BETA Technologies, Inc. (BETA) 2025 Q4 法說會逐字稿

Hello everyone. Thank you for joining us and welcome to the BETA Technologies fourth quarter and full year 2025 financial results conference call. (Operator Instructions)

各位好。感謝各位加入，歡迎參加 BETA Technologies 2025 年第四季暨全年財務業績電話會議。(接線員指示)

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

我現在把電話交給投資人關係主管 Devin Rothman。請開始。

Thank you, Lauren, and good morning, everyone. Thank you for joining us for BETA Technologies fourth quarter and full year 2025 earnings call. Joining me today are Kyle Clark, our Founder and Chief Executive Officer; and Herman Cueto, our Chief Financial Officer.

謝謝你，Lauren，各位早安。感謝各位參加 BETA Technologies 2025 年第四季暨全年財報電話會議。今天與我一同出席的有：創辦人兼執行長 Kyle Clark，以及財務長 Herman Cueto。

Following their prepared remarks, we will open the call for Q&A where Kristen Costello, our Head of Government and Regulatory Affairs, will also join us. Earlier today we issued a press release announcing our fourth quarter and full year 2025 financial results as well as our outlook for 2026.

在他們的準備發言之後，我們將開放問答環節；屆時政府與法規事務主管 Kristen Costello 也會加入。今天稍早我們已發布新聞稿，公布 2025 年第四季暨全年財務結果，以及 2026 年展望。

We also published our investor presentation, which is available on the investor relations section of our website. Before we begin, I'd like to remind everyone that today's discussion will include forward-looking statements. These statements are based on our current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially.

我們也發布了投資人簡報，可於本公司網站的投資人關係專區取得。在開始之前，我想提醒各位，今天的討論將包含前瞻性陳述。這些陳述係基於我們目前的預期與假設，並涉及可能導致實際結果出現重大差異的風險與不確定性。

Please refer to our filings with the SEC for a discussion of these risks. We will also reference certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP measures can be found in our earnings materials.

關於這些風險的討論，請參閱我們向美國證券交易委員會（SEC）提交的文件。我們也將引用若干非 GAAP 財務衡量指標。與最直接可比的 GAAP 指標之調節表，可在我們的財報資料中找到。

With that, I'll turn the call over to Kyle.

接下來，我把電話交給 Kyle。

Thanks Devin and good morning everyone. The fourth quarter was a strong finish to a defining year for BETA. In 2025, we showed up in the air and with our customers and regulators and in the capital markets. We did so in a way that reflects the discipline and pragmatism that defined this company.

謝謝 Devin，各位早安。第四季為 BETA 這個關鍵年度畫下強勁句點。在 2025 年，我們在空中、與客戶及監管機構的互動，以及資本市場上都展現了存在感。我們以反映本公司一貫紀律與務實精神的方式做到這一點。

We achieved several milestones in 2025 that materially advanced certification, commercialization, and defense. We made meaningful progress across our certification programs with three notable achievements. We earned a Part 35 type certification for our propeller in partnership with Hartzell.

2025 年我們達成多項里程碑，實質推進了認證、商業化與國防業務。我們在認證計畫上取得重大進展，並有三項值得一提的成果。我們與 Hartzell 合作，取得螺旋槳的 Part 35 型式認證。

We closed our G1 certification base on the A250 vertical takeoff and landing aircraft, and we began four credit testing on our Part 33 motor. We advanced our commercial efforts with successful customer deployments both domestically and internationally.

我們完成 A250 垂直起降飛機的 G1 認證基準（certification basis），並開始對我們的 Part 33 馬達進行四項信用測試（credit testing）。我們在商業推進方面亦有所進展，於國內外皆成功完成客戶部署。

We flew our aircraft across Europe and we opened. Full customer deployments both domestically and internationally. We flew our aircraft across Europe and we opened the Paris airshow. We flew at Oshkosh. We set multiple world records and we won the Pulitzer air race. We flew the first all-electric passenger flight in and out of JFK Airport.

我們駕機飛越歐洲，並在於國內外皆完成完整的客戶部署。我們駕機飛越歐洲，並為巴黎航展揭開序幕。我們也在 Oshkosh 進行飛行展示。我們創下多項世界紀錄，並贏得 Pulitzer 航空競賽。我們完成首班進出甘迺迪機場（JFK）的全電動載客飛行。

We completed our phase one contract with General Dynamics, and our defense programs continue to grow. We also launched our strategic Partnership and Joint Technology Development Program with GE. In 2025 and continuing to 2026, we are seeing significant regulatory tailwinds. In December, the Department of Transportation released the AAM National Strategy, which is very much aligned with BETA strategy.

我們完成與 General Dynamics 的第一階段合約，我們的國防計畫也持續成長。我們亦與 GE 啟動策略夥伴關係與聯合技術開發計畫。在 2025 年並延續至 2026 年，我們看到顯著的監管順風。12 月，交通部發布 AAM 國家策略，與 BETA 的策略高度一致。

Congress continues to invest in our future. Recently, through the introduction of the bipartisan legislation titled the Aviation Innovation and Global Competitiveness Act, which will bring increased transparency to the FAA's policy and guidance development and certification programs, which is most important for AAM technologies.

國會持續投資我們的未來。近期，透過提出名為《航空創新與全球競爭力法案》的跨黨派法案，將提升 FAA 在政策與指引制定以及認證計畫上的透明度，而這對 AAM 技術尤為重要。

This outlines a partnership between the FAA and industry that improves the predictability of their deliverables, helping with our planning while preserving the agency's gold standard for safety and oversight. Looking ahead to 2026, we are awaiting the announcement of the EVT toll Integration Pilott Program, or eIPP, which is being led by the FAA and US Department of Transportation.

該法案勾勒出 FAA 與產業之間的合作關係，提升其交付成果的可預測性，在維持該機構安全與監督黃金標準的同時，也有助於我們的規劃。展望 2026 年，我們正等待由 FAA 與美國交通部主導的 EVTOL 整合試點計畫（Integration Pilot Program，簡稱 eIPP）之公告。

Following an executive order issued in June of 2025, this program will likely allow for early commercial operations of electric aircraft. This has the potential to be a huge opportunity for BETA by advancing our entire business model by more than a year. Already the proposal process has highlighted excitement for electric aviation across the country with commercial operators, local governments, and in rural communities.

依據 2025 年 6 月發布的行政命令，該計畫很可能允許電動飛機提早進行商業營運。這可能為 BETA 帶來巨大機會，讓我們整體商業模式的推進提前一年以上。目前提案流程已凸顯全國對電動航空的高度期待，涵蓋商業營運商、地方政府與偏鄉社區。

We expect selection announcements very shortly. This program presents a different opportunity to each company. Uniquely for BETA, it's not only the airplane deployments, but also the charge network, which will significantly expand over the next 3 years. We have submitted applications touching 41 states for different types of use cases including cargo, medical, and passenger in both our CTOL and VTOL aircraft.

我們預期很快就會公布入選名單。此計畫對各家公司而言代表不同的機會。對 BETA 而言，其獨特之處不僅在於飛機部署，也在於充電網路；該網路將在未來三年大幅擴張。我們已提交涵蓋 41 個州的申請，針對不同使用情境，包括貨運、醫療與載客，並同時涵蓋我們的 CTOL 與 VTOL 機型。

BETA is uniquely positioned to capitalize on this opportunity for a few reasons. First, the FAA will prioritize safety through system and aircraft maturity. We have more real world operational experience flying electric aircraft with customers than the rest of the industry combined. Our aircraft have flown nationwide supporting cargo, medical, and passenger missions in busy airspace and in all weather.

BETA 具備數項獨特優勢，可把握此一機會。第一，FAA 將透過系統與飛機成熟度來優先確保安全。我們與客戶共同進行電動飛機實際營運飛行的經驗，超過產業其他公司總和。我們的飛機已在全國各地飛行，支援貨運、醫療與載客任務，並在繁忙空域與各種天候下運作。

Backed by a complete ecosystem of pilot training, maintenance, safety, and the reliability required for commercial operations. Second, we own and operate the only UL certified aircraft charging network eIPP represents a major opportunity to accelerate the expansion of this network.

並且有完整生態系支援，包括飛行員訓練、維修、安控，以及商業營運所需的可靠性。第二，我們擁有並營運唯一通過 UL 認證的航空器充電網路；eIPP 是加速該網路擴張的重大機會。

Additionally, as the only existing charge network, we're partnering with other OEMs to identify priority charging sites required to support their proposed future eIPP missions as well. This advances our strategy to maintain ownership of the network that controls the flow of energy into electric aviation.

