BETA Technologies, Inc. (BETA) 2026 Q2 法說會逐字稿

Hello, everyone. Thank you for joining us. And welcome to the BETA Technologies second-quarter 2026 financial results conference call.

大家好。感謝各位加入我們。歡迎參加 BETA Technologies 2026 年第二季財務業績電話會議。

After today's prepared remarks, we will host a question-and-answer session. (Operator Instructions)

在今天的事先準備發言之後，我們將進行問答環節。（接線員指示）

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

我現在把電話交給投資人關係主管 Devon Rothman。請開始。

Thank you, operator. And good morning, everyone. Thank you for joining us for BETA Technologies' second-quarter 2026 earnings call.

謝謝接線員。各位早安。感謝各位參加 BETA Technologies 2026 年第二季財報電話會議。

Joining me today are Kyle Clark, our Founder and Chief Executive Officer; and Herman Cueto, our Chief Financial Officer.

今天與我一同出席的有：我們的創辦人暨執行長 Kyle Clark，以及我們的財務長 Herman Cueto。

Following their prepared remarks, we will open the call for Q&A, where Kristen Costello, Head of Government & Regulatory Affairs, will also be joining us.

在他們的事先準備發言之後，我們將開放問答；屆時政府與法規事務主管 Kristen Costello 也會加入。

Earlier today, we issued a press release announcing our second-quarter 2026 financial and operating results, as well as an investor presentation, which are both available on the Investor Relations section of our website.

今天稍早，我們發布新聞稿，公布 2026 年第二季財務與營運成果，並發布投資人簡報；兩者皆可於我們網站的投資人關係專區取得。

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. Please refer to our filings with the SEC for a discussion of these risks.

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。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。

We will also reference certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP measures can be found in our earnings materials.

我們也會提及若干非 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, Devon. And good morning, everyone.

謝謝你，Devon。各位早安。

On our last call, we covered the growth of our commercial backlog, eIPP selections, and, most importantly, continued certification progress. Today, we get to show you how our consistent focus has enabled us to execute on our plan.

在上一次電話會議中，我們談到商業訂單積壓（backlog）的成長、eIPP 的選定情況，以及最重要的——持續的認證進展。今天，我們將向各位展示，我們一貫的專注如何讓我們得以按計畫執行。

We'll go deeper on our key announcements from Farnborough, the MV250, our hybrid-flight demonstrations, and expanding partnerships with GE Aerospace, our charging partnership with Archer and Macquarie, and the order from Loganair.

我們將更深入說明我們在范堡羅航展（Farnborough）的重點發布、MV250、混合動力飛行示範、與 GE Aerospace 擴大的合作夥伴關係、與 Archer 及 Macquarie 的充電合作，以及來自 Loganair 的訂單。

We'll also cover the launch of the eIPP operations, our flights in Japan and Hawaii, Secretary Duffy and the FAA Deputy Administrator Rocheleau coming to Vermont, and our regular KPI update.

我們也會談到 eIPP 營運的啟動、我們在日本與夏威夷的飛行、Duffy 部長與 FAA 副署長 Rocheleau 造訪佛蒙特州，以及我們例行的 KPI 更新。

These developments are connected. They come from the same plan: certify and produce aircraft designed around simplicity; develop the core propulsion technologies, aircraft systems, and components in-house; and carry those technologies across commercial and defense applications.

這些發展彼此相互連結。它們源自同一套計畫：以簡潔為核心設計來認證並生產飛機；在內部開發核心推進技術、飛機系統與零組件；並將這些技術延伸至商業與國防應用。

The work we complete on one program strengthens every other program. And the progress this quarter shows that strategy is working.

我們在某一項計畫完成的工作，會強化其他所有計畫。而本季的進展顯示，這項策略正在奏效。

The majority of our team is focused on certification. We have successfully worked through key policy-interpretation issues of the FAA to enable solid progress in the certification of our H500A motor.

我們團隊的大多數人都專注於認證。我們已成功解決 FAA 在關鍵政策解釋上的議題，使我們的 H500A 馬達認證得以穩健推進。

On CX300, we reached a significant milestone that gives us a complete and agreed-upon foundation for the next phase of the certification program.

在 CX300 方面，我們達成一項重要里程碑，為認證計畫下一階段奠定完整且已達成共識的基礎。

Each of these milestones flow into certification of the A250 vertical take-off and landing aircraft, and continue to mature BETA's relationship with the FAA.

上述每一項里程碑都將導入 A250 垂直起降（VTOL）飛機的認證，並持續深化 BETA 與 FAA 的合作關係。

In parallel, our manufacturing teams are developing the systems and procedures critical to achieving production certification, immediately following the type certification of our motor and our aircraft.

同時，我們的製造團隊正在建立對取得生產認證至關重要的系統與程序，以便在我們的馬達與飛機取得型式認證後，立即銜接推進。

At the same time, focus teams are expanding our charging component and defense businesses, all of which build on and contribute back to the same technological base.

與此同時，專案小組也在擴展我們的充電零組件與國防業務；這些業務都建立在同一技術基礎之上，並反過來回饋該基礎。

Switching gears to Farnborough, starting with a new order, earlier this year, we flew across Scotland with Loganair and the Royal Mail, connecting Glasgow, Dundee, Aberdeen, Inverness, Wick, and Kirkwall, covering postal routes to some of the most remote communities in the UK.

把焦點轉到范堡羅航展，先從一筆新訂單談起：今年稍早，我們與 Loganair 及英國皇家郵政（Royal Mail）一同飛越蘇格蘭，串聯格拉斯哥、鄧迪、阿伯丁、因弗內斯、威克與柯克沃爾（Kirkwall），執行通往英國最偏遠社區之一的郵務航線。

Loganair watched our aircraft close through those missions and placed an order at Farnborough. This aircraft is positioned perfectly to provide low-cost, zero-emission access to the islands and highlands of Scotland and across the UK.

Loganair 觀察我們的飛機完成這些任務後，於范堡羅下了訂單。這款飛機的定位非常契合，可為蘇格蘭的島嶼與高地，以及全英國提供低成本、零排放的交通可及性。

Cargo today, passengers in the future. Luke and the team at Loganair are world-class operators. And we're proud to see their tartan on our aircraft.

今天載貨，未來載客。Loganair 的 Luke 與其團隊是世界級的營運者。我們也很自豪能在我們的飛機上看到他們的格紋（tartan）標誌。

Next, we unveiled the MV250. The MV250 is the military variant of the civilian VTOL aircraft, combining hybrid propulsion and autonomous capabilities for contested logistics.

接著，我們揭幕了 MV250。MV250 是民用 VTOL 飛機的軍用版本，結合混合動力推進與自主能力，用於高威脅環境下的後勤運補。

Beyond its breakthrough capabilities, the important point is how we are building it. It is developed in the same core technologies already flying in our CTOL and VTOL aircraft, including batteries, motors, and flight-control computers. This lets us move faster and at a lower cost compared to a clean-sheet defense program.

除了其突破性的能力之外，更重要的是我們打造它的方式。它採用與我們現已在 CTOL 與 VTOL 飛機上飛行驗證的相同核心技術所開發，包括電池、馬達與飛控電腦。相較於從零開始的國防專案，這讓我們能以更快速度、較低成本推進。

Our hybrid turbogenerator, developed in partnership with GE Aerospace, gives MV250 the range and onboard power required for the mission, while proving its safety and reliability for future use in civilian applications.

我們與 GE Aerospace 合作開發的混合動力渦輪發電機（turbogenerator），為 MV250 提供任務所需的航程與機載電力，同時也驗證其安全性與可靠性，以利未來在民用應用中使用。

Our defense work is a powerful catalyst for cutting-edge technologies with applicability across our family of aircraft. This focus and portability has been a core part of our strategy since the early days here at BETA.

我們的國防工作，是推動尖端技術的重要催化劑，而這些技術可應用於我們整個飛機產品家族。這種聚焦與可移植性，自 BETA 早期以來一直是我們策略的核心。

The MV250 carries a 2,000-pound payload over a 250-nautical-mile tactical range. It cruises at speeds above 170 knots, which is faster than any existing military rotorcraft; and has a projected repositioning range of over 1,300 nautical miles.

MV250 可在 250 海里戰術航程內運載 2,000 磅酬載。其巡航速度可超過 170 節，比任何現有軍用旋翼機都更快；且預估的轉場航程超過 1,300 海里。

It can self-deploy and operate from ships, austere locations, and forward positions that fixed-wing aircraft just can't reach.

它可自我部署，並可從艦艇、簡易場地與前沿陣地起降與運作，這些地點是固定翼飛機根本無法到達的。

When it lands at a forward operating base, the turbogenerator keeps running to supply operational energy directly to the troops to recharge batteries, communications, and electronic-warfare systems. It is a logistics platform and a power source in the same airframe.

當它降落在前進作戰基地時，渦輪發電機會持續運轉，直接向部隊供應作業用電，以為電池、通訊與電子作戰系統充電。它在同一機體中同時是一個後勤平台與電力來源。

The MV250 is built on an open modular architecture that can integrate with a range of autonomous mission systems. That flexibility is important to military customers because it allows the aircraft to adapt as missions, operational requirements, and autonomy technologies evolve.

MV250 建構於開放式模組化架構之上，可與多種自主任務系統整合。這種彈性對軍方客戶很重要，因為它讓飛機能隨任務、作業需求與自主技術的演進而調整。

For military operations, we have integrated the Sikorsky MATRIX, a proven capability suite built for multi-mission applications.

在軍事作業方面，我們已整合 Sikorsky MATRIX——一套經驗證的能力組合，專為多任務應用打造。

Alongside our commercial and defense developments, we hit a significant milestone with GE Aerospace, flying the Electrified Powertrain Flight Demonstration aircraft or EPFD for short. Our partnership with GE Aerospace continues to expand.

在推進商業與國防發展的同時，我們也與 GE Aerospace 達成一項重要里程碑：完成電動化動力系統飛行示範機（Electrified Powertrain Flight Demonstration，簡稱 EPFD）的飛行。我們與 GE Aerospace 的合作夥伴關係持續擴大。

At Farnborough, we flew and jointly announced the successful test flights of the hybrid aircraft. BETA served as the integration partner on the EPFD, working alongside GE to successfully demonstrate the feasibility of hybrid propulsion on regional-scale passenger aircraft.

在范堡羅，我們進行飛行展示，並共同宣布混合動力飛機成功完成測試飛行。BETA 在 EPFD 專案中擔任整合合作夥伴，與 GE 並肩合作，成功示範混合動力推進在區域級客機上的可行性。

BETA pilots flew the hybrid aircraft from our test facility in Plattsburgh, New York to Farnborough, England, and set a new altitude record for hybrid aircraft: over 30,000 feet. Flying at that altitude demonstrates the ability to operate where commercial flights do today.

BETA 的飛行員將混合動力飛機自我們位於紐約州普拉茨堡（Plattsburgh）的測試設施飛往英國范堡羅，並創下混合動力飛機新的高度紀錄：超過 30,000 英尺。在該高度飛行，證明其具備在現今商業航班所處空域高度運作的能力。

Hybrid electric propulsion has been part of our roadmap from the beginning. Our partnership with GE Aerospace accelerated that development on two fronts.

混合電動推進自一開始就是我們路線圖的一部分。我們與 GE Aerospace 的合作，從兩個面向加速了這項開發。

First, it advanced our joint work on the hybrid turbogenerator. And second, it opened up the door to integrate hybrid technology directly into regional passenger-scale aircraft.

首先，它推進了我們在混合動力渦輪發電機上的共同工作。其次，它為將混合動力技術直接整合到區域客運級飛機打開了大門。

These economics open up regional and commuter routes that previously were not financially practical. EPFD proves that this path is viable. And it provides a wealth of data that flows into our continued partnership with GE.

這些經濟性讓過去在財務上不可行的區域與通勤航線得以開通。EPFD 證明這條路徑是可行的。並且它提供了大量數據，持續匯入我們與 GE 的合作夥伴關係。

This milestone required regulatory approval from the FAA, regulators in Canada, Greenland, Iceland, and UK's Civil Aviation Authority. BETA and GE's shared commitment to safety and working closely with the regulators made that possible.

這一里程碑需要獲得 FAA、加拿大、格陵蘭、冰島以及英國民航局（UK's Civil Aviation Authority）的監管核准。BETA 與 GE 對安全的共同承諾，以及與監管機構密切合作，使這一切成為可能。

Next, I want to give you an update on a few other defense developments before we move on. In April, we received our first Special Airworthiness Certificate for an optionally piloted aircraft, or OPA, for November-709-Juliet-Lima, an ALIA CTOL aircraft.

接下來，在我們繼續之前，我想先向各位更新幾項其他國防領域的進展。4 月，我們為一架可選配有人/無人駕駛的飛機（optionally piloted aircraft，OPA）取得了第一張特殊適航證（Special Airworthiness Certificate），該機為 November-709-Juliet-Lima，一架 ALIA CTOL 飛機。

This aircraft has already completed its first autonomous flights, flying with both BETA's internal autonomy stack and Sikorsky's MATRIX stack.

這架飛機已完成首次自主飛行，分別搭載 BETA 內部的自主系統堆疊以及 Sikorsky 的 MATRIX 系統堆疊進行飛行。

Autonomy is foundational to the MV250 program. And using our CX300 aircraft as a test bed for this technology is a testament to the flexibility of our architecture and our platform.

自主能力是 MV250 計畫的基礎。而使用我們的 CX300 飛機作為該技術的測試平台，證明了我們架構與平台的靈活性。

Also, during the second quarter, at the invitation of the US Army, we deployed our ALIA aircraft to a live-fire exercise, Aurora 2026, in Sweden, supporting NATO's Eastern Flank Deterrence Initiative.

此外，在第二季，應美國陸軍邀請，我們將 ALIA 飛機部署至瑞典的實彈演習 Aurora 2026，支援北約的「東翼嚇阻倡議」（Eastern Flank Deterrence Initiative）。

We flew alongside conventional and military assets, supporting logistics operations in a complex environment.

