BETA Technologies Inc (BETA) 2025 Q3 法說會逐字稿

Welcome to the BETA Technologies third-quarter 2025 earnings conference call. (Operator Instructions)

歡迎參加 BETA Technologies 2025 年第三季財報電話會議。（操作說明）

I will now turn the call over to Devon Rothman, Head of Investor Relations. Please go ahead.

現在我將把電話轉交給投資者關係主管德文·羅斯曼。請繼續。

Thank you, operator, and good morning, everyone. My name is Devon Rothman, and I lead Investor Relations here at BETA Technologies. We appreciate you joining us for our third-quarter 2025 earnings call. Joining me today are Kyle Clark, our Founder and Chief Executive Officer, and Herman Cueto, our Chief Financial Officer.

謝謝接線員，大家早安。我叫德文‧羅斯曼，我是BETA Technologies的投資人關係負責人。感謝您參加我們2025年第三季財報電話會議。今天與我一同出席的有我們的創辦人兼執行長凱爾·克拉克，以及我們的財務長赫爾曼·奎托。

Following their prepared remarks, we will open the call for Q&A. Before we begin, I'd like to remind everyone that, earlier this morning, we issued a press release announcing our third-quarter financial results. We also published our Q3 investor presentation. You may access this information on the Investor Relations section of beta.team.

在他們發言結束後，我們將開放問答環節。在開始之前，我想提醒大家，今天早上早些時候，我們發布了一份新聞稿，公佈了我們第三季的財務業績。我們也發布了第三季投資者報告。您可以在 beta.team 的投資者關係部分存取此資訊。

Additionally, please note that today's discussion of our business, operations, and financial performance will include forward-looking statements under federal securities law. These statements are based on our current expectations and assumptions and involve risks and uncertainties that may cause actual results to differ materially. For a detailed discussion of these risks and uncertainties, please refer to our filings with the SEC, including our IPO prospectus dated November 3, 2025, and our Form 10-Q for the third quarter that will be filed later this morning.

此外，請注意，今天我們對業務、營運和財務表現的討論將包括聯邦證券法規定的前瞻性陳述。這些聲明是基於我們目前的預期和假設，並涉及風險和不確定性，可能導致實際結果與預期結果有重大差異。有關這些風險和不確定性的詳細討論，請參閱我們向美國證券交易委員會提交的文件，包括我們於 2025 年 11 月 3 日發布的 IPO 招股說明書，以及我們將於今天上午晚些時候提交的第三季度 10-Q 表格。

We do not undertake any obligation to update our forward-looking statements. During the call, we will reference both GAAP and non-GAAP financial measures. Reconciliations between historical non-GAAP and the nearest GAAP measure can be found in our earnings materials posted on our Investor Relations website. Our slide deck for today's call is also available on the site for those who wish to follow along.

我們不承擔更新前瞻性聲明的任何義務。在電話會議中，我們將參考 GAAP 和非 GAAP 財務指標。您可以在我們投資者關係網站上發布的獲利資料中找到歷史非GAAP指標與最接近的GAAP指標之間的調節表。今天電話會議的幻燈片也已發佈在網站上，供希望跟進的人士參考。

With that, let me turn the call over to Kyle.

那麼，我把電話交給凱爾吧。

Thanks, Devon. Good morning, everyone. First, I'd like to say thank you to the folks who helped us through a successful IPO. Fidelity has been with us from the very first round, along with Amazon, Chuck Davis, [John Abley], TPG in our Series B, and more recently, Larry Culp and the entire GE Aerospace team. And of course, the overwhelming support from all of you throughout the IPO process. This support has made it possible for us to enter the public markets with a uniquely aligned and world-class group of investors.

謝謝你，德文。各位早安。首先，我要感謝幫助我們成功完成IPO的各位。富達從第一輪融資就一直與我們合作，還有亞馬遜、查克·戴維斯、[約翰·阿布利]、TPG（在我們的 B 輪融資中），以及最近的拉里·卡爾普和整個通用電氣航空航天團隊。當然，也要感謝大家在整個IPO過程中給予的大力支持。有了這些支持，我們才能與一群志同道合、世界級的投資者一起進入公開市場。

Since this is our first earnings call, before we dive into our quarterly numbers and updates on our aircraft, our charge network progress, GE Aerospace, and [DOD] programs, and new orders from [MRO], I'd like to take a few minutes to introduce myself and our company, our mission, and specifically how we think about redefining aviation and why this team has earned the credibility it has and is uniquely capable of changing the way people fly.

由於這是我們第一次財報電話會議，在我們深入探討季度數據和飛機、充電網絡進展、GE航空航天公司和[國防部]項目以及[MRO]新訂單的最新情況之前，我想花幾分鐘時間介紹一下我自己和我們公司、我們的使命，特別是我們如何看待重新定義航空業，以及為什麼我們的團隊贏得了現在的信譽，並且有能力改變人們的飛行方式。

My name is Kyle Clark. I'm an engineer, a pilot, and the Founder of BETA. BETA began as my senior thesis in college more than 20 years ago and has shaped my life's work ever since. I still spend as much time as possible designing, flying, and building airplanes. That's all I've ever wanted to do.

我叫凱爾克拉克。我是工程師、飛行員，也是 BETA 的創辦人。BETA 是我 20 多年前在大學時的畢業論文，從那時起就一直影響著我畢生的工作。我仍然盡可能地投入時間去設計、駕駛和製造飛機。那是我一直以來都想做的事。

Prior to BETA, many of the team members here and I spent our professional careers designing and building high-reliability power electronics and control systems for organizations like the National Nuclear Labs, Raytheon, Tesla, and many others, helping them to electrify and control things that once seemed impossible, like the Patriot missile system. In every case, we created systems that were far superior to what they replaced.

在加入 BETA 之前，我和團隊中的許多成員都從事為國家核子實驗室、雷神公司、特斯拉公司等眾多機構設計和建造高可靠性電力電子和控制系統的工作，幫助他們實現曾經看似不可能的事物（例如愛國者飛彈系統）的電氣化和控制。在所有情況下，我們都創造出了遠優於被取代系統的系統。

Throughout those years, I kept refining the idea that would become BETA, thinking about how electric aviation could serve the industry in a practical and tactful way. When I met Martine Rothblatt at United Therapeutics in 2017, I felt like two missions were aligning. We shared the belief that electric aviation could reshape the future of flight and, even more importantly, save lives by enabling large-scale transport of organs. Martine became our first customer, helping to finally focus on cargo, medical, and logistics. For the first time, the work we had been doing with others converged with a mission of our own, one that had the potential to make a real difference.

在那幾年裡，我不斷完善後來成為 BETA 的想法，思考電動航空如何以務實和巧妙的方式服務該行業。2017 年，我在 United Therapeutics 遇到了 Martine Rothblatt，當時我覺得我們兩人的使命不謀而合。我們一致認為，電動航空可以重塑飛行的未來，更重要的是，它可以透過大規模器官運輸來拯救生命。Martine 成為我們的第一位客戶，幫助我們最終專注於貨物、醫療和物流領域。這是第一次，我們與他人合作的工作與我們自己的使命匯合，這項使命有可能產生真正的影響力。

The electrification of aviation is inevitable. The electric aircraft that we are certifying are safer than their traditionally fueled counterparts. Electric aircraft are less expensive to operate, quieter, more sustainable, and have higher reliability and dispatch rates than complex legacy aircraft.

航空業電氣化勢在必行。我們正在認證的電動飛機比傳統的燃油飛機更安全。與複雜的傳統飛機相比，電動飛機運作成本更低、噪音更小、更永續，並且具有更高的可靠性和出勤率。

But these advantages and others aren't just things that come for free because the aircraft are electric. They come from a disciplined engineering approach, a product philosophy rooted in simplicity, reliability, and pragmatism. Our dedication to simplicity through design and first-principle physics is the foundation of our entire business, and the reason electric aviation will deliver on its full promise.

但這些優勢以及其他優勢並不是因為飛機是電動的就理所當然地獲得的。它們源自於嚴謹的工程方法，其產品理念植根於簡潔、可靠和實用主義。我們致力於透過設計和第一原理物理學實現簡潔性，這是我們整個業務的基礎，也是電動航空能夠充分兌現其承諾的原因。

Here are the guiding principles of BETA's business. BETA owns and controls the enabling technologies for electric aviation. This includes the batteries, motors, flight controllers, and chargers. We work extremely close with the customers and the regulators. We have earned their respect and they've earned ours.

以下是BETA的商業指導原則。BETA擁有並控制電動航空所需的關鍵技術。這包括電池、馬達、飛行控制器和充電器。我們與客戶和監管機構保持著非常密切的合作關係。我們贏得了他們的尊重，他們也贏得了我們的尊重。

We offer a full-stack solution to our customers, everything they need to operate from the aircraft to the batteries, to the data systems, to the training, to a global charging network. Our aircraft and designs are a platform for new technologies such as advanced batteries, fuel cells, hybrid, and autonomy. We've put all the hooks and the flexibility into our aircraft to adopt these improvements.

我們為客戶提供全端解決方案，涵蓋他們營運所需的一切，從飛機到電池，從數據系統到培訓，再到全球充電網路。我們的飛機和設計是先進電池、燃料電池、混合動力和自主飛行等新技術的平台。我們已在飛機上預留了所有介面和靈活性，以便進行這些改進。

We understand and respect physics. This has enabled us to hold every meaningful world record in electric aviation range, payload, and both speed records. We're a show-not-tell business that's focused on keeping our promises and hitting our milestones. We let our accomplishments speak for themselves. We focus on safety, performance, and reliability through simplicity.

我們理解並尊重物理學。這使我們能夠保持電動航空航程、有效載荷和速度方面所有有意義的世界紀錄。我們是一家注重實效而非空談的企業，專注於履行承諾並達成里程碑目標。我們用成就說話。我們注重安全性、性能和可靠性，並透過化繁為簡來實現這一目標。

At the very core of BETA are the people. We are a team of scientists, engineers, aviators, and builders. We fly what we build. We expose the issues early. We believe in data, integrity, and honesty. We are intensely connected to the mission, and the financial success of this business and the economic benefits to our customers are directly aligned with our mission of creating a sustainable aviation future.

BETA 的核心在於人。我們是由科學家、工程師、飛行員和建造者組成的團隊。我們駕駛自己製造的飛機。我們會及早揭露問題。我們秉持數據、誠信和正直的原則。我們與使命緊密相連，這項業務的財務成功以及為客戶帶來的經濟利益與我們創造永續航空未來的使命直接相關。

Now that we've established who we are, let's talk about what we do here at BETA. We design and build both electric conventional takeoff and landing airplanes and vertical takeoff and landing powered-lift aircraft. We also sell high-performance systems that power them: the motors, batteries, flight computers, and sensor systems. We manufacture, sell, and install thermal management and charging infrastructure.

既然我們已經明確了自己是誰，接下來讓我們來談談我們在 BETA 在這裡是做什麼的。我們設計和製造電動常規起降飛機和垂直起降動力升力飛機。我們也銷售為它們提供動力的高性能係統：馬達、電池、飛行電腦和感測器系統。我們生產、銷售和安裝熱管理和充電基礎設施。

We're the only OEM with a certified charger and a nationwide interoperable and multi-modal charging network, and now we're expanding that footprint internationally. The mature propulsion and charging products are producing positive contribution margin today, and these technologies are sought after by the most respected aerospace and defense companies in the world.

我們是唯一擁有認證充電器和全國互通多模式充電網路的原始設備製造商，現在我們正在將這項業務拓展到國際市場。成熟的推進和充電產品目前能夠產生正利潤，這些技術也受到世界上最受尊敬的航空航太和國防公司的青睞。

We fly what we build. Our family of electric aircraft has logged more than 100,000 nautical miles across three continents and 10 countries, landing at over more than 380 airports. We've flown in the rain, the sleet, the snow, the fog, dust, in every class of airspace from Class Golf to busy Class Bravo airspace across a wide range of payloads. And we've done it with more than 10 times as many different pilots in the left seat than any other company in our sector. Nobody has as much real-world data as we do, not even close.

