Archer Aviation Inc (ACHR) 2025 Q3 法說會逐字稿

Good afternoon.

午安.

Thank you for attending today's Archer Aviation Company, third quarter, 2025 financial results conference call. My name is Victoria, and I'll be your moderator today. (Operator Instructions)

感謝您參加今天舉行的 Archer Aviation Company 2025 年第三季財務業績電話會議。我叫維多利亞，今天我將擔任主持人。（操作說明）

I would now like to pass the conference over to our host, Katie Kiewel, Head of IR. Katie, please proceed.

現在我謹將會議交給我們的主持人，投資者關係主管凱蒂·基維爾。凱蒂，請繼續。

Welcome to Archer's Q3 2025 earnings. This is Katie Kiewel, Archer's head of investor relations.

歡迎閱讀 Archer 2025 年第三季財報。這是凱蒂·基維爾，Archer公司的投資者關係主管。

Today we will be making forward-looking statements that are based on assumptions as of today, and we don't undertake any obligation to update them as a result of new information or future events.

今天我們將做出一些基於當前假設的前瞻性聲明，我們不承擔因新資訊或未來事件而更新這些聲明的任何義務。

Risks and uncertainties may cause our actual results to differ materially from those contemplated by these statements. For more information about these risks and uncertainties, review the risk factors in our SEC filings. We will also be discussing both GAAP and non-GAAP financial measures today. A reconciliation of those measures is included in our shareholder letter and earnings release from today. Now I'll turn it over to Adam. Adam.

風險和不確定性可能導致我們的實際結果與這些聲明中設想的結果有重大差異。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。今天我們也將討論GAAP和非GAAP財務指標。這些措施的調整說明已包含在我們今天發布的致股東信和獲利報告中。現在我把麥克風交給亞當。亞當。

Thanks, Katie.

謝謝你，凱蒂。

Last quarter I spoke about the growing support our sector is receiving from the highest levels of the US government and how the Olympics mandate has become a global stage for us to showcase air taxis as we work to commercialize and drive global scale. This quarter we made meaningful progress on every front worldwide from LA to Abu Dhabi to Seoul.

上個季度我談到了我們這個行業正從美國政府最高層獲得越來越多的支持，以及奧運會如何成為我們展示空中出租車的全球舞台，同時我們也在努力實現空中出租車的商業化和全球規模化。本季度，從洛杉磯到阿布達比再到首爾，我們在全球各個領域都取得了實質進展。

With multiple White House executive orders now establishing a Presidential imperative to begin air taxi deployments in America as early as next year, the eVTOL Integration Pilot Program has enabled Archer to shift decisively from vision to execution, scaling commercial air taxi operations across the UAE, America, and in select other cities globally.

鑑於白宮多項行政命令已明確總統必須最早於明年在美國開始部署空中計程車，eVTOL 整合試點計畫使 Archer 能夠果斷地從願景轉向執行，在阿聯酋、美國以及全球其他一些城市擴大商業空中計程車業務。

We're especially focused on winning Los Angeles because if we can prove electric air taxis work in one of the world's most congested, complex, and highly regulated cities, I believe we can subsequently scale the product across the US and the world.

我們尤其專注於贏得洛杉磯市場，因為如果我們能夠證明電動空中計程車在世界上交通最擁擠、最複雜、監管最嚴格的城市之一行之有效，我相信我們隨後可以將該產品推廣到美國乃至全世界。

Today I'll start by sharing a strategic development that gives us a unique ability to launch and scale in LA. A one-of-a-kind opportunity to acquire control of Hawthorne Airport, one of LA's most strategically located airfields, and use it as our anchor hub for air taxis ahead of the LA 28 Olympic Games and beyond, as well as a test bed for our AI technologies under development.

今天，我將首先分享一項策略發展，這項發展使我們擁有在洛杉磯推出產品和擴大規模的獨特能力。這是一個千載難逢的機會，可以收購霍桑機場的控制權，該機場是洛杉磯最具戰略意義的機場之一，並將其用作我們在洛杉磯 28 屆奧運會及以後的空中出租車樞紐，以及我們正在開發的 AI 技術的試驗場。

After that, I'll discuss key recent highlights from across the company, including breakthroughs in technology and certification, momentum in global partnerships, and the maturation of Archer Defense.

之後，我將討論公司近期取得的關鍵亮點，包括技術和認證的突破、全球合作夥伴關係的進展以及 Archer Defense 的成熟。

We announced earlier today that we've signed definitive agreements to acquire control of Hawthorne Airport, a rare asset located less than three miles from LAX and the closest airport to downtown LA, the Forum, Intuit Dome, and SoFi Stadium, the site of the 2028 Olympic opening ceremony. The team and I are actually holding today's call from Hawthorne this afternoon.

我們今天稍早宣布，我們已簽署最終協議，收購霍桑機場的控制權。霍桑機場是一項稀有資產，距離洛杉磯國際機場不到三英里，是距離洛杉磯市中心、論壇體育館、Intuit Dome體育館和SoFi體育場（2028年奧運會開幕式舉辦地）最近的機場。今天下午，我和我的團隊實際上在霍桑舉行電話會議。

Hawthorne is an 80-acre airport with an approximate 5,000 ft runway capable of supporting some of the largest aircraft used in private aviation, such as a Gulfstream G650, and benefits from 24/7 operating authority and has the capacity to handle significantly more movements than it does today.

霍桑機場佔地 80 英畝，擁有一條約 5000 英尺長的跑道，能夠支援一些私人航空中使用的最大飛機，例如灣流 G650，並且享有 24/7 全天候運營許可，其處理能力比現在要大得多。

The site features hangar space, office and terminal space, and significant expansion opportunities with the ability to more than double the existing hangar footprint. It is a profitable enterprise with a long-term master lease in place through 2055.

該場地設有機庫空間、辦公空間和航站樓空間，並具有巨大的擴建潛力，可將現有機庫面積擴大一倍以上。這是一個盈利企業，擁有到 2055 年的長期主租賃合約。

Establishing Hawthorne as a key pillar of the archer network in LA gives us a structural advantage, a generational opportunity to control a key airport and build the first purpose-built eVTOL hub at the center of a world-class aviation corridor.

將霍桑機場打造為洛杉磯弓箭手網絡的重要支柱，為我們提供了結構性優勢，為我們提供了控制關鍵機場並建設世界級航空走廊中心首個專用電動垂直起降飛行器樞紐的千載難逢的機會。

But Hawthorne is more than an airport, it's a landmark of American aerospace history. The city built this airfield in the 1920s to attract Jack Northrop to Hawthorne. Northrop went on to create some of the most innovative aircraft of the 20th century here, including the flying wing and the T-38 Talon, pushing the boundaries of flight.

但霍桑機場不只是一個機場，它也是美國航空航太史上的一個地標。該市在 20 世紀 20 年代建造了這個機場，目的是吸引傑克諾斯羅普來到霍桑。諾斯羅普公司在這裡繼續創造了 20 世紀一些最具創新性的飛機，包括飛翼和 T-38 鷹爪，突破了飛行的界限。

During World War II. This airfield became a symbol of American innovation and resilience. Thousands of workers, including the women who inspired Rosie the Riveter, powered the nation's aerospace transformation.

二戰期間。這個機場成為了美國創新和韌性的象徵。包括啟發了「鉚釘女工羅西」的女性在內的數千名工人，推動了美國航空航天業的轉型。

Hawthorne's motto at the time said it all more jobs than people. The same tarmac that once launched Northrop's breakthroughs later became home to SpaceX's LA operations and served as a proving ground for the Boeing Company's first test tunnel. Archer plans to now carry that legacy forward, ushering in the next chapter of advanced aviation right here in the heart of Los Angeles.

霍桑當時的座右銘道出了所有：工作崗位多於人口。曾經見證諾斯羅普公司突破性進展的同一塊停機坪，後來成為了 SpaceX 公司洛杉磯營運中心的所在地，並作為波音公司第一個試驗隧道的試驗場。阿徹計劃將這項傳統傳承下去，在洛杉磯市中心開啟先進航空的新篇章。

Today, Hawthorne Airport is already a profitable enterprise. For Archer, it will become even more the blueprint for a new class of urban aviation hubs around the world.

如今，霍桑機場已經是一家獲利企業。對阿徹而言，這將更加成為世界各地新型城市航空樞紐的藍圖。

We envision Hawthorne as LA's Grand Central Station for air taxis, the centerpiece of our Southern California network, where passengers will one day seamlessly fly above LA congestion on predictable 5-to-15-minute routes between key destinations including Hollywood, Downtown, and Orange County.

我們設想霍桑機場將成為洛杉磯空中計程車的中央車站，是我們南加州網路的核心，乘客們將來有一天可以無縫地飛越洛杉磯的擁堵路段，沿著可預測的 5 到 15 分鐘的路線往返於好萊塢、市中心和橙縣等主要目的地之間。

It will also serve as Archer's innovation test bed for next generation aviation technologies, including AI-driven air traffic control and operations management, seamless passenger identification and security, and more.

它還將作為 Archer 公司下一代航空技術的創新試驗平台，包括人工智慧驅動的空中交通管制和營運管理、無縫乘客識別和安全等。

Alongside this acquisition, we're announcing that we've raised $650 million of new equity capital, reinforcing Archer's sector leading balance sheet with over $2 billion in liquidity.

伴隨此次收購，我們宣布已籌集 6.5 億美元的新股權資本，使 Archer 的產業領先資產負債表擁有超過 20 億美元的流動資金。

To make this vision real, we continue to focus on scaling manufacturing to support both certification and early commercial deployments. Our near term goals remain to ramp production up to 50 aircraft per year across our roughly 700,000 square feet of manufacturing and test facilities across California and Georgia.

為了實現這一願景，我們將繼續專注於擴大生產規模，以支援認證和早期商業部署。我們近期的目標仍然是，在我們位於加州和喬治亞州約 70 萬平方英尺的製造和測試設施中，將年產量提高到 50 架飛機。

As I discussed last quarter, we're assembling our initial fleet of midnight aircraft. These aircraft will move directly into testing or early commercial use.