我們與傳統與軍用資產並肩飛行，在複雜環境中支援後勤作業。

We completed the deployment flying 30 [sorties] and using only about $300 of electricity. Beyond an excellent demonstration of our aircraft, the operational data we brought back is directly informing our development of the MV250.

我們完成此次部署共飛行 30 次[sorties]，用電成本僅約 300 美元。除了是對我們飛機的極佳展示之外，我們帶回的作業數據也正直接用於指導 MV250 的研發。

On our work with General Dynamics, we have moved into Phase II on our internal classified programs and entered Phase I of a new and separate program providing critical hardware solutions. And those are just the two that I can mention.

在與 General Dynamics 的合作方面，我們已將內部機密計畫推進至第二階段（Phase II），並進入一項全新且獨立計畫的第一階段（Phase I），該計畫提供關鍵硬體解決方案。而這只是我能提到的兩項。

Undersea applications have become a meaningful and growing area for BETA. And our work continues to expand the aperture of where this platform can operate.

水下應用已成為 BETA 一個重要且持續成長的領域。我們的工作也持續擴大這個平台可運作的範圍。

Beyond classified work, our component-sales business continues to grow. Shortly after the end of the quarter, we announced a sale of flight-control computers and software licensing to Horizon for their X7 aircraft.

除了機密工作之外，我們的零組件銷售業務持續成長。在季度結束後不久，我們宣布向 Horizon 出售其 X7 飛機所需的飛行控制電腦並授權軟體使用。

This technology has historically come from a shortlist of legacy aerospace suppliers. We developed ours in-house to the same standard designed for powered-lift aircraft.

這項技術過去通常由少數傳統航太供應商提供。我們在內部自行開發，並達到同等標準，且是依照動力升力（powered-lift）飛機的要求設計。

Horizon chose our flight-control computers because they met the high bar that aircraft certification demands. This is the third major aircraft program flying on our flight-control computers.

Horizon 選擇我們的飛行控制電腦，因為它們符合飛機認證所要求的高標準。這是第三個採用我們飛行控制電腦並已在飛行的重大飛機計畫。

We have talked on prior calls about what motor sales to Eve and hardware sales to General Dynamics meant to our component-sales business. Flight-control computers extend that further.

我們在先前的電話會議中談過，向 Eve 的馬達銷售以及向 General Dynamics 的硬體銷售，對我們零組件銷售業務的意義。飛行控制電腦讓這一點更進一步。

We are now selling motors, batteries, and flight-control computers. Other OEMs are looking to BETA to provide the same high-reliability flight-critical systems for their aircraft. And the portfolio they are choosing from continues to grow.

我們現在正在銷售馬達、電池與飛行控制電腦。其他 OEM 也正尋求由 BETA 為其飛機提供同樣高可靠度、飛行關鍵（flight-critical）的系統。而他們可選擇的產品組合也持續擴大。

Every time we add a component to that list, our customer base expands and our technology gets proven across more platforms.

每當我們把一項零組件加入清單，我們的客戶基礎就會擴大，而我們的技術也會在更多平台上獲得驗證。

At their core, these are enabling technologies, built from the first principles of our own aircraft and valuable to the industry precisely because of that. We built the technology that, now, others have adopted.

從本質上看，這些都是賦能技術，源自我們自家飛機的第一性原理；也正因如此，對產業具有價值。我們打造了這項技術，而如今其他人也已採用。

Before we get into KPIs, I want to cover our work with the Department of Transportation and FAA on the launch of eIPP operations.

在我們進入 KPI 之前，我想先說明我們與交通部（Department of Transportation）及 FAA 在啟動 eIPP 營運方面的工作。

On June 1, Secretary Duffy came to BETA. He flew three sorties in our CTOL, in our VTOL, and alongside our hybrid aircraft. He is the first US Secretary of Transportation in history to fly an electric aircraft.

6 月 1 日，Duffy 部長來到 BETA。他分別搭乘我們的 CTOL、VTOL，以及與我們的混合動力飛機一同飛行，共飛了三次 sorties。他是史上第一位搭乘電動飛機飛行的美國交通部部長。

The administration came to Vermont, got in our aircraft, and went flying with us. This is the product of years of building trust and working alongside the people and agencies building this regulatory environment.

本屆政府來到佛蒙特州，登上我們的飛機，並與我們一同飛行。這是多年建立信任、並與打造此監管環境的人員與機構並肩合作的成果。

On July 12, United Therapeutics became the first to launch operations under the eIPP, flying two of our aircraft in Maryland and Virginia to transport an organ. We were the first company in the program to reach that milestone.

7 月 12 日，United Therapeutics 成為首家在 eIPP 下啟動營運的業者，在馬里蘭州與維吉尼亞州使用我們的兩架飛機運送器官。我們是該計畫中第一家達成此里程碑的公司。

BETA launched in 2017, with United Therapeutics as our first customer. What started as an R&D contract grew into an aircraft order, a charging order, and a relationship that helped shape our family of aircraft.

BETA 於 2017 年成立，United Therapeutics 是我們的第一位客戶。最初是一份研發合約，後來成長為飛機訂單、充電設備訂單，以及一段協助塑造我們飛機家族的合作關係。

Martine Rothblatt, United Therapeutics' Founder and CEO, was the first person, outside of BETA, to fly ALIA as a crew member. Nine years later, our first customer is our first eIPP operator.

United Therapeutics 的創辦人兼執行長 Martine Rothblatt，是 BETA 之外第一位以機組成員身分搭乘 ALIA 飛行的人。九年後，我們的第一位客戶成為我們的第一位 eIPP 營運商。

Across 26 states, operators like Metro Aviation, Bristow, and Republic Airways will fly our aircraft ahead of type certification.

在 26 個州，像 Metro Aviation、Bristow 與 Republic Airways 等營運商，將在取得型號合格證（type certification）之前先行飛行我們的飛機。

Together, we are building operating plans and demonstrating real-world use cases that will inform FAA rulemaking. This represents more than a one-year pull-forward on commercialization for the BETA aircraft. And it's happening now.

我們將共同制定營運計畫，並展示真實世界的使用案例，以為 FAA 制定規則提供依據。這不僅僅代表 BETA 飛機商業化時程提前一年以上。而且這正在發生。

Our readiness was earned through 190,000 nautical miles flown to date, a safety record built across every one of those miles, years of work with the FAA, and a charging network that is already in the ground across the country.

我們的就緒程度，來自迄今累計飛行 190,000 海里、在每一海里上建立的安全紀錄、與 FAA 多年的合作，以及已在全國落地的充電網路。

Our customers and operators have been flying this aircraft worldwide in real conditions on real missions long before eIPP opportunity was created.

在 eIPP 機會出現之前很久，我們的客戶與營運商就已在全球各地、以真實條件執行真實任務來飛行這款飛機。

When the contract was signed, the aircraft, infrastructure, operating experience, and regulatory partnerships were already in place and allowed us to launch immediately.

合約簽署時，飛機、基礎設施、營運經驗與監管合作關係都已到位，使我們得以立即啟動。

Farnborough presented another opportunity to further our relationships with global regulators. Beyond meetings with leadership from the FAA, EASA, UK CAA, GACA, and [ANAC], we gave each of these agencies the opportunity to watch the technologies they're working to certify fly in the air show every day.

范堡羅航展（Farnborough）也提供了另一個機會，讓我們進一步深化與全球監管機構的關係。除了與 FAA、EASA、英國 CAA、GACA 與 [ANAC] 的領導層會面外，我們也讓各機構有機會每天在航展中觀看他們正著手認證的技術在空中飛行。

In addition to these aerial demonstrations, FAA pilots and delegates are flying our aircraft regularly. These flights are reinforcing our belief that design philosophy rooted in simplicity can support motors and aircraft that are well-positioned for certification.

除了這些空中展示之外，FAA 的飛行員與代表團也在定期搭乘我們的飛機飛行。這些飛行進一步強化了我們的信念：以簡潔為核心的設計理念，能支撐馬達與飛機，並使其在認證上具備良好條件。

We showed up in Farnborough with three aircraft, flew two of them every day during the air show, and had military customers, airline operators, and global regulators watching all week.

我們帶著三架飛機參加范堡羅航展，在航展期間每天飛行其中兩架，並讓軍方客戶、航空公司營運商與全球監管機構整週觀摩。

On to KPIs, our backlog now stands at 1,001 aircraft and $3.9 billion. We have set $4 billion as our year-end target. We are essentially there now at the halfway point of the year.

接著談 KPI：我們目前的訂單積壓（backlog）為 1,001 架飛機、總額 39 億美元。我們將 40 億美元設定為年底目標。在今年過半的時間點，我們基本上已經達標。

The Loganair order is a great example of how that backlog grows. An operator wants an aircraft that will let them fly more reliably and at a lower cost.

Loganair 的訂單就是訂單積壓如何成長的絕佳例子。營運商想要一款能讓他們以更高可靠度、且更低成本飛行的飛機。

We show up and go flying, demonstrating the realities of electric aviation to their pilots, maintainers, and dispatchers, flying actual routes in real-world conditions at night in all sorts of weather. They get it. And then, they place the order.

我們到場並實際飛行，向他們的飛行員、維修人員與派遣人員展示電動航空的真實情況：在夜間、各種天候下，以真實世界條件飛行實際航線。他們理解了。然後，他們下了訂單。

We have now flown over 190,000 nautical miles across our fleet: the cargo routes in Scotland with Loganair and the Royal Mail that led us to that order; organ transport missions in Virginia with United Therapeutics; cargo demonstrations in Japan with Yamato, one of the country's largest delivery networks, in fact; and an eight-week demonstration program with Hawaiian Airlines, Mokulele, and Surf Air, evaluating performance across inter-island routes and demonstrating our aircraft's ability to fly the missions that Hawaiians rely on.

我們的整個機隊目前已累計飛行超過190,000海里：包括在蘇格蘭與Loganair及英國皇家郵政（Royal Mail）執行貨運航線、並促成該筆訂單的任務；與United Therapeutics在維吉尼亞州執行器官運輸任務；在日本與大和運輸（Yamato）進行貨運展示（其實是該國最大的配送網路之一）；以及與Hawaiian Airlines、Mokulele與Surf Air合作、為期八週的展示計畫，評估跨島航線的性能，並展示我們的飛機具備執行夏威夷居民所依賴任務的能力。

Every nautical mile adds to the safety record, the operational data, and the confidence our customers and the FAA have in this aircraft.

每一海里的累積，都在強化安全紀錄、營運數據，以及客戶與FAA對這架飛機的信心。

Every new country we fly in is yet another independent regulatory body that has reviewed this aircraft and cleared it to operate.

我們每進入一個新的飛行國家，就等於又有一個獨立的監管機構審查過這架飛機並核准其營運。

Our year-end goal remains 250,000 total nautical miles. And we are on pace. We now have 138 charging sites.

我們的年終目標仍是累計250,000海里。而我們正按進度推進。我們目前已有138個充電站點。

On our last call, we announced a 34-charger contract with the Florida Department of Transportation. We began delivering those chargers in the second quarter, which contributed to our revenue performance.

在上次電話會議中，我們宣布與佛羅里達州交通運輸部簽訂一份34台充電器的合約。我們已於第二季開始交付這些充電器，並對我們的營收表現有所貢獻。

Our charging business is generating revenue today against contracted orders, with the opportunity to build an even larger network ahead of us.

我們的充電業務目前已能針對已簽約訂單創造營收，且未來仍有機會建置更大規模的網路。

A few weeks ago, we announced America's Consortium for Electric Skyways, or ACES -- A-C-E-S -- with Adam at Archer and Macquarie Capital.

幾週前，我們與Archer的Adam以及Macquarie Capital共同宣布成立「美國電動空中航道聯盟」（America's Consortium for Electric Skyways），簡稱ACES——A-C-E-S。

Macquarie brings infrastructure and finance expertise, BETA supplies the hardware built on the standard that the industry has adopted, and Archer accelerates the deployment by identifying strategic locations.

Macquarie帶來基礎建設與金融專業；BETA提供符合產業已採用標準的硬體；Archer則透過辨識策略性地點來加速部署。

Together, we are building up to 250 charging sites across California, Texas, Florida, and New York. These sites join a network that BETA already owns and operates and that other OEMs use for their missions.

我們將共同在加州、德州、佛羅里達州與紐約州建置最多達250個充電站點。這些站點將加入BETA既有自有並營運的網路，而其他OEM也會使用該網路來執行其任務。

The consortium accelerates the growth of our current network and with the necessary capital -- and continues to build the infrastructure that our industry needs.

該聯盟加速我們現有網路的成長，並在必要資本的支持下——持續建置產業所需的基礎設施。

Our max-demonstrated rate has not changed from what we reported last quarter. That is intentional. We have been consistent about our approach.

我們的最大已展示速率（max-demonstrated rate）與上季所報告的並無變化。這是刻意為之。我們在方法上一直保持一致。

The highest value work we can do on the production floor, right now, is building the foundation that allows us to ramp efficiently, securing long-lead materials, expanding vertical integration, staging production lines, qualifying suppliers on quality and conformity, and bringing the labor we have hired up to the standard that the industry requires.

就目前而言，我們在生產現場能做的最高價值工作，是建立能讓我們有效率擴產的基礎：確保長交期物料、擴大垂直整合、佈置生產線、在品質與一致性（conformity）方面完成供應商資格認證，以及將我們已招募的勞動力提升到產業所要求的標準。

We are executing on each of these tasks in parallel. When the production ramp comes, it'll be into a system that's ready for it.

我們正並行執行上述各項任務。當產能爬坡到來時，將是在一個已準備就緒的系統中進行。

Moving on to certification, continued rotation is no longer a limiting factor for the H500A program. And the path forward does not require any changes to the engine.

接著談認證，持續旋轉（continued rotation）已不再是H500A計畫的限制因素。而後續推進的路徑也不需要對引擎做任何變更。

We have worked with the FAA to resolve the policy-interpretation issue. The team has now developed the datasets needed. And we have made meaningful progress with the FAA on the compliance approach.

