Archer Aviation Inc (ACHR) 2025 Q1 法說會逐字稿

Good afternoon. Thank you for attending today's Archer Aviation Q1 2025 financial results conference call. My name is Cole, and I'll be the moderator for today's call. (Operator Instructions)

午安.感謝您參加今天的 Archer Aviation 2025 年第一季財務業績電話會議。我叫科爾，我將擔任今天電話會議的主持人。（操作員指示）

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

現在我想把它交給 Eric Lentell。請繼續。

Thank you for joining Archer's earnings call. This is Eric Lentell, Archer's General Counsel. During today's call, we will be making forward-looking statements. These statements are based on assumptions as of today, and we undertake no obligation to update them as a result of new information or future events.

感謝您參加 Archer 的收益電話會議。我是 Eric Lentell，Archer 的總法律顧問。在今天的電話會議中，我們將做出前瞻性的陳述。這些聲明是基於今天的假設，我們不承擔根據新資訊或未來事件更新這些聲明的義務。

There are risks and uncertainties that may cause our 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，可能導致我們的實際結果與預期結果大不相同。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。

Today, we will also be discussing both GAAP and non-GAAP financial measures. A reconciliation of those financial measures is included in today's shareholder letter and earnings release.

今天，我們還將討論 GAAP 和非 GAAP 財務指標。今天的股東信和收益報告中包含了這些財務指標的對帳。

And now I'll turn it over to Adam. Adam?

現在我將把話題交給亞當。亞當？

Thanks, Eric. All right. Let's dive in. Archer is pushing the boundaries of what's possible and reshaping the future of aviation for years to come. Today, we're going to talk about how we're making that future happen. As I've talked about before, 2025 is an inflection point for Archer.

謝謝，埃里克。好的。讓我們開始吧。阿徹正在突破可能性的界限並重塑未來航空業的未來。今天，我們將討論如何實現這一未來。正如我之前談到的，2025 年是 Archer 的一個轉捩點。

On the commercial front, after years of engineering work and flight tests, the team is focused on transitioning to piloted operations and early commercial deployment. We remain on track to launch later this year in the UAE and are preparing for subsequent deployments with Midnight Launch Edition customers in several other international markets.

在商業方面，經過多年的工程工作和飛行測試，該團隊專注於過渡到駕駛操作和早期商業部署。我們仍計劃於今年稍後在阿聯酋推出該產品，並正在為與其他幾個國際市場的 Midnight Launch Edition 客戶一起進行後續部署做準備。

The Archer Defense team is deeply integrated with their counterparts at Anduril through our exclusive partnership to build the next-generation hybrid electric VTOL for the US and its allies. All of this is complemented by the work we are doing to build an AI-based aviation software platform of the future in partnership with Palantir.

Archer Defense 團隊透過我們的獨家合作與 Anduril 的團隊深度融合，為美國及其盟友打造下一代混合動力電動垂直起降飛機。所有這些都與我們與 Palantir 合作建立未來基於人工智慧的航空軟體平台的工作相輔相成。

Our progress speaks for itself, but it's made even clearer by the caliber of the companies who have chosen to partner with us. Anduril selected Archer to jointly shape the next generation of defense aviation. Palantir chose Archer to pioneer AI-driven aviation technologies. And soon, we'll be announcing what I think will be one of the industry's most important partnerships. Stay tuned.

我們的進步是不言而喻的，但選擇與我們合作的公司的品質使我們的進步更加明顯。安杜里爾選擇 Archer 共同塑造下一代國防航空。Palantir 選擇 Archer 來開拓人工智慧驅動的航空技術。很快，我們將宣布我認為是業界最重要的合作夥伴關係之一。敬請關注。

Today, I'll share more about this quarter's progress and what you can expect to see over the remainder of 2025. At the risk of sounding like a broken record, our number one goal remains to bring Midnight safely to market as quickly as possible. This is the impetus behind our Launch Edition program.

今天，我將分享更多有關本季度的進展以及您對 2025 年剩餘時間的期望。儘管聽起來像是老生常談，但我們的首要目標仍然是盡快將 Midnight 安全地推向市場。這是我們啟動版本計劃的動力。

We are doing something that has not been done in decades, bringing a new type of aircraft to market. The launch program creates a scalable commercialization framework for safely deploying aircraft in early adopter markets.

我們正在做幾十年來從未做過的事情，將一種新型飛機推向市場。該啟動計劃為在早期採用者市場安全部署飛機創建了一個可擴展的商業化框架。

The goal is for us to demonstrate the aircraft's capabilities, drive public acceptance, build operational excellence, and generate early revenue. We remain on track to deliver our first piloted aircraft as part of that program to Abu Dhabi Aviation in the UAE later this year.

我們的目標是展示飛機的性能、推動公眾接受、實現卓越運營並儘早創造收入。作為該計劃的一部分，我們仍計劃在今年稍後向阿聯酋阿布達比航空公司交付第一架有人駕駛飛機。

We have already started the flight test program for that aircraft here in California, and we expect piloted flights to begin in the coming days. I think it is important to revisit how we got here. We started with Maker, a sub-5,000 pound aircraft with a 40 foot wingspan. It was clear to us that the size of that aircraft platform would not support the payload necessary for the business case.

我們已經在加州啟動了該飛機的飛行測試計劃，預計未來幾天將開始載人飛行。我認為重新審視我們是如何走到這一步的很重要。我們從 Maker 開始，這是一架重量不到 5,000 磅、翼展 40 英尺的飛機。我們很清楚，該飛機平台的尺寸無法支援該商業案例所需的有效載荷。

So we chose not to take that aircraft through to certification and mass production. Instead, we designed and built Midnight around the same configuration, but scaled up to 6,500 pounds with a 50 foot wingspan. We believe the industry will consolidate around that size of aircraft in order to support a pilot plus four passenger pay load.

因此我們選擇不對該飛機進行認證和大量生產。相反，我們根據相同的配置設計和建造了 Midnight，但重量增加到 6,500 磅，翼展為 50 英尺。我們相信，該行業將圍繞該尺寸的飛機進行整合，以支援一名飛行員和四名乘客的有效載荷。

The second key decision we made was to shift away from pouch cells, which we used in maker to cylindrical cells used in Midnight's battery pack. We made this decision for multiple reasons, but primarily because of the concerns about the safety and reliability of the pouch cells that were available when we were building maker, and because the readily available sources were Chinese suppliers.

我們做出的第二個關鍵決定是，從製造商使用的袋式電池轉向 Midnight 電池組中使用的圓柱形電池。我們做出這個決定的原因有很多，但主要是因為我們擔心製造時可用的軟包電池的安全性和可靠性，而且現成的來源是中國供應商。

Those concerns obviously would have presented a number of problems from a safety, certification, defense and tariff perspective. That's what led to our decision to partner with Molicel on an aviation-specific variant of their cylindrical cell that offers both high power and energy density while also being exceptionally safe, reliable, and scalable.

從安全、認證、防禦和關稅的角度來看，這些擔憂顯然會帶來一系列問題。因此，我們決定與 Molicel 合作，開發其圓柱形電池的航空專用版本，不僅具有高功率和能量密度，而且非常安全、可靠且可擴展。

This has been key to putting us in a position to certify our battery pack and scale our powertrain manufacturing. This cylindrical cell is being used by others across the industry, including Beta. The advantage we, the FAA, Molicel, and Beta get from this joint effort is the sharing of test and reliability data across programs.

這對於我們認證電池組和擴大動力系統製造規模至關重要。包括 Beta 在內的業內其他公司正在使用這種圓柱形電池。我們（FAA、Molicel 和 Beta）從這次聯合努力中獲得的優勢是跨專案共享測試和可靠性數據。

We were deliberate about both of these choices as aviation has long design and development cycles, and the need to redesign for these types of reasons can result in years of delay. Focusing on a commercially viable product has been core to the mission of Archer.

我們對這兩個選擇都經過深思熟慮，因為航空業的設計和開發週期很長，而由於這些原因需要重新設計可能會導致數年的延誤。專注於具有商業可行性的產品一直是 Archer 使命的核心。

The aircraft testing we have been doing, leading up to our planned early deployment in the UAE is critical for ensuring safety, and it's just one of the facets of the larger team effort we have underway in the UAE to support our launch plans.