正如我上個季度所討論的，我們正在組建我們的首批午夜飛行飛機隊。這些飛機將直接進入測試或早期商業應用階段。

We're now nearing completion of the piloted CA flight regime, validating operational performance across distance, speed, time, and altitude. Our test pilots have expanded both speed and duration profiles to reflect real-world commercial missions.

我們現在即將完成載人 CA 飛行訓練計劃，驗證其在距離、速度、時間和高度的運行性能。我們的試飛員擴大了速度和持續時間範圍，以反映現實世界的商業任務。

Recent exciting milestones include 55 miles of range, over 30 minutes of flight time, and flying at altitudes up to 10,000 ft at speeds exceeding 150 MPH.

最近取得的令人興奮的里程碑包括：航程達到 55 英里，飛行時間超過 30 分鐘，飛行高度達到 10,000 英尺，速度超過 150 英里/小時。

The consistency between simulator and the real world performance continues to validate our engineering approach and reinforces our readiness. Tom will share more shortly, but I'm proud to say that this quarter Midnight took center stage at urban flight demonstrations around the world. At the California International Air Show, tens of thousands watched and barely heard Midnight fly.

模擬器與實際性能的一致性不斷驗證了我們的工程方法，並增強了我們的準備能力。湯姆稍後會分享更多信息，但我很自豪地說，本季 Midnight 在世界各地的城市飛行表演中成為了焦點。在加州國際航空展上，數萬名觀眾觀看了「午夜號」的飛行，卻幾乎沒聽到它的聲音。

In the UAE, we initiated commercial deployment with our launch edition partner Abu Dhabi Aviation, one of the region's leading operators.

在阿聯酋，我們與首發合作夥伴阿布達比航空（該地區領先的營運商之一）啟動了商業部署。

This quarter we expanded our flight test program with our first international flight in the heart of Abu Dhabi against the backdrop of the Sheikh Zayed Grand Mosque, one of the nation's most iconic landmarks. We've since continued to progress our flight testing as we look to validate the aircraft's performance in the region's extreme heat and humidity and advance regulatory approvals with the GCAA towards passenger carrying operations. Excitingly, we've now begun receiving initial payments for these commercial operations under our launch edition program. Momentum has been particularly strong in Asia Pacific, where we recently solidified relationships with the national airline carriers of Japan and Korea.

本季度，我們擴大了飛行測試計劃，在阿布達比市中心，以全國最具代表性的地標之一——謝赫扎耶德大清真寺為背景，並進行了首次國際飛行。此後，我們繼續推進飛行測試，以驗證飛機在該地區極端高溫高濕環境下的性能，並推進與阿聯酋民航總局 (GCAA) 的監管審批，以便進行載客運營。令人興奮的是，我們現在已經開始收到首發版計劃下這些商業運營的首筆款項。在亞太地區，發展勢頭尤為強勁，我們最近與日本和韓國的國家航空公司鞏固了合作關係。

A few weeks ago in Seoul, we announced a partnership with Korean Air, which selected Archer as its exclusive air taxi partner in the country following a rigorous evaluation process with plans to purchase up to 100 midnight aircraft. As Korean Air moves towards completing its acquisition of Asiana, it will become the nation's largest airline, and we're proud to partner in shaping Korea's adoption of next generation VTA technology.

幾週前在首爾，我們宣布與大韓航空建立合作關係。經過嚴格的評估程序，大韓航空選擇 Archer 作為其在韓國的獨家空中計程車合作夥伴，並計劃購買多達 100 架午夜飛機。隨著大韓航空逐步完成對韓亞航空的收購，它將成為韓國最大的航空公司，我們很榮幸能與大韓航空合作，共同推動韓國採用下一代虛擬交通管理（VTA）技術。

In Japan, our consortium with Japan Airlines, Sumitomo and Soracle continues to make meaningful progress. Earlier this quarter, Osaka officially selected Japan Airlines and Sumitomo's joint venture Soracle, using Archer's Midnight aircraft as its air mobility partner. That makes Archer the first US eVTOL manufacturer positioned to play a central role in establishing commercial air taxis in Osaka. And just yesterday Tokyo followed suit, selecting our consortium led by Japan Airlines as one of two groups that will lead eVTOL commercialization.

在日本，我們與日本航空、住友集團和索拉克集團組成的聯合體持續取得實質進展。本季早些時候，大阪正式選擇日本航空和住友的合資企業 Soracle，使用 Archer 的 Midnight 飛機作為空中交通合作夥伴。這使得 Archer 成為首家在美國 eVTOL 製造商中佔據核心地位，並有望在大阪建立商業空中計程車業務的美國公司。就在昨天，東京也效仿，選擇由日本航空公司牽頭的我們這個財團作為領導 eVTOL 商業化的兩大集團之一。

I recently hosted Japan's Minister of Land, Infrastructure, Transport and Tourism at our headquarters, a milestone that reflects Japan's commitment to leading in advanced air mobility and its confidence in Archer as a key partner in that effort. These advancements across the Middle East and Asia position Archer at the center of the two most advanced aviation regions outside the US. You can expect to see us continue to mature our operational plans with the world's top governments and airlines.

我最近接待了日本國土交通大臣來我公司總部參觀，這反映了日本致力於引領進空中交通的決心，以及對 Archer 作為該領域關鍵合作夥伴的信心。中東和亞洲的這些進步使 Archer 處於美國以外兩個最先進的航空區域的中心。您可以期待我們繼續與世界頂級政府和航空公司合作，以完善我們的營運計劃。

Our international growth continues to attract increasing interest from defense opportunities worldwide, including our ongoing collaboration with AAA.

我們的國際發展持續吸引全球國防領域越來越多的關注，包括我們與AAA的持續合作。

Last quarter I shared details of two strategic acquisitions that advanced our defense platform key technology from OAir, a Karam aircraft spin-off, and composite manufacturing capabilities at a facility in Southern California. These advancements position Archer at the intersection of America's commercial, defense, and regulatory momentum, building the foundation for the next era of flight.

上個季度，我分享了兩項戰略收購的細節，這兩項收購分別推進了我們國防平台的關鍵技術（來自 Karam 飛機衍生公司 OAir）以及南加州一家工廠的複合材料製造能力。這些進步使 Archer 處於美國商業、國防和監管發展勢頭的交匯點，為下一個飛行時代奠定了基礎。

Sitting here today watching aircraft take off and land as I deliver this update couldn't be more energizing. The era of advanced aviation has arrived, not as a distant vision, but as a tangible reality. At Archer, we are not waiting for the future. We are building it. The time to seize this transformative opportunity is now.

今天坐在這裡，一邊看著飛機起降一邊發布這條最新消息，真是令人精神振奮。先進航空時代已經到來，它不再是遙遠的願景，而是觸手可及的現實。在 Archer，我們不等待未來。我們正在建造它。現在正是抓住這項變革機會的最佳時機。

Over to Tom.

接下來交給湯姆。

Thanks, Adam. From day one, our focus has been consistent, finding the most efficient path to making urban air mobility a reality.

謝謝你，亞當。從一開始，我們的目標就始終如一，那就是找到實現城市空中交通的最有效途徑。

We have been disciplined in our engineering approach and deliberate in the decisions around aircraft design, manufacturing readiness, certification strategy, and flight test operations. That approach continues to cement us as one of the leaders in this sector.

我們在工程方法上一直秉持嚴謹的態度，並在飛機設計、製造準備、認證策略和飛行測試作業等方面做出深思熟慮的決策。這種方法不斷鞏固了我們作為該領域領導者的地位。

Let's start with flight testing. Over the past few months, our midnight program has consistently delivered strong results.

我們先從飛行測試說起。過去幾個月，我們的午夜節目一直取得了顯著成效。

We are now routinely flying longer, faster and higher as we expand the aircraft's operational envelope. Recent flights have exceeded 55 miles, more than 30 minutes of flight time, altitudes up to our 10,000 ft service ceiling, and speeds in excess of 150 MPH. These missions are providing valuable certification data and importantly they closely mirror the majority of mission profiles we expect in early urban deployment environments.

隨著飛機運行範圍的擴大，我們現在經常能夠飛得更遠、更快、更高。最近的飛行距離超過 55 英里，飛行時間超過 30 分鐘，飛行高度達到我們 10,000 英尺的使用升限，速度超過 150 英里/小時。這些任務提供了寶貴的認證數據，更重要的是，它們與我們預期在早期城市部署環境中的大多數任務概況非常吻合。

This quarter we were thrilled to fly as part of the California International Air Show at our home airport in Salinas, where tens of thousands of spectators saw midnight fly.

本季度，我們非常興奮地參加了在薩利納斯機場舉行的加州國際航空展，成千上萬的觀眾觀看了午夜飛行表演。

The consistent feedback we got at the event was how remarkably quiet our aircraft is. It really is a special experience to see the aircraft fly by at well over 100 MPH and barely be audible above the ambient noise. It was also a special moment for our team, many of which got to bring their families to see the aircraft fly.

我們在活動中得到的一致回饋是，我們的飛機非常安靜。親眼目睹飛機以超過 100 英里/小時的速度飛過，卻幾乎聽不到周圍環境噪音，這真是一種特別的體驗。對我們團隊來說，這也是一個特別的時刻，許多成員都帶著家人來觀看飛機飛行。

The exciting news is that we are nearing completion of Midnight's piloted CA test campaign, and the consistency we are seeing across repeated mission profiles continues to solidify our confidence in our path to certifying midnight, both in the UAE and the US.

令人興奮的消息是，我們即將完成 Midnight 的試點 CA 測試活動，我們在重複的任務剖面中看到的一致性不斷鞏固了我們對在阿聯酋和美國獲得 Midnight 認證的信心。

Our next flight test phase with the Knight will be piloted VTA, including full transition flights with our type certification intent 4 blade aft propellers. Unlike the CAL envelope that we are now close to completing testing on, the eVTOL and transition flight regimes are not new for midnight, as we have previously completed an extensive flight test campaign with Midnight without a pilot on board.

