Archer Aviation Inc (ACHR) 2025 Q2 法說會逐字稿

Good afternoon. Thank you for attending today's Archer Aviation Q2 2025 financial results conference call.

午安.感謝您參加今天的 Archer Aviation 2025 年第二季財務業績電話會議。

My name is [Tamia]. I'll be the moderator for today's call. (Operator Instructions)

我的名字是[塔米亞]。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。

Thanks for joining Archer's earnings call. This is Eric Lentell, Archer's Chief Legal and Strategy Officer.

感謝您參加 Archer 的收益電話會議。我是 Eric Lentell，Archer 的首席法律和策略長。

During today's call, we will be making forward-looking statements. These statements are based on assumptions as of today. We undertake no obligation to update them as a result of new information or future events.

在今天的電話會議中，我們將做出前瞻性陳述。這些聲明是基於今天的假設。我們不承擔因新資訊或未來事件而更新它們的義務。

There are risks and uncertainties that may cause our actual results to differ materially from those contemplated in the statements. For more information about these risks and uncertainties, review 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聲明中預期的結果有重大差異。有關這些風險和不確定性的更多信息，請查看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-GAAP financial measures on the call. A reconciliation of those financial measures is included in our shareholder letter and earnings release from today.

我們還將在電話會議上討論 GAAP 和非 GAAP 財務指標。從今天起，我們的股東信函和收益報告中已包含這些財務指標的對帳。

Now, I'll turn it over to Adam. Adam?

現在，我將把話題交給亞當。亞當？

Thanks, Eric.

謝謝，埃里克。

We are living through the reindustrialization of America. Just 10 years ago, the best and brightest minds in the country were building SaaS products, marketplaces, and consumer electronics. Now, think of what's going on today. We are building flying cars, modular reactors, and autonomous fighter jets.

我們正在經歷美國的再工業化。就在 10 年前，國內最優秀、最聰明的人才還在打造 SaaS 產品、市場和消費性電子產品。現在，想想今天發生的事。我們正在建造飛行汽車、模組化反應器和自主戰鬥機。

The new heroes of today aren't influencers, they're builders; people like Palmer Luckey, Alex Karp, and Zuck. If you're listening to this while trading on Robinhood or doomscrolling Reddit, I would encourage you to put your phone down, pick up a tool belt, and come build a future world with us and others out there doing it. What a time to be alive.

當今的新英雄不是影響者，而是建造者；像帕爾默·拉基、亞歷克斯·卡普和扎克這樣的人。如果您在 Robinhood 上交易或在 Reddit 上瀏覽 doomscrolling 時聽到這個消息，我鼓勵您放下手機，拿起工具帶，與我們以及其他人一起構建未來世界。活著真好。

All right. Let's dive in.

好的。讓我們開始吧。

This quarter, we made some tremendous strides in ramping our manufacturing, which we highlighted in our shareholder letter today. First, I want to step back and talk about how unprecedented the level of support is for our sector within the highest levels of the US government. There has been a clear shift in our industry from ambition to execution, focused on scaling commercial air taxi operations in the US and select forward-leaning cities around the world.

本季度，我們在提升製造能力方面取得了巨大進步，我們在今天的股東信中強調了這一點。首先，我想退一步談談美國政府最高層對我們部門的支持是前所未有的。我們的行業已經從雄心壯志轉向執行，重點是擴大美國和世界各地精選的前瞻性城市的商業空中計程車營運。

First, there were multiple presidential executive orders directing an imperative for US leadership in advanced aviation. Second, showcasing air taxis at the 2028 LA Olympics was made a national priority. And third, there was a series of unprecedented changes to FAA rules that will help unlock near-term commercial ops in the US.

首先，總統發布了多項行政命令，要求美國在先進航空領域保持領導地位。其次，在2028年洛杉磯奧運會上展示空中計程車被列為國家優先事項。第三，美國聯邦航空管理局規則進行了一系列前所未有的改變，這將有助於解鎖美國近期的商業運作。

Just a few weeks ago, I was in DC, meeting with Vice President, JD Vance, FAA, and DOT leadership, and Secretary of Defense, Pete Hegseth. I left more convinced than ever. This is the most coordinated national effort in modern aviation history.

就在幾週前，我在華盛頓特區會見了副總裁 JD Vance、FAA 和 DOT 領導以及國防部長 Pete Hegseth。我比以前更確信這一點。這是現代航空史上最協調的國家行動。

My message to them was simple: Archer is committed to furthering America's lead in advanced aviation by building and deploying eVTOLs here at home and then exporting that innovation, globally.

我向他們傳達的訊息很簡單：Archer 致力於透過在國內建造和部署 eVTOL，然後將這項創新成果輸出到全球，進一步鞏固美國在先進航空領域的領先地位。

The Olympics mandate has become a national stage to showcase air taxis at scale. Two years ago, the FAA published its Innovate28 road map for scaling eVTOL ops in American cities by 2028. Earlier this quarter, the LA '28 Olympics announced that they selected Archer to be the official exclusive air taxi provider for the games. And just last week, a new executive order established a White House task force personally led by President Trump and the Vice President to ensure maximum safety, secure borders, and world-class transportation at the 2028 LA.

奧運已成為大規模展示空中計程車的全國性舞台。兩年前，美國聯邦航空總署發布了 Innovate28 路線圖，旨在到 2028 年擴大 eVTOL 在美國城市的運作。本季度早些時候，洛杉磯 28 年奧運會宣布選定 Archer 為奧運會官方獨家空中出租車提供商。就在上週，一項新的行政命令頒布，成立了一個由川普總統和副總統親自領導的白宮工作小組，以確保2028年洛杉磯奧運會的最大安全、邊境安全和世界一流的交通。

Olympics. This level of commitment is allowing us to rally our infrastructure partners, supply chain, and the FAA around a national priority. Our existing infrastructure partners, including SoFi Stadium and USC, as well as new real estate groups are working with us to prepare over a dozen eVTOL vertiports to support Archer operations.

奧運。這種程度的承諾使我們能夠團結我們的基礎設施合作夥伴、供應鏈和聯邦航空局共同完成國家優先事項。我們現有的基礎設施合作夥伴，包括 SoFi 體育場和 USC，以及新的房地產集團正在與我們合作，準備十幾個 eVTOL 垂直起降機場來支援 Archer 的營運。

Our key suppliers are ramping production and component level certification to align with our manufacturing scaling time lines. The FAA is working closely with our teams to advance Midnight certification to support our operational readiness.

我們的主要供應商正在加強生產和零件級認證力度，以配合我們的製造擴展時間表。美國聯邦航空局正在與我們的團隊密切合作，推動午夜認證，以支持我們的營運準備。

The executive order in June crafted in partnership with the White House, DOT, and FAA is the most significant federal action to date in the eVTOL sector. It establishes a national directive for American dominance in this industry and a presidential imperative to begin air taxi deployments in the US, as early as next year.

6 月與白宮、交通部和聯邦航空局合作制定的行政命令是迄今為止聯邦政府在 eVTOL 領域採取的最重要的行動。該法案確立了美國在該行業主導地位的國家指令，並要求總統最早於明年在美國開始部署空中計程車。

These early operations will allow us to validate Midnight's performance, safety and scalability in real-world conditions in advance of the games. But to make all of this a reality, we must quickly ramp manufacturing to support our certification programs and early commercial deployments.

這些早期操作將使我們能夠在奧運會前驗證 Midnight 在現實條件下的性能、安全性和可擴展性。但為了使這一切成為現實，我們必須迅速提高產量，以支援我們的認證計劃和早期的商業部署。

Tom will unpack the details, but here's the headline. We now have six more Midnight aircraft in various stages of production, with three of those in final assembly across our facilities. When those are complete, that will bring our Midnight fleet to a total of eight aircraft. Each of those will carry our production four-bladed rear propeller design and will either go directly into certification flight testing or early commercial deployment. Completion of these aircraft will bring our fleet to eight Midnight aircraft.

湯姆將會揭示細節，但這裡是標題。目前，我們還有另外六架 Midnight 飛機處於不同的生產階段，其中三架正在我們的工廠進行最終組裝。當這些工程完成後，我們的午夜機隊將擁有總共八架飛機。每架飛機都將採用我們生產的四葉後螺旋槳設計，並將直接進入認證飛行測試或早期商業部署。這些飛機的完工將使我們的機隊擁有八架午夜飛機。

The capital we have deployed over the last few years to build out our test and manufacturing is now paying dividends. We are the only ones in the eVTOL sector capable of executing what we are doing today, using a golden line approach as a blueprint to scale our high-volume facility.

我們在過去幾年中為建設測試和製造部門而投入的資金現在正在產生回報。我們是 eVTOL 領域中唯一能夠執行今天所做工作的公司，使用黃金線方法作為藍圖來擴展我們的大容量設施。

If you remember, we began construction on our high-volume facility in Covington in early 2023. Our team built that in two years at a record pace. And no other company in the eVTOL sector has even started construction on a comparable facility.

如果你還記得的話，我們在 2023 年初開始在卡溫頓建造我們的大容量工廠。我們的團隊以創紀錄的速度在兩年內完成了這個目標。而且，eVTOL 領域中還沒有其他公司開始建造類似的設施。

We are pacing the industry. And location matters, too. The FAA's Atlanta Aircraft Certification Office manages our certification program, and our Covington site is located in the suburban on the eastern side of Atlanta. The proximity enables frequent on-site engagement as we work through our certification program. Further, we began working on our production certificate in January, and the FAA is conducting regular reviews and inspections with our team as we go through these early builds.