此外，作為唯一既有的充電網路，我們也正與其他 OEM 合作，辨識其未來擬議 eIPP 任務所需的優先充電站點。這也推進我們的策略：維持對該網路的所有權，以掌控電動航空的能源流入。

Third, communities across the country have identified how our aircraft can meet their transportation needs today. We are honored to have our aircraft named in more applications than any other company in the industry, and we look forward to continuing to deliver for our nation, our partners, and our investors.

第三，全國各地社區已辨識出我們的飛機如何在今天就能滿足其運輸需求。我們深感榮幸，在產業中，我們的飛機被列入的申請案數量多於任何其他公司；我們也期待持續為國家、合作夥伴與投資人交付成果。

When we last spoke in December, I laid out five key performance indicators that we believe are the most effective and transparent way to track our progress. Starting with our backlog, 2025 was a commercial win for BETA for aircraft, but more uniquely in the sale of motors and other technologies to partners like Embryo Eve and General Dynamics.

上次我們在 12 月通話時，我提出五項關鍵績效指標，我們認為這是追蹤進展最有效且最透明的方式。先從在手訂單（backlog）談起：2025 年對 BETA 而言是飛機業務的商業勝利，但更獨特的是，我們也向 Embryo Eve 與 General Dynamics 等合作夥伴銷售馬達與其他技術。

Over the course of the year, we added over $1 billion to our commercial aircraft backlog and separately an additional $1 billion to our backlog of enabling technologies. Our current aircraft backlog sits at 891 aircraft in firm and option orders backed by a financial commitment. By the end of the year, we expect our commercial aircraft backlog to top $4 billion and to steadily increase our enabling technologies backlog.

在一年之中，我們的商用飛機在手訂單新增超過 10 億美元；此外，使能技術（enabling technologies）的在手訂單也另外增加 10 億美元。目前我們的飛機在手訂單為 891 架，包含確定訂單與選擇權訂單，並有財務承諾作為支撐。我們預期到年底，商用飛機在手訂單將超過 40 億美元，並穩步提升使能技術在手訂單。

Next, we topped 125,000 nautical miles flown, a significant increase since last time we spoke. These miles are a demonstration of the safety and reliability of our CTOL and our VTOL aircraft. We believe the simple metric of airplanes doing what they are designed to do, to fly, will continue to differentiate BETA within AAM for 2026. Our goal is to hit a 25 million nautical miles flown.

其次，我們累計飛行里程突破 125,000 海里，較上次通話時大幅增加。這些里程展現了我們 CTOL 與 VTOL 飛機的安全性與可靠性。我們相信，以「飛機做它被設計要做的事——飛行」這個簡單指標，將在 2026 年持續讓 BETA 在 AAM 領域中脫穎而出。我們的目標是達到 2,500 萬海里飛行里程。

Third, for our charge network, we've activated two new sites since we last spoke and focused the permit applications for additional sites in preparation for our EIPP and customer-driven network growth. Our goal for 2026 is to reach 150 total charge sites.

第三，關於充電網路，自上次通話以來我們已啟用兩個新站點，並聚焦於額外站點的許可申請，以因應我們的 eIPP 以及客戶驅動的網路成長。我們 2026 年的目標是達到 150 個充電站點。

Fourth, on production, we are focused on building conforming articles for the first half of this year before ramping to 4.5 aircraft per month by the end of the year. These conforming articles directly support certification, which takes us to our next KPI.

第四，在生產方面，我們專注於在今年上半年打造符合規範的構型件（conforming articles），之後在年底前將產能提升至每月 4.5 架。這些符合規範的構型件將直接支援認證工作，這也帶到我們下一項 KPI。

We made meaningful progress across our three certification programs, particularly on our H500A electric engine. When we last spoke, we had completed the build and FAA conformity inspection of two electric engines. By the end of 2025, we completed the build and FAA conformity inspection on 11 propulsion systems, resulting in a complete set of test assets plus spares.

我們在三項認證計畫上都取得了實質進展，尤其是在我們的 H500A 電動引擎方面。上次與各位交流時，我們已完成兩具電動引擎的組裝以及 FAA 一致性檢查（conformity inspection）。截至 2025 年底，我們已完成 11 套推進系統的組裝與 FAA 一致性檢查，形成一整套測試資產並包含備品。

Consistent with our certification strategy, we've started with the highest risk and longest duration test first and have completed one of the most demanding and long duration tests, the durability test, which involved 1,000 hours of runtime through a variety of environments and intermediate inspections. Endurance testing, which similarly places sustained stress on the engine, is well underway.

依循我們的認證策略，我們先從風險最高且週期最長的測試著手，並已完成最具挑戰且耗時最長的測試之一——耐久性測試（durability test）；該測試在多種環境下累計運轉 1,000 小時，並穿插進行中期檢查。同樣會對引擎施加長時間持續負荷的耐力測試（endurance testing）也正在順利推進中。

We're continuing to make progress across the remaining certification test areas as well. Additionally, something less talked about but critical to achieving type certification is software testing. We are 85% complete requirements-based software testing with a projected completion date of these tests by the end of April.

我們也持續在其餘認證測試領域取得進展。此外，有一項較少被討論但對取得型式認證至關重要的工作是軟體測試。我們以需求為基礎的軟體測試已完成 85%，預計在 4 月底前完成這些測試。

In our CTOL program, we are now substantially complete with our means of compliance in the requirements definition phase of the project. We have completed 98% of the regs covered in the DDS collector. All but two issue papers are closed, and those remaining have been agreed to and are in the final stage of documenting the closed position.

在我們的 CTOL 計畫中，我們目前在專案需求定義階段的符合性方法（means of compliance）已大致完成。DDS 收集器（DDS collector）所涵蓋的法規條文已完成 98%。除兩份議題文件（issue papers）外，其餘皆已結案；剩餘兩份也已達成一致，正處於記錄結案立場的最後階段。

We've also made strides in the compliance planning, having submitted 17 of 20 total certification plans with nine already accepted, enabling the start of early test activities and solidifying the plan for the road to TIA and type certification.

我們在符合性規劃方面也取得進展：在總計 20 份認證計畫中已提交 17 份，其中 9 份已獲接受，使我們得以啟動早期測試活動，並鞏固通往 TIA 與型式認證的路線圖。

Planning for certification test activities has also started with the FAA accepting 6 structural test plans and 12 flight test plans. Preliminary safety assessments have been reviewed with the FAA as part of our preparation for type inspection authorization or TIA.

認證測試活動的規劃也已啟動，FAA 已接受 6 份結構測試計畫與 12 份飛行測試計畫。作為我們準備取得型式檢驗授權（Type Inspection Authorization，TIA）的一部分，初步安全評估已與 FAA 完成審查。

Our VTOL program is benefiting from our CTOL program work on means of compliance and certification plans, all of which we plan to reuse at a significant level. This transferability is enabled by the commonality of our CTOL and VTOL aircraft. We don't mark our progress until our partners at the FA have accepted and approved our work.

我們的 VTOL 計畫正受益於 CTOL 計畫在符合性方法與認證計畫上的工作成果，我們計畫在相當程度上加以重用。這種可移轉性得益於我們 CTOL 與 VTOL 機型的共通性。在我們的合作夥伴 FAA 接受並核准我們的工作之前，我們不會將其計入進度。

Our A2-50 engineering flight test program is continuing out of our Plattsburgh, New York facility. We're making steady progress in collecting an immense amount of data on the performance of our lift propulsion systems that support our certification efforts.

我們的 A2-50 工程飛行測試計畫持續在紐約州普拉茨堡（Plattsburgh）設施進行。我們正穩步收集大量關於升力推進系統性能的數據，以支援我們的認證工作。

Shifting to defense The January 2026 executive order prioritizing the warfighter and defense contracting is an urgent directive to defense primes to identify and engage with advanced agile American companies that have proven ability. We have been approached by three prime defense contractors and are evaluating these opportunities.

轉向國防方面：2026 年 1 月的行政命令將作戰人員與國防採購列為優先事項，這是一項緊急指令，要求國防主承包商（prime contractors）識別並與具備實績能力的先進、敏捷的美國公司接洽合作。我們已被三家國防主承包商接洽，並正在評估這些機會。

We've completed phase one of our programs both with General Electric and with General Dynamics, and we hit our deliverables with Army DEVCOM. These programs were an excellent demonstration of BETA's capabilities. We are working towards the next phases which present significantly higher revenue opportunities.

