Archer Aviation Inc. (ACHR) 2026 Q2 法說會逐字稿

Hello, everyone. Thank you for joining us and welcome to the Archer Aviation Second Quarter Financial Results Conference Call.

各位好。感謝各位加入我們，歡迎參加 Archer Aviation 2024 年第二季財務業績電話會議。

(Operator Instructions) I'll now hand the conference over to Kate Kiewel, Head of Investor Relations. Please go ahead.

(接線員指示) 我現在把會議交給投資人關係主管 Kate Kiewel。請開始。

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

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

Welcome to Archer's earnings call. This is Kate Kiewel, Archer's Head of Investor Relations. 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, review the risk factors in our SEC filings. 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. Now, I'll turn it over to Adam. Adam?

歡迎參加 Archer 的財報電話會議。我是 Kate Kiewel，Archer 的投資人關係主管。今天，我們將發表以前瞻性陳述為主的內容，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。如需了解潛在風險與不確定性的更多資訊，請查閱我們向 SEC 提交文件中的風險因素。今天，我們也將討論 GAAP 與非 GAAP 財務衡量指標。相關指標的調節表已包含在我們今日發布的財報新聞稿中。現在，我把時間交給 Adam。Adam？

Thanks, Kate. Today marks an important inflection point for Archer. Let me spend some time walking you through the rationale for the exciting transaction we announced with Boeing earlier today. We entered into agreements to acquire three highly innovative Boeing-owned companies, Wisk Aero, Institute, and SkyGrid, in exchange for Boeing taking a strategic equity stake in Archer. We anticipate closing the transaction by the end of the year. This partnership will help accelerate the evolution you've heard me talk about for a long time. Archer is a diversified aerospace and defense platform with a physical AI product portfolio that will span air taxis, unmanned aircraft systems from Group 2 to Group 5, purpose-built AI for aviation, and the vertical technology stack for autonomous flight. Let me walk you through how we got here.

謝謝你，Kate。今天對 Archer 而言是一個重要的轉折點。我想花點時間帶各位了解我們今天稍早宣布與波音（Boeing）達成這項令人振奮交易的理由。我們已簽訂協議，將收購三家由波音持有、極具創新能力的公司：Wisk Aero、Institute 與 SkyGrid；作為交換，波音將在 Archer 取得策略性股權投資。我們預期在今年年底前完成交易交割。這項合作將有助於加速我長期以來一直談到的演進。Archer 是一個多元化的航太與國防平台，擁有實體 AI（physical AI）產品組合，將涵蓋空中計程車、Group 2 至 Group 5 的無人航空系統、專為航空打造的 AI，以及用於自主飛行的垂直整合技術堆疊。我來帶各位回顧我們如何走到今天。

I founded Archer with one goal, finding the most efficient path to commercializing air taxis, and built a world-class team to do it. We remain incredibly focused on this goal, as air taxi will always be core to our mission, and Midnight is well on its way. We went from an unknown in 2018 to the front of the pack on FAA certification today. Defense, as I've been saying for the last 18 months, is becoming one of the largest near-term markets for the VTOL industry. We first announced our partnership with Anduril at the end of 2024. Palmer Luckey, one of the founders, had come to me with a concept for an autonomous dual-use loyal wingman for attack reconnaissance helicopters like Apache, and they chose Archer's team to build it alongside them. Since then, our teams have been building this aircraft together.

我創立 Archer 只有一個目標：找到將空中計程車商業化的最高效率路徑，並為此打造一支世界級團隊。我們仍然高度聚焦於這個目標，因為空中計程車永遠是我們使命的核心，而 Midnight 正穩步推進。我們從 2018 年時的無名之輩，走到今天在 FAA 認證上位居領先群。正如我過去 18 個月一直在說的，國防正成為 VTOL 產業近期最大的市場之一。我們在 2024 年底首次宣布與 Anduril 的合作夥伴關係。共同創辦人之一 Palmer Luckey 曾帶著一個概念來找我：為阿帕契（Apache）等攻擊偵察直升機打造一款可自主運作、軍民兩用的「忠誠僚機」，而他們選擇由 Archer 的團隊與他們並肩打造。自那時起，我們的團隊一直共同開發這款飛行器。

Archer took all our learnings from years of eVTOL development, airframe design, rotors, powertrain, and actuation systems, knowledge from the Midnight program, and put it into something new, a clean-sheet autonomous hybrid aircraft platform for both commercial and defense. Last month at Farnborough, we jointly revealed the Halo Thunder platform, and I'm confident it is revolutionary, not evolutionary. Unlike what many others are doing, this is a clean-sheet first principles approach targeting both commercial use cases, including logistics, humanitarian, medical, and maritime, as well as multi-decade defense programs of record with allied forces. This is why for the past year, we've been assembling a world-class Halo Thunder team focused on developing this platform. With this transaction with Boeing, we can utilize Wisk's incredible talent to round out that team.

Archer 將多年 eVTOL 開發、機體設計、旋翼、動力系統與致動系統的經驗，以及 Midnight 專案的知識，投入到一個全新的平台：一個從零開始設計（clean-sheet）的自主混合動力飛行器平台，同時面向商業與國防用途。上個月在范堡羅航展（Farnborough），我們共同揭示了 Halo Thunder 平台；我有信心它是革命性的，而非漸進式的。不同於許多其他公司正在做的，我們採用從第一原理出發的全新設計方法，鎖定商業應用情境（包含物流、人道救援、醫療與海事）以及與盟軍合作、跨數十年的國防正式採購計畫（programs of record）。因此在過去一年，我們一直在組建一支世界級的 Halo Thunder 團隊，專注於開發這個平台。透過與波音的這筆交易，我們可以運用 Wisk 的卓越人才來補強這支團隊。

Wisk traces back to Larry Page, who gave this industry its start nearly 20 years ago, and they're right down the road from us here in Silicon Valley. Their engineers have spent nearly two decades building some of the most advanced autonomy, flight control, and sensor technology in the industry, designed from the start for autonomous flight. The opportunity is clear to me. Deploy and harden the technology on Halo Thunder first, then fold it into future iterations of the air taxi when the FAA is ready to certify autonomy. I'm confident that our planned acquisition of Wisk can accelerate the Halo Thunder program at a fraction of the time it would have taken us to achieve the same results organically. As part of this transaction, we will also acquire Instituteuteuteute, one of the most trusted and reputable intelligence, surveillance, and reconnaissance, ISR, drone manufacturers in the U.S.

Wisk 的源頭可追溯至 Larry Page；他在近 20 年前為這個產業揭開序幕，而他們就在矽谷、離我們不遠的地方。他們的工程師花了將近二十年打造業界最先進的自主化、飛行控制與感測器技術之一，且從一開始就以自主飛行為設計目標。對我而言，機會非常明確。先在 Halo Thunder 上部署並強化（harden）這些技術，接著在 FAA 準備好認證自主化時，再將其導入未來版本的空中計程車。我有信心，我們規劃收購 Wisk 將能以遠短於我們自行內生成長所需的時間，推進 Halo Thunder 計畫並達到同等成果。作為本次交易的一部分，我們也將收購 Instituteuteuteute——美國最受信賴、最具聲譽的情報、監視與偵察（ISR）無人機製造商之一。

It is profitable today with over $200 million in annual revenue across 35 countries. They have built more than 4,000 Group 2 and 3 UAS to date. Those UAS have flown nearly 2 million flight hours autonomously, giving it one of the largest data sets of its kind, and that data will feed directly into our autonomy development. Instituteuteute will give Archer an immediate sizable revenue base to grow from. The key driver of this transaction was the relationship we've built with Boeing, especially former Wisk CEO, now VP of product for Boeing Commercial, Brian Yutko. Boeing is synonymous with American-built aviation, and the deal structure shows how leaned in they are on our future together. All stock with a lockup, a collaboration across many new fronts, committed future equity investments in Archer, warrants at exercise prices far in excess of our current price.

