Eve Holding Inc (EVEX) 2024 Q1 法說會逐字稿

Good morning and welcome to the Eve Air Mobility First Quarter 2024 Earnings Conference Call. All participants will be in a listen-only mode. After today's presentation, there will be an opportunity to ask questions. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Lucio Aldworth, Head of Investor Relations. Please go ahead and begin.

早安，歡迎參加 Eve Air Mobility 2024 年第一季財報電話會議。所有參與者將處於僅聽模式。今天的演講結束後，將有機會提問。（操作員說明）請注意此事件正在被記錄。我現在想將會議交給投資者關係主管 Lucio Aldworth。請繼續開始。

Thank you, operator. Good morning, everyone. This is Lucio Aldworth, the Director of Investor Relations at Eve, and I wanted to welcome everyone to our first quarter earnings --2024 earnings conference call. Our CEO, Johann Bordais; and CFO, Eduardo Couto, are joining me on the call today.

謝謝你，接線生。大家，早安。我是 Eve 投資者關係總監 Lucio Aldworth，我歡迎大家參加我們的第一季財報—2024 年財報電話會議。我們的執行長 Johann Bordais；財務長 Eduardo Couto 今天將與我一起參加電話會議。

And after their prepared remarks, we will open the call for questions at which point Luiz Valentini, our Chief Technology Officer, will also join us for more technical questions. We prepare the deck with a few slides and additional pictures that show our achievements in the quarter, as well as the assembly of a full-scale prototype and that's on our website at ir.eveairmobility.com. So please feel free to download it and tag along.

在他們準備好發言後，我們將開始提問，屆時我們的技術長 Luiz Valentini 也將加入我們，提出更多技術問題。我們準備了一些幻燈片和其他圖片來展示我們在本季度取得的成就，以及全尺寸原型的組裝，這可以在我們的網站 ir.eveairmobility.com 上找到。因此，請隨意下載並標記。

Let me first start the presentation by saying that it includes forward-looking statements or statements about events or circumstances that have not yet occurred. These are largely based on our current expectations and projections about future events and financial trends affecting our business and our future financial performance.

首先我要說的是，它包含前瞻性陳述或尚未發生的事件或情況的陳述。這些主要基於我們目前對影響我們業務和未來財務表現的未來事件和財務趨勢的預期和預測。

These statements are subject to risks, uncertainties and assumptions, including, among other things, general economic, political and business conditions, both in Brazil and in our market. The words believe, may, will, estimates, continues, anticipates, intends, expects, and similar words are intended to identify these forward-looking statements. We undertake no obligation to update publicly or revise any forward-looking statements because of new information, future events, or other factors.

這些陳述受到風險、不確定性和假設的影響，其中包括巴西和我們市場的總體經濟、政治和商業狀況。「相信」、「可能」、「將」、「估計」、「繼續」、「預期」、「打算」、「預期」等詞語以及類似詞語旨在識別這些前瞻性陳述。我們不承擔因新資訊、未來事件或其他因素而公開更新或修改任何前瞻性陳述的義務。

With that, the future events and circumstances discussed in this presentation may not occur and actual results could differ substantially from those anticipated in our forward-looking statements. With that, I will now turn the presentation over to our CEO, Johann.

因此，本簡報中討論的未來事件和情況可能不會發生，實際結果可能與我們前瞻性陳述中的預期有很大差異。現在，我將把簡報交給我們的執行長約翰。

Thanks, Lucio. Good morning everyone, and thank you for joining the call today. We had a successful start of 2024 with several important achievements, the most important one being the quick base advancement in the assembly of our full-scale prototype.

謝謝，盧西奧。大家早安，感謝您今天加入通話。我們在 2024 年取得了成功的開端，並取得了多項重要成就，其中最重要的一項是我們的全尺寸原型組裝的快速基礎進展。

We're right on schedule and expect to conclude it in the second fiscal quarter. As you will see the next few slides, we already installed the pylons and nacelles to house the electric motors and started to install the composite skin of the aircraft.

我們正按計劃進行，預計在第二財季完成。正如您將在接下來的幾張幻燈片中看到的那樣，我們已經安裝了用於容納電動馬達的塔架和機艙，並開始安裝飛機的複合蒙皮。

We are also preparing for another round of wind-tunnel test with the rotors on. This will start in a week and will roughly last three weeks. This will be used to validate and further refine our computer models before our ground test campaign starts in the second semester.

我們也準備在轉子開啟的情況下進行另一輪風洞測試。這將在一周內開始，大約持續三週。這將用於在第二學期地面測試活動開始之前驗證和進一步完善我們的電腦模型。

In parallel, we continue to down select suppliers and sign binding contracts. These define technical specifications for the component and commercial aspect with volumes and unit prices, and also the aftermarket support conditions. Just last month, we selected KAI, the Korea Aerospace Industries, and before that we had selected Aciturri for the wings and also Crouzet for the pilot control, or the joystick.

同時，我們繼續篩選供應商並簽署具有約束力的合約。這些定義了組件和商業方面的技術規格、數量和單價，以及售後支援條件。就在上個月，我們選擇了 KAI（韓國航空航太工業公司），在此之前我們選擇了 Aciturri 作為機翼，也選擇了 Crouzet 作為飛行員控制裝置或操縱桿。

We now have more than 90% of all suppliers selected and we're working to define suppliers for the high-voltage system converter, skids, cabin interior, doors, lighting, transparencies, and other adoption like the landing gear, for example. Lastly, we presented Vector, our Urban Air Traffic Management software at the Airspace World in Geneva with full demonstration of its capabilities.

目前，我們已選定 90% 以上的供應商，並且我們正在努力確定高壓系統轉換器、滑道、機艙內部、門、照明、透明材料以及起落架等其他應用的供應商。最後，我們在日內瓦空域世界上展示了我們的城市空中交通管理軟體 Vector，充分展示了其功能。

This is a strategically important tool to help scale the urban air mobility safely. I will go to next slide. It shows the stage of the assembly of our prototype. As you can see, it's already looking like an eVTOL with a typical structures of an aircraft.

這是一個具有戰略意義的重要工具，有助於安全地擴展城市空中交通。我將轉到下一張投影片。它顯示了我們原型的組裝階段。正如您所看到的，它已經看起來像是具有典型飛機結構的 eVTOL。

Now, the wing and the empennage are fully joined to the fuselage, what we internally call the marriage, and they both have their internal harness installed. These are complex electronic and electric cable systems to carry signals to and from the mini sensors in the wings, control surfaces and flight computer.

現在，機翼和尾翼已完全連接到機身，我們內部稱之為聯姻，並且它們都安裝了內部安全帶。這些是複雜的電子和電纜系統，用於在機翼、控制面和飛行計算機中的微型感測器之間傳輸訊號。

Also, the internal superstructure already has its electronic components and internal cabling as well. One interesting fact is that, as you can see in the slide 3, we temporarily placed the mini composite parts of the skin of the prototype with update.