我們下一階段的 Knight 飛行測試將採用有人駕駛的 VTA，包括使用我們型號認證意圖的 4 葉後螺旋槳進行完整的過渡飛行。與我們現在即將完成測試的 CAL 包絡不同，eVTOL 和過渡飛行狀態對於午夜飛機來說並不陌生，因為我們之前已經完成了一次廣泛的午夜飛機無人飛行測試活動。

As always, our focus remains the same disciplined execution, safety, and readiness for commercial operations. The momentum continues to build, and the team continues to deliver.

一如既往，我們的重點仍然是嚴謹的執行、安全和商業營運的準備。勢頭持續增強，團隊也持續取得佳績。

As Adam mentioned, we are continuing to build our initial fleet of piloted midnight aircraft across our facilities in Silicon Valley and Georgia. The next piloted midnight aircraft is just wrapping up manufacturing and will move into ground testing shortly and flight testing as soon as it's ready. This aircraft is equipped with the 4 blade A propellers that are part of our type of design and will be used for piloted eVTOL and transition flight testing.

正如亞當所提到的那樣，我們正在矽谷和喬治亞州的設施中繼續建造我們最初的有人駕駛午夜飛行飛機機隊。下一架載人午夜飛行器即將完成製造，很快就會進行地面測試，一旦準備好就會進行飛行測試。這架飛機配備了我們設計中的 4 葉 A 型螺旋槳，將用於載人 eVTOL 和過渡飛行測試。

We continue to build out the capabilities needed to support a rate of 50 aircraft per year across nearly 3/4 of a million square feet of our manufacturing and test facilities. Our golden manufacturing line in Silicon Valley remains the foundation of our manufacturing ramp. As a reminder, this is where our engineering and manufacturing teams refine build processes, tooling, and quality controls to ensure repeatability and efficiency.

我們將繼續擴大所需的設施，以支援每年在我們近 75 萬平方英尺的製造和測試設施中生產 50 架飛機。我們在矽谷的黃金生產線仍然是我們產能提升的基礎。再次提醒大家，我們的工程和製造團隊會在這裡改善製造流程、工具和品質控制，以確保可重複性和效率。

The lessons and tools established on that line are feeding into our high-volume production ramp. Across all our locations, we remain focused on building a production system that is reliable, scalable, and ready for certification. The progress we are making in parallel on manufacturing and flight testing gives us high confidence in our ability to transition midnight from development into commercial service smoothly and with the discipline this industry requires.

該生產線上累積的經驗和工具正在幫助我們實現大量生產。在我們所有生產地點，我們始終專注於建立可靠、可擴展且隨時準備認證的生產系統。我們在製造和飛行測試方面同步取得的進展，使我們對能夠順利地將午夜飛機從研發階段過渡到商業服務階段，並保持該行業所需的嚴謹性，充滿信心。

On the certification front, we have obviously all been impacted by the government shutdown and are hopeful that this will be resolved soon. On the positive side, part of the FAA has continued working our program despite the shutdown, and we have continued with certification efforts in several areas, including continued soy audits, as well as continued work with the FAA policy team to close the remaining industry-wide policy topics related to flight test.

在認證方面，我們顯然都受到了政府停擺的影響，並希望這個問題能盡快解決。從積極的方面來看，儘管政府停擺，但美國聯邦航空管理局 (FAA) 的一部分人員仍在繼續推進我們的項目，我們也繼續在多個領域開展認證工作，包括繼續進行大豆審核，以及繼續與 FAA 政策團隊合作，以解決與飛行測試相關的剩餘行業政策問題。

Finally, I want to touch on our progress on the defense side. Over the past quarter, we've focused heavily on integrating the technologies, capabilities, and teams we acquired from OAir and mission critical composites. Bringing that talent and technology into our program is key to accelerating our development cycle.

最後，我想談談我們在防守方面取得的進展。在過去的一個季度裡，我們重點整合了從 OAir 和關鍵任務複合材料公司收購的技術、能力和團隊。將這些人才和技術引入我們的專案是加快我們開發週期的關鍵。

We now have in-house composite structures manufacturing capability, giving us expanded rapid prototyping capacity, which is key for the new aircraft we are developing. We also continued maturing our hybrid electric eVTOL aircraft program. While the specifics remain confidential, our work here is centered on delivering a clean sheet next generation aircraft designed to incorporate the best of Archer and Overs technology, meeting the needs of operators who face demanding and complex missions.

我們現在擁有了內部複合材料結構製造能力，這為我們提供了更大的快速原型製作能力，這對我們正在開發的新型飛機至關重要。我們也在不斷完善我們的混合動力電動垂直起降飛行器專案。雖然具體細節仍屬機密，但我們在這裡的工作重點是交付一款全新的下一代飛機，該飛機融合了 Archer 和 Overs 的最佳技術，以滿足面臨苛刻複雜任務的運營商的需求。

Momentum across the defense platform remains strong, and we are encouraged by the deep engagement from allied countries worldwide. We look forward to sharing additional updates as and when we can.

國防領域的發展動能依然強勁，我們對全球盟國的深入參與感到鼓舞。我們將在條件允許的情況下與大家分享更多最新消息。

Also, this quarter we completed our acquisition of Lilium's patent portfolio. This was one of the most significant technology portfolios in electric aviation, particularly in ducted fan propulsion, high voltage systems, and advanced flight controls. Integrating this IP strengthens our long-term leadership position and expands our design space for future hybrid and electric platforms. It also positions us well against emerging opportunities unlocked by the mosaic rule, which enables a more flexible path to field innovative aircraft across both light sport and regional mobility categories. We view this as a strategic advantage for both our defense roadmap and potential future commercial variants.

此外，本季我們完成了對 Lilium 專利組合的收購。這是電動航空領域最重要的技術組合之一，尤其是在涵道風扇推進、高壓系統和先進飛行控制方面。整合這項智慧財產權將鞏固我們的長期領先地位，並擴大我們未來混合動力和電動平台的設計空間。這也使我們能夠更好地掌握馬賽克規則帶來的新興機遇，該規則使我們能夠以更靈活的方式在輕型運動飛機和區域交通運輸類別中推出創新型飛機。我們認為這對我們的國防發展路線圖和未來潛在的商業化產品來說都是一項戰略優勢。

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

現在我將把麥克風交給 Priya，讓她來談談本季的財務狀況。

Thanks Tom. With our team continuing to deliver significant advancements across the key priorities you and Adam have discussed, our core focus from a financial perspective is ensuring we are operating from a position of strength.

謝謝你，湯姆。我們的團隊正持續在您和亞當討論過的關鍵優先事項上取得重大進展，從財務角度來看，我們的核心重點是確保我們處於有利地位並開展業務。

The key to that is maintaining a strong balance sheet. We closed Q325 with $1.64 billion in cash, cash equivalents, and short-term investments, and today announced an additional equity raise of $650 million.

關鍵在於保持穩健的資產負債表。截至2025年第三季末，我們持有現金、現金等價物及短期投資16.4億美元，今天宣布追加6.5億美元的股權融資。

As Adam and I have discussed previously, our goal is always to be opportunistic with our fundraising activity, and that's exactly what occurred here. As we considered options to finance the Hawthorn transaction, we received substantial inbound interest that led us to do the offering announced today, which had a very strong outcome with the round being well oversubscribed. We view our ability to raise capital as a core strategic advantage that helps power our ability to seize on key opportunities.

正如亞當和我之前討論過的，我們的目標始終是抓住一切機會進行籌款活動，而這正是我們在這裡所做的事情。在考慮為 Hawthorn 交易融資的各種方案時，我們收到了大量的投資意向，這促使我們進行了今天宣布的發行，該發行取得了非常強勁的成果，認購額遠超預期。我們認為，籌集資金的能力是一項核心策略優勢，它有助於我們抓住關鍵機會。

We often hear from government, commercial, and other strategic partners that liquidity is a key driver to their decisions of who to partner with. They understand the capital intensive nature of our industry and want to work with partners who will be around for decades to come.

我們經常聽到政府、商業和其他策略夥伴表示，流動性是他們決定與誰合作的關鍵驅動因素。他們了解我們行業的資本密集性質，並希望與能夠長期合作的夥伴攜手共進。

Some examples of this include LA 28's decision to select Archer and us winning the Lilium IP bid process over our competitors. With our total liquidity now over $2 billion we intend to continue to use this as a tool to win future strategic opportunities across the business.

例如，LA 28 決定選擇 Archer，以及我們在 Lilium IP 競標過程中擊敗競爭對手，都反映了這一點。目前我們的總流動資金超過 20 億美元，我們打算繼續利用這一優勢，在業務的各個方面贏得未來的策略機會。

But it's not good enough just to have a strong balance sheet. We must remain focused on ensuring every capital allocation decision directly supports long-term value creation for our shareholders. As we've consistently emphasized, we take a very disciplined approach to how we invest that capital.

但僅僅擁有強勁的資產負債表是不夠的。我們必須始終專注於確保每項資本配置決策都能直接支持為股東創造長期價值。正如我們一直強調的那樣，我們對如何投資這些資金採取了非常嚴謹的態度。

Our Q3 spending reflects our continued investment in our key priority areas aircraft and AI technology development, certification, manufacturing gran, and commercial operations infrastructure to support all our planned line of business in civil and defense, both domestically and abroad.

第三季支出反映了我們對重點優先領域（飛機和人工智慧技術開發、認證、製造補助金和商業營運基礎設施）的持續投資，以支持我們在國內和國外所有計劃的民用和國防業務。

Our continued emphasis on execution is what has led us to land our financial results within our guided range, and this quarter was no different.

我們持續注重執行力，這使我們的財務表現達到了預期目標範圍，本季也不例外。

Our net loss for Q3 '25 was $130 million. This was a $76 million reduction from Q2 '25, primarily due to the non-cash impact of warranty valuation.