我們正在引領產業發展。位置也很重要。美國聯邦航空局亞特蘭大飛機認證辦公室負責管理我們的認證計劃，我們的卡溫頓站點位於亞特蘭大東部郊區。由於距離較近，我們在進行認證計畫時可以進行頻繁的現場互動。此外，我們從一月開始著手準備生產證書，在我們進行這些早期建造的過程中，美國聯邦航空管理局正在對我們的團隊進行定期審查和檢查。

The goal here is to ensure we are aligning the progression of our type certification with our production certificate so that we can ramp manufacturing as soon as we receive Midnight's type certification. This quarter, we also commenced the piloted flight phase of our flight test campaign.

這裡的目標是確保我們的型式認證進度與生產證書保持一致，以便我們在收到 Midnight 型式認證後立即開始生產。本季度，我們也開始了飛行測試活動的載人飛行階段。

By design, we deliberately started with conventional takeoff and landing flights as Midnight is uniquely capable of handling both vertical and conventional takeoff and landing as part of normal operations.

根據設計，我們特意從常規起飛和降落飛行開始，因為 Midnight 具有獨特的能力，可以在正常操作中同時處理垂直和常規起飛和降落。

In recent years, our flight test campaigns have predominantly focused on VTOL and transition to wing-borne flight. As we eye TIA later this year, it was essential to first work through the CTOL campaign.

近年來，我們的飛行測試活動主要集中在垂直起降和向機翼飛行的過渡。當我們在今年稍後關注 TIA 時，首先進行 CTOL 活動至關重要。

The good news is that we are rapidly progressing through the flight envelope, hardening the aircraft's ability to handle our expected commercial operations. For example, we've recently focused on flights in the 20- to 30-mile range, which are representative of many of our planned commercial operations.

好消息是，我們正在快速突破飛行包線，以增強飛機處理預期商業運作的能力。例如，我們最近專注於 20 至 30 英里範圍內的航班，這些航班代表了我們許多計劃中的商業運營。

We also expanded our flight test program internationally with our first launch edition operations in the UAE, where we first focused on testing Midnight's performance in Abu Dhabi's extreme summer heat. This is important to validate Midnight safety and reliability in high heat, high humidity conditions essential for regulatory approval and subsequent commercial operations across the region. We plan to deploy several of these early aircraft commercially under our Launch Edition program with strategic partners ahead of FAA type certification.

我們還將飛行測試計劃擴展到國際範圍，在阿聯酋進行了首次發布版本運營，首先重點測試了 Midnight 在阿布扎比極端夏季高溫下的性能。這對於驗證 Midnight 在高溫、高濕條件下的安全性和可靠性至關重要，這對於監管部門的批准和隨後整個地區的商業運營至關重要。我們計劃在獲得美國聯邦航空管理局 (FAA) 型號認證之前，與戰略合作夥伴一起在我們的 Launch Edition 計劃下將幾架此類早期飛機投入商業部署。

We've announced three launch edition program partners so far, with the first being in the UAE, the second being in Ethiopia, and most recently, Indonesia. Demand from global operators and governments continue to grow. This summer, we signed definitive agreements with Abu Dhabi Aviation and the Abu Dhabi Investment Office and kicked off operations under our first Launch Edition program in the UAE. This unlocks a multi-year commercial partnership that I expect will generate tens of millions of dollars for Archer, with initial payments expected later this year.

到目前為止，我們已經宣布了三個發布版計畫合作夥伴，第一個在阿聯酋，第二個在衣索比亞，最近一個是印尼。全球營運商和政府的需求持續成長。今年夏天，我們與阿布達比航空和阿布達比投資辦公室簽署了最終協議，並啟動了我們在阿聯酋的首個啟動版計畫的營運。這開啟了多年的商業合作關係，我預計這將為 Archer 帶來數千萬美元的收入，首筆付款預計將於今年稍後支付。

Let's run through some of the key activities from this launch program.

讓我們回顧一下此次啟動計劃的一些關鍵活動。

Delivering our first Midnight aircraft and began flight testing with the GCAA in June, deploying our first flight simulator with Etihad, which our teams will be using to build local readiness across pilot training. converting existing aviation infrastructure into turnkey eVTOL vertiports in partnership with local stakeholders, including Jetex, the UAE's leading FBO operator.

交付我們的第一架 Midnight 飛機，並於 6 月開始與 GCAA 進行飛行測試，與阿提哈德航空一起部署我們的第一台飛行模擬器，我們的團隊將使用該模擬器為飛行員培訓做好本地準備。與當地利害關係人（包括阿聯酋領先的 FBO 營運商 Jetex）合作，將現有航空基礎設施轉變為交鑰匙 eVTOL 垂直起降機場。

Over the next several years, expect to see us continue to ready infrastructure, deliver additional Midnight aircraft to the region and begin early exhibition flights with passengers ahead of more robust commercial operations under authorization from the GCAA.

在接下來的幾年裡，我們預計將繼續準備基礎設施，向該地區提供更多的午夜飛機，並在獲得 GCAA 授權進行更強勁的商業運營之前開始載客的早期展覽飛行。

We also expanded Launch Edition into Asia, beginning with Indonesia, anchored by Jakarta, one of the world's fastest-growing megacities and Bali, a high-demand destination with limited access options. You can expect to see us both announce more global launch edition partners and continue to grow our multibillion-dollar order book with the world's top governments and airlines.

我們也將 Launch Edition 擴展到亞洲，首先從印尼開始，以世界上發展最快的大都市之一雅加達和交通選擇有限但需求旺盛的目的地峇裡島為中心。您可以期待看到我們宣布更多的全球發布版合作夥伴，並繼續與世界頂級政府和航空公司增加我們數十億美元的訂單。

As we partner with the countries at the highest level of government, our growing commercial momentum is also attracting defense momentum. For over a century, every major conflict has been defined by a breakthrough in military technology.

當我們與各國政府最高層建立夥伴關係時，我們日益增長的商業動能也吸引了國防勢頭。一個多世紀以來，每一次重大衝突都是由軍事技術的突破決定的。

World War II introduced the fighter jet. The Gulf War showcased precision-guided munitions and stealth. Drones reshaped the war on terror. Today, the war in Ukraine is being fought in real time with unmanned systems and satellite linked targeting.

第二次世界大戰發明了噴射戰鬥機。海灣戰爭展示了精確導引彈藥和隱身技術。無人機重塑了反恐戰爭。如今，烏克蘭的戰爭正在利用無人系統和衛星瞄準進行即時戰鬥。

The next paradigm shift will be defined by advanced vertical lift. The US and its allies, however, are still reliant on legacy platforms such as the Chinook and Black Hawk, expensive older technology from the '60s and '70s, but future conflicts will be won with low-cost, low thermal, low acoustic systems capable of rapidly moving through contested airspace without risking human pilots.

下一個範式轉變將由先進的垂直升力技術定義。然而，美國及其盟友仍然依賴「奇努克」和「黑鷹」等傳統平台，這些平台是 1960 年代和 1970 年代昂貴的老舊技術，但未來的衝突將依靠低成本、低熱量、低噪音的系統來贏得勝利，這些系統能夠快速穿越爭奪空域，而不會危及人類飛行員的安全。

Over the last 18 months, I've learned from the global defense industry that our customers demand a purpose-built system designed to stay relevant for decades.

在過去的 18 個月裡，我從全球國防工業中了解到，我們的客戶需要一種專門設計的、能夠持續數十年的系統。

You cannot simply slap a heavy fuel powertrain onto an existing eVTOL design. I am confident that Archer's technology positions us at the forefront of that shift, delivering the speed, agility and deployability modern militaries will require to win.

您不能簡單地將重型燃料動力系統安裝到現有的 eVTOL 設計上。我相信，Archer 的技術將使我們處於這一轉變的前沿，提供現代軍隊獲勝所需的速度、靈活性和部署能力。

To accelerate our progress, we completed two strategic acquisitions this quarter. First, we acquired a key patent portfolio and technical team from Overair, a Karem Aircraft spin-off focused on advanced fixed wing and rotary wing platforms powered by high-efficiency tiltrotors. Second, we bought a supplier of specialized defense composite manufacturing capabilities in-house by acquiring a 60,000 square foot facility in Southern California from mission-critical composites.

為了加快我們的進展，我們本季完成了兩項策略性收購。首先，我們從 Overair 收購了關鍵的專利組合和技術團隊。 Overair 是 Karem Aircraft 的衍生公司，專注於由高效傾轉旋翼機驅動的先進固定翼和旋翼平台。其次，我們從任務關鍵型複合材料公司手中收購了位於南加州的一座 60,000 平方英尺的工廠，從而內部收購了一家擁有專業國防複合材料製造能力的供應商。

These moves continue to build our proprietary moat as we push to meet the demands of our growing defense pipeline. Following recent meetings in Washington with Secretary Hegseth and Secretary of the Army, Dan Driscoll, it's clear that Archer Defense is positioned to become a strategic pillar of our business. With over $1.7 billion in liquidity, we're not waiting on the future of aviation. We're building it now at global scale. This is what execution looks like.

在我們努力滿足日益增長的國防管道需求的同時，這些舉措將繼續建造我們的專有護城河。在最近於華盛頓與國防部長赫格塞斯和陸軍部長丹·德里斯科爾舉行會晤之後，很明顯，Archer Defense 將成為我們業務的戰略支柱。憑藉超過 17 億美元的流動資金，我們不會等待航空業的未來。我們現在正在全球範圍內建造它。執行情況如下。

Over to Tom.

交給湯姆。

Thanks, Adam. The progress at Archer continues at an unprecedented pace. It's incredibly motivating to work with what I believe to be the best team in the world to turn the vision of advanced air mobility into an everyday reality across both commercial and defense.

謝謝，亞當。阿徹的進步仍在以前所未有的速度進行。能夠與我認為是世界上最好的團隊合作，將先進空中機動性的願景轉變為商業和國防領域的日常現實，這令人感到非常鼓舞。

This past quarter, Benjamin Lyon also further integrated into his role as President, Aircraft OEM, bringing decades of leadership experience from Apple and more recently as CTO at Aptiv. Partnering with Benjamin and the additional team members he has brought in has already meaningfully accelerated our progress across engineering, manufacturing and certification.

