is a great market, a big market has the potential for at least 100 aircraft. You know, if you look at some of the trips from, you know, the airport to city center, we're talking about, you know, very long, you know, rides. And so we're very excited about the Japan order, but there are many like that that we've engaged with that are, that aren't.

所以，希望這能讓你了解這是如何開始形成的。我認為，就日本而言，日本是一個很大的市場，一個大市場有至少100架飛機的潛力。你知道，如果你看看從機場到市中心的一些行程，你知道，我們談論的是很長的旅程。因此，我們對日本訂單感到非常興奮，但我們已經參與過許多類似的訂單，但沒有。

Got it. [And then maybe just as you look at the sr you know,] do you or your partners have an early sense just of the life cycle of, you know, pilot training or just acquisition, any early thoughts there?

知道了。 [然後，也許正如您看到的 SR 一樣，您或您的合作夥伴是否對飛行員培訓或採購的生命週期有早期的認識，有任何早期的想法嗎？

Well, I would say in general on the [sr] we were super pleased with the outcome. It was Honestly better than what we thought it was going to be. And you know, the main things in there we were paying attention to were pilot training like you mentioned. And so, it was great to see they added the flexibility to be able to leverage simulators for big chunks, chunks of training, which is, you know, what we have been planning. And we think it's the right thing to do in addition to rules around energy reserves, which came out in a, you know, better than we expected, you know, in a way that supports our intended commercial operations. So, there's a lot of work to do with the individual operators in the individual countries as that as far as just a domestic document, but really positive sign, I'd say for the whole industry.

嗯，我想說，總的來說，我們對 [sr] 的結果非常滿意。老實說，這比我們想像的還要好。你知道，我們關注的主要事情是像你提到的飛行員培訓。因此，很高興看到他們增加了靈活性，能夠利用模擬器進行大塊、大塊的訓練，這就是我們一直在計劃的。我們認為，除了圍繞能源儲備的規則之外，這是正確的做法，這些規則的出台比我們預期的要好，你知道，以支持我們預期的商業運營的方式。因此，就國內文件而言，各國的個體經營者還有很多工作要做，但我想說，對於整個產業來說，這是一個非常積極的跡象。

Great. Thank you for the time.

偉大的。謝謝你的時間。

Thank you for your question.

謝謝你的提問。

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

我們的下一個問題來自巴克萊銀行的大衛·扎祖拉（David Zazula）。

Your line is now open.

您的線路現已開通。

Hey, good afternoon. Thanks for getting me in, but I'm just following up on that. I know you said the reserve requirement within the [sr] came in better than expected. I guess specifically can you talk to any restriction that you would have on operations as a result of that was a requirement, you know, within the context of, you know, the urban, the mission set.

嘿，下午好。謝謝你讓我加入，但我只是在跟進。我知道您說過 [sr] 內的準備金要求比預期好。我想您能具體談談您對營運的任何限制，因為這是一項要求，您知道，在城市、任務集的背景下。

Yeah, absolutely. So, you know FAA in the [sr] prescribed methods for defining the amount of energy we need to keep on the airplane. And so just the first principles effect there is they're defining how much, you know, fuel, if you will, our energy needs to be left in the battery at the end of the flight. So that sets sort of maximum, you know, range missions. So they did that in two ways. The first was as a base position, essentially aligning with the way helicopters are flowing today. So keeping like a minimum 20 minute endurance of energy. And so for our aircraft, with that requirement, we're able to satisfy essentially all of the commercial missions that we're interested in flying, essentially all of the markets we're looking at today.

是的，絕對是。所以，您知道 FAA 在 [sr] 中規定的方法來定義我們需要在飛機上保留的能量。因此，首要原則是定義飛行結束時電池中需要保留多少燃料（如果您願意的話）。所以這設定了最大範圍的任務。所以他們透過兩種方式做到了這一點。第一個是作為基地位置，基本上與當今直升機的飛行方式一致。因此，保持至少 20 分鐘的耐力。因此，對於我們的飛機來說，有了這個要求，我們基本上能夠滿足我們感興趣的所有商業任務，基本上是我們今天關注的所有市場。

But then the FAA went a step further and added provisions for alternate means of meeting a similar safety standard. So, for example, if we wanted to fly a long-range mission that perhaps couldn't give us, you know, 20 minutes of reserve endurance, we can propose ways to mitigate you know, that by having landing sites that are like along the way to essentially give us backup options. So, when I talked about better than expected, it's, you know, things like that, the FAA worked in which are super practical. But you know, maintain a high level of safety, but give the flexibility for this early, you know, industry to kind of take hold and learn and grow.

但隨後美國聯邦航空局更進一步，增加了符合類似安全標準的替代方法的規定。因此，舉例來說，如果我們想要執行一項遠端任務，而該任務可能無法為我們提供 20 分鐘的儲備耐力，我們可以提出緩解方法，透過擁有類似沿途的著陸點本質上為我們提供備份選項的方式。所以，當我談到比預期更好時，你知道，美國聯邦航空管理局所做的事情是非常實用的。但你知道，保持高水準的安全性，但要為這個早期的行業提供靈活性，以便其站穩腳跟、學習和成長。

That's really good color. Our ability is taking questions, but he did mention in the prepared remarks, you would have been worked out as far as urban airspace integration. We have only six minutes left in the call. So sure, we don't have any time to go into detail, but maybe can we get a preview of what you're thinking? The challenges are for urban airspace integration. And some ways you're working with the FAA to, to try to solve those challenges.