2025年第三季度，我們的淨虧損為1.3億美元。與 2025 年第二季相比，減少了 7,600 萬美元，主要是由於保固估值的非現金影響。

Our GAAP operating expenses for Q3 '25 were $175 million and stayed essentially flat quarter over quarter as increased people-related costs were more than offset by the timing of material and supply-related spend.

2025 年第三季度，我們的 GAAP 營運費用為 1.75 億美元，與上一季基本持平，因為人力成本的增加被材料和供應相關支出的時間表所抵消。

Our GAAP operating expenses for the quarter included approximately $53 million of non-cash stock-based compensation related expenses, which reflects the cost associated with stock issued to our employees, non-employees, and vendors.

本季我們的 GAAP 營運費用包括約 5,300 萬美元的非現金股票選擇權相關費用，這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。

Our adjusted EBITDA for Q3 was a loss of $116 million landing within our guidance range of $110 million to $130 million. Our Q3 adjusted EBITDA loss represents an approximately $3 million decrease from the previous quarter due to the reasons we have discussed earlier.

我們第三季的調整後 EBITDA 虧損 1.16 億美元，符合我們先前 1.1 億美元至 1.3 億美元的預期範圍。由於我們之前討論過的原因，我們第三季的調整後 EBITDA 虧損比上一季減少了約 300 萬美元。

With regards to cash burn, our cash used in operations and in purchase of property, equipment, and intangibles for Q3 '25 was $126 million which was essentially flat quarter over quarter. For Q3, our cash used in purchase of property and equipment was $20 million generally in line with the guidance I provided during our last call. And represents a slight decrease of $4 million over the previous quarter, which included our strategic acquisitions of composite manufacturing assets and over our patent portfolio.

關於現金消耗，我們在 2025 年第三季用於營運和購買物業、設備和無形資產的現金為 1.26 億美元，與上一季基本持平。第三季度，我們用於購買物業和設備的現金為 2000 萬美元，基本上符合我在上次電話會議上提供的指導意見。與上一季相比，減少了 400 萬美元，其中包括我們對複合材料製造資產和專利組合的策略性收購。

Looking ahead for the upcoming quarter, we estimate our adjusted EBITDA loss to be between $110 million to $140 million.

展望即將到來的季度，我們預計調整後的 EBITDA 虧損將在 1.1 億美元至 1.4 億美元之間。

We expect our core capital investments to increase in Q4 as we continue to build aircraft and expand investments in our manufacturing capabilities. These estimates do not include the costs associated with the Lilium and Hawthorne acquisitions.

我們預計第四季度核心資本投資將會增加，因為我們將繼續建造飛機並擴大對製造能力的投資。這些估算不包括與收購 Lilium 和 Hawthorne 相關的成本。

As we announced today, we closed the Lilium acquisition for approximately $21 million earlier in Q4, and we expect the initial closing of the Hawthorne acquisition to occur by year end, which will entail us funding the $126 million purchase price in cash.

正如我們今天宣布的那樣，我們在第四季度早些時候完成了對 Lilium 的收購，金額約為 2100 萬美元。我們預計 Hawthorne 的收購將在年底前完成初步交割，屆時我們將以現金支付 1.26 億美元的收購價。

What's clear is that now is the time to ensure we solidify our position as a market leader across electric air taxis, the future of vertical lifts for defense and cargo, and the AI-based technologies that will be used for decades to come.

顯而易見，現在正是鞏固我們在電動空中計程車、未來國防和貨運垂直升降機以及未來幾十年將使用的人工智慧技術領域市場領導地位的時候。

This is how we can deliver enduring outsized value to shareholders.

這就是我們如何為股東創造持久超額價值的方式。

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

接下來，我會把問答環節交還給亞當。

Great, Adam, the line is open.

太好了，亞當，線路已接通。

Thank you, operator.

謝謝接線生。

We're going to open the call up to Q&A. First, we'll start with the analyst community and then we will move into the retail folks at the end, operator.

我們將開放問答環節。首先，我們將從分析師群開始，最後再談到零售人員和營運人員。

(Operators Instructions)

（操作說明）

Edison Yu, Deutsche Bank.

餘生愛迪生，德意志銀行。

Thank you. Good afternoon, everyone. I want to ask about the big news on the, on the airport. What kind of advantages do you think you will gain by taking ownership of it? And does this signal kind of some intention on what you might do from a software standpoint on air traffic control on autonomy?

謝謝。大家下午好。我想問關於機場的重大新聞。你認為擁有它之後你會獲得哪些優勢？這是否顯示你們有意從軟體角度對空中交通管制自主化採取一些措施？

Thanks Edison. So this was a very unique opportunity. Airports don't really change hands very often. Sometimes not at all. If you look back over the past five years, there are only a handful of assets that have traded in the entire US, so opportunities like this are, I think, very rare. Now, our big strategy has been focused around. Los Angeles, especially with the Olympics coming up, and so as we've been building out the infrastructure, Hawthorne was a real opportunity to not only just be a major hub but also to be a point where we can go test roll out, do all of our depoting, all of our MRO at. And so our vision is to create this Grand Centralli opportunity for the Hawthorne Airport. We looked at it as you can go. And buy a hangar, we would have had to pay somewhere between $50 million to $100 million to buy a large hangar.

謝謝你，愛迪生。所以這是一個非常難得的機會。機場的所有權變更並不頻繁。有時根本不會。回顧過去五年，在美國進行交易的資產屈指可數，因此我認為這樣的機會非常難得。現在，我們的主要策略圍繞著…展開。洛杉磯，尤其是隨著奧運會的臨近，以及我們一直在建設基礎設施，霍桑不僅是一個重要的樞紐，而且是一個我們可以進行測試推廣、進行所有倉庫維護和維修的地點，這是一個真正的機會。因此，我們的願景是為霍桑機場創造類似 Grand Centrali 的機會。我們盡可能地仔細研究過。如果要買一個機庫，我們大概需要花費 5,000 萬到 1 億美元才能買到一個大型機庫。

And so, the opportunity to actually get control of the airport plus the FBO plus all the different growth opportunities was something that we couldn't pass up. But I think most unique is the opportunity to actually go roll out our software in an airport that's in the middle of a large city. So the Hawthorne Airport operates in Class D airspace, not in the Class B airspace where big LAX planes are operating. There is an FAA contracted tower here, and so it gives us a really unique opportunity to really roll all this stuff out. It's more than just looking at it from a revenue or EBITDA perspective. It is structurally advantageous. For us to have this right in the middle of LA. It also happens to be less than three miles from both LAX and SoFi Stadium. It also happens to be located all in the different Elon Musk companies' territories like the Boeing Company. The Boeing Company has tunnels that run underneath the airport and so lots of interesting creative opportunity potential in the future.

因此，能夠真正掌控機場、FBO 以及所有不同的發展機會，是我們絕對不能錯過的。但我認為最獨特的是有機會在一個位於大城市中心的機場實際推廣我們的軟體。所以霍桑機場是在 D 類空域運作的，而不是在洛杉磯國際機場大型飛機運行的 B 類空域運作的。這裡有一座與美國聯邦航空管理局簽約的塔台，因此這給了我們一個非常獨特的機會來真正推出所有這些設備。這不僅僅是從收入或 EBITDA 的角度來看待的問題。它在結構上具有優勢。我們能在洛杉磯市中心擁有它，真是太好了。巧合的是，它距離洛杉磯國際機場和SoFi體育場都不到三英里。巧合的是，它也都位於伊隆馬斯克旗下不同公司的業務區域內，例如波音公司。波音公司在機場下方建有隧道，因此未來有許多有趣的創新機會。

Understood, and then I know you mentioned that it's already quite profitable. Any way did I mention the contribution financially from them going forward?

明白了，而且我知道你之前也提到它已經相當盈利了。我有沒有提到他們今後在經濟上的貢獻？

The revenue has the opportunity to be in the tens of millions, and it is EBITDA positive, but we don't really think about it like that because there's some decisions that we have to think about. So one is, do we sell hangars? Do we build new hangars? Do we lease new hangars, or do we consume them ourselves? And so there's a bunch of decisions that have to get made in terms of how we will utilize the airport, but we look at it mostly from a strategic standpoint. I think if we wanted to, we could carve up the airport and make money, but that's certainly not the goal. The goal is really to take it as a strategic asset and use it to have a structural advantage in the industry.

收入有機會達到數千萬美元，而且 EBITDA 為正，但我們並沒有這樣考慮，因為我們還有一些決定需要考慮。所以第一個問題是，我們有賣機庫嗎？我們要建造新的機庫嗎？我們是租賃新的機庫，還是自己使用它們？因此，關於如何利用機場，我們需要做出很多決定，但我們主要從戰略角度來看這個問題。我認為如果我們想的話，我們可以分割機場來賺錢，但這肯定不是我們的目標。目標是將其視為戰略資產，並利用它在行業中獲得結構性優勢。

Gotcha. And just on the raise, I know you're using some of it to for the deal, but it seems like the deal is fairly small in size, so you actually raised quite a bit more, any insight as to, I guess what that what the extra was for?

明白了。關於融資這件事，我知道你用其中的一部分資金來做這筆交易，但看起來這筆交易的規模相當小，所以你實際上籌集到的資金遠不止這些，你能透露一下多餘的資金是做什麼用的嗎？

Yeah, it was opportunistic. We weren't looking to go out there and raise capital. There was very large reverse inquiry from very high-quality investors, so that was, I think unique for this period of time. I'm guessing a lot of that came off the back of the beta IPO because there's a lot of interest in the industry, and I view that as just a very positive signal.