我們駕駛自己製造的飛機。我們的電動飛機系列已在三大洲 10 個國家累積飛行超過 10 萬海裡，並在超過 380 個機場降落。我們曾在雨中、雨夾雪中、雪中、霧中、塵土中飛行，在從 G 級空域到繁忙的 Bravo 級空域的各種空域中飛行，並攜帶過各種各樣的有效載荷。而且，我們公司使用的左座飛行員數量是同行業其他任何公司的 10 倍以上。沒有人比我們擁有更多真實世界的數據，根本無法與之相比。

When we go out and fly, I typically close our briefs by saying, let's go expose the issues. The data produced on these flights is critical feedback to our engineers, our manufacturing teams, and for training our AI models. We've executed real-life flight missions on our aircraft with United Therapeutics, UPS, Bristow, Air New Zealand, and many others, including the U.S. Military. This real-world flying with executives and chief pilots from these companies has resulted in a deposit-backed commercial aircraft backlog of $3.5 billion and a component backlog that just crossed $1 billion, mostly due to a major deal with Embraer Air Mobility.

當我們外出飛行時，我通常會在簡報結束時說，讓我們揭露這些問題。這些航班產生的數據對我們的工程師、製造團隊以及訓練我們的人工智慧模型來說都是至關重要的回饋。我們曾與 United Therapeutics、UPS、Bristow、紐西蘭航空以及包括美國軍方在內的許多其他公司一起，在我們的飛機上執行過真實的飛行任務。與這些公司的管理人員和首席飛行員一起進行的實際飛行，促成了價值 35 億美元的商用飛機預付款訂單積壓，以及剛剛超過 10 億美元的零件訂單積壓，這主要歸功於與巴西航空工業公司空中交通部門達成的一項重大交易。

This aircraft backlog doesn't include the post-sale services and aftermarket components, which makes the total backlog about four times higher. We sell aircraft at a good margin, but that isn't the insight to our business. The beautiful thing here is that BETA gets both the aircraft sale and high-margin recurring revenue from battery and aftermarket sales. This is highly unique for airframers, even among electric aircraft developers.

該飛機積壓訂單不包括售後服務和售後零件，因此總積壓訂單量大約是原來的四倍。我們以不錯的利潤率銷售飛機，但這並不是我們業務的精髓所在。妙處在於，BETA 既能獲得飛機銷售收入，又能從電池和售後市場銷售中獲得高利潤的經常性收入。這對於飛機製造商來說非常獨特，即使在電動飛機開發商中也是如此。

All the while, our customers get a lower cost of operation and ever-increasing performance. This model is an entirely new paradigm for aviation. The philosophy of simplicity and pragmatism is clearly reflected in our certification strategy. We've taken a strategic stepwise buildup approach to certification, which is also unique within our industry and rooted in a deep understanding of how the FAA works and the current regulatory readiness to certify new and novel technologies.

同時，我們的客戶還能獲得更低的營運成本和不斷提高的效能。這種模式為航空業開啟了一個全新的典範。我們的認證策略清楚地體現了簡潔實用的理念。我們採取了循序漸進的策略性認證方法，這在我們的行業中也是獨一無二的，並且源於對美國聯邦航空管理局運作方式以及當前監管準備情況的深刻理解，從而能夠認證新的和創新的技術。

It started with the propeller in partnership with Hartzell, which we achieved a full type certification last summer. In parallel but phase-shifted, we went on to the electric aircraft engine, the H-500A, then the CX-300, which is being certified as a Part 23 FAA airplane. We presently are building conforming articles for this program. And again, in parallel but phase-shifted, the A-250 vertical takeoff and landing aircraft, which has a closed G-1 certification basis. Each of these steps are done so that the success and certification of one builds directly into the next.

一切始於與 Hartzell 合作研發的螺旋槳，我們去年夏天獲得了該產品的全面型號合格證。同時，我們以不同的階段推進了電動飛機發動機 H-500A 的研發，然後是 CX-300，該發動機正在接受美國聯邦航空管理局 (FAA) 第 23 部分的認證。我們目前正在為該項目撰寫符合規定的文章。此外，A-250 垂直起降飛機也在同步研發，但進度有所延遲，它擁有封閉的 G-1 認證基礎。每一步都是為了確保前一步的成功和認證能夠直接為下一步奠定基礎。

Another piece of our strategy is shown at the bottom of this slide where the propeller and engine are ported directly into the CX-300 airplane. And then the designs, conformities, and requirements of the CX-300 airplane, they complete over 80% of the A-250 powered-lift aircraft. The commonality between these models streamlines not only certification through the reuse of artifacts, but also production systems and pilot and maintenance training. Our dedication to simplicity and first-principle physics has positioned us to be the leading voice in the industry, especially when it comes to working closely with the regulators.

我們策略的另一部分如圖底部所示，螺旋槳和引擎直接安裝在 CX-300 飛機上。然後，CX-300 飛機的設計、符合性和要求，完成了 A-250 動力升力飛機的 80% 以上。這些模型之間的共通性不僅簡化了透過重複使用工件進行的認證，而且還簡化了生產系統以及飛行員和維修訓練。我們秉持對簡潔性和第一原理物理學的堅持，使我們成為業界的領導者，尤其是在與監管機構密切合作方面。

In addition to leading BETA, I chair the GAMA Electric Propulsion and Innovation Committee, an industry group comprised of the top subject matter experts in new technologies, specifically around electric propulsion and autonomy. This position has given BETA the unique opportunity to work directly with the FAA as well as international authorities as we develop policy for our industry.

除了領導 BETA 之外，我還擔任 GAMA 電動推進和創新委員會主席，該委員會是一個行業組織，由新技術領域的頂尖專家組成，特別是電動推進和自主技術方面的專家。這個職位使 BETA 獲得了一個獨特的機會，可以直接與美國聯邦航空管理局 (FAA) 以及國際權威機構合作，共同製定我們行業的政策。

Through our work with the FAA, I've seen firsthand their focus, commitment, and a renewed prioritization of safely bringing electric aviation into the national airspace. Major thematic shifts led by this administration have resulted in the powered-lift type certification advisory circular being published this past summer and a transformative executive order, American Drone Dominance, which mandates the implementation of an eVTOL Integration Pilot Program or EIPP. This will allow us to launch commercial operations next summer.

透過與美國聯邦航空管理局的合作，我親眼目睹了他們對安全將電動航空引入國家空域的關注、承諾和重新重視。本屆政府主導的重大主題轉變促成了動力升力型認證諮詢通告於去年夏天發布，以及一項具有變革意義的行政命令《美國無人機主導地位》，該命令強制實施電動垂直起降飛行器集成試點計劃（EIPP）。這將使我們能夠在明年夏天啟動商業營運。

Our industry has seen remarkable political, regulatory, and commercial tailwinds recently. I believe it's a product of the flying we're doing all over the world, demonstrating that electric aviation is fundamentally better. The world now recognizes that the United States is leading the AAM industry, and maintaining that leadership is essential to realizing the full benefits to our GDP, our national security, and our planet. The current administration through the Department of Transportation and ultimately the FAA has cleared the path for near-term operations domestically.

近期，我們所在的產業在政治、監管和商業方面都迎來了顯著的利多因素。我認為這是我們在世界各地進行的飛行實踐的成果，這表明電動航空從根本上更好。世界現在認識到，美國在空天飛彈產業中處於領先地位，保持這種領先地位對於充分發揮空天飛彈產業對我們的GDP、國家安全和地球帶來的益處至關重要。現任政府透過交通部，最終透過聯邦航空管理局，已經為近期國內運營掃清了障礙。

Here at BETA, we put a high value on transparency and intellectual honesty. I want to spend a moment outlining five key performance indicators that we'll be using on a regular basis to share with you our progress. The first KPI is our backlog. You should expect this to steadily increase as exposure to the company and the aircraft grows. Today, the combined number of orders stands at 891 aircraft with hundreds more in active negotiation. These are deposit-backed orders.

在 BETA，我們高度重視透明度和學術誠信。我想花一點時間概述我們將定期使用的五個關鍵績效指標，以便與大家分享我們的進度。第一個關鍵績效指標是我們的待辦事項清單。隨著您對該公司和該飛機的了解不斷加深，預計這種情況會穩定成長。目前，訂單總數已達 891 架飛機，另有數百架飛機正在積極洽談中。這些都是有押金支持的訂單。

The second KPI is real-world flying. We measure nautical miles flown by our BETA electric aircraft. Our aircraft are out flying every day on three continents. These miles don't just represent a number, they represent exposure, experience, safety, and reliability and produce extremely valuable data for our engineering certification and service efforts. I don't believe anyone in the industry has even flown half this many miles, and yes, the units are nautical miles.

第二個關鍵績效指標是實際飛行。我們測量 BETA 電動飛機的飛行海裡數。我們的飛機每天都在三大洲飛行。這些里程不僅代表一個數字，它們代表著經驗、安全性和可靠性，並為我們的工程認證和服務工作提供了極其寶貴的數據。我不相信業內有人飛過這麼多的里程，是的，單位是海裡。

Our third major KPI is our charging network. It's large and growing. It covers the majority of the East Coast into the Southeast, has nodes out West, and we're actively filling in those gaps. Note that these are sites. Some of these sites have multiple chargers on site.

我們的第三大關鍵績效​​指標是充電網路。它規模龐大，而且還在持續發展中。它覆蓋了東海岸的大部分地區以及東南部，在西部也有節點，我們正在積極填補這些空白。請注意，這些是網站。有些站點設有多個充電樁。

They are multimodal, which means you can charge cars, trucks, and vans, and interoperable, which means it's usable by anyone flying. We also track charging cycles, which exercises our mobile applications, billing, data management, and customer experience. We have over 62,000 so far this year.

它們是多模式的，這意味著你可以為汽車、卡車和貨車充電，而且是互通性的，這意味著任何乘坐飛機的人都可以使用。我們還會追蹤充電週期，這有助於測試我們的行動應用程式、計費系統、資料管理系統和客戶體驗。今年到目前為止，我們已經有超過 62,000 人次。

The fourth KPI we acutely track is the production readiness of all of our facilities, both at our primary manufacturing facilities making composites, metallics, welding, paints, and coatings, as well as our final assembly facility like this one I'm in now, the 188,000 square foot production facility. We exercise these lines intermittently at max rate to ensure that we expose the issues of rate production early. Our KPI for production readiness will be defined as our maximum demonstrated aircraft output on a monthly basis. We plan to provide guidance for 2026 rate in our year-end call.

我們密切關注的第四個關鍵績效指標是所有工廠的生產準備情況，包括我們主要的複合材料、金屬、焊接、油漆和塗料製造工廠，以及像我現在所在的這個佔地 188,000 平方英尺的最終組裝工廠。我們間歇性地以最大速率對這些線路進行操作，以確保及早發現速率產生的問題。我們將生產準備就緒的關鍵績效指標定義為每月最大已證明的飛機產量。我們計劃在年終電話會議上提供 2026 年利率指引。

And fifth is arguably our most important metric to track as a new OEM, our certification progress and the completion steps to our primary product. We are in the last stages of certification now for the H-500A, and we just hit another first this quarter when we became the first OEM to begin for-credit testing with the FAA on an electric engine certification project. I believe we're on track to be the first electric engine certified standalone in the United States.

第五點可以說是我們作為新的 OEM 廠商需要追蹤的最重要指標，即我們的認證進度和主要產品的完成步驟。現在 H-500A 的認證已進入最後階段，而且本季度我們還取得了另一個第一，成為第一家與美國聯邦航空管理局 (FAA) 就電動發動機認證項目開始進行信用測試的原始設備製造商 (OEM)。我相信我們有望成為美國首款獨立認證的電動車引擎。

On the CX-300, which is a Part 23 airplane, we're building conforming articles now and we're working in partnership with the FAA, who has a great team deployed to support this. And the Alia A250 aircraft, which has a clean and clear certification basis. We'll add to these KPIs in future years as production ramps and our industry matures.

