Archer Aviation Inc. (ACHR) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the Archer Aviation Company Q1 2026 financial results conference call. After today's prepared remarks, we will host a question-and-answer session. (Operator Instructions)

各位好。感謝各位加入，歡迎參加 Archer Aviation Company 2026 年第一季財務業績電話會議。在今天的預先準備發言之後，我們將進行問答環節。(接線員指示)

I will now hand the conference over to Kate Kiewel, Head of Investor Relations. Kate, please go ahead.

現在我將把會議交給投資人關係主管 Kate Kiewel。Kate，請開始。

Welcome to Archer's earnings call. This is Kate Kiewel, Archer's Head of Investor Relations.

歡迎參加 Archer 的財報電話會議。我是 Archer 投資人關係主管 Kate Kiewel。

Today, we will be making forward-looking statements that are based on current assumptions. We don't undertake any obligation to update those assumptions as a result of new information or future events. Risks and uncertainties may cause our actual results to differ materially from those contemplated by these statements. For more information about potential risks and uncertainties and review the risk factors in our SEC filings.

今天，我們將做出以前瞻性陳述為主的發言，這些陳述係基於目前的假設。我們不承擔因新資訊或未來事件而更新這些假設的任何義務。風險與不確定性可能導致我們的實際結果與這些陳述所預期者存在重大差異。如需更多關於潛在風險與不確定性的資訊，請查閱我們向 SEC 提交文件中的風險因素。

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

今天，我們也將討論 GAAP 與非 GAAP 的財務衡量指標。這些指標的調節表已包含在我們今日發布的財報新聞稿中。

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

現在，我把時間交給 Adam。Adam？

Thank you and good afternoon. I want to start by stepping back because the opportunities unfolding across the aerospace and defense market right now are massive. The future is arriving all at once. The investments we are making across our civil, defense, and AI software businesses are forming a flywheel that increasingly reinforces itself. We are seeing that momentum unfold across the ecosystem.

謝謝，各位午安。我想先退一步看整體，因為目前在航太與國防市場展開的機會非常龐大。未來正同時到來。我們在民用、國防以及 AI 軟體業務上的投資，正在形成一個愈來愈能自我強化的飛輪效應。我們正看到這股動能在整個生態系中逐步展開。

The US government is leaning in. President Trump, the DOT, and the FAA delivered the eVTOL Integration Pilot Program last year, creating real-world testing environments for next generation aircraft. Recently, Archer was selected as a partner in three of the winning eIPP applications across eight states. We are on track to begin flying under that program in US cities later this year.

美國政府正積極投入。川普總統、交通部（DOT）與聯邦航空總署（FAA）於去年推出 eVTOL 整合試點計畫（eVTOL Integration Pilot Program），為下一代飛行器建立真實世界的測試環境。近期，Archer 獲選為八個州中三項獲勝 eIPP 申請案的合作夥伴。我們正按計畫於今年稍晚開始在美國城市依該計畫進行飛行。

Simultaneously, this administration is targeting to deploy over $20 billion for ATC modernization, an investment that would unlock new levels of safety and throughput across the national airspace. Foreign governments are following suit. The UAE, Saudi Arabia, Korea, Japan, and numerous others are building infrastructure and accelerating regulatory pathways to position themselves at the forefront of this new form of transportation.

同時，本屆政府目標投入超過 200 億美元用於航管（ATC）現代化，這項投資將在全國空域解鎖更高層級的安全性與通行量。外國政府也正跟進。阿聯、沙烏地阿拉伯、韓國、日本以及其他多個國家正建置基礎設施並加速法規途徑，以使其站上這種新型交通方式的最前沿。

The largest airlines worldwide are also recognizing this moment and stepping up. We already work with seven of them across our businesses, and our multi-billion dollar order book for Midnight continues to grow. The world’s biggest stages are eager to showcase this future. We are collaborating closely with the LA 2028 Olympic Games, DOT, FAA, surrounding communities, and other stakeholders to plan our launch of air taxi operations as the official provider for the games. There will be millions watching as the future is being built in America.

全球最大的航空公司也正認知到這個時刻並積極投入。我們已在各項業務中與其中七家合作，而我們針對 Midnight 的數十億美元訂單簿仍持續成長。世界最大的舞台也渴望展示這個未來。我們正與 2028 年洛杉磯奧運會、DOT、FAA、周邊社區及其他利害關係人密切合作，規劃以奧運官方供應商身分啟動空中計程車營運。屆時將有數百萬人見證未來在美國被打造出來。

Let’s focus on our air taxi progress. The reason we are positioned where we are today, a leader in the industry, traces back to the decisions that we made on day one. Archer’s path to commercializing eVTOL has always been rooted in a first principles approach, designing a safe passenger-carrying aircraft purpose-built for rapid back-to-back trips of 20 to 50 miles in urban environments at low cost with a low noise profile.

讓我們聚焦在空中計程車的進展。我們之所以能在今天站在這個位置、成為產業領導者，源自於我們從第一天起所做的決策。Archer 的 eVTOL 商業化路徑始終根植於第一性原理的方法：設計一款安全、可載客、為特定用途打造的飛行器，能在城市環境中以低成本、低噪音輪廓，進行 20 到 50 英里的快速連續往返航程。

When I entered this sector, most of the competitors had spent a decade cycling through configurations. Archer committed very early on to a partial tilt architecture designed for the air taxi use case and for FAA certification from day one. That discipline has compounded. Eight years in, no one else in the eVTOL industry has moved as fast as we have.

當我進入這個領域時，多數競爭對手已花了十年在不同構型之間反覆迭代。Archer 很早就承諾採用部分傾轉（partial tilt）架構，專為空中計程車使用情境設計，並從第一天起就以 FAA 認證為目標。這份紀律帶來了複利效應。八年過去，eVTOL 產業中沒有任何其他公司能像我們一樣推進得如此之快。

While the majority of our team is battling day to day to get through the final phase of certification and bring this new mode of transportation to market, I am focused on ensuring we future-proof our ability to scale. A type certifiable design is not enough. It requires us to solve two additional challenges.