上個季度，Benjamin Lyon 也進一步融入了飛機 OEM 總裁的職位，帶來了他在 Apple 和最近擔任 Aptiv 首席技術長的數十年領導經驗。與 Benjamin 以及他帶來的其他團隊成員的合作已經顯著加快了我們在工程、製造和認證方面的進展。

Since 2018, we've been relentlessly focused on finding the most efficient path to making urban air mobility a reality. We have worked tirelessly on the engineering front to ensure Archer leads the way in this new sector.

自 2018 年以來，我們一直堅持不懈地致力於尋找實現城市空中交通的最有效途徑。我們在工程領域不懈努力，以確保 Archer 在這一新領域處於領先地位。

We've outpaced the competition through a series of deliberate choices from our design to our manufacturing build-out to our approach to certification and flight testing. Watching our Chief Test pilot, Jeff Greenwood, take Midnight to the skies this quarter marked a defining moment for our flight test program, as he stood on the shoulders of all that we've achieved over the last seven years.

我們透過從設計到製造建造再到認證和飛行測試方法的一系列深思熟慮的選擇超越了競爭對手。本季度，看著我們的首席試飛員傑夫·格林伍德駕駛“午夜”飛機飛上天空，這是我們飛行測試計劃的決定性時刻，因為他站在了我們過去七年所取得的所有成就的肩膀上。

This piloted phase of our program, like everything else we do, intentionally builds on years of safe autonomous flight testing across our various aircraft platforms, which validated our proprietary 12-tilt-6 VTOL configuration.

我們專案的這個試飛階段，就像我們所做的其他一切一樣，有意建立在我們多年來在各種飛機平台上進行的安全自主飛行測試的基礎上，這驗證了我們專有的 12-tilt-6 VTOL 配置。

Here's how we got here and why I believe we're leading the industry with our pace of progress. I joined Archer in 2019 after spending nearly a decade working on this technology. With a small team of elite engineers, we went from a clean sheet to the first flight of our full-scale 12-tilt-6 eVTOL aircraft, Maker, in 2021.

以下是我們是如何走到今天的，以及為什麼我相信我們的進步速度將引領業界。在研究這項技術近十年後，我於 2019 年加入了 Archer。我們與一支由精英工程師組成的小型團隊一起，從零開始，於 2021 年首次試飛了全尺寸 12 傾轉 6 eVTOL 飛機 Maker。

In 2022, less than a year later, we completed the full month-long transition test campaign on Maker, making Archer one of the first eVTOL companies to achieve that milestone. In parallel, we matured our production aircraft platform Midnight, and it took flight in late 2023.

2022 年，也就是不到一年的時間，我們完成了 Maker 上為期一個月的完整過渡測試活動，使 Archer 成為首批實現這一里程碑的 eVTOL 公司之一。同時，我們的生產飛機平台 Midnight 也日臻成熟，並於 2023 年底首次試飛。

Just seven months later, in June 2024, Midnight became the largest eVTOL by gross weight to complete transition, an unmatched technical achievement. I have highlighted this point before and continue to do so because what I've learned from building more eVTOL aircraft across more programs than anyone else in the world over the last 15 years is that an aircraft of at least 6,000 pounds will be critical to being able to carry economically viable passenger payloads.

僅僅七個月後，即 2024 年 6 月，Midnight 就成為總重量最大的 eVTOL 飛機，完成了轉型，這是一項無與倫比的技術成就。我之前就強調過這一點，並且會繼續強調，因為在過去 15 年裡，我比世界上任何人都更早建造了更多的 eVTOL 飛機，從中我學到的是，一架至少 6,000 磅的飛機對於運載經濟可行的乘客有效載荷至關重要。

Then by fall 2024, we had already surpassed 400 test flights for the year, months ahead of schedule. Those flights demonstrated Midnight's ability to do high rate operations and advanced landing profiles, validated acoustic performance and demonstrated robustness to critical failures, all while optimizing Midnight's control laws.

到 2024 年秋季，我們當年的試飛次數已超過 400 次，比計畫提早了數月。這些飛行展示了 Midnight 進行高速率運行和先進著陸剖面的能力，驗證了聲學性能並展示了對關鍵故障的穩健性，同時優化了 Midnight 的控制規律。

This pace set us up to achieve the two critical milestones Adam highlighted for our flight test program this quarter, flying Midnight with multiple pilots and commencing our first launch edition program by beginning international flights in Abu Dhabi.

這一速度使我們實現了亞當在本季度的飛行測試計劃中強調的兩個關鍵里程碑，即由多名飛行員駕駛午夜飛機，並通過在阿布扎比開始國際航班來啟動我們的第一個發射版計劃。

Let's dive deeper into both of those. Our inaugural piloted flight was flown by Jeff Greenwood, who has been at the helm of some of the industry's most pivotal flight test programs. When he landed after his first flight piloting Midnight, which hit speeds of 125 miles per hour and altitude of over 1,500 feet, I'll never forget his first comment. Midnight flew just like the simulator. And that's exactly what you want to hear for any test flight.

讓我們更深入地探討這兩者。我們的首航由傑夫·格林伍德駕駛，他曾掌管過業內一些最關鍵的飛行測試項目。當他駕駛「午夜」飛機首次飛行後著陸時，飛機的速度達到了每小時 125 英里，飛行高度超過 1,500 英尺，我永遠不會忘記他的第一句評論。午夜飛行就像模擬器一樣。這正是您在任何試飛中想要聽到的。

This level of consistency isn't a coincidence. It's the product of our team's engineering and operational excellence with unmatched attention to detail and dedication to safety. While we designed Midnight to fly predominantly vertical takeoff and landing operations, it's important that the initial phase of our piloted flight test program with Midnight focus on conventional takeoff and landing operations for two reasons.

這種程度的一致性並非巧合。這是我們團隊卓越的工程和營運能力以及對細節無與倫比的關注和安全奉獻的產物。雖然我們將 Midnight 設計為主要用於垂直起飛和降落操作，但重要的是，我們使用 Midnight 進行的載人飛行測試計劃的初始階段應專注於常規起飛和降落操作，原因有二。

First, throughout Midnight's design and certification process, regulators, airlines and defense customers have stressed that they need us to certify both VTOL and CTOL operations for operational flexibility and enhanced safety as well as extended range for certain missions. Second, it's the most pragmatic safe approach to flight testing.

首先，在 Midnight 的整個設計和認證過程中，監管機構、航空公司和國防客戶都強調，他們需要我們對 VTOL 和 CTOL 操作進行認證，以實現操作靈活性和增強的安全性以及擴大某些任務的航程。其次，這是最務實的安全飛行測試方法。

Our strategy has been to first validate Midnight's fixed wing flight and conventional landing performance and then return to focus on VTOL with pilots on board. In the back half of the year, we'll continue to ramp up the pace of pilot and flight testing, rapidly expanding our performance envelope and commencing piloted VTOL operations.

我們的策略是先驗證 Midnight 的固定翼飛行和常規著陸性能，然後再將重點放在有飛行員的垂直起降上。下半年，我們將繼續加快飛行員和飛行測試的步伐，迅速擴展我們的性能範圍並開始有人駕駛的垂直起降操作。

In parallel, we plan to continue our international flight testing, which we kicked off in Abu Dhabi earlier this quarter as part of our launch edition programs. In early July, we flew Midnight at the Al Bateen Executive Airport located in the heart of Abu Dhabi, with our local customer and partners under oversight from the national regulator, the GCAA.

同時，我們計劃繼續進行國際飛行測試，該測試於本季早些時候在阿布達比啟動，作為我們發布版計畫的一部分。7 月初，我們搭乘午夜班機從阿布達比市中心的 Al Bateen 行政機場起飛，我們的當地客戶和合作夥伴受到國家監管機構 GCAA 的監督。

Our initial vertical takeoff and landing testing was focused on UAE-specific performance conditions, including high temperature, humidity and dust exposure, as we work to ramp commercial operations in the country.

我們最初的垂直起飛和降落測試集中在阿聯酋特定的性能條件，包括高溫、高濕度和灰塵暴露，因為我們致力於在該國開展商業運營。

Just to give you a sense of how critical and difficult the operating environment is there, after just a few minutes on the tarmac, internal components within Midnight's avionics bay for flight heated to just over 140 degrees Fahrenheit immediately before takeoff. We are building Midnight to operate safely at these temperatures, and it was rewarding to test our performance across these more challenging conditions.

為了讓您了解那裡的操作環境有多麼關鍵和困難，在停機坪上停留僅僅幾分鐘後，午夜飛機的航空電子設備艙內的內部組件在起飛前就會升溫到 140 華氏度以上。我們正在建造能夠在這些溫度下安全運行的 Midnight，並且測試我們在這些更具挑戰性的條件下的性能是有益的。

Over the coming quarters in the UAE, you can expect that we will expand on our in-country operations, including pilot training, MRO setup and flight testing, all in support of gathering additional data to inform our certification and commercialization plans in both the UAE and the US.

在阿聯酋的未來幾個季度裡，您可以期待我們將擴大我們在國內的業務，包括飛行員培訓、MRO 設置和飛行測試，所有這些都是為了支持收集額外的數據，為我們在阿聯酋和美國的認證和商業化計劃提供資訊。

As Adam mentioned, we announced today that we are currently producing six Midnight aircraft, three of which are in final assembly across our facilities. Each of those aircraft will feature our production four-blade rear propeller and will go directly into vertical takeoff and landing flight testing.