對於 CX-300（一款第 23 部飛機），我們現在正在製造符合規定的零件，我們正在與美國聯邦航空管理局 (FAA) 合作，FAA 部署了一支優秀的團隊來支援這項工作。還有 Alia A250 飛機，它擁有乾淨、清晰的認證基礎。隨著產量提升和產業的成熟，未來幾年我們將增加這些關鍵績效指標。

Now on to the quarterly update. It's been a big quarter and we have big goals, and the pace we set for ourselves to deliver on these goals plus the drive that meets or exceeds it is what makes this team different. We've had several key accomplishments this quarter that position us to successfully deliver on those KPIs we discussed in this coming year.

接下來是季度更新報告。這是一個重要的季度，我們設定了遠大的目標，我們為自己設定的實現這些目標的速度，以及達到甚至超越這些目標的動力，正是這支球隊與眾不同的地方。本季我們取得了一些關鍵成就，這使我們能夠成功實現來年討論的各項關鍵績效指標。

In addition to our successful financing and the certification milestones I mentioned, we've proven our aircraft in demanding real-world operations that position us to lead the deployment of aircraft into the eVTOL Integration Pilot Program. We now have 10 BETA-supported state applications in play for DOT review, and BETA chargers have been specified in applications that have the potential to add 57 charge sites.

除了我提到的成功融資和認證里程碑之外，我們還在嚴苛的現實世界運作中證明了我們的飛機，這使我們能夠引領飛機部署到 eVTOL 整合試點計畫中。目前，我們有 10 個受 BETA 支持的國家申請正在接受交通部審查，並且已在一些申請中指定使用 BETA 充電器，這些申請有可能增加 57 個充電站。

We are conducting demos with Republic Airways in the Midwest and other major operators in the Pacific Northwest. We're carrying cargo with Bristow in Norway and operating with Air New Zealand Down Under. Over the summer, one of the new Air New Zealand pilots was the first pilot to earn their FAA commercial license in any advanced air mobility aircraft, and of course it was in BETA Alia.

我們正在與美國中西部的共和航空公司以及太平洋西北地區的其他主要營運商進行演示。我們在挪威透過 Bristow 公司運輸貨物，並在澳洲透過紐西蘭航空公司營運。今年夏天，紐西蘭航空的一名新飛行員成為第一位獲得美國聯邦航空管理局 (FAA) 商業執照的先進空中機動飛機飛行員，而他駕駛的飛機當然是 BETA Alia。

After comprehensive flight test campaigns on multiple prototypes in the past years, this quarter we've been flight testing our first Alia VTOL aircraft built in our production facility and on our production tooling. I've personally flown this aircraft model many times in New York and Vermont, and it flies beautifully. The team here at BETA never ceases to amaze me with their ability to keep promises.

經過過去幾年對多個原型機的全面飛行測試活動，本季我們一直在對我們生產設施和生產工具製造的第一架 Alia VTOL 飛機進行飛行測試。我自己曾在紐約州和佛蒙特州多次駕駛過這款飛機，它的飛行性能非常出色。BETA團隊信守承諾的能力總是讓我驚嘆不已。

We delivered our first products to General Dynamics this quarter. The undersea propulsion work we're doing with General Dynamics in support of DARPA is indeed classified, but it serves as a powerful validation of our core technologies. The simplicity and performance of our systems are being trusted for some of the most demanding applications and missions in the world.

本季我們向通用動力公司交付了首批產品。我們與通用動力公司合作，為美國國防高級研究計劃局 (DARPA) 進行的水下推進工作確實屬於機密，但這有力地驗證了我們的核心技術。我們的系統憑藉其簡潔性和高效能，贏得了全球一些最苛刻應用和任務的信賴。

Our vision is to deploy charging to every suitable airport and vertiport in the world and own the flow of energy into the future of aviation. This quarter on the charge network development, in addition to commissioning several chargers and thermal management systems in Michigan, we also won the contract to electrify the Abu Dhabi airports, and we recently installed, commissioned, and tested the first aircraft chargers in the UAE.

我們的願景是為世界上每個合適的機場和垂直起降場部署充電設施，並掌控未來航空業的能源流動。本季在充電網路開發方面，除了在密西根州調試了幾個充電樁和熱管理系統外，我們還贏得了阿布達比機場電氣化的合同，我們最近在阿聯酋安裝、調試和測試了第一批飛機充電樁。

Like our certification, our market entry strategy is stepwise. I believe that deploying chargers in Abu Dhabi will lead to airport-to-airport electric cargo and medical flights before urban air mobility really takes hold. With our recent order from ESmart Logistics in the UAE, a leading provider to global cargo airlines, BETA will be the one to provide these steps.

與我們的認證一樣，我們的市場進入策略也是循序漸進的。我認為，在阿布達比部署充電樁將促成機場間的電動貨運和醫療航班，之後城市空中交通將真正普及。根據我們最近從阿聯酋領先的全球貨運航空公司供應商 ESmart Logistics 收到的訂單，BETA 將負責提供這些步驟。

This quarter, our relationship and technical work with the GE Aerospace team grew once again. GE Aerospace continues to be a mentor and a supporter of our certification work and a great partner to BETA. This relationship is rooted in complementary technical expertise and a strategic alignment to field hybrid-electric power systems. We completed phase one of our joint development CT7-based turbogenerator program, and we even increased our scope of work. Beyond the technical and specific program work, the financial relationship has grown as well, and GE Aerospace participated in both our Series C private placement investment round and again in the IPO.

本季度，我們與GE航空航太團隊的關係和技術合作再次加強。GE航空航太公司一直是我們認證工作的導師和支持者，也是BETA的優秀合作夥伴。這種合作關係建立在互補的技術專長和混合動力系統領域的策略一致性之上。我們完成了基於 CT7 的共同開發汽輪發電機專案的第一階段，我們甚至擴大了工作範圍。除了技術和具體專案工作之外，雙方的財務關係也日益密切，GE航空航太公司參與了我們的C輪私募融資，並在IPO中再次參與了我們的IPO。

This past quarter, we delivered all the motors necessary for Eve to enter their next phase of flight test campaign. I've spent significant time in Brazil this past year and I can attest to the fact that Eve has amazing people and a great development process. I'm confident they will deliver with their thorough, methodical, and comprehensive approach. Embraer is a world-class company and Eve's genetics are closely tied.

上個季度，我們交付了Eve進入下一階段飛行測試活動所需的所有引擎。過去一年我在巴西待了很長時間，我可以證明 Eve 擁有優秀的人才和出色的發展流程。我相信他們憑藉其嚴謹、有條不紊、全面周到的方法，一定能夠完成任務。巴西航空工業公司是一家世界級公司，而伊芙的基因與該公司密切相關。

However, they don't do propulsion. They come to us for this, and we're proud to partner with Eve. Although this production supply deal has been in the works for the last year, we've said little about the total scope and positive impact of BETA. Earning this production contract for motors and aftermarket services is worth more than $1 billion in revenue over the next 10 years alone.

但是，它們不具備推進功能。他們為此向我們尋求幫助，我們很榮幸能與 Eve 合作。儘管這項生產供應協議已經籌備了一年，但我們很少提及 BETA 的整體規模和正面影響。光是未來 10 年，贏得這份馬達和售後服務生產合約就能帶來超過 10 億美元的收入。

This wasn't included in our financial model shared with the sell-side analysts and represents a transformative upside to our backlog. I believe this is a testament to our industry-leading motor designs for safety-critical applications vetted by the most respected airframers in the world. The motor we're selling to Eve is the H-500B, which we're testing now and proving a significant increase in power and power density. You see, the BETA data point occupies the top right corner of this comparative chart.

這並未包含在我們與賣方分析師分享的財務模型中，但它代表我們積壓訂單的重大成長。我相信這證明了我們領先業界的馬達設計，這些設計適用於安全至關重要的應用，並已通過了世界上最受尊敬的飛機製造商的驗證。我們向 Eve 出售的馬達是 H-500B，我們目前正在對其進行測試，結果表明其功率和功率密度均有顯著提高。您可以看到，BETA 資料點位於此對比圖的右上角。

We're excited to begin this next phase of our business as a public company and humbled by the support we've received in the process. By drastically lowering the cost of aviation through electrification, the growth potential [and the TAM] expands and is nearly unbounded. There's a ton of work ahead of us, but we love what we do and we're excited for the work. This is a team that thrives on engineering a vision into reality, solving challenges, and delivering results.

我們很高興能夠以上市公司的身份開啟業務的下一個階段，同時也對在過程中所獲得的支持深表感激。透過電氣化大幅降低航空成本，成長潛力（以及市場規模）得以擴大，幾乎是無限的。前面還有很多工作要做，但我們熱愛自己的工作，也對工作充滿熱情。這是一個擅長將願景變為現實、解決挑戰並取得成果的團隊。

Lastly, I just want to say thank you again to our existing investors and thank you to our new investors who joined us in the IPO. We're excited to partner with you and build the future of aviation.

最後，我再次感謝我們現有的投資者，也感謝參與IPO的新投資者。我們很高興能與您合作，共同打造航空業的未來。

With that, please let me introduce our CFO, Herman Cuto. Herman is a trusted colleague and a friend. He comes from a background of manufacturing and assembly of high-quality products within a very regulated environment. He has extensive experience in the things that matter most to BETA and has earned the unwavering respect of his team and his peers here at BETA.

接下來，請容許我介紹我們的財務長赫爾曼·庫托。赫爾曼是一位值得信賴的同事和朋友。他擁有在高度規範的環境下製造和組裝高品質產品的背景。他在對 BETA 而言最重要的事情上擁有豐富的經驗，並贏得了 BETA 團隊和同事們的堅定尊重。

Herman, please brief us on the financial results this quarter and our cash position.

赫爾曼，請簡單介紹一下本季的財務表現和現金狀況。

Thank you, Kyle, and good morning, everyone, and thank you again for joining. When Kyle and I first met, our initial conversation was about strategic costing, the cost of an input when it enters a process versus when it leaves and all the factors that explain why. As someone who grew up in the business and having had the privilege of working cross-functionally my entire career, in that moment, I knew that BETA was a place where engineering and finance were truly in lockstep.

謝謝你，凱爾，大家早安，再次感謝大家的參與。當我和凱爾第一次見面時，我們最初的談話是關於策略成本核算，即投入品進入流程時的成本與離開流程時的成本，以及所有解釋這種差異的因素。我從小就在這個行業長大，並且有幸在整個職業生涯中跨部門合作，在那一刻，我知道 BETA 是一個工程和財務真正步調一致的地方。

A place where a deep understanding of things like materials, labor, and overhead drives a strategic approach to building a better, safer, cleaner, and more cost-effective product for our customers. And that leads us to the question we focus on every day: How do we leverage engineering data and financial insights to develop products that meet the financial outcomes we're aiming for? Outcomes that ensure not only BETA wins but that our customers do as well.

在這裡，對材料、勞動力和管理費用等方面的深刻理解，推動我們採取策略方法，為客戶打造更好、更安全、更清潔、更具成本效益的產品。這就引出了我們每天都在關注的問題：我們如何利用工程數據和財務洞察來開發能夠達到我們所期望的財務結果的產品？確保不僅 BETA 能夠成功，而且我們的客戶也能獲得成功。

The last six months have been transformative for BETA strategically, operationally, and financially. Through the third quarter and into the fourth, we advanced our strategy and significantly strengthened our balance sheet, reinforcing the foundation we need as we continue moving with purpose through certification and industrialization.

過去六個月對 BETA 而言，在策略、營運和財務方面都發生了翻天覆地的變化。在第三季和第四季度，我們推進了策略，並顯著增強了資產負債表，鞏固了我們繼續有目標地推動認證和產業化所需的基礎。

Our current balance sheet gives us the longest runway in the industry. At BETA, we have an incredible opportunity to build a world-class business alongside a world-class team, partners, and customers. We've already achieved many of the near-term milestones, but the truth is we're just getting started.