我們已與FAA合作解決政策解釋（policy-interpretation）問題。團隊目前已建立所需的資料集（datasets）。我們也在合規（compliance）方法上與FAA取得實質進展。

We are continuing to close the remaining elements methodically. And we will measure the completion, when the FAA accepts our work.

我們正持續有系統地逐一完成其餘要素。而完成與否將以FAA接受我們的工作為衡量標準。

We also completed additional tests for credit, tear-downs, and inspections of the engines that were used in durability and in lightning tests, with the FAA actively participating.

我們也完成了額外的可計入認證信用（for credit）測試，以及對用於耐久性與雷擊測試的引擎進行拆解（tear-down）與檢查，且FAA積極參與其中。

The tear-downs were uneventful and showed the robustness of our engines under these extreme test conditions. These are among the most demanding test activities in the program. And the results reinforce our confidence in the design and the data-supporting certification.

拆解過程平順無異常，顯示我們的引擎在這些極端測試條件下具備強健性。這些是本計畫中要求最嚴苛的測試活動之一。結果也強化了我們對設計以及支撐認證之數據的信心。

On software, last quarter, we were targeting completion of the requirements-based testing across all 2,100 engine-software requirements. We have substantially completed that test effort. And the formal runs of these tests for the FAA are all underway.

在軟體方面，上季我們的目標是完成針對全部2,100項引擎軟體需求的需求導向測試（requirements-based testing）。我們已大致完成該測試工作。而面向FAA的這些測試正式執行（formal runs）也都已在進行中。

When we started this program, we were building not only an engine but also a regulatory framework in close partnership with the FAA. The rules for certifying electric motors did not exist.

當我們啟動這個計畫時，我們不僅是在打造一具引擎，也是在與FAA密切合作下建立一套監管框架。當時用於認證電動馬達的規則尚不存在。

We have been at the table as those rules were written, which means every issue we resolve becomes a standard the next company has to meet. We have done and are continuing to do the work.

在這些規則撰寫的過程中，我們一直參與其中，這意味著我們解決的每一個問題，都會成為下一家公司必須達到的標準。我們已完成、並將持續完成這些工作。

Shifting to our CTOL aircraft, we have closed the requirements-definition phase of the CX300 program. The last open-issue paper was signed off by the FAA. And we received 100% acceptance of our detailed design standards collector.

轉到我們的CTOL飛機，我們已完成CX300計畫的需求定義階段（requirements-definition phase）。最後一份未結議題文件（open-issue paper）已由FAA簽核。而我們的詳細設計標準彙編（detailed design standards collector）也獲得100%接受。

My understanding is that this is the very first in the AAM industry. This is an important product of our step-wise approach to certification.

據我了解，這在AAM產業中是史上第一次。這是我們循序漸進認證方法的重要成果。

We resolve requirements early, complete the engine and aircraft work in sequence, and carry the accepted methods forward wherever the architecture is common. That reduces ambiguity and lets our teams focus on producing evidence required for compliance.

我們會及早解決需求，依序完成引擎與飛機的工作，並在架構共通之處延用已被接受的方法。這能降低不確定性，並讓團隊專注於產出合規所需的證據。

With requirements definition complete, we can finalize the compliance plans for each requirement. Certification-test activities from multiple systems are already running in parallel, along with our preparations to enter TIA flight testing.

在需求定義完成後，我們可以針對每一項需求定案其合規計畫。多個系統的認證測試活動已在並行進行，同時我們也在準備進入TIA飛行測試。

As always, we report certification progress when it has been accepted by the FAA. Because the CX300 and the A250 share substantial commonality, much of the CX300 [DDS] work carries directly into the A250 program.

一如既往，我們會在FAA接受後才對外報告認證進展。由於CX300與A250具有高度共通性，CX300的許多[CDS]工作可直接延伸至A250計畫。

The CX300 establishes a foundation that the A250 is built on: the common aircraft architecture, flight controls, production tooling and processes, test methods, and regulatory groundwork.

CX300建立了A250所依據的基礎：共通的飛機架構、飛行控制、生產工裝與流程、測試方法，以及監管基礎工作。

Each requirement we agree with the FAA on, each compliance method we validate, and each production process we establish reduces the work and risk on the A250 program.

我們與FAA就每一項需求達成一致、每一種合規方法完成驗證、以及每一道生產流程建立完成，都能降低A250計畫的工作量與風險。

Our propulsion-certification strategy follows the same approach. The H500A will power the CX300. The A250 will use the H500B, an amended-type certificate variant that builds on the H500A.

我們的推進系統認證策略也遵循相同方法。H500A將為CX300提供動力。A250將使用H500B——一種在H500A基礎上延伸的修訂型式合格證（amended-type certificate）版本。

The standards, test procedures, compliance methods, and production foundation established through the H500A program carry into the H500B, allowing the next engine to advance from a proven certification basis.

透過H500A計畫建立的標準、測試程序、合規方法與生產基礎，將延伸至H500B，使下一代引擎能在已被驗證的認證基礎上推進。

The same compounding effects happens in flight. Every hour we log generates data on the aircraft, its system, and its operations in real-world conditions. We bring that data, validation, and regulatory expertise into every certification program across the platform.

同樣的複利效應也發生在飛行上。我們記錄的每一個飛行小時，都會在真實世界條件下產生關於飛機、其系統與其營運的數據。我們把這些數據、驗證成果與監管專業帶入平台上的每一個認證計畫。

The more we fly and the further each program advances, the stronger the foundation becomes for the aircraft that follow.

我們飛得越多、各計畫推進得越遠，後續機型所依賴的基礎就越穩固。

On July 12, we launched eIPP operations. On July 20, we unveiled the MV250. The Loganair order brought our aircraft backlog one step away from the year-end target of $4 billion. The charging network we've built is becoming the infrastructure other OEMs are building their operations around.

7月12日，我們啟動eIPP營運。7月20日，我們揭示MV250。Loganair的訂單使我們的飛機訂單積壓（backlog）距離年終40億美元目標只差一步。我們建置的充電網路正逐步成為其他OEM建立其營運所依賴的基礎設施。

Each milestone reflects our core development philosophy. Every program at BETA converges back to the mainline of technology to support the development, certification, and commercialization of our aircraft, motors, and components.

每一個里程碑都反映我們的核心開發理念。BETA的每一個計畫都會回歸到技術主線，支援我們飛機、馬達與零組件的開發、認證與商業化。

The certification requirements, compliance methods, and production processes established on the CX300 carry forward into the A250. The work completed across the A250 platform gave the MV250 a flight-proven foundation to move rapidly in addressing our nation's defense needs.

在 CX300 上建立的認證要求、合規方法與生產流程，將延續至 A250。在 A250 平台上完成的工作，為 MV250 提供了經過飛行驗證的基礎，使其能夠迅速推進以滿足我國的國防需求。

That is the step-wise approach that has guided us from day 1. Every program advances the common platform. And the common platform allows every aircraft, engine, and component that follows to move faster. This is our product-development strategy.

這就是自第一天起指引我們的循序漸進方法。每一個專案都在推進共同平台。而共同平台讓後續的每一架飛機、引擎與零組件都能更快推進。這就是我們的產品開發策略。

Before turning to Herman, we recently announced plans to expand our financing with the Import-Export Bank of the United States. Chairman John Jovanovic and the bank's team has shown exceptional leadership on strengthening US-aerospace manufacturing.

在交給 Herman 之前，我們近期宣布計畫與美國進出口銀行擴大融資合作。董事長 John Jovanovic 與該行團隊在強化美國航太製造方面展現了卓越的領導力。

Herman, over to you.

Herman，交給你。

Thank you, Kyle. And good morning, everyone. Kyle walked through what BETA delivered this quarter.

謝謝你，Kyle。各位早安。Kyle 已經說明了 BETA 本季的交付成果。

From a financial perspective, those milestones demonstrate how consistent and focused investments made over several years in technology, infrastructure, regulatory readiness, and vertical integration are beginning to generate revenue and expand our opportunity set.

從財務角度來看，這些里程碑顯示：過去數年在技術、基礎設施、法規準備度與垂直整合上的持續且聚焦的投資，正開始帶來營收並擴大我們的機會集合。

The eIPP launch is a clear example. States are committing capital. And the FAA and Department of Transportation are active participants in implementation.

eIPP 的啟動就是一個明確例子。各州正在承諾投入資本。而 FAA 與交通部也積極參與落地實施。

The eIPP is delivering tangible benefits months ahead of our expectations. The same policy environment is also strengthening demand for MV250.

eIPP 在比我們預期提早數個月的時間，就帶來了具體效益。同樣的政策環境也正在強化對 MV250 的需求。

The administration's focus on American-manufactured autonomous platforms and higher rate production to prioritize the war fighter helped create the opportunity behind the aircraft we unveiled at Farnborough.

本屆政府聚焦於美國製造的自主平台，以及提高產量以優先支援作戰人員，這有助於促成我們在范堡羅航展揭露之飛機背後的機會。

The commercial and defense tailwinds we are seeing are connected. And BETA is positioned to benefit from all of them.

我們所看到的商業與國防順風是相互連結的。而 BETA 已具備條件從中受益。

Those operating decisions are now showing up in our financial results. Revenue in the second quarter was $14.7 million, above our guidance range of $8 million to $11 million and year-over-year growth of 146%.

這些營運決策如今已反映在我們的財務結果上。第二季營收為 1,470 萬美元，高於我們 800 萬至 1,100 萬美元的指引區間，年增 146%。

The outperformance was driven primarily by revenue recognized on the EPFD program and charger deliveries to the Florida Department of Transportation.

優於預期主要來自 EPFD 專案認列的營收，以及向佛羅里達州交通部交付充電設備。

With GE Aerospace, the revenue reflects the steady expansion of a partnership that began with a joint-technology development agreement for one program and now includes multiple active programs.

與 GE Aerospace 的合作方面，該營收反映了我們夥伴關係的穩步擴大：最初從某一專案的聯合技術開發協議起步，如今已涵蓋多個進行中的專案。

The contribution this quarter reflects both organizations' ability to innovate, execute, and scale that work together.

本季的貢獻反映了兩個組織共同創新、執行並擴大這項工作的能力。

The Florida Department of Transportation deliveries, along with the recent expansion of our partnership with Archer, demonstrate BETA's product maturity and the infrastructure-monetization model in practice.

對佛羅里達州交通部的交付，以及我們近期與 Archer 擴大合作，展現了 BETA 產品的成熟度，以及基礎設施變現模式的實際運作。

Florida committed capital to deploy BETA charging infrastructure in anticipation of eIPP operations. And we delivered against that commitment.

佛羅里達州承諾投入資本，以因應 eIPP 營運而部署 BETA 充電基礎設施。而我們也依該承諾完成交付。

Operating expenses were $166 million in the quarter, including $122 million of R&D and $44 million of G&A. R&D reflects continued investment in certification, MV250, eIPP operations, and production readiness.

本季營業費用為 1.66 億美元，其中研發費用 1.22 億美元、一般及行政費用 4,400 萬美元。研發費用反映我們持續投入於認證、MV250、eIPP 營運與量產準備。

Our continued disciplined deployment of capital led to a second-quarter adjusted EBITDA of negative $110 million at the midpoint of our guided range of negative $100 million to negative $120 million. We ended the quarter with approximately $1.5 billion in cash and cash equivalents.

我們持續以紀律方式部署資本，使第二季調整後 EBITDA 為負 1.10 億美元，落在我們指引區間負 1.00 億至負 1.20 億美元的中點。季末我們持有約 15 億美元的現金及約當現金。

Our capital -deployment strategy is focused on building the manufacturing capability, product portfolio, and operating infrastructure required to scale.

我們的資本部署策略聚焦於打造擴張所需的製造能力、產品組合與營運基礎設施。

Last week, we announced plans to expand our EXIM Bank relationship, with up to $1 billion in net financing. The EXIM program is a key enabler of that strategy.

上週，我們宣布計畫擴大與美國進出口銀行（EXIM Bank）的合作關係，淨融資額度最高可達 10 億美元。EXIM 計畫是該策略的重要推動力。

When used to finance capital assets, it will materially extend our financial runway and give us the flexibility to move faster on CX300, A250, MV250 manufacturing at a time when market signals are strengthening.

當用於資本資產融資時，它將實質延長我們的資金跑道，並在市場訊號轉強之際，讓我們能更靈活、更快速地推進 CX300、A250 與 MV250 的製造。

The focus strategy of deploying capital across R&D and manufacturing continues to produce revenue today. As Kyle described, the sale of flight control computers to Horizon Aircraft is one example of BETA's organically developed technology creating commercial value.

將資本聚焦部署於研發與製造的策略，持續在今天帶來營收。如 Kyle 所述，向 Horizon Aircraft 銷售飛行控制電腦，就是 BETA 自主研發技術創造商業價值的一個例子。

Alongside our certification progress, defense work, and growing component-sales business, it reinforces BETA's position as an aerospace and defense company.

結合我們在認證上的進展、國防業務，以及日益成長的零組件銷售業務，這進一步鞏固了 BETA 作為航太與國防公司的定位。

These are returns on decisions made years ago. And they inform how we think about the decisions we are making today.

這些都是多年前決策所帶來的回報。也形塑了我們如何看待今天正在做出的決策。

Turning to our outlook, performance through the first half of the year and increased visibility into the balance of the year gives us confidence to raise our full-year revenue guidance to $42 million to $50 million. The improved outlook reflects execution across our commercial, government, and technology initiatives.

談到展望，上半年表現以及對下半年更高的能見度，使我們有信心將全年營收指引上調至 4,200 萬至 5,000 萬美元。展望改善反映我們在商業、政府與技術計畫上的執行成果。

The launch of eIPP operations, the unveiling of the MV250, and other milestones achieved since our last call reinforce our confidence in the long-term opportunity and our conviction that this is the right time to accelerate.

eIPP 營運啟動、MV250 的亮相，以及自上次電話會議以來達成的其他里程碑，強化了我們對長期機會的信心，並堅信現在正是加速的正確時機。

Accordingly, we now expect full-year adjusted EBITDA to be in the range of negative $400 million to negative $445 million. We continue to expect full-year capital expenditures of approximately $150 million to $200 million.