正如亞當所提到的，我們今天宣布，我們目前正在生產六架午夜飛機，其中三架正在我們的工廠進行最終組裝。每架飛機都將配備我們生產的四葉後螺旋槳，並將直接進行垂直起飛和著陸飛行測試。

We are building these across our facilities in both Silicon Valley and Georgia. We continue to be focused on developing the capabilities required to achieve a rate of 50 aircraft per year across our nearly 0.75 million square feet of manufacturing and test facilities.

我們正在矽谷和喬治亞州的工廠內建造這些設施。我們將繼續致力於開發所需的能力，以便在我們佔地近 75 萬平方英尺的製造和測試設施中實現每年生產 50 架飛機的速度。

During this new product introduction phase of our Midnight program, we are starting with our golden manufacturing line at one of our Silicon Valley facilities. This pilot line is where our engineering and manufacturing teams work together to refine the build process and equipment to ensure we can build the aircraft efficiently with high quality. We then leverage this playbook developed in California, along with all of the lessons learned in the ramp of our high-volume manufacturing operations in Georgia.

在我們的午夜計畫的新產品推出階段，我們將在矽谷的一家工廠啟動黃金生產線。在該試驗線上，我們的工程和製造團隊共同努力改進製造流程和設備，以確保我們能夠有效率、高品質地製造飛機。然後，我們利用在加州開發的這個劇本，以及在喬治亞州大規模生產業務過程中獲得的所有經驗教訓。

In the early months of our operations at Georgia, we have focused on dialing in the manufacturing processes related to Midnight's fuselage as this is the core part of the aircraft where the majority of the aircraft systems are installed.

在喬治亞州營運的最初幾個月裡，我們專注於撥打與午夜機身相關的製造流程，因為這是飛機的核心部分，大多數飛機系統都安裝在這裡。

All of this flight testing and manufacturing progress is enabling the continued rapid advancement of our Midnight certification programs with the FAA in the US and the GCAA in the UAE. On the FAA certification front, as we've discussed on our most recent calls, we are primarily focused on the fourth and final phase of Midnight's certification program with the FAA having now approved about 15% of our compliance verification documents.

所有這些飛行測試和製造進展都使我們與美國聯邦航空管理局和阿聯酋全球航空管理局的午夜認證計劃能夠繼續快速推進。在 FAA 認證方面，正如我們在最近的電話會議中所討論的那樣，我們主要關注 Midnight 認證計劃的第四階段和最後階段，FAA 現已批准了我們約 15% 的合規驗證文件。

The executive order that Adam mentioned, along with our quickly advancing piloted flight test campaign have meaningfully accelerated our progress with the FAA. Over the past few months, we have successfully completed several SOI-3 audits, including one for our in-house developed powertrain software and hardware. These SOI-3 audits cover software testing and verification and are the penultimate step before the final certification review at SOI-4.

亞當提到的行政命令以及我們快速推進的載人飛行測試活動顯著加快了我們與美國聯邦航空局的合作進程。在過去的幾個月裡，我們成功完成了幾項 SOI-3 審核，其中包括針對我們內部開發的動力系統軟體和硬體的審核。這些 SOI-3 審核涵蓋軟體測試和驗證，是 SOI-4 最終認證審查前的倒數第二步。

On the airframe certification side, we have now completed all of the composite material coupon testing for certifying Midnight's primary structure. This data from over 2,000 individual tests is in hand and certification test reports are now being finalized to provide to the FAA.

在機身認證方面，我們現在已經完成了 Midnight 主要結構進行認證的所有複合材料試樣測試。目前已掌握了超過 2,000 次單獨測試的數據，並且正在最終確定認證測試報告以提交給 FAA。

This past quarter, we have also taken several steps aligning with the FAA on TIA entrance criteria and execution plans as we approach this next key phase of Midnight certification.

在過去的一個季度中，隨著我們即將進入午夜認證的下一個關鍵階段，我們還採取了多項措施，與美國聯邦航空管理局 (FAA) 就 TIA 准入標準和執行計劃保持一致。

As has been our plan all along, we have agreed with the FAA to have multiple TIAs on the program, each targeting a specific system or set of systems in order to efficiently move through the work as certification test data for each area is matured in parallel. We believe our rigorous and collaborative approach with the FAA is setting the standard for the industry.

正如我們一直以來的計劃一樣，我們已與美國聯邦航空管理局達成一致，在該項目上設立多個 TIA，每個 TIA 針對一個特定的系統或一組系統，以便在每個領域的認證測試數據並行成熟時高效地完成工作。我們相信，我們與美國聯邦航空局的嚴謹合作方式正在為業界樹立標準。

In the UAE, we delivered midnight to Abu Dhabi and commenced flight testing in the region, advancing our relationship with the GCAA. Over the coming months, we will continue our flight test campaign in the country as we work closely with the regulators to receive authorization for commercial flights ahead of FAA certification.

在阿聯酋，我們在午夜將飛機送達阿布達比，並開始在該地區進行飛行測試，從而加強了我們與 GCAA 的關係。在接下來的幾個月裡，我們將繼續在該國開展飛行測試活動，同時與監管機構密切合作，爭取在獲得 FAA 認證之前獲得商業飛行授權。

Finally, let's discuss our progress on the defense side of the house. We are rapidly maturing the design of our new hybrid electric aircraft. While I can't share details on the mission parameters or aircraft requirements due to the sensitive nature of the development, what I can share is that we are focused on building a revolutionary aircraft, not simply a hybridized version of an eVTOL.

最後，讓我們討論一下我們在防禦方面取得的進展。我們正在迅速完善新型混合動力電動飛機的設計。雖然由於開發的敏感性，我無法分享有關任務參數或飛機要求的詳細信息，但我可以分享的是，我們專注於打造一架革命性的飛機，而不僅僅是 eVTOL 的混合版本。

That's why we made two strategic acquisitions in this space over the last few months. Just a few days ago, we highlighted two of those, Overair and Mission Critical Composites. We acquired Overair's patent portfolio and hired critical employees from Overair, a spin-off of Karem Aircraft, founded by Abe Karem, who invented the predator drone and is regarded as the founding father of drone technology, with decades of experience with DARPA and the DoD.

這就是我們在過去幾個月中在該領域進行兩次策略性收購的原因。就在幾天前，我們重點介紹了其中的兩個，Overair 和 Mission Critical Composites。我們收購了 Overair 的專利組合，並從 Overair 聘請了關鍵員工。 Overair 是 Karem Aircraft 的衍生公司，Karem Aircraft 的創始人是 Abe Karem，他發明了掠奪者無人機，被認為是無人機技術的創始人，在 DARPA 和國防部擁有數十年的工作經驗。

We believe this technology will accelerate our path to market with our defense aircraft and can also be utilized in future commercial variants of Midnight. We also acquired key manufacturing assets and a roughly 60,000 square foot defense specialized composite manufacturing facility for mission-critical composites in Southern California.

我們相信這項技術將加速我們的國防飛機進入市場的步伐，並且還可以用於未來 Midnight 的商用版本。我們還收購了關鍵製造資產以及位於南加州的約 60,000 平方英尺的國防專用複合材料製造工廠，用於生產關鍵任務複合材料。

These assets bring core composite fabrication capabilities in-house, supporting our defense program needs for rapid prototyping and iteration. Momentum is strong on the defense platform. We're excited about the path ahead. We'll continue to share more details in the back half of this year.

這些資產將核心複合材料製造能力帶入公司內部，支持我們的國防計畫對快速原型設計和迭代的需求。防禦平台勢頭強勁。我們對未來的道路充滿期待。我們將在今年下半年繼續分享更多細節。

Now, I'll turn it over to Priya to talk about the financials for the quarter.

現在，我將讓 Priya 來談談本季的財務狀況。

Thanks, Adam and Tom, for the strategic insights. I'm pleased to share our record financial results for the quarter.

感謝亞當和湯姆的戰略見解。我很高興與大家分享我們本季創紀錄的財務表現。

As Adam mentioned earlier, Q2 is a pivotal quarter for Archer. We have strong momentum across all our planned lines of business across civil and defense and domestic and international. We're capitalizing on significant tailwinds, all while maintaining our unwavering focus on operational execution and market entry.

正如亞當之前提到的，第二季度對 Archer 來說是一個關鍵的季度。我們在民用和國防、國內和國際所有計劃的業務線上都表現強勁。我們正在利用強大的順風優勢，同時堅定不移地專注於營運執行和市場進入。

We closed Q2 '25 with $1.7 billion in cash and cash equivalents, marking our fourth consecutive quarter of record liquidity and means we have almost twice as much cash on hand as our next competitor in the sector. This was all made possible, thanks to our successful capital raise strategy that we've executed on over the last two years, including the completion of our $850 million financing in June.

截至 2025 年第二季度，我們的現金和現金等價物為 17 億美元，這標誌著我們連續第四個季度創下流動性記錄，這意味著我們手頭上的現金幾乎是該行業下一個競爭對手的兩倍。這一切之所以成為可能，要歸功於我們過去兩年來實施的成功融資策略，包括 6 月完成的 8.5 億美元融資。

Our ability to raise capital in the manner we have, to ensure we maintain a strong balance sheet demonstrates the institutional confidence in our strategy and our ability to execute. Despite the strength of our balance sheet, we continue to maintain our disciplined approach to capital allocation, strategically investing in the initiatives that matter most.

我們能夠以現有方式籌集資金，確保維持強勁的資產負債表，這表明機構對我們的策略和執行能力充滿信心。儘管我們的資產負債表強勁，我們仍持續保持嚴謹的資本配置方式，對最重要的計畫進行策略性投資。

Our financial results for Q2 '25 were in line with guidance and represent the investments made across key priorities we have highlighted over our last few calls, rapidly advancing our piloted Midnight air taxi through early commercial deployment and certification in the US and UAE, ramping our aircraft manufacturing capabilities, accelerating the development of our defense aircraft and maturing our AI software platform approach.