我們在阿聯酋進行早期部署之前進行的飛機測試對於確保安全至關重要，這只是我們在阿聯酋為支援我們的發射計劃而開展的更大規模團隊努力的一個方面。

In addition to the aircraft, our team is working with local government and industry partners across the other five key building blocks for launch. Building block number one, government support. The government of Abu Dhabi has been incredibly helpful in launching in the UAE, in particular, the Abu Dhabi Investment Office in two of the country's largest sovereign wealth funds, which have invested in Archer.

除了飛機之外，我們的團隊還與當地政府和產業合作夥伴就其他五個關鍵組成部分開展合作。第一要素，政府支持。阿布達比政府在阿聯酋開展業務方面提供了極大幫助，特別是阿布達比投資辦公室為該國最大的兩家主權財富基金提供了幫助，這兩家基金都對 Archer 進行了投資。

Building block number two, regulatory pathway. This support from audio and those investors has helped us forge a great partnership with the nation's regulator, the GCAA, to carve out a regulatory framework to certify Midnight.

第二個組成部分，監管途徑。音訊和投資者的支援幫助我們與國家監管機構 GCAA 建立了良好的合作夥伴關係，並制定了對 Midnight 進行認證的監管框架。

Our teams are collaborating through joint working sessions in both the UAE and California, and the GCAA is closely tracking all the progress we are making with Midnight as they work with us on the pathway to begin flying passengers in the country.

我們的團隊正在阿聯酋和加州透過聯合工作會議進行合作，GCAA 正在密切追蹤我們與 Midnight 取得的所有進展，他們正在與我們合作，開始在該國運送乘客。

Building block number three, operating partner. Earlier this year, we announced that Abu Dhabi Aviation, the region's largest helicopter operator, was signing on to be our first launch edition customer. Over the last quarter, our teams have been working together hand-in-hand to map out our initial network operations within the country. We are close to having alignment on the first dozen nodes, and we'll be sharing more on this soon.

第三個基石，營運合夥人。今年早些時候，我們宣布該地區最大的直升機營運商阿布達比航空簽約成為我們的首個發布版客戶。在過去的一個季度中，我們的團隊一直攜手合作，規劃我們在該國的初步網路運作。我們即將完成前十幾個節點的對齊，並且很快就會分享更多相關資訊。

Building Block number four, pilot training. Archer and ADA are working together with Etihad, one of the world's leading operators of aviation training, to recruit and train pilots and prepare local MRO facilities. In fact, we just delivered the first midnight flight simulator to Etihad. The plan is for it to reside at their headquarters in Abu Dhabi as we are jointly training pilots for our aircraft in the region.

第四大模組，飛行員訓練。Archer 和 ADA 正在與世界領先的航空訓練業者之一阿提哈德航空合作，招募和培訓飛行員並準備當地的 MRO 設施。事實上，我們剛剛向阿提哈德航空交付了第一台午夜飛行模擬器。我們計劃將其設在阿布達比的總部，因為我們正在聯合培訓該地區飛機的飛行員。

Building block number five, infrastructure. Finally, we're collaborating with numerous partners to ready a handful of Abu Dhabi's 70-plus existing helipads for eVTOL operations. This is an example of how we can rapidly stand-up takeoff and landing infrastructure without significant spend or regulatory work. Stay tuned for a lot more excitement to come as we continue to gain momentum in the UAE.

第五大基石，基礎建設。最後，我們正在與眾多合作夥伴合作，為阿布達比現有的 70 多個直升機停機坪中的一小部分做好 eVTOL 運作的準備。這是我們如何在無需大量花費或監管工作的情況下快速建立起飛和降落基礎設施的一個例子。隨著我們在阿聯酋繼續取得進展，敬請期待更多精彩內容。

Other potential early adopter markets are taking stock of what they are seeing from us in the UAE, and we're seeing demand in a number of other countries for our Launch Edition program. For example, earlier this quarter, we announced our second Launch Edition customer, Ethiopian Airlines, one of United's key partners in the Star Alliance, with the plan being to establish UAM's first foothold in East Africa's rapidly growing aviation market. Expect to see more of these strategic partnerships from us.

其他潛在的早期採用者市場正在評估我們在阿聯酋的表現，我們也看到許多其他國家對我們的發布版計劃有需求。例如，本季早些時候，我們宣布了第二家 Launch Edition 客戶——埃塞俄比亞航空，它是美聯航在星空聯盟的主要合作夥伴之一，我們計劃在東非快速成長的航空市場建立 UAM 的第一個立足點。期待我們建立更多這樣的策略夥伴關係。

In parallel, to our tremendous progress overseas, we continue to see strong momentum here in the US. Just last month, in New York City, we jointly hosted an event with United, bringing together key regulatory, municipal, and industry leaders to unveil our shared vision for our initial New York City network. Thank you to the Port Authority of New York and New Jersey, as well as the New York Economic Development Council, for their continued support and partnership.

同時，我們在海外取得了巨大進步，美國國內也持續保持強勁發展勢頭。就在上個月，我們在紐約市與聯合航空聯合舉辦了一場活動，匯集了主要監管、市政和行業領導人，共同揭曉了我們對初始紐約市網絡的共同願景。感謝紐約和新澤西港務局以及紐約經濟發展委員會的持續支持和合作。

As a long-time New Yorker, I'm deeply passionate about the impact our Midnight aircraft could have on the commutes for those who live in and visit Manhattan. We designed our network to take advantage of the existing aviation infrastructure in the New York area, including all three major international airports, Manhattan's three urban heliports, including the newly dubbed Downtown Skyport, and important regional hubs such as Terborough and Westchester.

作為一個長期居住在紐約的人，我對我們的午夜飛機對居住在曼哈頓和到訪曼哈頓的人們的通勤帶來的影響深感興奮。我們設計的網路充分利用了紐約地區現有的航空基礎設施，包括所有三個主要國際機場、曼哈頓的三個城市直升機場（包括新命名的市中心空港）以及特伯勒和威斯特徹斯特等重要區域樞紐。

To support our launch plans, we continue to ramp up manufacturing across our facilities in Silicon Valley and Georgia, both of which are now fully operational. I look forward to sharing more milestones as we continue to scale those capabilities.

為了支持我們的發布計劃，我們繼續加強位於矽谷和喬治亞州的工廠的生產，這兩個工廠目前都已全面投入運作。隨著我們繼續擴展這些能力，我期待分享更多的里程碑。

This quarter, I spent a significant time in Washington, DC with senior lawmakers, including Secretary of Transportation, Sean Duffy, and acting FAA administrator, Chris Rocheleau. Just in the last few weeks, we've had important conversations with key members of the House and Senate leadership, including Senator Ted Cruz, who leads the Congressional subcommittee on aviation safety, operations and innovation as well as important White House leaders, including Michael Kratsios, Director of the Office of Science, Technology and Policy.

本季度，我在華盛頓特區與高級立法者一起度過了一段相當長的時間，包括交通部長肖恩·達菲 (Sean Duffy) 和美國聯邦航空管理局代理局長克里斯·羅切洛 (Chris Rocheleau)。就在過去的幾周里，我們與眾議院和參議院領導層的關鍵成員進行了重要對話，其中包括領導國會航空安全、運營和創新小組委員會的參議員特德·克魯茲，以及白宮的重要領導人，包括科學、技術和政策辦公室主任邁克爾·克拉西奧斯。

With all the recent announcements from this administration, it is clear that they are committed to rapidly upgrading America's commercial and defense aviation technologies to ensure we retain our global leadership. I'm proud that Archer is in a position to play a leading role in that effort.

從本屆政府最近發布的所有聲明來看，很明顯他們致力於迅速升級美國的商業和國防航空技術，以確保我們保持全球領先地位。我很自豪阿徹能夠在這項努力中發揮領導作用。

This comes in the form of ramping up our aircraft manufacturing here in the US, safely launching commercial air taxi operations in major cities across the US designing and building the next generation of defense aircraft here in the US and utilizing AI to build the future systems that will power our country's airspace.

具體來說，我們將在美國加大飛機製造力度，在美國各大城市安全地開展商業空中計程車業務，在美國設計和建造下一代國防飛機，並利用人工智慧建構為我們國家空域提供動力的未來系統。

I'm also grateful that Secretary of Defense, Pete Hegseth, and his team are supportive of modernizing our fleet through efforts such as our Archer Defense initiative. We continue to deepen our exclusive partnership with ADL as we work in earnest to mature the design for our first joint product, a hybrid electric autonomous VTOL that is targeting a program of record.