因此，我們目前預期全年調整後 EBITDA 將落在負 4.00 億至負 4.45 億美元區間。我們仍預期全年資本支出約為 1.50 億至 2.00 億美元。

We are moving faster on vertical integration and aircraft- and component-production capabilities. The anticipated EXIM financing supports these investments with non-dilutive capital.

我們正在加速推進垂直整合，以及飛機與零組件的生產能力。預期的 EXIM 融資以非稀釋性資本支持這些投資。

The acceleration of production engineering and technical investments is driving spend in the near term. We expect that investment to remain at pace throughout the year, as we build towards the capabilities that we are working with EXIM to fund on the capital-expenditure side.

生產工程與技術投資的加速，正在推升短期支出。我們預期這項投資將在全年維持同等節奏，因為我們正朝向打造相關能力邁進，而這些能力在資本支出端正是我們與 EXIM 合作籌資的重點。

We remain disciplined about capital allocation and realistic about the execution work ahead. The market is signaling that BETA's products and capabilities are increasingly relevant. And we intend to maintain the speed required to convert that signal into durable revenue growth.

我們在資本配置上仍保持紀律，並對前方的執行工作保持務實。市場正在釋放訊號：BETA 的產品與能力愈來愈具相關性。而我們打算維持必要的速度，把這個訊號轉化為可持續的營收成長。

Before we turn the call over to the operator for Q&A, we want to provide a little color on the third quarter for modeling purposes.

在我們把電話交回給接線員進行問答之前，我們想就第三季提供一些補充說明，方便各位建模。

Revenue for Q3 is expected to be in a range of $8 million to $12 million and adjusted EBITDA to be in a range of negative $115 million to negative $125 million, reflecting the investments we just spoke about.

第三季營收預期介於 800 萬至 1,200 萬美元，調整後 EBITDA 預期介於負 1.15 億至負 1.25 億美元，反映我們剛才提到的投資。

At this time, I will turn the call back over to the operator for Q&A.

此時，我將把電話交回給接線員進行問答。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

(接線員指示)

Kristine Liwag, Morgan Stanley.

Morgan Stanley 的 Kristine Liwag。

Hey. Good morning, everyone. It was great to see all the aircraft at Farnborough.

嗨。各位早安。很高興在范堡羅看到所有的飛機。

Kyle, it sounds like there has been significant progress in the H500 motor. It is encouraging to hear that you have got a path sorted with the FAA, as well as the requirement-definition phase for the CX300.

Kyle，聽起來 H500 馬達已取得顯著進展。很令人鼓舞的是，你們已與 FAA 梳理出一條可行路徑，同時也完成了 CX300 的需求定義階段。

Given that the work is progressing in parallel, once the acceptance or the certification of these two come about, could they end up being closer together than previously expected? Or are there elements of the CX300 development and certification process that are dependent on a motor being certified first, with some lag in timeline?

鑑於這兩項工作是並行推進的，一旦兩者分別達到驗收或取得認證，它們的時間點是否可能比先前預期更接近？或者，CX300 的開發與認證流程中是否有一些環節必須先等馬達取得認證，因而在時程上會有一定落後？

How do we think about the timing of these two potential events?

我們應該如何看待這兩個潛在事件的時點？

Hey, Kristine. Great question.

嗨，Kristine。問得很好。

The structure of our product-development sequence with H500A coming before the CX300, there was an intentional year split between them. That is not necessary. In fact, you can concurrently certify those things.

我們的產品開發時程安排是 H500A 先於 CX300，兩者之間刻意相隔一年。但這並非必要。事實上，你可以同時進行這些認證。

So the H500A, working through those policy-interpretation issues, has not affected the CX300 program. In fact, we can get right through TIA and through flight testing. And if need be, the H500A could be concurrently certified.

因此，H500A 在處理那些政策解釋議題的過程中，並未影響 CX300 計畫。事實上，我們可以直接完成 TIA 並進入飛行測試。而且如有需要，H500A 也可以同步取得認證。

But that is not the case since we were able to work through the continued rotation, and we found a path with the FAA. We are actually in really good shape.

但目前並非如此，因為我們已經能夠把持續輪替（continued rotation）的問題處理完畢，並且與 FAA 找到一條可行路徑。我們其實狀態非常好。

And will tell you, it is interesting, the FAA has not done a lot of certifications of engines, yet they have done a lot of certifications of aircraft. Moreover, the engine companies like the GEs and the Pratt's, they are ODAs so the burden on the FAA is much less there.

我也想說，這很有意思：FAA 對引擎的認證其實做得不多，但對飛機的認證做了很多。此外，像 GE、Pratt 這些引擎公司是 ODA，因此 FAA 的負擔就小得多。

So we are really working through not only a new technology introduction to the FAA but a less exercised corner of the FAA when we look at the engine. That is one of the reasons we focused on that first, focusing on the hardest nut on the wheel to take it off first.

所以我們不僅是在向 FAA 導入一項新技術，也是在引擎這一塊——相對較少被實務操作的 FAA 領域——一起推進。這也是我們先聚焦在這部分的原因之一：先把最難啃的硬骨頭解決掉。

With the CX300, as you saw with our progress, this -- what we call the DDS collectors; the detailed design standards collector -- it actually resolves all those policy issues on the front end of this. And it is a process that was really defined for Part 23, Amendment 64. And it allows us to move very quickly through the CX300.

至於 CX300，如你從我們的進度所見，這個——我們稱為 DDS collectors（詳細設計標準彙整器；detailed design standards collector）——其實在前端就把所有那些政策議題都解決了。而這個流程是為 Part 23、Amendment 64 所明確定義的。它讓我們能非常快速地推進 CX300。

And as you probably saw, we have a large number of those test plans already approved. So the answer to your question very bluntly is no, it does not negatively affect the CX300. And we are feeling really good about both programs now that we got through those real hard interpretation issues.

而且如你可能也看到，我們已有大量測試計畫獲得核准。所以很直白地回答你的問題：不會，它不會對 CX300 造成負面影響。而且在我們解決那些非常棘手的解釋議題之後，我們對兩個計畫都感到非常有信心。

Andres Sheppard, Cantor Fitzgerald.

Andres Sheppard，Cantor Fitzgerald。

Hey, everyone. Good morning. Congratulations on the quarter. And thanks so much for taking our questions. It was also great to see everyone at the Farnborough Airshow last month. And congrats on the launch of the eIPP and on the recent flight with Secretary Duffy.

各位好。早安。恭喜本季表現。也非常感謝你們回答我們的問題。上個月在 Farnborough 航展見到大家也很棒。也恭喜 eIPP 的推出，以及最近與 Duffy 部長的飛行。

Kyle, I want to come back to the military aircraft, the MV250. It is exciting to see your first military aircraft that, in this case, combines hybrid and autonomous capabilities.

Kyle，我想回到軍用飛機 MV250。很令人振奮能看到你們第一款軍用飛機，而且在這個案例中結合了混合動力與自主能力。

My question here: What type of application and use cases will you target here?

我這裡的問題是：你們會鎖定哪些應用與使用情境？

And given the more progressive certification process for defense, how quickly do we perhaps think we can begin to deploy this and to achieve scale?

另外，考量國防領域較為積極的認證流程，我們大概多久可能開始部署並達到規模化？

And lastly, maybe you can remind us of how you are thinking about the selling price for these. Thank you.

最後，也請你提醒我們，你們對這些機型的售價是如何思考的。謝謝。

Yeah. Thanks for the question.

好的。謝謝你的提問。

So for us, what is really important to BETA is maintaining consistency and focus across all of our platforms with the core technologies.

對我們而言，BETA 最重要的是在所有平台上，針對核心技術維持一致性與專注。

So the MV250 military aircraft shares a ton of parts and pieces and technologies with the civil aircraft. Ultimately, it is a dual-use aircraft. That includes the wings, the booms, the tail, the flight-control computers.

因此，MV250 這款軍用飛機與民用飛機共享大量零組件與技術。最終，它是一款軍民兩用（dual-use）的飛機。這包括機翼、機身樑（booms）、尾翼、飛控電腦。

This has always been planned within our business as part of the product-development strategy. As engineers, we really focus on that.

這在我們的業務中一直都是產品開發策略的一部分。作為工程師，我們非常專注於這點。

How we do this is as important as what we do. So we are going about this in a way that allows us to leverage those same developments into the MV250.

我們怎麼做，和我們做什麼一樣重要。所以我們採取的方法，是讓我們能把同樣的開發成果延伸運用到 MV250 上。

That application of the MV250, it is a multi-mission platform. The first focus is something we call contested logistics or aerial-logistics connector. It is a huge fuselage. It is like the size of a sprinter van inside.

MV250 的應用是一個多任務平台。第一個重點是我們稱為「爭奪環境後勤」（contested logistics）或「空中後勤連接器」（aerial-logistics connector）的任務。它的機身非常大。內部空間大概像一台 Sprinter 廂型車的大小。

You can carry four pallets of stuff, 2,000 pounds of payload. And you can carry it a very long distance, further than, like, a helicopter can. You can certainly ferry the aircraft further. That is the main line. Of course, it will be used for exfiltration, CASEVAC, MEDEVAC, and launched effects.

你可以載四個棧板的物資，2,000 磅的酬載。而且可以運送很長的距離，比直升機能飛得更遠。你當然也可以把飛機轉場飛得更遠。這是主要用途。當然，它也會用於滲透撤離（exfiltration）、CASEVAC、MEDEVAC，以及發射式效應（launched effects）。

You may have seen in Farnborough in the aircraft we brought over there, there are standard launched effects tubes that can do things like drop sonobuoy's or smaller drones. With a 13-hour loiter time, it gives us the ability to use that for an overwatch aircraft.

你可能在 Farnborough 看到我們帶去的那架飛機，上面有標準的發射式效應管（launched effects tubes），可以做例如投放聲納浮標（sonobuoy's）或較小型無人機等任務。具備 13 小時的滯空時間（loiter time），讓我們能把它用作監視掩護（overwatch）飛機。

But I think, the essence of the technologies, we are bringing to bear. It is not limited like a helicopter to forward speed. Speed is important.

但我認為，這些技術的核心在於我們所能實現的能力。它不像直升機那樣在前飛速度上受限。速度很重要。

That was my biggest surprise out of Farnborough, talking to people like Undersecretary Duffy about the needs of the military. And they need to go fast. And helicopters have a retreating-blade problem in their speed.

這是我在 Farnborough 最大的意外收穫：和像 Duffy 次長這樣的人談到軍方需求。他們需要速度。而直升機在速度上有「退向葉片」（retreating-blade）問題。

We can go faster than that. We can go further than that. And we can go further than that without a pilot. So we can go into riskier areas, moving goods, bringing water, medicine, bullets to our troops, while keeping them out of harm's way.

我們可以飛得比那更快。我們可以飛得比那更遠。而且我們可以在沒有飛行員的情況下飛得更遠。因此我們能進入更高風險的區域，運送物資、帶去水、藥品、彈藥給我們的部隊，同時讓他們遠離危險。

The other thing that was not talked about a lot -- and we just proved it out at the Aurora US Army exercises in Sweden -- is its fewer crew. You only really need one maintainer and one pilot in our manned aircraft. And you delete the pilot in the autonomous aircraft.

另一個較少被談到的點——而我們剛在瑞典的 Aurora 美國陸軍演習中驗證——是它需要更少的機組人員。在我們的有人機上，你實際上只需要一名維修人員和一名飛行員。而在自主飛行的機型上，你可以把飛行員這個角色拿掉。

This becomes a really low logistics tail for the military to deploy these aircraft. And that is about one-tenth of a legacy rotorcraft.

這讓軍方部署這些飛機時的後勤尾端（logistics tail）變得非常低。大約只有傳統旋翼機的十分之一。

It is like goodness all around. And we are firm believers in giving our American troops the very best technologies. And that is what the MV250 brings to the party.

可以說是各方面都很棒。我們堅信要把最好的技術提供給美國部隊。而這就是 MV250 所帶來的價值。

So, hopefully, that answers your question, sir.

所以，希望這回答了你的問題，先生。

Excellent. Yes, it does. Thank you very much.

非常好。是的，確實回答了。非常感謝。

Maybe just a quick follow-up, if I may: Just wanted to get your take, again, on the joint charger announcement with Archer. What do you see as most significant here? And how do you expect this charging segment to materially grow, perhaps particularly given that the eIPP has now started?

如果可以的話，再快速追問一下：我想再聽聽你對與 Archer 共同發布聯合充電器公告的看法。你認為這裡最重要的是什麼？以及你預期這個充電業務板塊會如何實質成長，特別是考量 eIPP 現在已經啟動？

Thank you.

謝謝。

Yeah. Great question, as well.

好的。這也是個很好的問題。

It's a common misconception when you base chargers on what you know from electric-vehicle chargers. To a large extent, airports are public-use facilities. That means that we all have to coalesce around a common standard.

當你用電動車充電器的既有認知來看航空充電器時，常會有一個普遍的誤解。在很大程度上，機場是公共使用設施。這意味著我們都必須凝聚在一個共同標準之上。

You do not get to put something on publicly-paid-for land and then say, you can only fuel a Gulf Stream, right? So we have to get to a standard that we all believe in. And at GAMA, we all came around a standard. That's step 1.

你不能把東西放在由公帑支付的土地上，然後說你只能替一架 Gulfstream 加油，對吧？所以我們必須達成一個大家都相信的標準。而在 GAMA，我們都圍繞著一個標準達成共識。那是第 1 步。

Step 2 is that we are all going to use the main veins and arteries of our country, of this infrastructure that we have of airports. So let's work together to make sure those veins and arteries get us to our strategic endpoints.

第 2 步是，我們都將使用我們國家的主要動脈與幹道，也就是我們現有的機場基礎設施。所以讓我們一起合作，確保這些動脈與幹道能把我們帶到具策略性的終點。

And that's where the partnership with folks like Archer, Macquarie, customers, and even land developers really starts to shine. There will be high -value endpoints off the airports.