我們 2025 年第二季的財務表現符合預期，體現了我們在過去幾次電話會議中強調的關鍵優先事項的投資，包括透過在美國和阿聯酋的早期商業部署和認證，迅速推進我們的午夜空中計程車駕駛，提升我們的飛機製造能力，加速我們國防飛機的開發，並完善我們的人工智慧軟體平台方法。

Our net loss for Q2 '25 was $206 million, and our net loss per share was $0.36. This included approximately $92 million of non-cash charges associated with stock-based compensation and warrant revaluation. Excluding these non-cash charges, our adjusted net loss for Q2 '25 was $114 million, and our adjusted net loss per share was approximately $0.20.

2025年第二季度，我們的淨虧損為2.06億美元，每股淨虧損為0.36美元。其中包括與股票薪酬和認股權證重估相關的約9,200萬美元非現金費用。不包括這些非現金費用，我們 2025 年第二季的調整後淨虧損為 1.14 億美元，調整後每股淨虧損約為 0.20 美元。

Our adjusted EBITDA for Q2 was a loss of $190 million, falling within our guided range of $100 million to $120 million. This represents an approximately $10 million increase from the previous quarter, reflecting planned investments primarily in people-related costs to support our key priorities.

我們第二季的調整後 EBITDA 虧損 1.9 億美元，在我們預期的 1 億至 1.2 億美元範圍內。這比上一季增加了約 1000 萬美元，反映了計劃投資主要用於與人員相關的成本，以支持我們的關鍵優先事項。

Our GAAP operating expenses for Q2 '25 were $176 million. It included approximately $52 million of non-cash stock-based compensation-related expenses, which reflects the costs associated with stock issued to our employees, non-employees and vendors. GAAP operating expenses increased $32 million quarter over quarter, primarily due to the increase in people-related costs mentioned earlier, which reflects our accelerated progress in manufacturing, certification and other initiatives such as defense.

我們 2025 年第二季的 GAAP 營運費用為 1.76 億美元。其中包括約 5,200 萬美元的非現金股票薪酬相關費用，反映了向我們的員工、非員工和供應商發行股票的相關成本。GAAP 營運費用較上季增加 3,200 萬美元，主要由於前面提到的人員相關成本的增加，這反映了我們在製造、認證和國防等其他舉措方面的加速進展。

With regards to cash burn, our cash used in operating and investing activities for Q2 '25 was $127 million. For Q2, our cash used in investing activities was $24 million and in line with the guidance I provided in the last call. It represents an increase of $14 million over the previous quarter, reflecting strategic areas of investment in the quarter, such as the acquisition of the MCC composites manufacturing-related assets, the Overair patent portfolio for the defense program and aircraft material-related purchases.

就現金消耗而言，2025 年第二季我們用於經營和投資活動的現金為 1.27 億美元。對於第二季度，我們用於投資活動的現金為 2400 萬美元，與我在上次電話會議上提供的指導一致。該金額比上一季增加了 1,400 萬美元，反映了本季戰略領域的投資，例如收購 MCC 複合材料製造相關資產、國防計畫的 Overair 專利組合以及飛機材料相關採購。

As I touched on earlier, but I do think it bears repeating, even with these investments, our quarter end cash position was at record levels with an increase of $694 million compared to Q1 '25 and more than quadrupled year over year. Notably, this marks our fourth consecutive quarter of simultaneously growing our cash reserves while executing on strategic business objectives.

正如我之前提到的，但我確實認為值得重複的是，即使有這些投資，我們的季度末現金狀況仍然處於創紀錄的水平，與 25 年第一季相比增加了 6.94 億美元，同比增長了四倍多。值得注意的是，這標誌著我們連續第四個季度在執行策略性業務目標的同時增加現金儲備。

Looking ahead, our priorities for the quarter will continue into the second half of 2025. You can also expect that, we will continue to invest in the bring up of our operational footprint in UAE to execute on our launch edition and certification plans there. We expect our UAE launch edition to start generating cash inflows later this year.

展望未來，我們本季的重點將延續到 2025 年下半年。您還可以期待，我們將繼續投資擴大我們在阿聯酋的營運足跡，以在那裡執行我們的發布版本和認證計劃。我們預計阿聯酋發布版將在今年稍後開始產生現金流入。

We will also continue to invest in ramping our manufacturing capacity and supply chain capabilities across both Archer and key vendor facilities, all in support of our plan to ramp commercial air taxi operations for LA28.

我們也將繼續投資，提高 Archer 和主要供應商工廠的製造能力和供應鏈能力，所有這些都是為了支持我們為 LA28 擴大商業空中計程車營運的計畫。

As a result, for the upcoming quarter, we estimate our adjusted EBITDA loss to be between $110 million and $130 million. We estimate CapEx in Q3 '25 to remain at similar levels as Q2 as we continue to build aircraft and expand investments in tooling and in equipment.

因此，對於下一季度，我們預計調整後的 EBITDA 損失將在 1.1 億美元至 1.3 億美元之間。我們估計，由於我們將繼續製造飛機並擴大對工具和設備的投資，2025 年第三季的資本支出將與第二季保持相似的水平。

Archer continues to be laser-focused on executing on the most efficient path to market, with a diversified business model across commercial air taxis, defense and software. We believe our investments to date in top-tier talent, leading technology, manufacturing and supply chain capabilities and strategic partnerships are helping us establish a competitive moat that will deliver long-term shareholder value.

Archer 繼續專注於以最有效的途徑進入市場，並擁有涵蓋商用空中計程車、國防和軟體的多元化商業模式。我們相信，迄今為止，我們在頂級人才、領先技術、製造和供應鏈能力以及策略合作夥伴關係方面的投資正在幫助我們建立競爭優勢，從而為股東帶來長期價值。

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

說完這些，我將把問題交還給亞當問答。

Thanks, Priya. We're going to take our first question from the retail, and that is, when will we see mass production?

謝謝，普里婭。我們將從零售商那裡得到第一個問題，那就是我們什麼時候能看到大規模生產？

Yes. So really, when we think about mass production, we think about two different things. First is how to build the aircraft, how to actually put them together and then second, where to deploy them. So one big change that happened for us over the last quarter was codifying this new goal for us to be at scale at the Olympics, and that's what we're building towards today. So as we touched on in the call, there's really two phases of manufacturing that we think about.

是的。所以實際上，當我們考慮大規模生產時，我們會考慮兩件不同的事情。首先是如何製造飛機，如何將它們組裝起來，其次是如何將它們部署到哪裡。因此，上個季度我們發生的一個重大變化就是將這一新目標編入法典，以便在奧運會上實現規模化，這就是我們今天正在努力實現的目標。正如我們在電話中提到的那樣，我們實際上考慮的是製造的兩個階段。

The first is building on our golden line in California. That's where our engineering and manufacturing teams work together to refine the process that we use to build the airplane, refine our overall production system, reduce labor hours in all these learnings that we can then apply in Georgia at scale. And that's what we're in the process of doing right now.

第一個是在加州建造我們的黃金線路。在這裡，我們的工程和製造團隊共同努力，改進我們製造飛機的流程，改善我們的整體生產系統，減少工時，然後我們可以在喬治亞州大規模應用這些經驗。這就是我們現在正在做的事情。

So as you can see in our shareholder letter, we're focused on developing all those capabilities required for mass production. We're deploying those in Georgia. And all of this is because the Olympics have given us that really great single date to drive everything towards to be at scale.

因此，正如您在我們的股東信中所看到的，我們專注於開發大規模生產所需的所有能力。我們正在喬治亞州部署這些設施。而這一切都是因為奧運給了我們一個真正偉大的日子來推動一切朝著規模化的方向發展。

Thanks, Tom. And with that, operator, if you can open the line up for questions.

謝謝，湯姆。接線員，請問可以開始回答問題嗎？

(Operator Instructions)

（操作員指示）

Andres Sheppard, Cantor Fitzgerald.

安德烈斯‧謝潑德 (Andres Sheppard)、康托‧費茲傑拉 (Cantor Fitzgerald)。

Andres here. Congratulations on the quarter. Since I only have time for one question, maybe I'll make it a two-part question, if I may. Adam, curious if you can just remind us your vision for commercialization in the UAE, how do you see that unfolding? And what are the steps required between now and then?

安德烈斯在這裡。恭喜本季。由於我只有時間回答一個問題，所以如果可以的話，我可能會把它分成兩部分。亞當，我很好奇，您是否可以告訴我們您對阿聯酋商業化的願景，您認為這個願景將如何發展？從現在到那時需要採取哪些步驟？

And maybe quickly for Tom, did I hear correctly? I'm just trying to understand like the aircraft in production currently, those will be used to test different components with the FAA for TIA credit. Just want to confirm that.

也許對湯姆來說很快，我沒聽錯吧？我只是想了解目前正在生產的飛機，它們將用於與 FAA 一起測試不同的零件以獲得 TIA 信用。只是想確認一下。

Thanks, Andres. We kicked off the first of several launch edition programs earlier this summer in the UAE, and we now have signed definitive revenue-generating agreements with both Abu Dhabi Aviation and Audio.

謝謝，安德烈斯。今年夏初，我們在阿聯酋啟動了多個發布版計畫中的第一個，現在我們已經與阿布達比航空和音響公司簽署了最終的創收協議。

That sets us up for low tens of millions of dollars in payments over the next 18 to 24 months, with a portion of that starting this year. And under the launch agreements -- the launch editions, we've delivered our first Midnight to UAE in June, and you can expect us to ramp up a small fleet in Abu Dhabi going forward. This year, we'll continue flight testing in hot weather.

這為我們在未來 18 到 24 個月內支付數千萬美元做好了準備，其中一部分將從今年開始支付。根據發布協議——發布版本，我們已於 6 月向阿聯酋交付了第一輛 Midnight 車型，您可以期待我們將來在阿布扎比增加小型車隊。今年，我們將繼續在炎熱天氣下進行飛行測試。

We'll train pilots with Etihad and we'll prepare infrastructure. And if you remember, on the infrastructure side, our strategy isn't to construct and certify new verticals. We don't think that's pragmatic in a place like the UAE that has hundreds of helipads, more than 70 of which are in Abu Dhabi.