該公司目前已實現獲利，年營收超過 2 億美元，業務遍及 35 個國家。迄今他們已打造超過 4,000 架 Group 2 與 Group 3 的無人航空系統（UAS）。這些 UAS 已以自主模式累計飛行近 200 萬小時，形成同類中規模最大的資料集之一，而這些資料將直接用於我們的自主化研發。Instituteuteute 將為 Archer 帶來可立即擴張的可觀營收基礎。促成這筆交易的關鍵驅動因素，是我們與波音建立的關係，特別是前 Wisk 執行長、現任波音商用飛機產品副總裁 Brian Yutko。波音是「美國製造」航空的代名詞，而本交易的架構也顯示他們對我們共同未來的高度投入。全以股票支付並設有鎖定期、在多個新領域展開合作、承諾未來對 Archer 進行股權投資，以及行使價遠高於我們目前股價的認股權證。

For both companies, the core of this deal is the opportunity to jointly drive innovation across aerospace, defense, and autonomy and deliver long-term value for shareholders. I want to thank Kelly Ortberg and the Boeing leadership for the trust and belief in Archer as the right long-term partner. Importantly, I've tasked my team with integrating these companies in a thoughtful, synergistic way that will not structurally increase our overall cash burn. The focus is clear. On the other side of this deal is a stronger Archer with an end-to-end physical AI platform for aerospace and defense. Last quarter, I called Archer a dual-threat company, a nod to our air taxi and dual-use autonomous VTOL aircraft program. This quarter, we shared more on the strategy for the third key pillar of our diversification approach: purpose-built AI for aerospace and defense. We introduced ZEE, the world's leading aviation-specific foundation model.

對兩家公司而言，這筆交易的核心在於共同推動航太、國防與自主化領域的創新，並為股東創造長期價值。我要感謝 Kelly Ortberg 與波音領導團隊對 Archer 的信任，並相信我們是合適的長期合作夥伴。重要的是，我已指示我的團隊以審慎且具協同效益的方式整合這些公司，且不會在結構上提高我們整體的現金消耗率（cash burn）。重點非常明確。在這筆交易完成後，Archer 將更為強大，並擁有一個端到端的實體 AI 平台，服務航太與國防領域。上一季，我稱 Archer 為「雙威脅」公司，意指我們的空中計程車與軍民兩用自主 VTOL 飛行器計畫。本季，我們進一步分享了多元化策略第三個關鍵支柱：專為航太與國防打造的 AI。我們推出了 ZEE——全球領先、專為航空打造的基礎模型。

ZEE is a unified intelligence platform built on ADS-B, ATC communications, maps and charts, aircraft movements, terrain, and weather data. Just last week, we announced that ZEE has delivered a breakthrough in aviation safety: highly accurate, real-time prediction of airport surface trajectories. To bring this technology safely into the aviation ecosystem, our teams are working with the government agencies and customers to rigorously validate ZEE in the real world. We couldn't be more excited to pair ZEE with SkyGrid, and we believe together those technologies can deliver a next-gen air traffic management product that can play a critical role in modernizing airspaces around the world. I see a clear path to significant AI revenue, and the team is heads down building toward it. Let me circle back to Midnight. Through it all, air taxi remains a top priority, and the program made tremendous progress this quarter.

ZEE 是一個建立在 ADS-B、ATC 通訊、地圖與航圖、航空器動態、地形與氣象資料之上的整合式情報平台。就在上週，我們宣布 ZEE 在航空安全方面取得突破：能以高度準確度、即時預測機場地面軌跡。為了將這項技術安全地導入航空生態系，我們的團隊正與政府機關及客戶合作，在真實世界中嚴謹驗證 ZEE。我們非常期待將 ZEE 與 SkyGrid 搭配使用，並相信兩者結合可提供新一代空中交通管理產品，在全球空域現代化中扮演關鍵角色。我看見一條通往可觀 AI 營收的清晰路徑，而團隊正全力以赴朝此目標建置。讓我回到 Midnight。一路走來，空中計程車仍是最優先事項之一，而本季該計畫取得了巨大的進展。

This quarter, we flew multiple piloted aircraft on an almost daily basis across our fleet, and oftentimes those aircraft flew multiple times a day in testing across piloted VTOL and CTOL flights, including our first intercity flights here in California. Over the next few months, you can expect us to begin flying in the L.A. area based out of the Hawthorne Airport, and subsequently commence operations under the White House's eIPP later this year in Texas. We also continued our industry-leading progress against our FAA certification program for Midnight. I believe we remain the only industry OEM to be out of policy and in the fourth and final phase of the FAA's type certification process with a fully accepted means of compliance.

本季，我們在整個機隊幾乎每天都進行多架有人駕駛飛機的飛行；而且經常同一架飛機在一天內進行多次測試飛行，涵蓋有人駕駛 VTOL 與 CTOL 飛行，包括我們在加州進行的首次城際飛行。在接下來幾個月，你可以預期我們將開始在洛杉磯地區、以霍桑機場為基地進行飛行，並於今年稍晚在德州依白宮的 eIPP 啟動後續營運。我們也持續在 Midnight 的 FAA 認證計畫上取得業界領先的進展。我相信我們仍是業界唯一一家 OEM，已脫離政策限制並進入 FAA 型式認證流程的第四且最後階段，且具備完全獲接受的符合性方法。

Notably, this quarter, the FAA approved our quality management system, which hardens our ability to perform FAA for-credit conformity findings across the aircraft, as well as its components and systems. We're actively working with the FAA on for-credit testing this year. On the infrastructure front, we co-launched ACES, the America's Consortium for Electric Skyways, alongside BETA and Macquarie. It's an industry-first approach to deploy interoperable charging infrastructure across the U.S. and align OEMs on a unified approach, which is critical for scale and to lower cost for consumers. I'm proud to take this on arm in arm with Kyle and the team at BETA and look forward to welcoming many others who want to join the mission. We are executing all of this from a continued position of financial strength with $1.6 billion in liquidity. I started Archer to change the way the world moves.

值得一提的是，本季 FAA 核准了我們的品質管理系統，強化了我們在整架航空器以及其零組件與系統上，進行可計入 FAA 認可（for-credit）的符合性判定能力。我們正積極與 FAA 合作，於今年進行可計入認可的測試。在基礎設施方面，我們與 BETA 及 Macquarie 共同推出 ACES（America's Consortium for Electric Skyways，美國電動空中航道聯盟）。這是業界首創的方法，旨在於全美部署可互通的充電基礎設施，並讓各 OEM 在統一方法上對齊；這對於規模化與降低消費者成本至關重要。我很自豪能與 Kyle 及 BETA 團隊並肩承擔這項任務，也期待歡迎更多願意加入使命的夥伴。我們在持續穩健的財務實力下推進所有工作，流動性達 16 億美元。我創立 Archer，是為了改變世界的移動方式。

Nearly a decade in, I've never been more confident or more all in. With that, I'll turn it over to Priya.