我們目前的資產負債表使我們擁有業內最長的營運週期。在 BETA，我們擁有絕佳的機會，與世界一流的團隊、合作夥伴和客戶一起打造世界級的企業。我們已經實現了許多近期里程碑，但事實上我們才剛起步。

Turning back to the third quarter and adding a bit of context to the strategy Kyle just outlined. Beyond engineering services, BETA is the only company in our space actively monetizing our enabling technologies with a positive contribution margin.

回到第三季度，並為凱爾剛才概述的策略增加一些背景資訊。除了工程服務之外，BETA 是我們這個領域唯一一家積極利用我們的賦能技術來實現盈利並獲得正利潤率的公司。

Two examples of how we do that organically today are, one, through the sale of our electric propulsion systems; and two, the sale of products and services that we have pioneered through our network of charging infrastructure. I'm happy to report revenues of $8.9 million in the third quarter, which was a significant increase to Q3 of last year. Our results were ahead of our expectations as we benefited from motor sales that were originally planned for the fourth quarter of 2025.

如今，我們有機地實現這一目標的兩個例子是：一是透過銷售我們的電動推進系統；二是透過我們的充電基礎設施網路銷售我們率先推出的產品和服務。我很高興地宣布，第三季營收達到 890 萬美元，比去年第三季大幅成長。由於我們受益於原計劃於 2025 年第四季進行的汽車銷售，我們的業績超出了預期。

Sales in the third quarter to legacy aerospace companies like Embraer Eve were made possible by the earlier-than-expected commercialization of our propulsion technology, a commercial milestone we reached ahead of our internal schedule. We also saw strong growth in engineering services revenue as well as continued expansion in priority access fees from our charging network. Year-to-date revenue through Q3 was $24.5 million, again a significant increase over the first nine months of the previous year, reflecting strength in both product and service revenues.

第三季向 Embraer Eve 等傳統航空航太公司實現銷售，得益於我們的推進技術比預期更早實現商業化，這是我們在內部計劃之前就達到的商業里程碑。我們也看到工程服務收入強勁成長，充電網路優先接取費也持續成長。截至第三季末，今年迄今的營收為 2,450 萬美元，與去年同期相比再次大幅成長，反映出產品和服務收入的強勁成長。

In Q3, operating expenses totaled $86.8 million, including $56.4 million invested in research and development to support aircraft design and certification. Additionally, we invested $30.4 million in supporting functions that make up selling, general, and administrative expenses. On a year-to-date basis, our Q3 operating expense totaled $256.7 million with $170.5 million invested in research and development, and $86.2 million invested in selling, general, and administrative.

第三季營運支出總計 8,680 萬美元，其中包括投資於研發以支援飛機設計和認證的 5,640 萬美元。此外，我們還投資了 3,040 萬美元用於支援性職能，這些職能構成了銷售、一般和行政費用。截至目前，我們第三季的營運支出總計為 2.567 億美元，其中 1.705 億美元投資於研發，8,620 萬美元投資於銷售、一般及行政費用。

Adjusted EBITDA for the third quarter of negative $67.6 million also positively beat our expectations and is a reflection of our efforts to closely manage expenses. Through nine months year-to-date, adjusted EBITDA was negative $200.7 million. We ended the quarter with $687.6 million in cash. This reflects the proceeds of our latest private financings, including the $300 million investment from GE.

第三季調整後 EBITDA 為負 6,760 萬美元，也超出了我們的預期，這反映了我們為嚴格控制支出所做的努力。今年前九個月，調整後 EBITDA 為負 2.007 億美元。本季末，我們持有現金6.876億美元。這反映了我們最新私募融資的收益，其中包括通用電氣的 3 億美元投資。

Subsequent to quarter end, we received approximately $1.1 billion of net proceeds from our IPO, which will be captured in our Q4 results. Taken together, BETA is well funded to continue pursuing our certification and industrialization targets.

季度末之後，我們從首次公開募股中獲得了約 11 億美元的淨收益，這將計入我們的第四季業績。綜上所述，BETA 擁有充足的資金，可以繼續實現我們的認證和產業化目標。

On the theme of industrialization and vertical integration, in the third quarter, we invested $13 million in capital expenditures. And through the first nine months we invested $25.7 million. This efficient use of capital supports the expansion of our manufacturing capacity, testing facilities, and other resources for aircraft development.

在工業化和垂直整合方面，第三季我們投入了 1,300 萬美元用於資本支出。在前九個月裡，我們投資了 2,570 萬美元。這種高效的資金利用方式支持我們擴大製造能力、測試設施以及其他飛機研發資源。

It's important to highlight that the lion's share of capital expenditures required for industrialization has already been completed. Principally, the construction of our 188,000 square foot production facility that was designed to support up to 300 aircraft per year has been online since late 2023. And just for reference, in 2023 our capital expenditures were $153 million, highlighting the early investment in industrialization.

值得強調的是，工業化所需的大部分資本支出已經完成。主要方面，我們佔地 188,000 平方英尺的生產設施的建設，旨在支持每年多達 300 架飛機的生產，自 2023 年底以來一直處於上線狀態。僅供參考，2023 年我們的資本支出為 1.53 億美元，凸顯了對工業化的早期投資。

Looking at the full-year 2025, we expect revenue to be in a range of $29 million to $33 million and adjusted EBITDA to be in the range of negative $295 million to negative $325 million. As you heard from Kyle, BETA is building for the future. And to stay at the forefront of innovation in electric aviation, it's essential that we continue setting ourselves up for financial success, both today and in the years ahead. Our go-to-market strategy is intentionally designed to financially capture the full product life cycle from initial aircraft sales to the significant long-term service and aftermarket revenues that follow.

展望 2025 年全年，我們預計營收將在 2,900 萬美元至 3,300 萬美元之間，調整後 EBITDA 將在負 2.95 億美元至負 3.25 億美元之間。正如你從 Kyle 那裡聽到的，BETA 正在為未來而建造。為了在電動航空領域保持創新領先地位，我們必須繼續為當下和未來的財務成功做好準備。我們的市場進入策略經過精心設計，旨在從最初的飛機銷售到隨後的長期服務和售後市場收入，全面獲取產品生命週期的財務收益。

We are continuously innovating and pushing the boundaries of what electric aviation can be. And by strengthening our balance sheet, staying disciplined and focused, and executing against our strategy, we are positioning BETA for long-term enterprise profitability and success.

我們不斷創新，拓展電動航空的邊界。透過加強資產負債表、保持自律和專注，並執行我們的策略，我們正在為 BETA 的長期企業獲利和成功奠定基礎。

Thank you, everybody. And with that, I turn the call back over to the operator to begin Q&A.

謝謝大家。然後，我將電話轉回給接線生，開始問答環節。

(Operator Instructions) Anthony Valentini, Goldman Sachs.

（操作說明）安東尼·瓦倫蒂尼，高盛。

I think the transparency is going to be really welcomed by the entire industry here. I just want to focus a little bit on the certification metrics that you guys provided, and it might be helpful just to kind of talk through the metrics here. I'm looking at page 15 and beyond in the deck. Are these numbers provided to you by the FAA or are these metrics that you guys are coming up with on your own just to give people an idea of how far along you are?

我認為這種透明度會受到整個行業的歡迎。我只想重點談談你們提供的認證指標，在這裡詳細講解一下這些指標可能會有所幫助。我正在查看簡報的第 15 頁及以後的內容。這些數據是美國聯邦航空管理局（FAA）提供給你們的，還是你們自己訂定的指標，只是為了讓大家了解你們的進展？

Hey, Anthony, thanks for the question. So we decided to track metrics that are directly aligned with FAA Order 8110, as opposed to coming up with our own stages. So these stages directly track with the FAA. The second thing that we did is we ensured that these metrics are measuring not just BETA's progress or the FAA's progress, it's actually [assimilation] of both.

嘿，安東尼，謝謝你的提問。因此，我們決定追蹤與 FAA 第 8110 號命令直接一致的指標，而不是製定我們自己的階段。所以這些階段與美國聯邦航空管理局（FAA）的規定有直接關係。我們做的第二件事是確保這些指標不僅衡量 BETA 的進展或 FAA 的進展，實際上衡量的是兩者的[融合]。

For example, in the CX-300, you see the tracking, for example, our compliance planning. But for additional color, we've submitted 13 of 20 plans, so nearly 65% completed the submissions, and the FAA has accepted six of those plans for certification. So what we're doing is we're looking at it as both parties have to show up and agree to a final acceptance as opposed to just tracking what we've done on our end, knowing that this particular industry, due to the regulatory oversight, requires that we both show up.

例如，在 CX-300 中，您可以看到追蹤訊息，例如我們的合規計畫。但為了增加一些細節，我們提交了 20 份計劃中的 13 份，因此近 65% 的計劃已完成提交，而美國聯邦航空管理局已接受了其中 6 份計劃進行認證。因此，我們現在採取的策略是，雙方都必須在場並同意最終驗收，而不是僅僅跟踪我們這邊所做的工作，因為我們知道，由於監管的緣故，這個特殊的行業要求我們雙方都必須到場。

And I could go into each detail on each piece, but largely one of the things that I think we should mention also is that, in the implementation phase, which is about half of the total certification time in our estimation, will be broken up into four discrete metrics in the coming quarters as we work through these TIA aircraft. And do the company conforming builds matched with the SOI Phase 3, which is a stage of involvement for software audits, that both have to converge at the same place at the same time in order to enter the last stage of implementation, which is the flight test. So again, the percent complete is based on what has been accepted, not what's been submitted.

我可以詳細介紹每個部分，但總的來說，我認為我們還應該提到的一點是，在實施階段（據我們估計，這大約佔總認證時間的一半），我們將在接下來的幾個季度中，隨著我們對這些 TIA 飛機進行研究，把實施階段分解為四個獨立的指標。公司符合性建構是否與 SOI 第三階段相符？ SOI 第三階段是軟體稽核的參與階段，兩者必須在同一時間匯合，才能進入實施的最後階段，即飛行測試。所以再次強調，完成百分比是基於已被接受的內容，而不是已提交的內容。

Got it. Okay, that's incredibly helpful. Follow-up on that in terms of the engine. I think when we were going through the process, you guys had mentioned that you were targeting end of 2025, early 2026 on the motor, and now I'm noticing that it's early 2026. Did it get kicked to the right a little bit because of the government shutdown, or can you just talk a little bit about that?

知道了。好的，這太有幫助了。接下來，我將介紹一下引擎方面的情況。我認為在我們討論這個專案的時候，你們曾經提到過引擎的目標是在 2025 年底或 2026 年初完成，而現在我注意到已經是 2026 年初了。政府停擺是否導致政治傾向略微右傾？能否就此談談看法？

Yeah, for sure, it is early 2026 that we're tracking to right now. We are in durability endurance testing, which is the longest pole of all that testing, and that just takes time to get done, and that's one of the reasons we provided a range. Getting into that durability endurance testing, which we're running again right now, requires ultimately thousands of hours of testing, and we're testing to the maximum extent possible in time. So that is planned for the first half of next year.

是的，沒錯，我們目前的預測是到 2026 年初。我們正在進行耐久性耐久性測試，這是所有測試中最耗時的一項，需要時間才能完成，這也是我們提供測試範圍的原因之一。我們現在正在再次進行耐久性耐久性測試，這最終需要數千小時的測試，我們正在盡可能地在規定時間內進行最大程度的測試。所以，這項計畫安排在明年上半年。

And that for-credit testing, just by way of example, we built a whole lot of company conforming articles and have 11 FAA-conformed articles. So when we're talking about the equivalency of TIA testing in airplanes, fully conformed articles and for-credit testing is the electric engine equivalent. That is all complete and in test right now, and we started with the tests that take the longest to achieve. And we're performing the other tests.