當我們團隊的大多數成員每天都在為通過認證最後階段、並將這種新型交通方式推向市場而奮戰時，我則專注於確保我們具備面向未來、可擴張的能力。一個可取得型號認證的設計仍不足夠。我們還需要解決另外兩項挑戰。

The first key unlock is industrial scale. We need to continue pushing our entire industrial base forward here in the US, which will deliver meaningful cost and performance improvements with each new generation of Midnight. Advanced materials, new manufacturing processes, further advanced propulsion systems, and components built for volume production on the scale of autos.

第一個關鍵解鎖點是工業化規模。我們需要持續推動美國本土的整體工業基礎向前發展，這將使每一代 Midnight 都能在成本與性能上帶來顯著改善。包括先進材料、新製造流程、更先進的推進系統，以及以汽車等級的大規模量產為目標打造的零組件。

We have to prove out these innovations before the FAA will allow us to use them in commercially certified aircraft. We will deploy them first in autonomous attritable dual-use aircraft for cargo and defense, and then flow these technologies back to future iterations of Midnight, helping unlock step change improvements in cost and performance. This is just one example of how our three business lines compound on one another.

在 FAA 允許我們將這些創新用於商業認證飛機之前，我們必須先驗證它們。我們將先把它們部署在用於貨運與國防的自主、可消耗（attritable）、雙用途飛行器上，之後再把這些技術回饋到 Midnight 的未來迭代版本，協助在成本與性能上實現躍升式改善。這只是我們三條業務線如何彼此疊加增效的一個例子。

The second key unlock is modernizing our national airspace. America’s airspace today is a limiter on America’s GDP growth, and we have to give it the ability to scale. While it can likely safely handle the additional traffic we expect over the next three to five years, the long-term scale of air taxis and AAM will require the US to rework the infrastructure and software underlying air traffic control. The good news is this administration, and in particular, Secretary Duffy and Administrator Bedford, get this and are tackling it head-on.

第二個關鍵解鎖點是讓國家空域現代化。以今日的狀態而言，美國空域正在限制美國 GDP 的成長，我們必須讓它具備可擴張的能力。雖然在未來三到五年內，它很可能能安全承載我們預期的額外流量，但從長期來看，空中計程車與先進空中交通（AAM）的規模化將要求美國重塑航管背後的基礎設施與軟體。好消息是，本屆政府，特別是 Duffy 部長與 Bedford 署長，理解這一點並正面迎戰。

Today’s system was not built for the volume or the kind of traffic that’s coming over the next decade. This is why we’ve partnered with category-defining technology leaders, including Palantir, which was recently down selected as a finalist for the FAA’s SMART program, as well as NVIDIA and Starlink, both of which will bring next generation capabilities to Midnight.

現行系統並非為未來十年即將到來的流量規模或交通型態所打造。這也是為什麼我們與定義類別的科技領導者合作，包括 Palantir（近期入選 FAA SMART 計畫決選名單），以及 NVIDIA 與 Starlink；後兩者都將為 Midnight 帶來下一代能力。

We are focused on bringing the most innovative technologies to address the challenges we face. These are not adjacencies. They are the imperatives that will drive the flywheel, unlocking massive scale, but they are years-long efforts. The time to invest is now, and the good news is we are already executing against all of them.

我們專注於導入最具創新性的技術，以因應我們面臨的挑戰。這些並非周邊延伸。它們是推動飛輪效應、解鎖巨大規模的必要要件，但也都是需要多年投入的長期工程。現在就是投資的時機，而好消息是我們已在所有這些方面同步推進並落實執行。

Let me turn to how we executed this quarter. We had a banner quarter on certification. Archer became the first eVTOL company to close phase 3 of the FAA’s four-phase type certification process, and we have been advancing phase 4 in parallel for some time now. Coupled with that exciting progress, this was also our most expansive quarter for our flight test program. With piloted VTOL and CTOL flights across our expanded Midnight fleet on a nearly daily basis, and often multiple times a day.

接下來我談談我們本季的執行情況。我們在認證方面迎來了亮眼的一季。Archer 成為第一家完成 FAA 四階段型號認證流程第三階段的 eVTOL 公司，而我們也已同步推進第四階段一段時間。在這項令人振奮的進展之外，本季也是我們飛行測試計畫規模最大的一季。我們擴增後的 Midnight 機隊幾乎每天都進行有人駕駛的 VTOL 與 CTOL 飛行測試，且經常一天多次。

This quarter, we also took over operations at Hawthorne Airport in LA. We have begun modernizing it so it can serve as an air taxi and mobility hub for the city of LA and its surrounding communities, and as our innovation hub for the next generation airspace technology we are developing with our partners.

本季，我們也接手了位於洛杉磯的 Hawthorne 機場營運。我們已開始進行現代化改造，使其能作為洛杉磯市及其周邊社區的空中計程車與移動樞紐，並作為我們與合作夥伴共同開發之下一代空域技術的創新中心。

On the defense side, our work with Anduril continues to accelerate. As I discussed in my letter to the shareholders, defense procurement is a performance and cost equation. You cannot retrofit your way into the right solution. You must take a first principles approach.

在國防方面，我們與 Anduril 的合作持續加速推進。正如我在致股東信中所討論的，國防採購是一個性能與成本的方程式。你不可能靠事後改裝就得到正確的解決方案。你必須採取第一性原理的方法。

Our partnership with Anduril is doing just that. We chose to partner with Anduril because, among other strengths, they deeply understand what the US and its allies need in next generation of VTOL aircraft, beyond the legacy programs that have been entrenched for 50-plus years. Together, we have designed and begun building our clean sheet hybrid aircraft, drawing on the technologies Archer has developed for Midnight and the IP we acquired from Karem, Overair and Lilium.

我們與 Anduril 的合作夥伴關係正是在做這件事。我們選擇與 Anduril 合作，因為除了其他優勢之外，他們深刻理解美國及其盟友在下一代 VTOL 飛機方面的需求，而不僅僅是那些已盤踞 50 多年的傳統專案。我們共同設計並開始建造我們從零開始設計的混合動力飛機，汲取 Archer 為 Midnight 開發的技術，以及我們從 Karem、Overair 和 Lilium 收購的智慧財產權。

The window for these decades-long programs of record are approaching fast, and we will be ready. I continue to be amazed by what our teams can do. I firmly believe the Archer Anduril team is one of the greatest aerospace teams of this generation. Top technical fellows from Boeing, former chief engineers from Lockheed, leading PhD researchers from Stanford. You only get a chance to be part of a team like this once.