是的，這是趁機行動。我們原本不打算出門籌措資金。當時有許多高品質投資者進行了大量的反向詢價，我認為這在當時是獨一無二的。我猜想這很大程度上得益於測試版 IPO，因為業內人士對此非常感興趣，我認為這是一個非常積極的信號。

So, I think that was one thing. The strategic asset was also a really unique thing that came up as well to go do that. So the viewpoint was we have been looking at both the civil and the defense side of the business. As the civil side of the business starts to approach getting close to market and the defense side of the business starting to ramp up, we thought it would be prudent to add a little bit of extra cushion to the balance sheet. And then finally from an. Offensive perspective, we have found that the capital has been a real weapon in terms of going out and being able to do things that we might not have been able to do.

所以，我覺得那是其中一件事。戰略資產也是一個非常獨特的因素，也是促成此事的原因之一。所以，我們的觀點是，我們一直在關注民用和國防兩個方面的業務。隨著民用業務開始接近市場，國防業務也開始加速發展，我們認為在資產負債表上增加一些額外的緩衝資金是明智之舉。最後，從一個。從進攻的角度來看，我們發現首都是一個真正的武器，它使我們能夠外出做一些我們可能無法做的事情。

For example, the Lillian portfolio, we were actually the lowest bid when it came to the different bids that were out there, but there was a lot of confidence in our ability to close, and we ended up winning that because there had been previously some issues that the bankruptcy group had been through before. Also going. To customers like the big defense partners, when we show up with a large balance sheet, they take us a lot more seriously because the programs that we're looking at are so large they look at us and say if we're going to go get you guys involved in a many, tens of billions of dollar sized program that's going to last for they call them generational programs, you need to go deliver against that. And so, it puts us in a position of strength to do that. So, while this was opportunistic, I think we are done raising capital for a while for now.

例如，在 Lillian 投資組合中，我們實際上是所有競標者中出價最低的，但我們對完成交易的能力充滿信心，最終我們贏得了這筆交易，因為破產集團之前經歷過一些問題。我也要去。對於像大型國防合作夥伴這樣的客戶來說，當我們帶著雄厚的資金實力出現時，他們會更加認真地對待我們，因為我們正在考察的項目規模非常龐大，他們會看著我們說，如果我們要讓你們參與一個價值數百億美元的項目，而且這個項目將會持續數代，他們稱之為世代項目，那麼你們就必須兌現承諾。因此，這使我們處於能夠做到這一點的優勢地位。所以，雖然這次融資是出於機會主義，但我認為我們暫時不會再融資了。

Great, thank you.

太好了，謝謝。

(Operators Instructions)

（操作說明）

Andres Sheppard, Cantor Fitzgerald.

安德烈斯·謝潑德，坎托·菲茨杰拉德。

Hey guys, good afternoon. Andres here. Congrats on the quarter. Hey, Adam, I was wondering if you could maybe help us flush out your latest vision for commercialization, in the UAE and through your launch edition. Just wondering if you can maybe remind us timing or expectations there. Are you looking to sell aircraft in the region? Just a little more color on your vision there for commercialization.

各位，下午好。我是安德烈斯。恭喜你本季取得佳績。嘿，亞當，我想問你是否可以幫我們完善你在阿聯酋的最新商業化願景，以及你的首發版本。想問您能否提醒我們相關的時間安排或預期情況。您是否打算在該地區出售飛機？再給你的商業化願景增添一些色彩。

Thank you.

謝謝。

Thanks, Andres. So we kicked off our launch edition program in the UAE this summer, and we delivered an aircraft and began test flights in Abu Dhabi, and we did that in partnership with our our partner out there, Abu Dhabi Aviation. And as a reminder, each of the launch edition programs carry a multi-year commercial value in the tens of millions of dollars to Archer. And so we've already started receiving. Initial cash payments in the seven-figure range tied to operational milestones and then beginning in 2026 we expect to recognize payments as revenue under the accounting treatment for the program takes place and then just this week, we saw the director general of the UAE's national aviation regulator reaffirm publicly that they remain on track for certification, as early as Q326, so that would enable our partner Abu Dhabi Aviation to begin commercial passenger service in the country once that takes place.

謝謝你，安德烈斯。今年夏天，我們在阿聯酋啟動了首發版計劃，我們交付了一架飛機，並在阿布達比開始了試飛，這是我們與我們在當地的合作夥伴阿布達比航空合作完成的。再次提醒大家，每個首發版項目都為 Archer 帶來了數千萬美元的多年商業價值。所以我們已經開始收到了。初期現金支付金額將達到七位數，與營運里程碑連結。從 2026 年開始，我們預計將根據該計劃的會計處理方式將這些款項確認為收入。就在本週，我們看到阿聯酋國家航空監管機構總幹事公開重申，他們仍按計畫推進認證工作，最早將於 2026 年第三季完成認證。一旦獲得認證，我們的合作夥伴阿布達比航空即可在該國開設商業客運服務。

But as a reminder, we sell aircraft. As we sell aircraft, we start to recognize revenue and collect cash. So we have the ability to do. Really all over the world as you've seen with our launch edition partners. So right now what we're doing is balancing the volume of aircraft we're building against testing in the US, the eIPP program, and the launch edition customers. So there's certainly lots of opportunities to do all three.

但再次提醒大家，我們是賣飛機的。隨著飛機的售出，我們開始確認收入並收取現金。所以我們有能力做到這一點。正如您從我們的首發版合作夥伴身上看到的那樣，我們的合作夥伴遍布世界各地。所以現在我們正在做的，是平衡我們製造的飛機數量與在美國的測試、eIPP計劃以及首發版客戶的需求。所以，肯定有很多機會可以同時做到這三件事。

Got it. That, that's super helpful. I appreciate that color and revvenues next year. That, that's exciting. Maybe as a follow-up, I was wondering if you could either you or Tom can maybe expand a little bit further on the defense side and maybe on the hybrid propulsion. What kind of opportunities there are you able to share with us that you might be pursuing, whether it's with Enduro or other, partners there? Just another maybe update on the defense side.

知道了。那真是太有幫助了。我欣賞這種色彩，也期待明年的營收。那真是令人興奮。作為後續問題，我想知道您或湯姆能否在防禦方面以及混合動力推進方面再進一步闡述一下。您能否與我們分享您正在尋求的合作機會，無論是與 Enduro 還是其他合作夥伴？防守方面可能還有另一個更新。

Thank you.

謝謝。

Sure, so we are deep in the process of product development with Anderal, and we've been working closely with the customer on building for specific missions. What's become very clear as we've gone through this process is that you cannot just take a hybrid powertrain and put it onto an existing eVTOL platform. The defense industry is not interested in that as a product. There are specific missions that need to be filled, and so we're building a platform that is reusing as many of our systems, subsystems, manufacturing. Processes as possible and if we're selected for that program, I think it'll change the game for vertical lift warfare. So when we have something to show, we will, we'll show everybody, but if you look at the size of past rotorcraft programs, they are absolutely massive and they last for decades.

當然，我們目前正與 Anderal 進行深入的產品開發，並且一直在與客戶緊密合作，為特定任務進行開發。在這個過程中，我們越來越清楚地認識到，你不能簡單地把混合動力系統安裝到現有的 eVTOL 平台上。國防工業對這種產品不感興趣。有一些特定的任務需要完成，因此我們正在建立一個平台，盡可能地重複利用我們的系統、子系統和製造流程。盡可能地改進流程，如果我們被選中參與這個項目，我認為這將改變垂直起降戰的格局。所以，當我們有成果要展示的時候，我們會向大家展示，但如果你看看過去的旋翼機計畫規模，它們絕對是龐大的，而且會持續幾十年。

So, we continue to be very excited, engaged in that. We continue to be very positive that good opportunities will come. And so that's that's largely where the defense opportunity we think sits.

所以，我們仍然對此感到非常興奮，並積極參與其中。我們依然非常樂觀地認為，好的機會終會到來。所以，我們認為國防方面的機會主要就在這裡。

Wonderful.

精彩的。

Thank you so much and congrats again. I'll pass it on.

非常感謝，再次恭喜！我會轉達的。

Thanks.

謝謝。

(Operators Instructions)

（操作說明）

Savi Syth, Raymond James.

薩維·賽斯，雷蒙德·詹姆斯。

Hey, good afternoon. I wonder if you could talk a little bit more about the kind of the eIPP program, just curious, what the thinking or the strategy is behind it, for the DOT and how you think it's going to work.

嘿，下午好。我想請您再多談談 eIPP 計劃，只是好奇而已，想了解交通部製定該計劃背後的思路或策略，以及您認為它將如何運作。

Sure, thanks, Savi. So, there's been a lot of speculation about the eIPP, and it really is still forming, but the purpose of the eIPP is not really about generating revenue. It's actually about introducing aircraft into urban environments and gaining the trust of the flying public, gaining the trust of the municipalities and the regulators. So the program will roll out conservatively. Simple point to point routes in good weather, VFR conditions, and the goal is really to prove the safety and capability of the aircrafts.

好的，謝謝你，薩維。所以，關於 eIPP 有很多猜測，它實際上仍在形成中，但 eIPP 的目的並不是為了產生收入。實際上，這關乎將飛機引入城市環境，贏得航空民眾的信任，贏得市政當局和監管機構的信任。因此，該計劃將謹慎推行。在天氣良好、目視飛行規則 (VFR) 條件下，進行簡單的點對點飛行，其目的是為了真正證明飛機的安全性和性能。

We all know the type certification process is sort of an all or nothing type process, and while I understand the purpose of that. I believe the way that autonomous cars or Waymo's have been rolled out makes actually a lot of sense. You start in a small area, you gain the trust of the public, and then you start to expand, and I think by having a process like this, it will release the certification pressure valve, and it should accelerate the path towards certification and commercialization.

我們都知道類型認證過程是一種要么全有要么全無的過程，雖然我理解這樣做的目的。我認為自動駕駛汽車或 Waymo 的推廣方式其實是非常合理的。你從一小塊區域開始，贏得公眾的信任，然後開始擴張，我認為透過這樣的流程，可以釋放認證的壓力，並加快認證和商業化的進程。

That, that's helpful. If I can just follow-up briefly on the 100, I think in the 8-K release it was kind of called out that $171 million, for Horizon, it seems like the purchase price is $126 million. I'm kind of curious what the spend, the near term spend you see at Hariton and kind of what that incremental spend there is and just kind of how you think about spend over the next kind of year or two.