我還感謝國防部長皮特·赫格塞斯和他的團隊支持透過「射手防禦」計畫等舉措來實現我們艦隊的現代化。我們將繼續深化與 ADL 的獨家合作夥伴關係，認真完善我們首款聯合產品的設計，該產品是一款針對記錄計劃的混合動力電動自主垂直起降飛機。

As I've indicated before, because of the nature of this work, I cannot share more at this time but will as soon as I'm able. What I can share is that this technology's compelling dual-use potential is already attracting significant interest from leaders across both civil and defense sectors.

正如我之前所說，由於這項工作的性質，我目前無法分享更多信息，但一旦能夠分享，我就會盡快分享。我可以分享的是，這項技術引人注目的雙重用途潛力已經引起了民用和國防部門領導人的極大興趣。

Additionally, we recently executed on two strategic acquisitions that we believe will help accelerate Archer Defense. First, we acquired a key IP portfolio from an industry player. Second, we acquired a specialized high-performance composite manufacturing facility tailored for defense applications, significantly strengthening our capabilities.

此外，我們最近執行了兩項策略性收購，我們相信這將有助於加速 Archer Defense 的發展。首先，我們從業內企業手中獲得了關鍵的智慧財產權組合。其次，我們收購了專門針對國防應用的高性能複合材料製造工廠，大大增強了我們的能力。

This quarter, we also took a decisive step forward on our software plans, partnering with Palantir to jointly architect the AI foundation for what we believe can be the next generation of aviation systems across manufacturing, operations, movement control and route planning.

本季度，我們也在軟體計畫上邁出了決定性的一步，與 Palantir 合作共同建立人工智慧基礎，我們相信這將成為製造、營運、行動控制和航線規劃等下一代航空系統。

This collaboration has the opportunity to be a key contributor to our country's ambitious vision, modernizing our aviation ecosystem in record time so that we can ensure that we continue to safely manage the ever-growing volumes of air traffic we are seeing and lay the foundation for the scale we plan to achieve with urban air mobility.

此次合作有機會為我們國家雄心勃勃的願景做出重要貢獻，以創紀錄的時間實現我們的航空生態系統現代化，從而確保我們能夠繼續安全地管理不斷增長的空中交通量，並為我們計劃實現的城市空中交通規模奠定基礎。

We end Q1 maintaining over $1 billion of liquidity, the highest cash balance in the industry. As I said last quarter, we still remain in the early innings of a generational opportunity. Our team is relentless in its commitment to build. I can't wait to continue to showcase it for all of you. Over to Tom.

我們在第一季末保持了超過 10 億美元的流動性，這是業內最高的現金餘額。正如我上個季度所說，我們仍然處於一代人機會的早期階段。我們的團隊堅持不懈地致力於建立。我迫不及待地想繼續向大家展示它。交給湯姆。

I'll kick off with the most exciting news. We're entering the next phase of our Midnight aircraft program, operating with a pilot. We have already begun Midnight's piloted testing as we complete the ground test campaign and are on track to start piloted flights with our latest Midnight aircraft over the next week.

我將首先宣布最令人興奮的消息。我們正在進入午夜飛機計畫的下一階段，由一名飛行員操作。隨著地面測試活動的完成，我們已經開始了 Midnight 的載人測試，並計劃在下週開始使用我們最新的 Midnight 飛機進行載人飛行。

This milestone is the culmination of years of effort that has gone into verifying that the hardware and software on our Midnight aircraft are safe to fly with people on board. I'll walk you through what has gone into getting us here, highlighting that most of this testing needs to be done once in advance of piloted flight rather than being repeated for each airplane we build from here on out.

這項里程碑是我們多年努力的成果，旨在驗證午夜飛機的硬體和軟體是否適合載人飛行。我將向您介紹我們實現這一目標所經歷的過程，並強調大部分測試需要在試飛之前進行一次，而不是從現在開始對我們製造的每架飛機都重複進行。

To prepare Midnight for piloted flight, the team first executed an extensive lab and ground test campaign covering all core aircraft functionalities, including high-voltage battery and propulsion systems. Over the last couple of months, this has included weeks of incremental restrained ground tests, methodically ramping engine power, refining propeller balance and achieving maximum thrust while the aircraft remains safely tethered.

為了讓「午夜」做好載人飛行的準備，團隊首先進行了廣泛的實驗室和地面測試，涵蓋了飛機的所有核心功能，包括高壓電池和推進系統。在過去的幾個月裡，我們進行了數週的漸進式約束地面測試，有條不紊地提高發動機功率，改善螺旋槳平衡，並在飛機安全系留的情況下實現最大推力。

We then moved into ground handling tests, again, taking an incremental approach, validating braking, handling and incrementally increasing speeds towards flight readiness, putting us firmly on track to begin piloted flights imminently.

然後，我們進入地面處理測試，同樣採取漸進方式，驗證煞車、處理並逐步提高速度以達到飛行準備狀態，使我們堅定地走在即將開始駕駛飛行的軌道上。

Our test aircraft are extensively instrumented with a custom-built specialized flight test instrumentation system composed of a myriad of sensors and software to capture critical data for testing and certification. For example, we've equipped Midnight with hundreds of strain gauges, measuring structural integrity, accelerometers capturing vibration data and an extensive array of temperature sensors, all supplementing the data gathered by the core systems on the aircraft that will be utilized in normal commercial operations.

我們的測試飛機配備了客製化的專用飛行測試儀表系統，該系統由大量感測器和軟體組成，用於捕獲測試和認證的關鍵數據。例如，我們為 Midnight 配備了數百個應變計，用於測量結構完整性，加速度計用於捕捉振動數據，以及大量的溫度感測器，所有這些都補充了飛機核心系統收集的數據，這些數據將用於正常的商業運作。

In total, Midnight now measures over 40,000 data parameters. The ability to capture and process this data is critical to our company testing and certification flight testing. It's crucial to recognize that our transition to the piloted phase of our flight-testing program builds upon extensive unmanned and transition testing with Midnight, validating the safety of the aircraft in all stages of flight prior to putting a pilot on board.

總體而言，Midnight 現在可以測量超過 40,000 個資料參數。捕獲和處理這些數據的能力對於我們公司的測試和認證飛行測試至關重要。至關重要的是要認識到，我們向飛行測試計劃的有人駕駛階段的過渡建立在與 Midnight 進行的廣泛的無人駕駛和過渡測試的基礎上，在飛行員上機之前驗證飛機在各個飛行階段的安全性。

Over the past several years, we've completed hundreds of Midnight flights, rigorously evaluating everything from crosswind hover performance and complex transition trajectories to severe failure scenarios. Notably, last year, we successfully demonstrated Midnight's ability to complete a flight during our propulsion system shutdown in one of the engines, showcasing the redundancy we get from our proprietary 12 till six configuration.

在過去的幾年裡，我們完成了數百次午夜飛行，嚴格評估了從側風懸停性能和複雜的過渡軌跡到嚴重故障場景的所有內容。值得注意的是，去年我們成功證明了 Midnight 能夠在其中一台發動機的推進系統關閉期間完成飛行，展示了我們專有的 12 到 6 配置所獲得的冗餘度。

We shared a photo of that in our shareholder letter today, and we'll soon be sharing footage of that test flight later this week, where you'll be able to see how the aircraft responded to this failure mode, flawlessly performing a smooth transition and landing exactly as designed.

我們今天在致股東的信中分享了一張照片，本週晚些時候我們也會分享該次試飛的鏡頭，您將能夠看到飛機如何應對這種故障模式，完美地完成平穩過渡並完全按照設計著陸。

The safe and successful testing of Midnight is what gives us confidence in our path ahead on early deployments and FAA certification, particularly for our upcoming plans with our Launch Edition program in the UAE and other countries.

Midnight 的安全成功測試讓我們對早期部署和 FAA 認證的道路充滿信心，特別是對我們即將在阿聯酋和其他國家推出的 Launch Edition 計劃。

As Adam mentioned, we plan to send one of the aircraft from our California facilities to the UAE later this summer for region-specific testing and deployment later in the year. On the certification front, we've made continued progress alongside the FAA to finalize the remaining compliance areas that I've highlighted in previous quarters.

正如亞當所提到的，我們計劃在今年夏天晚些時候將其中一架飛機從我們位於加州的工廠運送到阿聯酋，以便在特定地區進行測試，並在今年稍後部署。在認證方面，我們與美國聯邦航空局一起不斷取得進展，最終確定了我在前幾個季度強調的其餘合規領域。

I'm pleased to report the FAA has now aligned industry standards addressing total propulsion loss that's covered in our Rule 2105G. These clarified standards were as we expected, meaning they do not result in any necessary modifications to Midnight's design. This was not an Archer-specific rule, but rather an industry rule that everyone was waiting for closure on.

