Archer Aviation Inc (ACHR) 2024 Q4 法說會逐字稿

Good afternoon. Thank you for attending the Archer Aviation 4th quarter 2024 financial results conference call. My name is Cameron, and I'll be your moderator for today.

午安.感謝您參加 Archer Aviation 2024 年第四季財務業績電話會議。我叫卡梅倫，今天我將擔任主持人。

(Operator Instructions) And I would now like to pass the conference over to your host, Eric Lentell. You may proceed.

（操作員指示）現在我想將會議交給主持人 Eric Lentell。您可以繼續。

Thank you for joining Archer's earnings call. This is Eric Lentell, Archer's general counsel.

感謝您參加 Archer 的收益電話會議。我是 Eric Lentell，Archer 的總法律顧問。

Today we will be making forward-looking statements. These forward-looking statements are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events.

今天我們將做出前瞻性陳述。這些前瞻性陳述是基於今天的假設，我們不承擔因新資訊或未來事件而更新這些陳述的義務。

There are risks and uncertainties that may cause actual results to differ materially from those contemplated. For more information about these risks and uncertainties, please refer to the risk factors in our SEC filings.

存在一些風險和不確定性，可能導致實際結果與預期結果有重大差異。有關這些風險和不確定性的更多信息，請參閱我們向美國證券交易委員會提交的文件中的風險因素。

We will also be discussing both GAAP and non-gap financial measures. A reconciliation of those GAAP to non-gap financial measures is included in our shareholder letter and earnings released from today.

我們還將討論 GAAP 和非差距財務指標。我們今天發布的股東信和收益中包含了這些 GAAP 與非差距財務指標的對帳。

And now I'll turn it over to Adam.

現在我將把話題交給亞當。

I founded Archer to fundamentally reshape the future of aviation and help transform how we move through the air. When you look 100 years into the future, it's clear that aviation will be ubiquitous, highly autonomous and electric. This isn't wishful thinking, it's a necessity. Our cities are growing, our ground infrastructure can't keep up and our legacy aviation software systems are antiquated and unscalable.

我創立 Archer 的目的是從根本上重塑航空業的未來並幫助改變我們在空中的飛行方式。展望未來 100 年，航空顯然將無所不在、高度自動化和電動化。這不是一廂情願的想法，而是必然的。我們的城市正在發展，我們的地面基礎設施卻無法跟上，而我們傳統的航空軟體系統卻已經過時且不可擴展。

By ubiquitous, I mean air travel that is accessible to the masses as the safest and fastest way to get from A to B. To truly democratize it, we need to scale aviation to 100x the people at 10,000x the locations at 1/10 the cost we see today. It's estimated that 80% of the world's population has never flown. I believe this is the only way we can absorb the inevitable growth of our cities and populations without overwhelming our ground-based transportation networks.

我所說的無所不在，是指大眾都可以搭乘航空旅行，這是從 A 地到 B 地最安全、最快捷的方式。為了真正實現航空大眾化，我們需要將航空運輸規模擴大到 100 倍的乘客、10,000 倍的地點，而成本僅為今天的十分之一。據估計，全球80%的人口從未搭乘過飛機。我相信這是我們能夠吸收城市和人口不可避免的增長而不會使地面交通網絡不堪重負的唯一方法。

To achieve this scale and remain safe, aviation must become highly autonomous. Our current systems rely far too much on antiquated technology and places too high a burden on human operators already reaching its limits. Software-driven systems utilizing AI will be able to scale with ubiquitous operations, delivering the highest levels of safety to our airspace at a fraction of the operating cost, allowing human operators to focus on oversight and strategic decisions. And this future of ubiquitous aviation can't come at the expense of our planet.

為了達到這一規模並保持安全，航空必須實現高度自主。我們目前的系統過於依賴過時的技術，並且給已經達到極限的人類操作員帶來了過高的負擔。利用人工智慧的軟體驅動系統將能夠隨著無所不在的操作而擴展，以極低的營運成本為我們的空域提供最高層級的安全，使人類操作員能夠專注於監督和戰略決策。而航空業無所不在的未來不能以犧牲地球為代價。

Luckily, the cost curves of battery technology are following similar exponential improvements to what we saw in computing. So we will be able to increasingly use electric powertrains to power an ever increasing range of aircraft.

幸運的是，電池技術的成本曲線正遵循與我們在計算領域看到的類似的指數級改進。因此，我們將能夠越來越多地使用電動動力系統為越來越多的飛機提供動力。

The aviation industry has been stuck making incremental improvements for 50 years, constrained by the fundamental limits of legacy technology and the dominant force of an unchallenged duopoly in commercial aviation. But thanks to breakthroughs in technology over the last decades, including batteries, electric engines and the rapid acceleration of AI, coupled with unprecedented levels of investment in our industry, we're now poised for an inflection. And I believe Archer has the opportunity and responsibility to lead the way.

受制於傳統技術的根本限制以及商業航空領域不容置疑的雙頭壟斷的主導地位，航空業 50 年來一直處於漸進式改進的階段。但由於過去幾十年來技術的突破，包括電池、電動馬達和人工智慧的快速發展，再加上我們行業前所未有的投資水平，我們現在已準備好迎接轉折。我相信阿徹有機會和責任引領這股潮流。

We're on track to begin deploying revenue-generating Midnight aircraft later this year. And over the next 2 decades, Archer has the opportunity to drive the technological transformation across global aviation. It's time to build.

我們計劃於今年稍後開始部署可產生收入的午夜飛機。在接下來的二十年裡，Archer 有機會推動全球航空業的技術轉型。是時候開始建造了。

Our business today spans 3 integrated vectors: one, designing and manufacturing our civilian aircraft, Midnight, which is an electric air taxi we're working to deploy in the world's most congested cities, starting with paying customers this year; two, defense, in partnership with Anduril, our first product under development is a next-generation hybrid propulsion vertical lift aircraft that I believe is a multibillion-dollar opportunity this decade with both the military and civilian use cases; and three, software, building advanced but simplified flight control systems that are highly automated as well as leveraging AI to optimize our airspace.

我們今天的業務涵蓋三個綜合領域：一是設計和製造我們的民用飛機 Midnight，這是一種電動空中出租車，我們正致力於在全球最擁擠的城市部署，今年將首先向付費客戶推出；二是國防，我們與 Anduril合作，正在開發的第一款產品是下一代混合動力推進垂直升力飛機，我相信這在本十年將是一個價值數十億美元的商機，既可用於軍事用途，也可用於民用；第三，軟體，構建先進但簡化的飛行控制系統，高度自動化，並利用人工智能來優化我們的空域。

Today, I'll focus on our execution plan for deploying Midnight commercially and developing our next-generation hybrid aircraft. As part of this, I'll dive into our exciting new partner we're bringing into the fold. Taking a step back, our commercial strategy remains the same as it has from day 1; to find the most efficient path to safely bring Midnight to market.

今天，我將重點介紹 Midnight 商業部署和開發下一代混合動力飛機的執行計劃。作為其中的一部分，我將深入了解我們即將加入的令人興奮的新合作夥伴。退一步來說，我們的商業策略與第一天一樣；找到將 Midnight 安全推向市場的最有效途徑。

Last fall, the FAA put in place a structured framework for Archer and the rest of the industry, the final key piece of the puzzle needed to create a clear path for the safe phased rollout of eVTOLs in the U.S. While we continue to work through the final stages of our type certification program here in the U.S., we have the opportunity to work with several forward-thinking regulators across the globe that are creating pathways for us to deploy Midnight commercially in advance of FAA type certification.

去年秋天，美國聯邦航空管理局 (FAA) 為 Archer 和業內其他公司製定了結構化框架，這是為在美國分階段安全推出 eVTOL 制定清晰路徑所需的最後一個關鍵部分。在我們繼續在美國完成型號認證計劃的最後階段的同時，我們有機會與全球幾家具有前瞻性思維的監管機構合作，他們正在為我們在獲得 FAA 型號認證之前將 Midnight 進行商業部署創建途徑。

After engaging dozens of these countries at the highest levels of governments over the last year, I'm excited today to share more details about our Launch Edition program, which will allow us to deploy Midnight aircraft in early adopter markets worldwide to generate revenue. These early adopters are more than just customers. They are true partners who we will work with to stand up the early air taxi operations hand-in-hand.

在過去一年與數十個國家的政府最高層進行了接觸之後，今天我很高興與大家分享有關我們的 Launch Edition 計劃的更多細節，該計劃將使我們能夠在全球早期採用者市場部署 Midnight 飛機以創造收入。這些早期採用者不僅僅是客戶。他們是真正的合作夥伴，我們將與他們攜手並進，共同進行早期的空中計程車營運。

These partnerships will have 2 components. First, we will supply them with a small fleet of Launch Edition aircraft to showcase and operate in their countries over the next 18 to 24 months as well as a services component where we will provide an operational support team of pilots, technicians, engineers and local leadership. These arrangements will be tailored based on the partner and their strategic goals, but we are aiming for each one to generate tens of millions of revenue and be margin positive.

這些合作關係將包含兩個部分。首先，我們將為他們提供一支小型 Launch Edition 飛機隊，用於在未來 18 至 24 個月內在他們的國家展示和運營，同時我們還將為他們提供服務，其中包括飛行員、技術人員、工程師和當地領導組成的營運支援團隊。這些安排將根據合作夥伴及其策略目標進行定制，但我們的目標是讓每個合作夥伴創造數千萬美元的收入並實現利潤正成長。

Our goal is to create a repeatable playbook we can scale to dozens, if not hundreds of partners globally. And with that framework in place, I'm proud to announce today we have signed up Abu Dhabi Aviation known as ADA as our first Launch Edition partner. Our plan is to deploy aircraft with them in Abu Dhabi later this year, allowing us to generate revenue under the agreement.

我們的目標是創建一個可重複的劇本，可以擴展到全球數十個甚至數百個合作夥伴。在該框架下，我今天很自豪地宣布，我們已與阿布達比航空公司（ADA）簽約，成為我們的第一個發布版合作夥伴。我們的計劃是今年稍後與他們一起在阿布達比部署飛機，以便我們可以根據協議創造收入。

As part of this, Archer and ADA will continue to work with other in country partners we have previously announced. This includes Etihad, which will help scale pilot training regionally, and Falcon, who we plan to partner with on infrastructure across the country. All of this continues to be unlocked, thanks to our strong alignment with the GCAA, which regulates aviation federally in the UAE, who we are working closely with to ensure we have an expedited pathway to early operations in the country.