那很有幫助。如果我能夠簡單地補充一下關於 100 號資產的信息，我認為在 8-K 版本中提到過，Horizo​​​​n 的收購價為 1.71 億美元，但實際上收購價格似乎是 1.26 億美元。我有點好奇哈里頓的支出狀況，近期支出狀況，以及未來的增量支出狀況，以及您如何看待未來一兩年的支出。

Sure, so there's the core price which is the $126 million for the airport. There are development rights and then there's the FBO, and that adds up to the $171 million. There're decisions that we can make in terms of how much to spend, but there's not some like big giant number that we're going to go deploy into the that's expected for us to go deploy into the airport in the near term. And so we'll look at that in terms of, the value that can be created, the operations that we need to scale LA and scale into the Olympics, but those are still decisions to be made. But I would not expect some, giant dollar number. I also would not expect us to go TRY to replicate this all over the country or all over the world. These opportunities don't even really exist. This is like an end of one asset, and so it is pretty unique from that standpoint.

當然，機場的核心價格是 1.26 億美元。有開發權，還有固定營運權，加起來就是 1.71 億美元。在支出金額方面，我們可以做出一些決定，但近期內我們不會向機場投入一大筆資金。因此，我們將從創造價值的角度來審視這個問題，以及我們需要採取哪些營運措施來擴大洛杉磯的規模並進入奧運會，但這些仍是需要做出的決定。但我並不指望會是個龐大的數字。我也不指望我們去嘗試在全國乃至全世界複製這種模式。這些機會根本不存在。這就像是一項資產的終結，因此從這個角度來看，它相當獨特。

Thank you.

謝謝。

(Operators Instructions)

（操作說明）

Bill Peterson, J.P. Morgan.

比爾彼得森，摩根大通。

Hi, good afternoon. This is (Mama) on for Bill.

您好，下午好。這是（媽媽）在替比爾說話。

I was hoping to follow-up a little bit on certification. Would you be able to share your latest expectations around when you expect to begin TIA testing, and when you also expect to be testing midnight with, FAA pilots on board for credit?

我希望能跟進一下認證方面的情況。您能否分享一下您預計何時開始TIA測試，以及何時開始與FAA飛行員一起進行午夜測試以獲得學分？

Yeah, hey (Mama), this is Tom. I'll answer that. So we're actually, getting pretty close to starting our first TIA campaign with the FAA, and that could happen as soon as the end of this year. Just to kind of level set everybody, as I've said in the past, the, TIA process, at least for us, will be broken into many phases, on the order of say 10 different TIAs, each one targeting compliance for a very specific, system or aspect of the aircraft. So the first one of those again we plan to start around the end of the year. And the way you could think about the evolution here is as we continue to deliver or finish manufacturing of these aircraft, each one will be built with systems and aspects that conform in order to support further TIA testing, ultimately building up to a final fully FAA conformed aircraft doing kind of the final F&R function reliability testing for.

是的，嘿（媽媽），這是湯姆。我會回答這個問題。所以，我們實際上已經非常接近與美國聯邦航空管理局 (FAA) 啟動我們的第一個 TIA 活動，最早可能在今年年底就能實現。為了讓大家對情況有個大致了解，正如我之前所說，TIA 流程，至少對我們來說，將分為許多階段，大約有 10 個不同的 TIA，每個 TIA 都針對飛機的某個非常具體的系統或方面進行合規性檢查。所以，第一個專案我們計劃在年底左右啟動。你可以這樣理解這種演進過程：隨著我們不斷交付或完成這些飛機的製造，每一架飛機都將配備符合標準的系統和部件，以支援進一步的TIA測試，最終建成完全符合FAA標準的飛機，並進行最終的F&R功能可靠性測試。

The aircraft, I think one thing that's kind of important to know is that right now, as we said before, we still do have a couple policy items open with the FAA and so you know us or anybody in the industry can't do that final TIA for the purposes of flight performance until a couple of those items are resolved and you know we're still optimistic that that'll happen very shortly otherwise, progress is looking really good.

關於飛機，我認為有一點比較重要的資訊是，正如我們之前所說，目前我們與美國聯邦航空管理局 (FAA) 之間還有一些政策事項尚未解決，因此，你知道，在我們或業內任何人在這些問題得到解決之前，都無法出於飛行性能的目的進行最終的TIA測試。你知道，我們仍然樂觀地認為這些問題很快就會解決，否則，進展看起來真的非常好。

Awesome, thank you so much for the color. And then if you kind of ramp up your manufacturing capacity here, I think you mentioned up to 50 aircraft, in the coming months. Do you think that that's sufficient to support all the demand that you see in the next year between, the tester aircraft, the eIPP, defense, and then some of your international launch edition programs?

太棒了，非常感謝您提供的顏色。然後，如果你能提高這裡的生產能力，我想你提到在接下來的幾個月裡生產多達 50 架飛機。您認為這足以滿足您預計明年所有需求嗎？包括測試飛機、eIPP、國防以及一些國際首發版項目？

Hey (Mama), this is Adam. The demand far exceeds what we can build, and so we're really in the phase where, we kind of broke this out into chunks. We said we, built that first chunk of called single-digit aircrafts, and then we're looking at that next chunk which is in the 50 aircraft range. And so, we're looking at from the standpoint of making sure we can have enough aircraft to support the opportunities we have, coming, whether that's the launch edition programs or looking ahead and supporting the Olympics and really trying to think about where the near-term opportunities will be. But if we theoretically had hundreds of airplanes, I think we could deploy them, sell them, put them out there.

嘿（媽媽），這是亞當。需求遠遠超過了我們的產能，所以我們現在正處於將這項工作分解成若干部分的階段。我們說過，我們建造了第一批個位數的飛機，然後我們正在考慮建造下一批，數量在 50 架左右。因此，我們正在從確保我們有足夠的飛機來支持我們即將面臨的機會的角度來考慮，無論是首發版項目，還是展望未來支持奧運會，並真正努力思考近期機會在哪裡。但如果我們理論上擁有數百架飛機，我認為我們可以部署它們、出售它們、讓它們投入使用。

But I also think we are learning how to build and so, different chunks that we're going through as we scale that up and we're also of course you know finishing up and getting through the certification process in the US and then of course internationally as well so it's a balance amongst all of those but I think it really starts with you know there's a high level demand for the for the product and then it's us being able to deliver against that from a manufacturing and ultimately certification.

但我認為我們也在學習如何建設，所以，隨著規模的擴大，我們正在經歷不同的階段，當然，我們也在完成並走完美國和國際認證流程，所以這需要在所有這些方面之間取得平衡，但我認為這一切真正始於對產品的高需求，然後是我們能夠從製造和最終認證方面滿足這種需求。

That's super helpful. Thank.

這太有幫助了。感謝。

(Operators Instructions)

（操作說明）

Austin Moeller, Canaccord.

Austin Moeller，Canaccord。

Hi, good evening. So, I just wanted to ask about the Lilium asset acquisition. Is Lilium silicon dominant anode battery or the ducted fan technology more important to you and when might this be incorporated into one of your aircraft platforms?

您好，晚上好。所以，我只是想問一下關於Lilium資產收購的問題。對您而言，鋰矽主導陽極電池還是涵道風扇技術更重要？這項技術何時會應用在您的某個飛機平台上？

Thanks for the question, Austin. So, we've been following Lilium closely for several years, and we have a lot of respect for the engineering ambition that Daniel and his team brought to the sector, and they've built very impressive technology with world-class European talent, and they invested $1.5 billion behind it. And so, our consolidation of the of the innovation by winning that bid for us was, I think, actually quite positive and that there were a number of foundational eVTOL technologies around ducted fan propeller systems, high voltage systems, and many others that we were able to, accumulate patents on. So, it adds around 300 patents, patent assets to the Archer portfolio, bringing our portfolio to more than 1,000 patent assets globally.

謝謝你的提問，奧斯汀。所以，我們多年來一直密切關注 Lilium，我們非常尊重 Daniel 和他的團隊為該行業帶來的工程雄心，他們利用世界一流的歐洲人才打造了非常令人印象深刻的技術，並為此投資了 15 億美元。因此，我認為，我們透過贏得競標鞏固了創新成果，這實際上是非常積極的，而且圍繞著涵道風扇螺旋槳系統、高壓系統等許多基礎性 eVTOL 技術，我們能夠累積專利。因此，它為 Archer 的專利組合增加了約 300 項專利和專利資產，使我們的全球專利資產組合超過 1000 項。

But much of the technology that was being developed there we believed was still a little bit ahead of its time, but it holds a meaningful potential as the industry matures. And so the depth of the ducted fan IP we think is quite compelling. We're laser focused on midnight, but that technology one day could support new architectures, including some of the smaller format or light sport concepts, as the regulatory pathways from Mosaic unlocks innovation in those adjacent segments. So we view this as a very important long-term enabler and just another example of us consolidating the technology foundation of the industry.

但我們認為，那裡正在開發的許多技術仍然有點超前於時代，但隨著行業的成熟，它具有巨大的潛力。因此，我們認為涵道風扇 IP 的深度相當有吸引力。我們目前專注於午夜，但這項技術有朝一日可能會支持新的架構，包括一些較小的格式或輕型運動概念，因為 Mosaic 的監管途徑將釋放這些相鄰領域的創新潛力。因此，我們認為這是一個非常重要的長期推動因素，也是我們鞏固產業技術基礎的另一個例子。

Okay, and just on the purchase of the Hawthorne Airport, I think when we were in your office, we discussed the importance of real estate at airports free eVTOL. So, are you planning to transfer any of the space at those airports either to FPOs or airline customers to be able to use, or how are you thinking about using that valuable real estate?