我們已完成與通用電氣（General Electric）及通用動力（General Dynamics）合作計畫的第一階段，並如期達成與陸軍 DEVCOM 的交付成果。這些計畫充分展示了 BETA 的能力。我們正推進下一階段，該階段將帶來顯著更高的營收機會。

Additionally, in response to growing demand signals for low cost, flexible, unmanned assets, we have accelerated our MV 250 program by 6 months. Our partnership with GE and our ability to scale production rapidly puts us in a position to meet the nation's defense needs.

此外，為回應市場對低成本、彈性、無人化資產日益增強的需求訊號，我們已將 MV 250 計畫加速 6 個月。我們與 GE 的合作關係，以及快速擴大產能的能力，使我們具備滿足國家國防需求的有利條件。

The military is supporting this effort and has funded our development of autonomy and hybridization technology with a contract from the US Army Combat Capabilities Development Command, known as DEVCOM.

軍方正在支持這項工作，並透過美國陸軍作戰能力開發司令部（US Army Combat Capabilities Development Command，DEVCOM）的合約，資助我們開發自主化與混合動力化技術。

Each of our aircraft have been designed with acute self-awareness and a set of capabilities to unlock autonomous operations. The fly by wire system, which our BETA-developed flight controllers are the foundation of, can natively receive control inputs from a computer instead of a human. This is a key differentiator from other autonomous aircraft because nothing needs to be redesigned or fundamentally altered to be flown without anyone at the controls.

我們的每一款飛機在設計上都具備高度的自我感知能力，以及一套可解鎖自主運作的能力組合。我們自研飛行控制器所奠基的電傳飛控（fly-by-wire）系統，可原生接收來自電腦而非人類的控制輸入。這是相較其他自主飛機的一項關鍵差異化優勢，因為要在無人操控下飛行，無需重新設計或對系統做根本性改動。

We delivered a full ship set plus spares of lift and pusher electric engines to Eve, allowing them to successfully fly their VTOL aircraft. We've been working closely with the amazing team at Eve and have mutually benefited from this relationship.

我們向 Eve 交付了一整套機載配置（full ship set）以及備品的升力與推進（pusher）電動引擎，使其得以成功試飛其 VTOL 飛機。我們一直與 Eve 優秀的團隊密切合作，並在這段合作關係中彼此受益。

This year will be defined by conforming aircraft, earning the first FAA type certification for our propulsion systems, more defense work, ramping production, and deploying aircraft and charge systems into commercial operations. We don't expect any of this to be easy, but the team here at BETA has the grit to do the hard work and a clear vision.

今年的重點將包括：符合一致性要求的飛機（conforming aircraft）、為我們的推進系統取得首張 FAA 型式認證、拓展更多國防工作、提升產能，以及將飛機與充電系統部署至商業營運。我們不預期這些工作會輕鬆，但 BETA 團隊具備迎難而上的韌性與清晰的願景。

Herman, you're up.

Herman，交給你了。

Thanks, Kyle, and good morning, everyone. Before turning to our results, I want to begin with a broader industry perspective. We are operating in one of the most constructive policy and regulatory environments our sector has seen in decades.

謝謝你，Kyle，各位早安。在談到我們的業績之前，我想先從更宏觀的產業觀點切入。我們正處於本產業數十年來最具建設性的政策與監管環境之一。

The current administration has placed significant emphasis on domestic manufacturing, advanced air mobility, and next generation defense technologies. That focus is accelerating regulatory engagement, unlocking public-private collaboration, and reinforcing the strategic importance of advanced technologies manufactured in the US.

現任政府高度重視國內製造、先進空中移動（advanced air mobility）以及下一代國防技術。這項聚焦正在加速監管機關的互動、促進公私協作，並強化在美國製造之先進技術的戰略重要性。

Within advanced air mobility in particular, we are seeing meaningful federal alignment around certification, infrastructure development, and early deployment frameworks eIPP is a tangible example of that momentum.

尤其在先進空中移動領域，我們看到聯邦層級在認證、基礎設施建置與早期部署框架方面出現實質一致性；eIPP 就是這股動能的具體例證。

Here at BETA, consistent execution remains our foundation, and we continue to deploy capital with discipline and focus. Throughout 2025, the team demonstrated its ability to capitalize on opportunities with some of the most defining players in aerospace and defense, including GE, General Dynamics, and Embraer Eve.

在 BETA，一貫且到位的執行仍是我們的根基，我們也持續以紀律與聚焦的方式配置資本。在 2025 年期間，團隊展現了把握機會的能力，並與航太與國防領域一些最具代表性的企業合作，包括 GE、通用動力以及 Embraer Eve。

Each of these relationships carries significant long-term potential, and we are already realizing financial results. Eve is a great example of that. What began as the delivery of several motors to support their flight test campaign evolved into an order worth up to $1 billion.

這些合作關係各自都具有顯著的長期潛力，而我們也已開始實現財務成果。Eve 就是一個很好的例子。最初只是交付數具馬達以支援其飛行測試計畫，後續已發展為最高可達 10 億美元的訂單。

Some of the demand we saw for our defense propulsion technologies came in the form of our selection as a partner for next generation undersea vehicle applications. Our consistent execution and performance have strengthened our credibility and positioned us for additional work with favorable margins and durable long-term revenue.

我們在國防推進技術方面所看到的部分需求，體現在我們被選為下一代水下載具應用的合作夥伴。我們穩健的執行與表現強化了市場對我們的信任，並使我們有機會取得更多具備良好毛利率與可持續長期營收的工作。

I am pleased to report full year revenue of $35.6 million for 2025, exceeding expectations and driven by stronger than expected component sales. This represents more than double our 2024 revenue of $15.1 million. Operating expenses in 2025 totaled $398 million compared to $283 million in 2024. This included $260 million in research and development and $138 million in general and administrative expense.

我很高興報告，2025 年全年營收為 3,560 萬美元，優於預期，主要由高於預期的零組件銷售所帶動。相較 2024 年的 1,510 萬美元，營收成長超過一倍。2025 年營業費用合計 3.98 億美元，2024 年為 2.83 億美元。其中包含 2.60 億美元的研發費用，以及 1.38 億美元的一般及行政費用。

Adjusted EBITDA for 2025 was $304 million ahead of expectations and reinforcing our track record of disciplined expense management while advancing critical certification and commercialization milestones. For reference, 2024 adjusted EBITDA was $243 million.

2025 年調整後 EBITDA 為 3.04 億美元，優於預期，並再次印證我們在推進關鍵認證與商業化里程碑的同時，仍能以紀律管理費用的紀錄。供參考，2024 年調整後 EBITDA 為 2.43 億美元。

We ended the year with approximately $1.7 billion in cash, providing us with one of the strongest balance sheets in our industry and supporting our certification and commercialization roadmap. We invested $45.4 million in CapEx in 2025 versus $73.5 million in 2024.

我們在年底持有約 17 億美元現金，使我們擁有本產業最強健的資產負債表之一，並支援我們的認證與商業化路線圖。2025 年我們投資 4,540 萬美元於資本支出（CapEx），相較 2024 年的 7,350 萬美元。

Investments were primarily in support of certification and production readiness, reflecting our continued progress in manufacturing maturity and vertical integration. One consistent observation from analysts and investors visiting our manufacturing facility is the maturity of our production lines.

投資主要用於支援認證與量產準備，反映我們在製造成熟度與垂直整合方面的持續進展。分析師與投資人造訪我們製造設施時的一項一致觀察，是我們生產線的成熟度。

We are producing both CTOL and VTOL aircraft on two common lines in a facility designed to build up to 300 aircraft per year. This reflects the substantial investment already completed and positions us to scale efficiently as certification milestones are achieved.

我們在同一座設施內，透過兩條共用產線同時生產 CTOL 與 VTOL 飛機；該設施的設計產能最高可達每年 300 架。這反映我們已完成的大量前期投資，並使我們能在達成認證里程碑後高效率地擴大規模。

Looking ahead to 2026, we remain focused on disciplined capital allocation. We expect revenues between $39 million and $0.43 million driven by the continued ramp of long-term strategic partnerships established in 2025.

展望 2026 年，我們仍將專注於嚴謹的資本配置。在 2025 年建立的長期策略合作夥伴關係持續放量的帶動下，我們預期營收介於 3,900 萬美元至 43 萬美元之間。

We expect adjusted EBITDA in the range of $305 million to $395 million as we advance certification, expand production capability, and support early commercial deployments. Given our strong balance sheet, we are accelerating elements of our vertical integration strategy into 2026.