將近十年過去，我從未如此有信心，也從未如此全心投入。接下來我把時間交給 Priya。

Thanks, Adam, and good afternoon, everyone. Building on Adam's remarks, the last few months, culminating with today's transaction announcement, are truly an inflection point for Archer. With the planned acquisitions of Wisk, Instituteuteute, and SkyGrid, coupled with our recent unveiling of Halo, ZEE, and ACES, we are rapidly advancing our diversified multi-platform strategy across air taxis, UAS, and AI to lead the next generation of aerospace and defense. We strongly believe we are uniquely positioned in the sector as we look ahead, both in terms of product portfolio breadth and depth, as well as both near-term and long-term revenue generation potential. Institute today is a profitable business, generating more than $200 million of revenue a year.

謝謝你，Adam，各位下午好。延續 Adam 的發言，過去幾個月、並以今天的交易公告作結，對 Archer 而言確實是一個轉折點。隨著規劃收購 Wisk、Instituteuteute 與 SkyGrid，再加上我們近期揭露的 Halo、ZEE 與 ACES，我們正快速推進涵蓋空中計程車、UAS 與 AI 的多元化多平台策略，以引領下一代航太與國防。展望未來，我們堅信自己在該領域具備獨特定位，無論是產品組合的廣度與深度，或是短期與長期的營收創造潛力。Instituteuteute 目前是一項獲利的業務，每年創造超過 2 億美元營收。

That, in addition to our existing air taxi platform, our Halo Thunder platform, and aviation-focused AI solutions, will significantly change the profile for Archer and our path to meaningful revenue in the years to come. We are not just an air taxi company anymore. In parallel with our focus on growing our top line, we remain focused on managing our net cash burn. We expect the planned acquisition to bring meaningful synergies across all platforms: Midnight, Halo, Thunder, and ZEE. We will remain disciplined about investment across each of our platforms. Let me share the framework we will use to maintain that discipline quarter-over-quarter. First, advancing Midnight to certification and scaled operations remains a top investment priority. We expect to generate near-term revenue through early operations, both in the U.S. and internationally, and scale thereafter following certification.

再加上我們既有的空中計程車平台、Halo Thunder 平台，以及以航空為核心的 AI 解決方案，將在未來數年顯著改變 Archer 的樣貌，以及我們邁向具規模營收的路徑。我們不再只是空中計程車公司。在專注於提升營收的同時，我們也持續專注於管理淨現金消耗。我們預期規劃中的收購將在所有平台之間帶來顯著綜效：Midnight、Halo、Thunder 與 ZEE。我們將在各平台的投資上保持紀律。我想分享我們將用來逐季維持這份紀律的框架。第一，推進 Midnight 取得認證並擴大營運規模，仍是最優先的投資重點。我們預期可透過早期營運在美國及國際市場創造短期營收，並在取得認證後進一步擴張。

Second, for Halo Thunder, our Group 5 UAS platform with Anduril, we have already been investing in technology development over the past 24 months. As Adam discussed, we are excited about the potential for the autonomy capabilities from Wisk to further accelerate that development timeline. We are focused on getting this platform to market as soon as possible as it carries a total TAM greater than $100 billion in the decades ahead. Midnight and Halo development timelines with their individual peaks and troughs align well, allowing us to stay focused on efficiently and synergistically leveraging our engineering talent across air taxi and UAS platforms. Third, for ZEE and its product portfolio, our near-term goal is for our AI solutions to be revenue generating and profitable as early as next year, with the potential for significant ramp in the back half of 2027 and beyond.

第二，針對我們與 Anduril 合作的 Halo Thunder（第 5 組 UAS 平台），過去 24 個月我們已投入技術開發。如 Adam 所述，我們對於 Wisk 的自主能力有望進一步加速該開發時程感到振奮。我們專注於盡快將此平台推向市場，因為在未來數十年其總可服務市場（TAM）將超過 1,000 億美元。Midnight 與 Halo 的開發時程各自有高峰與低谷，彼此契合良好，使我們能專注於在空中計程車與 UAS 平台之間，高效率且具綜效地運用工程人才。第三，針對 ZEE 及其產品組合，我們的短期目標是讓 AI 解決方案最早於明年開始創收並達到獲利，並有望在 2027 年下半年及之後顯著加速成長。

Finally, we expect Instituteuteute to contribute positive free cash flow after closing, allowing the business to operate on a self-funding basis and potentially offset spend in other areas of our business if we are able to grow their business as we expect. Taken together, this framework gives me the confidence that we can grow the top line across our business while post-acquisition close and through integration, keep cash burn relatively flat from where it stands today. Now let's switch gears to the results from the current quarter. I am happy to report on very strong financial results for Archer. I will focus on three key highlights. First, we continue to maintain a very healthy balance sheet with $1.6 billion in liquidity at the end of Q2. Second, we grew revenue to $5 million for Q2, which is a 213% increase over last quarter.

最後，我們預期 Instituteuteute 在交割完成後將貢獻正向自由現金流，使該業務能以自我資金支持的方式運作；若我們能如預期推動其業務成長，也可能抵銷我們其他業務領域的支出。綜合而言，這個框架讓我有信心：在收購交割後並於整合期間，我們能推動整體營收成長，同時讓現金消耗相較於目前水準維持大致持平。現在讓我們把焦點轉到本季的業績。我很高興報告 Archer 的財務表現非常強勁。我將聚焦三個重點亮點。第一，我們在第二季末仍維持非常健康的資產負債表，流動性達 16 億美元。第二，我們第二季營收成長至 500 萬美元，較上季增加 213%。

This was driven by our growth in operations at the Hawthorne Airport in L.A. Third, we met our spend guidance. Q2 adjusted EBITDA was a loss of $177 million, which is on the lower end of our guidance range of $170 million-$200 million, and only a slight increase quarter-over-quarter. These results are an early indication of our ability to grow the business while staying measured in our use of cash, which is exactly what we must do in this next phase for Archer. For Q3, we estimate our adjusted EBITDA loss to stay within the same range of $170 million-$200 million as we continue to mature the Midnight flight test program, including our operations under the eIPP, continued development of Halo, and advance our AI solutions.

這主要由我們在洛杉磯霍桑機場的營運成長所帶動。第三，我們達成了支出指引。第二季調整後 EBITDA 虧損為 1.77 億美元，位於我們 1.70 億至 2.00 億美元指引區間的低端，且僅較前一季小幅增加。這些結果初步顯示，我們有能力在審慎使用現金的同時推動業務成長，而這正是 Archer 在下一階段必須做到的。對於第三季，我們預估調整後 EBITDA 虧損將維持在同樣的 1.70 億至 2.00 億美元區間，因為我們將持續成熟化 Midnight 飛行測試計畫（包括在 eIPP 下的營運）、持續開發 Halo，並推進我們的 AI 解決方案。

Looking ahead, in addition to these key priorities, our focus will be on closing the transaction with Boeing as soon as possible, with a target of end of year, and then integrating the business efficiently and effectively. It all comes back to the old adage, execution matters, and we are committed to delivering against the framework I laid out, maturing our diversified product base to fuel a growing top line, all while controlling spend. With that, I will turn it back over to the operator.