這些長達數十年的正式專案（programs of record）的窗口期正在快速逼近，而我們將做好準備。我仍然對我們團隊能做到的事情感到驚嘆。我堅信 Archer 與 Anduril 的團隊是這一代最卓越的航太團隊之一。來自波音的頂尖技術研究員、來自洛克希德的前總工程師、史丹佛的頂尖博士研究人員。你一生只有一次機會能成為這樣的團隊一員。

I believe our hybrid dual use autonomous aircraft will be the most sophisticated vertical lift platform ever developed in its category. It is not incremental, it is generational. When people see what we have built, they will recalibrate their beliefs about what America can field. I cannot wait to show it off. Stay tuned.

我相信我們的混合動力、軍民兩用的自主飛行器，將會是其類別中有史以來最先進的垂直升力平台。這不是漸進式改良，而是世代級的躍升。當人們看到我們打造的成果時，他們將重新校準對美國能部署什麼能力的認知。我迫不及待想展示它。敬請期待。

Archer is now a multi-threat company. We expect to start initial air taxi operations in US cities, begin winning phased government defense awards, and begin to deploy our AI solutions later this year. We are executing from a position of strength with $1.8 billion in liquidity. I’ve never been more confident in what Archer is building or more proud of the team building it.

Archer 現在是一家多威脅（multi-threat）公司。我們預期將在今年稍晚開始在美國城市啟動初期空中計程車營運、開始贏得分階段的政府國防獎項，並開始部署我們的 AI 解決方案。我們以 18 億美元的流動性，在強勢地位上執行。我從未像現在這樣對 Archer 正在打造的事物更有信心，也從未像現在這樣為打造它的團隊感到自豪。

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

接下來，我把時間交給 Priya。

Thanks, Adam, good afternoon, everyone. I’ll now take you through the key financial highlights for the quarter and provide our guidance for Q2. We continue to maintain a very healthy balance sheet with $1.8 billion in liquidity, one of the strongest positions in our sector. With less than $100 million in debt, our liquidity is clean, flexible and fully available to fund our strategic priorities without the overhang of significant leverage. Our spend for Q1 came in on guidance, a reflection of the rigor and intentionality we bring to every capital allocation decision.

謝謝你，Adam，各位下午好。接下來我將帶各位回顧本季的主要財務亮點，並提供我們對第二季（Q2）的指引。我們持續維持非常健康的資產負債表，擁有 18 億美元的流動性，是我們產業中最強的部位之一。在負債不到 1 億美元的情況下，我們的流動性乾淨、彈性高，且可完全用於資助我們的策略優先事項，不會受到重大槓桿負擔的拖累。我們第一季（Q1）的支出符合指引，反映出我們在每一項資本配置決策上所秉持的嚴謹與審慎。

As discussed in our last call, and in line with the updates Adam shared today, this planned increase in our spend directly correlates to the opportunities we are seeing across civil, defense and software, and the platforms we are building in each of those areas that we believe will allow us to capture a meaningful portion of the market. Our revenue for Q1 began to grow as we expanded operations at the Hawthorne Airport in LA. We expect this revenue to increase in Q2 as we continue to progress our plans to modernize that airport and its operations.

如同我們在上次電話會議中所討論的，也與 Adam 今天分享的更新一致，這項計畫性的支出增加，與我們在民用、國防與軟體領域所看到的機會直接相關；以及我們在各領域所打造的平台——我們相信這將使我們能夠掌握市場中相當可觀的一部分。我們第一季的營收隨著我們在洛杉磯霍桑機場（Hawthorne Airport）的營運擴張而開始成長。我們預期第二季營收將進一步增加，因為我們將持續推進現代化該機場及其營運的計畫。

Looking ahead, as we advance our commercial readiness with Midnight’s expanded flight test program and operations under the eIPP and in LA, make advancements in the design, development and build of our next generation hybrid autonomous aircraft platform and advance our AI software platform, we expect to slightly increase our investments for the quarter.

展望未來，隨著我們透過 Midnight 擴大的飛行測試計畫、在 eIPP 以及洛杉磯的營運來提升商業就緒度；推進下一代混合動力自主飛行器平台的設計、開發與製造；並推進我們的 AI 軟體平台，我們預期本季將小幅提高投資。

For Q2, we estimate our adjusted EBITDA loss to be in the range of $170 million to $200 million. This expansion of our investment reflects our level of conviction in the multi-billion dollar opportunities in front of us, not a deviation from discipline. We believe our multi-platform strategy is what separates Archer from the field. Our liquidity gives us the strength to execute it.

針對第二季，我們預估調整後 EBITDA 虧損將落在 1.7 億至 2 億美元之間。這項投資擴張反映的是我們對眼前數十億美元機會的信念程度，而非偏離紀律。我們相信，多平台策略正是讓 Archer 與其他競爭者區隔開來的關鍵。我們的流動性賦予我們執行該策略的實力。

With that, I will turn it back over to the operator.

接下來，我把時間交回給主持人。

(Operator Instructions)

（主持人指示）

Andres Sheppard, Cantor Fitzgerald.

Andres Sheppard，Cantor Fitzgerald。

Thank you so much for taking our questions, and congrats on all the great progress so far. Adam, for the first question, I wanted to touch on maybe defense and autonomy. It’s sounding more and more that this is going to be a big focus for Archer going forward. Just curious if you could maybe give us a bit more color there. What kind of opportunities might you be pursuing or are you excited about to the extent that you can talk about it? How should we think about defense and autonomy for Archer going forward?

非常感謝讓我們提問，也恭喜你們迄今取得的所有重大進展。Adam，第一個問題我想談談國防與自主化。聽起來這將會成為 Archer 未來越來越重要的重點。想請教你是否能提供更多細節。在你能談的範圍內，你們可能會追求哪些機會，或對哪些機會感到興奮？我們應該如何看待 Archer 未來在國防與自主化方面的布局？

I’m going to let Tom answer that question to go through some of the defense opportunities. As you might recall, I’ve explained in the past, Tom has been leading the defense platform while Benjamin has been really pushing hard to get the Midnight platform through certification, but I’ll turn it over to Tom.