以學分測驗為例，我們編寫了大量符合公司規範的文章，並有 11 篇符合美國聯邦航空管理局 (FAA) 規範的文章。所以，當我們談論飛機 TIA 測試的等效性時，完全合格的產品和信用測試就是電動引擎的等效測試。所有工作都已完成，目前正在測試中，我們首先測試的是耗時最長的項目。我們還在進行其他測試。

And one other piece of color on that is, of course, this isn't the first time we run those tests; it's the first time we run them in front of the FAA. So we run and vet them over and over again internally, and the FAA comes to see them early, but to formally witness them is what's happening now.

當然，還有一點需要說明，這並不是我們第一次進行這些測試；而是我們第一次在美國聯邦航空管理局 (FAA) 面前進行這些測試。所以我們會在內部反覆運行和審查這些程序，美國聯邦航空管理局也會提前進行審查，但現在要正式見證這些程序的實施，才是真正需要進行的。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Congratulations on the IPO. And thank you for the color you provided on the prepared remarks, Kyle. So maybe on the EIPP that you noted, you said you could have flights as early as next summer. Can you provide more details on what this pilot project could look like? What types of operations do you intend to support? And is this with the CTOL or both the CTOL and the VTOL?

恭喜公司成功上市。感謝你為準備好的演講稿增添了色彩，凱爾。所以，也許在你提到的EIPP計畫中，你說最早明年夏天就可以有航班了。能否詳細介紹一下這個試點計畫的具體內容？您打算支援哪些類型的營運？這是指使用常規起降飛機（CTOL）還是同時使用常規起降飛機（CTOL）和垂直起降飛機（VTOL）？

Yeah, great question, Christine. So it is both the CTOL and the VTOL in time. The CTOL goes first. So the general timeline is that the FAA -- the DOT, and the White House earlier this summer issued the executive order.

是的，克里斯汀，問得好。所以它既是常規起降飛機，也是垂直起降飛機。CTOL 先行。因此，大致的時間線是，美國聯邦航空管理局、交通部和白宮在今年夏天早些時候發布了這項行政命令。

The FAA then put that into some amount of clarity with the DOT in September. Applications go in actually next week for all, and the formal front of the application is a state. So the state applies for this, and that includes an operator, of course, the aircraft provider, and the chargers. We are in, I believe, most all of the applications by us and all of our peers in the industry for the chargers.

美國聯邦航空管理局隨後在9月與交通部就此問題進行了一定程度的澄清。所有人的申請實際上將於下週開始，正式的申請流程由州政府負責。因此，州政府會提出申請，這當然包括營運商、飛機提供者和充電設施。我相信，我們以及業內所有同行都參與了我們幾乎所有的充電器應用。

We are in at least 10 applications with the states right now, and some of those states are pairing up multiple states together. We get selected sometime before March of next year. Now we've positioned ourselves to be able to deliver our first aircraft into that within 90 days of that selection, and naturally that means that we've had to manage our supply chain, our production, our labor, and our tooling so that we can deliver this on time.

我們目前向各州提交了至少 10 份申請，其中一些州正在與多個州合作。我們會在明年三月之前被選中。現在我們已經做好準備，能夠在選定目標後的 90 天內交付我們的第一架飛機，這自然意味著我們必須管理好我們的供應鏈、生產、勞動力和工具，以便我們能夠按時交付。

The part that's, I think, being worked out right now is what level of maturity and [certification] is included in these aircraft, and we're at a really advanced state for the cargo medical logistics, and that's our focus initially with these states, particularly rural access, before we go to urban passenger, urban air mobility with a vertical takeoff and landing aircraft. So it's a phased approach, much like the balance of our business, and we're in a wide range of applications that will start as early as June of next year.

我認為目前正在研究的是這些飛機的成熟度和認證水平，我們在醫療物流方面已經達到了非常先進的狀態，這也是我們最初在這些州，特別是農村地區的重點，然後再轉向城市客運，使用垂直起降飛機進行城市空中交通。所以這是一個分階段的方法，就像我們業務的其他方面一樣，我們正在進行廣泛的應用，最早將於明年 6 月開始。

Super helpful color. And you said that the VTOL will follow after the CTOL. So with the June 2026 for the CTOL, how much faster or how quickly could you get the VTOL to also be on this program?

非常實用的顏色。你說過垂直起降飛行器將在常規起降飛行器之後推出。鑑於 CTOL 計劃於 2026 年 6 月實施，您能否加快速度，或者說以多快的速度讓 VTOL 也加入該計劃？

Yeah, so everything around the design of the stepwise approach, certification, manufacturing, and the eIPP has just under a 12-month lag from the CTOL to the VTOL. Remember our first CTOL came off the production line last November, and our first VTOL came off the production line in August. All of the engineering assets and production assets are set up to do this type of cadence, learning from the conformities of the motor into the CTOL, and learning from the conformities of the CTOL into the VTOL.

是的，從 CTOL 到 VTOL，分階段方法的設計、認證、製造和 eIPP 等所有環節都存在不到 12 個月的延遲。請記住，我們的第一架 CTOL 飛機於去年 11 月下線，而我們的第一架 VTOL 飛機於今年 8 月下線。所有工程資產和生產資產都已設定好，以執行這種節奏，從電機到 CTOL 的兼容性中學習，再從 CTOL 到 VTOL 的兼容性中學習。

We will be able to provide a direct date on that, or a firm date on that, when we understand the level of conformity and maturity that is demanded in those applications. But in my opinion, we will achieve that sooner by focusing on cargo medical logistics, because the FAA and their safety-first approach really likes applications that have a lower risk, and that's where we're starting. So about a year phase-shifted is the answer to your question probably less.

當我們了解這些應用所需的合規性和成熟度等級後，我們將能夠提供具體的日期，或確切的日期。但我認為，如果我們專注於醫療貨物物流，就能更快地實現這一目標，因為美國聯邦航空管理局（FAA）秉持安全第一的原則，更傾向於風險較低的應用，而這正是我們起步的地方。所以，你的問題的答案大概是一年左右，相位偏移可能更少。

Ron Epstein, Bank of America.

羅恩愛潑斯坦，美國銀行。

Congratulations on the IPO. Maybe following up on some of your comments, Kyle, on supply chain and labor. How are you thinking about that with regard to the ramp? How are you thinking about recruiting personnel to have enough people on the floor to build aircraft? And then two, what challenges do you foresee in the supply chain in order to ramp that the way you want to?

恭喜公司成功上市。凱爾，或許我可以就你之前關於供應鏈和勞動力的一些評論做個補充說明。關於坡道的問題，你有什麼想法？你們打算如何招募人員，以確保車間有足夠的人手來製造飛機？其次，您預期供應鏈在實現您想要的規模化生產方面會面臨哪些挑戰？

Yeah, great question. So the first part of it is a heavy focus on vertical integration to manage our supply chain. So we're largely in control of our own destiny when it comes to delivering the products from our primary manufacturing, which is of course the welding, machining, and composites. There was a post recently, you may have seen, that we've achieved a conformity of our composites in our own composite shop. We also leverage supply chain to come together to create our composite structure. That has been a big focal point.

嗯，問得好。因此，第一部分重點在於垂直整合，以管理我們的供應鏈。因此，在交付我們主要製造環節（當然包括焊接、機械加工和複合材料）的產品方面，我們很大程度上掌控著自己的命運。最近我們發布了一篇文章（您可能已經看到了），宣布我們自己的複合材料車間已經實現了複合材料的一致性。我們也運用供應鏈的力量，共同打造我們的複合結構。這一直是關注的焦點。

In parallel with that, we've focused on magnets, semiconductors, and batteries. For semiconductors, for example, we pre-bought both the safety-critical semiconductors for controls and also our power semiconductors for everything we needed through development, certification, and initial deliveries. So there are certain strategies in certain places: vertical integration and pre-buy.

同時，我們也重點研究了磁鐵、半導體和電池。例如，對於半導體，我們預先購買了用於控制的安全關鍵型半導體，以及我們在開發、認證和初始交付過程中所需的所有功率半導體。因此，在某些地方會有一些特定的策略：垂直整合和預先收購。

We have also focused on our labor, so we had a pretty phenomenal turnout at a recent career day where we had to shut the doors at around 600 people who showed up to attempt to work here at BETA. We have no lack of access to really, really good talent when it comes to building things.

我們也一直很重視勞動力，所以在最近的招聘日活動中，我們取得了非常驚人的成績，大約有 600 人前來 BETA 求職，我們不得不關門。在建設方面，我們從來不缺真正優秀的人才。

But one piece of really important insight is we're not doing this without focusing on the economics of our product, the cost of building materials, for example where we continue to focus on reducing the total touch time, labor, and floor time of every single component.

但一個非常重要的見解是，我們在做這件事的同時，也關注了產品的經濟效益，例如建築材料的成本，我們將繼續致力於減少每個組件的總接觸時間、人工和現場時間。

Recently we took our fastened wing, which had 14,000 fasteners and 580 parts, and took six weeks to build, and we redesigned it to be a bonded wing which reduced it to less than 250 parts and went to zero fasteners. It took four days to build and of course it's significantly less expensive. And by the way, it lost 18 pounds and became stiffer.

最近，我們對一個固定機翼進行了重新設計，該機翼有 14,000 個緊固件和 580 個零件，耗時六週才完成。我們將其重新設計為黏合機翼，使其零件數量減少到不到 250 個，並且完全不需要緊固件。建造它花了四天時間，而且價格當然也便宜得多。順便說一句，它瘦了18磅，而且變得更僵硬了。

So that's what we're applying to the major commodities that drive our cost to build materials, and of course cost generally directly tracks with the reliance on labor. So vertical integration, pre-buy in some cases, and focusing on reduction of labor has given us a strategy that we're seeing in our ability to produce the aircraft that we promised.

所以，這就是我們將這種理念應用於影響建築材料成本的主要商品，當然，成本通常與對勞動力的依賴程度有直接關係。因此，垂直整合、在某些情況下提前採購以及專注於減少勞動力，使我們擁有了一項策略，而這項策略也體現在我們能夠生產我們承諾的飛機上。

That's great. And then maybe just one last follow-on from one of your comments. In your prepared remarks you talked about deposited backlog. Can you mention why you framed it that way, deposited backlog as opposed to just backlog?

那太棒了。最後，或許可以就您的一則評論補充一點。你在事先準備好的演講稿中談到了積壓案件。你能解釋為什麼你用「已提交的積壓工作」而不是「積壓工作」來表達嗎？

Yeah, thank you. It's actually a really big deal for us. We have to plan our production around something that has a high level of surety. Naturally, engagements with customers start with memorandum of understanding, letters of intent, then they go to term sheet.

是啊，謝謝。這對我們來說意義重大。我們必須圍繞一些有高度確定性的因素來規劃生產。當然，與客戶的合作通常從諒解備忘錄、意向書開始，然後進入條款清單階段。

At some point in that, with those kinds of pre-orders, you get to the point where you get a deposit. So it's a financial commitment from these businesses that we want to buy any number of aircraft for x dollars. That is where we trigger a backlog check mark, so that deposit-backed backlog, each of those are tied to some financial commitment.

在這個預購過程中，到了某個階段，你會收到訂金。所以，這是這些企業所做的財務承諾，我們希望用 x 美元購買任意數量的飛機。這就是我們觸發積壓訂單檢查標記的地方，這樣，有存款支持的積壓訂單，每一個都與一些財務承諾掛鉤。

The last phase, which we're in now, and this is one of the things we're tracking very acutely internally, is converting those deposit-backed backlogs to actual serial numbers with a delivery date so that we can start exercising our progress payments.

我們現在正處於最後一個階段，這也是我們內部正在密切關注的事情之一，那就是將這些有預付款支持的積壓訂單轉換為帶有交貨日期的實際序號，以便我們能夠開始支付進度款。

So that's one step further than the deposit-backed backlog. Those APAs, or aircraft purchase agreements, exactly solidify that schedule and then we start getting those milestone progress payments. I'm sure Herman could talk to the recognition of revenue on that, but that's an important cash management tool for us.