而這也正是與 Archer、Macquarie、客戶，甚至土地開發商等夥伴合作開始發光發熱的地方。在機場之外將會有高價值的終點。

Archer, focused on major metropolitan areas, have unique strategic insight of exactly where to put those chargers. So we marry that with the main lines. And we have these strategic endpoints connected to this network of airports.

Archer 專注於主要都會區，對於究竟該把那些充電器設在哪裡，具有獨特的策略洞見。因此我們把這些洞見與主要幹線結合起來。並讓這些策略性終點連接到這個機場網路。

So we rely on people like Adam Goldstein at Archer to, like, figure out strategically what's important in LA, for example. And that's not a place where BETA hangs out a lot. Yet, we have really good insight where the cargo routes of UPS are and the medical routes of United Therapeutics are.

所以我們仰賴像 Archer 的 Adam Goldstein 這樣的人，去策略性地判斷例如洛杉磯哪些地方最重要。而那並不是 BETA 經常出沒的地方。但我們對 UPS 的貨運航線，以及 United Therapeutics 的醫療航線所在位置，有非常好的洞見。

And you put those together, you end up with a more powerful network. And that's the thesis behind the consortium.

把這些結合起來，你就會得到一個更強大的網路。這就是該聯盟背後的論點。

Andres, it's Herman.

Andres，我是 Herman。

Wonderful. Oh. Go ahead.

太棒了。喔。你先請。

Let me just add a couple of things on ACES. First, I would start with, it's a very exciting opportunity. As you understand, it creates the opportunity to build out the infrastructure required for electric aviation beyond what's already in the ground today.

我再補充幾點關於 ACES。首先，我會說這是一個非常令人振奮的機會。如你所知，它創造了機會，去建置電動航空所需、超越目前既有地面設施的基礎建設。

The consortium operators, at this point, are Archer and BETA. But we expect that to grow, as BETA has the only certified CCS charger suitable for electric aviation. There are many aviation companies currently using the standard so we expect the consortium will grow.

目前該聯盟的營運方是 Archer 和 BETA。但我們預期會擴大，因為 BETA 擁有唯一一款已取得認證、適用於電動航空的 CCS 充電器。目前有許多航空公司正在使用這個標準，因此我們預期聯盟將會成長。

And, right now, what's key is the consortium coming together and identifying the strategic locations for chargers and on what timeline. So that's some of the work that we're doing, right now.

而現在關鍵在於聯盟聚在一起，辨識充電器的策略性設置地點，以及對應的時程。所以這就是我們目前正在做的一部分工作。

And as I said when I started, it is an exciting opportunity. And we will continue to update the investor community, as we build out the tactics to execute what is in front of us.

正如我一開始所說，這是一個令人振奮的機會。隨著我們制定並推進執行眼前事項的戰術，我們也會持續向投資人社群更新。

Excellent. Thank you both. Congrats, again, on the quarter. We will pass it on.

非常好。謝謝你們兩位。再次恭喜本季表現。我們會轉達。

Ronald Epstein, Bank of America.

美國銀行的 Ronald Epstein。

Yeah. Hey. Good morning, Kyle, and Herman, and the team. I hope you guys are doing well.

是。嗨。早安，Kyle、Herman，以及團隊各位。希望你們都一切順利。

So Kyle, I think you laid out pretty well on the call that BETA is more than just an eVTOL company but it is a whole suite of technologies that build on each other for CTOL, VTOL, and electric propulsion, hybrid propulsion, hybrid electricity generation -- just a whole basket of technologies that can be used across a bunch of different kinds.

Kyle，我覺得你在電話會議上講得很清楚：BETA 不只是 eVTOL 公司，而是一整套彼此相互堆疊的技術，涵蓋 CTOL、VTOL 與電動推進、混合動力推進、混合式發電——就是一整籃可用於多種不同類型的技術。

So one of my questions for you is, as a -- myself -- a little bit of an airplane geek, watching things flying around the country, it is noticeable that, up in Plattsburgh, New York, there is a Heart aeroplane. And I think it is public knowledge that you guys have been involved with that.

所以我有個問題：以我自己——有點飛機迷——的角度，觀察全國各地飛來飛去的東西，注意到在紐約州普拉茨堡那邊有一架 Heart 的飛機。而且我想這是公開資訊，你們一直有參與其中。

I was wondering if you could walk through what you are doing there and how that interplays with what BETA is doing.

我想請你說明一下你們在那邊做些什麼，以及這如何與 BETA 正在做的事情互相配合。

Hey, Ron. Thanks for the question.

嗨，Ron。謝謝你的問題。

You are right. We are supplying our technologies to a number of programs. Unfortunately, I cannot comment on the extent of our supply to Heart.

你說得沒錯。我們正在把我們的技術供應給多個專案。很遺憾，我無法評論我們對 Heart 的供應程度。

It is a huge thing for the whole industry to see the next step-up in scale of electric aviation. And what they are doing is just awesome.

對整個產業而言，看到電動航空在規模上邁向下一個階段，是一件大事。而他們正在做的事情真的很棒。

We are, as you know, huge fans of everybody in this industry, specifically that program. But it is really good. And apologies for not being able to dive into that one. But I can say that the strategy of selling these components makes BETA a better company.

如你所知，我們是這個產業裡每一位參與者的忠實粉絲，尤其是那個專案。但那真的很不錯。也很抱歉我無法深入談那一個。不過我可以說，銷售這些零組件的策略，讓 BETA 成為一家更好的公司。

Publicly working with Eve on these things -- Embraer is a great company. We have learned a ton working through design reviews and delivering product to them to allow them to fly. Working with GE on our certification programs and hybrid programs.

在這些事情上與 Eve 公開合作——Embraer 是一家很棒的公司。我們在設計審查過程中，以及交付產品讓他們能飛行的過程中，學到了非常多。也與 GE 在我們的認證專案與混合動力專案上合作。

Every one of these programs makes us better, makes us smarter. And that is what allows us to gain trust with the FAA and accelerate our production, our certification, our design; and get a lot more feedback than what would have happened if we were just serving ourselves.

每一個專案都讓我們變得更好、更聰明。而這也讓我們能夠取得 FAA 的信任，並加速我們的量產、認證與設計；同時獲得比只服務自己更多的回饋。

And it keeps the best engineers, an extremely important asset to our company, interested and involved in new and diverse programs every day. But they are all tied back to a common set of technologies that are germane to BETA's airplanes.

而且這也讓最優秀的工程師——這是我們公司極其重要的資產——每天都能對新的、多元的專案保持興趣並投入其中。但它們都回扣到一套共同的技術，而這些技術與 BETA 的飛機密切相關。

Yeah. That is our strategy. And it is going very well.

是的。那就是我們的策略。而且進展得非常順利。

If I may, just as a quick follow-on to that -- and then, I have just got one more after this on a different subject but, I do not know, looking at pictures of their airplane, which I have, their propellers look a lot like what you guys use. And a lot of times, propellers are matched up to motors.

如果可以的話，我想就此快速追問一下——然後我還有一個不同主題的問題：我不知道，從我看過的他們飛機照片來看，他們的螺旋槳看起來很像你們使用的那種。而很多時候，螺旋槳會與馬達做匹配。

I do not know. Am I drawing a wrong conclusion there? I do not know if you can say anything on that.

我不知道。我是不是得出了錯誤的結論？我不知道你能不能對此說些什麼。

Yeah. I have to say no comment on that one but yeah.

是的。那個我必須說不予置評，但對。

Hey, Ron.

嗨，Ron。

Yeah. Cool.

是。了解。

It's Herman. I want to just (multiple speakers) --

我是 Herman。我想只是(多位講者) --

Yeah.

是。

-- pull on a thread that you brought up about multiple ways to win. And I think that is really what we're after. And I'm happy that you said it.

——延伸你提到的「多種致勝方式」這條線。我想那正是我們所追求的。而我也很高興你提到這點。

Right now, our current aircraft backlog now sits over 1,000 aircraft. The mix between CTOL and VTOL is about 50/50.

目前，我們現有的飛機訂單積壓量已超過 1,000 架。CTOL 與 VTOL 的組合大約各占一半（50/50）。

And this quarter, the Loganair order is really an awesome order for us because it's a mission that we could go and complete today.

而在本季，Loganair 的訂單對我們來說真的是一筆很棒的訂單，因為那是一項我們今天就能去完成的任務。

And beyond aircraft, the enabling technologies that we always talk about, the component backlog, is also getting a lot of traction. So we talk about Eve, we talk about Horizon. And then, batteries is now starting to become a thing.

此外，除了飛機之外，我們一直在談的那些賦能技術——也就是零組件的訂單積壓——也正在獲得很大的動能。所以我們談到 Eve，也談到 Horizon。然後，電池現在也開始成為一個重點。

And, as we've said in the past, we're very particular about what we put into the backlog. We evaluate the customer. We evaluate the use case, the commitment level that the customer has, the operational readiness, and then, really look at the infrastructure needs.

而且，正如我們過去所說的，我們對於納入待執行訂單（backlog）的內容非常挑剔。我們會評估客戶。我們會評估使用情境、客戶的承諾程度、營運就緒度，然後真正去檢視基礎設施需求。

And this gives us great visibility into the probability of a successful launch. So building the business with multiple ways to win is something that we are very focused on building.

而這讓我們能非常清楚地掌握成功啟動的機率。因此，打造一個具備多種致勝途徑的業務，是我們非常專注在建構的方向。

Got it. And then, as a follow-on to that, to both of you, how are things like resourcing just the various tools and different things that you need for the ramp? Like, I do not think it is any secret that autoclaves are in short supply, and different tooling is in short supply, and so on and so forth.

了解。接著延伸這個問題，想請教你們兩位，在擴產爬坡所需的各種工具、資源配置等方面，進展如何？例如，我想這不是什麼秘密，高壓釜（autoclaves）供應吃緊，各種工裝治具也很短缺，等等。

Just, from an industrial ramp-up perspective, how is that going?

就工業化擴產爬坡的角度來看，進展如何？

It is going extremely well, Ron. One of the things that I think is quite differentiating for BETA is that we are building the aircraft that we are flying today in our production facility.

進展非常、非常順利，Ron。我認為BETA一個相當具差異化的地方在於：我們今天正在飛的飛機，就是在我們的量產設施裡製造的。

We, very early on, in partnership with EXIM, built a facility so we could build on the tooling that we build our production aircraft on. There is not a secondary step after certification to then ramp into deployment and production.

我們在很早期就與EXIM合作建置了一座設施，讓我們能在用於生產量產飛機的工裝治具上進行製造。也就是說，認證之後不需要再有第二個步驟，才從認證轉入部署與量產爬坡。

So it is actually going very, very well. And, again, like, being consistent and methodical in our plan allows us to get -- when we have autoclaves, right? We saw that coming. We set up the right autoclaves that we need to do our composites work.

所以實際上進展非常、非常好。而且再次強調，計畫保持一致且有條不紊，讓我們能在——例如高壓釜到位時——順利推進。我們早就預見到這點。我們配置了正確的高壓釜，以滿足複合材料作業需求。

We got them in place. We got the trim tools. We got the machinery, the ultrasonic testers, which are also hard to come by, along with the people that are qualified to interpret those inspections all in place early days.

我們把它們就位。我們備齊修邊工具。我們也把設備、超音波檢測儀（同樣很難取得），以及具備資格能解讀這些檢測結果的人員，都在早期就到位。

Because working in a regulatory environment does not give you the flexibility to up and switch your strategy very quickly.

因為在法規監管環境下，你沒有彈性可以很快就起身改變策略。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，Jefferies。

Hi. Good morning, Kyle, Herman. Thank you so much.

嗨。早安，Kyle、Herman。非常感謝。

I apologize if I missed this in detail but I just wanted to -- your slides are always so helpful -- hone in on slide 15 and 16 and the H500A. I know Kristine discussed it a bit.

如果我先前沒有掌握到細節，先說聲抱歉；我只是想——你們的投影片一向很有幫助——聚焦在第15與第16頁以及H500A。我知道Kristine有稍微提到。

What is left, as we think about Phase IV, on the engine cert; and how we think about that, going forward, over the next 6 to 12 months?

就引擎認證而言，當我們思考第四階段（Phase IV）時，還剩下哪些工作？以及未來6到12個月我們應該如何看待這件事？

Hey, Sheila.

嗨，Sheila。

So in the Phase IV implementation phase, it is the execution of our testing. We have completed a large number of the tests. And I will just remind you that we do not chalk up the progress until the FAA accepts the results of the work.

在第四階段的導入／執行期，重點就是把測試執行到位。我們已完成大量測試。我也提醒一下：在FAA接受工作成果之前，我們不會把進度算進來。

So we have a ton of testing going on. I think the ones that were most relevant for this quarter were completing the lightning test and the associated tear-downs with it, as well as the durability testing and the associated tear-downs that are overseen by the FAA. And then, we take credit for that progress.

所以我們正在進行大量測試。我認為本季最相關的是完成雷擊測試及其相關拆解（tear-down），以及耐久性測試及其相關拆解，且這些都由FAA監督。然後我們才會把這些進度計入。

So to answer your question directly, what is left, there is mechanical, there is DO-160 stuff, and there is a series of longer-term tests that have to go this quarter.

直接回答你的問題：剩下的包括機械項目、DO-160相關項目，還有一系列需要在本季進行的較長期測試。

But one of the things to remember is that, every one of these tests, we have done before. And we do not do those tests for the first time in front of the FAA.

但有一點要記得：這些測試我們每一項都做過。我們不會第一次就在FAA面前做這些測試。

And when we do it with the FAA, a lot of times, the longest pole in that test is scheduling those witnesses, those tear-downs, and the review of that data together with them.

而當我們與FAA一起做時，很多時候該測試最耗時的關鍵在於安排見證人員、安排拆解，以及與他們一起審查資料。

So we have somewhere near 40 different [dyno] assets here doing different things to the motor continuously.

所以我們這裡大概有接近40套不同的[dyno]資產，持續對馬達做不同項目的測試。

We have got 80,000-plus hours of runtime. If you compare that to a typical turbine engine, it will just have 1,000 or 2,000 engine hours on it before it is certified.