展望未來，除了這些關鍵優先事項之外，我們的重點將是盡快完成與波音的交易，目標是在年底前完成，之後再以高效率且高成效的方式整合該業務。歸根結底，老話一句：執行最重要；我們承諾將依照我所闡述的框架交付成果，成熟我們多元化的產品基礎以推動營收成長，同時控制支出。接下來我把時間交還給主持人。

(Operator Instructions) Savi Syth, Raymond James.

(主持人指示) Savi Syth，Raymond James。

Hey, good afternoon, everyone. Just with the announcement of Halo and Thunder. Can you hear me?

嗨，各位下午好。就關於 Halo 和 Thunder 的公告。你們聽得到我嗎？

You are back now, Savi.

你回來了，Savi。

Okay, great. Sorry about that. With Halo and Thunder platform versus the Midnight platform, I was wondering if you can compare and contrast some of the technical differences there, and what it might mean from a parts procurement, production scaling, as you work on those two platforms in parallel, and just how much you can share between the two.

好的，太好了。抱歉剛剛那樣。就 Halo 與 Thunder 平台相較於 Midnight 平台，我想請你們比較一下兩者在技術上的一些差異，以及這對零組件採購、產能擴張的意義——當你們同時並行開發這兩個平台時——以及兩者之間有多少可以共用的部分，能分享多少就分享多少。

Yeah. Hey, Savi. This is Tom. Happy to answer that. The way to think about Halo and Thunder is this is a clean sheet, new platform targeted at a totally different mission than Midnight. This new aircraft is targeted at flying heavier payloads much further, much faster than we can do with Midnight, and that is all around this different market that we see both in the defense side, we are a partner with Anduril on the civil side. In order to do that, though, we have been able to leverage a bunch of the core, I will call them technology building blocks that have been put together for Midnight. Those are things like our batteries, electric motors, et cetera. The one new piece of technology is the hybrid system in this aircraft.

好的。嗨，Savi。我是 Tom。很樂意回答。理解 Halo 和 Thunder 的方式是：這是一個從零開始、全新的平台，目標任務與 Midnight 完全不同。這款新飛機的目標是能以比 Midnight 更遠、更快的方式運載更重的載荷；這主要是因應我們在不同市場看到的需求——國防端，以及我們在民用端與 Anduril 的合作。不過，為了做到這點，我們也能夠沿用許多我稱之為為 Midnight 打造的核心「技術積木」。例如電池、電動馬達等等。唯一新增的一項技術是這架飛機上的混合動力系統。

By going hybrid, that is how we are able to unlock the ability to travel much further, faster, more payload, et cetera. In terms of how we are executing on this, it is still early in the development of the Thunder Halo platform. Target is to be in the air next year and then working towards customer deliveries in 2029 and scaling 2030 from there. Progress has been tremendous so far. Interest has been fantastic, so really excited about it.

透過採用混合動力，我們才能解鎖更遠航程、更快速度、更大載荷等能力。就執行面而言，Thunder/Halo 平台仍處於開發早期。目標是明年首飛，之後朝 2029 年交付客戶、並自 2030 年起擴大規模。目前進展非常顯著。市場興趣也非常熱烈，因此我們對此非常興奮。

That's helpful, Tom. And just maybe with the acquisitions announced today, I was wondering if you, and this is a broader question just beyond the Halo/Thunder, just how do you envision day one to day 365 post-merger in getting the engineering teams from the different businesses to start working together? And when you can start realizing some of the synergies or some of the benefits in accelerating some of these developments?

這很有幫助，Tom。另外，關於今天宣布的收購案，我想問一個更廣泛的問題，不僅限於 Halo/Thunder：你們如何想像合併後從第 1 天到第 365 天，讓不同業務的工程團隊開始一起合作？以及你們何時能開始實現一些協同效應或好處，以加速其中一些開發？

Hey, Savi, this is Adam. If there ever were two eVTOL companies that could come together, it would be Archer and Wisk. The reason is we both built 12 tilt-6 architectures, but we approached it from a different perspective. Archer focused on finding the most efficient path to commercialization while Wisk focused on autonomy and advanced flight controls. There's really nice overlap, but there's also complementary aspects that make a lot of sense for these companies coming together. There's going to be an exploratory period to figure that out. We see it as an incredible enhancement in capabilities. We're excited to dive in. There's also a lot of capability overlap and synergies working with Instituteute as well. Archer obviously has a lot of experience in VTOL products and new VTOL products.

嗨，Savi，我是 Adam。如果真有兩家 eVTOL 公司適合合在一起，那就是 Archer 和 Wisk。原因是我們都打造了 12 tilt-6 架構，但切入角度不同。Archer 著重於找到最高效率的商業化路徑，而 Wisk 著重於自主化與先進飛控。兩者有很好的重疊之處，同時也有互補面向，使這兩家公司結合非常合理。我們會有一段探索期來釐清這些。我們視其為能力上的重大提升。我們很期待深入推進。與 Instituteute 的合作也有很多能力重疊與協同效應。Archer 顯然在 VTOL 產品與新型 VTOL 產品方面有很多經驗。

As we look at the ISR drone market, that is a large but growing significantly market. There's an opportunity to take a lot of our core technologies there and keep building for that market as well. Still early in a lot of this exploration, but that's just a general framework of how we're thinking about it.

當我們看 ISR 無人機市場時，那是一個規模龐大、且正在顯著成長的市場。我們有機會把許多核心技術帶到那裡，並持續為該市場打造產品。很多探索仍在早期階段，但這就是我們思考方式的一個大致框架。

Helpful. Thank you.

了解。謝謝。

Andres Sheppard, Cantor Fitzgerald.

Andres Sheppard，Cantor Fitzgerald。

Hey, everyone. Congratulations on the quarter, and thanks for taking our questions. It was great to see everyone at the Farnborough Airshow last month. Adam, lots to unpack here and certainly a lot of great developments. I guess it is clear that Archer no longer is an eVTOL company, but really an aerospace defense and advanced air mobility platform. I guess my first question, maybe to build on the last question is, in terms of the synergies and overall structure for the company, what are the key synergies that investors should be aware of? How will you prioritize the eVTOL business with the drone business? What are you most excited about today's announcements? Thank you.

嗨，各位。恭喜本季表現，也謝謝你們回答我們的問題。上個月在范堡羅航展見到大家很棒。Adam，這裡有很多內容可以拆解，確實也有許多很好的進展。我想很清楚的是，Archer 不再只是一家 eVTOL 公司，而更像是一個航太國防與先進空中移動平台。我的第一個問題，或許延續上一題：就協同效應與公司整體架構而言，投資人應該注意哪些關鍵協同效應？你們會如何在 eVTOL 業務與無人機業務之間排定優先順序？你們對今天的公告最興奮的是什麼？謝謝。

Thanks, Andres. There is a lot of synergies here across the platforms, but there is also a really nice strategic rationale here where you have the large market of civil passenger carrying aircraft that has an incredibly large TAM, but also, I would say some difficulty predicting exactly how fast it will scale and exactly when it will scale. We are going through, obviously, the certification process, which is very rigorous and we are doing very well at that. As we have looked at accelerating our path towards revenue, the defense side of the business becomes very attractive as there are pathways to launch autonomous products in different airspace that are just much easier to get to market more quickly.