我會讓 Tom 來回答這個問題，說明一些國防方面的機會。如你可能記得，我過去解釋過，Tom 一直在領導國防平台，而 Benjamin 則一直全力推動 Midnight 平台取得認證；我把時間交給 Tom。

Well, Adam touched on some of the themes earlier in the call, but just to kind of like recap how we can get them out defense. Going back to the beginning of Archer, it was all about building towards a mission and taking a first principles approach. And so, Midnight was optimized around this mission of moving people in and out of cities. It’s optimized for low cost, high safety, low noise, and obviously designed bottoms up for certain manufacturing.

Adam 在電話會議前面已提到一些主題，但我想稍微回顧一下我們如何切入國防。回到 Archer 創立之初，一切都是為了朝向一個任務目標打造，並採取第一性原理的方法。因此，Midnight 是圍繞著「將人員運送進出城市」這個任務來最佳化。它針對低成本、高安全性、低噪音進行最佳化，並且顯然是自下而上為特定製造方式所設計。

Initially, we looked at if we could use a version of Midnight for defense. We did work with the Air Force over the years, and there might be some niche applications there. But for the significant opportunities, the ones with the largest need that we’re targeting now, like you can’t expect to modify Midnight and have that function well for this different mission. It just doesn’t make sense.

一開始，我們評估是否能用某個版本的 Midnight 來滿足國防用途。多年來我們確實與空軍合作過，可能也存在一些利基應用。但對於我們目前鎖定的重大機會——也就是需求最大、規模最大的那些——你不能指望改一改 Midnight 就能在這個不同任務上表現良好。這樣做根本不合理。

As we’ve said, we’re developing a clean sheet new aircraft that’s a hybrid vehicle, partnering with Anduril. Again, we’ve taken this first principles approach for that aircraft, but it’s obviously optimized around a different mission. This dual use mission we’re looking at has very specific payload, speed, range, cost targets, obviously quite different from Midnight.

如同我們所說，我們正與 Anduril 合作，開發一款從零開始設計的全新飛機，這是一種混合動力載具。同樣地，我們對那款飛機採取第一性原理的方法，但它顯然是針對不同的任務進行最佳化。我們所看的這個軍民兩用任務，對載重、速度、航程、成本都有非常明確的目標，顯然與 Midnight 大不相同。

I can’t get into the details on any of those numbers, but we’re now like pretty far into the development of this vehicle, and I’m confident it’s going to be a pretty incredible machine. Based off of that progress and what we’ve seen from some of the customers that we’re targeting, we’ve got a really strong conviction and optimism that our aircraft is going to be selected for some of these very large opportunities that are coming up in defense. Our goal is to show that aircraft later this year and ultimately win some of these phased down-selects this year. Super exciting time.

我無法透露任何這些數字的細節，但我們目前在這款載具的開發上已經相當深入，我有信心它將會是一台非常令人驚豔的機器。基於這些進展，以及我們從一些目標客戶那裡看到的回饋，我們對於我們的飛機將在國防領域即將出現的一些非常大型機會中被選中，抱持非常強的信念與樂觀。我們的目標是在今年稍晚展示該飛機，並最終在今年贏得其中一些分階段的縮選（down-select）。這是一個非常令人振奮的時刻。

Wonderful. Got it. That’s super helpful. I appreciate all that color. Maybe just as a quick follow-up, I’m curious if we can get an update on piloted transition flight. Any updates there, or when should we be targeting it?

太好了。了解。這非常有幫助。感謝你提供這些補充說明。也許再快速追問一下，我想了解一下有人駕駛的轉換飛行（transition flight）試飛進度。那邊有任何更新嗎？或我們應該把目標時間點放在什麼時候？

Yeah, Andres. This is Benjamin. Thanks for the question. Like we were saying, we’re already very much in the midst of our piloted VTOL test campaign, and we’ve been rapidly expanding our cadence. We’re flying multiple aircraft multiple times a day. Really the focus right now is on progressing and advancing through more and more complex test points ahead of full transition. Really central to that is the software verification and validation, which requires a higher level of rigor for piloted operations. We’re working through that methodically and we’re confident in the timeline.

好的，Andres。我是 Benjamin。謝謝你的提問。如同我們剛才提到的，我們已經正處於有人駕駛 VTOL 測試活動的進行中，而且我們正在快速提高測試頻率。我們每天讓多架飛機進行多次飛行。目前的重點其實是在完成全面轉換（full transition）之前，持續推進並完成越來越複雜的測試點。其中的核心是軟體驗證與確認（verification and validation），因為有人駕駛作業需要更高等級的嚴謹度。我們正有系統地推進這些工作，並且對時程有信心。

Just a little bit more color on that, we’ve moved through the hover regime, which is that first phase, faster than any prior phase. This is the fastest we’ve progressed from a first flight through this point in a test campaign and also with the fewest issues. We’re not too far away, but it’ll be in the second half of the year. Our goal is to complete piloted transition and enter eIPP operations this year.

再補充一點，我們已經通過懸停（hover）區間，也就是第一階段，而且速度比以往任何階段都更快。這是我們在一次測試活動中，從首次飛行推進到這個節點最快的一次，同時問題也最少。我們距離目標不算太遠，但會落在今年下半年。我們的目標是在今年完成有人駕駛轉換，並進入 eIPP 營運。

Edison Yu, Deutsche Bank.

Deutsche Bank 的 Edison Yu。

I wanted to ask about the ATC modernization efforts that you cited and the need for it in the US. Can you give us a sense what kind of ecosystem you envision for this and sort of what are the roles of the various parties, whether it’s some of those partners that you mentioned like Palantir, the airlines, just how the kind of stakeholders, everything kind of comes together to get this ATC modernized?

我想問一下你們提到的空中交通管制（ATC）現代化努力，以及美國對此的需求。你能否談談你們對這個生態系的想像，以及各方角色大概會是什麼？不論是你提到的合作夥伴例如 Palantir、航空公司等，各類利害關係人如何協作，讓 ATC 得以現代化？

Thanks, Edison. This is a new and really evolving discussion that’s taking place right now, but the good news is we’ve been working on our broader AI products, specifically around ATC solutions for several years now. There are lots of different groups that are participating. Palantir, for example, one of our partners, is participating in the SMART program.