隨著我們推進認證、擴充產能並支援早期商業部署，我們預期調整後 EBITDA 介於 3.05 億美元至 3.95 億美元之間。鑑於我們強勁的資產負債表，我們正把垂直整合策略的部分要素加速推進至 2026 年。

This primarily reflects a pull forward of planned investments to bring key manufacturing capabilities in-house earlier and improve long-term margin profile. With that acceleration, we expect total CapEx in 2026 to be in the range of $175 million to $225 million.

這主要反映我們將原先規劃的投資提前，以更早把關鍵製造能力內製化，並改善長期毛利率結構。在此加速之下，我們預期 2026 年總資本支出（CapEx）將介於 1.75 億美元至 2.25 億美元之間。

To provide additional context for modeling, we expect first quarter revenue to be in the range of $7 million to $10 million, reflecting the early stage ramp of several programs that we expect to accelerate as the year progresses.

為提供建模的額外背景資訊，我們預期第一季營收介於 700 萬美元至 1,000 萬美元之間，反映多個專案仍處於早期爬坡階段，且我們預期將隨著年度推進而加速。

We have been procuring long lead materials. We expect the first quarter adjusted EBITDA to be outsized and in the range of $95 million to $-1110 million. This investment supports the build and the advancement of our MV 250 hybrid VTOL aircraft, our VTAL and conforming CTOL aircraft. With respect to the eIPP, award selections have not yet been announced, and the associated agreements will need to be negotiated.

我們一直在採購交期較長的材料。我們預期第一季調整後 EBITDA 將偏高，介於 9,500 萬美元至 -1,110 百萬美元之間。此項投資支援我們 MV 250 混合動力 VTOL 飛機的建置與推進，以及我們的 VTAL 與常規 CTOL 飛機。就 eIPP 而言，獎項遴選尚未公布，相關協議仍需協商。

Since we do not have award visibility and negotiations are dependent on each award, we have not included any eIPP-related investments in our 2026 guidance. Should we be selected as an eIPP award recipient, we would update our guidance to reflect the associated capital deployment. Our balance sheet positions us to execute rapidly should those awards materialize, but until formal notification and contractual clarity are achieved, our outlook remains independent of eIPP.

由於我們尚無法掌握獎項能見度，且協商取決於各個獎項，我們未將任何與 eIPP 相關的投資納入 2026 年指引。若我們獲選為 eIPP 得獎者，我們將更新指引以反映相關資本投入。我們的資產負債表使我們在獎項落地時能迅速執行，但在收到正式通知並取得合約明確性之前，我們的展望仍不包含 eIPP。

With that Operator, we are ready to open the call for questions.

那麼，接線員，我們已準備好開放提問。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。(接線員指示)

Kristine Liwag, Morgan Stanley.

Kristine Liwag，摩根士丹利。

Good morning, everyone. Kyle, good to see you last week in San Francisco. I was wondering, with the IPO proceeds, you were able to raise, more than double the capital you initially thought you would. Can you talk about how much the incremental capital, changed your plan and your business model?

各位早安。Kyle，上週在舊金山見到你很高興。我想問的是，透過 IPO 募得的資金，你們籌到的資本比最初預期多出一倍以上。能否談談這筆新增資本在多大程度上改變了你們的計畫與商業模式？

Sure, I mean, fundamentally it did not change our business model at all. It allowed us to advance a few things though. We've increased our investment in vertical integration specifically around things that we did not previously call core and enabling technologies but have become clear that we need to be world class at.

當然。基本上，它完全沒有改變我們的商業模式。不過它確實讓我們能推進幾件事。我們增加了對垂直整合的投資，特別是針對一些我們先前不認為是核心與使能技術的領域，但現在已很清楚我們必須做到世界級。

So in the past, fully ver vertically integrated on the motors, the propulsion systems, the batteries, the controls, the software. And we've extended that outward to have full vertical integration on the structures and other big bone elements of the aircraft. So that's one big investment in vertical integration.

所以過去我們在馬達、推進系統、電池、控制、軟體等方面已做到完全垂直整合。而我們把這個範圍向外延伸，讓機體結構與其他大型骨幹部件也能做到完全垂直整合。因此這是一項在垂直整合上的重大投資。

And the second thing is really pulling in our MV 250 with the proceeds were, I think, partially a product of these large engagements we've had with General Electric and General Dynamics and Embraer, and those not only created the proceeds, but they also created really clear and valuable partnerships.

第二件事是，透過這次募資，我們確實把 MV 250 的時程往前拉；我認為這部分也部分來自我們與通用電氣（General Electric）、通用動力（General Dynamics）以及巴西航空工業（Embraer）之間的大型合作。

In the turbo generator with GE, having clarity and confidence of the propulsion systems for the MV 250 coupled that with the structure and a large reuse of the A 250 components allowed us to pull that in. So the financial investment in pulling in the MV 250, fundamentally advances that portion of our business model as compared to what we outlined in the IPO, which is a direct result of the proceeds.

在與 GE 的渦輪發電機合作上，對 MV 250 的推進系統有了明確性與信心；再加上結構設計以及大量重用 A 250 的零組件，使我們能把該計畫時程往前拉。因此，將 MV 250 提前所需的財務投入，從根本上推進了我們商業模式中的這一部分，相較於我們在 IPO 時所概述的內容有所提前，而這是募資所得的直接結果。

Herman, do you have anything on that?

Herman，你有要補充的嗎？

Yeah, Kristine, good morning. How are you? Just maybe two points I would want to emphasize. So when we were together in September of 2025 and we were going through the analyst model, we had CapEx in 2026 for about $70 million and in 2027, about $130 million.

有的，Kristine，早安。你最近如何？我想強調兩點。我們在 2025 年 9 月一起討論分析師模型時，當時預估 2026 年的 CapEx 約 7,000 萬美元，2027 年約 1.3 億美元。

So the 200 at the midpoint that we're talking about is really just a pulling of the 2027. So none of this is new spend. It's all contemplated spend. It's just pulling it in by about a year and as we had talked about, the strong balance sheet puts us in the perfect position to do this.

所以我們現在談到的中位數 2 億美元，其實就是把 2027 年的支出往前拉。因此這些都不是新增支出。全部都是原本就規劃的支出。只是把時程大約提前一年；而如同我們先前所說，強勁的資產負債表讓我們處於執行這件事的最佳位置。

Great. Thanks, Kyle, Herman. And following up, Kyle, your prepared remarks, you mentioned that the EICP program pretty much brings forward, the business model one year. Can you talk about what would be, the most, desired outcome out of eIPP? I mean, how many, flights, like what could this look like in the summer and what could this look like in 3 years?

了解。謝謝，Kyle、Herman。接著追問，Kyle，你在事先準備的談話中提到 EICP 計畫幾乎把商業模式整體提前一年。你能談談 eIPP 最理想的結果會是什麼嗎？例如會有多少次飛行？今年夏天可能會是什麼樣子？三年後又可能會是什麼樣子？

Sure, I mean just a couple of points on that. The eIPP program isn't just about aircraft for us, it starts with the revenue and the clarity that we're already getting on the charging system deployments. And the engagement with our customers.

當然，我先講幾點。對我們而言，eIPP 計畫不只是關於飛機本身，它從我們在充電系統部署上已經獲得的營收與明確性開始。以及我們與客戶的互動。

Remember, BETA's model is to sell the airplane directly to customers, so that really accelerated the engagement with those customers on things that are maybe a little less obvious like service maintenance, training and, all weather operations and getting to cadence with the aircraft earlier than we expect.

請記得，BETA 的模式是直接把飛機賣給客戶，因此這確實加速了我們與客戶在一些可能不那麼直觀的事項上的互動，例如維修保養服務、訓練、全天候運行，以及比我們原先預期更早建立飛機的運行節奏。

But on the business model itself, which is really interesting is that our baseline business model had completion of type certification and then all of those materials would go to our operator partners that would then apply for a 135 certificate or similar and that would take con ops development and a whole lot of other systems and then there would be a ramp into operation or entry into service.