這比以存款為後盾的積壓訂單更進一步。這些飛機購買協議 (APA) 正好確定了該進度計劃，然後我們就開始收到里程碑進度款項。我相信赫爾曼可以談談這方面的收入確認問題，但這對我們來說是一個重要的現金管理工具。

Yes, so Ron, I think when we talked about working capital a couple of months ago, we have set it up in a way where we get a deposit upon the firm order about a year before we begin manufacturing. We then get another deposit, and then three months before we begin manufacturing, we get another deposit.

是的，羅恩，我想幾個月前我們談到營運資金的時候，我們已經制定了相應的方案，即在正式下單後大約一年左右開始生產，我們會收到一筆定金。然後我們收到另一筆訂金，在開始生產前三個月，我們又收到一筆訂金。

And when you sum it all up, it's about 50% of the selling price of the aircraft, so that puts us in a very good position from a working capital perspective. Then ultimately we get the final payment when we deliver the aircraft to the customer, and we recognize 100% of the revenue once the customer signs off on it. So it's a very easy and pragmatic revenue recognition approach.

總的來說，這大約是飛機售價的 50%，因此從營運資金的角度來看，我們處於非常有利的地位。最終，當我們把飛機交付給客戶時，我們會收到尾款；一旦客戶簽署確認，我們就能確認 100% 的收入。所以這是一個非常簡單實用的收入確認方法。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，傑富瑞集團。

Congratulations on the IPO. Maybe two questions on the partnerships you announced. For the first on GE and the undersea propulsion systems, can you discuss the timing of that opportunity and how we think about overall marine for BETA?

恭喜公司成功上市。關於您宣布的合作關係，我或許有兩個問題。關於GE和海底推進系統，您能否談談這個機會的時機，以及我們如何看待BETA的整體海洋業務？

Sure. So that program, much like our other propulsion program, started because, in this case, DARPA and GE got wind of what we were doing and had hosted them here. I toured them personally around the business and showed them all the technologies. What really triggered the initiation of that program was BETA's ownership of the software, the hardware, the control electronics, and the electromagnetics, putting that all together into something that could meet the national security needs because of that full ownership.

當然。所以，這個計畫和我們其他的推進系統計畫一樣，都是因為DARPA和GE聽說了我們正在做的事情，並邀請他們來這裡參觀才啟動的。我親自帶領他們參觀了公司，並向他們展示了所有的技術。真正促成該計劃啟動的原因是 BETA 擁有軟體、硬體、控制電子設備和電磁設備的所有權，正是這種完全所有權使得 BETA 能夠將所有這些整合在一起，從而滿足國家安全需求。

But the second part was the performance, and the performance of our propulsion systems won us that job. Now it started with a relatively small job, and for round numbers, $3 million to $5 million. The next phase of that particular program is approximately 10 times greater than that, and the next phase is 10 times greater than that.

但第二部分是效能，而我們推進系統的性能為我們贏得了這份工作。最初只是個相對較小的項目，粗略估計，金額在 300 萬到 500 萬美元之間。這個特定專案的下一階段規模大約是此階段的 10 倍，再下一階段的規模又是此階段的 10 倍。

So it's a classified program, so I can't speak specifically to the technologies, but that's the progression over the next 2.5 years of that program. I was just down at DARPA headquarters getting some classified briefs on the extension of that. Because of the successful deliverables that we just had, we've been exposed to two more major programs that are both classified as well.

這是一個機密項目，所以我不能具體談論相關技術，但這就是該項目未來 2.5 年的發展方向。我剛剛去了DARPA總部，聽取了一些關於該項目延期的機密簡報。由於我們剛成功交付了成果，我們又接觸到了兩個同樣屬於機密的重大專案。

To answer the second part of your question, we are expanding our undersea applications. And as I mentioned in the prepared remarks, like people in the air -- I'm a pilot, as you know and we flew together, that was an awesome flight in the electric airplane. We can't tolerate failures in the air, and we can't tolerate a system that we don't understand every part of it. You can't tolerate those failures when you're under the sea, when you're under the Arctic ice shelf, ever.

關於您問題的第二部分，我們正在拓展水下應用領域。正如我在準備好的演講稿中提到的那樣，就像空中的人們一樣——正如你們所知，我是一名飛行員，我們一起乘坐電動飛機飛行，那是一次非常棒的飛行。我們不能容忍航空領域的失誤，也不能容忍我們對系統的每個部分都不了解。在海底，在北極冰架下，你絕對不能容忍這些失誤。

If there are any issues, you need to have a backup system or redundancy that allows you to continue the mission. Although the tech is just a little bit different, of course the cooling systems are different, the requirements are actually remarkably similar for those different types of applications. So I think you will see us expand into more marine applications, specifically the safety-critical and mission-critical undersea work.

如果出現任何問題，您需要有備用系統或冗餘機制，以便能夠繼續執行任務。雖然技術上略有不同，冷卻系統當然也不同，但對於這些不同類型的應用來說，要求實際上非常相似。所以我認為你會看到我們擴大到更多海洋應用領域，特別是安全至關重要和任務至關重要的水下工作。

Got it. No, really neat stuff. And then maybe one on the Eve partnership just because it progressed this quarter to a full-on agreement, and I think you mentioned $1 billion in the backlog for it. So just how do we think about that and are there more to come?

知道了。不，真是很棒的東西。然後，也許可以談談 Eve 合作項目，因為該項目在本季度取得了全面進展，達成了正式協議，而且我想你提到過該項目積壓訂單金額為 10 億美元。那我們該如何看待這個問題呢？未來還會有更多相關內容嗎？

Yeah, for sure there are more to come. Those relationships don't evolve overnight in every case, and I think there's about five of them that we've identified with you guys. These airframers typically start evaluating the market. They may choose somebody else, maybe they have some successes, maybe they have some failures.

是的，肯定還會有更多。這些關係並非總是能在一夜之間形成，我認為我們已經和你們之間發現了大約五種這樣的關係。這些飛機製造商通常會先評估市場。他們可能會選擇其他人，也許會取得一些成功，也許會遭遇一些失敗。

And they end up back looking at our propulsion because of its path to certification, its performance, and the ability to rely on us as a production partner in the future. We delivered a bunch of motors down to Brazil that allowed Eve to step into their flight test program, and that earned us the production contract. Again, it's just for the pusher right now. That production contract was only awarded after some pretty thorough risk assessment on our ability to produce here in Vermont, our quality management systems, and our certification plan.

最終，他們還是會重新審視我們的推進系統，因為它的認證途徑、性能以及未來作為生產夥伴的可靠性。我們向巴西交付了一批發動機，使 Eve 能夠參與他們的飛行測試計劃，並因此贏得了生產合約。再次強調，目前這只是給推手用的。在對我們在佛蒙特州的生產能力、品質管理系統和認證計劃進行相當徹底的風險評估之後，才授予了這份生產合約。

This is where I do need to openly compliment the rigor and the thoroughness of their engineering leadership and their supply chain leadership. We learned a ton working with them. So the actual deal itself, yeah, it's approximately $1 billion based on their current backlog. That's about a 60% to 40% split between the initial sale of motors and the in-service agreed-to kind of pay-per-hour fees that are associated with the use of that motor, totaling about $1 billion.

在這裡，我必須公開讚揚他們在工程領導和供應鏈領導方面的嚴謹性和徹底性。和他們一起工作，我們學到了很多。所以，實際交易金額，根據他們目前的積壓訂單來看，大約是 10 億美元。馬達初始銷售額與使用該馬達相關的按小時計費的在役費用之間大約有 60% 比 40% 的份額，總計約 10 億美元。

John Godyn, Citigroup.

約翰‧戈丁，花旗集團。

Congratulations. Kyle, you made a comment that there were hundreds more aircraft in active negotiation when you were talking about the backlog, and I was just hoping to spend an additional second on that and understand what the contours of that may look like. Is that CTOL? Is that VTOL? Is that engines? Like you just mentioned there were some other airframers interested, existing customers, new customers, whatever you can share. I feel like you wouldn't have made that comment if there wasn't some visibility and confidence to it.

恭喜。凱爾，你在談到積壓訂單時提到還有數百架飛機正在積極談判中，我只是想再花一點時間了解這方面的概況。那是 CTOL 嗎？那是垂直起降飛機嗎？那是引擎嗎？正如你剛才提到的，還有一些其他飛機製造商對此感興趣，包括現有客戶、新客戶等等，你能分享一下嗎？我覺得，如果這件事沒有一定的知名度和自信，你是不會說這樣的話的。

Yeah, I guess maybe I'll point to one that was quite public at the Paris Air Show with the second largest regional carrier in the country, which is Republic Airways. We openly allow people to track our aircraft. It's funny, like early this morning about 3 AM. I saw our aircraft landed with a bunch of pilots that have been flying a continuous 70-hour mission.

是的，我想我可能會提到在巴黎航展上與該國第二大區域航空公司——共和航空——公開合作的一個例子。我們公開允許人們追蹤我們的飛機。真有意思，就像今天凌晨3點左右那樣。我看到我們的飛機降落了，機上載著一群連續飛行了70小時的飛行員。

They are flying in the rain, the sleet, the snow up here, and that is with one of those customers that we're trying to convert from an MOU into deposit-backed orders. That would add a couple hundred aircraft to the backlog alone. Now that will start with CTOL and go to VTOL. And what we've seen in our backlog, especially over the last quarter, is that the majority of the orders are coming in for conventional takeoff and landing of CTOL aircraft, with an intention to go to VTOL.

他們冒著雨、雨夾雪、雪在這裡飛行，而我們正在努力將其中一位客戶從諒解備忘錄轉化為有定金支持的訂單。光這一點就會使積壓訂單增加幾百架飛機。現在，我們將從常規起降（CTOL）開始，逐步過渡到垂直起降（VTOL）。我們從積壓訂單中看到，尤其是在過去一個季度，大部分訂單都是常規起降的 CTOL 飛機，目標是發展成 VTOL 飛機。

The reason is that the infrastructure exists today. The pilot licensing is clear and very, very attainable for their existing pilots, and they consume it on the routes that make sense for them, especially when they start with cargo and logistics. The performance of the aircraft -- and I do want to note something, one of the things that everybody -- I mean, you've got to make airplanes light, you've got to make them reliable, [you've got to make them] the mission.

原因在於基礎設施已經存在。對於他們現有的飛行員來說，飛行員執照的授予非常明確，而且非常容易獲得，他們可以在適合自己的航線上獲得執照，尤其是當他們開始從事貨運和物流業務時。飛機的性能——我確實想指出一點，這是每個人都會提到的——我的意思是，你必須讓飛機輕便，你必須讓它們可靠，[你必須讓它們]完成任務。

Our CTOL aircraft right now actually has payload margin. That means that when we say it carries 1,250 pounds, it can actually carry more than that, even within its max gross takeoff weight. It was a bit of a conservative engineering miss that we're going to leverage into the next aircraft release. So I bring up that example to say that when we go out and say we can fly this mission, we're covering that and more. So the CTOL is an obvious order right now for those folks based on the operational economics of it, and that's where we're seeing the biggest growth in our backlog.

我們目前的CTOL飛機實際上還有有效載荷餘裕。這意味著，當我們說它能承載 1250 磅時，它實際上可以承載更多，即使在其最大起飛重量範圍內也是如此。這是一個略顯保守的工程設計失誤，我們將在下一架飛機的發布中加以改進。所以我舉這個例子是為了說明，當我們說我們可以執行這項任務時，我們不僅涵蓋了這項任務，還涵蓋了更多內容。因此，從營運經濟角度來看，CTOL 目前對這些人來說顯然是一個不錯的選擇，這也是我們積壓訂單成長最快的領域。

Yeah, that's great. It sounds like there's a lot of activity out there, and given that you're willing to offer some of those KPIs, I feel like it's likely and it sounds like you would say we should see more orders every quarter for the next few quarters. It sounds like there's a lot of activity. Is that what we should expect every quarter, some more of these orders coming in?