謝謝，Edison。這是一個正在發生、而且快速演進中的新討論；不過好消息是，我們在更廣泛的 AI 產品上、特別是 ATC 解決方案方面，已經投入了好幾年。目前有很多不同的團體都在參與。例如 Palantir，我們的合作夥伴之一，就正在參與 SMART 計畫。

Whether Palantir wins or not, I think Archer has an opportunity to be part of the modernization effort, as we’ve already built a lot of tools that I think can add a lot of value. We haven’t shown our solutions publicly as it’s still a very competitive space, but we do intend to show it pretty soon. More on that to come.

不論 Palantir 最終是否得標，我認為 Archer 都有機會成為現代化努力的一部分，因為我們已經打造了許多工具，我認為能帶來很大的價值。由於這仍是高度競爭的領域，我們尚未公開展示我們的解決方案，但我們確實打算很快就會對外展示。後續會有更多消息。

Okay. Just on back to the commercial side, I know you talked about scaling and the importance of that. As you kind of do your work and evaluate the manufacturing process, what are you finding to be the biggest bottlenecks, if any? How are you sort of addressing those?

了解。回到商業面，我知道你們談到擴產（scaling）以及其重要性。當你們在推進工作並評估製造流程時，你們發現最大的瓶頸（如果有的話）是什麼？你們又是如何因應的？

Today a lot of our work really has to do with getting the aircraft through the certification process. We got through the third phase of certification, which was a big deal because completing all that really unlocked our ability to go through now the TIA process. When your means of compliance is not finished, that means you likely have existing issue papers, which are things that you are unwilling to agree to, meaning things that you can’t actively solve. When we solved all those and we were able to agree, it really unlocked really our ability to keep moving through this process and ultimately get through TIA and certification.

目前我們很多工作其實都與讓飛機通過認證流程有關。我們已經完成第三階段的認證，這是一個重大里程碑，因為完成這些工作，確實讓我們現在能夠進入 TIA 流程。當你的符合性方法（means of compliance）尚未完成時，通常代表你可能仍有既存的議題文件（issue papers），也就是你不願意同意的事項，意味著你無法主動解決的問題。當我們把這些都解決並達成一致後，就真正解鎖了我們持續推進流程的能力，最終能通過 TIA 與取得認證。

On the manufacturing front, a lot of the work that we’re doing has to do with putting the processes and manufacturing tools and equipment in place to allow us to scale. We have put in place, as we’ve been building out this first initial fleet of 8 to 10 aircraft, but ultimately building towards that, 50 aircraft per year, production capacity.

在製造端，我們正在做的很多工作，是把流程、製造工具與設備建置到位，以便我們能夠擴產。在打造第一批初始機隊（8 到 10 架）時，我們已經逐步把這些建置起來，但最終目標是朝向每年 50 架的產能。

We’ve been working through the tooling to go do that, and really it has to do with the timeline of type certification. Once we get through the certification side, we can really scale our production side. Of course, all this is just trying to balance the eIPP with our own certification flight, test program with the Launch Edition program.

我們一直在推進相關工裝（tooling），而這其實與型號認證（type certification）的時程密切相關。一旦我們在認證端完成，我們就能在生產端真正放大規模。當然，這一切也都是在嘗試平衡 eIPP 與我們自身的認證飛行測試計畫，以及 Launch Edition 計畫。

James Kirby, JPMorgan.

JPMorgan 的 James Kirby。

Maybe just following up with the previous questions. You mentioned you’ve been advancing your work in phase 4 for some time now. Do you mind just expanding on that in terms of what milestones are left or what should we be looking for for what remains for progress in that stage?

我想延續前面問題追問一下。你提到你們在第四階段已經推進了一段時間。你介意再多展開說明一下嗎？例如還剩下哪些里程碑，或我們應該關注這個階段接下來還有哪些進展？

Sure. This is Benjamin. As we talked about, we just completed phase 3, and we’re deep into phase 4, and what this really means is we don’t have any unsolvable technical challenges and we’re deep into execution. Our -- while this is not easy, the rules are in place, and we’ve got our means of compliance done. The next step is really in making sure that all of our certs, which are now materially in final form, working with the FAA in order to get through those administrative processes to get full approval.

當然。我是 Benjamin。如同我們提到的，我們剛完成第三階段，目前已深入第四階段；這真正代表的是，我們沒有任何無法解決的技術挑戰，並且正深入執行。雖然這不容易，但規則已經到位，而且我們的符合性方法也已完成。下一步主要是確保我們所有的認證項目（certs）——目前在實質上已接近最終版本——與 FAA 合作完成行政流程，以取得完整核准。

Okay, that makes sense. I appreciate that. I guess for my second question, there was a House bill that was signed last month in Florida for Vertiport network build-out. Adam, maybe just your thoughts there in terms of the infrastructure build-out needed to align with the eIPP. Is there more needed? How do you expect it to ramp up kind of over the next three years once the eIPP starts?

好的，這樣就說得通了。謝謝你的說明。我第二個問題是，佛羅里達州上個月簽署了一項眾議院法案，用於垂直起降場（Vertiport）網路的建置。Adam，想請你談談為了配合 eIPP 所需的基礎設施建置。是否還需要更多投入？你預期在 eIPP 啟動後的未來三年，會如何逐步加速擴張？

The infrastructure is really going to be kind of a mix of public-private partnerships. We’ve been working on the infrastructure side for several years now. Domestically, we focused on a lot of what turned out to be the EIPP markets, New York, Florida, and then ultimately California.

基礎設施將會是公私協力（public-private partnerships）的混合模式。我們在基礎設施端已經投入好幾年。在美國國內，我們聚焦在許多後來成為 EIPP 市場的地區：紐約、佛羅里達，最終還有加州。

On the New York side, we worked with the Port Authority and then some of the private airports. On the Florida side, we’ve worked with Related, Hard Rock, and we’re targeting from Miami all the way up to West Palm Beach. In California, Los Angeles has been our kind of central focus where we took control of the Hawthorne Airport. We partnered with SoFi Stadium, USC, and then a bunch of the major FBOs ahead of LA ’28.

在紐約方面，我們與港務局（Port Authority）以及一些私人機場合作。在佛羅里達方面，我們與 Related、Hard Rock 合作，並鎖定從邁阿密一路到西棕櫚灘（West Palm Beach）的路線。在加州方面，洛杉磯一直是我們的核心重點，我們接手了 Hawthorne 機場的營運控制。我們也與 SoFi Stadium、USC，以及多家主要的 FBO 合作，為 LA ’28 之前做準備。

You’re seeing really this nice mix of groups that are coming into place. As it relates directly to the EIPP, we’re still really finalizing a lot of the details with the different cities, with the different specific routes, there’s still more to come. What it’s really done is really opened up the level of interest, and we’ve now seen just a lot of folks that want to partner on this side. I think you’ll start to see that expand.