我們將與阿提哈德航空合作培訓飛行員並做好基礎設施準備。如果你還記得的話，在基礎設施方面，我們的策略不是建構和認證新的垂直產業。我們認為，在阿聯酋這樣擁有數百個直升機停機坪（其中 70 多個位於阿布達比）的地方，這樣做並不切實際。

What we've done is to work with the GCAA to release the world's first regulatory framework to certify existing helipads for eVTOL use. And then we're also working with a number of groups for access to their landing facilities.

我們所做的是與 GCAA 合作發布世界上第一個用於認證現有直升機停機坪的監管框架。我們也與一些團體合作，以進入他們的著陸設施。

We announced several of them already. So Abu Dhabi Cruise Terminal, Falcon Aviation, who is the exclusive operator at the Corniche and Palm Jumira in Dubai and Abu Dhabi Airports. And I'll let Tom answer the second part of that question.

我們已經宣布了其中的幾個。因此，阿布達比郵輪碼頭、獵鷹航空是杜拜濱海路和朱米拉棕櫚島以及阿布達比機場的獨家營運商。我請湯姆回答這個問題的第二部分。

Yeah. Andres, as we said, we're building six aircraft, right now. And those are going to be used for both FAA flight testing and some of the launch tradition goals that Adam was just touching on. And so really, the strategy is the same as it's been for quite a while, where each specific aircraft has a specific test plan.

是的。安德烈斯，正如我們所說，我們目前正在建造六架飛機。這些將用於 FAA 飛行測試和亞當剛才提到的一些發射傳統目標。所以實際上，該策略與很長一段時間以來的策略相同，即每架特定的飛機都有特定的測試計劃。

We're working to make sure that the aspects of the aircraft, the systems, the components that are required to be conformed to support that particular test are all sequenced in with our overall plans.

我們正在努力確保飛機、系統和部件的各個方面都符合我們的整體計劃，以支援特定的測試。

I think I highlighted earlier, we've had really good progress aligning with FAA on TIA plans. And so a lot of those details and strategy we've had laid out for the past year or so is really coming to fruition, which is super exciting.

我想我之前強調過，我們在與 FAA 協調 TIA 計劃方面取得了非常好的進展。因此，我們在過去一年左右制定的許多細節和策略都正在取得成果，這非常令人興奮。

Mackenzie Holleran, Needham.

麥肯齊·霍勒蘭，尼德姆。

You have Mackenzie, on for Chris. Just one for me.

麥肯齊 (Mackenzie) 代替克里斯 (Chris)。對我來說只有一個。

In order to reach the early deployments of the Midnight aircraft with the DOT and FAA as soon as next year, could you just provide any color related to on the ground preparations needed to get the aircraft into commercial service? So specifically, where do things stand today on infrastructure readiness, aircraft production and any other key milestones in order to achieve that?

為了最早在明年與交通部和聯邦航空管理局一起實現午夜飛機的早期部署，您能否提供與飛機投入商業服務所需的地面準備工作有關的資訊？那麼具體來說，目前基礎設施準備、飛機生產情況以及實現這一目標的其他關鍵里程碑情況如何？

Mackenzie, this is Adam. So we have a fairly comprehensive infrastructure strategy that's in place. So we announced three vertiport networks that encompass many locations across New York, LA, San Francisco, we're working on several others as well.

麥肯齊，這是亞當。因此，我們已經制定了相當全面的基礎設施策略。因此，我們宣布了三個垂直起降機場網絡，涵蓋紐約、洛杉磯、舊金山的許多地方，我們也正在開發其他幾個地方。

This infrastructure strategy focused on real estate, really across four main buckets. First bucket was across the major international airports that we operate with our partners, United and Southwest. And so you can think about places like Newark and LAX and SFO.

此基礎設施策略重點在於房地產，主要涉及四個面向。第一個桶子是我們與合作夥伴聯合航空和西南航空共同營運的主要國際機場。因此你可以考慮紐瓦克、洛杉磯國際機場和舊金山國際機場這樣的地方。

The second one was around agreements with FBOs and portfolios around the big market leaders, Signature and Atlantic. So those are locations like Santa Monica and JFK.

第二個是圍繞著與 FBO 達成的協議以及圍繞大型市場領導者 Signature 和 Atlantic 的投資組合。這些地點包括聖莫尼卡和甘迺迪機場。

The third bucket was around municipal partnerships to install industry common chargers at city-owned infrastructure. So you can think about the three heliports in Manhattan as an example, which are publicly accessible. To be clear, no one has exclusive access to any of those.

第三個項目是圍繞市政合作夥伴關係，在市政基礎設施上安裝產業通用充電器。因此，您可以以曼哈頓的三個直升機場為例，它們是向公眾開放的。需要明確的是，沒有人可以獨佔訪問其中任何一項。

And the fourth bucket were proprietary deals where our data science team surgically identified key vertiport locations, and we formed partnerships with top-tier operators, things places like SoFi Stadium or Oyster Point in San Francisco.

第四個類別是專有交易，我們的數據科學團隊精準地確定了關鍵的垂直起降機場位置，並與頂級營運商建立了合作夥伴關係，例如舊金山的 SoFi 體育場或 Oyster Point。

So we've got a lot of the groundwork in place to operate there. And then from there, it's really getting the aircrafts in position to start operations.

因此，我們已經做好了很多在那裡開展業務的基礎工作。然後從那裡開始，飛機就真正進入運行狀態。

Edison Yu, Deutsche Bank.

德意志銀行的 Edison Yu。

First, on UAE, I'm wondering if you can give us a rough road map on what to expect over the next, call it, 12 to 18 months. I know you have launch edition ramping up, but just in terms of the flight testing, I think, you also mentioned it's going to get more advanced.

首先，關於阿聯酋，我想知道您是否可以為我們提供未來 12 到 18 個月內預期發展的大致路線圖。我知道你們正在加速推出發布版，但就飛行測試而言，我想你也提到它會變得更加先進。

So if you can share a rough path on what to look for in the next year, 18 months?

那麼，您能否分享一下未來一年或一年半內需要關注的大致方向？

Yes. Edison, this is Tom. So as we announced, we did our first flight out in the UAE earlier this summer, which is super cool.

是的。愛迪生，這是湯姆。正如我們所宣布的那樣，我們在今年夏初首次在阿聯酋進行了飛行，這非常酷。

Main goal of that was to learn about operating in the really high temperature environment out there. I talked about that a little bit on the call.

其主要目標是了解在真正高溫環境下的操作情況。我在電話中稍微談論了這一點。

What you can expect to see later this year is more flying in the UAE back half of the year. And then big picture, what we're trying to do is parallel our efforts progressing both our FAA certification and UAE certification.

今年晚些時候，您可以期待看到阿聯酋下半年的航班數量增加。從總體上看，我們正在努力同步推進 FAA 認證和 UAE 認證。

So just like in the US with the GCAA, we've got really detailed plans put in place that we're executing against. to gather all the requisite data from ground test and flight tests to support the commercial operations there ramping up over the next 12-month period you mentioned.

因此，就像美國的 GCAA 一樣，我們已經制定了非常詳細的計劃並正在執行，以收集地面測試和飛行測試所需的所有數據，以支持您提到的未來 12 個月內商業運營的發展。

But maybe Adam wants to chime in more about what that will look like from the commercial side.

但也許亞當想從商業角度進一步探討一下這會是什麼樣子。

Sure. So we will grow the fleet from now through the first half of next year. We will get the commercial authority from the GCAA to begin flying. We will start exhibition flights, and those flights will mimic the actual passenger routes on the infrastructure that I mentioned and then ultimately have the full commercial flights take place.

當然。因此，從現在到明年上半年，我們將擴大船隊規模。我們將從 GCAA 獲得商業飛行授權。我們將啟動展覽航班，這些航班將在我提到的基礎設施上模擬實際的客運路線，最終實現完整的商業航班。

So hopefully, that gives you a little bit of a road map.

希望這能給你一點路線圖。

Amit Dayal, H.C. Wainwright.

阿米特·達亞爾、H.C. 溫賴特。

Good to see all the progress. Congratulations. So the balance sheet looks really solid, guys. How much of this is going to go towards the defense opportunity? And with respect to that, are there any catalysts on that front that we should be looking out for?

很高興看到所有的進展。恭喜。所以，各位，資產負債表看起來確實很穩健。其中有多少將用於國防機會？就此而言，我們是否應該留意這方面的任何催化劑？

Yes. Thanks for the question. We don't separate the capital in terms of commercial versus defense. There's one large engineering team here at Archer. The good news is as the Midnight program matures, a lot of the engineers can work over on the defense part of the business, too.

是的。謝謝你的提問。我們不會根據商業和國防來區分資本。Archer 有一個大型工程團隊。好消息是，隨著午夜計畫的成熟，許多工程師也可以從事國防業務。

So you can think about parts of the aircraft program on the Midnight aircraft like the Aero team, for example, that is more mature, can start working on the defense side as they're less needed on the Midnight aircraft. A lot of the Midnight team is still working on things like performance up and cost down.

因此，您可以考慮午夜飛機上的飛機計劃的各個部分，例如航空團隊，這些部分更加成熟，可以開始在防禦方面開展工作，因為午夜飛機上不太需要它們。Midnight 團隊的許多成員仍在致力於提高效能和降低成本等工作。

And as they start to roll off, they'll pick up steam on the defense side as well. As far as the defense side goes, I think, you can see it in looking at the US defense budgets, and there's a couple of pretty interesting data points.