是的，那太好了。聽起來市場活動很多，而且鑑於您願意提供一些關鍵績效指標，我覺得很有可能，而且聽起來您也認為在接下來的幾個季度裡，我們應該每個季度都能看到更多訂單。聽起來這裡很熱鬧。這是我們每季都應該預期收到的訂單數量嗎？

Yeah, that's what we expect. We're seeing those come in. Given the success we're having, it gives us actually a little more leverage on the pricing because those orders are coming in and they're starting to get a little bit of urgency around securing those production slots through APA. So we're not just counting the number of aircraft now; we're really focusing on the quality of the orders, that is both the terms that we agreed to and, of course, the pricing being one of them.

是的，這也在我們的預料之中。我們看到這些貨物陸續運進來了。鑑於我們取得的成功，這實際上讓我們在定價方面擁有了更大的議價能力，因為訂單紛至沓來，他們開始有些急切地希望透過 APA 確保這些生產名額。所以我們現在不僅統計飛機的數量，而且真正關注的是訂單的質量，這既包括我們同意的條款，當然也包括價格。

There are other secondary and tertiary terms to those contracts, but also the quality of the operators that we're deploying into. We get asked a lot about MRO services and pilot training and other things. And as you probably know, we really do focus on the large, credible operators that already have those things in place and can be successful partners, especially in the early days of these launches.

這些合約還有其他次要和附加條款，以及我們所部署的營運商的品質。我們經常被問到有關MRO服務、飛行員訓練和其他方面的問題。正如您可能知道的那樣，我們確實非常關注那些已經具備這些條件的大型、信譽良好的運營商，他們能夠成為成功的合作夥伴，尤其是在這些產品推出的早期階段。

So yes, you should see increased orders, but also please note the quality of the orders that we're pursuing and the level at which those engagements produce near-term revenue through the CTOL aircraft, building into the VTOL.

所以，是的，你們應該會看到訂單增加，但同時也請注意我們正在爭取的訂單的質量，以及這些訂單通過 CTOL 飛機（進而發展為 VTOL）在短期內產生的收入水平。

Great, and if I could slip just one more in. You had that comment that the aftermarket backlog was four times the size of the backlog if I heard that correctly. That may not be perfectly quantified, but I just thought that was a fantastic data point.

太好了，如果我能再加一個就好了。如果我沒聽錯的話，你曾說過售後市場的積壓訂單是原訂單的四倍。雖然可能無法完全量化，但我認為這是一個非常重要的數據點。

Do you guys have any plans to maybe dig into that, elaborate on that, firm that up? Is there a way to kind of do that contractually? I think the aftermarket piece is obviously a big part of the story, and that was just a great data point.

你們有沒有打算深入研究一下這個問題，詳細闡述一下，或是把它完善一下？有沒有辦法透過合約的方式來實現這一點？我認為改裝件顯然是故事的重要組成部分，而這正是一個很好的數據點。

Yeah, let me just correct that for a second. The aftermarket backlog is three times higher than the sale of the aircraft. What I mentioned was the total backlog is four times higher. Because you have the one unit plus three times, that's the total backlog.

好的，我稍微修正一下。售後市場積壓訂單是飛機銷售量的三倍。我提到的是，積壓的總工作量是原來的四倍。因為您有一件商品加上三件商品，這就是全部積壓商品。

I hate to be the engineering nerd about being very precise with language, but the total backlog is four times higher. To elaborate a little bit more on the qualitative portion of that, in certain contracts, we have a contractual price for the aftermarket battery. In other contracts, one that was made very public with Air New Zealand, for example, it's a leased aircraft, and they're doing power or energy by the hour.

我不想做個吹毛求疵的工程書呆子，非要咬文嚼字，但積壓的工作總量是原來的四倍。為了更詳細地闡述其中的定性部分，在某些合約中，我們對售後電池有合約價格。在其他合約中，例如與紐西蘭航空簽訂的一份公開合同，涉及租賃飛機，他們按小時提供電力或能源。

So that backlog will come in two forms: selling of the aftermarket product on a per-unit basis, where we provide a core refund for the return batteries and a charge for an overhauled battery, and in an energy-by-the-hour. Now we're being very thoughtfully cautious about getting extended too far on anything that is a per-flight-hour payment, but that's where these APAs come in to make sure that we're protected and the customer gets a lower cost of operation and an ever-increasing performance in the battery. But we estimate for each $4 million to $4.5 million airplane, there's about $13 million of aftermarket.

因此，積壓的訂單將以兩種形式出現：一是按單位銷售售後產品，我們對退回的電池提供核心退款，並對翻新的電池收取費用；二是按小時計費。現在，對於任何按飛行小時付費的項目，我們都非常謹慎，避免過度擴張。但這就是這些 APA 的作用所在，它可以確保我們受到保護，客戶獲得更低的營運成本和不斷提高的電池性能。但我們估計，每架價值 400 萬至 450 萬美元的飛機，其售後價值約為 1,300 萬美元。

Yes. And one thing, John, as we had spoken about in the past, the aircraft is a working aircraft. It'll fly for 20 years, 35,000 hours. And if the aircraft is flown like that, the battery will be changed about once a year.

是的。約翰，還有一件事，正如我們之前討論過的，這架飛機是一架可以正常使用的飛機。它將飛行20年，35000小時。如果飛機這樣飛行，電池大約每年需要更換一次。

And that aftermarket, if you look in the slide deck that we shared today, you see -- we call it the double-whaleback chart. You see how big and durable that aftermarket revenue is, and it goes on for close to 20 years, so it's a meaningful part of our business. It's a wonderful gross margin opportunity for our business, and I think it's important that that point is made on that aftermarket, so it's extremely durable.

如果你看我們今天分享的幻燈片，你會發現售後市場——我們稱之為雙鯨背圖。你可以看到售後市場收入規模龐大且持久，而且持續了近 20 年，因此它是我們業務的重要組成部分。對於我們的業務而言，這是一個絕佳的毛利率機會，我認為在售後市場強調這一點非常重要，因此它非常耐用。

Chris Pierce, Needham.

克里斯·皮爾斯，尼德姆。

I'd love to hear the early learnings you guys are getting from customer deployments and how this might help with more linear adoption. Do you see partners feathering in orders as they turn over their fleets, or are they already running new routes to see how they can expand their operating envelope? Just whatever you could share on that.

我很想聽聽你們從客戶部署中獲得的早期經驗，以及這些經驗如何有助於更線性的採用。你認為合作夥伴在更新換代機隊時會逐步減少訂單，還是他們已經開始開闢新航線，以探索如何擴大營運範圍？有什麼想分享的嗎？

Yeah, so the biggest learnings -- we're getting a lot out of our overseas deployments. We fly a lot in the US, of course. One of the learnings in Europe is that reserves really matter. The ATC and the efficiency of getting aircraft in, especially when there's high-traffic regions, are really important to manage.

是的，所以我們最大的收穫是——我們從海外部署中學到了很多。當然，我們在美國經常坐飛機。歐洲的經驗教訓之一是，儲備真的非常重要。空中交通管制和飛機進場效率，尤其是在交通繁忙的地區，管理非常重要。

So having adequate reserves and having acute knowledge of what those reserves are. So very technically, we have a state-of-charge estimator within the battery, and that state-of-charge estimator is pretty pessimistic all the time because we have a conservative approach with the FAA for safety.

因此，要擁有充足的儲備，並且要對這些儲備有清楚的了解。從技術角度來說，電池內部有一個電量狀態估算器，而這個電量狀態估算器一直都比較悲觀，因為我們出於安全考慮，對美國聯邦航空管理局採取了保守的做法。

So if you think you have 45 minutes of flight time remaining, you may have 60 or 120 in some cases. But learning to train the pilots to know under what conditions they can maximize those ranges and reserves, and how to do that, has been a really positive learning. That goes into informing both the technology and the training regimens for the pilots.

所以，如果你認為你還有 45 分鐘的飛行時間，那麼在某些情況下，你可能還有 60 分鐘或 120 分鐘。但是，學習如何訓練飛行員了解在什麼條件下可以最大限度地發揮這些航程和儲備，以及如何做到這一點，是一個非常積極的學習過程。這為技術和飛行員的訓練方案都提供了依據。

The second big thing is around the maintenance requirements. As we've been flying these things -- we started -- in our first deployments earlier this year, we would deploy a couple of maintainers, a couple of pilots, usually a flight test engineer, and somebody to manage the chargers. We're down to deploying things overnight with just a pilot, and that is a product of understanding what that pilot needs to successfully and safely complete that mission, the next mission, and every mission after that.

第二大問題是維護要求。自從我們開始飛行這些設備以來——我們在今年早些時候的首次部署中，我們會部署幾名維護人員、幾名飛行員、通常還有一名飛行測試工程師和一名負責管理充電器的人員。我們現在只需一名飛行員就能在夜間完成部署，這是因為我們了解飛行員需要什麼才能成功、安全地完成該任務、下一個任務以及之後的每一個任務。

What do they need to inspect, what do they need to maintain, and it turns out to be very, very little. We flew across the country and back numerous times now, and in our last run across the country, the only thing we did was put a little bit of air in the tires. So that's been a really phenomenal learning and more of a validation that electric aviation offers a safer and more reliable product out in the real world. We've learned a lot about charging and flight planning as well, but there haven't been any big AHAs.

他們需要檢查什麼，需要維護什麼，結果發現其實很少很多。我們已經多次飛越全國往返，在最近一次飛越全國的旅程中，我們唯一做的就是給輪胎充了一點氣。所以，這真是一次意義非凡的學習經歷，也進一步驗證了電動航空在現實世界中能夠提供更安全、更可靠的產品。我們也學到了很多關於充電和飛行計劃的知識，但還沒有任何重大的意外情況。

Of course, we got the little technical things like flying in the rain and the sleet and the snow. We found a couple of little leaks that we quickly remedied with seals around gaskets and other things. And yeah, there haven't been big AHAs, but getting out in the real world just reminds us that aviation is serious business. You've got to get the right reserves, and you've got to have the right flight planning in place, and that data is important to us.

當然，我們也遇到了一些技術上的問題，例如在雨中、雨夾雪中和雪中飛行。我們發現了幾處小洩漏，並迅速透過在墊圈和其他部件周圍加裝密封件進行了修補。是的，雖然還沒有發生過重大事故，但實際操作起來卻提醒我們，航空業是一件嚴肅的事。你必須儲備足夠的物資，並且制定正確的飛行計劃，這些數據對我們來說很重要。

Okay. And how are they thinking about it? What are they telling you, hey, this is great for our existing routes, this creates new routes we hadn't been able to consider before? Like, what are you hearing as far as how they might integrate the aircraft into their route planning?

好的。他們是怎麼想的？他們是否在告訴你，嘿，這對我們現有的路線來說很棒，這創造了我們以前從未考慮過的新路線？例如，你聽說他們會如何把飛機整合到航線規劃中？

Yeah, so there's two big like draws to the implementation of it. Yes, in their existing route planning, that's where the CTOL fits. If you lower the cost of carriage for the packages, they're just simply -- they have an attrition problem with their existing aircraft where they're worn out, they can't get parts. They're begging for this airplane to just simply fulfill the feeder fleet network that they have today. There's no question of that.

是的，所以它的實施有兩個很大的吸引力。是的，在他們現有的航線規劃中，CTOL 就屬於這個範疇。如果降低包裹的運輸成本，他們就會面臨一個問題——他們現有的飛機已經老化，無法取得零件，有損耗問題。他們懇求這架飛機能夠滿足他們目前現有的支線機隊網路的需求。這點毋庸置疑。

Some of the larger new orders see it as an augmentation to their existing business for a couple of reasons. One of them is pretty interesting. It's to fulfill a GAAP in the pilot pipeline. So we have dual control side by side seating that allows a pilot to progress from primary training. They first learn out of an airplane, to get into a low-risk application like cargo and logistics with a captain in the left seat, a first officer in the right seat, or vice versa.