你會看到有一個很好的組合，各類團體都逐步到位。就與 EIPP 的直接關聯而言，我們仍在與不同城市就各條具體航線等細節做最後敲定，後續還會有更多資訊。這些進展確實大幅提升了市場興趣，我們現在也看到很多夥伴希望在這一端合作。我認為你將會開始看到這個版圖擴大。

We’ve also done a lot of work with BETA in really talking through the charging infrastructure that is going to be necessary there. I think you’ll see the industry come together, the different cities come together, and then public-private partnership come together to build all the infrastructure needed.

我們也與 BETA 做了大量工作，深入討論那裡將需要的充電基礎設施。我認為你會看到產業凝聚起來、不同城市凝聚起來，並且公私部門夥伴關係也會凝聚起來，共同建設所需的全部基礎設施。

Austin Moeller, Canaccord Genuity.

Austin Moeller，Canaccord Genuity。

Just my first question, can we talk about the restricted type certificate that was issued for the Midnight in the UAE, and what kind of flight tests can be performed under the restricted type certificate, and can that data be fed back to the FAA to facilitate certification in the US?

我第一個問題是，我們能否談談在阿聯酋為 Midnight 核發的受限型式證書（Restricted Type Certificate），在該受限型式證書下可以進行哪些類型的飛行測試？以及這些數據是否可以回饋給 FAA，以促進在美國的認證？

What we’ve been working on with the UAE has been transitioning Midnight into the Restricted Type Certificate program, and this is just a difference from what we had been previously working on, which was called the Type Qualification. The Restricted Type Certification program is more of an internationally recognized pathway that would allow Midnight to begin limited commercial operations. We are still working through that.

我們與阿聯酋合作的重點，是將 Midnight 轉入受限型式證書計畫；這與我們先前推進的、稱為型式資格（Type Qualification）的路徑不同。受限型式認證計畫更像是一條國際上被認可的途徑，可讓 Midnight 開始有限度的商業營運。我們仍在推進相關工作。

This will help us launch accelerate our Launch Edition program in the UAE and allow for early commercial operations in Abu Dhabi, which we work with Abu Dhabi Aviation to fulfill. Ultimately, what it does is gives us an ability to generate early revenue and early real-world flight experience.

這將幫助我們加速在阿聯酋推出 Launch Edition 計畫，並允許在阿布達比進行早期商業營運；我們與 Abu Dhabi Aviation 合作來落實這些營運。最終而言，這讓我們能夠產生早期營收與早期的真實世界飛行經驗。

Okay. I was wondering if you could comment on the opportunity to help improve the aerospace infrastructure with Palantir. Do you see that as providing software or hardware to, or specifically software to the FAA to deconflict airspace, or do you view it more as using eVTOLs as a vector to test these technologies before they’re implemented on aircraft nationwide?

好的。我想請你評論一下與 Palantir 合作、協助改善航太基礎設施的機會。你們是否認為這是在向 FAA 提供軟體或硬體（或更具體地說是軟體）以進行空域去衝突（deconflict airspace）？還是你們更把 eVTOL 視為一個載體，用來在這些技術於全國航空器上實施之前先行測試？

A lot of this is still new and being worked on, but from the Archer perspective, we’ve been working on the application layer, so actual software that would be used. We think about this because there’s sort of a flywheel that we need to create. We’re not just building aircraft. We have to build aircraft that ultimately can scale, and because the air traffic control system is constrained, it will limit what we can do.

其中很多仍屬新領域，還在推進中；但從 Archer 的角度，我們一直在做應用層，也就是實際會被使用的軟體。我們之所以這樣思考，是因為我們需要創造一個某種「飛輪效應」。我們不只是造飛機。我們必須打造最終能夠規模化的飛機；而由於空中交通管制系統存在瓶頸，它將限制我們能做的事情。

We want to participate in any way we can. Even if it meant that we are ultimately not generating significant amounts of revenue, it’s still really valuable in order to help the larger flywheel of the industry expand. That being said, we do have some very neat products that we’ve been working on that ultimately I do think will become adopted and can generate significant revenue. We’ve really focused more on the application layer versus a Palantir of the world that’s focusing more on the integration layer.

我們希望以任何方式參與其中。即便最終不一定能帶來可觀的營收，為了協助整個產業的飛輪擴張，仍然非常有價值。話雖如此，我們確實也在開發一些非常不錯的產品；我最終確實認為它們會被採用，並且能產生可觀的營收。相較於像 Palantir 這類更聚焦於整合層（integration layer）的公司，我們更專注在應用層（application layer）。

Savanthi Syth, Raymond James.

Savanthi Syth，Raymond James。

I think this is Edison’s question, if I might follow up on. Just curious, how many aircraft have you built with this kind of current configuration, where you’re doing plan to do transitions life as well? Just kind of curious as you launch the eIPP program and you’re doing certification as well, like how many aircraft do you expect to need and to have built this year?

我想這是 Edison 的問題，如果我可以接著追問。我只是好奇，你們以目前這種配置已經打造了多少架飛機？也就是你們計畫也要做轉換飛行（transition flights）的那種配置。另外，當你們啟動 eIPP 計畫、同時也在做認證時，今年你們預期需要多少架、並且會打造多少架飛機？

Thanks, Savi. We have two aircraft that are flying today, and we’re still working through that initial fleet of 8 to 10 aircraft. Those are going to be allotted across the cert, flight test program, eIPP, Launch Edition, as well as we’re putting in place the infrastructure to ramp production to up to 50 aircraft per year. It’s really a mix of the two.

謝謝，Savi。我們目前有兩架飛機正在飛行，我們仍在推進最初那批 8 到 10 架的機隊。這些飛機將分配到認證、飛行測試計畫、eIPP、Launch Edition；同時我們也在建置基礎設施，把產能爬坡到每年最多 50 架。基本上是兩者的混合。

Just another follow-up on the defense side. I know you have some US programs everywhere you’re going after. You also have some UK. I was curious if there’s any pacing that we should consider between the US and UK programs.