但就商業模式本身而言，這點很有意思：我們的基準商業模式是先完成型號認證，然後把所有這些材料交給我們的營運商夥伴；他們接著會申請 Part 135 證照或類似證照，這需要運行概念（ConOps）的開發以及許多其他系統，之後才會逐步爬坡進入營運或投入服務（entry into service）。

The eIPP system allows us to pull all of that forward and concurrently develop with our partners in the 135s all of the con ops suspects while we ramp our production and ramping the production, anybody who's been in production for a long time knows you don't go from zero to 100 on one day. That is an engineering effort as well. It's a development effort, supply chain maturity, quality systems, supplier quality, all of those things have to mature.

eIPP 機制讓我們能把上述流程提前，並與我們在 Part 135 的夥伴同步開發所有 ConOps 的相關要素，同時我們也在提升產量；而任何在製造領域待過很久的人都知道，你不可能某一天就從 0 直接到 100。那同樣也是一項工程工作。它是開發工作、供應鏈成熟度、品質系統、供應商品質等各方面都必須成熟。

And what eIPP does, it allows us to take that ramp and again overlay it with the aircraft type certification program, the 135 development. And the ramp into production. So it really has a very nonlinear effect of taking things out of series, but also overlapping things and advancing the time. So I think it's a conservative estimate to say it advances our business by a year. It could be more than that.

而 eIPP 的作用是讓我們把這個爬坡過程，與飛機型號認證計畫、Part 135 的開發，以及產能爬坡同步疊加。並把產量逐步拉升。因此它帶來非常非線性的效果：把原本串行的事情拆開，同時讓多項工作重疊並提前時程。所以我認為說它讓我們的業務提前一年是保守估計。也可能不只一年。

Ronald Epstein, Bank of America.

Ronald Epstein，美國銀行。

Hey, good morning, guys. How should we think about the potential investment that would be required if things end up being very successful with the eIPP just to give folks a sense of, kind of maybe how to model that if indeed you know BETA is successful which we all hope and expect.

各位早安。如果 eIPP 最終非常成功，從建模角度我們應該如何看待可能需要的投資規模？讓大家大概有個概念，若 BETA 確實成功（我們都希望也預期如此），該怎麼估算？

Yeah, Ron, I'm anxiously awaiting to see where the ultimate, Awards come in, but if we were very successful in the eIPP, you could see an investment somewhere between I'm going to give a wide range, $75 million to $125 million something like that.

是的，Ron，我也很期待看到最終獎項會落在哪裡；但如果我們在 eIPP 上非常成功，你可能會看到投資規模介於——我給一個較寬的區間——7,500 萬美元到 1.25 億美元左右。

Yeah, the, and expanding on that, Herman said it earlier that that investment isn't a new investment. It's an advancing investment that we would have been making. At a later point in time and just like the ramping of production, the cost out curve of early rate, low rate initial production aircraft to full rate production aircraft will happen faster as well.

是的，而且在此基礎上再延伸一下，Herman 先前也提到，那筆投資並不是一項新的投資。那是一項我們本來就會進行的前置投資。只是會在較晚的時間點才做；而且就像產能爬坡一樣，從早期低產率（low rate）初始量產機到全產率量產機的成本下降曲線，也會更快發生。

So a lot of that investment again would have happened anyway. And now we get to advance that and build those aircraft while we're working through type certification.

所以那當中很多投資本來無論如何都會發生。而現在我們可以把它提前，並在我們推進型式認證的同時把那些飛機造出來。

Got it. Super clear. And then Kyle, you mentioned this on the call, the engineering effort we needed to ramp. Can you maybe peel back then in on that a little bit just to give folks a feel for some of the your work through to get production system where you need it to be, for when you think it'll need to be there.

了解。非常清楚。然後 Kyle，你在電話會議上提到我們需要加大工程投入來支撐爬坡。你能不能再多拆解一點，讓大家感受一下你們為了把生產系統做到你們需要的狀態、並在你認為需要到位的時間點前達成，所做的工作？

Yeah, for sure. So, I think one of the insights that Sean Donovan, our chief of operations, brought to BETA from Tesla was that we needed to expose the issues in production early. So our strategy is to set up a production line. Take for example our battery line or a wing line, run it at full rate for a period of time. So if we had, the battery line running for 5 days at full rate, then stopped for 5 weeks.

當然可以。我想 Sean Donovan（我們的營運長）從特斯拉帶到 BETA 的一個洞見是：我們需要在生產早期就把問題暴露出來。所以我們的策略是先建立一條生產線。以我們的電池線或機翼線為例，讓它以滿產率運行一段時間。例如電池線連續 5 天以滿產率運行，然後停 5 週。

We allow ourselves to expose the pinch points in the line and then you apply the engineering resources, typically production or manufacturing engineering resources, sometimes design, but mostly production and manufacturing. Where we find those pinch points in the line, whether it's data processing, actual assembly time, inspection, robotics, any of those things, and we address them and that takes engineering.

這樣我們就能把產線的瓶頸點暴露出來，接著投入工程資源——通常是生產工程或製造工程資源，有時也會牽涉設計，但主要是生產與製造。我們在產線上找到那些瓶頸點，不論是資料處理、實際組裝時間、檢驗、機器人作業等任何環節，然後加以解決，而這就需要工程投入。

So if we have a laser welder that needs a cool down time, we expose that very early and then we apply autonomous or we apply automation in the right places, just recently on our battery line, for example. A plasma surface preparation system was fully automated because it was found to be a pinch point unexpectedly, so that required manufacturing, production engineering to balance that line.

所以如果雷射焊接機需要冷卻時間，我們會很早就把這件事暴露出來，然後在適當的位置導入自動化——例如最近在我們的電池線上。有一套電漿表面處理系統原本意外地成為瓶頸，因此我們把它完全自動化，這就需要製造/生產工程來重新平衡那條產線。

That also reaches way back to kitting in supply chain and inventory management where we use a highly visual manufacturing system where we design tools so that when screws, bolts, and nuts show up on the line, they are in a way that the assembly technician is going to use them. It helps with our quality.

這也會一路回溯到供應鏈與庫存管理中的備料（kitting），我們採用高度可視化的製造系統，並設計工具，讓螺絲、螺栓與螺帽送到產線時，是以組裝技術員將要使用的方式呈現。這有助於我們的品質。

It helps with our speed, and then the last thing that has been a big focus of engineering and production run has been the automated. The use of automated tools for inspection documentation, so utilizing WiFi connected screwdrivers effectively to map the angle, the torque, and the position of every screw that we put in drastically minimizes the human checkboxes that have to happen. So those are the types of engineering investments we're making in manufacturing.

這有助於我們的速度；另外，工程與生產運行的最後一個重大重點是自動化。也就是使用自動化工具來做檢驗文件化，例如使用 WiFi 連線的電動起子，有效地記錄我們鎖入每一顆螺絲的角度、扭矩與位置，能大幅減少必須由人工勾選確認的項目。以上就是我們在製造端所做的工程投資類型。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，Jefferies。

Good morning guys, and thank you for the time. Maybe just on two questions. First, I'll start off with the backlog. He called out a backlog greater than [$4 billion] by the end of 26. Can you talk about some of the drivers of this and line of sight to that and how defense plays into it as well, please?

各位早安，謝謝撥冗。我有兩個問題。首先我想從訂單積壓（backlog）談起。你提到到 26 年底訂單積壓將超過[40 億美元]。能否談談推動因素、達成該目標的可見度（line of sight），以及國防業務在其中扮演的角色？謝謝。

Sure, I mean, look, we like real time during this meeting are getting an extreme line of sight. There's a series of docs on my desk right now of deals that are ready to be executed, but we are in the fortunate position to make sure the terms of those deals are favorable and aligned with VTOL's rollout strategy, and I just saw as we were getting ready for this call this morning, that our counterparts executed an agreement that takes a good bite out of that backlog goal for this year for aircraft.

當然。我的意思是，你看，我們在這場會議進行的同時，就正在獲得非常高的可見度。我桌上現在就有一系列文件，都是已經準備好要簽署執行的交易，但我們也很幸運，能確保這些交易條款對我們有利，並且與 VTOL 的推廣策略一致；而且我今天早上在準備這通電話會議時剛看到，我們的合作方已經簽署了一份協議，對今年飛機訂單積壓目標會帶來相當大的貢獻。

So we have very good line of sight when we're preparing the materials we had a little less. Now it's even better. So that is with commercial operators that have found applications for the electric aircraft in places that we believe that are going to have very successful entry into service. High cadence, low cost, relatively short range, starting with cargo, medical, and logistics, and that's the type of operators that we're partnering with.