我很高興地報告，美國聯邦航空局現在已經調整了行業標準，解決了我們的規則 2105G 中涵蓋的總推進損失問題。這些明確的標準正如我們所預料的那樣，這意味著它們不會導致對 Midnight 的設計進行任何必要的修改。這不是 Archer 特有的規則，而是大家都在等待的產業規則。

As we transition into piloted flight and prepare for formal TIA testing, expect a marked acceleration of compliance validation with both the FAA and GCAA regulatory bodies. Scaling up our ability to build aircraft also continues to advance rapidly. We have multiple aircraft being assembled across both our Georgia and California facilities scheduled to begin piloted flight testing later this year.

隨著我們過渡到有人駕駛飛行並準備進行正式的 TIA 測試，預計與 FAA 和 GCAA 監管機構的合規性驗證將顯著加速。我們的飛機製造能力也不斷快速提升。我們在喬治亞州和加州的工廠組裝了多架飛機，並計劃在今年稍後開始進行載人飛行測試。

During our aircraft builds, we have leveraged many of the manufacturing systems we've put together to enable the scaling of our manufacturing and are taking the time to learn and improve these so that we have a stable foundation to support our production ramp in the future.

在飛機製造過程中，我們利用了許多我們整合的製造系統來實現製造規模的擴大，並花時間學習和改進這些系統，以便我們擁有穩定的基礎來支持我們未來的生產提升。

Lastly, on the new hybrid aircraft program with Anduril, our engineering teams are integrated and working well together. We've recently passed key milestones that give me confidence we're on a great path to build an amazing product.

最後，在與 Anduril 合作的新型混合動力飛機專案中，我們的工程團隊緊密結合，合作良好。我們最近通過了一些關鍵的里程碑，這些里程碑讓我相信我們正走在打造一款令人驚嘆的產品的道路上。

As my ninth eVTOL aircraft under development, this new platform leverages core powertrain and software innovations we've perfected at Archer. We remain bullish on this initiative's potential and believe it can be a substantial component of Archer's business portfolio moving forward.

作為我正在開發的第九架 eVTOL 飛機，這個新平台利用了我們在 Archer 完善的核心動力系統和軟體創新。我們仍然看好這項舉措的潛力，並相信它可以成為 Archer 未來業務組合的重要組成部分。

And now I'll turn it over to Priya to talk about the financials for the quarter.

現在我將把話題交給 Priya，讓她來談談本季的財務狀況。

Thanks, Tom. So as Adam discussed earlier, our focus this year remains on investing in the rapid development and commercialization of our business while staying disciplined with cash management as we work to get to significant revenue-generating operations as soon as possible.

謝謝，湯姆。因此，正如亞當之前所討論的，我們今年的重點仍然是投資於業務的快速發展和商業化，同時嚴格進行現金管理，努力盡快實現可觀的創收業務。

As you know, during the first quarter of 2025, we closed on an additional approximately $300 million of equity capital. That round of financing enabled us to exit Q1 2025 with our highest ever quarter end balance of $1.03 billion in cash and cash equivalents, putting us in the strongest cash position in our industry.

如您所知，在 2025 年第一季度，我們又獲得了約 3 億美元的股本。這輪融資使我們在 2025 年第一季末擁有史上最高的季度末餘額 10.3 億美元的現金和現金等價物，使我們擁有業內最強勁的現金狀況。

This cash position excludes the additional funding of up to $400 million that Stellantis has preliminary agreed to fund to support the scaling of Midnight aircraft production. With regards to our spending for the quarter, we maintained strategic investments across three critical focus areas.

這一現金狀況還不包括 Stellantis 初步同意為支持 Midnight 飛機生產規模擴大而提供的最高 4 億美元的額外資金。就本季的支出而言，我們在三個關鍵重點領域中保持了策略投資。

First, advancing the development, certification and testing of our Midnight aircraft. Second, scaling our aircraft build capabilities. And third, establishing in-country presence and operational infrastructure in the UAE to support our launch activities there later this year and into next. These investments support our commercialization road map.

首先，推進我們的午夜飛機的開發、認證和測試。第二，擴大我們的飛機製造能力。第三，在阿聯酋建立國內業務和營運基礎設施，以支援我們今年稍後和明年在那裡開展的活動。這些投資支持我們的商業化路線圖。

Our Q1 2025 financial results were in line with our guidance. We reported an adjusted EBITDA loss of $109 million, falling within our guided range of $95 million to $110 million. This represents a [$14.2 million] increase from the previous quarter, reflecting planned investments in personnel and material spend for aircraft build and components to support those critical focus areas.

我們的 2025 年第一季財務表現符合我們的預期。我們報告的調整後 EBITDA 虧損為 1.09 億美元，處於我們指引的 9,500 萬美元至 1.1 億美元範圍內。這比上一季增加了 [1,420 萬美元]，反映了為支持這些關鍵重點領域而在飛機製造和零件方面計劃進行的人員和材料投資。

Our GAAP operating expenses for Q1 '25 were $144 million, which increased $20 million over previous quarter due to the increased headcount and material spend mentioned earlier. This included approximately $30 million of non-cash stock-based compensation.

我們 25 年第一季的 GAAP 營運費用為 1.44 億美元，由於前面提到的員工人數增加和材料支出增加，比上一季增加了 2,000 萬美元。其中包括約 3,000 萬美元的非現金股票薪酬。

With regards to cash burn, our cash used in operations and investing activities for Q1 '25 was $104.6 million. This included approximately $5 million of remaining spend from the work to complete the build-out of our ARC facility, excluding which our quarterly cash burn stayed consistent around the $100 million per quarter estimate as previously discussed.

就現金消耗而言，2025 年第一季我們用於營運和投資活動的現金為 1.046 億美元。其中包括完成 ARC 設施建設工作的剩餘支出約 500 萬美元，不包括這筆支出，我們的季度現金消耗將保持在之前討論過的每季度 1 億美元左右的估計水平。

Despite these core investments, we increased our quarter end cash position by $196 million compared to year-end 2024 and more than doubled our cash balance year-over-year. Notably, this marks our third consecutive quarter of simultaneously growing our cash reserves while advancing our strategic business objectives.

儘管進行了這些核心投資，但與 2024 年底相比，我們的季度末現金部位增加了 1.96 億美元，現金餘額年增了一倍以上。值得注意的是，這標誌著我們連續第三個季度同時增加現金儲備並推進我們的策略業務目標。

Looking ahead, our 2025 priorities will remain focused on the following key initiatives, advancing Midnight aircraft certification, testing and manufacturing capabilities, rapidly progressing our defense aircraft and software platform development and successfully rolling out our Midnight Launch Edition program in the UAE and beyond.

展望未來，我們的 2025 年重點仍將集中在以下關鍵舉措：推進午夜飛機認證、測試和製造能力，快速推進我們的國防飛機和軟體平台開發，並在阿聯酋及其他地區成功推出我們的午夜發布版計劃。

We approach these objectives with confidence backed by exceptional internal talent, strong strategic partnerships and a secure capital foundation. For the upcoming quarter Q2 2025, we estimate an adjusted EBITDA loss between $100 million to $120 million to support the focus areas I talked about earlier.

憑藉著卓越的內部人才、強大的策略夥伴關係和安全的資本基礎，我們滿懷信心地實現這些目標。對於即將到來的 2025 年第二季度，我們估計調整後的 EBITDA 損失將在 1 億至 1.2 億美元之間，以支持我之前談到的重點領域。

As highlighted in previous earnings discussions, our strong financial position is enabling us to accelerate strategic investments in these areas, helping us create what we believe is a defensible moat between us and our competition.

正如先前的收益討論中所強調的那樣，我們強大的財務狀況使我們能夠加快在這些領域的戰略投資，幫助我們在與競爭對手之間建立我們認為可防禦的護城河。

We are making marked progress on several of these high-value projects, such as the acquisition of the composites-related assets and the IP portfolio acquisition that Adam mentioned earlier. And given the strength of our cash position, we anticipate bolstering our Q2 2025 capital expenditures by approximately $15 million to $20 million beyond Q1 '25 levels to help strengthen our market leadership position.