此外，內部上部結構已經有電子元件和內部佈線。一個有趣的事實是，正如您在幻燈片 3 中看到的，我們暫時放置了更新後的原型皮膚的迷你複合部件。

This allows our engineers to make any adjustment they want to do to make it perfect the placing of the parts. And once the parts are aligned, we have a perfect fit and then they're installed permanently. Now moving to the next couple of slides, these have few pictures that it shows in better detail some of the structures of our eVTOLs, such as the starboard side wing and its pylons, and also the nacelle.

這使得我們的工程師可以進行任何他們想做的調整，使其完美地放置零件。一旦部件對齊，我們就會完美配合，然後將它們永久安裝。現在轉到接下來的幾張投影片，其中有幾張圖片，更詳細地顯示了我們的 eVTOL 的一些結構，例如右舷側翼及其塔架，以及機艙。

The pylons are the structure that will support the lifters and are connected to the booms and wings. So in the essence, they will support the weight of the entire aircrafts during the takeoff and landing. This is when the thrust from the lifter will allow to vertical flight as you can imagine the pylons to be robust, lightweight and flexible.

塔架是支撐升降機並連接到吊桿和機翼的結構。所以從本質上講，它們將在起飛和著陸過程中支撐整個飛機的重量。此時，升降機的推力將允許垂直飛行，因為您可以想像塔架堅固、輕巧且靈活。

And as mentioned before, we engage KAI to provide the pylons for our commercial aircraft. Each pylon will have an electric motor at the front and one in the rear and these will be housed by the nacelles. Those are the green structures that you can see on those pictures.

如前所述，我們聘請 KAI 為我們的商用飛機提供外掛架。每個塔架的前部和後部各有一台電動機，這些電動馬達將安裝在機艙內。這些是您可以在這些圖片上看到的綠色結構。

Now slide 5. It shows that we've already installed the composite skin of the cockpit, which gives the (inaudible) and how is the funnel shape and how good the eVTOL will look. I'm a big fan. Also looking at the engineers that you can see on both pictures, it helps you to put them into perspective and give you a good sense of the size of the eVTOL. We now still need to install the actuators, the control surfaces of the wing and the empennage and we expect to conclude in the next few weeks.

現在投影片 5。它表明我們已經安裝了駕駛艙的複合蒙皮，這給出了（聽不清楚）漏斗形狀如何以及 eVTOL 的外觀如何。我是它的忠實粉絲。另外，看看兩張圖片中的工程師，可以幫助您全面了解他們，並讓您對 eVTOL 的尺寸有一個很好的了解。我們現在仍然需要安裝執行器、機翼控制面和尾翼，預計在接下來的幾週內完成。

And once we receive the electric motors in the second semester and successfully perform the necessary ground tests, we plan to start the test flight campaign later this year. Now getting to slide 6, we can see here the latest addition to our component supplier list, which will start using the first five confirming prototypes.

一旦我們在第二學期收到電動馬達並成功進行必要的地面測試，我們計劃在今年稍後開始試飛活動。現在轉到投影片 6，我們可以在這裡看到我們的元件供應商清單中最新新增的內容，該清單將開始使用前五個確認原型。

So far in 2024 we announced several suppliers FACC to provide the control surface and empennage, Aciturri for the wings, Crouzet for the pilot control inceptor or the joystick if you will. We also have signed the Thales for sensors and Honeywell for guidance and navigation, and lastly Recaro for the seats.

到目前為止，2024 年我們宣布了幾家供應商 FACC 提供控制面和尾翼，Aciturri 提供機翼，Crouzet 提供飛行員控制接收器或操縱桿（如果您願意的話）。我們還與 Thales 簽訂了感測器合同，與 Honeywell 簽訂了導引和導航合同，最後還與 Recaro 簽訂了座椅合約。

And just recently we added KAI for the pylon to this list. Our suppliers team has been quite busy as you can see remembering that we announced the first three suppliers at the Paris Air Show last year and now we have more than 15 suppliers selected.

就在最近，我們將用於塔架的 KAI 添加到此列表中。正如您所看到的，我們的供應商團隊非常忙碌，去年我們在巴黎航展上宣布了前三名供應商，現在我們已經選擇了超過 15 家供應商。

We have been using the best-of-breed approach to bring suppliers with experience in aviation and certification. Importantly, they will also support us for the certification campaign and throughout the eVTOL lifecycle. Lastly, these contracts have a defined price and quantity scheduled with a scale function with a reduction of the unit price as we reach the higher eVTOL volume of production.

我們一直採用最佳方法為供應商提供航空和認證方面的經驗。重要的是，他們還將支援我們的認證活動以及整個 eVTOL 生命週期。最後，這些合約具有明確的價格和數量，並具有規模函數，當我們達到更高的 eVTOL 生產量時，單價會降低。

Commonly, we call it economy of scale. We still have a few suppliers to select, but these are not the critical ones, right? Like the skids or the landing gear, transparency, cabin interiors and lights and we expect to conclude this selection process very soon. Looking at this list, which will keep increasing, I am very confident of the level of safety for the certification and performance of our eVTOL.

通常，我們稱之為規模經濟。我們還有一些供應商可供選擇，但這些都不是關鍵的，對嗎？就像滑橇或起落架、透明度、機艙內部和燈光一樣，我們希望很快就能完成這個選擇過程。看著這份不斷增加的清單，我對我們eVTOL的認證安全等級和效能非常有信心。

Slide 7 shows Vector, our Urban Air Traffic Management software. On top of the naming of the product, we were part of the integrated demonstration in the NATS BOTG at the Airspace World in Geneva earlier this year. With that being a tier one ANSP, we showcased our work in the Urban Air Traffic Management to a global audience.

幻燈片 7 顯示了 Vector，我們的城市空中交通管理軟體。除了產品命名之外，我們還參加了今年早些時候在日內瓦空域世界舉行的 NATS BOTG 綜合演示。作為一級空中航行服務提供者，我們向全球觀眾展示了我們在城市空中交通管理方面的工作。

As a reminder, we successfully conducted a five day exercise in the UK to test Vector with our partner FlexJet and Halo. This was used to validate and refine the software in the real world setting and we tested it under normal conditions and operation, but also under different conditions such as delays, bad weather, in-flight emergency and other potential unplanned operations. Vector will be an agnostic software to support fleet management and control of the airspace that we believe will help to scale the urban air mobility safely and globally.

謹此提醒，我們在英國成功與我們的合作夥伴 FlexJet 和 Halo 進行了為期五天的演習來測試 Vector。這用於在現實環境中驗證和完善軟體，我們在正常條件和操作下進行了測試，但也在不同的條件下進行了測試，例如延誤、惡劣天氣、飛行中的緊急情況和其他潛在的計劃外操作。Vector 將是一款支援機隊管理和空域控制的不可知論軟體，我們相信這將有助於在全球範圍內安全地擴展城市空中交通。

On slide 8 it shows the latest addition to our backlog. We signed an LOI, the letter of Intent with AirX for the complete package. AirX is the largest public helicopter air charter service in Japan and we will be collaborating with them to scale up the UAM there.