好的，關於收購霍桑機場，當我想我們之前在您的辦公室時，我們討論了機場房地產的重要性，以及免費電動垂直起降飛行器 (eVTOL)。那麼，您是否計劃將這些機場的部分空間轉讓給FPO或航空公司客戶使用？或者您打算如何利用這些寶貴的房地產？

So the The airport is quite large. It's 80 acres, and so we have partners in the industry like Beta who come and electrify airports, and there's groups out there that we partner with that I think could also find value in the airport. So there's lots of ways to think about it. One is we can build a centralized hub that everybody can use, and so it could be a way to help bring the industry together and create a main point of interest for us all to use to really help unlock a city like Los Angeles. And so, I think that's one really attractive way to look at it.

所以，這個機場相當大。它佔地 80 英畝，所以我們與業內合作夥伴，例如 Beta 公司，合作開展機場電氣化項目，還有一些與我們合作的團體，我認為他們也能從這個機場獲得價值。所以有很多種思考方式。其一是我們可以建立一個所有人都能使用的集中樞紐，這樣就能幫助將整個行業聚集在一起，並為我們所有人創造一個主要的興趣點，從而真正幫助像洛杉磯這樣的城市發展。所以，我認為這是一個非常有吸引力的看待這個問題的方式。

Another one is as the industry matures, it gives us a real central hub for all the maintenance for all the deputing of aircraft in the middle of the city. So, when you think about like launching operations, you don't really want to have to fly your aircraft in 30 minutes, 45 minutes from somewhere, significantly outside the city. So, this was just super unique from that standpoint that we could use that.

另一個好處是，隨著產業的成熟，它將為我們提供一個真正的中心樞紐，用於在市中心進行所有飛機的維護和調配。所以，當你考慮發射作戰任務時，你肯定不希望從城市外很遠的地方，在 30 分鐘、45 分鐘內駕駛飛機抵達目的地。所以，從這個角度來看，我們可以利用這一點，這確實非常獨特。

But I think it's an opportunity to really help the industry propel forward in a complicated city. And then the other side of it is it gives An incredible opportunity to go out and test out all of the software, the AI capabilities that we've been building from air traffic management to all the other capabilities we mentioned. The industry is going to need to evolve to support the large, advanced air mobility expectations, and so that's not just on manufacturing, that also has to come from the software side as well. And so, we plan to use this airport as a test bed to deploy that, partnering with the regulators to really showcase a lot of these technologies.

但我認為這是一個真正幫助這個行業在這個複雜的城市中向前發展的機會。另一方面，這也提供了一個絕佳的機會，讓我們能夠出去測試我們一直在開發的軟體和人工智慧功能，從空中交通管理到我們提到的所有其他功能。為了滿足大規模、先進的空中交通需求，該產業需要不斷發展，這不僅是製造業的問題，軟體方面也需要做出相應的改進。因此，我們計劃利用這個機場作為試驗場來部署這些技術，並與監管機構合作，真正展示這些技術。

Great, thanks for all the details I'll pass back.

太好了，謝謝你提供的所有細節，我會把這些都回饋上去。

Thank you.

謝謝。

(Operators Instructions)

（操作說明）

Amit Dayal, H.C. Wainwright.

阿米特·達亞爾，H.C. 溫賴特。

Thank you. Good afternoon, everyone. Congrats on all the progress. Apologize if we already discussed this, but any color on the burn rate for 2026?

謝謝。大家下午好。祝賀你們取得的所有進展。如果我們已經討論過這個問題，請見諒，但關於2026年的消耗速度，有什麼確切的消息嗎？

Hey Amit, this is Priya. Thanks for the question. So, when we think about 2026, the biggest expense will continue to be our midnight program. So next year we'll be producing and deploying additional aircraft, as we talked about earlier, we'll balance where we deploy these aircraft, between UAE, eIPP, flight test, and other opportunities. Some of those opportunities will be generating cash, and they'll net these expenses we've talked about. But you know when we think about beyond the core program, we expect to invest in our defense and software development as well.

嗨，阿米特，我是普里亞。謝謝你的提問。所以，當我們展望 2026 年時，最大的開支仍將是我們的午夜節目。因此，明年我們將生產和部署更多飛機，正如我們之前所討論的，我們將平衡這些飛機的部署地點，包括阿聯酋、eIPP、飛行測試和其他機會。有些機會將會產生現金流，足以抵銷我們剛才提到的那些費用。但你知道，當我們考慮核心專案以外的事情時，我們也希望投資國防和軟體開發。

So first for the defense program we do plan to leverage a large portion of the existing resources we have as well as the test infrastructure, but we do expect to invest incrementally to support the program which again locks a lot of the value and big defense contracts that Adam's talked about. For software we'll be again investing to build the product which could generate revenues in the future. Timing of that is still to be determined and we'll talk about it closer to the time when we get there.

首先，對於國防項目，我們計劃充分利用現有的大部分資源以及測試基礎設施，但我們也預計會逐步投資來支持該項目，這再次鎖定了亞當所說的許多價值和大型國防合約。在軟體方面，我們將繼續投資開發未來可能產生收入的產品。具體時間尚未確定，我們會接近目的地時再討論。

And then, of course, finally, we talked about the horses and acquisition today. We'll be integrating that into our business next year which is again generating revenues and we'll be generating margin. So we'll be incorporating that into our financial results for next year. So again hopefully that gives you again a framework as in how we think about next year and we'll get into, official guidance when we get to that point in time next quarter so hopefully that helps.

最後，當然，我們今天也談到了馬匹和收購事宜。明年我們將把這項技術整合到我們的業務中，這將再次創造收入，並帶來利潤。因此，我們將把這一點納入明年的財務表現中。所以，希望這能再次為大家提供一個框架，讓大家了解我們如何思考明年，我們將在下個季度到那時給出正式的指導意見，希望這能有所幫助。

Yeah, thank you, that's helpful, and then just clarification on the number of aircrafts, you may need to get through certification and commitments in UAE, etc. Like, are we targeting around ten aircrafts, over the next, six to nine months.

是的，謝謝，這很有幫助。另外，關於飛機數量，還需要澄清一下，因為您可能需要在阿聯酋完成認證和相關承諾等等。例如，我們的目標是在未來六到九個月內引進大約十架飛機嗎？

Yeah. So, there's six aircraft in production now. With parts on order for, you know, many more than that, but as Priya mentioned, we're sort of trying to judge or be opportunistic with where to use those aircraft. So certainly, there's a planned portion of those, at least that will be used for FAA certification testing. But others we want to send to eIPP locations in order to support that testing as well as our activities in the UAE. So until you know all those things start to materialize, we have optionality for kind of how many to send to which location.

是的。所以，目前有六架飛機正在生產中。我們已經訂購了遠不止這些飛機的零件，但正如 Priya 所提到的，我們正在嘗試判斷或抓住機會，決定在哪裡使用這些飛機。所以，可以肯定的是，其中有一部分是計畫內的，至少會用於美國聯邦航空管理局的認證測試。但我們希望將其他一些樣品送到 eIPP 地點，以支援那裡的測試以及我們在阿聯酋的活動。所以，在所有這些事情開始實現之前，我們可以選擇向哪個地點發送多少貨物。

Understood. And this last question, Adam this is an interesting acquisition, this airport strategic asset for you guys. Do you think this sort of triggers a little bit of a, land grab in terms of, other sort of players or even direct participants trying to, get involved in taking ownership of such assets given, they are limited in number and some of these could be in critical locations that you know could support expansion efforts in the long-term how should we think about some of these types of assets that are adjacent to the story, that now kind of comes to the fore after this deal that you've, undertaken.

明白了。最後一個問題，亞當，這筆收購很有意思，而這座機場對你們來說是一項策略資產。你認為這是否會引發某種程度的“土地爭奪”，導致其他玩家甚至直接參與者試圖搶佔這些資產的所有權？考慮到這些資產數量有限，而且其中一些可能位於關鍵位置，可以支援長期的擴張工作。我們該如何看待這些與故事相關的資產？在你達成這項交易之後，這些資產的重要性又凸顯了出來。

I think that some of the competitors would be interested in doing that. I just don't think there are opportunities to do that. These assets just change hands so rarely and sometimes never because they're owned by the municipalities, so they're very unique in nature when they come up.

我認為一些競爭對手會對此感興趣。我認為沒有這樣的機會。這些資產很少易手，有時甚至從未易手，因為它們歸市政當局所有，所以當它們出現時，其性質非常特殊。

Again, we plan to use this asset as a hub for. Los Angeles and to really build around it and we welcome the competitors to actually use it and to kind of unify more as an industry to together help operationalize an incredible city of Los Angeles which can have a huge opportunity and there'll be plenty of room for us all to help change the urban landscape here.

我們計劃再次利用該資產作為樞紐。洛杉磯，並真正圍繞它進行建設，我們歡迎競爭對手真正利用它，並作為一個行業更加團結，共同幫助運營這座不可思議的洛杉磯市，它蘊藏著巨大的機遇，我們所有人都有足夠的空間來幫助改變這裡的城市景觀。

Understood, Thank you for that. That's all I have guys. Thank you.

明白了，謝謝。這就是我全部要說的了。謝謝。

Thank you.

謝謝。

(Operators Instructions)

（操作說明）

David Zazula, Barclays.

David Zazula，巴克萊銀行。

Hey, good afternoon. Thanks for taking my question. Yeah, I guess first, on a long-distance aircraft, I know you're, there's not that much you can say, but I guess. Is there, are there any modifications that you anticipate, to be able to use the currently flying launch edition aircraft as the conforming aircraft forecasting with the GCAA?