一些較大的新訂單將其視為對其現有業務的補充，原因有二。其中一個很有意思。這是為了滿足試點計畫流程中公認的會計準則 (GAAP)。因此，我們採用了雙控並排座椅，使飛行員能夠從初級訓練逐步晉升。他們首先從飛機上學習，進入低風險的應用領域，例如貨運和物流，機長坐在左邊的座位上，副駕駛坐在右邊的座位上，或者反過來。

As that pilot builds time, they move into what you'd consider the left seat. And they would move them in into regional, like jet transport, for example, or corporate flying. So that's a gap that exists today, and a lot of our customers see value in implementing the CTOL aircraft to fill that gap, provide a new service to their customers and train their pilots, and that's a keen interest in our aircraft.

隨著飛行員飛行時間的積累，他們會逐漸坐到你所說的左側座位。他們會將這些飛機調配到支線飛機上，例如噴射客機或公務機。所以，目前存在這樣的差距，我們的許多客戶都看到了實施 CTOL 飛機來填補這一差距的價值，為他們的客戶提供新的服務並培訓他們的飛行員，這引起了他們對我們的飛機的濃厚興趣。

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

You've given a lot of color on the milestones to look ahead for on the CTOL and the VTOL variants, but can we maybe just dive a little deeper into mVTOL, the military variant? I mean, what should we be looking out for, and could you fill us in on some of the recent updates there?

您詳細介紹了 CTOL 和 VTOL 變體的未來里程碑，但我們能否更深入地了解 mVTOL，即軍用變體？我的意思是，我們該注意些什麼？您能否向我們介紹最近的一些進展？

Yeah, probably not going to go too deep on it, but I will hit the top of the waves here. Our engagement with General Electric very strategically starts with the MV250, which is a military variant of the 250. It is an autonomous, unmanned hybrid aircraft that has performance that exceeds existing vertical takeoff and landing aircraft. What I mean by performance is that it will go further and faster than a helicopter.

是的，可能不會深入研究，但我會在這裡乘風破浪。我們與通用電氣的合作從MV250開始，這是250的軍用版本，具有很強的戰略意義。它是一架自主無人混合動力飛機，其性能超過了現有的垂直起降飛機。我說的性能是指它比直升機飛得更遠、更快。

It's really a totally different argument to the military than the one we were making previously, which was higher reliability, lower fuel dependency, low thermal signature, and low noise. Now we fundamentally have a product that does more than the existing product, and we know that China is putting these things in the air right now. If we unfortunately get into a fight in the South China Sea, or in the first, second, and third island chains, we need a long-range support vehicle for our troops. First aerial cargo logistics, and then potentially other applications.

這和我們先前向軍方提出的論點完全不同，我們先前提出的論點是更高的可靠性、更低的燃料依賴性、更低的熱特徵和更低的噪音。現在，我們從根本上來說擁有了一款比現有產品功能更強大的產品，而且我們知道中國目前正在發射這類產品。如果不幸的是，我們在南海，或是在第一、第二、第三島鏈發生衝突，我們需要一種遠程支援車輛來支援我們的部隊。首先是空中貨物物流，然後可能應用於其他領域。

So the three pieces of that equation are the autonomy in the aircraft. BETA owns 100% of that. The autonomy outside the aircraft, we've partnered with several partners, one of them we announced was Near Earth Autonomy, the hybridization. And as you know, we've built several hybrid aircraft, now we're moving into the big leagues with GE, who makes the best engines in the world, coupled with our generator. And now we have a turbo generator together, mounted on top of our aircraft, and those things right there are built on exactly the same wing, boom, motors, and flight control systems as our civil aircraft.

所以，這個等式的三個組成部分就是飛機的自主性。BETA擁有該公司100%的股份。在飛機外部的自主性方面，我們與幾個合作夥伴建立了合作關係，其中一個是我們宣布成立的近地自主公司，這是一種混合技術。如您所知，我們已經製造了幾架混合動力飛機，現在我們正與生產世界上最好的引擎的通用電氣公司合作，結合我們自己的發電機，進入大型飛機領域。現在，我們已經把渦輪發電機安裝在飛機的頂部，而這些部件的機翼、尾梁、發動機和飛行控制系統都與我們的民用飛機完全相同了。

So when we talk about this, it's no secret that whether you're carrying medical cargo, people, or military supplies, you want a safe, reliable, lightweight, and super high-performance system. All you really do in this case is change the fuselage so that you can accommodate the loads of that particular mission whether it be passenger, cargo, or in this case military. The beautiful thing about the military application is by taking the pilot out, you save a lot more than the weight of the pilot. You take all the safety infrastructure that you need for human flight, and that's actually a significant amount.

所以當我們談論這個問題時，無論你運送的是醫療貨物、人員還是軍事物資，你都需要一個安全、可靠、輕巧且性能超高的系統，這已不是什麼秘密。在這種情況下，你真正要做的就是改變機身，以便能夠適應特定任務的負荷，無論是乘客、貨物，還是像本例中的軍事用途。軍事應用的妙處在於，去掉飛行員之後，節省的不僅是飛行員的重量。你把人類飛行所需的所有安全基礎設施都考慮進去，這實際上是一個非常龐大的規模。

Net-net, and you're going to get probably surprised with this, when you do that, you get about twice the performance of the aircraft. I could break down all the technical reasons why that happens, but really it comes down to eliminating the weight necessary to hold a person, which is significantly greater than the person itself. That allows us to have commonality on what we call the top deck: the wing, the booms, the tail, and the motors and the props and then a fuselage that changes out. The addition of the turbo generator, more than twice the performance of the overall system, and then you add in hybridization and you get remarkable ranges that are greater.

總而言之，你可能會對此感到驚訝，當你這樣做時，飛機的性能大約會提高一倍。我可以詳細解釋造成這種情況的所有技術原因，但實際上，這歸根結底是為了消除支撐一個人所需的重量，而這個重量遠遠大於人本身的重量。這樣一來，我們就可以在所謂的上層甲板上實現共通性：機翼、尾梁、尾翼、引擎和螺旋槳，以及可更換的機身。渦輪發電機的加入，使整個系統的性能提高了一倍以上；再加上混合動力技術，續航里程顯著提升。

I think personally, as an American, I would not want to supply our troops with something that was inferior to our adversaries, so we want to deliver a cargo logistics support infill/exfill aircraft that will connect all of those islands in a way that can support our troops with critical supplies. We are actively doing that and putting those puzzle pieces together, and I think that you can expect that you're going to see quite a bit more from us. And again, in the spirit of BETA, we talk about stuff we've already done, so I'm not going to sit here and tell you all the things that we're going to do next year, but we'll report on that very shortly.

我個人認為，作為一個美國人，我不想向我們的軍隊提供比我們的對手更差的東西，所以我們希望提供一種貨物後勤支援的補給/撤離飛機，將所有這些島嶼連接起來，以便為我們的軍隊提供關鍵物資。我們正在積極地做這件事，把這些拼圖碎片拼湊起來，我想你們可以期待看到我們更多的成果。再次強調，本著 BETA 的精神，我們談論的是我們已經完成的事情，所以我不會坐在這裡告訴你們我們明年要做的事情，但我們很快就會報告。

Well, I'm looking forward to that, and you're right, I was pretty surprised on the performance, so that's great to hear.

嗯，我很期待，你說得對，我的確對他們的表現感到相當驚訝，所以聽到這個消息真是太好了。

Another follow-up if I could squeeze it in. I mean, a peer of yours recently announced that they're supplying an electric powertrain for a strategic partnership between the US and a foreign contractor. I mean, you've mentioned the opportunity to serve as a merchant supplier for commercial customers, but with the rise in [Allied Defense] spending, I mean, how are you guys looking at the international defense opportunity as a merchant supplier?

如果時間允許，我還想補充一點。我的意思是，你的一位同行最近宣布，他們正在為美國與一家外國承包商之間的戰略合作提供電動動力系統。我的意思是，你們提到了有機會成為商業客戶的供應商，但隨著[盟軍防務]支出的增加，你們作為供應商如何看待國際防務領域的機會？

Yes, well, our team spent the last week replying to an RFI and RFP with a foreign ally. So it is not lost on us that Europe is drastically increasing their percentage of GDP on military spending and that drones, drone warfare, and troop support is a necessary thing in the future of [fights].

是的，我們團隊上週都在回覆一位外國盟友的資訊徵詢書和提案徵詢書。因此，我們很清楚，歐洲正在大幅提高軍事開支佔GDP的比例，無人機、無人機戰爭和部隊支援在未來是必不可少的。[戰鬥]

We are there as well. We are actively engaging with those folks. I personally went and met with the Commander of Europe, NATO, and we talked through the timelines of this stuff. I can't speak for our competitors, but I know that we are right there in the conversation and proving that this thing flies on a regular basis in Europe and people are seeing it down under and even over in Asia.

我們也在那裡。我們正在積極與這些人溝通。我親自去會見了北約歐洲司令，我們討論了這些事情的時間表。我不能代表我們的競爭對手發言，但我知道我們正處於這場討論的中心，並且正在證明這種產品在歐洲經常流行，人們在澳大利亞甚至亞洲也看到了它。

Awesome, that's super helpful. I appreciate it, Kyle. Thanks so much for the color and it's great to hear the progress you're making with our allies.

太棒了，這真的很有幫助。謝謝你，凱爾。非常感謝您提供的寶貴信息，很高興聽到您與盟友取得的進展。

That concludes the question-and-answer portion of today's call. With that, I will now turn the call back over to Kyle for closing remarks. Please go ahead.

今天的電話會議問答環節到此結束。接下來，我將把電話交還給凱爾，請他作總結發言。請繼續。

Awesome, thank you operator, I appreciate it and thanks to everybody who stuck around this long through our earnings call. I just want to provide a heartfelt, sincere appreciation for the people here at BETA, the employees, the contractors, and our suppliers who have really accelerated this company from an R&D company into something that's delivering real product now. So thank you, everybody. It's incredibly meaningful to the mission that we're trying to pursue.

太棒了，謝謝接線員，非常感謝！也感謝所有耐心聽完我們財報電話會議的朋友們。我只想對BETA的各位，包括員工、承包商和供應商，表達由衷的感謝，正是他們讓這家公司從研發公司發展成為一家能夠交付真正產品的公司。所以，謝謝大家。這對我們正在努力實現的使命意義非凡。

And I think that we are trying to kick this off in the right way as a serious A&D company that keeps our promises, focuses on results, and reports things after they happen. We have a strategy that is stepwise pragmatic.

我認為我們正在努力以正確的方式開啟這項事業，作為一家嚴肅的航空航天與國防公司，我們信守承諾，注重結果，並在事情發生後進行報告。我們採取的是循序漸進、務實的策略。

Before people think about what to do with BETA's stock, I think it's important to look a little bit deeper, and I think each of the people who have dug into BETA have realized that there is quite a foundation being built for the future of aerospace, both in technology, in people, and in infrastructure for manufacturing. All of the pieces that go into a long-term, enduring business that's going to step up and up and up and grow into a leading supplier and producer of aircraft and other high-reliability technical products that help our U.S. Military, help our GDP, and ultimately close in on our mission of creating a sustainable aviation future.

在人們考慮如何處理 BETA 的股票之前，我認為有必要更深入地了解一下。我認為每個深入研究過 BETA 的人都意識到，無論是在技術、人才還是製造基礎設施方面，該公司都在為航空航太的未來奠定堅實的基礎。所有這些要素共同構成了一個長期、持久的業務，它將不斷發展壯大，成為飛機和其他高可靠性技術產品的領先供應商和生產商，從而幫助美國軍方，促進國內生產總值增長，並最終實現我們創造可持續航空未來的使命。

So thank you, everybody, really appreciate the time.

所以，謝謝大家，非常感謝你們抽出時間。

Thank you. This concludes today's BETA Technologies third-quarter 2025 earnings conference call. Please disconnect your line at this time and have a wonderful day.

謝謝。BETA Technologies 2025 年第三季財報電話會議到此結束。請您暫時斷開電話，祝您有美好的一天。