作為其中的一部分，Archer 和 ADA 將繼續與我們先前宣布的其他國內合作夥伴合作。其中包括阿提哈德航空和獵鷹航空，阿提哈德航空將幫助我們在地區範圍內擴大飛行員培訓規模，獵鷹航空則計劃與我們在全國範圍內的基礎設施建設上展開合作。由於我們與阿聯酋聯邦航空管理局（GCAA）的緊密合作，所有這一切都將繼續解決。我們正與其密切合作，以確保我們能夠快速在該國進行早期營運。

Our progress in the UAE has catalyzed further interest across the broader Middle East, Asia and Africa with many countries in talks with us to bring early commercial operations ahead of our type certification in the U.S., creating multiple opportunities for us later this year and into next.

我們在阿聯酋取得的進展激發了中東、亞洲和非洲地區的進一步興趣，許多國家正在與我們商談，希望在獲得美國型號認證之前進行早期商業運營，這為我們在今年晚些時候和明年創造了眾多機會。

Here in the U.S., we continue working with our partners, United Airlines and Southwest to plan our initial operations in our key launch cities, L.A., San Francisco, Miami and New York. This includes route planning, building our plans to recruit and train pilots and planning for the integration of Archer's aerial ridesharing software into our airline partners' software stack.

在美國，我們繼續與我們的合作夥伴美國聯合航空和西南航空合作，規劃我們在主要啟動城市洛杉磯、舊金山、邁阿密和紐約的初步營運。這包括航線規劃、制定招募和培訓飛行員的計劃以及規劃將 Archer 的空中共乘軟體整合到我們的航空公司合作夥伴的軟體堆疊中。

To enable all of this, we must scale manufacturing. We have completed our factory in Georgia, ARC, and plan to manufacture up to 10 Midnight aircraft this year for use as part of our FAA certification program as well as early commercial deployment internationally. Tom will share more about our progress, but I want to take a moment to thank our team who has worked tirelessly to get us to that point.

為了實現這一切，我們必須擴大生產規模。我們已經在喬治亞州ARC建成了工廠，並計劃今年生產多達10架午夜飛機，作為我們FAA認證計劃的一部分以及在國際上的早期商業部署。湯姆將會分享更多關於我們進展的信息，但我要花一點時間感謝我們的團隊，他們不知疲倦地努力工作，使我們達到了這一點。

The first eVTOL OEM to be scaling commercial production of its piloted aircraft here in the U.S. We know there are endless challenges ahead, but I truly believe we have the best team in the world capable of tackling them.

第一家在美國擴大有人駕駛飛機商業生產的 eVTOL OEM。我們知道未來有無數的挑戰，但我堅信我們擁有世界上最優秀的團隊來應對這些挑戰。

Finally, I want to talk about our exciting announcement from last December, Archer Defense. I'm seeing outsized demand for the hybrid aircraft we are developing with Anduril. Over the last few earnings calls, I've telegraphed how meaningful I expect the defense business will be for Archer. We partnered with Anduril because they are too builders and have proved that new innovative companies can successfully sell to the Department of Defense.

最後，我想談談我們去年 12 月發布的令人興奮的公告，Archer Defense。我發現我們與 Anduril 合作開發的混合動力飛機的需求非常大。在過去幾次財報的電話會議上，我已經表達過我預計國防業務對 Archer 來說有多重要。我們與 Anduril 合作是因為他們也是建造者，並且已經證明新的創新公司可以成功地向國防部銷售產品。

As part of our mission to build the future of aviation, modernizing America's military fleet as well as those of our allies is core, and I am proud we have the opportunity to make an impact here. We're working closely with Anduril to develop what we think the future vertical lift requirements for the defense use cases is. I believe the aircraft we plan to build can result in multibillion-dollar programs of record, all without the need for FAA certification.

作為我們建立航空業未來使命的一部分，對美國及其盟友的軍事艦隊進行現代化改造是核心，我很自豪我們有機會在這裡發揮影響力。我們正在與 Anduril 密切合作，以開發我們認為未來國防用例的垂直升力要求。我相信我們計劃建造的飛機可以帶來數十億美元的創紀錄項目，而且無需獲得美國聯邦航空局的認證。

Similar to SpaceX, we're now seeing synergies between our civil and defense vectors that have the potential to unlock a powerful flywheel. As I've met with the global leaders in the Trump administration over the last few months, it's clear that our technology, talent and experience from the civil side builds credibility and diversified revenue streams, while our role in America's defense industry helps to further elevate eVTOL as a national priority. This becomes increasingly important when I engage leaders in Washington and abroad on how the technology we are building at Archer can both help build the cities of the future here in the U.S., modernize aviation and ensure our military has access to the world's leading technologies.

與 SpaceX 類似，我們現在看到民用和國防載體之間的協同作用，有可能釋放強大的飛輪。過去幾個月我與川普政府的全球領導人會面時，很明顯我們在民用方面的技術、人才和經驗建立了信譽和多樣化的收入來源，而我們在美國國防工業中的作用有助於進一步提升 eVTOL 作為國家優先事項的地位。當我與華盛頓和國外的領導人討論我們在阿徹研發的技術如何幫助建​​立美國未來城市、實現航空現代化以及確保我們的軍隊能夠獲得世界領先技術時，這一點變得越來越重要。

On the back of all of this tremendous progress and opportunity, last month, we announced that we raised an additional $300 million from investors, thanks to strong inbound demand. This gives Archer over $1 billion in liquidity, our strongest liquidity position to date. Yet for us, our view is that it's still early innings. We have a once-in-a-generation opportunity to advance the technology that defines our skies and ultimately shape the future of aviation for generations to come. Let's keep building.

在所有這些巨大進步和機會的推動下，上個月，我們宣布由於強勁的入站需求，我們從投資者那裡額外籌集了 3 億美元。這使得 Archer 擁有超過 10 億美元的流動資金，這是我們迄今為止最強勁的流動資金狀況。但對我們來說，我們的觀點是，這仍是早期階段。我們擁有千載難逢的機會來推進定義我們天空的技術，並最終塑造子孫後代的航空業的未來。讓我們繼續建設。

Over to Tom.

交給湯姆。

Our goal from an engineering perspective has always been to leverage advancements in electric propulsion and software to build advanced aircraft for a variety of use cases. Our foundational aircraft platform, Midnight, was built with this strategy in mind and includes technology that can scale and adapt across multiple aircraft configurations for multiple mission profiles. Throughout aviation history, the most significant advancements have not come from incremental improvements, but from a fundamental reevaluation of what's possible.

從工程角度來看，我們的目標一直是利用電力推進和軟體方面的進步來製造適用於各種用途的先進飛機。我們的基礎飛機平台 Midnight 就是基於此策略而建構的，其技術可擴展並適應多種飛機配置，適用於多種任務配置。縱觀航空史，最重要的進步並非來自漸進式的改進，而是來自對可能性的根本重新評估。

The core technology in Midnight, our electric propulsion system and flight control software, can be adapted for urban air mobility, cargo delivery, medevac and defense applications as well as missions we have yet to conceive of. As you can see from the pictures in our shareholder letter, we've now moved our piloted Midnight aircraft to our Salinas facility for final ground testing before its upcoming piloted flight. This aircraft can only fly piloted and thus requires that our flight control system, the same one we are certifying with the FAA, must be at the maturity level necessary to support that from a safety of flight perspective.

Midnight 的核心技術，即我們的電力推進系統和飛行控制軟體，可以適用於城市空中交通、貨物運輸、醫療後送和國防應用以及我們尚未設想的任務。正如您從我們致股東信中的圖片中看到的，我們現在已經將我們的有人駕駛的午夜飛機移至薩利納斯工廠，進行即將進行的有人駕駛飛行前的最後地面測試。該飛機只能在有人駕駛的情況下飛行，因此要求我們的飛行控制系統（即我們正在向美國聯邦航空局認證的系統）必須達到從飛行安全角度支援該飛行所需的成熟度。

This requires a tremendous amount of testing and analysis ahead of flight. Our team has been working relentlessly to get us to this point. A few examples of the many tests we've completed include: completing a comprehensive series of tests covering propeller endurance, ground vibration testing and various fault injection tests across all of the systems on the aircraft; EEE qualification tests for our Safran flight computer at their R&D facilities in France; as well as completed safety of flight declarations for our actuators from Honeywell and Flight deck from Garmin; and stress testing of the Midnight airframe with individual load cases of over 18,000 pounds.

這需要在飛行前進行大量的測試和分析。我們的團隊一直不懈努力，才達到這一點。我們完成的眾多測試中有幾個例子：完成一系列全面的測試，涵蓋螺旋槳耐久性、地面振動測試和飛機所有系統的各種故障注入測試；我們在法國賽峰集團研發中心對飛行計算機進行 EEE 資格測試；以及已完成的霍尼韋爾執行器和 Garmin 駕駛艙的飛行安全聲明；並對 Midnight 機身進行壓力測試，單個負載超過 18,000 磅。

These are just a few key highlights. This aircraft will be the eighth full-scale eVTOL that myself and our Chief Engineer, Dr. Geoff Bower, have successfully built and flown in our careers. What we've learned over all those other programs is that there are no shortcuts when it comes to safety of flight. While it's taken longer than we may have projected, this thoroughness ensures the safety of our pilots and has deepened our confidence in the maturity of our aircraft design and systems.

這些只是一些關鍵亮點。這架飛機將是我和我們的首席工程師 Geoff Bower 博士在我們的職業生涯中成功建造和駕駛的第八架全尺寸 eVTOL 飛機。我們從其他所有項目中學到的是，在飛行安全問題上沒有捷徑。雖然這比我們預計的時間要長，但這種徹底性確保了我們飛行員的安全，並加深了我們對飛機設計和系統成熟度的信心。

Looking ahead to our pilot and flight test campaign, you can expect us to continue to take a methodical, phased approach that focuses on safety first. When we designed Midnight, it was important to our team that the aircraft was capable of both conventional takeoff and landing, as well as vertical takeoff and landing. We believe this will be critical for operational flexibility when the aircraft is deployed in a commercial environment.

展望我們的飛行員和飛行測試活動，您可以期待我們繼續採取有條不紊、分階段的方法，以安全第一為重點。當我們設計午夜時，對我們的團隊來說，重要的是飛機能夠進行常規起飛和降落，以及垂直起飛和降落。我們相信，這對於飛機在商業環境中部署時的營運彈性至關重要。

This design decision did not come for free as we had to design our landing gear and airframe to support the additional loads that come with conventional landings, which are far greater than the loads resulting from only VTOL. But this increased capability provides not only additional operational flexibility, but also increased levels of safety as it gives more options of where you can land in an emergency situation. We plan to test this capability first before we take the aircraft through the full transition envelope.