所以我們的可見度非常好；在準備資料時可見度還稍微少一點。現在更好了。這些來自商業營運商，他們在一些我們認為能非常成功投入營運（entry into service）的場景中，找到了電動飛機的應用。高頻次、低成本、相對短航程，先從貨運、醫療與物流開始，而這就是我們正在合作的營運商類型。

Yeah, Sheila, I just want to reemphasize Kyle's last point. We set a very high bar on what goes into our backlog. We're very selective with our customers. We want good launch partners and we want partners who are going to come with large orders and deposits. So it's a very high bar and as Kyle said, we were.

是的，Sheila，我想再強調 Kyle 最後那點。我們對納入訂單積壓的標準設得非常高。我們在客戶選擇上非常審慎。我們希望有優質的首發合作夥伴（launch partners），也希望合作夥伴能帶來大額訂單與訂金。所以門檻非常高，而如 Kyle 所說，我們當時也……

Excited to see some documents get signed early this morning that again will take a big chunk towards that $4 billion backlog and we'll be announcing that shortly.

很高興看到今天一早有一些文件完成簽署，這同樣會為那 40 億美元的訂單積壓目標貢獻很大一部分，我們很快就會對外宣布。

Got it. Thank you. And then can I ask on EBITDA just the wide range from $305 million to $395 million, how do we think about that? What changes post Q1? Is it DNA R&D? How do we think about, the EBITDA range and the cadence?

了解，謝謝。另外我想問 EBITDA，你們給的區間很寬，從 3.05 億美元到 3.95 億美元，我們該如何理解？

Yeah, what I would say is, so in the 1st quarter, we're certainly going to be investing more just like we did in the fourth quarter where we're buying long lead time materials, so you'll see that continue into Q1 and then they'll settle out as we get into the second quarter in the back half of the year.

是的，我會這麼說：在第一季，我們肯定會加大投資，就像第四季一樣，我們會採購長交期物料（long lead time materials），所以你會看到這種情況延續到 Q1，然後當我們進入第二季以及下半年時，這些就會趨於平穩。

The wide range is, it's a fast moving business and we really do not want to ever be in a position where we have to slow things down and there are always investments that come up and we just put that wide range in there just to make sure we have the flexibility to run the business the way we want.

區間之所以拉得很寬，是因為這是一個變化很快的業務，我們真的不希望自己落入必須放慢腳步的處境；而且總會有新的投資需求出現，所以我們把區間設得寬一些，確保我們有足夠彈性，以我們想要的方式來經營公司。

Andre Madrid, BTIG.

Andre Madrid，BTIG。

Yeah, thanks for taking my question. Can you maybe just, do you have a sense of what the revenue contribution per EIPC bid could be? I mean, what could it look like if you went on the chargers side of the aircraft side or both? Just any color as to how material it'll be.

是的，謝謝讓我提問。你們是否能大概分享一下，每一個 EIPC 投標可能帶來的營收貢獻會是什麼樣子？我的意思是，如果你們在充電設備端、飛機端或兩者都參與，可能會長什麼樣？能否提供一些補充說明，讓我們了解它的重大性（materiality）？

Yeah, Andre, it's Herman. I'll start and then maybe Kyle could jump in. I don't think we're in a position where we will talk about revenue numbers right now. The OTA certainly needs to be negotiated and we'll get more clarity, but the way to think about it is there could be potentially three revenue streams. One would be through charge. The second would be through training and maintenance.

是的，Andre，我是 Herman。我先說，然後也許 Kyle 可以補充。我想我們目前還不適合談具體營收數字。OTA 當然還需要協商，我們會更清楚；但可以這樣理解：潛在上可能有三條營收來源。第一個是充電。第二個是訓練與維護。

And then the third would be aircraft monetization. So whether the aircraft was rented or leased or ultimately bought. That's sort of how I would think about the revenue streams, and one important point is the operators who we partnered with for eIPP are actually our customers in the backlog. So I think that's an important call out.

第三個是飛機變現。也就是飛機是以租賃（rented/leased）方式提供，或最終由客戶購買。我會用這樣的方式來看營收來源；另外一個重要重點是，我們在 eIPP 合作的營運商，其實也是我們訂單積壓中的客戶。我認為這點很值得特別指出。

I don't know if that's a great point. I mean, look, if a customer has a 25 or 50 unit order and we're putting 3 or 5 aircraft into their EIPP program, if we get a lease payment over the course of the 36 months of the program, that's great, but the real objective here is much more than short-term revenue. Just like, in the General Dynamics, the Textron, the GE, the Embryer jobs, we're planting the seeds that will germinate into much larger orders in the future.

我不確定那是不是一個很好的觀點。我的意思是，你看，如果客戶有一筆 25 或 50 架的訂單，而我們在他們的 EIPP 計畫中投入 3 或 5 架飛機，如果在該計畫 36 個月期間我們能收到租賃付款，那當然很好，但這裡真正的目標遠不只是短期營收。就像在 General Dynamics、Textron、GE、Embraer 的案子一樣，我們是在播下種子，讓它在未來發芽成為更大規模的訂單。

Herman mentioned it a few minutes ago. You have to think about the EIPP the same way. We'll make good revenue on that. And by the way, on a per unit basis, on a margin per unit basis, the propulsion systems that we've been selling, they're very profitable on a per unit basis, but that's not why we're doing it. We're doing it because they grow into something much bigger. Getting these aircraft out in the world, there's a lot more to operating aircraft than just the aircraft, of course.

Herman 幾分鐘前提到過。你必須用同樣的方式來看待 EIPP。我們會從中取得不錯的營收。順帶一提，以單位來看、以單位毛利來看，我們一直在銷售的推進系統單位獲利能力非常高，但這不是我們做這件事的原因。我們做這件事是因為它會成長為更大的機會。讓這些飛機在全球投入運行，當然，飛機營運不只是飛機本身而已。

I think everybody knows that. And big ones are like the service, the training, the maintenance, the continuous high cadence operations, and the trust we have to build with the industry and the market that electric aircraft do indeed achieve the economic benefits that we outlined. So yeah, I think that that we should look at the revenue because it's real money, but it is not the exclusive focus here.

我想大家都知道。而其中很大的一部分包括服務、訓練、維修保養、持續的高頻次運行，以及我們必須與產業與市場建立的信任：電動飛機確實能達成我們所描述的經濟效益。所以，是的，我認為我們應該關注營收，因為那是真金白銀，但它並不是這裡唯一的重點。

Got it. That's really helpful. And then if I could pivot back to the backlog, from my understanding that for build that you're targeting for the '26 and is mainly focused on the aircraft, but could you maybe just talk about what growth you have earmarked for merchant supplier work and how that could, what that backlog looks like and what it could grow to by the end of the year.

了解。這真的很有幫助。接著如果我可以把話題轉回在手訂單（backlog），依我的理解，你們鎖定的是 2026 年的產能建置，且主要聚焦在飛機本體；但你能否談談你們為商用供應商（merchant supplier）業務所預留的成長，以及那部分的在手訂單長什麼樣子、到年底可能成長到什麼程度？

Yeah, and mostly.

對，而且大多是。

Go ahead.

你先請。

Your read of how we define the backlog is correct. We are reporting the KPI and aircraft backlog. That's the prime mover of the business, and we expect that to grow with high certainty now to $4 billion and beyond. On the merchant supply itself, one of the cool things about the way this has materialized, as Herman said, we developed a couple of prototypes.

你對我們如何定義在手訂單的理解是正確的。我們揭露的是 KPI 與飛機在手訂單。那是業務的主要驅動力，而且我們現在非常有把握它會成長到 40 億美元以上。至於商用供應本身，這件事以目前的方式落地其實很酷；如 Herman 所說，我們開發了幾個原型。

We delivered them to a customer that resulted. In a large order, that order is made up of a couple of parts. Between now and type certification, we of course deliver a bunch more propulsion systems and the research development documentation and other engineering assets and artifacts to support those programs.

我們把它們交付給一位客戶，並因此促成。一筆大額訂單；那筆訂單由幾個部分組成。從現在到取得型式認證（type certification）之間，我們當然會交付更多推進系統，以及研發文件與其他工程資產與成果物，以支援那些計畫。

So that grows and each of these things, one of them that is classified, we can't talk much about the details of it, but from a revenue perspective, each of the phases is about 10 times bigger than the prior phase. And like we're not just we're not a job shop, we're not taking this work for the short-term revenue, we're taking it because it steps up in that order, our revenue as a company has doubled year-over-year.