謝謝你，Andres。這些平台之間有很多協同效應，同時也有很好的策略理由：一方面，民用載客飛機市場規模很大、TAM 非常可觀；但另一方面，我會說其擴張速度與擴張時點較難精準預測。我們當然正在進行認證流程，這非常嚴謹，而我們在這方面做得很好。當我們思考加速走向營收的路徑時，國防端業務就變得非常有吸引力，因為在不同空域推出自主化產品的途徑更容易、也更能更快上市。

If you think about sort of a portfolio strategy here, there is ability to generate revenue, generate cash flow, use that cash flow to help really get us to profitability much sooner and reduce our burn across the civil markets, which can allow the overall strategy to build much better products and build a much bigger company for the long term while minimizing the dilution. Again, this is still early days in us figuring out the exact strategy on how to deploy it. I think that general framework is how we are thinking about it. The enhanced capabilities we get from the Wisk platform, Institute platform, and SkyGrid platform gives us a really nice go to market that we did not have before.

如果你把這視為一種投資組合策略，我們有能力創造營收、產生現金流，並用這些現金流幫助我們更快達到獲利，同時降低在民用市場的資金消耗；這能讓整體策略在長期內打造更好的產品、建立更大的公司，同時把稀釋降到最低。再次強調，我們仍在早期階段，正在釐清具體要如何部署這項策略。我認為這個大致框架就是我們的思考方式。我們從 Wisk 平台、Institute 平台與 SkyGrid 平台獲得的強化能力，讓我們擁有一個先前沒有的、很好的市場導入（go-to-market）能力。

Excellent. Thank you so much. That is super helpful. Thanks, Adam, for all that color. Maybe just a quick follow-up. Coming back to your recent unveil of your first dual-use aircraft jointly built with Anduril. Just help us understand, how are you thinking about commercialization of Thunder and Halo, and how might those be complementary to Midnight? Thank you.

太好了。非常感謝。這非常有幫助。謝謝 Adam 提供這些細節。我再快速追問一下。回到你們近期與 Anduril 共同打造並首次亮相的第一款軍民兩用飛機。請協助我們理解：你們如何看待 Thunder 與 Halo 的商業化，以及它們可能如何與 Midnight 形成互補？謝謝。

Thanks, Andres. We are building the core platform, the base platform, which we call Halo, and that will have all of the kind of basic functionality that that aircraft needs to operate. We can then take that aircraft and give it to Anduril, which will ultimately missionize that aircraft. That is something that Archer is not doing. That is something that Anduril is going to be doing for the ultimate end defense products. There, of course, will be different programs of record that platform will go after on the Thunder side. On the Halo side, there are customers that we will go after that have needs that have a similar use case without any of the defense capabilities. Think search and rescue or offshore energy, areas where you need to carry more payload much longer distances than what the Midnight platform would be.

謝謝你，Andres。我們正在打造核心平台、基礎平台，我們稱之為 Halo，它將具備該飛行器運作所需的各種基本功能。接著我們可以把那架飛行器交給 Anduril，最終由他們來為該飛行器進行任務化配置。這不是 Archer 在做的事。這將由 Anduril 來完成，用於最終的國防終端產品。當然，在 Thunder 這一側，該平台會去爭取不同的正式採購計畫（programs of record）。在 Halo 這一側，我們也會去爭取一些客戶，他們有相似的使用情境需求，但不需要任何國防能力。例如搜救或離岸能源等領域，在這些地方，你需要在比 Midnight 平台更長的距離上運載更大的酬載。

We have already announced an early customer, which is Marubeni , and there has been a ton of inbound, and we have had a lot of interest with existing customers we have been working with to find new solutions. The goal will be to find ways to take that platform and build it as quickly as we can, but also really try to minimize the spend on that platform by leveraging a lot of the core capabilities that we have already built from the Midnight platform. Another great example is the flight control system, where we are leveraging a lot of the work that we had started with Midnight, but now we can also enhance with Boeing. Ultimately the goal is a low-cost platform that can really scale significantly, and by having civil and defense capabilities, you get really both those benefits.

我們已經宣布了一位早期客戶，也就是丸紅（Marubeni），而且有大量的主動洽詢；同時，我們也與既有合作客戶保持高度興趣，並一起尋找新的解決方案。目標是找到方法，盡可能快速地打造該平台，同時也要透過運用我們已從 Midnight 平台建立的許多核心能力，來真正把該平台的支出降到最低。另一個很好的例子是飛行控制系統：我們正在沿用許多在 Midnight 上已啟動的工作，現在也能與波音（Boeing）一起進一步強化。最終目標是一個低成本、且能顯著規模化的平台；而透過同時具備民用與國防能力，你就能同時獲得這兩方面的效益。

Excellent. Thank you very much. Congrats again. Exciting new times. We will pass it on.

太棒了。非常感謝。再次恭喜。令人振奮的新時代。我們把問題交給下一位。

James Kirby, JPMorgan.

James Kirby，摩根大通（JPMorgan）。

Hey, good afternoon, guys. Congrats on the transactions. Maybe just following up, asking a different way from the previous question. Where do you see Institute fitting into the longer-term portfolio at Archer? Maybe could you just speak to the extent you can on the revenue growth drivers in that business?

嘿，各位下午好。恭喜完成這些交易。我想接續追問，但換個角度問，跟前一題不同。你們如何看待 Institute 在 Archer 長期產品組合中的定位？另外，在你能談的範圍內，能否說明一下該業務的營收成長驅動因素？

In the ISR world, the revenues that you see today are largely a result of the macro environment and the sales that happened from years ago. When you look forward from here, it seems very clear that there will be an increased demand for ISR drones, not just overall, but even new capabilities. There is a broad set of new products that are being requested, and I think there is a huge market growth potential across the broader ISR world. In the very near term, there will be revenue and cash flow that will be generated from the existing product portfolio, but there is a whole new suite of products that can be built, that could be expanded and generate a significantly higher revenue given the macro environment we live in today.

在 ISR（情報、監視與偵察）領域，你今天看到的營收很大程度上是宏觀環境以及多年前完成的銷售所帶來的結果。往前看，很明顯對 ISR 無人機的需求將會增加，不只是總量增加，還包括新的能力需求。市場正在要求一系列新的產品，我認為在更廣泛的 ISR 領域有很大的市場成長潛力。在非常短期內，現有產品組合將帶來營收與現金流；但也有一整套全新的產品可以打造、可以擴充，並在我們今天所處的宏觀環境下，帶來顯著更高的營收。

Okay, got it. I appreciate it. For my second question, I wanted to ask you to unpack the collaboration agreement with Boeing a little bit more. It seems from the shareholder letter and the press release that they will retain the Wisk autonomous stack for their future aircraft, essentially. Does it go further than that in the sense of what you guys have been building at Archer with the ZEE platform and now Sky Grid on top of that, as well as what you are doing with the Halo Thunder platform? Is there more avenues behind just the Wisk autonomous stack?