這個設計決定並不是免費的，因為我們必須設計起落架和機身來支撐傳統著陸帶來的額外負載，這些負載遠大於僅垂直起降產生的負載。但這種增強的能力不僅提供了額外的操作靈活性，而且還提高了安全級別，因為它為您在緊急情況下降落提供了更多的選擇。我們計劃在讓飛機完成整個過渡包線之前先測試這項能力。

If you look closely at the pictures of the new piloted Midnight aircraft that we released today, you can see some of the refinements we made in our landing gear from our prior aircraft to help enable all of this. This tremendous progress on safety of flight activities positions us for continued momentum on Midnight's type certification program with the FAA. We expect to share important updates on this front in the quarters ahead.

如果您仔細觀察我們今天發布的新型午夜駕駛飛機的照片，您會發現我們對之前的飛機的起落架進行了一些改進，以幫助實現這一切。飛行安全活動的巨大進步使我們有能力繼續推進與美國聯邦航空管理局合作的 Midnight 型號認證計劃。我們期望在未來幾季分享這方面的重要更新。

In parallel with FAA type certification, we continue making substantial progress on the operational approvals needed from the FAA to operate our air taxi service once Midnight is type certified. Recently, we announced the FAA certification of our Part 141 Flight Training Academy, allowing us to train and certify Midnight pilots, securing another critical element of our commercial launch strategy. Internationally, we've accelerated our efforts in the UAE significantly as we work to achieve our launch goals.

在獲得美國聯邦航空管理局 (FAA) 型號認證的同時，一旦 Midnight 獲得型號認證，我們將在獲得美國聯邦航空管理局 (FAA) 運營空中出租車服務所需的運營批准方面繼續取得實質性進展。最近，我們宣布我們的第 141 部分飛行訓練學院獲得了美國聯邦航空管理局的認證，這使我們能夠培訓和認證午夜飛行員，確保了我們商業發布策略的另一個關鍵要素。在國際上，我們大力加快了在阿聯酋的步伐，努力實現我們的發布目標。

We've now been working with the UAE's federal regulator, the General Civil Aviation Authority for nearly 2 years, and I want to thank them for the continued partnership. I'm excited to announce that we've now finalized our project-specific certification plan with the GCAA. This document outlines the steps needed to bring Midnight to market in the country, which we are well down the path of executing against.

我們現在已經與阿聯酋聯邦監管機構—阿聯酋民航總局合作了近兩年，我要感謝他們持續的合作。我很高興地宣布，我們現在已經與 GCAA 完成了針對特定專案的認證計劃。本文檔概述了將 Midnight 推向該國市場所需的步驟，我們目前正按照這些步驟順利執行。

We have already begun submitting compliance data to the UAE for review and acceptance and expects to work in earnest on that throughout the first half of this year. Here's what you can expect to see over the remainder of this year with regard to our planned progress in the UAE. This summer, we'll deliver our first piloted Midnight to Abu Dhabi and begin flight testing in country. With that aircraft, we'll focus our efforts on testing it in high-temperature operations as conditions there can exceed 110 degrees during the day.

我們已經開始向阿聯酋提交合規數據以供審查和驗收，並預計將在今年上半年認真進行這項工作。以下是我們在今年剩餘時間內在阿聯酋計劃取得的進展。今年夏天，我們將把第一架試飛的「午夜」飛機運送到阿布達比，並在該國開始飛行測試。對於這架飛機，我們將專注於測試它在高溫下的運作情況，因為那裡白天的溫度可能會超過 110 度。

Fortunately, Midnight is designed to support this operating environment, including a Honeywell climate control system that is designed to maintain comfortable cabin temperatures. Subsequent to that, we plan to start flights in and around cities in the UAE, performing proving runs to and from some of the locations on our intended network and performing market survey flights with limited passenger operations working towards our ultimate commercial launch.

幸運的是，Midnight 的設計可支援這種操作環境，包括旨在保持舒適的機艙溫度的霍尼韋爾氣候控制系統。隨後，我們計劃在阿聯酋及其周邊城市開通航班，在我們預期網路的某些地點進行往返試飛，並進行有限客運運營的市場調查飛行，為最終的商業發布做好準備。

Critical to supporting all of these aircraft testing and deployment efforts is ramping our production. This year, we plan to build up to 10 Midnight aircraft, 3 heavily instrumented for flight testing and the remainder as Launch Edition aircraft for early commercial deployment. Our Georgia factory is now operational, and the first aircraft produced out of this factory is on target to be completed by early summer.

支援所有這些飛機測試和部署工作的關鍵是提高我們的產量。今年，我們計劃建造多達 10 架午夜飛機，其中 3 架配備大量儀器用於飛行測試，其餘飛機將作為啟動版飛機，用於早期商業部署。我們位於喬治亞州的工廠現已投入運營，該工廠生產的第一批飛機預計將於初夏完成。

Finally, regarding Archer Defense, when we announced our exclusive partnership with Anduril a few months ago, we indicated that our first product is planned to be a hybrid powertrain VTOL aircraft with a low thermal and acoustic signature. This program will build directly on Midnight's core technology, leveraging the best of what we've already developed while continuing to push the boundaries of what's possible. While we can't share more details yet, we will when we can.

最後，關於 Archer Defense，幾個月前我們宣布與 Anduril 建立獨家合作夥伴關係時，我們表示，我們計劃推出的第一款產品是混合動力垂直起降飛機，具有低熱和低聲學特徵。該計劃將直接建立在 Midnight 的核心技術之上，利用我們已經開發的最佳技術，同時繼續突破可能的界限。雖然我們目前還不能分享更多細節，但我們會在可以的時候分享。

The progress the team is making is extraordinary and to think that by this time next year, I'll get the opportunity to fly Midnight as a passenger is exhilarating.

團隊所取得的進步是非凡的，想到明年這個時候我將有機會作為乘客乘坐午夜航空，真是令人興奮不已。

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

說完這些，我就把話題交給 Priya。

Thanks, Tom. Q4 24 was a pivotal quarter for Archer. We made significant progress on the engineering milestones, manufacturing ramp, commercialization readiness and defense industry diversification. In parallel, we made significant strides in reaching our financial goals to create an industry-leading balance sheet, all while managing our spend to invest appropriately in the growth of our business.

謝謝，湯姆。Q4 24 對 Archer 來說是一個關鍵的季度。我們在工程里程碑、製造提升、商業化準備和國防工業多樣化方面取得了重大進展。同時，我們在實現財務目標方面取得了重大進展，創建了行業領先的資產負債表，同時管理我們的支出以適當投資於我們的業務成長。

We exited 2024 with $835 million of cash and cash equivalents, our highest ever quarter end cash balance. and we currently have a liquidity position of over $1 billion, giving us one of the strongest balance sheets in our industry. This was all enabled by the equity raises we did in Q4 and Q1 as we've continued to see strong investor demand.

到 2024 年，我們的現金和現金等價物餘額為 8.35 億美元，創下了有史以來季度末現金餘額的最高紀錄。我們目前的流動資金狀況超過 10 億美元，這使我們成為業內資產負債表最強勁的公司之一。這一切都得益於我們在第四季和第一季進行的股權融資，因為我們持續看到強勁的投資者需求。

It is important to note that our current liquidity of $1 billion does not include any of the up to $400 million of additional capital Stellantis has agreed in principle to commit to help scale the manufacturing of our Midnight aircraft. Our teams are working hard to finalize that agreement that we expect to complete this quarter.

值得注意的是，我們目前的 10 億美元流動資金並不包括 Stellantis 原則上同意承諾的高達 4 億美元的額外資本，該資本旨在幫助擴大我們的 Midnight 飛機的生產規模。我們的團隊正在努力完成該協議，預計將於本季完成。

With regards to our spending for the quarter and the year, as you would expect, we continue to invest in the development, certification and testing of our Midnight aircraft and in the ramp-up of our manufacturing and testing capabilities as we build additional Midnight aircraft. For Q4 24, our results were in line with our guidance for both GAAP and non-GAAP expenses, and our spending was relatively flat quarter-over-quarter.

關於我們本季和本年度的支出，正如您所期望的，我們將繼續投資於午夜飛機的開發、認證和測試，並在製造更多午夜飛機時提升我們的製造和測試能力。對於 24 年第四季度，我們的業績符合 GAAP 和非 GAAP 費用的指導，我們的支出與上一季度相比相對持平。

Non-GAAP operating expenses were $98.3 million for Q4, which is within our guided range of $95 million to $110 million. And our total operating expenses on a GAAP basis were $124.2 million, which were also within the $120 million to $140 million range previously provided. For context, our GAAP operating expenses included approximately $25.9 million of non-cash expenses, primarily driven by the $23.9 million of stock-based compensation.

第四季非公認會計準則營運費用為 9,830 萬美元，在我們預計的 9,500 萬美元至 1.1 億美元範圍內。我們以 GAAP 計算的總營運費用為 1.242 億美元，也在先前提供的 1.2 億至 1.4 億美元的範圍內。就背景而言，我們的 GAAP 營運費用包括約 2,590 萬美元的非現金費用，主要由 2,390 萬美元的股票薪酬推動。

For the full year 2024, our non-GAAP operating expenses were $380.6 million, a 22% increase year-over-year, and our GAAP operating expenses for the full year were $509.7 million, a 14% increase year-over-year, primarily due to the investments we have made in people-related spend, materials and non-recurring engineering costs to support our current phase of aircraft development and testing as well as our manufacturing scale-up.

2024 年全年，我們的非 GAAP 營運費用為 3.806 億美元，年成長 22%，全年 GAAP 營運費用為 5.097 億美元，年成長 14%，這主要歸功於我們在人員相關支出、材料和非經常性工程成本方面的投資，以支持我們目前的飛機開發和測試階段以及我們目前的飛機製造和測試階段以及我們的規模擴大規模。

Our cash used in operations and investing activities for 2024 was $450.6 million. This included approximately $50 million of spend for the build-out of our ARC facility, all of which was offset through the drawdown on our construction loan. Excluding this build-out spend for ARC, our net cash used in operations and investing activities was approximately $100 million per quarter on average in 2024.

我們 2024 年用於營運和投資活動的現金為 4.506 億美元。其中包括用於建設 ARC 設施的約 5000 萬美元的支出，所有這些都透過提取建設貸款來抵消。不計 ARC 的建設支出，2024 年我們營運和投資活動所用的淨現金平均每季約 1 億美元。

We increased our ending cash balance at the end of 2024 by $369.9 million over 2023 by raising a total of $820.4 million through financing activities in 2024. This primarily includes the proceeds from the August and December equity raises, our ATM programs, the drawdown on our construction loan and the third and final tranche under our forward equity purchase arrangement with Stellantis. This has helped to significantly derisk our path to commercialization.