當他們開始滾動時，他們也會在防守方面獲得動力。就國防方面而言，我認為，你可以透過查看美國國防預算來了解這一點，其中有幾個非常有趣的數據點。

The Pentagon requested $13.4 billion for autonomous military systems, of which the majority was for aircraft. So as you know, in my previous calls, I can't say much about it, but I think there's 2 points that are quite interesting.

五角大廈申請撥款 134 億美元用於自主軍事系統，其中大部分用於飛機。所以，正如你所知，在我之前的電話會議中，我不能說太多，但我認為有兩點非常有趣。

One is we see this as a global opportunity, not just an opportunity in the US. This is something that makes sense all over the world. And so that makes this opportunity quite large.

一是我們認為這是一個全球機遇，而不僅僅是美國機會。這在世界各地都是有意義的事。因此，這個機會就相當大。

And the second is our goal is really a program of record, not just a budget allocation. And so what we've learned over the past 18 months in our communications with the different defense departments is that you cannot simply hybridize a passenger eVTOL. You have to build a new bespoke aircraft.

第二，我們的目標實際上是一個記錄計劃，而不僅僅是預算分配。因此，我們在過去 18 個月與不同國防部門的溝通中了解到，不能簡單地將乘客 eVTOL 混合使用。你必須建造一架新的客製化飛機。

And so we've been working on this for a while. I think we have a clear advantage over our peers here, and we think it represents a very exciting opportunity.

因此，我們已為此工作了一段時間。我認為我們比同行有明顯的優勢，我們認為這是一個非常令人興奮的機會。

Savi Syth, Raymond James.

薩維西斯、雷蒙德詹姆斯。

Just based on Tom's comments, I'm guessing you're not out of policy completely, so you don't have your compliance and cert plans approved. So under this scenario, could you talk about what can be accomplished on the certification side?

僅根據湯姆的評論，我猜測你並沒有完全違反政策，所以你的合規和認證計劃沒有獲得批准。那麼在這種情況下，您能談談在認證方面可以完成什麼嗎？

And then, just a follow-up on the two blade versus the full blade. I was just wondering how much of a major design change that is? Or would that has an impact on the flying of the next few aircraft versus what you've done so far?

然後，我們再來看一下雙刃和全刃的對比。我只是想知道這是一個多大程度的重大設計改變？或者，與您迄今為止所做的相比，這會對接下來幾架飛機的飛行產生影響嗎？

Sure. So Adam, I'll take the first part of that. So I think it's important to even just establish what you even mean to be in policy or out of policy. So what this is really referring to is working with the FAA on policy things like certification basis, your means of compliance or certification plans. And so both Archer and Joby are the only two that have published airworthiness criteria.

當然。那麼亞當，我將討論第一部分。因此我認為，確定什麼是符合政策，什麼是不符合政策，這一點很重要。所以這其實指的是與 FAA 合作制定政策事宜，例如認證基礎、合規方式或認證計畫。因此，Archer 和 Joby 是僅有的兩家發布適航標準的公司。

And so this means that we're really the only two in the final stages of policy. And so while we are largely done, it's not completely done. And so no OEM can fully conform an aircraft. So 18 months ago, we announced that we were building six conforming aircraft to be used in the FAA certification process.

這意味著我們實際上是僅有的兩個處於政策最後階段的國家。因此，雖然我們基本上已經完成了，但還沒有完全完成。因此沒有一家 OEM 廠商能夠完全滿足飛機的製造要求。因此，18 個月前，我們宣布正在建造六架符合標準的飛機，用於 FAA 認證流程。

We said that, each aircraft would be used for TIA testing, each one with different systems, and we expect it to be out of policy with the FAA in a short period of time.

我們說過，每架飛機都將用於 TIA 測試，每架飛機都配備不同的系統，我們預計它將在短時間內不符合 FAA 的政策。

But given the industry issue papers and other policy matters that we were dealing with, that affected everyone, not just Archer, that did not transpire. So as a result, we are still building six aircraft, and we expect to use those aircraft for TIA testing.

但考慮到我們正在處理的行業問題文件和其他政策問題，這些問題影響到每個人，而不僅僅是阿徹，所以這種情況並沒有發生。因此，我們仍在建造六架飛機，並希望使用這些飛機進行 TIA 測試。

In fact, the aircraft we're flying today will be used for TIA testing likely this year. But since policy for the industry isn't done, we cannot fully conform the aircraft and finish TIA testing. In fact, the FAA told me directly that nobody is out of policy yet.

事實上，我們今天駕駛的飛機很可能在今年用於 TIA 測試。但由於產業政策尚未出台，我們無法完全滿足飛機的要求並完成TIA測試。事實上，美國聯邦航空局直接告訴我，目前還沒有人違反政策。

And so that's why we introduced the concept of the Launch Edition, which is where we sell the aircraft in advance of the FAA type certification process, and we'll do that to countries that want to start early. It allows us to generate revenue early.

這就是我們引入「啟動版」概念的原因，即我們在 FAA 型號認證流程之前出售飛機，我們會向想要提前開始的國家/地區提供此服務。它使我們能夠儘早產生收入。

There's a list of countries that are very excited to do this. And it also shows the importance of why the Olympics and the executive order have been highlighted so much by Archer because it helps bookend this whole process with the FAA, where the highest levels of government have said, this is very important to the US.

有一些國家對此非常熱衷。這也顯示了阿徹如此強調奧運和行政命令的重要性，因為它有助於與聯邦航空管理局一起完成整個過程，而美國政府最高層已經表示，這對美國非常重要。

It's very important for specific events to make sure that the policy issues all get done and are resolved.

對於具體活動來說，確保所有政策問題都完成和解決非常重要。

Savi, and then, on the second part of your question, as you know, we've been flying conventional takeoff and landing on Midnight with a pilot for the last few months here. And that was really intentional.

薩維，關於你問題的第二部分，如你所知，過去幾個月我們一直在午夜進行常規起飛和降落，並有飛行員陪同。這確實是故意的。

It's been the plan for a long time. To put that in context and get to your question about the AF crops, we flew Midnight hundreds of times over the last couple of years without a pilot on board. And so we got a huge amount of data on VTOL and transition.

這是長期的計劃。為了說明這一點並回答您關於空軍作物的問題，我們在過去幾年中在沒有飛行員的情況下駕駛午夜飛機飛行了數百次。因此我們獲得了大量有關垂直起降和過渡的數據。

So we know a lot about that flight regime. So it was really intentional to try and gather data focused on conventional takeoff and landing. One thing we did is we had multiple pilots fly our airplane at this point. So we're getting feedback on landing from multiple of our test pilots.

所以我們對飛行製度了解很多。因此，我們確實有意嘗試收集有關常規起飛和降落的數據。我們做的一件事是讓多名飛行員駕駛我們的飛機。因此，我們從多名試飛員那裡獲得了有關著陸的回饋。

But just to be clear, every plane that we're manufacturing now is going to have that new aft four-blade propeller and all of those will likely focus on VTOL flying.

但需要明確的是，我們現在製造的每架飛機都將配備新的後四葉螺旋槳，而所有這些飛機都可能專注於垂直起降飛行。

That's not to say that CTOL flying is not important, both for all the reasons I mentioned and because we're going to need to do TIA flight test for credit on the conventional takeoff and landing behavior.

這並不是說 CTOL 飛行不重要，不僅因為我提到的所有原因，還因為我們需要進行 TIA 飛行測試以獲得常規起飛和著陸行為的認可。

So all this stuff is stuff we need to do. But then just the last point is there still is a lot we can progress right now given where we are with policy. And really, the main area that we're waiting to close has to do with flight test and essentially flight test policy for the entire industry.

所以所有這些事情都是我們需要做的事情。但最後一點是，考慮到我們目前的政策，我們仍然可以取得許多進展。實際上，我們等待解決的主要領域與飛行測試以及整個行業的飛行測試政策有關。

Like, Adam mentioned, nobody can enter TIA if you're talking about flight performance until this is closed.

就像亞當提到的那樣，如果談論的是飛行性能，那麼在關閉之前，任何人都不能進入 TIA。

And so we see a path for that getting wrapped up in the near future and a good path to finish all the testing we need to get done.

因此，我們看到在不久的將來實現這一目標的途徑以及完成我們需要完成的所有測試的良好途徑。

Austin Moeller, Canaccord.

奧斯汀·莫勒（Austin Moeller），Canaccord。

Just my first question. So was the goal of the mission-critical composites acquisition, does that enable you to vertically integrate more carbon composites for the structures? And would that enable you to manufacture composites for the passenger aircraft as well as the unmanned aircraft and therefore, rely less on third-party aerospace suppliers?

這是我的第一個問題。那麼，收購關鍵任務複合材料的目標是，是否能讓您垂直整合更多用於結構的碳複合材料？這是否能使您能夠為客機和無人機製造複合材料，從而減少對第三方航空供應商的依賴？

Yeah, Austin, thanks for the question. So as we've said many times, we think the defense opportunity is quite large, and we identified the need to have rapid in-house development capabilities around advanced composites.

是的，奧斯汀，謝謝你的提問。因此，正如我們多次說過的那樣，我們認為國防機會相當大，我們認為需要在先進複合材料方面擁有快速的內部開發能力。

And so this was a really great way to stand up that capability. There are things we think we will learn on the defense application that we'll be able to ultimately transfer over to the civil application. And so you see this is quite common in the broader commercial aviation industry, where defense a lot of times will lead to advancements in technologies for the civil side.

所以這是增強這種能力的一個非常好的方法。我們認為，我們將在國防應用上學到一些東西，並最終將其轉移到民事應用。因此，您會發現這在更廣泛的商業航空業中相當常見，國防技術很多時候會帶動民用技術的進步。

But when we're just doing civil, it doesn't necessarily make sense for us to be doing experimental things that might not be applicable for civil. So the defense side gives us that R&D capability, allows us to move quickly and ultimately mature technologies that will be very applicable and allow us to scale ultimately on the commercial side.