我們已累積超過80,000小時的運轉時間。如果你拿來跟典型渦輪引擎相比，通常在取得認證前只有1,000或2,000小時的引擎時數。

The level of work that we have done here is pretty remarkable. And what is left is basically repeating these tests in front of the FAA, getting sign-off on the methods of collecting this stuff, and the ultimate sign-off through the type certification board of getting the type certificate.

我們在這裡完成的工作量相當驚人。而剩下的基本上就是在FAA面前重複這些測試，取得他們對資料蒐集方法的核可，並最終透過型式認證委員會（type certification board）完成簽核、取得型式證書。

We are in pure execution mode, having retired that big ominous issue around policy interpretation, recently.

我們目前完全處於執行模式，因為最近已經解決了那個關於政策解釋的大而棘手的問題。

No. That is great. And great to see all the momentum at the air show, as well, even if it meant I got kicked out of a meeting because you had customers so really good progress.

不。那太好了。而且也很高興看到你們在航展上的動能，即便這意味著我因為你們有客戶而被請出一場會議——所以真的進展很不錯。

And then, just on the CX300, as we think -- same question. How do we think about Phase IV, the completion of that? Is it just hours of testing, working with the FAA, if you could get into the nuances.

接著，關於CX300，我們用同樣的問題來看。我們如何看待第四階段（Phase IV）的完成？是否主要就是測試時數、與FAA合作？如果可以的話，請談談其中的細節差異。

Yeah. First off, I apologize if you got kicked out but we do need to prioritize customers. And I think that is good for you and for us.

是的。首先，如果你被請出會議我先致歉，但我們確實需要把客戶放在優先順序。而我認為這對你和對我們都是好事。

Yeah.

是。

On the CX300, the implementation, it is a well-known process to certify an airplane. And we have been very consistent of not asking for special conditions or introducing new technologies that were not previously applied in or clarified.

就CX300而言，導入／執行階段是一個眾所周知的飛機認證流程。而我們一直很一致地不去要求特殊條件（special conditions），也不引入先前未曾應用或未被釐清的新技術。

So in the airplane, itself, we had previously chalked up the three new technologies being the propulsion, the batteries, and the fly-by-wire system.

因此，就飛機本體而言，我們先前把三項新技術列為：推進系統（propulsion）、電池，以及電傳飛控系統（fly-by-wire）。

The fly-by-wire system is largely enveloped and completely enveloped, actually, from Part 25 standards. So the risk is very, very low there that there is any issues associated with the interpretation of that.

電傳飛控系統在很大程度上——其實是完全——被Part 25標準所涵蓋。因此在該部分，因解釋而產生任何問題的風險非常、非常低。

The batteries, we got through our series of papers and accepted issue papers on it so there is clarity there.

電池方面，我們已完成一系列文件並取得其議題文件（issue papers）的接受，因此在這裡也很清楚。

And our entire -- one of the early test plans that we had approved with them, it is something called [A23-Charlie], which was the standard for flight testing Part 23 airplanes' handling qualities, flying qualities. And that has all been submitted and agreed to.

而我們整體——我們早期與他們核准的一個測試計畫，叫做[A23-Charlie]，它是Part 23飛機飛行測試中操縱品質、飛行品質的標準。這些都已提交並達成一致。

But I think one really important note there, just to talk about the way that BETA approaches problems, we have a little mountain on the side of our airplane.

但我想在這裡補充一個非常重要的點，談談BETA解決問題的方式：我們的飛機側面有一座小山。

And it signifies, find the highest mountain to climb first, much like taking the hardest nut off the wheel first, and go to that. You get to the top of that, you get a great vantage point on the other challenges.

它象徵著：先去找最高的山先爬，就像先把輪子上最難拆的螺帽先卸下來一樣，先攻最難的。當你登頂後，就能對其他挑戰有很好的視野。

We accepted, we invited, and we have flown with FAA test pilots. And we do it regularly to make sure the qualifiable tests such as human factors are opined on well before we get to the end.

我們接受、我們邀請，而且我們已與FAA試飛員一起飛行。我們也會定期這麼做，以確保像人因（human factors）這類可認證的測試，能在到最後階段之前就獲得充分的意見與評估。

And these test pilots come. And they have a singular objective. They are focused on safety. And they do an incredibly rigorous job of giving us feedback early in the design cycles. And those have all been implemented.

然後這些試飛員會加入。而他們有一個單一的目標。他們專注於安全。並且他們在設計週期的早期，以極其嚴謹的方式向我們提供回饋。而這些回饋都已經被落實。

So I think that, if I look out forward, there is execution risk left on the H500A. We get through TIA on the CX300 and then, we redo the same types of things we have already done with the FAA on these tests, again, in front of them. It does take time. But the execution is very, very doable in front of us.

所以我認為，如果我往前看，H500A 仍然存在執行風險。我們在 CX300 上完成 TIA 之後，接著會把我們已經和 FAA 在這些測試上做過的同類型事情，再在他們面前重新做一遍。這確實需要時間。但就執行而言，在我們面前是非常、非常可行的。

And then, we get into the A250, which is probably your follow-on question, where we introduce the new dimension of flight, vertical take-off, and landing.

然後我們會進入 A250，這大概就是你的後續問題，我們在那裡引入飛行的新維度：垂直起飛與降落。

We have been flying those aircraft regularly. It does introduce new risks. But we feel very comfortable that we have contained those with a very simple design.

我們一直在定期飛行這些飛機。這確實會帶來新的風險。但我們很有信心，透過非常簡單的設計，我們已經把這些風險控制住了。

Awesome. Super helpful. Thank you.

太棒了。非常有幫助。謝謝。

Chris Pierce, Needham.

Needham 的 Chris Pierce。

Hey. Good morning, everyone. Congrats on the progress to date.

嗨。各位早安。恭喜目前為止的進展。

If we think about -- you had your initial eIPP demonstration. And if we look at what you've done globally or in Hawaii, in the UK, in Norway, should we expect to see an eIPP iteration along those lines, where it's more of a lengthier operational phase with an existing customer?

如果我們來想一下——你們做了最初的 eIPP 示範。如果我們看看你們在全球或在夏威夷、英國、挪威所做的事情，我們是否應該預期會看到類似路徑的 eIPP 迭代，也就是與既有客戶進行更長時間的營運階段？

Or is it different by site and it's hard to say what we should look for, going forward, as you launch additional sites?

還是說各站點情況不同，因此很難判斷未來在你們啟動更多站點時，我們應該期待看到什麼？

Yeah. That's exactly what you should expect. It's a neat little story.

是的。你應該期待的正是那樣。這是一個很有意思的小故事。

When we executed the first eIPP flights, that contract was executed 12-ish hours before we flew. And we did it immediately. We had 90 days to do it, by the way. And we did it in a half a day.

當我們執行第一次 eIPP 飛行時，那份合約是在我們起飛前大約 12 個小時才簽下的。而我們立刻就做了。順帶一提，我們原本有 90 天可以完成。但我們半天就完成了。

We dispatched multiple airplanes halfway down the East Coast, picked up a Heart. We had a pilot from our customer -- had already gone through training. We had the chargers in the ground. And we executed that mission within a number of hours.

我們派出多架飛機沿著美國東岸飛了很長一段路，去接一顆 Heart。我們的客戶派了一位飛行員——他已經完成訓練。我們也已在地面部署充電設備。而我們在數小時內就完成了那次任務。

That was to ensure that it was clear to the FAA, the DOT, our customers, and everybody watching, the states and tribal territories, that AAM is here, it's ready to go. All we needed was the execution of that contract. And we went and moved the Heart. That was step 1.

那是為了讓 FAA、交通部（DOT）、我們的客戶，以及所有在關注的人——各州與部落領地——都清楚：AAM 已經來了，而且已準備就緒。我們所需要的只是那份合約的執行。然後我們就去把那顆 Heart 運走了。那是第一步。

Now, what we're working towards is expanding that out to the other jurisdictions that we're going to be flying in and then, getting into Phase II under [135] operations. Remember that primary one was done under Part 91 operations.

現在，我們正努力把這件事擴展到我們將要飛行的其他司法管轄區，然後在 [135] 營運之下進入第二階段。請記得，主要的那一次是在 Part 91 營運之下完成的。

Those will start to get -- and I think I mentioned this before in one of our earnings calls. They aren't demonstrations. Those are true operations that start to go at cadence, multiple flights a day.

這些將開始——我想我在之前某次財報電話會議也提過——它們不是示範。那是真正的營運，會開始以固定節奏進行，每天多趟飛行。

When we were flying down in Orlando recently, we were doing 6, 8, 10 flights in a day. That's the type of cadence where you exploit the benefits of low recurring cost of electric aviation. And that's what our customers want.

我們最近在奧蘭多飛行時，一天會飛 6、8、10 趟。這種節奏才能發揮電動航空低經常性成本的優勢。而這正是我們客戶想要的。

You're absolutely right. That's what you should expect to see, as the eIPP sites get turned on and start to materialize.

你說得完全正確。隨著 eIPP 站點啟用並開始落地成形，這就是你應該預期會看到的。

I think Herman has something, as well.

我想 Herman 也有補充。

Hey, Chris. It's Herman.

嗨，Chris。我是 Herman。

The July [UT] flight was a big milestone because it was the transition from readiness to operations, which is really important. Our focus today continues to be on building a repeatable operating cadence.

7 月的 [UT] 飛行是一個重要里程碑，因為那代表從「準備就緒」轉向「營運」，這非常關鍵。我們今天的重點仍然是建立可重複的營運節奏。

Aircraft dispatch, charging, ground handling, maintaining, customer workflow, and data capture, all of those things are really important throughout the eIPP process.

飛機派遣、充電、地面作業、維護、客戶工作流程，以及資料擷取，這些在整個 eIPP 流程中都非常重要。

Each operation that we do gives us an opportunity to mature the operating playbook with customers and public-sector partners and then, apply that playbook across all of the eIPP markets, as they mature.

我們每一次的營運，都讓我們有機會與客戶及公部門合作夥伴一起把營運手冊（playbook）成熟化，然後隨著各個 eIPP 市場逐步成熟，把這套手冊套用到所有市場。

Over the next couple of weeks and month or so, we expect Louisiana and Texas to come online with customers like Metro, Bristow, and Future Flight Global.

在接下來幾週以及大約一個月左右，我們預期路易斯安那州與德州會與 Metro、Bristow、Future Flight Global 等客戶一起上線。

So you'll start to see more of the eIPP flying over, I would say, the next four to six weeks.

所以我會說，在接下來四到六週，你會開始看到更多 eIPP 的飛行。

Okay. Perfect.

好的。完美。

And then, just going back to Sheila's question on slide 16, can you walk us through what Phase IV looks like, when you do begin TIA testing? Is it just a certain number of flight hours that need to be done to get FAA comfort? Or is there like a playbook in terms of what needs to happen there? Or is it still an unknown because of the novelness of the aircraft?

另外，回到 Sheila 在第 16 頁投影片的問題，你能帶我們走一遍第四階段在你們開始進行 TIA 測試時會是什麼樣子嗎？是否只是需要完成一定的飛行時數，讓 FAA 感到放心？還是說在那方面有一套手冊，規定需要發生哪些事情？或者因為這架飛機的創新性，仍然有些未知？

And then, is the gating factor like you talked about getting the FAA pilots on site and that's out of your control? Like, how should we think about the green bar, moving forward, on Phase IV on slide 16?

然後，關鍵限制因素是否如你所說，是要讓 FAA 的飛行員到場，而那不在你們控制範圍內？我們應該如何看待第 16 頁投影片上第四階段的綠色長條，未來會如何推進？

Yeah. Really, I would say there are, like, four major buckets there. We have a conforming article-structural test, where we twist, bend, and break an airframe to show that the structural margins meet the design intent.

是的。我會說，那裡大致有四個主要類別。我們有一個符合性構型的結構測試件（conforming article-structural test），我們會對機體進行扭轉、彎曲並最終破壞，以證明結構裕度符合設計意圖。

We, of course, have done that. Just by way of example, we've built five different wings that have gone into stress testing to make sure that, when we get the FAA in front of it, it works. So that's a conforming article the FAA has seen us build. It goes into a large hydraulic system, gets twisted. So that's one.

當然，我們已經做過了。舉例來說，我們打造了五種不同的機翼並投入應力測試，以確保當 FAA 親自見證時，一切都能運作。所以那是一個 FAA 看過我們製造過的符合性測試件。它會放入大型液壓系統中並被扭轉。這是第一項。

The next one is a durability test that is an extended test on a singular airframe that really evaluates the maintenance, the durability, the wear on the aircraft over time.

下一項是耐久性測試，這是在單一機體上進行的長時間測試，主要評估維護性、耐久性，以及飛機隨時間的磨耗。

And then, the other test assets, they go into a sequence of flying qualities, handling qualities; obviously, basic operations such as, it's an IFR aircraft so you fly in all weather; and show little things like door seals and brake action and other such things on compromised runways and in compromised weather.

然後，其他測試資產會進入一系列的飛行品質、操縱品質測試；當然也包含基本操作，例如它是一架 IFR 飛機，所以要在各種天候下飛行；並且要在跑道狀況不佳與天候不佳時，展示像是艙門密封、煞車效能等這類細節。

So those are the the major big-bone things. Now, within the test plans of that overall aircraft, there are a number of, like, less obvious ones.

所以這些是主要的大項目。而在整體飛機的測試計畫中，還有一些比較不那麼顯而易見的項目。

We just did a complete dry run on our electromagnetic susceptibility and emissions, for example. So that's a ground test where we run a series of different sweeps around the aircraft to ensure that we aren't going to pollute anything around the aircraft, and we're not susceptible to that type of radiation.

例如，我們剛完成一次電磁敏感度與電磁發射的完整彩排（dry run）。那是一項地面測試，我們會在飛機周圍進行一系列不同的掃頻，以確保我們不會對飛機周邊的任何設備造成電磁污染，同時也不會對那類輻射過於敏感。

And just so you understand how we think about this, we have 80% commonality between our CTOL and our VTOL aircraft. Our VTOL aircraft adopts Part 27 standards.