我們透過 2024 年的融資活動籌集了總計 8.204 億美元的資金，使 2024 年底的期末現金餘額比 2023 年增加了 3.699 億美元。這主要包括 8 月和 12 月股權融資所得、我們的 ATM 計劃、我們的建築貸款提取以及我們與 Stellantis 達成的遠期股權購買協議下的第三筆也是最後一筆款項。這有助於大大降低我們商業化道路上的風險。

So, as we look ahead this year towards our goals of manufacturing ramp, commercialization of our Launch Edition program and the development of the hybrid aircraft for the defense industry, we feel very confident that we have access to sufficient capital to deliver. As we prepare for revenue generating operations later in the year in 2025, we are pivoting our guidance to using an adjusted EBITDA metric instead of what we have guided to historically, which was non-GAAP operating expenses. We believe this new metric is a better proxy for operating cash spend and currently tracks very closely to non-GAAP operating expenses.

因此，當我們展望今年的製造提升、啟動版計劃商業化以及國防工業混合動力飛機的開發目標時，我們非常有信心，我們有足夠的資金來實現這些目標。當我們為 2025 年稍後的創收營運做準備時，我們將調整我們的指導方針，使用調整後的 EBITDA 指標，而不是我們歷史上指導的，即非 GAAP 營運費用。我們認為，這項新指標可以更好地代表營運現金支出，目前與非公認​​會計準則營運費用非常接近。

For Q1 of 2025, we anticipate adjusted EBITDA to be a loss of $95 million to $110 million as we continue to invest in our engineering, manufacturing and commercial activities discussed earlier by Adam and Tom.

對於 2025 年第一季度，我們預計調整後的 EBITDA 將虧損 9,500 萬至 1.1 億美元，因為我們將繼續投資於 Adam 和 Tom 之前討論過的工程、製造和商業活動。

In summary, we are currently very well capitalized and continue to be very thoughtful about investing in the growth of the business to ensure we can achieve our goals.

總而言之，我們目前資本充足，並將繼續認真投資於業務成長，以確保我們能夠實現目標。

And with that, I'll turn it back over to Adam for Q&A. Adam?

說完這些，我將把時間交還給亞當問答。亞當？

Thanks, Priya. We tried something new this quarter. So, through the Say platform, we collected questions from retail investors. Those questions were then voted on through the platform, and we'll now answer some of the top questions.

謝謝，普里婭。本季我們嘗試了一些新的東西。所以，我們透過Say平台收集了散戶的提問。這些問題隨後透過平台進行投票，現在我們將回答一些最重要的問題。

So, the first question was, what are the key remaining steps for FAA certification and can investors expect any major regulatory or partnership announcements that can accelerate commercialization?

因此，第一個問題是，FAA 認證剩下的關鍵步驟是什麼？投資者是否可以期待任何可以加速商業化的重大監管或合作公告？

So, yes, we announced a major partnership today with Abu Dhabi Aviation that accelerates commercialization, and you can expect more Launch Edition customers that are going to come. But I want to focus you on, there's 2 different tracks here to think about. The first is this Launch Edition track, and the second is the FAA type certified aircraft track.

所以，是的，我們今天宣布與阿布達比航空公司建立重要合作夥伴關係，以加速商業化進程，您可以期待更多 Launch Edition 客戶的到來。但我想讓你關注的是，這裡有兩條不同的軌道要考慮。第一個是這個 Launch Edition 軌道，第二個是 FAA 類型認證的飛機軌道。

So, on the Launch Edition track, we are deploying these aircraft that are not contingent on receiving FAA type certification. So why are countries doing this? They're doing this because they believe in the industry. They think it's going to be very large and they want to start operations as soon as possible. So, in the UAE, we're working with the GCAA to certify those aircraft locally. And from Archer's perspective, this allows us to deploy, monetize these aircraft and we can build them pre-FAA type certification. So everybody wins. We all learn eVTOL operations together. We can do it safely. This is a crawl, walk, run approach.

因此，在啟動版軌道上，我們部署的這些飛機並不依賴獲得 FAA 型號認證。那麼各國為何要這麼做呢？他們這樣做是因為他們相信這個行業。他們認為這個規模將會非常大，並且希望盡快開始營運。因此，在阿聯酋，我們正在與 GCAA 合作，在當地對這些飛機進行認證。從 Archer 的角度來看，這使我們能夠部署、貨幣化這些飛機，並且可以在獲得 FAA 型號認證之前建造它們。所以每個人都是贏家。我們一起學習 eVTOL 操作。我們可以安全地做到這一點。這是一種爬行、行走、奔跑的方法。

The second track is the FAA type certified track. And so, why does this matter? Well, the FAA is the largest regulator in the world. It's the largest market in the world here in the U.S. So it's obviously very important. But they've not been able to close out all the industry-wide issues that are needed to allow us to cross the finish line. And so, our teams continue to work on that track, but I'm confident that the new administration was going to help us speed up things to ensure that we drive results.

第二條跑道是FAA型認證跑道。那麼，這為什麼重要？嗯，美國聯邦航空管理局是世界上最大的監管機構。美國是世界上最大的市場。因此它顯然非常重要。但他們還未能解決讓我們跨越終點線所需的所有產業問題。因此，我們的團隊繼續沿著這條軌道努力，但我相信新政府將幫助我們加快進程，以確保成果。

The second question that is from the platform on say was, when are we going to see piloted flight? And I'll turn that over to Tom.

該平台提出的第二個問題是，我們什麼時候才能看到載人飛行？我將把這個交給湯姆。

Thanks, Adam. So as everybody can see from the pictures in our shareholder letter, the midnight aircraft is now fully assembled, and we've positioned it down at our flight test facility in Salinas. So now we're going through the process of finishing up ground tests to prepare for flight.

謝謝，亞當。因此，正如大家從我們致股東信中的圖片中看到的那樣，午夜飛機現在已完全組裝好，我們已將其放置在位於薩利納斯的飛行測試設施中。現在我們正在完成地面測試，為飛行做準備。

At this point, I don't know of any specific issues or blockers that prevent us from flying. We just have to finish the remaining tests. You're ready to fly. As I said on the last call, I won't give a specific date that we're going to fly because I don't want to put undue pressure on our team, but first flight should happen really soon.

目前，我尚不清楚有任何具體問題或阻礙我們飛行的因素。我們只需要完成剩下的測試。您已準備好起飛。正如我在上次通話中所說的那樣，我不會給出具體的飛行日期，因為我不想給我們的團隊施加過多的壓力，但第一次飛行應該很快就會發生。

And that being said, I want to remind everybody we've completed hundreds of flights unmanned on the prior midnight aircraft. We've been flying for the last year and a half. So at this point we feel really confident that we understand the flight dynamics of the aircraft and have a lot of confidence in the platform. So as we start flying more aircraft this year, I think we'll have a really efficient path to completing all the testing we need to do in order to support our commercial launch goals this year.

話雖如此，我想提醒大家，我們在之前的午夜飛機上已經完成了數百次無人駕駛飛行。我們已經飛行了一年半了。因此，此時我們非常有信心，我們了解飛機的飛行動力學，並且對該平台充滿信心。因此，隨著我們今年開始駕駛更多飛機，我認為我們將擁有一條真正有效的途徑來完成我們需要做的所有測試，以支持我們今年的商業發布目標。

And with that operator, if you can open the call up for questions.

如果有接線員，您可以打開電話詢問問題。

(Operator Instructions) The first question is from the line of Chris Pierce with Needham.

（操作員指示）第一個問題來自 Needham 的 Chris Pierce。

Hey, good afternoon, everyone. Thanks for taking the questions. Adam, just to clarify, did you, did I hear you correctly on tens of millions of revenue and margin positive on these launch edition aircraft?

嘿，大家下午好。感謝您回答這些問題。亞當，我只是想澄清一下，我是否正確理解了您關於這些首發版飛機數千萬美元的收入和利潤的說法？

Hey Chris, yes, that's the goal. And so we're not going to release the exact terms of the contract just from a competitive standpoint, but it's a $20 million plus contract on this one, and the goal is for, to make these contracts smart to positive.

嘿，克里斯，是的，這就是目標。因此，我們不會僅從競爭的角度公佈合同的具體條款，但這是一份價值 2000 萬美元以上的合同，我們的目標是使這些合同變得智能且積極。

Okay, and then how should we think about, I know you have the order book, but now you've got, launch edition countries that want to go. Should we think of that as moving to the front of the order book or in defense moving to the front of the order book? I just want to get a sense of sort of how sort of supply constrained you might be or what the order book looks like now to the extent that as things are moving around.

好的，那麼我們應該如何考慮，我知道您有訂單簿，但是現在您已經有了想要推出的版本國家。我們應該將其視為移至訂單簿的前面還是防禦性地移至訂單簿的前面？我只是想了解你們的供應限製程度如何，或者隨著情況的發展，訂單簿現在的情況如何。

Yes, it's a great question. So, the order book is, I'll say, constrained by a lot of the ability to launch within a specific country. The Launch Edition program gives us the ability to move ahead of some of the local full certification. So, you can imagine there are customers out there, countries out there, airlines out there that want to take delivery of aircraft because there are a lot of operational learnings that they need in order to launch and scale these operations.

是的，這是一個很好的問題。因此，我想說，訂單量很大程度上受到在特定國家/地區推出的能力的限制。Launch Edition 計畫使我們能夠領先於一些本地的全面認證。因此，你可以想像，有很多客戶、很多國家、很多航空公司都希望接收飛機，因為他們需要大量的營運經驗才能啟動和擴大這些業務。

So they're just trying to figure out how they can get these aircraft. So, it gives us the ability to go deliver them aircraft and teach them all the things that they need, so they can train pilots, they can add maintenance crews, they can figure out route planning, they can do all the local community engagement. And that could take multiple years.

所以他們只是想弄清楚如何獲得這些飛機。因此，它使我們能夠向他們交付飛機並教導他們所需的一切東西，以便他們可以培訓飛行員，可以增加維修人員，可以製定路線規劃，可以進行所有當地社區活動。這可能需要數年時間。

So, we started talking to different groups about that, starting with the UAE, and it was very clear that they were very interested in this and willing to take aircraft and pay for that. That is true for dozens of countries. And so, there was one of them that you even saw kind of leak out.

因此，我們開始與不同的團體討論這個問題，首先是阿聯酋，很明顯他們對此非常感興趣，並願意購買飛機並為此付費。對於數十個國家來說，情況都是如此。因此，你甚至看到其中一個被洩露了。

Several weeks ago, I was in Davos. I met with the President of Serbia, and there was a press release that came out after that, that said they're going to be buying aircraft. So you can see that there are lots of countries that are interested in getting aircraft. And so it really helped me understand that this is global and there's demand for this all over the place.

幾週前，我去了達沃斯。我會見了塞爾維亞總統，隨後發布的新聞稿稱他們將購買飛機。所以你可以看到有很多國家對購買飛機感興趣。因此它確實幫助我理解這是全球性的並且各地都有這種需求。

But the good news, as it relates to the order book is it also allows to put in place the operations to allow the larger scale orders to be able to come to fruition, because we're not going to deliver somebody 100 aircraft in a year. They'll start with a handful and then we'll go from there. So this is like the precursor to the order book.