但是，當我們只是從事民用工程時，做一些可能不適用於民用的實驗性事情並不一定有意義。因此，國防方面為我們提供了研發能力，使我們能夠快速行動並最終成熟且適用的技術，並使我們能夠最終在商業方面擴大規模。

Bill Peterson, J.P. Morgan.

摩根大通的比爾彼得森。

I wanted to come back to a prior question on flight testing. And with the comments from the TIA and also locking in the propellers, when should we expect, a piloted transition like this full vertical takeoff and landing versus conventional? What needs to be completed ahead of this for this to be derisked? And when subsequently should we expect testing Midnight with FAA pilots on board?

我想回到之前關於飛行測試的問題。並且根據 TIA 的評論以及螺旋槳的鎖定，我們什麼時候可以期待像這種完全垂直起飛和降落而不是傳統起飛和降落的駕駛轉變？為了降低風險，需要提前完成哪些工作？那麼我們什麼時候可以預期 FAA 飛行員將駕駛 Midnight 飛機進行測試？

Yes. Well, as I just mentioned in answering Savi's question, we've done a lot of flying VTOL on Midnight in the past without a pilot on board. So we've got a lot of data that's given us confidence in the behavior of the aircraft in that flight regime. And so that was one of the main reasons we wanted to focus on conventional takeoff and landing.

是的。嗯，正如我剛才在回答薩維的問題時提到的，我們過去在午夜進行過很多次垂直起降飛行，當時沒有飛行員在場。因此，我們獲得了大量數據，這些數據讓我們對飛機在該飛行狀態下的行為充滿信心。這就是我們專注於常規起飛和降落的主要原因之一。

Having said that, we're planning to wrap up a lot of that CTOL test campaign and get back to VTOL flying with the pilots on board later this year.

話雖如此，我們計劃在今年稍後完成大部分 CTOL 測試活動，並重新與飛行員一起進行 VTOL 飛行。

But we're going to take it step by step. The other thing I mentioned is we're building aircraft right now that will have those new aft four-blade propellers, and we've got some of those propellers in hand. So all of that is moving forward at pace. And so all that positions us to support PIA testing over the hopefully starting the end of the year and then into next year.

但我們會一步一步來。我提到的另一件事是，我們現在正在製造配備新型後四葉螺旋槳的飛機，我們手上已經有了一些螺旋槳。所以所有這一切都在快速推進。因此，所有這些都使我們能夠在今年年底和明年支援 PIA 測試。

But last context there is we really have made tremendous progress with the FAA aligning plans for all the certification flight test.

但最後的背景是，我們確實在與 FAA 協調所有認證飛行測試計劃方面取得了巨大進展。

And so each of these aircraft that we're building, we're really targeting to go achieve specific flight test objectives. I think that's the key here to get through this efficiently.

因此，我們建造的每一架飛機都旨在實現特定的飛行測試目標。我認為這是有效解決這個問題的關鍵。

(Operator Instructions)

（操作員指示）

David Zazula, Barclays.

巴克萊銀行的戴維‧扎祖拉 (David Zazula)。

You might have answered it earlier, but is the 15% number you mentioned during the prepared remarks, is that apples-to-apples with the 15% figure you mentioned during 1Q? Because we have been anticipating that many of the roadblocks to progressing in acceptance had been overcome. So is this flight test issue that is preventing more progress?

您可能之前已經回答過這個問題，但是您在準備好的發言中提到的 15% 這個數字與您在第一季度提到的 15% 這個數字一致嗎？因為我們一直預期，阻礙接受度提高的許多障礙已經被克服。那麼，這次飛行測試問題是否會阻礙進一步的進展？

Just more color on that, Tom, or just reference your prior answer, if applicable.

湯姆，請對此進行更詳細的說明，或者如果適用的話，請參考您先前的回答。

Yes, absolutely. So to put that number into context, this is the FAA accepting compliance verification documents for the aircraft. So this is like the very last stage before TC. This is -- we've got data. It's been witnessed if it needs to be witnessed.

是的，絕對是。所以，把這個數字放在上下文中，這是美國聯邦航空局接受飛機的合規性驗證文件。所以這就像是 TC 之前的最後階段。這是——我們得到了數據。如果需要見證的話，它已經有人見證了。

Here you go, FAA sign-off. And so to answer your question, yes, we are about the same percentage through that, that we discussed on the last call. But no, like we don't see that as any issue. Like this is not something that we would expect to continuously ramp up and like a nice curve. It'll come -- come and go or move forward in chunks as we work through the various systems.

好了，FAA 已批准。所以回答你的問題，是的，我們的百分比與我們上次通話時討論的百分比大致相同。但不，我們不認為那是什麼問題。這並不是我們所期望的持續上升並形成漂亮曲線的東西。隨著我們處理各種系統，它會來來去去或分塊前進。

And so one thing that we talked about on previous calls, and we talked about earlier on this call is there are still these handful of policy items open. And so on the last call, we talked about emergency landing and specifically this industry paper around 2105G, like we talked about on the last call, we have gotten that issue paper, but we're still waiting for it to be finalized at stage 4.

我們在之前的電話會議上討論過，並且在這次電話會議上也討論過，仍然有一些政策項目懸而未決。因此，在上次通話中，我們討論了緊急著陸，特別是有關 2105G 的行業文件，就像我們在上次通話中討論的那樣，我們已經收到了該問題文件，但我們仍在等待它在第 4 階段最終確定。

This is like really in the weeds of FAA certification, but we know what the requirements are. We are in good shape against those. We're just waiting for the administrative process to roll through such that we can then start conforming items, making compliance findings, sending in those reports so that we can get that 15% number to tick up.

這就像 FAA 認證的真正細節，但我們知道要求是什麼。我們在這方面表現良好。我們只是在等待行政程序的順利進行，這樣我們就可以開始審核項目，做出合規調查，發送這些報告，這樣我們就可以讓 15% 的數字上升。

So in the weeds but hopefully, that gives you some context.

雖然有些複雜，但希望這能提供你一些背景資訊。

Josh Sullivan, Benchmark.

喬許·沙利文，基準。

Adam, maybe a higher-level question. Just how do we think about the defense opportunity at this point as you see it? You just noted that it's quite large, strong Pentagon support for the industry and budgets, a couple of high-profile executive orders and now 2 defense acquisitions here. Do you think we could see Archer with anything like 50-50 between commercial and defense? Or how do you see defense technology settling into the portfolio maybe longer term?

亞當，這可能是一個更高層次的問題。您認為我們現在該如何看待防禦機會呢？您剛才提到，五角大廈對該產業和預算的支持力道相當大，發布了幾項備受矚目的行政命令，現在又進行了兩項國防收購。您認為我們能看到阿切爾在商業和防守方面各佔一半的優勢嗎？或者您如何看待國防技術在長期內融入投資組合？

I'll give you a higher-level answer than just specifically defense. So when we started designing the aircraft, we assumed it would be relatively straight line through the type certification process. And as it's taken time, we announced the Launch Edition program. And that gave us a way to commercialize early the civil application.

我會給你一個比具體防禦更高層次的答案。因此，當我們開始設計飛機時，我們假設整個型號認證過程會相對直線。由於這需要時間，所以我們宣布了發布版計畫。這為我們提供了一種早期實現民用應用商業化的途徑。

And so that was, I think, a creative way to find countries that wanted and saw this as a huge opportunity and wanted a way to monetize and start operationalizing the industry very early.

所以，我認為這是一種創造性的方式，可以找到那些想要並將此視為巨大機會、並希望儘早實現該行業貨幣化並開始運營的國家。

And so we've been focused on that. The second part has been obviously focusing on the type certification with the FAA here in the US, which ultimately gives you the ability to go global. And so that's also been a big focus of ours.

因此我們一直專注於此。第二部分顯然專注於美國聯邦航空局的型號認證，最終使您能夠走向全球。這也是我們關注的重點。

And then the third side of it has been on the defense application. Now the defense application side is not as much focused on a certification process, but more focused on a program of record.

第三方面是國防應用。現在國防應用方面不再那麼注重認證過程，而是更重視記錄程序。

That stuff is very chunky. And so there's not a lot I can give to disclose on where that's at today, but I do see it being a very large portion of the business over time. I do also think it's obvious by looking at the conflicts today that there is a very real need for autonomous and attributable solutions, not just in future vertical lift, but really across many different applications.

那東西非常厚實。因此，我無法透露太多有關目前情況的信息，但我確實認為，隨著時間的推移，它將佔據業務的很大一部分。我確實也認為，透過觀察今天的衝突，可以明顯看出，我們確實需要自主和可歸因的解決方案，不僅僅是在未來的垂直升力方面，而且實際上在許多不同的應用中。

And so I do think it will continue to be something we focus on. I think it has the opportunity to be very large and very large in the early parts of the Archer revenue-generating process, but we'll have to wait and see how that all shakes out before we say too much.

因此我確實認為這將繼續成為我們關注的重點。我認為它有機會在 Archer 創收過程的早期階段變得非常大，但我們必須拭目以待，看看這一切如何發展，然後我們才能說太多。

There are currently no further questions queued.

目前沒有其他待處理的問題。

I will now pass it back to Adam Goldstein, CEO, for closing remarks.

現在我將把發言交還給執行長亞當‧戈德斯坦 (Adam Goldstein)，請他作最後發言。

Well, thank you, everyone, for joining us today. We're building the future of aviation now. We're not waiting for it.

好吧，謝謝大家今天加入我們。我們正在建立航空業的未來。我們不會等待它。

Each quarter, we're proving what's possible in this new era for our industry.

每個季度，我們都在證明我們產業在這個新時代所能實現的可能性。

I look forward to sharing our progress with you next quarter. Thanks.

我期待下個季度與您分享我們的進展。謝謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。