所以它會成長；而且這些事情中，有一項屬於機密，我們不能談太多細節，但從營收角度來看，每一個階段的規模大約都是前一階段的 10 倍。而且我們不是——我們不是代工接案的工坊（job shop），我們不是為了短期營收才接這些工作；我們接是因為它會在那張訂單裡逐步升級，而我們公司的營收也已經年對年翻倍。

The valuation of our company across the four rounds from one to two and all the way up to eight effectively doubles at each round, and that's how we're thinking about the merchant supply as well. We're planting the seeds now.

我們公司在四輪融資中的估值，從第一輪到第二輪一路到第八輪，基本上每一輪都有效地翻倍；我們也用同樣的方式來看待商用供應。我們現在是在播下種子。

We're delivering a handful of motors, 8, 10 motors, whatever the customer needs. And they select us for the subsequent phases on the merits of the techno technology, the reliability and the performance first and foremost, and of course on BETA's ability to deliver.

我們先交付少量馬達，8 顆、10 顆，或客戶需要的數量。而客戶在後續階段選擇我們，最重要的是基於技術本身、可靠性與性能的優勢，當然也包括 BETA 的交付能力。

Andres Shepherd, Cantor Fitzgerald.

Andres Shepherd，Cantor Fitzgerald。

Hey, everyone, good morning and, congratulations on all the great, achievements last year and so far this year, and, thanks for taking our questions. I think a lot of our questions have been asked by now, but, it may be coming back to the, eIPP, Kyle, I'm just curious if you can maybe share, how do you see the program unfolding, once the programs have been announced, once the, participants have been announced.

各位早安，恭喜你們去年以及今年迄今取得的所有重大成就，也謝謝你們回答我們的問題。我想我們很多問題到現在都已經被問過了，但我可能回到 eIPP 這個主題，Kyle，我很好奇你是否能分享一下：在計畫公布、參與者公布之後，你怎麼看這個計畫會如何展開？

Do you foresee all projects starting at the same time, maybe one at a time? Do you foresee multiple, OEMs, participating in each project simultaneously? Just curious how you're thinking about it as we get closer and closer to those projects being announced.

你是否預期所有專案會同時開始，還是可能一次一個？你是否預期會有多家 OEM 同時參與每一個專案？只是好奇，隨著我們越來越接近那些專案公布，你們內部是怎麼思考的。

Thank you.

謝謝。

Yeah, great question. So I think it's really important to define the difference between a demonstration and an operation. So when we entered into this. We focused on operations. We did not want to go out with one aircraft and go to five different states.

是的，問得很好。我認為非常重要的一點是要界定「示範」與「營運」之間的差異。所以當我們加入這個計畫時。我們聚焦在營運。我們不想只帶著一架飛機跑到五個不同的州。

We wanted to provide five aircraft to one state and three aircraft to another state and two aircraft to another state and five aircraft to another state so that those aircraft can get into high cadence operations every single day in all weather. However, that doesn't happen on day one. No, to answer your very specific questions, are all OEMs going at the same time? Of course not.

我們想要在一個州提供五架飛機、在另一個州提供三架、在另一個州提供兩架、在另一個州提供五架，讓這些飛機能在各種天候下每天進行高頻次運行。不過，這不會在第一天就發生。不，針對你非常具體的問題：所有 OEM 會同時開始嗎？當然不會。

BETA right now has had more real world flying experience with customers than any other company in this industry. I had to sign an attestation to the Department of Transportation that within 90 days of the negotiation of these OTA contracts we could be in service.

BETA 目前與客戶在真實世界的飛行經驗，比這個產業裡任何其他公司都多。我必須向交通部簽署一份聲明，表示在這些 OTA 合約完成協商後 90 天內，我們就能投入服務。

Now that's so that BETA can lead the deployment into these states and applications. This is because of the maturity of the aircraft, our charging network, and the fact that we're starting with cargo and medical first and then moving to passenger, and we're engaged with customers that have safe and reliable operations. That's different than other folks who have applied for this application.

這是為了讓 BETA 能夠在這些州與應用場景中帶頭部署。原因在於飛機的成熟度、我們的充電網路，以及我們先從貨運與醫療開始、再轉向載客；同時我們合作的客戶本身就有安全且可靠的營運能力。這與其他申請這個計畫的團隊不同。

So like, the states selected this. The states selected the aircraft and we start with Part 91. We go and we do route validation, then we move to 135, and if everything goes well, we will then start revenue producing applications for cargo medical logistics.

所以，像是，各州做出了選擇。各州選定了飛機，而我們從 Part 91 開始。我們先做航線驗證（route validation），接著轉到 Part 135；如果一切順利，我們就會開始能產生收入的貨運與醫療物流應用。

Then we'll move to the VTOL and then we'll move to passenger thereafter. BETA is fundamentally different than other folks because of the real world opportunities that we've uncorked internationally and domestically, and we continue and we intend to continue to to do that.

然後我們會轉向 VTOL，之後再轉向載客。BETA 與其他團隊根本上的不同，在於我們在國內外已經打開的真實世界機會；我們會持續，而且我們也打算繼續這麼做。

Wonderful. Thanks, Kyle. That's super helpful. I really appreciate all that color. Maybe the last 11 for Hernan, can you give us a sense perhaps on, cash use for this year, how you're thinking about that? I realized you guided or are targeting a CapEx number for the year. Just wondering if you can maybe help us complete the picture. How should we think about cash use, particularly as you begin. To ramp up production of your aircraft and get to [$4.5 million] per month by year end.

太好了。謝謝你，Kyle。這非常有幫助。我很感謝你提供的所有細節。最後一個問題給 Hernan：你能否讓我們大概了解一下今年的現金使用（cash use）會是怎麼思考的？我知道你們已經給出或鎖定了今年的資本支出（CapEx）目標。只是想請你幫我們把整體圖像補齊。我們應該如何看待現金使用，特別是當你們開始。拉升飛機產量，並在年底達到每月 [4.5 百萬美元] 的水準時。

Thank you.

謝謝。

Yeah, thanks for the question, Andre. I would say right now with this guide excluding eIPP, the cash use will be about $500 million. So if you were to look at about $200 million for CapEx at the midpoint. And if you take the EBITDA range at the midpoint of $350 million, we'll have some interest income that'll kind of offset some of that. But when you put those three pieces together, you probably get to about $500 million before an eIPP investment.

是的，Andre，謝謝你的提問。我會說，就目前這份指引（不含 eIPP）來看，現金使用量大約會是 5 億美元。所以如果你看資本支出（CapEx）在中位數大約是 2 億美元。再加上 EBITDA 區間的中位數是 3.5 億美元，我們會有一些利息收入，能在某種程度上抵銷其中一部分。但把這三個部分加總起來，在進行 eIPP 投資之前，你大概會得到約 5 億美元。

Chris Pierce, Needham.

Chris Pierce，Needham。

Hey, good morning everyone. If I look at the deck and the VTOL certification slide, I just want to get a sense of what that should look like over this year. I know that you sort of hit on it in the remarks. We shouldn't expect, I just want to confirm, we shouldn't expect movement here, but we should expect movement on the CTOL slide, and that in turn allows the VTOL slide to move faster when it begins to move.

各位早安。如果我看簡報以及 VTOL 認證那張投影片，我想了解今年這部分應該會呈現什麼樣子。我知道你在談話重點裡有稍微提到。我想確認一下，我們不應該預期這裡會有進展，但我們應該預期 CTOL 那張投影片會有進展，而那反過來會讓 VTOL 那張投影片在開始動的時候能更快推進。

Is that the right way to think about it?

這樣理解對嗎？

Yeah, I'd say it a little bit differently, but conceptually that is exactly the right way to think about it. Let me give you an example. On the CTOL, if we were tracking the progress of the propulsion system contained within those bars, then of course the bars move much quicker because we built, I believe we're the only company in the industry that's built conforming hardware that's gone into four credit testing.

是的，我會用稍微不同的方式說，但在概念上，你的理解完全正確。我舉個例子。以 CTOL 來說，如果我們在追蹤那些長條中所包含的推進系統進度，那些長條當然會移動得更快，因為我相信我們是業界唯一一家打造出符合規範（conforming）的硬體，並已進入四項可計入認證（for credit）的測試。

We've done that pervasively across a large number of units in the motor. In fact, Just this morning, I got a report out from the team that we've completed the durability test with over 1,300 flight cycles for credit in a bunch of different environments. That is not that is that is exclusively shown on the HH 500A engine certification test bars. It is not shown on the CTOL, and by way of extension on the VTOL bars, there's a small delta, about 15% of requirements planning and a little bit larger delta on the implementation when we move from CTOL to VTOL.