另外，為了讓你了解我們如何看待這件事，我們的 CTOL 與 VTOL 航機之間有 80% 的共通性。我們的 VTOL 航機採用 Part 27 標準。

And helicopters, as you probably know, fly close to high-tension lines. Those high-tension lines have high electric fields around them. So the susceptibility standards are much higher for that type of aircraft. And we adopt that early to ensure that risk is retired prior to getting to the VTOL.

而直升機，如你可能知道的，會在高壓電線附近飛行。那些高壓電線周圍有很強的電場。因此，對於這類航機，其抗干擾／易受影響（susceptibility）標準要高得多。我們提早採用該標準，以確保在進入 VTOL 之前就把風險消除掉。

It is basically a Part 23 aircraft-certification program, with the knowledge that we are going to be walking directly into the A250 VTOL program.

這基本上是一個 Part 23 的航機適航認證計畫，同時我們也清楚接下來會直接銜接到 A250 VTOL 計畫。

Hopefully, that is helpful. We could go very deep. But I am getting the nod from my team not to go too deep on this.

希望這有幫助。我們其實可以講得非常深入。但我的團隊示意我不要在這裡講得太深。

I appreciate that from you and the team. Congrats and touch base.

我很感謝你和團隊的說明。恭喜，之後再聯繫。

Andre Madrid, BTIG.

Andre Madrid，BTIG。

Yeah. Thanks. Good morning, team. Appreciate you taking my question.

是的。謝謝。各位早安，團隊。感謝你們回答我的問題。

I understand you pulled forward the introduction of the MV250 by about six months back in the fourth quarter. But given the updates from Farnborough, I was curious if you could maybe just highlight how conversations with potential customers are progressing on that platform.

我了解你們在第四季把 MV250 的導入時間提前了大約六個月。但考量到范堡羅航展（Farnborough）的最新進展，我想請你們簡要說明一下，與潛在客戶就這個平台的洽談進度如何。

Additionally, since it is aligned, I will also throw on another one there, in light of recent announcements from peers and your commentary around further vertical integration, just, how should we be thinking about potential M&A to support your defense applications? Is that something that is on the roadmap for you guys?

另外，既然話題相關，我也再加問一題：鑑於同業近期的公告，以及你們提到要進一步垂直整合，我們應該如何看待為了支持你們國防應用而進行潛在併購（M&A）的可能性？這是否在你們的路線圖上？

Yeah. Great question.

是的。好問題。

We did pull the MV250 forward from the initial plan. We did that because we saw a very strong demand signal. That demand signal, by the way, was more than validated in Farnborough.

我們確實把 MV250 相較於原始計畫提前了。我們這麼做是因為看到了非常強的需求訊號。順帶一提，這個需求訊號在范堡羅得到了充分驗證。

We showed up there expecting to generate a little bit of interest -- further interest domestically. That went to the very highest levels of the US military. And there is an incredibly keen interest in moving forward.

我們去那裡原本預期只是在國內再多引起一些興趣——更多的關注。結果一路延伸到美軍最高層級。而且對於推進下一步有極其強烈的興趣。

I think the performance specifications speak for themselves. And then, of course, exercising our other aircraft around Europe and around the world has generated foreign-military interest, as well. So I would say it has been extremely good.

我認為性能規格本身就很有說服力。當然，我們也在歐洲及全球各地展示並運行其他航機，同樣帶動了外國軍方的興趣。所以我會說進展非常好。

I think, as you know, DEVCOM of the Army has paid for hybridization and autonomy work. And we are rolling that up to the point where we can get a rapid-prototyping contract to focus on the aircraft and the operations we intend to bring this to over the next year.

我想你也知道，陸軍的 DEVCOM 已經出資支持混合動力化與自主化相關工作。我們正把這些工作整合推進到一個階段，使我們能取得快速原型（rapid-prototyping）合約，並在未來一年聚焦於這款航機以及我們打算導入的作業運用。

It is all really aligned with the acquisition reform of the military, where they are looking for low-cost, rapidly deployable systems that are built on commercial platforms. And that is what we have delivered.

這一切都與軍方的採購改革高度一致：他們正在尋找低成本、可快速部署、且建立在商用平台上的系統。而這正是我們所交付的。

And everything is singing together: the performance of the aircraft; the mission set that is needed, especially in the Pacific; and the acquisition reform.

而且所有因素都相互呼應：航機的性能；所需的任務組合，尤其是在太平洋地區；以及採購改革。

And the executive orders that set the table for this -- prioritizing the war fighter and the defense-acquisition executive orders -- have only augmented this.

以及為此鋪路的行政命令——以作戰人員優先與國防採購相關的行政命令——更是進一步強化了這股趨勢。

And, look, we have played nice with everybody, especially with GE and Sikorsky as partners. We are getting great access to folks in Washington -- and even with others like Near Earth Autonomy and smaller companies -- and on the component side with General Dynamics.

再者，我們一直與各方保持良好合作，特別是與 GE 和 Sikorsky 作為合作夥伴。我們在華盛頓也獲得了很好的接觸管道——同時也與 Near Earth Autonomy 等其他較小公司合作——在零組件端則與 General Dynamics 合作。

I am just a humdrum engineer. But I will tell you, like, the momentum I felt in Farnborough and the interest by the military was very, very real and unprecedented, based on the feedback that we got from people like Jim McConville, who is the Chief of Staff of the Army, who is now on our Board. He walked away really excited, to answer your very first question.

我只是一個平凡的工程師。但我可以告訴你，在范堡羅我感受到的動能，以及軍方的興趣，都非常真實且前所未有；這是基於我們從 Jim McConville 等人那裡得到的回饋——他是陸軍參謀長，現在也在我們董事會。他離開時非常興奮，這就回答了你第一個問題。

(multiple speakers) -- I missed the second part of your question. We did an acquisition last quarter of an AI company. And it is focused on executing on these things.

（多位講者）——我漏聽了你問題的第二部分。我們在上一季收購了一家 AI 公司。而這項收購是為了聚焦並落實這些工作。

It is not as sexy as the detect-and-avoid autonomy AI portion, but it is way more important, in my opinion, which is the validation and verification of safety-critical code within our flight controllers. Nobody in this industry can claim success yet.

它不像「偵測與避障」（detect-and-avoid）的自主 AI 那部分那麼吸睛，但依我看更重要：也就是在我們的飛行控制器中，對安全關鍵程式碼進行驗證與確認（validation and verification）。在這個產業裡，至今還沒有人能宣稱已經成功。

So we have to look at the very hardest problems. In our case -- the entire industry's case -- it is getting through certification. So we focused our acquisition strategy around acquisitions, in this case, that address the hardest problems first.

因此我們必須正面處理最棘手的問題。就我們而言——也是整個產業而言——最難的是通過認證。所以我們把併購策略聚焦在優先解決最難問題的收購上。

That is validation verification through the DO-178C process of software. It is not as sexy, but it is really, really meaningful.

也就是透過 DO-178C 流程來做軟體的驗證與確認。雖然不那麼吸睛，但意義非常重大。

Got it. No. That's super helpful. I appreciate the color there, Kyle.

了解。不。這真的很有幫助。Kyle，謝謝你提供這些補充說明。

And then, Herman, maybe one for you. I don't know. I might have missed this. But did you maybe outline the exact timing of the expanded EXIM Bank financing?

接著，Herman，可能有一題想問你。我不確定。我可能漏聽了。但你是否有說明擴大 EXIM Bank 融資的確切時程？

No. We didn't announce that -- the exact timing of it, but we're currently in talks with them. As you know, we have a long partnership with the EXIM Bank, which began in 2023. And they funded our South 40 facility.

沒有。我們沒有公布——其確切時程，但我們目前正在與他們洽談。如你所知，我們與 EXIM Bank 有長期合作關係，始於 2023 年。他們為我們的 South 40 設施提供了資金。

We've been through a lot with the EXIM Bank over the years, including going through their diligence. We have plans to meet with them in the upcoming weeks, where we're going to talk about how we're looking to drive more volume for the factory, do more vertical integration. And we're looking forward to that meeting.

這些年來我們與 EXIM Bank 一起經歷了很多，包括完成他們的盡職調查。我們計畫在接下來幾週與他們會面，屆時我們會討論如何提升工廠產量、進一步推動垂直整合。我們很期待那次會議。

Think about EXIM as a strategic financing partner; really, an execution enabler. What we're doing with the EXIM Bank is materially extending BETA's financial runway. And it gives the company more flexibility to invest through the current growth phase that we're in.

可以把 EXIM 視為策略性的融資夥伴；實際上也是一個執行推進器。我們與 EXIM Bank 的合作，將實質延長 BETA 的資金續航期（financial runway）。並讓公司在目前的成長階段有更大的投資彈性。

It's going to give us flexibility on long-cycle industrial investments like CapEx. And if you were to think about this, you have the IPO proceeds, which will fund things like R&D and certification. And, now, we have EXIM where we could use them to fund a lot of the CapEx.

它會讓我們在資本支出（CapEx）等長週期的工業投資上更有彈性。如果你這樣看：IPO 募得資金將用於研發與認證等項目。而現在有了 EXIM，我們可以用他們的資金來支應大量的 CapEx。

It's really a big enabler for us, right now.

這對我們來說，現在真的是一個很大的助力。

Awesome. I appreciate it. Thank you.

太好了。感謝說明。謝謝。

Noah Poponak, Goldman Sachs.

Noah Poponak，高盛（Goldman Sachs）。

Good morning. This is Tomas Russo, on for Noah Poponak.

早安。我是 Tomas Russo，代替 Noah Poponak 發言。

Maybe just one on the aftermarket-profit opportunity. Can you discuss how higher-energy density batteries may impact the cadence of customer placement and how we think about battery-margin trajectory, as battery technology improves?

想問一題關於售後市場利潤機會（aftermarket-profit opportunity）。你能談談更高能量密度電池可能如何影響客戶交付／部署的節奏，以及隨著電池技術進步，我們應如何看待電池毛利率走勢（battery-margin trajectory）嗎？

I think, a higher-energy density, higher-power density, lower-cost battery are all things that every battery manufacturer is working on. We are at a point where all of those things are going towards the better constantly.

我認為，更高能量密度、更高功率密度、成本更低的電池，都是每一家電池製造商正在努力的方向。我們正處於一個這些指標都在持續改善的階段。

But I think the essence of your question is, if you get a high enough energy density battery, does it reduce the frequency of battery change-out? The answer is no.

但我想你問題的核心是：如果你有足夠高能量密度的電池，是否會降低更換電池的頻率？答案是否定的。

You increase the performance of the aircraft, and you may actually put less cells into the battery, which gives you more payload. So those trades become an optimization point.

你會提升飛機的性能，而且你實際上可能會在電池中放入更少的電芯，這樣就能帶來更多載重。因此，這些取捨就成為一個最佳化的點。

And then, just for visibility for you, UPS, for example -- our largest order is with UPS -- their feeder fleet flies between 100 and 150 nautical miles, typically. That range is well within the ranges that we are flying, right now.

另外，讓你更清楚一點，以 UPS 為例——我們最大的一筆訂單來自 UPS——他們的支線機隊通常飛行 100 到 150 海里。這個航程完全落在我們目前的飛行航程範圍內，對吧。

They do not actually want more range. They want more payload. And they want more volume. Those things are the trades that they want to make. And that is with the IFR reserves already accounted for.

他們其實不想要更遠的航程。他們想要更大的載重。也想要更大的貨艙容積。這些才是他們想要做的取捨。而且這是在已經把 IFR 備份油量（儲備）納入考量的前提下。

That is the trade that they want to make. If it costs them less to fly, instead of saying what limited amount of stuff can we put on the airplane, they say, how much can we put on the airplane?

這就是他們想要做的取捨。如果飛行成本更低，他們就不再是說「我們能在飛機上放多少有限的貨」，而是會問「我們最多能放多少貨在飛機上？」

And as we start to approach parity with over-the-ground shipping, then the aircraft volume goes way up. And this is all part of the UPS vision of how aviation fits into their future network.

而當我們開始接近與地面運輸的成本持平時，航空運量就會大幅上升。這也都是 UPS 對於航空如何融入其未來網路的願景的一部分。

So I think it is a goodness-all-around to get to higher-energy density. You increase in -- just the math of it. If you double the range, you have 4 times the accessible city pairs. It is the square of the radius of the circle that gives you the area of the circle.

所以我認為，提高能量密度是全方位的利多。你會提升——這就是數學。如果你把航程加倍，你可觸及的城市對就會變成 4 倍。因為圓的面積是半徑的平方。

And that is really good for UPS. It is really good for us. It is great for Amazon. It is great for United Therapeutics to get access to more city pairs, which just means more flights for BETA.

這對 UPS 非常好。對我們也非常好。對 Amazon 也很棒。對 United Therapeutics 來說，能觸及更多城市對也很棒，這就意味著 BETA 會有更多航班。

Thank you. That is helpful. And then, over the past couple of quarters, we have recently talked about the operating cost of the conventional aircraft versus the BETA CTOL.

謝謝。這很有幫助。接著，在過去幾個季度，我們最近談到過傳統飛機相對於 BETA CTOL 的營運成本。

Could you just talk maybe a little bit about the pathway for eVTOLs to provide a lower total cost of ownership for customers and how the inputs of that will evolve over the coming years? Thanks.

你能否再多談一點 eVTOL 如何為客戶帶來更低的總持有成本（TCO），以及這些成本構成在未來幾年會如何演變？謝謝。

Yeah. Look, you are absolutely right. The cost of energy becomes relatively insignificant. It is like 40 times less.

可以。你說得完全沒錯。能源成本變得相對不重要。大概便宜了 40 倍。

The pilot still costs you pretty much the same amount in the airplanes. The insurance and the upfront cost is similar. But the maintenance is significantly less.

飛行員成本在這些飛機上基本上差不多。保險和前期成本也相近。但維護成本顯著更低。

So you end up, relative to an airplane, maybe a 40%, 45% reduction in cost, when you move from a traditional turbine aircraft with the same performance to an electric aircraft.