我們在幾個高價值項目上取得了顯著進展，例如Adam之前提到的複合材料相關資產的收購和知識產權組合的收購。鑑於我們現金狀況強勁，我們預計 2025 年第二季的資本支出將比 2025 年第一季的水準增加約 1,500 萬至 2,000 萬美元，以幫助鞏固我們的市場領導地位。

Our strategic approach to US-based sourcing and manufacturing has significantly shielded us from the current tariff uncertainties affecting global trade. Our domestic-first approach to our supply chain helps us minimize the potential for disruption.

我們對美國採購和製造的策略方針極大地保護了我們免受當前影響全球貿易的關稅不確定性的影響。我們對供應鏈採取國內優先的方針，有助於我們最大限度地減少中斷的可能性。

We continue actively monitoring policy developments to ensure we can respond appropriately to changes while maintaining business stability and cost efficiency in this developing macroeconomic environment.

我們將繼續積極監測政策發展，以確保我們能夠對變化做出適當反應，同時在不斷發展的宏觀經濟環境中保持業務穩定性和成本效率。

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

說完這些，我將把問題交還給亞當問答。亞當？

Thanks, Priya. We had a bunch of retail questions that were submitted, but most were answered in the prepared remarks. So after the analyst questions, any of those questions remain, I'll address them at that point.

謝謝，普里婭。我們收到了大量有關零售的問題，但大多數都在準備好的評論中得到了回答。因此，在分析師提問之後，如果還有任何問題，我都會在那時予以解答。

So for now, let's open up the call to Q&A. Operator?

現在，讓我們開始問答環節。操作員？

(Operator Instructions) Andres Sheppard, Cantor Fitzgerald.

（操作員指示） Andres Sheppard、Cantor Fitzgerald。

Hey everyone, thank you for taking our questions and Congrats on all the progress. Adam, I wanted to maybe touch on launching in the UAE by year-end. Just curious if you can maybe help share your vision as to what that might look like.

大家好，感謝你們回答我們的問題，並祝賀你們取得的所有進展。亞當，我想談談年底前在阿聯酋推出該產品的情況。我只是好奇您是否可以幫忙分享一下您的想法。

So by now, we know some of the hybrid teleports, we know some of the routes. But just curious if you can maybe enlighten us as to how you see that launch developing and how we should think about as we get closer and closer. Thank you.

到目前為止，我們知道了一些混合傳送器，也知道了一些路線。但我只是好奇，您是否可以告訴我們，您如何看待這次發射的發展，以及隨著發射越來越近，我們應該如何思考。謝謝。

Thanks, Andres. The UAE is really all about early commercial launch. It's a chance for the world to see the aircraft. It's a chance for the world to see how these aircraft will handle in different conditions. And it's a chance for us all really to learn.

謝謝，安德烈斯。阿聯酋確實非常重視早期的商業啟動。這是讓全世界看到這架飛機的機會。這是一個讓世界了解這些飛機在不同條件下如何操控的機會。這對我們所有人來說都是一個真正學習的機會。

So you could expect this to be a low level of operations with a handful of aircraft going back and forth from established point-to-point operations and really a way for Archer to start deploying aircraft in a very safe but also a very efficient manner. I'll let Tom give a brief introduction on how we plan to get there and give a little more color on that.

因此，你可以預期這將是一次低水平的行動，只有少量飛機在既定的點對點行動之間來回飛行，而這實際上是一種讓 Archer 以非常安全但又非常有效的方式開始部署飛機的方式。我將讓湯姆簡要介紹我們計劃如何實現這一目標，並對此進行更詳細的說明。

Yeah. Sure. So the first thing to keep in mind, Andreas, is the certification pathway there is really well laid out between us and the GCAA, and we've been executing on that over the last couple of quarters, which has been great. Much of that work overlaps with what we're already doing with FAA.

是的。當然。因此，安德烈亞斯，首先要記住的是，我們和 GCAA 之間的認證途徑已經非常完善，而且我們在過去的幾個季度中一直在執行這一途徑，效果非常好。其中大部分工作與我們與 FAA 合作的工作有重疊。

And so, it's really just giving us another source to deliver the data that we've been gathering for certification. Another thing to keep in mind is we're partnered with Abu Dhabi Aviation in the UAE. And so, they're ultimately going to be the group operating these aircraft out there with us delivering vehicles, selling vehicles to them in this launch program.

因此，它實際上只是為我們提供了另一個來源來傳遞我們為認證而收集的數據。另一件需要記住的事情是我們與阿聯酋的阿布達比航空公司合作。因此，他們最終將成為操作這些飛機的團體，而我們則在這次發射計劃中向他們運送車輛、出售車輛。

So to give you a sense for what you can expect to see over the next several months is, first, we're going to deliver an aircraft to the UAE later this summer. We'll start by doing some incremental testing out there, mostly doing things like validating performance in the higher temperature environment. Then we'll move on to improving routes on our intended networks in Abu Dhabi and broader UAE and then ultimately working towards curing passengers again with Abu Dhabi Aviation.

因此，為了讓您了解未來幾個月將會發生什麼，首先，我們將在今年夏天晚些時候向阿聯酋交付一架飛機。我們將首先進行一些增量測試，主要是驗證在較高溫度環境下的性能。然後，我們將繼續改善阿布達比和阿聯酋其他地區的預定航線網絡，並最終與阿布達比航空合作再次為乘客提供醫療服務。

And maybe just as a quick follow-up. Regarding the launch edition. So Abu Dhabi Aviation will be the first customer as previously disclosed. You've mentioned now that Ethiopian Airlines will be maybe its second customer. Just curious if you can maybe share with us how you see that customer in that commercialization developing and maybe some timing around that. Thank you.

或許只是作為一個快速的後續行動。關於發布版本。因此，正如先前披露的那樣，阿布達比航空將成為第一個客戶。您現在提到埃塞俄比亞航空可能是它的第二個客戶。我只是好奇您是否可以與我們分享您如何看待該商業化發展中的客戶以及相關的時間表。謝謝。

Thanks, Andres. There are actually a lot of countries and partners that have been interested in the Launch Edition program. And so, we are focused on balancing the deliveries to launch customers alongside our own testing here in California. So we'll have more to report on that coming in the next few months and quarters. And so, I will save it for that.

謝謝，安德烈斯。實際上有很多國家和合作夥伴對 Launch Edition 計劃感興趣。因此，我們專注於平衡向首發客戶交付產品以及我們在加州進行自己的測試。因此，我們將在接下來的幾個月和幾季內發布更多相關報導。所以，我會把它保存下來。

Edison Yu, Deutsche Bank.

德意志銀行的 Edison Yu。

Hi. Thank you for taking our questions. I had a follow-up just on Launch Edition. Any sense on how to think about the growth of that in terms of revenue over the next few years? Is that something that could be tens of millions of dollars per quarter?

你好。感謝您回答我們的問題。我剛剛對發布版進行了跟進。您如何看待未來幾年的收入成長？每季的支出可能會達到數千萬美元嗎？

Edison, this is Adam. So the launch of addition aircraft is really all about early adopter markets. And then, of course, we have the FAA big Western markets as well. And so, it's a way for us to be able to deploy aircraft pretty much on a basis of us being able to manufacture them. So we'll turn into a manufacturing question here.

愛迪生，這是亞當。因此，新增飛機的推出其實都是為了早期採用者市場。當然，我們也有 FAA 大型西方市場。因此，這是我們能夠在具備製造飛機的能力的基礎上部署飛機的一種方式。因此我們這裡將討論製造問題。

And so, yeah, you can think about it in terms of the ability to generate a significant amount of revenue, but also really trying to get aircraft out into the wild and moving a bunch of their capabilities and learning from that in a very safe environment. So there are lots of countries around the world, lots of markets around the world that are interested in this, and it's a good way for us to get the aircraft out there.

所以，是的，你可以從創造大量收入的能力的角度來考慮這個問題，但也要真正嘗試讓飛機進入野外，在非常安全的環境中發揮它們的許多能力並從中學習。因此，世界上有很多國家、很多市場對此感興趣，這是我們將飛機推向市場的好方法。

Understood. And then just on the AI-based efforts, I think you alluded to upgrading the infrastructure in the US what could a potential go-to-market of that look like? Will you be working with the airlines that you're partnering with? Or is it more working directly with FAA?