第 8 張投影片顯示了我們積壓的最新內容。我們與 AirX 簽署了一份意向書，即完整套餐的意向書。AirX 是日本最大的公共直升機包機服務公司，我們將與他們合作，擴大日本的 UAM 規模。

Not only they are willing to purchase 50 of our eVTOL, but they are also subscribing to the services and operating support businesses along with the Vector to manage their fleet.

他們不僅願意購買我們的 50 架 eVTOL，而且還訂閱服務和營運支援業務以及 Vector 來管理他們的機隊。

On slide 9, this brings us to the total backlog to 2,900 aircrafts and these are non-binding letter of Intent for 30 different customers spread over 13 countries and different businesses from the mainline to regional airlines to helicopter operators, ridesharing platform and living companies. We also have LOIs for Vector from 16 different customers and believe this reflects the market leading value proposition that we bring to our customers.

在幻燈片9 中，我們看到積壓飛機總數達到2,900 架，這些是針對分佈在13 個國家/地區的30 個不同客戶以及從幹線到支線航空公司到直升機運營商、乘車共享平台和生活公司等不同業務的不具約束力的意向書。我們還擁有 16 個不同客戶的 Vector 意向書，並相信這反映了我們為客戶帶來的市場領先的價值主張。

Importantly, the value of our backlog is now estimated at a $14.5 billion which is based on the list price of our eVTOL. We previously used a reference price to estimate the value of our backlog and using a list price is common practice in aviation and takes into account the different internal and external factors to define the standardized price practice in the sector.

重要的是，我們的積壓訂單價值目前估計為 145 億美元，這是根據我們的 eVTOL 的標價計算的。我們先前使用參考價格來估計積壓訂單的價值，而使用標價是航空業的常見做法，並考慮不同的內部和外部因素來定義該行業的標準化價格做法。

We will not disclose the aircraft price of each transaction and we will use the list price as a reference for the future transaction values. Beyond that, we are developing a strong network of partners in the areas such as infrastructure and energy to address one of the many challenges ahead of Urban Air Mobility, which is to create a whole new ecosystem besides simply developing an aircraft.

我們不會透露每筆交易的飛機價格，我們會以標價作為未來交易價值的參考。除此之外，我們正在基礎設施和能源等領域建立強大的合作夥伴網絡，以解決城市空中交通面臨的眾多挑戰之一，即除了簡單地開發飛機之外，還要創建一個全新的生態系統。

And because aircraft don't fly without proper maintenance and support, we are highly focused on providing the best-in-class services to eVTOL's operators. We have also secured contracts with twelve different customers for maintenance, repair and overhaul, what we commonly call MRO.

由於飛機如果沒有適當的維護和支援就無法飛行，因此我們高度重視為 eVTOL 營運商提供一流的服務。我們還與 12 家不同的客戶簽訂了維護、修理和大修合同，即我們通常所說的 MRO。

That will bring up to the $935 million in revenue to Eve over the five to ten years period. Importantly, these customers have placed LOIs for roughly 1,000 of our aircraft, which is about 35% of the order book. So we can potentially expand this business within our own customer base, just like we did in the past quarter with new -- two new service contracts. Now I'd like to invite the CFO, Edu, to go over the financial and along with the milestone checklist.

這將為 Eve 在五到十年內帶來高達 9.35 億美元的收入。重要的是，這些客戶已為我們約 1,000 架飛機下了意向書，約佔訂單量的 35%。因此，我們有可能在我們自己的客戶群中擴展這項業務，就像我們在上個季度透過新的兩份新服務合約所做的那樣。現在我想邀請財務長 Edu 來檢查財務狀況以及里程碑清單。

Thanks, Johann. Now moving to slide 10. Eve is a pre-operational company developing its eVTOL and the ecosystem around it. Currently, our financials reflect mostly the cost associated with our program development.

謝謝，約翰。現在轉到投影片 10。Eve 是一家預營運公司，開發 eVTOL 及其周圍的生態系統。目前，我們的財務狀況主要反映了與我們的專案開發相關的成本。

With that said, I want to highlight some of our numbers. Eve invested $27 million during the first quarter 2024 in our program as the development activities continue to speed up. The majority was invested in our eVTOL and a smaller portion in service and support solutions and the Urban Air Traffic Management system.

話雖如此，我想強調一下我們的一些數字。隨著開發活動不斷加快，Eve 在 2024 年第一季向我們的專案投資了 2,700 萬美元。大部分投資於我們的 eVTOL，一小部分投資於服務和支援解決方案以及城市空中交通管理系統。

We also deployed $6 million in SG&A during the quarter, which has been reasonably stable as we continue to control corporate expenses to focus our resources in the eVTOL development. Higher development expenses were partially offset by interest revenues and a mark to market gain in our warrants, resulting on a net loss of $25 million in the quarter, mostly flat versus the same period last year.

本季我們也部署了 600 萬美元的銷售管理費用，這一數字相當穩定，因為我們繼續控制公司開支，將資源集中在 eVTOL 開發上。較高的開發費用被利息收入和我們的認股權證按市值計價的收益部分抵消，導致本季淨虧損 2,500 萬美元，與去年同期基本持平。

Now moving to cash flow, our operations consumed $36 million in the quarter, up $16 million versus the same period of 2023 due to higher development spending. We ended the first quarter with $223 million in cash, down just 19 from fourth quarter 2023 as we drew another $50 million from our pre-approved credit line with the Brazilian Development Bank.

現在轉向現金流，由於開發支出增加，本季我們的營運消耗了 3,600 萬美元，比 2023 年同期增加了 1,600 萬美元。第一季結束時，我們的現金為 2.23 億美元，比 2023 年第四季僅減少 19 美元，因為我們從巴西開發銀行預先批准的信貸額度中提取了 5,000 萬美元。

We still have around $60 million available from this line that we expect to access in the upcoming quarters, helping Eve to hold its cash position. Eve remains comfortable with total liquidity of $280 million as of the end of the quarter and we believe it's enough to sustain our operations well into 2025.

我們仍然可以從這條線上獲得大約 6000 萬美元的資金，我們預計在接下來的幾個季度中可以獲得這些資金，幫助 Eve 保持現金狀況。截至本季末，Eve 仍對 2.8 億美元的總流動性感到滿意，我們相信這足以維持我們的營運到 2025 年。

Now moving to slide 11, we remain on track to deliver our milestones for 2024. As Johann pointed out earlier, we are advancing rapidly to conclude the assembly of our first full-scale prototype.

現在轉到投影片 11，我們仍有望實現 2024 年的里程碑。正如約翰之前指出的，我們正在迅速完成第一個全尺寸原型的組裝。

Once we conclude airframe assembly, we start ground tests in the second half of the year. In parallel, Brazil Certification Authority, ANAC, concluded its public hearing process in mid March to define the basis of certification.

機身組裝完成後，我們將在下半年開始地面測試。同時，巴西認證機構 ANAC 於 3 月中旬結束了公開聽證會流程，以定義認證的基礎。

The agency will now compile all comments and align them with comments made by other certifying agencies and OEMs. We expect the basis of certification to be published in 2024.