但好消息是，就訂單而言，它還允許實施操作，以使更大規模的訂單能夠實現，因為我們不會在一年內向某人交付 100 架飛機。他們會從少數幾個開始，然後我們從那裡開始。所以這就像是訂單簿的前兆。

All right, thanks for the details. I'll hop back to you.

好的，謝謝你的詳細資料。我會跳回給你。

The next question is from the line of Savanthi Syth with Raymond James.

下一個問題來自 Raymond James 的 Savanthi Syth。

Hey, good afternoon. I guess a bit of a follow up to the prior question on the order book, but more so from a production standpoint. So it sounds like you're planning on producing up to 10 aircraft this year, and I'm guessing you'll know more as you produce this year, but generally, how are you thinking about the ability to scale that then to meet some of these kind of early demands even before you get FAA authorization?

嘿，下午好。我想這有點跟進訂單簿上的先前的問題，但更多的是從生產的角度來看。聽起來您計劃今年生產多達 10 架飛機，我猜您今年生產時會了解更多信息，但總的來說，您如何考慮擴大生產規模的能力，以滿足在獲得 FAA 授權之前的一些早期需求？

Yes. So the concept of the Launch Edition was, okay, how do we deploy and monetize every single aircraft that we can build? And I think we found a pathway to do that. And that's what this is all about. So we're not sitting here kind of negotiating or arguing over what percentage of completion did we do in the quarter. This is about actually deploying aircraft and starting like the real business. So that's what's exciting.

是的。因此，發布版的概念是，好吧，我們如何部署和貨幣化我們能夠建造的每一架飛機？我認為我們找到了實現這一目標的途徑。這就是這件事的意義。所以我們不會坐在這裡談判或爭論本季我們完成了多少百分比。這是關於實際部署飛機並像真正的業務一樣開始。這就是令人興奮的事情。

We put out kind of high-level guidance around manufacturing several quarters ago. The way to think about that is 25 and 26 is building, let's call it, tens of aircraft and kind of the 27 plus is more in the more scaled version of that. So we're learning as we're building these aircraft. The customers are learning as they're taking delivery and we can scale together.

我們在幾個季度前發布了有關製造業的高層指引。我們可以這樣想：25 和 26 正在建造，我們稱之為，數十架飛機，而 27 加則是更大規模的版本。因此，我們在建造這些飛機的同時還在學習。客戶在接收貨物的過程中不斷學習，我們可以共同擴大規模。

That's helpful and then just on the software side that you kind of talked about Adam could you provide a little bit more color on that like where you are in the development and how that might work?

這很有幫助，然後就您談到的軟體方面而言，亞當，您能否提供更多細節，例如您在開發中處於什麼階段以及它可能如何運作？

Yes. The way to think about this is, if you go back to our earnings call, starting about, I think a year ago, I started saying, I think defense is going to be a big deal. I think it's going to be a big deal for the eVTOL industry. And it's probably it was a little bit different than what people were understanding because -- I mean, the reality is a lot of the deliveries that were made to the Agility Prime program were basically seen as -- there were good learning lessons, but not useful to be able to launch a full-scale program.

是的。思考這個問題的方式是，如果你回顧我們的收益電話會議，大約從一年前開始，我就開始說，我認為防禦將是一件大事。我認為這對 eVTOL 行業來說將是一件大事。這可能與人們的理解有些不同，因為——我的意思是，現實情況是，Agility Prime 計劃的許多成果基本上被視為——有很好的學習經驗，但對於啟動全面計劃沒有用處。

And so it was very clear to me that we had to do something that was hybrid with some type of heavy fuels. And so, we've been thinking about that part of the process for a long time. The same thing is happening with me now in software. It's become very clear that software is going to be very important. So, we started building out all of our movement control on maps, and we started working with lot of our customers, showing them what we built, and they were blown away. Stuff that we're building is very complex and very, very useful.

因此，我很清楚，我們必須做一些與某種重質燃料混合的事情。因此，我們已經思考該過程的這一部分很長時間了。現在，我在軟體方面也遇到了同樣的事情。很明顯，軟體將變得非常重要。因此，我們開始在地圖上建立所有行動控制，並開始與許多客戶合作，向他們展示我們所建立的內容，他們對此感到震驚。我們正在建立的東西非常複雜，但非常非常有用。

And so we started thinking about really the full value chain across software. And that starts with the customer experience from a booking perspective into the movement control and operations control and then ultimately into autonomy. And so, I do think software will become a bigger part of what we do. I think it's a new potential line of revenue for us, something that can grow to be something very, very big. And I think it's going to be the key to scaling. I also think you're going to see the broader global aviation industry and sort of system benefit from kind of new age aviation companies building out new software to help make sure we can scale safely across all aviation.

因此，我們開始真正思考整個軟體的價值鏈。這始於從預訂角度的客戶體驗，然後是行動控制和營運控制，最後是自主性。因此，我確實認為軟體將成為我們工作中更重要的一部分。我認為這對我們來說是一條新的潛在收入來源，而且它可能會發展成為非常非常大的收入來源。我認為這將是擴大規模的關鍵。我還認為，你會看到更廣泛的全球航空業和系統受益於新時代航空公司構建的新軟體，以幫助確保我們能夠安全地擴展到所有航空領域。

Appreciate it thank you.

非常感謝。

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

下一個問題來自巴克萊銀行的 David Zazula。

Hey, thanks for taking my question. Tom, appreciate the color on the development and testing program. Could you give us some more on the plan to get to a conforming aircraft? What the steps you need to get to there are and what the time frame we could potentially expect would be?

嘿，謝謝你回答我的問題。湯姆，欣賞開發和測試程式的色彩。您能否向我們詳細介紹一下符合標準的飛機的計畫？您需要採取哪些步驟才能實現這一目標，我們預計的時間範圍是如何的？

Yes. David, so as we talked about on prior calls, from the very beginning of our kind of test program and planning that we've done, we set out a detailed plan for exactly what parts of each of our test aircraft we need to have conforming to support the targeted flight test objectives. So, for example, on this first aircraft that you can see pictures of down in Salinas, there's a set of onboard system components, which have been conformed, along with some aerodynamic measurements we made on the aircraft, all to support the testing we plan to do for that aircraft.

是的。大衛，正如我們在之前的電話中談到的那樣，從我們進行的測試計劃和規劃一開始，我們就制定了詳細的計劃，明確說明每架測試飛機的哪些部件需要符合預期的飛行測試目標。舉例來說，在薩利納斯拍攝到的第一架飛機上，有一組經過驗證的機載系統組件，以及我們在飛機上進行的一些空氣動力學測量，所有這些都是為了支持我們計劃對該飛機進行的測試。

Subsequent aircraft will have an increased level of conformity as would be required to support all the tests we plan to do with those aircraft. But the other thought to share is we're still waiting to close out kind of final topic or 2 here with FAA. And until that, to be honest, a lot of what we're doing is at risk for that to close out. And while we don't expect there to be any issues with that, that's where we are right now. As a reminder, this issue that we talked about last time was related to how the whole industry deals with emergency landing for these kinds of aircraft.

後續飛機的符合性水準將有所提高，以滿足我們計劃對這些飛機進行的所有測試的要求。但另一個要分享的想法是，我們仍在等待與 FAA 結束最後一個或第二個主題。而在此之前，說實話，我們所做的很多事情都有可能失敗。儘管我們不認為會出現任何問題，但這就是我們現在所處的情況。提醒一下，我們上次討論的這個問題與整個行業如何處理此類飛機的緊急降落有關。

And it very helpful. And then Adam just as we think strategically, my understanding has always been you've been trying to do everything you can to focus on getting to commercialization as early as possible.

這非常有幫助。然後亞當，正如我們從戰略上思考的那樣，我的理解一直是你一直在盡一切努力專注於儘早實現商業化。

With the decision to devote resources towards you know the DOD initiatives and towards the arrangement to develop a hybrid aircraft, why did you think that this was the right time to devote those resources when you're still kind of in the certification process and trying to work towards commercialization of the original aircraft?

在決定將資源投入國防部計劃和混合動力飛機開發安排之後，為什麼您認為現在是投入這些資源的最佳時機，因為您當時仍處於認證過程中，並試圖實現原始飛機的商業化？

Yes. The reason it's a good timing for us now is the Midnight aircraft is becoming quite mature. And so there's a big staff of engineers that are working on the aircraft. And as each individual system and the entire aircraft gets more mature, they effectively start rolling off of that program. The next steps that they can work on are things like performance up or cost down, those type of things. But a big chunk of them ultimately start wrapping up.

是的。現在對我們來說是一個好時機，因為午夜飛機已經相當成熟。因此，有大量工程師正在研究這架飛機。隨著每個單獨的系統和整個飛機變得更加成熟，他們開始有效地完成該計劃。他們可以採取的下一步措施是提高性能或降低成本等。但其中很大一部分最終都開始結束。

So it's a great time to start moving them over to a new platform. Now, of course, there will be engineers that stay to work on some of those improvements and to help support some of the certification stuff. But the flight test teams and a lot of those other teams are different people. So we have a lot of just incredible engineers, I think some of the best engineers ever assembled in aviation that are working here, and there's a huge need to do that to build some of these new products.

因此，現在是將它們轉移到新平台的好時機。現在，當然會有工程師留下來致力於其中的一些改進並幫助支援一些認證工作。但飛行測試團隊和許多其他團隊都是不同的人。因此，我們擁有許多非常出色的工程師，我認為他們之中有一些是航空業有史以來最優秀的工程師，而且我們迫切需要這樣的人才來製造這些新產品。

The other thing is, we're creating this flywheel where we are taking new technologies. We can work on our defense aircraft where there does not require FAA certification. We can go learn a lot about these new technologies, get a lot of hours on the aircraft with these new technologies, and then in turn, go back and certify them and bring them back to the civil side of the business. So that really works well.

另一件事是，我們正在創造一個飛輪，來推動新技術的發展。我們可以在不需要 FAA 認證的地方研發國防飛機。我們可以學習許多有關這些新技術的知識，利用這些新技術在飛機上進行大量試驗，然後再回去對它們進行認證，並將它們帶回民用領域。所以這確實很有效。

And then finally, we've become something more of a strategic national priority for the U.S. as they look at different military applications. And so you can imagine it's very helpful when you have a broader viewpoint where we can help on both the defense side and the civil side as it relates to the administration strategy. So net-net, I think it's a huge compliment, and I think it'd be a pretty big disadvantage to not be doing this.