明白了。然後，僅就基於人工智慧的努力而言，我認為您提到了升級美國的基礎設施，那麼這種升級的潛在市場前景如何？您會與合作的航空公司合作嗎？還是直接與 FAA 合作？

So Archer, of course, has a lot of partners in the airline industry, and we've been working with them to really understand the different capabilities that they have as we look to build out our own internal capabilities. So for example, movement control. We have our own movement control app that we've been building.

因此，Archer 當然在航空業有很多合作夥伴，我們一直在與他們合作，以真正了解他們的不同能力，同時我們也尋求建立我們自己的內部能力。例如運動控制。我們正在開發自己的運動控制應用程式。

As we've gone deeper into these discussions with our partners, it was very apparent that there is a great opportunity to involve in a much larger scale operation. So taking a lot of the software that we've built internally and finding different ways to actually monetize it with some of our partners or just the general broader aviation industry.

隨著我們與合作夥伴的討論越來越深入，我們明顯意識到這是一個參與更大規模行動的絕佳機會。因此，我們利用內部開發的許多軟體，並尋找不同的方式與我們的一些合作夥伴或更廣泛的航空業一起將其貨幣化。

So we announced a partnership with Palantir, which covers a couple of core areas. The first one is in scaling manufacturing. We are building a factory of the future that can scale to thousands and hopefully tens of thousands of aircraft or more, but this will require a new way of manufacturing aircraft that heavily relies on software.

因此我們宣布與 Palantir 建立合作夥伴關係，涵蓋幾個核心領域。第一個是擴大生產規模。我們正在建造一個未來的工廠，其規模可以擴大到數千架甚至數萬架甚至更多的飛機，但這需要一種嚴重依賴軟體的新型飛機製造方式。

The second is building the aviation infrastructure of the future, which is what you're mentioning. And so, we have several products in development that could have substantial impact to our business and to the broader aviation industry. And as we develop more and those products mature, we'll be happy to share those.

第二個就是建造未來的航空基礎設施，也就是您提到的這個。因此，我們正在開發幾種產品，這些產品可能會對我們的業務和更廣泛的航空業產生重大影響。隨著我們開發出更多產品並且這些產品日趨成熟，我們將很樂意與大家分享。

Josh Sullivan, The Benchmark Company.

喬許·沙利文（Josh Sullivan），基準公司。

Good evening. I know it's commenting on the Anduril partnership is sensitive at this point in time. But curious as we look at some of the initial skinny defense budgets or other items out there, any supporting programs we can see externally at this point?

晚安.我知道此時此刻對 Anduril 合作關係進行評論是件很敏感的事。但令人好奇的是，當我們查看一些最初的精簡國防預算或其他項目時，我們目前能看到任何外部支援計劃嗎？

Yeah. As I've mentioned, Josh, I appreciate the question. We're limited just in the nature that we are able to say. But what I can say is the hybrid eVTOL program has achieved several internal milestones that have really given us a lot of confidence internally that this will become a major part of our business.

是的。正如我所提到的，喬希，我很感謝你提出這個問題。我們所能表達的本質是有限的。但我可以說的是，混合 eVTOL 專案已經實現了幾個內部里程碑，這確實給了我們很大的信心，這將成為我們業務的重要組成部分。

And it really fits into the messaging of a lot of what this administration talks about, building aircraft of the future. And so, I think that this is going to be an exciting part of our business, but more to come on that.

這確實符合本屆政府所談論的許多內容，即建造未來的飛機。所以，我認為這將成為我們業務中令人興奮的一部分，但未來還會有更多。

Got it. And then maybe as a related follow-up, as you deepen your relationships in the Middle East and with other international entities, what conversations are you having as it pertains to the defense aspects of either that partnership or generally?

知道了。然後，也許作為相關的後續行動，隨著您加深與中東和其他國際實體的關係，您在涉及該夥伴關係或一般國防方面時進行了哪些對話？

We've actually had a lot of inquiries from a bunch of our partners in a bunch of the countries that we've been talking to. But as a reminder, the way the relationship with Andrew is structured, Archer is manufacturing the aircraft, and then effectively we'll sell the aircraft to Anduril, who is representing the customers.

事實上，我們已經收到了許多來自我們合作過的許多國家的合作夥伴的詢問。但需要提醒的是，我們與安德魯的關係結構是這樣的：阿徹負責製造飛機，然後我們實際上會把飛機賣給代表客戶的安杜里爾。

So all the customer-based conversations run through Anduril, and I think Anduril is very well equipped to handle those types of conversations. So it's probably a question that's better more directed towards them. And so, I appreciate it, but there's not much more I can share.

因此，所有基於客戶的對話都透過 Anduril 進行，我認為 Anduril 非常適合處理這些類型的對話。所以這個問題最好是直接針對他們提出的。因此，我很感激，但我能分享的並不多。

Bill Peterson, JPMorgan.

摩根大通的比爾彼得森。

Yeah. Thanks for taking the questions. In the last quarter, you had talked at the time that pilot flights would be coming soon. And I think there was an expectation might have been happening within that quarter. And now you're saying imminent.

是的。感謝您回答這些問題。在上個季度，您曾談到試飛即將到來。我認為那個季度內可能會出現預期結果。現在您說的是迫在眉睫。

I'm just curious on maybe what kind of caused any sort of one or two month delay, if any? And maybe you could just elaborate on what's required now between pilot tests, final checks ahead of the milestone. Just basically elaborate the flight-testing program from here.

我只是好奇，可能是什麼原因導致了一兩個月的延遲？也許您可以詳細說明一下在試點測試和里程碑之前的最終檢查之間現在需要做什麼。從這裡開始基本上詳細說明飛行測試計劃。

Yeah. Absolutely. Bill. So we expect the first piloted flight to take place within days. And we've had the aircraft out on the airport doing piloted testing for weeks at this point, and we've got a lot of confidence that it will be in the air soon.

是的。絕對地。帳單。因此我們預計首次載人飛行將在幾天內完成。目前，我們已經讓飛機在機場進行了數週的試飛測試，我們非常有信心它很快就能升空。

Taking a step back, all of this testing we're doing now is really based off of the hundreds of flights over the last 1.5 years or so that we've done on the unmanned midnight aircraft. And now, we're just putting a pilot on board and continuing the testing.

退一步來說，我們現在所做的所有測試實際上都是基於過去 1.5 年左右我們在無人午夜飛機上進行的數百次飛行。現在，我們只是派一名飛行員上船並繼續進行測試。

But to get to your question, one of the main differences between this aircraft and the previous one is how heavily we've instrumented it with flight test instrumentation hardware and software. And so, I mentioned earlier on the call, we're measuring it's over 40,000 parameters on this aircraft.

但回到你的問題，這架飛機與之前的飛機的主要區別之一是，我們在飛行測試儀表硬體和軟體方面對它的配置有多大。所以，我之前在電話中提到，我們正在測量這架飛機的 40,000 多個參數。

And so, just to be straight up, it was a lot trickier than we thought to get that system working and that caused a modest delay. But the good news is we're through this now, and we've got a lot of confidence that we'll be in the air very shortly.

所以，坦白說，讓這個系統運作起來比我們想像的要困難得多，而且這導致了適度的延遲。但好消息是，我們現在已經度過了這一難關，我們非常有信心，我們很快就能飛上天空。

Okay. Great. Thanks for that. And maybe a bit of a mid and longer-term question. It's also about the hybrid program but potentially being positioned for passenger. I guess you mentioned earlier the potential use cases in civil. I guess on one hand, envisioning maybe with a more complex powertrain, it could represent a longer certain time.

好的。偉大的。謝謝。這也許是一個中期和長期的問題。這也是一種混合計劃，但可能定位於乘客。我想您之前提到過民用領域的潛在用例。我想，一方面，設想一下也許採用更複雜的動力系統，它可能會代表更長的時間。

But on the other hand, with all the heavy lifting that you and others in the industry are doing on batteries, it perhaps it won't be as onerous. I guess just trying to consider if you would maybe consider a hybrid variant or even maybe a short takeoff and landing within the passenger segment in the not-too-distant future, given I think some of the focus on fully electric may have had more, I guess, support in a different administration while hybrid certainly can open up the envelope, including for longer range.

但另一方面，由於您和業內其他人在電池方面做出了巨大努力，因此這項任務可能不會那麼繁重。我想只是想考慮一下，在不久的將來，您是否會考慮混合動力車型，甚至考慮在客運領域推出短途起降車型，因為我認為，在不同的政府中，對全電動的關注可能會得到更多的支持，而混合動力肯定可以打開新的局面，包括更長的航程。

You're very observant, Bill. And yes, that is a I'll just call it a good observation. We are considering lots of different potentials for the powertrain of that aircraft, including both civil and defense applications.