該機構現在將匯總所有評論，並將其與其他認證機構和原始設備製造商的評論保持一致。我們預計認證基礎將於 2024 年發布。

Lastly, we have started to prepare our first eVTOL manufacturing plant in an existing site of Embraer in Brazil. This is going to require new tooling, equipment and customization of the site, but this facility is already functional, saving us time and financial resources. We are also working to secure the necessary funding for the EBITDA industrialization through a long term financing.

最後，我們已開始在巴西航空工業公司的現有基地準備我們的第一個 eVTOL 製造工廠。這將需要新的工具、設備和現場定制，但該設施已投入使用，為我們節省了時間和財務資源。我們也致力於透過長期融資為 EBITDA 產業化提供必要的資金。

All of our 2024 efforts will consume between $130 million to $170 million throughout this year. With that, we conclude our remarks and I would like to open the call for questions. Operator please proceed.

我們 2024 年的所有工作今年將消耗 1.3 億至 1.7 億美元。我們的發言到此結束，我想開始提問。操作員請繼續。

See also 20 Largest Banks in the US by Asset Size in 2024 and 20 Countries with the Highest Literacy Rate in the World.

另請參閱 2024 年資產規模最大的 20 家美國銀行和全球識字率最高的 20 個國家。

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

謝謝。我們現在開始問答環節。（操作員說明）

Savi Syth, Raymond James.

薩維·賽斯，雷蒙德·詹姆斯。

Hey, good morning, everyone. I was curious on the plan to build kind of the next five aircraft following this first one. Are those going to be certification conforming if they're going to be used for testing, that's going to count towards certification? And also, just what's your thoughts around the timing of those? I'm guessing you would want to test the first one and then start working on those, but curious.

嘿，大家早安。我對繼第一架飛機之後建造接下來五架飛機的計劃感到好奇。如果它們要用於測試，那麼它們是否符合認證，這將計入認證？另外，您對這些時間安排有何想法？我猜你會想測試第一個，然後開始研究那些，但很好奇。

Hello. Savi it's Johann speaking. Thank you. Thank you for your question. Yes, indeed, we will have -- right now, we're doing the non-conforming prototype (inaudible) as we showed the pictures. And then the next step is to start, as of the second semester, the assembly of the conforming prototype. So we'll be with a full cabin, right. And there's going to be what the very much close -- very much close to what the Eve-100 will be eventually. We'll produce all those five prototypes next year will be assembled, and it will be part of the certification campaigns, all five of them.

你好。薩維，我是約翰。謝謝。謝謝你的問題。是的，確實，我們現在正在製作不合格的原型（聽不清楚），就像我們展示的圖片一樣。下一步是從第二學期開始組裝合格的原型。所以我們會有一個完整的小屋，對吧。將會非常接近 Eve-100 最終的樣子。我們將在明年組裝生產所有這五個原型，這將是所有五個原型認證活動的一部分。

That's helpful. And that's moving really quickly, which is encouraging. I'll say, if I might ask, on the production of the high volume production facility, I think, before, the thought was maybe modular design with capacity for 250 a year, and it looks like maybe that changed to 120. Just wondering what the process there was and the change of thinking there.

這很有幫助。而且進展非常快，這是令人鼓舞的。如果我可能問的話，我會說，關於大批量生產設施的生產，我認為以前的想法可能是模組化設計，每年產能為 250 輛，看起來可能會變成 120 輛。只是想知道那裡的過程是什麼以及那裡的思維變化。

Right. No, Savi, it never changed. Actually, those are two modules, but with some modules. So we go 120 first and then 240, then we expect, that's what we call the first module and then the 240 can become second module that you add to 240. So that's where you get the full capacity of our facility in Taubate in Brazil will be 580 -- 480, sorry, units a year, a year. Okay, so it never changed. It really -- it was always this rate.

正確的。不，薩維，它從未改變。實際上，這是兩個模組，但有一些模組。所以我們首先是 120，然後是 240，然後我們期望，這就是我們所說的第一個模組，然後 240 可以成為您添加到 240 的第二個模組。因此，我們位於巴西陶巴特的工廠的全部產能將是 580 - 480 台，抱歉，每年。好吧，所以它從未改變。真的——一直都是這個速度。

Okay. I must have misunderstood. That's great. Thank you.

好的。我一定是誤會了。那太棒了。謝謝。

Thank you.

謝謝。

Sheila Kahyaoglu, Jefferies.

希拉·卡哈奧格魯，杰弗里斯。

Thank you. Good morning, guys. I wanted to ask about just the order book. You increased it by 50 aircraft, but the pipeline amounts to $14.5 billion from $8.6 billion last quarter. And you mentioned that some list price versus reference prices. So maybe if you could talk about the change there, was it an accounting change? Why did you change it? And then it seems to suggest aircraft are going to be for $5 million less price versus $3 million previously. maybe I'm miscalculating something, but if you could tell us the right way to think about it.

謝謝。早上好傢伙。我只想問一下訂單簿的事。增加了 50 架飛機，但儲備金額從上個季度的 86 億美元增加到 145 億美元。您提到了一些標價與參考價格。那麼也許您可以談談那裡的變化，這是會計方面的變化嗎？為什麼改變它？然後似乎表明飛機的價格將比之前的 300 萬美元便宜 500 萬美元。也許我誤判了一些事情，但如果你能告訴我們正確的思考方式。

Thanks, Sheila. Thanks for the question. Yes, indeed, you noticed well, we're now to $14.5 billion. I think that now we're entering the phase of the campaign, sales campaign. We're passing also the LOI. We're still signing LOIs because interest from the customers keep coming to us, and of course, we entertain because at the end of the day, the LOI in the backlog shows and demonstrate the interest and demonstrate how the customers understand that Eve is bringing the whole solution.

謝謝，希拉。謝謝你的提問。是的，確實，您已經注意到了，我們現在已經達到 145 億美元。我認為現在我們正進入宣傳活動、銷售活動的階段。我們也將透過意向書。我們仍在簽署意向書，因為客戶不斷向我們提出興趣，當然，我們很高興，因為在一天結束時，積壓中的意向書顯示並展示了興趣，並展示了客戶如何理解 Eve 帶來的整個解決方案。

So we don't stop signing LOI. I think it's footprint that needs to grow. As of course, we will be eventually getting certification done as per the various countries. First will be the ANAC and FAA, but as we go, we'll expand. So that's why, LOIs, are important, important to demonstrate the solution that we're bringing.

所以我們不會停止簽署意向書。我認為它的足跡需要擴大。當然，我們最終將根據各個國家/地區完成認證。首先是 ANAC 和 FAA，但隨著我們的發展，我們將擴大範圍。這就是為什麼 LOI 非常重要，對於展示我們帶來的解決方案非常重要。

And it tells the world how once we certify, then customers will sign in for a personal agreement. But at the same time, we are really starting the sales campaign. And I think this is really best practice. Let's come up with a less price value, the backlog and as a reference price. And then of course, we don't disclose the price that we're negotiating the aircraft at. So I think it's better that way.