好的，了解。謝謝。第二個問題，我想請你再多拆解一下與波音的合作協議。從股東信與新聞稿看起來，他們基本上會保留 Wisk 的自主系統堆疊（autonomous stack）用於其未來飛行器。那是否還不只如此？也就是說，這是否也涵蓋你們在 Archer 以 ZEE 平台、以及其上層的 Sky Grid 所建構的內容，還有你們在 Halo Thunder 平台上所做的事？除了 Wisk 的自主系統堆疊之外，背後是否還有更多合作途徑？

The transaction was set up where Archer will own the IP, but we will share the IP back with Boeing as it relates to products built specifically around flight control systems, autonomy, and several other areas. The concept is really one of partnership. Boeing took all stock in the transaction. They locked up the stock, and we will work together through a collaboration agreement on enhancing and developing that product portfolio and also future products. Boeing, of course, has an entire suite of plans on both the civil and defense side, so there are lots of areas that I'm sure that they are interested in developing.

這筆交易的架構是 Archer 將擁有智慧財產權（IP），但就特別圍繞飛行控制系統、自主化，以及其他幾個領域所打造的產品，我們會把相關 IP 回授分享給波音。這個概念本質上是一種夥伴關係。波音在這筆交易中全數以股票對價。他們對該股票做了鎖定，我們也將透過合作協議一起強化與開發該產品組合，以及未來產品。當然，波音在民用與國防兩端都有一整套規劃，因此我相信他們有許多領域會有興趣進一步開發。

From the Archer perspective, it gave us the ability to have a headstart on a lot of the core autonomy stack, the pathway to certifying the autonomy stack on the civil side, and a pathway to deploying the flight autonomy on the defense side. It really is a win-win here, where by Archer developing this platform across flight controls, flight control computers, full autonomy, Boeing can benefit too. By them taking all stock, it's really a win-win across the transaction.

從 Archer 的角度來看，這讓我們能在許多核心自主化系統堆疊上取得先發優勢，也獲得在民用端完成自主化系統堆疊認證的路徑，以及在國防端部署飛行自主化的路徑。這確實是雙贏：Archer 在飛行控制、飛控電腦、全自主等方面開發這個平台，波音也能受益。而他們以全股票對價參與，讓整體交易更是雙贏。

That's great. I appreciate the question, Adam.

太好了。謝謝你的提問，Adam。

Thanks.

謝謝。

Austin Moeller, Canaccord Genuity.

Austin Moeller，加拿大帝國證券（Canaccord Genuity）。

Hi, good afternoon. For the Insite acquisition, should we be thinking about this from the context of Boeing already manufactures a variety of Group 1 through Group 3 or Group 4 drones under that product line, and also the EO/IR gimbal payloads that go on them, and you can now combine those products with the Group 5 Thunder drone and also incorporate the gimbal payloads onto Thunder, the green version of the Thunder airframe that you could sell commercially or internationally to other MODs?

嗨，下午好。關於收購 Insitu，我們是否應該從這樣的脈絡來理解：波音在該產品線下已經製造多種第 1 組到第 3 組或第 4 組無人機，還有搭載在其上的 EO/IR（電光/紅外）雲台酬載；而你們現在可以把這些產品與第 5 組 Thunder 無人機結合，並把雲台酬載整合到 Thunder 上，也就是那個 Thunder 機體的「綠色版本」，你們可以把它商用化或國際化銷售給其他國防部（MOD）？

Insitu manufactures the drones themselves. It's not being manufactured by some other Boeing entity. It's all contained within Insitu. Archer will start producing those drones and looking at ways of scaling up the capabilities there. As it relates to other companies and working with other companies, I think right now, we're going to be focused on really building just the core products that Insitu sells and really trying to grow that fleet and not really trying to push that to some other customers or other partners that Archer has. That's going to be the core focus is how do we get that portfolio in a really healthy spot? How do we take advantage of the macro environment that we're in, where there's an increased demand for these types of products? Really try to increase the manufacturing of Group 2, Group 3, Group 4 drones that they manufacture today.

Insitu 自行製造無人機本體。並不是由波音的其他單位來製造。全部都在 Insitu 內部完成。Archer 將開始生產這些無人機，並尋找擴大其能力規模的方法。至於與其他公司合作、以及與其他公司共同推進，我認為目前我們會專注於打造 Insitu 現在銷售的核心產品，並努力擴大該機隊規模，而不是把它推向 Archer 的其他客戶或其他合作夥伴。核心重點會是：如何讓這個產品組合處於非常健康的狀態？如何把握我們所處的宏觀環境——對這類產品的需求正在增加？並真正努力提升他們目前所製造的第 2 組、第 3 組、第 4 組無人機的產量。

Okay. If we're thinking about the roadmap to getting to Thunder first flight in 2027, just given it's a dual tiltrotor design, can you just talk about some of the puts and takes and challenges to get to that point next year?

好的。如果我們在思考 2027 年 Thunder 首飛的路線圖，考量它是雙傾轉旋翼（dual tiltrotor）設計，你能否談談在明年達到那個里程碑時的一些取捨與挑戰？

Yeah. Hey, Austin, this is Tom. Well, like I was mentioning to Savi earlier, while the aircraft looks pretty different standing 100 ft away, if you look under the skin, the platforms, the systems on board are really similar. So again, flying with the same battery technology, same electric motor technology, same flight control software. In fact, we literally took the actual code that flies Midnight, put it in the sim for Halo, and the aircraft flew beautifully without any control design specific to that platform, which obviously we will go do. So, certainly there is a lot of hard work for the team. We are excited about partnering with some of the new folks joining as part of this deal and feel really good about it.

對。嗨，Austin，我是Tom。嗯，就像我先前跟Savi提到的，雖然這架飛機站在100英尺外看起來差異很大，但如果你看它的「內在」，平台與機載系統其實非常相似。所以同樣地，使用相同的電池技術、相同的電動馬達技術、相同的飛控軟體。事實上，我們真的把讓Midnight飛行的實際程式碼拿來，放進Halo的模擬器裡，而飛機在沒有任何針對該平台的控制設計（當然我們之後會做）的情況下，就飛得非常漂亮。所以，團隊確實還有很多硬仗要打。我們很期待與這筆交易加入的新夥伴合作，並且對此感到非常有信心。

Awesome. I will pass it back there. Thanks.

太棒了。我把時間交回去。謝謝。

Edison Yu, Deutsche Bank.

Edison Yu，德意志銀行。

Hey, thanks for taking our questions. Congratulations on the deal today. First thing I want to ask is, you've obviously picked up quite a few assets over the last couple of years, right? You think of Overair, you think of the Lilium patents. I guess, what is the vision here on putting together all these assets? I think, with Wisk, you obviously have a lot of autonomy stuff. Just, could you maybe share the vision? You have all these assets, and including you got some of them for a very good price. What is the vision on putting these all together and what we will get?