你觀察力非常敏銳，比爾。是的，我認為這是一個很好的觀察。我們正在考慮該飛機動力系統的許多不同潛力，包括民用和國防應用。

Savi Syth, Raymond James.

薩維西斯、雷蒙德詹姆斯。

Hey. Good afternoon. If I might ask, I think on the last call, you had mentioned, Tom, that there were some issue papers that the FAA had to close out. Does the one that you talked about standardizing the propulsion was, does that address all of them? Are there still some pending? And does that then affect your planning on building additional certification aircraft?

嘿。午安.如果我可以問的話，我想在上次通話中，湯姆，您提到過，有一些問題文件是聯邦航空局必須解決的。您談到的標準化推進是否解決了所有問題？還有一些未決事項嗎？這會影響您建造更多認證飛機的計劃嗎？

Yeah. Hey, Savi, thanks for the question. Yeah. So we did, as I mentioned earlier in the call resolve the total loss of prop tissue paper with FAA. And so, that unlocks the vast majority of the remaining small percentage of compliance items that have been open.

是的。嘿，薩維，謝謝你的提問。是的。正如我之前在通話中提到的那樣，我們確實與聯邦航空管理局解決了螺旋槳薄紙全部遺失的問題。這樣，剩下的一小部分尚未解決的合規項目中的絕大部分就都解開了。

And so, with that now behind us, we can really kind of just get back and execute. And so, that positions us really well with FAA for the next coming months. And I think you'll see a marked increase in performance over the rest of the year.

因此，現在我們已經完成了這些工作，我們可以回去執行了。因此，這讓我們在接下來的幾個月與 FAA 的關係處於非常有利的地位。我認為您會看到今年剩餘時間內業績的明顯提升。

So on that production hasn't been something that's holding you back on production. So that's not tied to kind of waiting on that, and production is going ahead. Thank you.

因此，在生產過程中並沒有什麼事情會阻礙你的生產。因此，這與等待無關，生產仍在繼續。謝謝。

Yeah. I think I understand the nature of the question. You can always build at risk. I think the good news of the issue paper that Tom was referring to was it did not result in any changes that we had to make, and I think we had accurately built that. But it does give us more confidence to accelerate some of our plans.

是的。我想我了解這個問題的本質。你總是可以冒險進行建設。我認為湯姆提到的問題文件的好消息是它沒有導致我們必須做出的任何改變，我認為我們已經準確地建立了這一點。但它確實給了我們更多的信心來加速我們的一些計劃。

And so, it's just a balance of what you want to build. Again, this was not something unique to Archer. This was an industry-wide issue paper. And so, we're fortunate that it came out the way that we thought it would, but it is the unlock that we needed to keep things moving.

所以，這只是您想要建立的平衡。再說了，這並不是阿徹獨有的事。這是一份涉及整個行業的議題論文。所以，我們很幸運，事情按照我們想像的方式發展，但這是我們需要的解鎖，以保持事情繼續發展。

Austin Moeller, Canaccord.

奧斯汀·莫勒（Austin Moeller），Canaccord。

Hi. Good afternoon, Adam and Priya. Just my first question here. So in the skinny budget, there was $1.2 billion added to FAA spending for personnel additions and infrastructure upgrades. How might this benefit you, either from a cert perspective or support your plans with Palantir and air traffic management?

你好。下午好，亞當和普里亞。這是我的第一個問題。因此，在精簡的預算中，FAA 的支出增加了 12 億美元，用於增加人員和升級基礎設施。無論是從認證角度還是從支持您與 Palantir 和空中交通管理的計劃的角度看，這會給您帶來什麼好處？

Yeah. Austin, I think it's early to judge that at this point. I think we've had good traction with the FAA to date, through what it's been. So anything additional that gets added, I think, we'll be happy to receive that. But I think it's early to give any comments on that yet.

是的。奧斯汀，我認為現在下結論還為時過早。我認為，迄今為止，我們與 FAA 的合作一直很順利。因此，我認為，對於任何新增的內容，我們都會很高興地接受。但我認為現在對此發表任何評論還為時過早。

Okay. And can you comment on the production scaling? And is that still on track for two aircraft per month by end of the year?

好的。能評論一下生產規模嗎？今年底，我們是否仍能實現每月兩架飛機的產量目標？

So a lot of this has to do with us balancing our ability to do testing internally with delivering aircraft. And so, we have a lot of aircraft that are in production right now as well as additional aircraft parts that are on order, and we're just really trying to balance that the ability to deploy versus the ability to manufacture.

因此，這在很大程度上與我們平衡內部測試和交付飛機的能力有關。因此，我們目前正在生產大量飛機，同時也訂購了大量飛機零件，我們只是試圖在部署能力和製造能力之間取得平衡。

There's also a lot of lessons that are being learned in terms of manufacturing and really trying to refine the manufacturing process that will enable us to scale. So the goal really is to make sure that we can do it efficiently and then also do it in a very economical way. So we are ramping up those capabilities. But again, that's just all balanced against deployment.

我們在製造方面也學到了很多經驗教訓，並真正嘗試改進製造流程，以使我們能夠擴大規模。因此，我們的目標實際上是確保我們能夠有效率地完成這項工作，並以非常經濟的方式完成這項工作。因此我們正在增強這些能力。但同樣，這一切都只是與部署保持平衡。

David Zazula, Barclays.

巴克萊銀行的戴維‧扎祖拉 (David Zazula)。

Hey. Good afternoon. Thanks for taking my question. Tom, just to pick a little bit on Savi's question earlier. You mentioned the loss of propulsion finalization unlocks some testing. Could you give us a preview on what sort of things that unlocks and what progress you might be able to make based on that?

嘿。午安.感謝您回答我的問題。湯姆，我只是想稍微回答一下薩維之前提出的問題。您提到推進力最終確定的損失會解鎖一些測試。您能否向我們預覽將會解鎖哪些內容以及基於這些內容您可能取得哪些進展？

Yeah. Sure, David. So as we showed in the shareholder letter, we have a picture from a test actually from the end of last year, where we're testing the aircraft with loss of propulsion systems, so one of the engines. And you'll see in video we released later this week that aircraft reacted really well to that test.

是的。當然，大衛。正如我們在致股東的信中所展示的，我們有一張去年年底進行的一次測試的照片，當時我們正在測試一架失去推進系統（也就是其中一個發動機）的飛機。您將在我們本週晚些時候發布的影片中看到，飛機對此次測試的反應非常好。

And so, that's just one example, honestly, of the hundreds of tests we've done over the last couple of years on that vehicle. And so, now we're getting back into this next phase of testing with pilots on board, repeating a lot of the same expansion, working towards TIA. And so, it's kind of just business as usual execution mode.

所以，老實說，這只是我們過去幾年對該車輛進行的數百次測試中的一個例子。因此，現在我們又回到了下一階段的測試，有飛行員在機上，重複許多相同的擴展工作，努力實現 TIA。所以，這只是一種正常的業務執行模式。

Very helpful. I think a couple of times you've used the word market progress to certification. Can you expand a little bit or give investors some way that they can kind of monitor the progress towards the progress towards this market improvement both on the FAA and GCAA side.

非常有幫助。我想您曾多次使用“市場進步與認證”這個詞。您能否稍微擴展一下，或為投資者提供一些方法，讓他們可以監控 FAA 和 GCAA 的市場改善進展。

Sure. Well, yes, in general, our job is to build a safe aircraft that we can take to market. And it's up to the FAA for when the vehicle will be certified and all that. But we're making great progress. So we showed in our shareholder letter, FAA has now accepted about 15% of the final [B&B] documents that support that certification.

當然。嗯，是的，總的來說，我們的工作是製造一架可以推向市場的安全飛機。該車輛何時獲得認證等事宜均由美國聯邦航空管理局決定。但我們正在取得巨大進展。因此，我們在致股東的信中表明，FAA 現在已經接受了約 15% 支持該認證的最終 [B&B] 文件。

And with the opening up of that 2105G issue paper, now a lot of the remaining other areas are available to build conforming hardware and start executing all the tests for credit working towards TIA. And so, I think it's really just the culmination of all these things coming together, along with the fact that as we've highlighted before, we've taken this, I think, really good strategy of leveraging parts that have certification heritage from vendors that have certain experience and putting them in a vehicle that's certifiable and manufacturable and is heavy enough to carry a pilot and four passengers.