它告訴全世界，一旦我們進行認證，客戶將如何簽署個人協議。但同時，我們也真正開始了促銷活動。我認為這確實是最佳實踐。讓我們拿出一個較小的價格值、積壓量並作為參考價格。當然，我們不會透露我們正在談判的飛機價格。所以我認為這樣更好。

Okay.

好的。

Edu may be on the accounting wise. Sorry Sheila.

Edu 可能是在會計方面。對不起希拉。

There is no accounting on backlog. It's a non-US GAAP measure.

沒有積壓的會計。這是一項非美國公認會計準則衡量標準。

Perfect. Thank you. Thank you both.

完美的。謝謝。謝謝你們倆。

Thank you.

謝謝。

Austin Moeller, Canaccord.

奧斯汀·莫勒，Canaccord。

Hi, good morning, Johan and Edu. My first question here. Do you expect the $280 million in total liquidity to be sufficient to get development through all of 2025?

嗨，早上好，約翰和埃杜。我的第一個問題在這裡。您預計 2.8 億美元的流動性總額足以支持 2025 年全年的發展嗎？

Yes, we are very comfortable, guys, in terms of liquidity and cash, right. As we show in the first quarter, our cash position, the actual cash position only declined $19 million, was a very small decline because we access even though we increased, right, the cash consumption because we access $50 million from the long-term finance that we have from the Brazilian Development bank.

是的，夥計們，就流動性和現金而言，我們非常舒服，對吧。正如我們在第一季所顯示的，我們的現金頭寸，實際現金頭寸僅下降了 1900 萬美元，下降幅度非常小，因為即使我們增加了現金消耗，因為我們從長期融資中獲得了 5000 萬美元。我們從巴西開發銀行得到的。

We now have this $280 million still left, which is a pretty big cash position. We are discussing. I think, this combination of equity with long-term finance has been quite a successful funding strategy that we have implemented. We are discussing potential, additional, long-term finance lines so we are comfortable. I think this $280 million gives us well into 2025.

我們現在還剩下 2.8 億美元，這是一筆相當大的現金部位。我們正在討論。我認為，這種股權與長期融資的結合是我們實施的相當成功的融資策略。我們正在討論潛在的、額外的、長期的融資額度，因此我們感到放心。我認為這 2.8 億美元可以讓我們順利進入 2025 年。

I would say for sure second half of 2025 more towards the end of 2025. But as I said, we really like this mix of debt and equity, especially when it's a long-term debt that fits our profile. We are pre operational company, so long-term finances of 15, 16 years, those are the ones that fit our profile. And because of that, we are already exploring some additional long-term finance. So we are very comfortable in our liquidity will remain strong.

我一定會說 2025 年下半年、2025 年底。但正如我所說，我們真的很喜歡債務和股權的這種組合，尤其是當它是符合我們概況的長期債務時。我們是一家預營運公司，因此 15 年、16 年的長期財務狀況符合我們的情況。正因為如此，我們已經在探索一些額外的長期融資。因此，我們對流動性將保持強勁感到非常滿意。

Excellent. And then do you view the increased weight of using lifters and a pusher propeller as significant and impacting the range? Or was it more important to simplify certification by not using tilt rotors to get to that 2026 date?

出色的。那麼您是否認為使用升降機和推進螺旋槳增加的重量很重要並影響航程？或者透過不使用傾轉旋翼來簡化認證以達到 2026 年的日期更重要嗎？

So the question about the rotors is one that we really went very deeply in Austin and for us, it was very important to optimize the vehicle for the mission that we are proposing it to have. So with the urban mobility mission in mind, we see that the eventual loss of range that we have with respect to another configuration, for example, the tilt rotor configuration is more than offset with the gains that we have not only for the simpler systems that we get on this configuration, but also, for example, the clear path to certification.

因此，關於轉子的問題是我們在奧斯汀真正深入研究的一個問題，對我們來說，優化車輛以完成我們提議的任務非常重要。因此，考慮到城市交通任務，我們發現，相對於另一種配置（例如傾轉旋翼配置），我們最終失去的航程遠遠抵消了我們不僅為更簡單的系統所獲得的增益，我們得到了這個配置，而且還有，例如，清晰的認證路徑。

So it's really a matter of optimizing the vehicle and really making the choices that makes it most fit for the mission that is being proposed. And for our case, we think that this is the best balance that the vehicle can have.

因此，這實際上是優化車輛並真正做出選擇以使其最適合所提議的任務的問題。對於我們的案例，我們認為這是車輛可以擁有的最佳平衡。

That will add and coming from customer support and services also the aftermarket and the operation, the guarantee, the availability of the aircraft, which guarantee also the return for the operator, simplicity, more and more pieces subject to break on the field. And then of course, you need to have the competent mechanic and the parts on stock and on the site. So also a big advantage for the customer.

這將增加來自客戶支援和服務的售後市場和營運、保證、飛機的可用性，這也保證了營運商的回報、簡單性、越來越多的零件在現場損壞。當然，您還需要有稱職的機械師以及庫存和現場的零件。這對客戶來說也是一個很大的優勢。

Excellent. Thank you for the insight.

出色的。感謝您的見解。

Andres Sheppard, Cantor Fitzgerald.

安德烈斯·謝潑德，康托·菲茨杰拉德。

Yes, thank you. Good morning, everyone. Thanks for taking our question and congratulations on the quarter. I wanted to go back to the backlog and the revenue recognition from that. I realize you are not commenting on the negotiating prices with the customer. But I guess with the uptick in the listing price, I guess I'm just curious, are you basically -- are these customers going to now be paying a higher price than they initially expected? Does that change at all their interest in the LOIs, just like, in other words, if we go from three to five, will that have an impact in the order book or what's the best way to think about that? Thank you.

是的，謝謝。大家，早安。感謝您提出我們的問題並對本季表示祝賀。我想回到積壓訂單以及由此產生的收入確認。我知道您沒有評論與客戶的談判價格。但我想隨著掛牌價格的上漲，我想我只是好奇，你基本上 - 這些客戶現在會支付比他們最初預期更高的價格嗎？這是否會改變他們對意向書的興趣，換句話說，如果我們從三個增加到五個，這會對訂單產生影響嗎？謝謝。

Thank you, Andres. Thank you for putting the question. It's a good one. I think the customers we've been doing, we've been very close to our customers since the first time that we introduced the concept to them. But also when we negotiate the LOI and see the scope and also when we do those various Advisory Board, human machine interface workshop, we are developing the solution for them and together.

謝謝你，安德烈斯。感謝您提出問題。這是一件好事。我認為自從我們第一次向客戶介紹這個概念以來，我們一直與客戶保持著非常密切的關係。而且當我們協商意向書並了解範圍時，當我們參加各種顧問委員會、人機介面研討會時，我們正在為他們共同開發解決方案。

So they know the challenges that we have. They have been following up very closely. And I think this is part of transparency that we want with our customers. We are the frontiers of the technology here. We are all learning the things that we're learning as we go. This is why we have a prototype right now, and then we'll have the conforming for prototype later on.