嗨，謝謝你們回答我們的問題。恭喜今天完成這筆交易。我第一個想問的是，你們過去幾年顯然收購了不少資產，對吧？像是Overair，還有Lilium的專利。我想問的是，把這些資產整合在一起的願景是什麼？我想，Wisk那邊你們顯然有很多自動化（autonomy）的東西。能不能分享一下整體願景？你們手上有這麼多資產，而且其中一些還是以非常好的價格取得。把這些整合起來的願景是什麼？最後我們會得到什麼？

Thanks, Edison. This is Adam. Some of the previous acquisitions we've done that focused a lot on the early patent portfolios that existed in the eVTOL space were a result of companies that were either shutting down or going out of business. I think that was pretty different, where there were groups that had spent hundreds of millions or, in some cases, greater than $1 billion developing IP that was available for us to pick up at a very low dollar cost. In fact, were heavily competed across the eVTOL community as there was some very interesting IP there. As it relates to Wisk, Insitu, and SkyGrid, it's a totally different and unique value proposition.

謝謝你，Edison。我是Adam。我們先前做的一些收購，主要聚焦在eVTOL領域早期存在的專利組合，很多是因為那些公司不是在關閉，就是在退出市場。我認為那種情況很不一樣：有些團隊投入了數億美元，甚至在某些案例超過10億美元來開發智慧財產（IP），而我們能以非常低的金額把它們買下來。事實上，eVTOL社群裡競爭非常激烈，因為裡面確實有一些很有意思的IP。至於Wisk、Insitu和SkyGrid，則是完全不同且獨特的價值主張。

A lot of this just came about as there are products and platforms that I think are actually more valuable as it relates to Archer than might have been in the hands of Boeing. For example, Boeing is focused on some of the biggest platforms in the world. So big platforms like an F-47 or 737. Insitu is a much smaller company, but that impact to Archer is substantial versus the impact, even if Insitu 5Xed, would have minimal impact to Boeing. Our investment in that platform can have substantial rewards in the very near term. In a lot of the cases that these assets actually can perform much better on our side. The same thing as it relates to air traffic control. The ATC product SkyGrid is highly attractive to us for two reasons.

這其中很多是因為我認為，某些產品與平台放在Archer手上，可能比放在波音手上更有價值。例如，波音聚焦的是全球最大型的一些平台。像F-47或737這種大型平台。Insitu是一家規模小得多的公司，但它對Archer的影響非常顯著；相較之下，即便Insitu成長5倍，對波音的影響也可能很有限。我們對該平台的投資，在非常短期內就可能帶來可觀回報。在很多情況下，這些資產在我們這邊其實能表現得更好。空中交通管制也是同樣的道理。ATC產品SkyGrid對我們很有吸引力，原因有兩點。

One is there's a macro environment where air traffic control needs to get upgraded. Two, we've been building this foundation model ZEE that's highly complementary to that product that really can enable that product in a way that they couldn't have done by themselves. By combining them together and allowing Archer to focus on it, we can get to market in a new space that is, I think, going to be ultimately very valuable, but will start out small. Again, probably more difficult for a larger company to go after just because of the size of the starting base.

第一，從宏觀環境來看，空中交通管制需要升級。第二，我們一直在打造一個基礎模型ZEE，與該產品高度互補，能以他們單靠自己做不到的方式，真正賦能那個產品。把兩者結合起來，並讓Archer專注投入，我們就能進入一個新的市場領域；我認為它最終會非常有價值，但一開始規模會比較小。同樣地，對大型公司而言，可能更難去追這種機會，因為起始基礎規模太小。

Gotcha. Just follow up on Boeing. Obviously, Boeing is now a partner, very big investor in Archer. How does one think about the future areas of collaboration? I do not know if you can elaborate more than what was announced in press release. It seemed like this is pretty long-term. They clearly trust you guys a lot. Any kind of color you can provide there? Thank you.

了解。再追問一下波音。顯然波音現在是合作夥伴，也是Archer非常大的投資人。我們該如何看待未來的合作領域？我不確定你能否比新聞稿公布的內容再多說一些。看起來這是相當長期的合作。他們顯然非常信任你們。你能提供一些補充說明嗎？謝謝。

I don't want to speak for Boeing and speculate from their perspective, but what I'm hopeful is that Archer can be a great partner to Boeing and by building a lot of these advanced capabilities and really taking the torch and completing the task on a lot of the products that they had built and then sharing some of that IP back with Boeing to enable some of their products, I think that would make it a true win-win and that's really my goal.

我不想替波音發言、也不想從他們的角度做揣測；但我希望的是，Archer能成為波音很好的合作夥伴：我們打造許多先進能力，真正接棒並完成他們已經打造的多項產品任務，然後把其中一部分IP再分享回波音，以強化他們的一些產品。我認為那會是真正的雙贏，而這也是我的目標。

Amit Dayal, H.C. Wainwright & Co.

Amit Dayal，H.C. Wainwright & Co.。

Thank you. Good afternoon, everyone, and congrats on today's announcement. Really interesting setup for you guys going forward. Adam, can you maybe just provide some additional color on what allows you to keep the burn rate contained, despite recent developments with Anduril and now Boeing?

謝謝。各位下午好，也恭喜今天的公告。對你們未來的布局來說，這個架構真的很有意思。Adam，你能否再多補充一些，為什麼即便最近與Anduril以及現在與波音的進展，仍能把資金消耗率（burn rate）控制住？

Sure. I can't say much as it relates to the transaction, just given where we are in that process. As I mentioned before, if there ever were two companies that could come together, these are really attractive because we have the same architecture to start. There's a lot of great synergies there where we can be working on. The second is we do have multiple programs on the defense programs. The goal is to have programs, ultimately one, where R&D dollars can be created. Insitu also provides a platform to generate cash flow. When you put all this stuff together, we're going to work really hard to do this, but the goal is to keep the cost structure similar.

當然。就這筆交易而言，考量到我們目前所處的流程階段，我不能說太多。如我先前提到的，如果有兩家公司適合走到一起，這組合之所以很有吸引力，是因為我們一開始就採用相同的架構。其中有很多很好的綜效是我們可以著手推進的。第二，我們在國防專案上確實有多個計畫。目標是最終能有一些計畫，讓研發（R&D）資金能夠被創造出來（例如由專案資助）。Insitu也提供一個能產生現金流的平台。把這些都加總起來，我們會非常努力去做到，但目標是讓成本結構維持在相近水準。

Understood. Just a follow-up, in terms of the next set of milestones for Halo/Thunder, can you maybe give us some sense of what some of those catalysts could be?

了解。再追問一下，就Halo/Thunder接下來的一組里程碑而言，你能否讓我們大概了解一下，可能有哪些催化劑（catalysts）？

Yeah. Hey, Amit, this is Tom. As I mentioned, we're working hard to get the aircraft in the air next year. Obviously, in the background, there's work going on the customer program side that I can't get into details on. But we're pretty confident we'll be in the air next year. The whole idea of going to market with a defense product first, or I should say the defense variant of the dual-use vehicle, is that the certification pathway is much more straightforward. This first vehicle will have a military-specific airworthiness, and then we'll incrementally be increased from there as we get into civil markets. That really just provides a great setup to take this technology that's already been hardened on Midnight and get it out there in flying products very rapidly.