這顏色確實不錯啊我們的能力是接受提問，但他在準備好的發言中確實提到，就城市空域一體化而言，你已經解決了。我們的通話只剩下六分鐘了。當然，我們沒有時間詳細討論，但也許我們可以預覽一下您的想法？挑戰在於城市空域一體化。您正在與美國聯邦航空局合作，嘗試解決這些挑戰。

Hey, David.

嘿，大衛。

Unfortunately, Billy's traveling is not actually on the Q&A portion today. Why don't you know, give us a call and go into some of that.

不幸的是，比利的旅行實際上並不在今天的問答部分。為什麼您不知道，請給我們打電話並了解其中的一些內容。

Okay, super helpful. Thanks. I'll go back to you.

好的，超級有幫助。謝謝。我會回到你身邊。

Thank you for your question.

謝謝你的提問。

Our next question comes from the line of a [Midale] with HC Wainright.

我們的下一個問題來自 [Midale] 和 HC Wainright 的對話。

Your line is now open.

您的線路現已開通。

Thank you. Good afternoon again. Good to see, you know, a lot of these [ding] steps coming to fruition. You know, it looks like the UAE commercialization strategy seems, you know, nicely mapped. How does that compare for your plans for the US market? You mentioned, you know, a few cities here that you're targeting. You know, how much of the burden financially and operationally will you need to sort of take on to bring some of these sites and cities into, you know, readiness, I guess to begin operations in the US.

謝謝。再次下午好。很高興看到，很多這些[叮]步驟都取得了成果。你知道，阿聯酋的商業化策略似乎規劃得很好。這與你們針對美國市場的計畫相比如何？你提到了你所瞄準的幾個城市。你知道，你需要承擔多少財務和營運負擔才能使其中一些站點和城市做好準備，我想在美國開始營運。

Hey, this is Adam. So when we're looking at deploying the fleet that we're building, there's, you know, a couple of different ways that we're thinking about it. The first is looking at the UE which we've talked a lot about and I think there are, you know, there's a great pathway to go do that and there's a pathway to do that to generate revenue. And so I don't think there will be necessarily a financial burden because we're selling aircraft. The other side is there's a lot of existing infrastructure that's already been created there. So there are existing helipads, many of them, dozens of them that exist in Abu Dhabi.

嘿，這是亞當。因此，當我們考慮部署我們正在建造的機隊時，我們有幾種不同的考慮方式。第一個是我們已經討論了很多的UE，我認為，你知道，有一個很好的途徑可以做到這一點，並且有一個途徑可以通過這樣做來產生收入。因此，我認為不一定會產生財務負擔，因為我們正在銷售飛機。另一方面是那裡已經創建了許多現有的基礎設施。阿布達比現有直升機停機坪，有很多，有幾十個。

And so there was existing operators, existing pilots, existing routes. And so there's a lot that we're going to be partnering with to allow us to launch right away to get off the ground with minimal additional investment in the US as it relates to bringing aircraft to some of our early customers as well. The first use case is really all about learning about the aircraft and learning how to deploy and how to scale. So for example, you can't just go drop a fleet of aircraft off at Newark Liberty International and say, thank you. See you later. There's a lot of planning that needs to go into that. Where is the charging infrastructure going to go. How are the pilots going to interact with this? How is the airport itself going to work? Where is parking going to be in? So a lot of the customers want to engage early to try to stand up the operations and that may be a year or multi year process to do that because we have many customers all over the world. There's an opportunity to really start engaging these different groups that want early access. None of that really requires a heavy capital investment to do that. So I do believe there's an opportunity to generate revenue, potentially even generate positive cash flow with minimal investment that needs to go into the early operations.

所以有現有的操作員、現有的飛行員、現有的航線。因此，我們將與許多人合作，使我們能夠在美國以最少的額外投資立即啟動，因為這也涉及到將飛機帶給我們的一些早期客戶。第一個用例實際上是關於了解飛機以及學習如何部署和擴展。舉例來說，你不能只是把一隊飛機降落在紐瓦克自由國際機場並說謝謝。稍後見。這需要做很多計劃。充電基礎設施將走向何方？飛行員將如何與之互動？機場本身將如何運作？停車場要停在哪裡？因此，許多客戶希望儘早參與以嘗試維持運營，這可能需要一年或多年的過程，因為我們在世界各地擁有許多客戶。現在有機會真正開始吸引這些想要搶先體驗的不同群體。所有這些都不需要大量的資本投資來做到這一點。因此，我確實相信有機會產生收入，甚至有可能以最少的早期營運投資產生正現金流。

Understood. Thank you for that color Adam. So that's all I have. I'll take my other questions offline. Thank you.

明白了。謝謝你給亞當這種顏色。這就是我所擁有的一切。其他問題我會在線下提出。謝謝。

Excellent.

出色的。

Thank you for your question. At this time. I would now like to pass the conference back to Adam Goldstein, founder and CEO of Archer for his closing remarks.

謝謝你的提問。此時。現在，我想將會議轉交給 Archer 創辦人兼執行長 Adam Goldstein，他將致閉幕詞。

Thank you very much for listening to our quarterly call. It was another great quarter. I look forward to speaking with you again soon.

非常感謝您收聽我們的季度電話會議。這又是一個偉大的季度。我期待很快再次與您交談。

That concludes today's call. Thank you for your participation and enjoy the rest of your day.

今天的電話會議到此結束。感謝您的參與，祝您有個愉快的一天。