所以他們知道我們面臨的挑戰。他們一直在密切跟進。我認為這是我們希望與客戶保持透明度的一部分。我們是這裡技術的前沿。我們都在學習我們正在學習的東西。這就是為什麼我們現在有一個原型，稍後我們將有原型的一致性。

And this transparency just makes sure that we built the business model for Eve, but also for the customer together, right. It's not only just for Eve, it's for the customer. At the end and that also goes back to the simplicity we're talking about it needs to be a vehicle that flies, and operates and gets the return for the customers.

這種透明度只是確保我們為 Eve 建立了業務模型，同時也為客戶建立了業務模型，對吧。這不僅是為了 Eve，也是為了客戶。最後，這也回到了我們所說的簡單性，它需要是一種能夠飛行、能夠運作並為客戶帶來回報的交通工具。

So when we have those discussion, we have different scenarios that we look, the optimistic scenario based -- depending on the, all the parameters, and the typical operator will have the lending fees, and operation fees, and what's the cost of the asset, and so on. So, having those different scenarios, it's a one-on-one discussion, but when it comes to the market, that's why we want to make sure that we have this blest prices, as you may call it.

因此，當我們進行這些討論時，我們會看到不同的場景，基於樂觀的場景 - 取決於所有參數，典型的運營商將收取借貸費用和運營費用，以及資產的成本是多少， 等等。因此，面對這些不同的場景，這是一對一的討論，但當涉及到市場時，這就是為什麼我們要確保我們擁有最優惠的價格，正如您所說的那樣。

I don't think the price right now is really what so determinant for the customers and for the backlog. I think that what is important for them is to make sure that we certify, we bring the technical solution of the aircraft. We make sure we also have the service and support team ready to support them for any interruption that we may have in the field, and yes, make a model that will just -- that will work for them, all right. So I think this is where we are.

我認為現在的價格對於客戶和積壓訂單來說並不是真正的決定性因素。我認為對他們來說重要的是確保我們進行認證，我們帶來飛機的技術解決方案。我們確保我們還有服務和支援團隊準備好為他們提供支持，以應對我們在現場可能遇到的任何干擾，是的，製作一個對他們有用的模型，好吧。所以我認為這就是我們現在的處境。

They want to be in, they want to make it happen and they understand there's a range, there's challenge, and we'll evolve those discussion with them as we go, especially on the price. And then does it back the backlog, as you said? At some point yes, probably. But I think what impacts the backlog is not the price of the vehicle, but it's the readiness of the ecosystem.

他們想要參與其中，他們想要實現這一目標，他們知道存在一個範圍，存在挑戰，我們將隨著我們的進展與他們進行討論，特別是在價格方面。然後它會像你說的那樣支持積壓嗎？在某些時候，可能是的。但我認為影響積壓的不是車輛的價格，而是生態系統的準備。

This is what's going to make an operator, choose one city on another, it just make sure that the ecosystem is ready. Once it's ready, then we'll have the operation up and running. And then, of course, we can go with firm orders and then optional, and then, just as you can see, we've shown it before, it's a program that has -- that needs to deliver the first airplane. We should retrain, this is the strategy of Eve. We have few key customers that we're working on. We get the ecosystem ready, get the operation ready, and then it will serve as a vitrine, and then we'll get the orders.

這就是為什麼營運商選擇一個城市到另一個城市的原因，它只是確保生態系統已經準備好。一旦準備就緒，我們就會啟動並運行操作。當然，我們可以選擇確定訂單，然後選擇可選訂單，然後，正如您所看到的，我們之前已經展示過，這是一個需要交付第一架飛機的計劃。我們應該重新訓練，這是夏娃的策略。我們正在合作的主要客戶很少。我們準備好生態系統，準備好運營，然後它將充當櫥窗，然後我們將收到訂單。

Got it. Okay, no, that's super helpful. I appreciate all that context. Maybe just a quick follow-up. I just wanted to clarify, apologies if I misunderstood this, but just on the timeline for your prototypes and test flights, so, if I understood correctly, you're expecting the first prototype to be assembled in Q2 of this year, and then the other four in the second half of the year. And then, similarly, to begin test flights of that first prototype in the second half of this year. I just want to make sure I got the timing right. Thank you.

知道了。好吧，不，這非常有幫助。我很欣賞所有這些背景。也許只是快速跟進。我只是想澄清一下，如果我誤解了這一點，我深表歉意，但只是在原型機和試飛的時間表上，所以，如果我理解正確的話，您預計第一個原型機將在今年第二季度組裝，然後是下半年還有另外四個。然後，同樣地，今年下半年開始第一架原型機的試飛。我只是想確保我的時機正確。謝謝。

Right. Thanks, Andres. That's important. Indeed, the first full scale piece of that without the cabin, non-conforming, as we call it, is being assembled and will be, let's say, assembled by the end of the second quarter. That's correct what you mentioned. But then we will start the production of the five conforming prototypes that will be finished, assembled next year, in 2025. Okay?

正確的。謝謝，安德烈斯。這很重要。事實上，第一塊沒有機艙的全尺寸部件，即我們所說的不合格部件，正在組裝中，可以說，將在第二季度末組裝完成。你說的那句話是對的。但隨後我們將開始生產 5 台符合標準的原型機，這些原型機將於明年 2025 年完成並組裝。好的？

I see. Okay. And then the test flights for the first one will be in beginning in the second half of this year.

我懂了。好的。第一次試飛將於今年下半年開始。

That is correct. That is correct. So we'll have different ground test that we'll be doing, like the ground vibration test, the electromagnetic interference, this type of thing, right, flight control system testing, instrumentation, and so on, before we can really start the flight test and eventually the flight.

那是對的。那是對的。因此，在我們真正開始飛行之前，我們將進行不同的地面測試，例如地面振動測試、電磁幹擾、飛行控制系統測試、儀器儀表等等。

Got it. Thank you so much. That's helpful. I'll pass it.

知道了。太感謝了。這很有幫助。我會通過的。

Thanks, Andres.

謝謝，安德烈斯。

Marcelo Motta, JPMorgan.

馬塞洛·莫塔，摩根大通。

Hi, everyone. Thank you for taking the questions two follow-up here. First, going back to the average price of the EBITDA, should we read that as just like a pass through of higher, let's say, construction cost or development cost? That doesn't necessarily mean that you have higher margin on the sale of those vehicles. So just this follow-up.

大家好。感謝您在這裡提出兩個後續問題。首先，回到 EBITDA 的平均價格，我們是否應該將其理解為更高的建築成本或開發成本的傳遞？這並不一定意味著您在銷售這些車輛時可以獲得更高的利潤。所以只是這個後續。

And on the certification you guys mentioned about the updates with ANAC conforming prototypes. So, the base case continued to be to have the certification by 2026. So, could we have any potential negative surprise here? So just to understand a little bit more on the timeline of the certification? Thank you.