隨著 2105G 問題文件的開放，現在許多剩餘的其他領域都可以建立符合要求的硬體並開始執行所有測試，以獲得 TIA 的信用。所以，我認為這實際上只是所有這些因素結合在一起的結果，再加上我們之前強調的事實，我認為我們採取了一種非常好的策略，即利用具有一定經驗的供應商提供的經過認證的零件，並將它們安裝在一輛可認證、可製造且重量足以搭載一名飛行員和四名乘客的車輛上。

And so, now we're just executing on that path. And the other part of your question that you mentioned is, yes, it's true. Now we also have UAE work going on. And so, the team is very much balancing our focus across go-to-market and launch with the GCAA as well as with the FAA. But the good news there is that it's almost the same work just different customers for the data. So hopefully, that gives you some color.

所以，現在我們只是沿著這條路前進。您提到的問題的另一部分是，是的，確實如此。現在我們也在進行阿聯酋的工作。因此，團隊正在非常平衡地關注與 GCAA 和 FAA 的市場推廣和發布。但好消息是，這幾乎是相同的工作，只是數據的客戶不同。希望這能給你一些啟發。

I mean, if we would we expect a potential quantification on the GCAA side similar to what we're getting on the FAA side at some point?

我的意思是，我們是否期望 GCAA 方面的潛在量化與我們在某個時候在 FAA 方面獲得的量化類似？

Hey, David. This is Adam. I don't have a good answer to that today. I think there's just some sensitivities there and how that's all being collected, but we'll follow up and get back to you on that.

嘿，大衛。這是亞當。我今天對此還沒有好的答案。我認為那裡存在一些敏感問題以及如何收集這些信息，但我們會跟進並就此給您答复。

Chris Pierce, Needham.

克里斯·皮爾斯，尼德姆。

Hey. Good afternoon. I know you can't comment on what you're building with Anduril, but can you talk about how should we feel about your confidence in ability to build it as you figure out, flesh out what's actually going to happen?

嘿。午安.我知道您無法評論您正在用 Anduril 構建什麼，但是您能否談談，當您弄清楚並充實實際將要發生的事情時，我們應該如何看待您對構建它的能力的信心？

Like, is it supplemental to the production guidance you gave in the 2Q letter last year? Or is it related to the acquisitions you made on that you kind of flagged? Or like what's the right way to think about production to the extent you can talk about that?

例如，它是否對您去年第二季信函中給出的生產指引進行了補充？或者它與您標記的收購有關？或像您能談論的範圍內，思考生產的正確方法是什麼？

Hey, Chris, So what we are looking to build is a vehicle that can have both dual use, civil and defense application that reuses as much as possible from the existing program we have today with a hybrid powertrain. And so, that gives us the ability to be able to build a lot of vehicles because we already have a hotline that's running on the civil side as we're using a lot of that.

嘿，克里斯，所以我們想要建造的是一種既可以民用又可以防禦的車輛，並且盡可能地重複使用我們現有的混合動力系統。因此，這使我們能夠製造大量車輛，因為我們已經擁有一條在民用方面運行的熱線，我們正在大量使用熱線。

So hopefully, that gives you a perspective it's not something totally out of left field that we're building. It's something that makes sense based on like what stuff Archer is building and makes sense versus what the Midnight aircraft is.

所以希望這能讓你明白，我們正在建造的東西並不是完全出乎意料的東西。這是基於 Archer 正在建造的東西而有意義的事情，與 Midnight 飛機相比也有意義。

And yes, it is expected that we will be able to build these aircraft out of the Georgia facility, and we can flex between the civil side and the defense side and give upside to the ability to deliver more aircraft if we're able to build and there are programs that are in place.

是的，預計我們將能夠在喬治亞州的工廠建造這些飛機，我們可以在民用方面和國防方面之間靈活調整，如果我們有能力建造並且有現成的計劃，那麼我們就有能力交付更多的飛機。

Okay. So the longer flight time the greater mileage, is this something where -- I'm just trying to picture someone being a helicopter for an hour flight. Is that something that I guess, would you push back that that's what it would feel like? Or I just want to get a better sense of how this can go into regional air travel candidate? Or is it the more modifications need to be made?

好的。因此飛行時間越長，里程就越大，這是怎麼回事呢——我只是試著想像一個人乘坐直升機飛行一小時的情景。我猜，你會拒絕接受這種感覺嗎？或者我只是想更好地了解如何將其作為區域航空旅行候選人？還是需要做更多修改？

Yeah. So if you're asking about use cases that hybrid VTOL could potentially have. There are longer helicopter missions that are used today. So, for example, in servicing oil rigs is a good one that are typically further than typical eVTOL range. There are other examples that are more cargo-based that could have longer ranges that are use case.

是的。因此，如果您詢問混合垂直起降 (VTOL) 可能具有的用例。如今，直升機的飛行任務可以持續更久。因此，例如，在服務石油鑽井平台方面，這是一個很好的選擇，通常比典型的 eVTOL 範圍更遠。還有其他更多基於貨物的例子，可以具有更長的用例範圍。

There's also some civil cases. I do think the civil side will likely be limited by not range of the aircraft, but willingness of a consumer to sit in a vehicle for a certain period of time, meaning I don't think somebody is going to want to sit for five hours, but they may be willing to two hours.

還有一些民事案件。我確實認為民用方面可能不是受到飛機航程的限制，而是受到消費者在車內坐一段時間的意願的限制，這意味著我認為沒有人願意坐五個小時，但他們可能願意坐兩個小時。

So I think there are limitations there that we will learn as we take products and go get them out. I do think there are good go-to-market use cases on the civil side that we will certainly explore, and it will just open up the ability to deliver aircraft.

所以我認為，在我們推出產品並推廣出去的過程中，我們會了解其中的限制。我確實認為，民用方面存在很好的上市用例，我們一定會進行探索，這將開啟交付飛機的能力。

Amit Dayal, H.C. Wainwright.

阿米特·達亞爾（H.C.）溫賴特。

Thank you. Good afternoon, everyone. My question guys is around just the aircraft costs. Just wanted to see if you can share any color on how the aircraft build costs are tracking against expectations you might have had 12 months ago, especially in the context of all these tariffs, et cetera.

謝謝。大家下午好。各位，我的問題只是有關飛機成本。只是想看看您是否可以分享飛機製造成本與您 12 個月前的預期相比如何，特別是在所有這些關稅等背景下。

Are you close to what you may have been anticipating? Or are you not maybe tracking as closely? Just wanted to see if you can share any color on that. Thank you.

您是否接近您所預期的目標了？或者您可能沒有密切跟踪？只是想看看您是否可以分享一些相關內容。謝謝。

Sure. So it's obviously early in the sense that we're building at very low volumes. So I wouldn't expect to see some significant cost performance when you're building, let's call it, in the single or low double digits of aircraft. I think it's when you start to get to a larger scale that you see those benefits. What we've said historically is that we think around the [250] level of aircraft build is where we can get to our target gross margins.

當然。因此，從我們的生產量非常低的角度來看，現在顯然還處於早期階段。因此，當你建造個位數或低兩位數的飛機時，我不會期望看到顯著的成本效益。我認為當你開始擴大規模時你就會看到這些好處。我們過去曾說過，我們認為在飛機製造規模達到 [250] 左右時我們就能達到目標毛利率。

And so, that's something that we still believe is true. From a tariff perspective, most of our systems are built or manufactured here in the US. So I think there is a limited exposure from that. And so, we don't see that having a material impact at this point.

所以，我們仍然相信這是真的。從關稅角度來看，我們的大多數系統都是在美國建造或製造的。所以我認為這方面的曝光度有限。因此，我們目前認為這不會產生實質影響。

I'll now turn the call back over to Adam Goldstein for any closing remarks.

現在我將把電話轉回給亞當‧戈德斯坦 (Adam Goldstein)，請他做最後一次發言。

All right, thank you everybody for joining the call today. I am super proud of what the team has been able to accomplish, but this is just the beginning. 2025 is an inflection point for the company and for the industry. I'm excited to share more in the weeks and months ahead. Let's keep building.

好的，感謝大家今天參加電話會議。我為團隊所取得的成就感到非常自豪，但這只是個開始。 2025年是公司和產業的一個轉捩點。我很高興在未來幾週和幾個月內分享更多內容。讓我們繼續建設。

That concludes today's call. Thank you all for your participation.

今天的電話會議到此結束。謝謝大家的參與。