最後，當美國考慮不同的軍事應用時，我們已經成為美國的戰略國家重點。因此，你可以想像，當你擁有更廣闊的視角時，這將非常有幫助，我們可以在與行政戰略相關的防禦方面和民事方面提供幫助。所以總的來說，我認為這是一個巨大的讚美，我認為不這樣做會是一個很大的劣勢。

That's great. If I could just squeeze one in for great news on the cash balance and the equity raises. How should we think about what portion of that is going to be dedicated towards the arrangement with Anduril?

那太棒了。如果我能擠出一點時間來了解一下有關現金餘額和股權增加的好消息就好了。我們應該如何考慮將其中的哪一部分用於與 Anduril 的協議？

Thanks, David. So, as you saw earlier in the call, we talked about our Q1 range of spending, which you saw probably was in the range of $95 million to $110 million. And that you can see the spending is -- that range is similar to what we provided last quarter. Beyond that, we don't typically give annual guidance, but let me walk you through how we think about what plays out in the coming quarters.

謝謝，大衛。因此，正如您在電話會議早些時候看到的那樣，我們談到了第一季的支出範圍，您看到的範圍可能在 9500 萬美元到 1.1 億美元之間。您可以看到支出範圍與我們在上個季度提供的範圍相似。除此之外，我們通常不會提供年度指導，但讓我向您介紹我們對未來幾季發展的看法。

So, firstly, as Adam mentioned, we're seeing a lot of opportunities to deploy the aircraft that we're building through our revenue-generating opportunity in the Launch Edition program. And so to execute to that, we're growing our team of pilots, maintenance staff, flight test engineers. And to be set up for success, we need to invest in that part of the business. And the goal of that program, as mentioned earlier, is not just to get operational learnings, but generate revenue but also be gross margin positive. So that's how we generally think about that side of the business.

因此，首先，正如亞當所提到的，我們看到了許多機會，可以透過 Launch Edition 計畫中的創收機會來部署我們正在建造的飛機。為了實現這一目標，我們正在擴大飛行員、維修人員和飛行測試工程師的團隊。為了獲得成功，我們需要對該部分業務進行投資。如同前面所提到的，該計畫的目標不僅是獲得營運經驗，而且要創造收入，實現毛利率為正。這就是我們通常對業務這一方面的看法。

But on the defense, very specific to your question, and again, I think Adam already hit upon this, is it's a large revenue opportunity. And to fund this large opportunity, again, we're leveraging our existing resources in engineering as and how they're again, Adam mentioned about this, as they're rolling off the Midnight program as we reach design maturity onto the defense program.

但在辯護方面，針對你的問題非常具體，而且我認為亞當已經想到了這一點，這是一個巨大的收入機會。為了資助這個巨大的機會，我們再次利用我們現有的工程資源，正如亞當所提到的那樣，當我們的設計達到成熟度時，他們正在將午夜計劃推廣到國防計劃中。

And depending on the nature of the defense opportunities, we may choose to invest incrementally to be able to capture that very specific opportunity. So, lots of puts and takes here and between revenue generation, execution to the Launch Edition program, the new defense platform and potential offsets we get from both the customer and the defense contracts. So we're still assessing all of that. And -- so we'll share more when we're able to and we get closer to that point in time. But where we are right now, we're very comfortable with our range for Q1, and we generally stay committed to making any additional investments thoughtfully.

根據防禦機會的性質，我們可能會選擇逐步投資，以抓住這個非常具體的機會。因此，這裡存在著許多得失，包括創造收入、執行發布版計畫、新防禦平台以及我們從客戶和國防合約中獲得的潛在補償。所以我們仍在評估所有這些。因此，當我們有能力並且接近那個時間點時，我們會分享更多資訊。但就目前情況而言，我們對第一季的範圍非常滿意，並且我們通常會致力於深思熟慮地進行任何額外投資。

Awesome thanks so much

太棒了，非常感謝

Next question comes from the line of Edison Yu with Deutsche Bank.

下一個問題來自德意志銀行的 Edison Yu。

This is Laura for Edison today. I'd like to dig into the defense opportunity a little bit more. So, what are the next steps for partnership with Anduril?

今天我是愛迪生的蘿拉。我想進一步深入探討防禦機會。那麼，與 Anduril 合作的下一步是什麼？

I'm sorry, can you repeat the question? I didn't quite follow.

抱歉，您能重複這個問題嗎？我不太明白。

So, what are the next steps for the partnership with Anduril?

那麼，與 Anduril 合作的下一步是什麼？

Got it. So what are the next steps? So we're in the process of building the aircraft and just given the nature of the sensitivity of it, there's not a lot that we can share right now, but what we can say is it's a hybrid VTOL program that we're building and the goal is to leverage a lot of the core capabilities that we have from the midnight aircraft program and to meet some of the sort of existing needs that we see happening. So as more information comes out on that program, we will be sure to share it.

知道了。那麼下一步是什麼？因此，我們正在建造飛機，考慮到它的敏感性，現在我們可以分享的資訊並不多，但我們可以說的是，我們正在構建一個混合垂直起降計劃，目標是利用午夜飛機計劃中的許多核心能力，並滿足我們看到的一些現有需求。因此，隨著有關該計劃的更多資訊的公佈，我們一定會分享。

Okay. Okay, gotcha. Also, oh, so what would be like a realistic time frame to win the program record with the DOD? And, like how large could such a program be in terms of like dollar value or volume?

好的。好的，明白了。另外，那麼贏得國防部專案記錄的實際時間框架是怎麼樣的呢？那麼，就美元價值或數量而言，這樣的計畫有多大？

So, again, I don't have additional color that we're going to be able to share here, but I know there is a very real opportunity with a very real customer about a very real need, and that's what we are working towards. And so, as there is more information, we'll be sure to share it.

所以，再說一次，我沒有更多細節可以在這裡分享，但我知道，對於一個真正的客戶來說，這是一個非常現實的機會，也是一個非常現實的需求，而這正是我們正在努力的方向。因此，一旦有更多信息，我們一定會分享。

Okay, good. Yeah, that's helpful. I appreciate it.

好的，很好。是的，這很有幫助。我很感激。

The next question is from the line of Austin Moeller with Canaccord.

下一個問題來自 Canaccord 的 Austin Moeller。

Hi, good afternoon, Adam and Priya. So my first question here, just given the news about the Abu Dhabi contract for the launch edition, have you initiated or introduced a standardized fixed price contract value to deploy 10 number of aircraft and provide training and aftermarket support across all your customers, or do you think it will vary pretty significantly between customer and country?

嗨，亞當和普里亞，下午好。所以我的第一個問題是，剛剛聽到有關阿布達比發布版合約的消息，您是否已經啟動或引入了標準化的固定價格合約價值來部署 10 架飛機並為所有客戶提供培訓和售後支持，或者您認為它會在客戶和國家之間有很大差異？

Adam, I think it will vary, but it'll all be within a similar type of range point. So you can think about it in the terms of, $10 to $15 million per aircraft is probably like a decent way to just back the envelope, think about it, but it really depends on the goals of the different countries and the partners that we're working with. And so the main high level goal is to take aircraft and stand up all the necessary ecosystem to launch the broader network.

亞當，我認為這會有所不同，但都會在類似的範圍內。因此，你可以這樣想，每架飛機 1000 萬到 1500 萬美元可能是一個不錯的選擇，但實際上這取決於不同國家和我們合作夥伴的目標。因此，主要的高層目標是利用飛機建立所有必要的生態系統來啟動更廣泛的網路。

And so that involves the aircraft itself and then the different support systems that go with it. And so we're trying to have that, assembled in a way that can be margin positive for Archer but also very beneficial to the customers themselves. So each one will be a little bit different depending on, their capabilities and the capabilities they need us to bring.

這涉及到飛機本身以及與之配套的不同支援系統。因此，我們正在嘗試以一種既能為 A​​rcher 帶來利潤，又能為客戶帶來好處的方式進行組裝。因此，每個人都會有所不同，這取決於他們的能力以及他們需要我們帶來的能力。

And just to follow up, since you're already delivering a launch edition aircraft to Abu Dhabi, do you need any additional hardware changes to be made to those planes you're sending customers to get the GCAA to allow passengers on board, or would they allow it in the current configuration you're delivering it at?

另外，請問一下，既然您已經向阿布達比交付了首發版飛機，您是否需要對發送給客戶的飛機進行任何額外的硬體更改，以使 GCAA 允許乘客登機，或者他們是否允許以您交付的當前配置進行登機？

Hey Austin, this is Tom. So the way you should think about this is the first step is going to be delivering an aircraft to the UAE for some experimental flying where we're going to gather data around operating in that particular environment.

嘿，奧斯汀，我是湯姆。所以你應該這樣想：第一步是將一架飛機運送到阿聯酋進行一些實驗飛行，我們將收集在特定環境下運行的數據。

So the two things that are different but over there are the higher temperatures in that part of the world, as well as the additional kind of dust and sand considerations. So first part will be doing those tests to ensure the aircraft is safe. We don't anticipate needing to make any changes to address those things, but we need to do the testing first. So right now there's no regions specific type of tailoring that we have to do.

因此，那裡有兩點不同，一是該地區的溫度較高，二是還有額外的灰塵和沙子問題。因此，第一部分將進行這些測試以確保飛機的安全。我們預計不需要做出任何改變來解決這些問題，但我們需要先進行測試。因此，目前我們不需要針對特定地區進行客製化。

This is Adam, another way to think about this is, we have the core framework for what we're building that we're going to certify here, in the US with the FAA, and as Tom said, we think it's actually a very stable platform, and we think we have a good understanding of, how to build out this whole aircraft and certify it.

我是亞當，從另一個角度來看，我們擁有正在構建的核心框架，我們將在美國與美國聯邦航空管理局進行認證，正如湯姆所說，我們認為這實際上是一個非常穩定的平台，我們認為我們對如何構建整個飛機並對其進行認證有很好的理解。

And as the FAA kind of gets all their stuff together and we get through that part of the program, we'll certify that stuff here. We'll certify that program here in the US, but we're taking all the same, stuff that we've been building, and we've just found a good pathway in order to be able to launch that same aircraft sooner.

當美國聯邦航空管理局將所有材料整理好並且我們完成了該計劃的這一部分後，我們將在這裡對這些材料進行認證。我們將在美國認證該計劃，但我們將採用我們一直在建造的所有東西，並且我們剛剛找到了一條良好的途徑，以便能夠更快地發射同一架飛機。

So, it's really a good way to, for everybody to win here because it allows us to go early, build hours and get aircraft deployed as well as, give the FAA time to do what they need to do.

所以，這確實是一個讓每個人都受益的好方法，因為它使我們能夠提前行動，安排時間並部署飛機，同時也讓聯邦航空管理局有時間去做他們需要做的事情。

Great, thanks for all the details.