在認證中，你們提到了符合 ANAC 的原型的更新。因此，基本情況仍然是到 2026 年獲得認證。那麼，我們可能會遇到任何潛在的負面驚喜嗎？那麼只是為了更了解認證的時間表嗎？謝謝。

Hi, Marcelo. Thank you for those two questions. The first one, you're talking about the margin, I think, again, we're creating a new segment. There's a lot of challenges whether it's on the COG side. We decided to go for the best-in-breed suppliers. It's a risk sharing partnership that we have with our suppliers.

嗨，馬塞洛。謝謝你提出這兩個問題。第一個，你在談論利潤，我認為，我們正在創造一個新的細分市場。無論是COG方面，都存在著許多挑戰。我們決定選擇最好的供應商。這是我們與供應商建立的風險共擔夥伴關係。

We decided to have them and go for help us only -- not only for the vehicle and the development, but also the production, the series, the certification and also the aftermarket. We're all learning, let's call it. We do have challenges when it comes to the weight, the performance of the vehicle. We have also on the lead time and also the -- well, the development in general. So I don't think it's about margin right here and making sure that we're going to be making a lot of margin on this vehicle.

我們決定讓他們只為我們尋求幫助——不僅是車輛和開發，還包括生產、系列、認證和售後市場。我們都在學習，讓我們稱之為吧。在車輛的重量和性能方面，我們確實面臨挑戰。我們還有交貨時間以及整體開發情況。因此，我認為這與利潤無關，並確保我們將在這輛車上獲得大量利潤。

Like I said it's to make sure that we first of all certify. We're very, very cautious and cost cautious about how we spend the money that we have right now and the cash. We talked about this. Edu made it clear that we're in a comfortable position, but got to be very careful, and that's what we're doing.

就像我說的，這是為了確保我們首先進行認證。對於如何使用我們現在擁有的資金和現金，我們非常非常謹慎和成本謹慎。我們討論過這個。埃杜明確表示，我們處於一個舒適的位置，但必須非常小心，這就是我們正在做的事情。

It needs to take us to the certification and it will be the second part of the question that you had or the answer that Valentini will give you an update. But right now it needs to be reasonable and what we're focused on is not only Eve to make money, but also the customer. It needs to make sense.

它需要帶我們進行認證，這將是您提出的問題的第二部分，或者瓦倫蒂尼將為您提供更新的答案。但現在需要合理，我們關注的不只是夏娃賺錢，還有客戶。它需要有意義。

There's actually no point of delivering eVTOLs to customers that will demonstrate not to be profitable for the operator. It will just only -- will be only selling in 100 of them, and that will be, it will kill the segment and that's not the purpose.

實際上，向客戶提供電動垂直起降飛機是沒有意義的，因為這將證明營運商無法獲利。它只會——只會售出 100 輛，那就是，它會扼殺這個細分市場，但這不是目的。

So I think this is exactly the sweet balance that we're trying to look for with the customers, with the operators to see first, yes, are we going to be charging and what's going to be the cost of eVTOLs? You got to get the return and how much you're going to be charging on the packs.

因此，我認為這正是我們試圖與客戶尋求的甜蜜平衡，而營運商首先要考慮的是，我們是否要收費以及 eVTOL 的成本是多少？您必須獲得退貨以及您將在包裝上收取多少費用。

And we all know that we want to go similar to a premium risk sharing platform, but it's a long way, right. You want to make sure that you can do this effectively. So I think it's a partnership that we have with our customers and both customers and ourselves and suppliers need to be profitable, so if we want to be for the long run and we want to be for the wrong run. And for the second part, Valentini.

我們都知道，我們想要類似於高級風險分擔平台，但這還有很長的路要走，對吧。您要確保您可以有效地做到這一點。所以我認為這是我們與客戶的合作關係，客戶、我們自己和供應商都需要獲利，所以如果我們想要長期發展，我們就希望走向錯誤的方向。第二部分是瓦倫蒂尼。

Yes. So, hi Marcelo, thank you for the question. So you remember that ANAC is developing a certification basis specific for our eVTOL project, as is the case with the FAA. And it's very important that we understand what the requirements are early on in the project so that we can define the vehicle solutions in a way that they will comply eventually with the requirements that are established, right.

是的。所以，嗨，馬塞洛，謝謝你的提問。所以您還記得，ANAC 正在為我們的 eVTOL 專案製定專門的認證基礎，就像 FAA 的情況一樣。非常重要的是，我們在專案早期就了解需求是什麼，以便我們能夠以最終符合既定需求的方式定義車輛解決方案，對吧。

So that's why we've been working so hard with ANAC, our primary certification authority to get these requirements defined and then be able to move on to other stages that we call means of compliance, detailed design standards, which really are the way in which we will show compliance to the requirements that are defined, right.

這就是為什麼我們一直與我們的主要認證機構 ANAC 努力合作，以定義這些要求，然後能夠進入我們稱之為合規手段、詳細設計標準的其他階段，這實際上是實現這些要求的方式。表示遵守已定義的要求，對吧。

We are confident in the step that we are today and how mature the basis of certification is. But of course we need it to advance and that's why we put that as one of the goals for this year. And so we are working both with ANAC, as I mentioned, and the FAA to make sure that what we have established will support the development of the vehicle for the next phases of the project.

我們對我們今天所取得的進展以及認證基礎的成熟程度充滿信心。但當然我們需要它來推進，這就是為什麼我們把它當作今年的目標之一。因此，正如我所提到的，我們正在與 ANAC 和 FAA 合作，以確保我們所建立的基礎能夠支援該專案下一階段的車輛開發。

We still have some significant uncertainties on how to align the bases with a basis of other authorities in Europe, for example. And we also have some significant uncertainty. And this is something that affects the whole industry, not only our project, on the operational requirements. So both ANAC and the FAA are still developing what the operational requirements will be for these vehicles.

例如，在如何使這些基礎與歐洲其他當局的基礎保持一致方面，我們仍然存在一些重大不確定性。我們也存在一些重大的不確定性。這是影響整個行業的事情，而不僅僅是我們的項目，對營運要求的影響。因此，ANAC 和 FAA 仍在製定這些車輛的操作要求。

This includes things like reserves for flight, but also includes training, pilot requirements, things like that. So there is still a lot to be done. This affects the development and we are working on that with the authorities. With respect to entry into service in '26, you mentioned we're still maintaining that date.

這包括飛行儲備等，還包括訓練、飛行員要求等。所以還有很多工作要做。這會影響發展，我們正在與當局合作解決這個問題。關於 26 年投入使用，您提到我們仍保留該日期。

We think that based on where we are today on the project, that's still something that we are targeting, but also depends as you pointed on the development that we have on the certification basis and with the authorities in general.

我們認為，根據我們目前在該專案上的進展，這仍然是我們的目標，但正如您所指出的，這也取決於我們在認證基礎上以及與當局的整體發展。

Perfect. Super clear. Thank you very much.

完美的。超級清晰。非常感謝。

Cai von Rumohr, TT Cowen.

蔡·馮·魯莫爾，TT Cowen。

Terrific. Thank you so much. Guys when do you expect to basically start flight test of the conforming prototype? And then secondly, when do you hope to start certification flight tests? And what are the other key milestones that we're looking for to get us to certification and maybe give us some time frame? I know it's not a specific date, but timeframe as to when you might start those? Thank you.