我們在馬達的許多單元上都廣泛地做了這件事。事實上，就在今天早上，我收到團隊的報告：我們已完成可計入認證的耐久測試，累計超過 1,300 個飛行循環，並在多種不同環境下進行。這些內容只會顯示在 HH 500A 引擎認證測試的長條上。它不會顯示在 CTOL 上，而延伸來說也不會顯示在 VTOL 的長條上；從 CTOL 轉到 VTOL，在需求規劃上有一個小的差異（delta），大約 15%，而在實作上差異會更大一些。

So, those bars are separated to give absolute transparency to all of you on the things that need to happen for each of these certification programs, but the things that need to happen are contained in the deltas between the prior validation, verification, or certification activities and the subsequent ones.

所以，這些長條被分開呈現，是為了讓各位能對每一個認證計畫需要完成的事項有完全透明的了解；但真正需要做的事情，其實都包含在前一階段的驗證、確認或認證活動與後續活動之間的差異（delta）裡。

So you should expect to see movement on the A250 certification program this year. We have done a ton of vertical flying, a lot of different experimentation. I believe we're the first company to actually get delegation for our lift props with a DER.

所以你今年應該會看到 A250 認證計畫有進展。我們做了大量的垂直飛行，做了很多不同的實驗。我相信我們是第一家實際取得 DER 授權、用於我們升力螺旋槳（lift props）的公司。

We've gotten additional delegations across the CX 300. I think we achieved somewhere near 80 delegations in the last month. So these are really important, I would say, non-directly measured elements of progress that result in measured elements of progress as well. But fundamentally to your question, you will see movement on all fronts.

我們也在 CX 300 上取得了更多授權。我想我們在過去一個月大概達成了接近 80 項授權。所以我會說，這些是非常重要、但不一定能直接量測的進展要素，而它們也會帶來可量測的進展。但回到你的問題本質，你會看到各方面都有進展。

And the movement is representing the delta required between the propulsion to the airplane to the aircraft.

而這些進展代表的是從推進系統到飛機、再到航空器之間所需要補足的差異（delta）。

Okay, perfect, thank you. And then did I hear you correctly that on EITP you might fly CTOL and VTOL aircraft, or, I guess my thinking was it would mostly be CTOL, but is there a possibility for VTOL flying in this program as well this year?

好的，太好了，謝謝。另外，我是否聽你說 EITP 可能會飛 CTOL 和 VTOL 航空器？或者說，我原本的想法是主要會是 CTOL，但今年這個計畫也有可能進行 VTOL 飛行嗎？

Yeah, in fact, every single one of the applications we put in have both CTOL and VTOL aircraft. I apologize if I focused on CTOL because that's what we're launching first with. We directly go into VTOL thereafter. It's how our entire business model is designed, and the beauty of that is that our customers get exposure to training in electric aircraft, charging, managing batteries, flying with a fly by wire system, which is of course universal to all our aircraft, and then they step into VTOL.

是的，事實上，我們提交的每一個申請都同時包含 CTOL 與 VTOL 航空器。如果我剛才比較聚焦在 CTOL，我先道歉，因為我們會先以 CTOL 作為第一個推出的機型。之後我們會直接進入 VTOL。這就是我們整個商業模式的設計方式；而其優點在於，我們的客戶能先接觸電動航空器訓練、充電、電池管理、以及使用電傳飛控（fly-by-wire）系統飛行——這當然是我們所有航空器共通的——然後再銜接到 VTOL。

In fact, our training team, and I think I mentioned this to you or another analysts earlier, has developed the full training curriculum for the VTOL aircraft. It has five modules. The first three of five modules are the CTOL aircraft where the systems, the fly by wire system, all of the things associated with flying the [ALIA] aircraft are learned in those three modules, and then there's two additional modules for vertical takeoff and landing variants.

事實上，我們的訓練團隊——我想我之前也跟你或其他分析師提過——已經為 VTOL 航空器開發出完整的訓練課程。它有五個模組。五個模組中的前三個是 CTOL 航空器，會在這三個模組中學到系統、電傳飛控系統，以及所有與操作 [ALIA] 航空器相關的內容，接著再有兩個額外模組用於垂直起降（VTOL）機型。

So for our customers that gives them a very easy pathway, of course the charging is the same and the maintenance is about the same. So yes, we do, we will be flying eVTOL aircraft should we be selected for the eVTOL integration pilot program.

所以對我們的客戶而言，這提供了一條非常容易的路徑；當然充電方式相同，維修保養也差不多。所以是的，如果我們被選入 eVTOL 整合試點計畫（eVTOL integration pilot program），我們將會飛行 eVTOL 航空器。

Yeah, and just to put a final point on that, I think. There's huge advantages with this program, especially for the VTOL market here where, it's going to be advantageous for us, for our customers to be able to do all the things that Kyle talked about there in one of the previous questions and pulling in those training timelines and whatnot ahead of full-time certification, to get these into service earlier.

是的，最後再補充一點，我想。這個計畫有非常大的優勢，特別是對 VTOL 市場而言；這會對我們、也對我們的客戶有利，因為能在全面認證之前，就把 Kyle 在前一個問題提到的那些事情——把訓練時程等——提前拉進來，讓這些航空器能更早投入營運。

So, it has tremendous benefits to us, to the customers, and the industry as a whole.

所以，這對我們、對客戶、以及整個產業都有極大的好處。

Thank you for your questions. I will now turn the call over to Kyle Clark for closing remarks.

謝謝各位的提問。接下來我把電話會議交給 Kyle Clark 做結語。

Yeah, thank you everybody. I appreciate you guys sticking around on this call. I think just as kind of closing remarks, what is awesome to us here at BETA is that the pieces are falling into place in our strategy of a stepwise approach into the market. Is being respected and mirrored with the ATC modernization efforts, the Department of Transportation, the FAA.

是的，謝謝各位。感謝大家一路留在線上參與這通電話會議。我想作為結語，對我們 BETA 來說很棒的一點是：我們以循序漸進方式進入市場的策略，各個拼圖正在到位。而且這也正受到並呼應空中交通管制（ATC）現代化的努力、交通部（Department of Transportation）以及 FAA 的作法。

I mean, we've got great leadership there with Duffy and Roshlow and Bedford and Edwards all stepping up, doing what they said they're going to do, and giving us a platform and a canvas to deploy advanced air mobility. I think we've positioned ourselves to win on the eIPP.

我的意思是，我們在那裡有很棒的領導團隊，Duffy、Roshlow、Bedford 和 Edwards 都挺身而出，做他們說要做的事，並給我們一個平台與舞台來部署先進空中移動（advanced air mobility）。我認為我們已經把自己定位在 eIPP 上取得勝利。

Our manufacturing is in place, our training is there, our service and support is ready to go, and we have a track record of safe and reliable flight operations, and that's all, of course, positioned us for CERT, but it's positioned us to deploy these aircraft early, and I think the insight of our business model is becoming clear.

我們的製造已就緒、訓練也到位、服務與支援準備好了，而且我們有安全且可靠的飛行營運紀錄；當然，這些都讓我們在 CERT 上具備優勢，但也讓我們能更早部署這些航空器。我認為我們商業模式的洞見正變得愈來愈清楚。

There's an energy here at BETA that is like you can feel it. You can feel it when you walk into the facilities. We are focused on getting through this stage 500A certification, and it's not without challenges, but we are driving right through all of those challenges on a day to day basis, and the seeds that we planted over the last several years with customers are maturing right now.

BETA 這裡有一股能量，你是能感受到的。當你走進設施時就能感覺到。我們專注於完成 500A 這個階段的認證；這並非沒有挑戰，但我們每天都在正面突破所有這些挑戰，而我們過去幾年與客戶一起種下的種子，現在正在成熟。

And these second phase and third phase programs are in our line of sight, and we're just excited about executing on them and seeing our revenue grow, seeing our products mature, and of course getting through the certification, so. I'm jazzed and I really appreciate all you all are doing for us and with us and then asking the questions and critiquing our business because I think y'all will come to the same realization as time goes by.

而第二階段與第三階段的計畫也已在我們視線範圍內；我們很期待把它們執行到位，看到營收成長、看到產品成熟，當然也要完成認證。我非常振奮，也非常感謝各位為我們、與我們一起所做的一切，並提出問題、檢視並批判我們的業務，因為我想隨著時間推移，各位也會得到同樣的結論。

This concludes today's call. Thank you for attending.

今天的電話會議到此結束。感謝各位參與。