太好了，謝謝你提供的所有詳細資訊。

The next question comes from the line of Andres Sheppard with Cantor Fitzgerald.

下一個問題來自 Cantor Fitzgerald 的 Andres Sheppard。

Hey guys, Anand on for Andres. Awesome work this quarter and thanks for taking our question. I was wondering if you could share with us a little bit more color on your test flight program. I know there was an earlier question on piloted test flights, so I was wondering maybe how do you see your test flights ramping up throughout the year on a larger scale, and maybe do you think commercialization activity in defense or the Middle East could accelerate this flight test program prior to certification?

嘿夥計們，阿南德 (Anand) 替換安德烈斯 (Andres)。本季的工作非常出色，感謝您回答我們的問題。我想知道您是否可以與我們分享更多有關您的試飛計劃的詳細資訊。我知道之前有一個關於載人試飛的問題，所以我想知道您如何看待全年試飛在更大範圍內的增加，您是否認為國防或中東地區的商業化活動可以在認證之前加速這個飛行測試計劃？

Yeah, so the, big goal that we're working towards right now is first piloted flight, and as I said earlier, we're very close to achieving that milestone, but in parallel we've got multiple aircraft being built that will enter flight test later this year.

是的，我們現在努力實現的最大目標是首次載人飛行，正如我之前所說，我們已經非常接近實現這一里程碑，但與此同時，我們正在建造多架飛機，並將於今年晚些時候進入飛行測試。

As we also mentioned, we're working on building up to 10 airplanes and so in addition to the ones that are specifically instrumented for test, there are several of these launch edition vehicles that we're looking to get into operation, which of course will give us more and more learnings about the aircraft platform, and the more data we get, the better. So the, plan is to really do a lot of flying this year, all taking steps towards the commercial launch.

正如我們所提到的，我們正在建造多達 10 架飛機，因此除了專門用於測試的飛機之外，我們還希望投入運行幾架這樣的發射版飛機，這當然會讓我們越來越多地了解飛機平台，我們獲得的數據越多越好。因此，我們的計劃是今年進行大量飛行，朝著商業發射邁進。

Got you. That's very helpful. And secondly, I was wondering maybe if you could share with us a little bit more about your vision for commercialization in the Middle East, maybe how do you envision this starting and in what capacity, especially with this new launch edition release?

明白了。這非常有幫助。其次，我想知道您是否可以與我們分享更多關於您對中東商業​​化的願景，您設想如何開始以及以何種方式開始，特別是在發布這個新版本的情況下？

Yes, sure. So, again, if you go back to the manufacturing plan that we put out there from a couple of quarters ago, where we're starting with, call it, the tens of aircrafts over the next 2 years, all we've done here is found a way to go and effectively monetize that. And at the same time, put in all of the necessary infrastructure to scale that. So, this is like a huge benefit, literally like it's a win-win here. And so, all we're effectively showing with the Launch Edition program is that there's a way to go effectively commercialize and monetize the stuff we've already talked about.

是的，當然。因此，如果你回顧我們幾個季度前提出的製造計劃，我們一開始的目標是在未來兩年內生產數十架飛機，我們所做的就是找到一種方法來有效地將其貨幣化。同時，投入所有必要的基礎設施來擴大規模。所以，這是一個巨大的好處，實際上是一種雙贏。因此，我們透過發布版計劃有效地展示的是，有一種方法可以有效地將我們已經討論過的東西商業化和貨幣化。

At the same time, of course, we will keep plowing through all the FAA work, and we're confident that, that will get there, too. But it's just showing you that we have an ability to do that. So, we've talked about UAE as a place to start, and as that has really ramped, we've seen broader interest across many other countries, dozens of other countries that are interested in a similar type of platform. So, you'll see these aircraft get deployed, I think, a bit more broadly. It's not just all going to be into the UAE.

當然，同時，我們將繼續努力完成所有 FAA 工作，我們相信，我們也能實現目標。但這只是向你表明我們有能力做到這一點。因此，我們討論了阿聯酋作為一個起點，隨著這一領域的真正發展，我們看到許多其他國家也表現出了更廣泛的興趣，有數十個國家對類似的平台感興趣。因此，我認為你會看到這些飛機得到更廣泛的部署。這一切並不全都發生在阿聯酋。

Gotcha. Wonderful. I appreciate the color. I'll pass it on.

明白了。精彩的。我很欣賞這個顏色。我會傳達的。

The next question comes from the line of Bill Peterson with JP Morgan. You may proceed.

下一個問題來自摩根大通的比爾彼得森。您可以繼續。

Yeah, hi, good afternoon. Thanks for taking the questions and all the information that you shared thus far. Wanted to ask about defense in a different way just in the context of any changes to your agility Prime contracts as the program is now transitioned apparently to what's called the agility support prime. And asking in the context of the announced $142 million opportunity you announced last summer, is that likely to be modified or curtailed in some way given the changes, or how should we think about that? I guess maybe against the context of your maybe newer and exciting opportunity with Anduril?

是的，你好，下午好。感謝您回答這些問題以及迄今為止分享的所有資訊。想以不同的方式詢問有關防禦的問題，只是在您的敏捷 Prime 合約發生任何變化的背景下，因為該計劃現在顯然已經過渡到所謂的敏捷支援 Prime。並結合您去年夏天宣布的 1.42 億美元機會，考慮到這些變化，這個機會是否有可能以某種方式進行修改或縮減，或者我們應該如何看待這個問題？我想這也許是與您在 Anduril 獲得的更新、更令人興奮的機會的背景有關？

I think the way to think about it is there still opportunities, I'll call them smaller opportunities, with Agility Prime where you can take down, call it in the single digit millions or the kind of very low, 10 million types of numbers, but our focus is definitely on the larger side.

我認為思考這個問題的方式是仍然有機會，我會把它們稱為較小的機會，透過 Agility Prime 你可以拿下，稱之為個位數的數百萬或非常低的 1000 萬類型的數字，但我們的重點肯定是在更大的一面。

There's opportunities for very large R&D dollars that come with big programs or against big programs, and so I think the big shift. Has focus from there. The challenge, I think that took place with Agility Prime was they just concluded that EV tolls alone weren't going to be the you know the right aircraft configuration.

大型專案或針對大型專案都有機會投入大量研發資金，因此我認為這將是一個重大轉變。從那裡開始集中註意力。我認為 Agility Prime 面臨的挑戰是，他們得出結論，單靠電動車收費並不是正確的飛機配置。

And so that's why again we pivoted and started working towards a hybrid vehicle with more heavy fuels in order to meet the necessary speed range and payload requirements to, basically build a you know an aircraft that can fuel the program. So that gives you perspective.

因此，我們再次轉變方向，開始致力於開發一種使用更多重型燃料的混合動力汽車，以滿足必要的速度範圍和有效載荷要求，基本上就是建造一架能夠為該計劃提供燃料的飛機。這給了你視角。

No, yeah, thanks for that. I appreciate it. And then maybe coming to FAA approval, it looks like the total compliance verification documents only kind of went up incrementally quarter on quarters. I mean, I suppose this is very lumpy, but is this in line with the timing you were expected or, is it slower than expected? And if so, is there, why might that be? I guess that's in the context of maybe and you could help frame how the FAA's engagement is there has been, how it's evolved sort of pre- and post-election, under the current administration how is their engagement and your engagement with them?

不，是的，謝謝你。我很感激。然後也許到了聯邦航空管理局的批准，看起來總體合規驗證文件只是逐季度逐步增加。我的意思是，我認為這非常不平穩，但這是否符合您預期的時間，或者是否比預期的要慢？如果存在，那麼原因是什麼？我想這可能是在某種背景下的，您可以幫助描述一下 FAA 的參與情況，它在選舉前後是如何發展的，在現任政府的領導下，他們的參與情況以及您與他們的參與情況如何？

Yeah, of course. At the working level things continue to move forward. We have a great relationship with everyone we're working with at the FAA. We're continuing to execute against our cert tests and analysis, continuing to submit data. Like I talked about earlier on the call, this past quarter's been really focused on our safety of flight preparation for this upcoming piloted flight.

是的，當然。在工作層面，事情繼續向前發展。我們與聯邦航空局的每位同事都保持著良好的關係。我們將繼續執行我們的證書測試和分析，並繼續提交數據。就像我之前在電話中提到的那樣，過去一個季度我們主要關注的是即將到來的載人飛行的飛行安全準備。

And so a lot of those tests in addition to giving us confidence to fly give us data to submit to the FAA, which is great, but like you mentioned, it is kind of a lumpy process here and so we're kind of just in that phase of submitting data and you know. FAA making a compliance findings so I would expect over the rest of the year you'll see the numbers tick up as we get you know through more and more tests moving towards certification.

因此，除了讓我們有信心飛行之外，許多測試還為我們提供了提交給美國聯邦航空管理局的數據，這很好，但就像你提到的那樣，這是一個不太順利的過程，所以我們現在只是處於提交數據的階段。美國聯邦航空管理局 (FAA) 正在製定合規性調查結果，因此我預計在今年剩餘時間內，隨著我們通過越來越多的測試獲得認證，您會看到數字上升。

Thanks for that color appreciate.

謝謝您對顏色的欣賞。

The next question comes from the line of Amit Dayal with H.C.

下一個問題來自 H.C. 的 Amit Dayal。

Thank you. Good afternoon, everyone. So, Adam, with respect to the and partnership. How do you expect this to evolve? Will you potentially be creating a new entity that has its own balance sheet, to pursue opportunities, in that manner, and then, does this take away any resources, that you may need, in the near term, for Archer?

謝謝。大家下午好。那麼，亞當，關於和合作關係。您預計這情況將如何發展？您是否有可能建立一個擁有自己的資產負債表的新實體，以這種方式尋求機會，然後，這是否會佔用您在短期內為 Archer 所需的任何資源？

So no, we will not be creating a new entity. The good news is that we have the set up and facilities to be able to accommodate this program, and as I mentioned before, as the midnight program matures and lots of the engineers start to roll off that program, there's an ability to be able to use not just the engineers but also a lot of the different processes, facilities, toolings, equipment that we have to build that program. It does not take away from anything from Archer either, so we're fully equipped from the midnight program. We're fully equipped to be able to handle that handle that as well. So I think the setup is actually quite favorable.

所以，我們不會建立新的實體。好消息是，我們擁有能夠適應該計劃的設置和設施，正如我之前提到的，隨著午夜計劃的成熟和大量工程師開始完成該計劃，我們不僅能夠使用工程師，而且還能夠使用構建該計劃所需的許多不同流程、設施、工具和設備。它也不會從 Archer 那裡拿走任何東西，所以我們從午夜計劃開始就做好了充分的準備。我們完全有能力處理這個問題。所以我認為這種設定實際上非常有利。

The other thing that it does is, the prominence that it gives us with, the broader administration as helping to fulfill some of their goals, I think really will help reinforce. And become this nice cycle that you know we're an important company that you will get a lot of attention from from the regulators. I also think that, the attention that you're seeing in the UAE is going to also help reinforce the attention, that we'll see you back here in the US these are American companies that were built, with American technology and so we're trying to make sure that they can be launched here in America too.