可以。嗨，Amit，我是Tom。如我提到的，我們正努力讓飛機在明年升空。當然，背景也有一些客戶專案端的工作在進行，但細節我不便說明。不過我們相當有信心明年能飛起來。先以國防產品上市，或者我應該說，以這款雙用途載具的國防版本先行，其核心概念在於：其認證路徑要直接得多。第一架載具會取得軍用特定的適航認證，之後在進入民用市場時，我們會在此基礎上逐步提升。這樣的安排，能讓我們把已在Midnight上驗證強化過的技術，快速導入並推出可飛行的產品。

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

了解。謝謝各位。我這邊就到這裡。

(Operator Instructions) At this time, I would like to turn the call over to Adam for our retail questions. Adam, please go ahead.

(接線員指示) 此時，我想把電話交給 Adam 來回答我們的零售相關提問。Adam，請開始。

Thanks. There's been a lot of questions on Archer's priorities, commercial versus defense, and how should we think about which will be the larger revenue driver in profitability. We are certainly not taking our eye off the prize on Midnight. Midnight is core to our platform here at Archer, and we will work on that platform and get it to market. But defense does give us a pathway to deploy products faster, and that does come with revenue and learnings. Now with Insitu, we'll be generating substantial revenue in a high-growth industry, which can help bridge the path to getting to profitability sooner. With Thunder, we'll look at the Halo Thunder platform. We're looking at several multi-decade programs of record with allied forces. But the commercial markets will remain the larger market, and we have not taken our eye off the prize there.

謝謝。大家對 Archer 的優先事項有很多問題：商業與國防之間的取捨，以及我們應該如何看待哪一塊會成為獲利能力上更大的營收驅動力。我們當然沒有把目光從 Midnight 這個目標上移開。Midnight 是 Archer 平台的核心，我們會持續打造這個平台並推向市場。但國防確實為我們提供了一條更快部署產品的路徑，而這也會帶來營收與經驗學習。現在透過 Insitu，我們將在一個高成長產業中創造可觀營收，這能幫助我們縮短通往獲利的路徑、更快達到獲利。至於 Thunder，我們會著眼於 Halo Thunder 平台。我們正在與盟軍評估數個為期數十年的正式列裝計畫（programs of record）。不過，商業市場仍將是更大的市場，我們也沒有把目光從那個目標上移開。

At this time, there are no further questions. I will now turn the call back to Adam for closing remarks. Apologies, we actually have one more question from the line of Savi Sith from Raymond James. Please go ahead.

目前沒有其他問題。我現在把電話交回給 Adam 做結語。抱歉，我們其實還有一個問題，來自 Raymond James 的 Savi Sith。請開始。

Okay. Thanks for the additional question. Could you briefly talk about, I think Priya mentioned that maybe software generating revenue and profitable by the back half of next year. Just generally, what needs to happen on that line to get that generating cash flow?

好的。謝謝讓我追加提問。能否簡要談談，我想 Priya 提到軟體可能在明年下半年開始產生營收並實現獲利。更一般地說，這條產品線需要做到哪些事情，才能開始產生現金流？

Sure, Savi. I think part of this has to do with ZEE, which is Archer's aviation foundation model. A way to think about it is America's airspace moves over 3 million people per day, and it's built on systems from decades ago. The data behind all those flights are siloed from cockpits to towers. ZEE turns that data into a single intelligence layer that gives pilots, airline operators a window into the future. Think better decisions, safer, more efficient operations. ZEE is like the brain, and we're building products that will span three markets, pilot applications, air traffic management, and airline operations. We've designed it to be built anywhere that aviation is needed, whether it's in the cloud or on the edge, which is fully offline. It's not theoretical.

當然可以，Savi。我想其中一部分與 ZEE 有關，ZEE 是 Archer 的航空基礎模型（aviation foundation model）。可以這樣理解：美國空域每天運送超過 300 萬人，但它仍建立在數十年前的系統之上。所有航班背後的資料從駕駛艙到塔台都是各自孤立的。ZEE 把這些資料整合成單一的智慧層，讓飛行員與航空公司營運者能「看見未來」。也就是做出更好的決策、更安全、更有效率的營運。ZEE 就像大腦，而我們正在打造可橫跨三個市場的產品：飛行員應用、空中交通管理，以及航空公司營運。我們把它設計成可在任何需要航空的地方建置，不論是在雲端或在邊緣端（完全離線）。這不是理論。

These are already discussions we are having with government agencies, industry partners, and in early deployments. The goal is to take those products, send them out into the market, we have seen a lot of interest in them, and start producing revenue and ultimately profitability.

我們已經在與政府機構、產業夥伴進行討論，也已在早期部署中。目標是把這些產品推向市場；我們看到市場對它們有很高的興趣，並開始帶來營收，最終實現獲利。

Got it. If I might, just on the eIPP and flying into L.A., just wondering kind of the progression there, what milestones you need to kind of meet flying in L.A. before you start working on eIPP. Just any high-level kind of flight-testing updates.

了解。如果可以的話，關於 eIPP 以及飛進洛杉磯（L.A.），我想了解那邊的進展節奏：在開始推進 eIPP 之前，你們需要在洛杉磯飛行達成哪些里程碑？也請提供一些高層次的飛行測試更新。

Hey, Savi. First, just real quick at the high-level testing update, we have actually flown over 150 piloted test flights and we are flying up to five times a day and many flights over 50 mi, and we are flying between airports now. Of course, we are on track to full transition later this year. So lots of great progress on the piloted flight test front. With regards to eIPP, as we talked about last quarter, you can expect us to begin that initial eIPP operations later this year, and that plan is largely on track. We will start with CTOL, and then we have got more aircraft coming on at the end of this year and beginning of next year, and then we will roll further as we go. I think that probably captures your question. Back to you.

嗨，Savi。先快速做個高層次的測試更新：我們其實已經完成超過 150 次有人駕駛的測試飛行；目前一天最多飛五次，且有許多航程超過 50 英里（mi），我們也已開始在機場之間飛行。當然，我們仍按計畫在今年稍晚完成全面轉換。所以在有人駕駛飛行測試方面進展非常好。至於 eIPP，如同我們上季所說，你們可以預期我們會在今年稍晚開始初期的 eIPP 營運，而該計畫大致上仍按進度推進。我們會先從 CTOL 開始，接著在今年底與明年初會有更多飛機加入，然後我們會隨著進度持續擴展。我想這應該回答了你的問題。交回給你。

It does. Thank you.

有的。謝謝。

At this time, there are no further questions. I would now like to turn the call back over to Adam for closing remarks.

目前沒有其他問題。我現在把電話交回給 Adam 做結語。

Well, thank you everyone for joining the call today. It was an important day for Archer and I think a broader industry. I'm grateful for everyone here at Archer for all their tireless work. And I also want to say how appreciative I am of Kelly Ortberg and the Boeing team for their trust throughout this transaction that we announced this morning. So thank you everyone for joining and we look forward to sharing more over the course of the quarter.

好的，謝謝各位今天參與電話會議。這對 Archer 以及我認為更廣泛的產業而言，都是重要的一天。我很感謝 Archer 團隊每一位同仁不懈的努力。我也想表達我對 Kelly Ortberg 與波音團隊的感謝，感謝他們在我們今天早上宣布的這筆交易過程中一路以來的信任。再次感謝各位參與，我們也期待在本季接下來的時間分享更多資訊。

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

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。