再追問一個關於國防端的問題。我知道你們在美國有一些正在爭取的專案。你們在英國也有一些。我想了解的是，在美國與英國的專案之間，是否有任何我們需要考量的節奏差異？

Yeah. Hey, Savi, this is Tom. As you’re aware, there’s interest around the world for vehicles like we are developing now with Anduril. There is an active program that the UK MOD is working through their kind of procurement process that we’re competing for along with Anduril. Can’t talk about any details there, but I think it just goes to show that the opportunity is massive. It’s not just one country.

是的。嗨，Savi，我是 Tom。如你所知，全球各地都對我們現在與 Anduril 正在開發的這類載具很感興趣。英國國防部（UK MOD）正在依其採購流程推進一個進行中的專案，我們與 Anduril 一起參與競標。我不能談任何細節，但我認為這顯示機會非常巨大。不只是一個國家。

I’ll kind of follow up there as well, Savi. There’s new capabilities that have become very clear that the global governments are interested in. As we’ve identified those new opportunities, it has just become very clear that there is an aircraft that we can build that can meet that need, and it can leverage a lot of the tools, the systems, the supply chain that we’ve already put in place for the core Midnight aircraft, even though it’s a new type of aircraft.

我也補充一下，Savi。有一些新的能力需求已變得非常明確，全球各國政府都對此感興趣。當我們辨識出這些新機會後，也非常清楚：我們可以打造一款能滿足該需求的飛機，而且即便它是一種新型飛機，仍可沿用我們已為核心 Midnight 飛機建立的許多工具、系統與供應鏈。

That being said, we’ve taken the Anduril approach, where we are building early ahead of these programs being announced because by the time they get announced, we want to be in position to win them. As we’ve gone down that path, what we’re building has turned out to be pretty incredible, and that’s why we’ve had a lot of confidence in that this product will become very interesting around the world.

也就是說，我們採取了 Anduril 的做法：在這些專案正式公布之前就提前開始打造，因為等到它們公布時，我們希望已經處於能夠贏得標案的位置。沿著這條路走下來，我們正在打造的東西結果相當令人驚艷；這也是為什麼我們對這項產品在全球範圍內會變得非常有吸引力，抱持很高的信心。

You’ll have to wait and see what happens. I guess we’ll all have to wait and see what happens, but we have a increased level of conviction that the aircraft that we’re building is going to have global demand and become very interesting.

你得等著看會發生什麼。我想我們都得等著看會發生什麼，但我們對正在打造的這款飛機將具備全球需求、並且會變得非常有吸引力的信念更強了。

Amit Dayal, HC Wainwright & Co.

Amit Dayal，HC Wainwright & Co.。

Thank you. Greetings, everyone, and congrats on all the progress. Adam, one question on the burn for this year. How much of that is going towards manufacturing preparedness?

謝謝。各位好，也恭喜你們取得的所有進展。Adam，我有一個關於今年現金消耗（burn）的問題。其中有多少是用於製造準備（manufacturing preparedness）？

Thanks, Amit. Let me just give the bigger picture here, and then I’ll let Priya provide some more specifics. We are executing a multi-platform strategy across civil and defense. In the defense side, it’s a generational product. It’s not something that’s simply being hybridized, so that does take real investment. The good news is that we have already obviously invested in a world-class engineering team, infrastructure, testing assets, and we’re deploying that across both of our platforms.

謝謝，Amit。我先從更宏觀的角度說明，然後再請 Priya 提供更具體的細節。我們正在民用與國防領域執行多平台策略。在國防端，這是一項世代級產品。它不是單純做混合動力化（hybridized）而已，因此確實需要實質投資。好消息是，我們顯然已經投資建立了世界級的工程團隊、基礎設施與測試資產，並且正把這些部署到我們的兩個平台上。

But as our certainty has increased that we will win some of these defense contracts, it’s given us the ability to go out there and spend more. The good news is if we do win a defense contract, there will be dollars awarded, which will help offset the spend. If we don’t win a defense contract, we will immediately cut the spend. You’ll likely see a few quarters of elevated spend, followed by a potential to reduce that from current levels.

但隨著我們對於將贏得其中一些國防合約的確定性提高，這也讓我們有能力走出去投入更多支出。好消息是，如果我們確實贏得國防合約，將會有資金撥付（dollars awarded），有助於抵銷這些支出。如果我們沒有贏得國防合約，我們會立即削減支出。你們很可能會看到幾個季度的支出偏高，之後有機會從目前水準下調。

Amit, just digging a little bit deeper, right? Specific to the quarter, as you talked about earlier, we’re ramping spend in two core areas. Adam talked about our increased spending on the defense platform. And then on the other one, as you rightly highlighted, right, on the Midnight program. As we’re advancing our commercialization efforts, we are increasing our spend in Midnight for the flight test expansion and ramping the production efforts ahead of the operations in eIPP and other launch markets. Again, we expect this elevated levels to be short-lived, and then potentially come down thereafter.

Amit，我們再稍微深入一點，好嗎？就本季而言，如同你先前提到的，我們正在兩個核心領域加速提升支出。Adam 談到我們在國防平台上的支出增加。另外一個方面，如你正確指出的，就是 Midnight 計畫。隨著我們推進商業化工作，我們正在增加 Midnight 的支出，用於擴大飛行測試，並在 eIPP 與其他啟動市場的營運之前，加速提升產能與生產準備。同樣地，我們預期這種較高的支出水準只是短期現象，之後可能會回落。

Understood. Thank you for that, guys. Just follow-up to that, is there any certification activity going on for the manufacturing facilities that are in place so far?

了解。謝謝你們的說明，各位。就此追問一下，目前已建置的製造設施是否正在進行任何認證相關作業？

Hey, Amit. Yes, there is. We’ve been working through the production certificate as well. We will try to time that as well with our type certificate progress.

嗨，Amit。是的，有在進行。我們也一直在推進生產證書（production certificate）的相關工作。我們也會嘗試把這個時程與我們型式證書（type certificate）的進度相互配合。

Chris Pierce, Needham.

Chris Pierce，Needham。

Oh, hey, just one big picture question and one kind of near-term question. I guess when I hear you guys talk about the defense opportunity, is there a world where in three to five years, Archer is primarily a defense company and the Midnight is sort of I mean, backburner is not the right word, but it’s something where you see an opportunity, you’re winning contracts, you’re ramping your manufacturing there, and that’s a large company, and that’s sort of a path? Or will you always sort of want to work on both these paths because of both opportunities?