因此，相較於同等性能的傳統渦輪飛機，改用電動飛機後，你最終可能會看到成本降低約 40% 到 45%。

But the cost delta is even better when you compare it to a helicopter. When you go to a helicopter, you may take three-quarters of the cost out. Helicopters, as a pilot, the joke always is, it is a machine trying to beat the air into submission and shake itself apart.

但如果你拿它跟直升機相比，成本差距會更漂亮。換成直升機時，你可能可以省掉四分之三的成本。作為飛行員，我們常開玩笑說，直升機就是一台試圖把空氣打到屈服、同時把自己震散的機器。

That is what it is doing constantly. That is wear and tear, life limitation, and fatigue on a whole bunch of parts. And they are all safety-critical parts with a single rotor head, with hundreds of parts working together. So you retire those parts at a very high rate.

它一直都在做這件事。那會造成大量零件的磨耗、壽命限制與疲勞。而且它們都是安全關鍵零件；單一旋翼頭就有數百個零件一起運作。所以你必須以非常高的頻率汰換這些零件。

That is not the case in VTOL aircraft. In our case, for 30 to 50 seconds, you turn the top rotors on, then you shut it down, and you fly smoothly like an airplane. And you do the same thing at the other end of flight. That is a small fraction of the time when you are exposing those rotating components to that type of fatigue.

VTOL 飛機就不是這樣。以我們的機型為例，你只在 30 到 50 秒內啟動上方旋翼，接著關閉，然後像飛機一樣平順飛行。在飛行的另一端也做同樣的事。你讓這些旋轉部件暴露在那種疲勞環境下的時間只占很小一部分。

Moreover, because they are fixed-pitch rotors, there are way less parts. So you end up with a system that has way less maintenance. You get the benefit of the energy and, in many cases, you get higher performance.

此外，因為它們是固定螺距旋翼，零件數量少很多。所以你得到的是一個維護需求低得多的系統。你享有能源成本的優勢，而且在很多情況下，你還能獲得更高的性能。

You have a reduction of cost, higher performance. And that is why your total addressable market goes up so drastically.

成本降低、性能更高。這就是為什麼你的可服務市場規模會如此大幅提升。

So in summary, the airplane shines but the VTOL, it just glows. It really is a much better financial proposition. And this is why we are all over the world flying these things because we have to prove it.

總結來說，固定翼飛機很出色，但 VTOL 會發光。它確實是一個財務上更好的方案。這也是為什麼我們在全球各地飛這些飛機，因為我們必須證明它。

In that Aurora mission, I think I mentioned it in the prepared remarks, up in Sweden, we flew 30-plus missions. And we had about $300 of energy that we used. $10 a mission. Compare that to the Black Hawk that we were flying next to.

在那次 Aurora 任務中——我想我在事先準備的講稿裡提過——在瑞典，我們飛了 30 多次任務。我們使用的能源成本大約是 300 美元，也就是每次任務 10 美元。把這跟我們旁邊一起飛的 Black Hawk 相比。

Thank you for those details and taking my questions. I will pass it back there.

謝謝你提供這些細節並回答我的問題。我把時間交回去。

John Godyn, Citigroup.

John Godyn，花旗集團。

Hey, guys. This is [Max], on for John. Thanks for taking my question.

嗨，各位。我是 [Max]，代替 John 發問。謝謝讓我提問。

I just wanted to double-click on the hybrid electric engine with GE and if you could provide an update there, as well as just what the future looks like for that partnership with GE. Thanks.

我想再深入追問一下與 GE 合作的混合電動引擎，能否提供最新進展，以及這項與 GE 的合作夥伴關係未來會是什麼樣子。謝謝。

Sure. So we have multiple programs going on with GE. We showcased, for the first time, the hybrid turbogenerator built around the CT7 at Farnborough. That is a partnership in the power electronics and the electromagnetics to create a 1.4-megawatt turbine that is used in the MV250.

當然。我們與 GE 同時有多個專案在進行。我們在 Farnborough 首次展示了以 CT7 為核心打造的混合渦輪發電機。這是在電力電子與電磁設計方面的合作，用以打造一具 1.4 兆瓦的渦輪機，應用在 MV250 上。

It is a segmented high-speed so it is directly coupled to the CT7's mechatronic design, where the airflow, the mechanics, and the structure all share the same common systems -- and very lightweight and high-performance systems.

它採用分段式高速設計，因此可直接與 CT7 的機電整合設計耦合；在那個設計中，氣流、機械與結構共用同一套通用系統——而且系統非常輕量、性能很高。

You have got multiple experts in power electronics and controls, with GE and BETA working together to produce this hybrid turbogenerator.

GE 與 BETA 在電力電子與控制方面有多位專家共同合作，來打造這套混合渦輪發電機。

But, really, if you look broadly at the future of aerospace, it includes electric. Now, in order to include electric, you have to prove high-altitude applicability.

但如果你更宏觀地看航空航太的未來，它一定包含電動化。而要納入電動化，你必須證明它在高空環境的適用性。

You have to turn at very high speeds so the electromagnetics have to be tolerant to high speeds, both mechanically and electromagnetically.

你必須在非常高的轉速下運轉，因此電磁設計必須能承受高轉速，無論在機械面或電磁面都是如此。

You have to operate at a very wide temperature range, very cold temperatures to very high temperatures. And you generally want to do that at very high voltages so you reduce the current and the weight associated with cabling and other such things.

你必須在非常寬的溫度範圍內運作，從極低溫到非常高溫。而且一般而言，你會希望在非常高的電壓下運作，這樣可以降低電流，以及與線纜等相關的重量與其他因素。

So if you piece that together in all the programs that we are doing, the high altitude, high speed, high temperature, and high-voltage systems, we are covering all those pieces, as we build into these products, with the first product being the hybrid turbogenerator we are building with GE going into the MV250.

因此，如果你把我們正在做的所有專案拼在一起——高空、高速、高溫以及高電壓系統——我們在把這些要素整合進產品的過程中，涵蓋了所有這些部分；而第一個產品是我們與 GE 一起打造、將導入 MV250 的混合動力渦輪發電機。

That is the nature of the partnership. I will tell you, working in a lot of partnerships in my past life with Raytheon and big companies like Tesla, the level of integration of the teams between GE and BETA and even with Sikorsky is extremely positive and the rate of production of those technical developments, the flight demonstrations, the ground runs, is exceptional.

這就是這種合作夥伴關係的本質。我可以告訴你，我過去在雷神（Raytheon）以及像特斯拉（Tesla）這樣的大公司參與過許多合作案，GE 與 BETA 之間、甚至與 Sikorsky 之間的團隊整合程度都非常正向，而這些技術開發、飛行展示與地面運轉的產出速度也非常出色。

I have never seen two companies come together and make more progress than BETA and GE have since our relationship kicked up -- I don't know, what -- nine months ago or something.

自從我們的合作關係——我也不確定——大概九個月前左右開始升溫以來，我從未見過兩家公司像 BETA 和 GE 這樣能夠一起取得如此多的進展。

Sounds good. That was great color.

聽起來不錯。這些補充說明很有幫助。

And then, just switching gears a bit, you mentioned sale of flight-control computers to Horizon. This is pretty interesting.

接著稍微換個話題，你提到向 Horizon 銷售飛行控制電腦。這相當有意思。

Can you just elaborate on the opportunity for the component sales, the bigger picture there? And are there other components that you think may have a viable market beyond flight-control computers and the motor?

你能否再多談談零組件銷售的機會、以及更大的整體圖景？另外，除了飛行控制電腦和馬達之外，是否還有其他你認為可能在市場上具備可行性的零組件？

Yeah. Absolutely. Look, there are certain programs we can talk about. Horizon was one that we can talk about and others that we cannot talk about.

是的。當然。你看，有些專案我們可以談。Horizon 是我們可以談的其中之一，還有其他一些我們不能談。

But I can tell you that we have sold motors, propellers, inverters, high-voltage systems, flight-control computers, the actual flight controls -- like the inceptors, the throttles, and other such things.

但我可以告訴你，我們已經賣出馬達、螺旋槳、逆變器、高電壓系統、飛行控制電腦，以及實際的飛行操控裝置——例如操縱桿（inceptors）、油門等其他類似的東西。

Of course, we have sold the batteries. We have sold our lightweight data-acquisition systems. And we have sold services associated with those things.

當然，我們也賣出電池。我們也賣出我們的輕量化資料擷取系統。並且我們也提供並銷售與這些項目相關的服務。

And off the airplane, we have provided the services to do flight testing, to do flight-test engineering, and, of course, we have sold chargers.

此外，在飛機本體之外，我們也提供飛行測試服務、飛行測試工程服務；當然，我們也賣出充電器。

The strategy behind this is that these are extremely sticky sales. When somebody designs their control laws around a hardware platform or vice versa, then those things are linked.

這背後的策略是：這些銷售具有極高的黏著度。當有人把他們的控制律圍繞某個硬體平台來設計，或反過來亦然時，這些東西就會被綁在一起。

And you do not get to change the constructive mathematical model of the airplane, i.e., the motor-torque ramp rates or some parameter, without changing what is inside the flight-control computer and vice versa, in many cases.

而且在很多情況下，你無法在不改變飛行控制電腦內部內容的前提下，去更改飛機的建構性數學模型——也就是例如馬達扭矩爬升速率或某些參數——反之亦然。

So they become sticky, and they hang together. And so our strategy is, look, find a way to make a lot of margin on those components.

所以它們會變得很黏著，並且彼此連動。因此我們的策略是：想辦法在這些零組件上取得很高的毛利。

Get them designed in early, plant those seeds, water them, let them germinate, and then, they grow into these programs. Now, they are not all going to hit, but this is why we have so many programs.

儘早把它們設計進去，先種下種子、澆水、讓它發芽，然後它們就會在這些專案中成長。當然，不是每一個都會成功，但這就是為什麼我們有這麼多專案。

Horizon, awesome company, really, really smart leadership, and we said, you know what? That is one that we want to bet on.

Horizon 是一家很棒的公司，領導團隊非常、非常聰明，我們就說，你知道嗎？這是一個我們想要押注的對象。

Publicly, we are working with General Dynamics, with Eve, with GE, and others. So this is the strategy. And I will let Herman talk through the margins on those.

在公開層面，我們正與 General Dynamics、Eve、GE 等以及其他夥伴合作。這就是策略。接下來我讓 Herman 談談這些項目的毛利。

Yeah. In the aftermarket, as you could imagine, there is a variety of things. So we have got batteries, we have got motors, we have got flight-control computers.

好的。在售後市場（aftermarket）方面，如你所想像的，有各式各樣的項目。所以我們有電池、有馬達、有飛行控制電腦。

And what I would say is we typically look at the component business to carry somewhere between a 40% and 60% margin. But when you get into flight-control computers, the margin is actually a lot higher.

我想說的是，我們通常看待零組件業務的毛利率大約落在 40% 到 60% 之間。但當你進入飛行控制電腦時，毛利其實高得多。

Great. Thank you.

很好。謝謝。

Thank you for your questions.

謝謝你的提問。

I will now turn the call over to Kyle Clark for closing remarks.

我現在把電話會議交回給 Kyle Clark 做結語。

Awesome. Thank you.

太棒了。謝謝。

I think we covered most of my closing remarks during the meeting but just wanted to highlight this EXIM deal. It allows us to use the right color of money for the right thing.

我想我們在會議中已經涵蓋了我大部分的結語，但我想特別強調這筆 EXIM 交易。它讓我們能用對的資金來源（money color）去做對的事情。

EXIM focused on capital purchases, facilities, equipment, tooling, and the equity capital focused on research, development, and growth. And, as Herman said, it really does extend our runway.

EXIM 著重於資本性採購、廠房、設備、工裝治具（tooling），而股權資本則著重於研發與成長。而且，如 Herman 所說，它確實延長了我們的資金跑道（runway）。

Certification is moving at pace. And it is doing it because we have focused, consistent progress. We have been working with a bunch of different companies, GE, Sikorsky, General Dynamics; working with start-up companies like Eve and Horizon and a bunch of others.

認證正按進度推進。之所以能做到，是因為我們專注且持續地取得進展。我們一直與許多不同公司合作——GE、Sikorsky、General Dynamics；也與像 Eve、Horizon 等新創公司以及其他許多夥伴合作。

We are doing this with cash discipline, consistent -- we landed right in the middle of guidance. And we blew out of the water our revenue targets. This is a product of just doing what we say we were going to do.

我們在現金紀律下推進，並且持續一致——我們的結果正好落在財測指引的中間。而且我們的營收目標大幅超越預期。這就是我們把說過要做的事確實做到的成果。

We are doing this well-defined, vertically integrated, sticking to the products that build on themselves and going to multiple places.

我們以明確定義、垂直整合的方式在做，堅持那些能夠相互累積、並可延伸到多個場景的產品。

And this is the strategy BETA has been talking about since the IPO less than a year ago. And we just continue to deliver on the eIPP, the defense components, showing up at the air shows with flying aircraft.

這也是 BETA 自不到一年前 IPO 以來一直在談的策略。而我們也持續在 eIPP、國防零組件上交付成果，並在航展上以可飛行的飛機亮相。

And we are doing it with, I would say, some of the best partners in the world, both on the customer side at the FAA, the DOT; and in technological partnerships.

而且我想說，我們與世界上一些最好的夥伴合作——不論是在客戶端，例如 FAA、DOT；或是在技術合作夥伴關係上。

So I am proud of what the team has done here at BETA. And we are heads-down and looking to go forward to actually -- winding up to be a really, really awesome set of quarters coming up.

所以我為 BETA 團隊在這裡所做的一切感到自豪。我們正全力以赴向前推進——並且正在蓄勢，準備迎來接下來一段非常、非常出色的季度表現。

We are leaning in hard, sticking to our strategy, and getting the job done.

我們正大力投入，堅守我們的策略，把工作完成。

So I appreciate everybody getting on the call this morning, especially those guys on the West Coast, up early for us. And we will talk to you in about 90 days.

所以我感謝今天早上所有人加入電話會議，尤其是西岸的各位，為了我們一大早就起床。我們大約 90 天後再和各位交流。

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

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。