它做的另一件事是，它給予我們更廣泛的管理地位，幫助實現他們的一些目標，我認為這確實有助於加強。形成這個良好的循環，你知道我們是一家重要的公司，你會受到監管機構的極大關注。我還認為，你們在阿聯酋看到的關注也將有助於加強關注，我們將在美國看到你們，這些是美國公司，採用美國技術建立，因此我們正努力確保它們也可以在美國推出。

So the, ADA partnership, right, are the ADA folks going to be running the operations or is Archer going to be enrolled in that? Just trying to see if there is any revenue opportunity for Archer from those operations or are you just limited to, the sales of these aircrafts and then maybe servicing and maintenance part of it?

那麼，ADA 合作夥伴關係，對吧，ADA 人員會負責營運嗎，還是 Archer 會參與其中？只是想看看 Archer 是否有從這些運營中獲得收入的機會，或者您是否僅限於銷售這些飛機，然後也許是其中的服務和維護部分？

Yeah, so the nature of the agreements and kind of all the latch edition agreements are all about standing up the networks in each of the individual countries and so the goal is really about learning and putting everything in place to be able to scale an actual network.

是的，所以這些協議的性質以及所有閂鎖版協議都是為了在每個國家建立網絡，所以目標實際上是學習和把一切安排到位，以便能夠擴展實際的網絡。

So we're paid more of like a fixed price and that's on that, so we're not going to be paid for, let's say like flying individual trips. That's not really the goal. That goal is to be able to launch and deploy a lot of aircraft over a period of time.

因此，我們獲得的報酬更像是固定價格，僅此而已，我們不會為個人飛行旅行獲得報酬。這並不是真正的目標。該目標是能夠在一段時間內發射和部署大量飛機。

So you can imagine just, kind of extrapolate, imagine there are. 20 countries that have this type of thing in place, and each one has, a handful of aircraft, 2 to 5 aircraft, and then each one of those countries ultimately order and take delivery of a fleet of aircraft.

所以你可以想像一下，進行推斷，想像有。有 20 個國家已經實施了此類措施，每個國家都擁有少量飛機，2 到 5 架，然後每個國家最終都會訂購並接收一支飛機隊。

And so you can really start to see how this can scale to a very large level by putting this in place. So we're doing a lot of the groundwork now with them. We're just getting paid for doing it and then over time it will scale, but this does focus us heavily on the OEM side, the sales side of the business.

因此，透過實施這項措施，您可以真正開始看到它如何擴展到非常大的規模。因此我們現在正在與他們一起做大量的基礎工作。我們只是因為這樣做而獲得報酬，然後隨著時間的推移，它會擴大規模，但這確實使我們主要關注 OEM 方面，即業務的銷售方面。

Yes. That's good to see. Just last one for me. Are you seeing infrastructure investments in vertiports or the rest of the infrastructure that's required in terms of operational needs for you guys also starting to come up? Or investors lining up to put those types of infrastructure investments in place before you start scaling up sales of these aircraft?

是的。很高興看到這一點。對我來說這只是最後一個。您是否看到垂直起降機場的基礎設施投資或您營運需求所需的其他基礎設施的投資也開始增加？或者在開始擴大這些飛機的銷售之前，投資者會排隊進行這些類型的基礎設施投資嗎？

Yes, absolutely. So, for example, in the UAE, we have plans to launch a 5 node vertiport network in Abu Dhabi. And all of these will be leveraging existing infrastructure locations, which will just allow us to move really quickly and allow the country to minimize spend.

是的，絕對是。例如，在阿聯酋，我們計劃在阿布達比啟動一個 5 節點垂直起降機場網路。所有這些都將利用現有的基礎設施位置，這將使我們能夠快速行動，並允許國家最大限度地減少支出。

And so the GCAA estimates that I think it's like over 100 sorry, over 1,000 helicopter landing sites across the UAE, most of which are in Abu Dhabi, which is, I believe, about 87% of the overall land mass of the country. And then our partner, Abu Dhabi Aviation is the UAE's largest helicopter operator, and they already safely carry passengers to and from many of these locations today.

根據 GCAA 估計，我認為阿聯酋有超過 100 個直升機著陸點，抱歉，超過 1,000 個，其中大部分位於阿布達比，我相信這佔阿聯酋總陸地面積的 87% 左右。我們的合作夥伴阿布達比航空是阿聯酋最大的直升機營運商，他們目前已經安全地將乘客運送到這些地方並往返於其中的許多地方。

So, you're seeing a lot of the existing infrastructure that gets put together. And then we have other partners like Falcon Aviation, which are converting some of their key locations in Marina Mall and Abu Dhabi Cruise Terminal to help really kind of stand up this network for us.

因此，您會看到許多現有的基礎設施被組合在一起。我們還有其他合作夥伴，例如 Falcon Aviation，他們正在改造其在濱海購物中心和阿布達比郵輪碼頭的一些主要地點，以幫助我們真正建立這個網絡。

So that's a good example of a country that's moving to really help make sure that we can load this up. But again, that's what the Launch Edition program is all about. And so, it's where these groups go and really start to spend money and put money into the ground to get us ready to unlock larger fleets.

所以這是一個很好的例子，一個國家正在採取行動，真正幫助確保我們能夠實現這一點。但同樣，這就是發布版計畫的全部內容。因此，這些團體開始真正花錢，把錢投入地下，為我們準備好解鎖更大的艦隊做好準備。

Thank you. That's all I have. Great to see you guys moving so fast. Appreciate all the call.

謝謝。這就是我所擁有的一切。很高興看到你們進步這麼快。感謝大家的來電。

The last question is from the line of Josh Sullivan with The Benchmark Company.

最後一個問題來自 The Benchmark Company 的 Josh Sullivan。

Hey, good afternoon. The thought process around exploring heavy fuels hybrid for defense applications, is there any thought that the hybrid system you're envisioning here with the could have commercial passenger applications at some point, and I imagine the range, payload capabilities of a hybrid might complement an eVTOL offering or even help develop certain passenger markets as batteries improve.

嘿，下午好。圍繞著探索重質燃料混合動力用於國防應用的思考過程，您是否想過您在此設想的混合動力系統在某些時候可以用於商業乘客應用，並且我想像混合動力的續航里程和有效載荷能力可能會補充 eVTOL 產品，甚至隨著電池的改進有助於開發某些乘客市場。

Yeah, absolutely. So, the intent is actually to have the aircraft have dual use and so on both on the civilian side, which I think is what makes it an even larger potential opportunity. So the hybrid application just allows us to get better performance, think like, much further range, and so it allows us to basically increase the different types of use cases that we have.

是的，絕對是如此。因此，我們的目的實際上是讓飛機在民用方面具有雙重用途，我認為這會使其成為一個更大的潛在機會。因此，混合應用程式可以讓我們獲得更好的效能，想想，更遠的範圍，因此它使我們基本上可以增加我們擁有的不同類型的用例。

So yes, there definitely is an application for that.

是的，確實存在這樣的應用程式。

Okay, got it. And then just as far as the new administration, where have you experienced tangible support for accelerating the industry or archer specifically?

好的，明白了。那麼就新政府而言，您在哪裡感受到了對加速產業或弓箭手發展的具體支持？

So the Secretary of Transportation has been very supportive and is working with us closely to TRY to figure out how to continue to advance.

因此，交通部長一直非常支持我們，並與我們密切合作，試圖找出如何繼續前進。

Advanced the certification process and just the broader support for the category. I think you've also seen it on the defense side. I mean, literally, between President Trump and Elon, tweeting about, the Defense Department needing more they call autonomous and triple solutions.

推動認證流程並對該類別提供更廣泛的支援。我想你在防守方面也看到了這一點。我的意思是，川普總統和伊隆在推特上表示，國防部需要更多他們稱之為自主和三重解決方案的東西。

We fit directly into, those types of comments, and so I think we are. In the path of progress, which is very helpful, and at the same time there's, actual work on the ground that's being done now. So you know you'll see more to come here I think in the following quarters, but I actually think what's going to happen is you'll see the FAA certification process really start to accelerate, especially as we start to deliver aircraft internationally because I know that the administration does want, these American products that are built with American technology to be launched here in America.

我們直接符合這些類型的評論，所以我認為我們確實如此。在進步的道路上，這非常有幫助，同時，現在正在進行實際工作。所以，我認為在接下來的幾個季度裡，你會看到更多這樣的事情發生，但我實際上認為，你會看到美國聯邦航空管理局的認證過程真正開始加速，特別是當我們開始在國際上交付飛機時，因為我知道政府確實希望這些採用美國技術製造的美國產品能夠在美國推出。

Got it. And then just one last one, are you seeing any early indication of financial buyers becoming interested in, a leasing market for EV calls at some point, or where are those conversations at this point?

知道了。然後最後一個問題，您是否看到任何早期跡象表明金融買家開始對電動車租賃市場感興趣，或者目前這些對話進展如何？

We have been inundated since the very early days of those types of conversations. We have really try to focus on more of countries and operators that can do, fleet type purchases, but a lot of those conversations continue. I think you'll see more of that stuff over time. But again, the launch edition program gives us an ability to really start to deploy aircraft with some of these operators and countries that have, very deep pockets that can deploy very large fleets. So, I think more on that to come.

自從這類對話開始以來，我們就一直被淹沒。我們確實嘗試將重點放在更多能夠進行機隊類型採購的國家和運營商上，但許多此類對話仍在繼續。我認為隨著時間的推移你會看到更多這樣的東西。但是，啟動版計劃再次讓我們能夠真正開始與一些擁有雄厚財力、可以部署龐大機隊的運營商和國家一起部署飛機。因此，我對此還有更多的思考。

That was our last question for the day. I would now like to pass the conference back over to Adam for any closing comments.

這是我們今天的最後一個問題。現在我想將會議交還給亞當，請他發表最後評論。

All right, well thank you for joining the call today. I am very proud of what the team has accomplished, but this is just the beginning. 2025 is going to be a huge year. Thank you.

好的，非常感謝您今天參加電話會議。我為團隊所取得的成就感到非常自豪，但這只是個開始。 2025年將是重要的一年。謝謝。

That concludes the Archer Aviation 4th quarter 2024 financial results conference call.

Archer Aviation 2024 年第四季財務業績電話會議到此結束。

Thank you for your participation and have a great day.

感謝您的參與並祝您有個愉快的一天。