嗨，我有一個宏觀問題和一個偏近期的問題。我想，當我聽你們談國防機會時，是否存在這樣一種情境：在三到五年內，Archer 主要成為一家國防公司，而 Midnight 則是——我的意思是，「擱置」不是最貼切的詞——但它變成你們看到機會時才推進的項目；你們在國防端贏得合約、提升製造規模，然後公司規模變得很大，這會是一條路徑嗎？還是你們會一直希望同時走這兩條路，因為兩邊都有機會？

It’s a good question, Chris. From a big picture perspective, I think the opportunity for civil products is substantially larger than the opportunity for defense products because we’re talking about global use by the consumers. The analogy or sort of example I like to give is if you think about selling a few dozen of aircraft in the top 1,000 markets, you can build or sell over $100 billion worth of aircraft. That is a pretty large number to think about.

這是個好問題，Chris。從宏觀角度來看，我認為民用產品的機會遠大於國防產品的機會，因為我們談的是全球消費者的使用。我喜歡用的類比或例子是：如果你想像在前 1,000 個市場中，每個市場賣出幾十架飛機，你就能建造或銷售超過 1,000 億美元的飛機。這是一個相當可觀的數字。

On the defense side, it will be more targeted and it will go to US allies for specific use cases. I do think that the defense market will ultimately be smaller. That being said, the beauty of the defense market is you can start to deploy some of these aircraft not going through the same type of FAA type certification process, which means it could be faster and you can also start to use advanced materials and advanced processes that can ultimately lead to a better civil product.

在國防端，會更具針對性，並會提供給美國盟友，用於特定使用情境。我確實認為國防市場最終會比較小。不過，國防市場的優勢在於，你可以在不必走同樣的 FAA 型式認證流程下部署部分飛機，這代表速度可能更快；同時你也可以開始使用先進材料與先進製程，最終有助於打造更好的民用產品。

That’s the flywheel that we are trying to create. We’re trying to build amazing products that reinforce each other, that ultimately allow for a big market in both. I do think it’s the type of thing where we will be involved in both, but ultimately I think the civil products will be bigger.

這就是我們想要創造的飛輪效應。我們希望打造彼此相互強化的卓越產品，最終讓兩個市場都能做大。我確實認為我們會同時參與兩者，但最終民用產品會更大。

Okay. More near term, going back to Savi’s question, it sounds like you have the two aircraft now working to build eight more, but you need to keep a certain amount of aircraft, I’m assuming, in Northern California or in Hawthorne, I guess now. What should we expect for EIPP deployment? Should it be multiple aircraft per site, or will it be more likely one aircraft and maybe more likely flying CTOL cargo? Like what would be disappointing? What would be upside surprise? I just want to get a sense of where expectations should be.

好的。更近期一點，回到 Savi 的問題，聽起來你們現在有兩架飛機在運作，用來再打造另外八架，但我猜你們需要保留一定數量的飛機在北加州，或現在是在 Hawthorne。那我們對 eIPP 部署應該期待什麼？會是每個據點多架飛機，還是更可能是一個據點一架，並且可能更多是飛 CTOL 貨運？什麼情況會令人失望？什麼情況會是上行驚喜？我只是想了解市場預期應該放在哪裡。

We are still in talks with the different eIPP markets and partners, and we are waiting to see the different cities and routes that ultimately come to fruition, but we are balancing our own certification process against eIPP opportunity, against the Launch Edition opportunity. We are building to be able to support all three of those, but we are going to have to weigh those different opportunities. As there is more clarity on it, we will start to give you more detailed information.

我們仍在與不同的 eIPP 市場與合作夥伴洽談，也在等待看看最終會落地的城市與航線有哪些；同時我們也在平衡自身的認證流程、eIPP 機會，以及 Launch Edition 的機會。我們正在建置能力以支援這三者，但我們必須權衡不同機會的取捨。隨著情況更明朗，我們會開始提供更詳細的資訊。

Now I would like to turn the call over to Adam for our retail questions. Adam, please go ahead.

現在我想把電話會議交給 Adam，回答我們的散戶提問。Adam，請開始。

We received a question that I thought was a bit more personal that might relate to a lot more people, and it was, I’m a real person who doesn’t have an apartment in New York who won’t be flying to a house in the Hamptons. How will I be able to use Midnight?

我們收到一個我覺得比較貼近個人、也可能與更多人相關的問題：我是一個普通人，沒有在紐約的公寓，也不會飛去漢普頓的房子。我該如何使用 Midnight？

I think it’s a great question, and I think it’s an important one. This product was not designed for the rich. It was designed for the masses. We are targeting use cases that are applicable to most people. A typical example that we like to give is flying from city center to an airport. I grew up in Tampa, Florida, and it took me an hour to get to the airport.

我認為這是個很好的問題，而且也很重要。這個產品不是為富人設計的。它是為大眾設計的。我們鎖定的是對大多數人都適用的使用情境。我們常舉的典型例子是從市中心飛到機場。我在佛羅里達州坦帕長大，去機場要花我一個小時。

If you’re able to fly over the water and fly 150 miles per hour in a straight line, that would be a real shortcut. If I was able to do that at a similar cost of rideshare, that would be an attractive alternative as just another normal guy growing up in Florida. Hopefully you can see yourself in a product like this and know it is made for everyone and not just for the select few. I’ll turn back to the operator.

如果你能飛越水面，以每小時 150 英里的速度直線飛行，那會是一個真正的捷徑。如果我能以接近共乘（rideshare）的成本做到這件事，對於像我這樣在佛州長大的普通人而言，這會是一個很有吸引力的替代方案。希望你能在這樣的產品中看到自己，並知道它是為每個人打造的，而不是只為少數人。我把時間交回給主持人。

Thank you very much. There are no further questions at this time. I would now like to turn it back to Adam for any closing remarks.

非常感謝。目前沒有其他問題。現在我想把時間交回給 Adam，請他做結語。

Thank you everyone for dialing in and listening to us. We’ll talk to you next time.

感謝各位撥冗來電並收聽我們的分享。我們下次再聊。

This concludes today’s call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。