嘿，下午好。謝謝您回答我的問題。是的，我想首先，在長途飛機上，我知道你，你也沒什麼好說的，但是我想。為了使目前飛行中的首發版飛機能夠作為符合阿聯酋民航總局（GCAA）要求的合格飛機進行預測，您是否預計需要進行任何修改？

With regards to the certification in UAE, which is with the GCAA, as I've talked about in past calls, we've got a very detailed kind of, step by step plan for delivering data to them to support the kind of phased integration of the aircraft and ultimately getting to passenger service, in that country. A lot of that is leveraging testing we've already done or already doing with the FAA. And you know from there it's kind of tea into the discussion we had earlier around TIA and so I would just go back to our framework there of each aircraft we're building is really targeted to generate specific data to provide to regulators both in the UAE and the US in order to show compliance. So again, that kind of merged with trying to let's say balance where we put our priorities as far as allocating aircraft, we've got essentially like a lot of paths, but they'll lead to really exciting things for next year.

關於阿聯酋的認證事宜，也就是與阿聯酋民航總局 (GCAA) 進行的認證，正如我之前在電話會議中提到的，我們有一個非常詳細的分步計劃，向他們提供數據，以支持飛機的分階段整合，並最終在該國投入客運服務。其中許多都是利用我們已經完成的測試，或是已經與美國聯邦航空管理局 (FAA) 合作進行的測試。你知道，這有點像是回到了我們之前關於TIA的討論，所以我只想回到我們的框架，我們建造的每一架飛機都旨在產生特定的數據，提供給阿聯酋和美國的監管機構，以證明合規性。所以，這又和我們試圖平衡飛機分配的優先事項結合起來，我們實際上有很多條路，但它們將為明年帶來真正令人興奮的事情。

Very helpful. And then Tom, could you maybe give a little more color on any impact that the shutdown has had on, the certification timeline and the ability to progress towards the consulting aircraft in the US? Thanks.

很有幫助。湯姆，你能否再詳細說說這次停擺對認證時間表以及在美國推進諮詢飛機計畫的能力產生了哪些影響？謝謝。

Yeah, absolutely, I touched on it briefly early on the call, but we are still engaging with the FAA despite the shutdown. So on our program, some resources continue to work, which is fantastic. Others are unfortunately, not available, so hopefully that situation gets resolved soon, but in several areas, we're we're sort of unconstrained, just continuing to execute all the areas that, have approved, certain plans and we're just in execution mode.

是的，沒錯，我在通話初期也簡單提到過，但儘管政府停擺，我們仍然與美國聯邦航空管理局保持溝通。所以，我們專案中的一些資源仍然有效，這真是太好了。很遺憾，其他一些方面還無法實現，希望這種情況能盡快解決。但在某些領域，我們相對來說不受限制，可以繼續執行所有已批准的計劃，目前正處於執行階段。

Thanks so much. Much appreciate it.

非常感謝。非常感謝。

(Operators Instructions)

（操作說明）

Chris Pierce, Needham.

克里斯·皮爾斯，尼德姆。

Hey, good afternoon. Apologies if this came up earlier, but With the acquisition of Hawthorne, given it's much different, geographic footprint versus Salinas, do you have kind of carte blanche to fly test flights in that area, or do you need to talk to the regulators further given the higher population density or, just broadly kind of going into a, into basically a city?

嘿，下午好。如果之前已經提過這個問題，請見諒。收購霍桑後，考慮到它與薩利納斯在地理位置上的很大差異，您是否可以完全自由地在該地區進行試飛？還是需要考慮到更高的人口密度，或者更廣泛地說，考慮到要進入城市，您需要與監管機構進一步溝通？

So you can break this down in a couple of different ways. So this will not be used as our core test flight facility. We will still be using Salinas as our core test flight facility. Once you get kind of certain hours of maturity on the aircraft, you can start to fly and get permissions to fly in and around urban environments.

所以你可以用幾種不同的方式來分析這個問題。因此，這裡不會用作我們的核心試飛設施。我們仍將以薩利納斯作為我們的核心試飛基地。當你在飛機上累積了一定的飛行時間後，你就可以開始飛行，並獲得在城市環境及其周邊地區飛行的許可。

eIPP as an example is a way to help accelerate some of these paths. And so, the eIPP is expected to have the cities get announced in the first quarter of next year. It's expected there'll be 5, and then for flights to take place starting in the summer and so we're hopeful that Hawthorne gets picked, and that's one of the places that we can operate out of. It would make sense. It's right in the middle of all these operations that we're working on, but we'll see what happens and nonetheless we'll be still using the airport and building up the different assets here as we build into just commercializing and ultimately into the Olympics.

例如，eIPP 可以幫助加速實現這些目標。因此，預計 eIPP 的入選城市將於明年第一季公佈。預計將有 5 個機場，航班將於夏季開始運營，因此我們希望霍桑機場能夠被選中，因為那是我們可以運營的地點之一。這很有道理。它正處於我們正在進行的所有這些工作的中心，但我們會看看會發生什麼，儘管如此，我們仍將繼續使用機場，並在這裡建立不同的資產，逐步實現商業化，最終舉辦奧運會。

Okay, and did you feel like you needed to make this acquisition because maybe partners within the LA area weren't moving as fast as you like, or is that kind of just silly conjecture, or I just kind of want to get a sense of what drove you to pull the trigger beyond just these assets don't come up for sale very often.

好的，您覺得需要進行這次收購是因為洛杉磯地區的合作夥伴行動不夠迅速嗎？或者這只是您一廂情願的猜測？或者我只是想了解一下，除了這些資產不常出售之外，是什麼促使您最終決定出手？

It's just very unique, Chris. It's not, it's something like if we didn't do it now, it may never come up ever again, or at least in the, in my lifetime for us to go do something like that. And so need, I think the answer is no. I'm super opportunistic. I think the answer is definitely. And so, in the aviation world, I think this is viewed as like a, absolutely treasured asset right in the middle, of the city. This airport is three miles from LAX. So, if you think about all the complexities that are at LAX. Which we will not have to deal with. And so if you can connect this airport to LAX, it could end up being a massive terminal that is used to shuttle not just even hundreds of people, but potentially even thousands of people to the airport because you're out of the complex airspace where there's a jet landing at LAX every ninety seconds. So just the opportunities here are quite incredible and it was just something that we couldn't pass up. And so, it was viewed as something that was sort of a once in a company kind of opportunity.

克里斯，這真是太獨特了。不是這樣的，而是如果我們現在不做這件事，可能以後就再也沒有機會做了，或至少在我有生之年，我們再也沒有機會去做這樣的事了。所以，我認為答案是否定的。我非常善於把握機會。我認為答案絕對是肯定的。因此，在航空界，我認為這就像是位於城市中心的絕對珍貴的資產。這個機場距離洛杉磯國際機場（LAX）三英里。所以，想想洛杉磯國際機場 (LAX) 的所有複雜之處。而我們則無需處理這些問題。因此，如果能將這個機場與洛杉磯國際機場 (LAX) 連接起來，它最終可能會成為一個巨大的航站樓，不僅可以運送數百人，甚至可能運送數千人往返機場，因為它避開了洛杉磯國際機場每 90 秒就有一架噴射機降落的複雜空域。這裡的機會實在太難得了，我們實在不想錯過。因此，這被視為公司裡千載難逢的機會。

Okay, thank you.

好的，謝謝。

Thank you for your questions, Chris.

謝謝你的提問，克里斯。

That will conclude our analyst question-and-answer session. I would now like to pass the call back over to Adam.

我們的分析師問答環節到此結束。現在我想把電話轉回給亞當。

Thanks. So, I'm going to go, I know we're running, I'm still going to go through at least one of the retail questions that was just asked, and so the question was, with the recent deal with Korean Air, are you pursuing further EBITDA deals and agreements with other major Asian aviation conglomerates?

謝謝。所以，我要走了，我知道我們正在進行中，我還是要回答剛才提出的至少一個零售問題，問題是，隨著最近與大韓航空的交易，您是否正在尋求與其他亞洲主要航空集團達成進一步的 EBITDA 交易和協議？

So yes, I am personally spending a lot of time in the second half of this year abroad, and I've been with customers, Senior government leaders and particularly in the Middle East and in Asia, and the reception has been very strong and incredibly validating and so our model is certainly resonating. The progress that we're making in the UAE both in flight testing and on the regulatory development has driven a lot of inbound interest across the region and especially at countries that are looking to fast track commercial service with proven partners.

是的，今年下半年我個人在國外花了大量時間，與客戶、政府高級領導人，特別是中東和亞洲地區的人士進行了交流，反響非常強烈，也極大地驗證了我們的模式，因此我們的模式確實引起了共鳴。我們在阿聯酋的飛行測試和監管發展方面取得的進展，引起了整個地區，特別是那些希望與經驗豐富的合作夥伴快速推進商業服務的國家的濃厚興趣。

So, we're seeing that same momentum in Asia and in Europe as governments are looking to integrate urban air mobility into the national transportation strategies. So you've seen it in Korea and Japan where we were selected as the air taxi partners for both of the national flag carriers, and I think there's going to be a lot more coming. A lot of these conversations will converge at the Dubai Air Show, and so we look forward to sharing a lot more when the time is right.

因此，我們看到亞洲和歐洲也出現了同樣的勢頭，各國政府都在尋求將城市空中交通納入國家交通戰略。所以你們已經看到了，我們在韓國和日本被選為兩國國家航空公司的空中計程車合作夥伴，我認為未來還會有更多合作機會。許多相關討論都將在杜拜航展上匯聚，因此我們期待在適當的時機分享更多資訊。

So, with that, I think I will wrap up the call. So, I want to thank everybody for joining. This is a very meaningful time for our industry, and we are building thoughtfully and steadily towards our vision. I want to thank the team, the partners for all their work and commitment, and we look forward to sharing more progress next quarter. Thanks.

那麼，我想我的通話就到此為止吧。所以，我要感謝大家的參與。對我們這個行業來說，這是一個意義非凡的時刻，我們正在深思熟慮、穩步地朝著我們的願景邁進。我要感謝團隊和合作夥伴們的辛勤工作和奉獻精神，我們期待在下個季度分享更多進展。謝謝。

That concludes today's call.

今天的電話會議到此結束。

Thank you for your participation and enjoy the rest of your day.

感謝您的參與，祝您今天餘下的時間愉快。