了不起。太感謝了。夥計們，你們預計什麼時候基本上開始合格原型機的飛行測試？其次，您希望什麼時候開始認證飛行測試？我們正在尋找哪些其他關鍵里程碑來讓我們獲得認證並可能給我們一些時間框架？我知道這不是一個具體的日期，而是你什麼時候可以開始這些的時間表？謝謝。

Hi Cai. Thanks for the question. So we are expecting to fly the prototypes in the second half of next year. We think that that's a timeline that supports the entry into service in 2026 because as you know, there is some maturing of the vehicles to be done during flight and then after this development period that we really start to get credit for the flights towards certification.

嗨蔡。謝謝你的提問。因此，我們預計原型機將在明年下半年試飛。我們認為這是一個支援 2026 年投入使用的時間表，因為如您所知，飛行器在飛行過程中需要進行一些成熟工作，然後在這個開發期之後，我們才真正開始獲得認證飛行的信用。

So there is usually, and that's the case with, let's say all of the projects, even with fixed wing airplanes, things like that, that you have some period in which you're flying to finalize. Let's say tuning of control laws, deflection of control surfaces eventually any aerodynamic fixes that have to be made. So you finalize the configuration, definition and in flight and then you really get to a configuration in which you can start taking credit for certification.

因此，通常情況下，所有的項目，即使是固定翼飛機，類似的事情，你都有一段時間來完成。比如說控制法則的調整、控制面的偏轉以及最終必須進行的任何空氣動力學修復。因此，您最終確定了配置、定義並在飛行中，然後您就真正獲得了可以開始獲得認證的配置。

So flying in the second half of next year is something that we believe will support this development, still in time for entry into service in 2026. With respect to important milestones, until then, certainly the certification basis definition is one of them.

因此，我們相信明年下半年的飛行將支持這一發展，並能及時在 2026 年投入使用。就重要的里程碑而言，在此之前，認證基礎定義無疑是其中之一。

We are working with ANAC, as we mentioned now that we have the commenting period closed, trying to support them as much as we can in their process of finalizing the certification basis, but also advancing, as I mentioned earlier, discussion on means of compliance, for example.

我們正在與ANAC 合作，正如我們現在提到的，我們已經結束了徵求意見期，在最終確定認證基礎的過程中盡力支持他們，但正如我之前提到的，我們也推進了有關合規手段的討論， 例如。

So these next steps of the certification process, such as defining what the means of compliance will be, and then the certification plans being approved by the authorities will support the taking credit of the flights for certification.

因此，認證過程的後續步驟，例如定義合規手段，然後當局批准的認證計劃將支援對航班進行認證。

So there will be other stages that we will communicate after finalizing the certification bases. These I believe will also help you to see the progress and the preparedness for the start of the flight test for certification.

所以在最終確定認證基礎之後，我們也會進行其他階段的溝通。我相信這些也將幫助您了解認證飛行測試的進展和準備。

Thanks a lot. And then what are the key technology challenges you anticipate? For example, I know with beta, which is the other eVTOL, it has a lift cruise design. I think the transition from lift phase to cruise, they basically, I think have done it now, but that took them a little longer than expected. What do you think the key tech challenges are? Maybe for Valentini?

多謝。那麼您預計的關鍵技術挑戰是什麼？例如，我知道 beta 版是另一個 eVTOL，它具有升降巡航設計。我認為從升力階段到巡航的過渡，他們基本上，我認為現在已經做到了，但這花費的時間比預期的要長一些。您認為關鍵的技術挑戰是什麼？也許是為了瓦倫蒂尼？

Sure. So I think there are a few. I mean, one I think that everybody encountered first was making everything work with the electric power, right? So using batteries only, we know that the batteries today still are quite limited for longer ranges, but also for higher payloads, right?

當然。所以我認為有幾個。我的意思是，我認為每個人首先遇到的就是用電力讓一切運轉起來，對嗎？因此，僅使用電池，我們知道今天的電池對於更長的續航里程和更高的有效載荷仍然相當有限，對嗎？

So it's making this integration and having the vehicles work is a challenge, I think that everybody that is on the stage of development that we are, have already encountered. Then after that there are some challenges with respect to flights. So for example, these vehicles they don't have an inherent stability and flight that conventional fixed wing configurations have. And so that means that we are much more dependent on the fly-by-wire flight control systems, for example.

因此，進行這種整合並使車輛正常工作是一個挑戰，我認為處於我們所處開發階段的每個人都已經遇到過。此後，航班方面出現了一些挑戰。例如，這些飛行器不具備傳統固定翼配置所具有的固有穩定性和飛行能力。因此，這意味著我們更加依賴電傳飛行控制系統。

And so this is something that has to be developed in these new transition phases or these new phases of flight that eVTOLs have, right? Being a Lift + cruise or a tilt rotor or any other configuration there is a change in flight between the hover flight and the cruise flight that requires a lot of complexity on the fly-by-wire flight control. So this is something that we see for us that will be a significant challenge also.

因此，這是必須在 eVTOL 的新過渡階段或新飛行階段中開發的東西，對吧？作為升力+巡航或傾斜旋翼或任何其他配置，懸停飛行和巡航飛行之間存在飛行變化，這需要電傳飛行控制的大量複雜性。因此，我們認為這對我們來說也將是一個重大挑戰。

But it's one that we feel prepared with the background that we bring from Embraer of developing flight control systems with fly-by-wire something that we have been doing at Embraer or that Embraer has been doing for the last few projects, right. So Praetor, C-390, E2 these are all fly-by-wire airplanes in which we are basing very much of our technology, and it's something that we bring with very high maturity.

但我們覺得我們已經做好了準備，因為我們從巴西航空工業公司帶來了開發電傳飛行控制系統的背景，這是我們在巴西航空工業公司一直在做的事情，或者是巴西航空工業公司在過去幾個專案中一直在做的事情，對吧。Praetor、C-390、E2 這些都是電傳操縱飛機，我們的大部分技術都基於這些飛機，而且我們帶來的技術非常成熟。

So -- so I think that combining just to summarize the systems with the battery power in the eVTOL flight, and the vertical flight is a challenge that I think everybody has faced. And then getting this to fly in the different phases of flight especially with the fly-by-wire that I mentioned, I think is something that will also be challenging for all of the manufacturers.

因此，我認為將 eVTOL 飛行中的系統與電池電量相結合，以及垂直飛行是我認為每個人都面臨的挑戰。然後讓它在不同的飛行階段飛行，特別是我提到的電傳操縱，我認為這對所有製造商來說也是一個挑戰。

Terrific. Thank you. Great answer. I have one last question, which is, as you know, I think the FAA is expected to -- has a schedule to finalize the operational requirements, where two of the keys are, what is the reserve requirement and the training? Do we need to be able to have two pilots upfront to do the training?

了不起。謝謝。很好的答案。我還有最後一個問題，正如你所知，我認為美國聯邦航空管理局預計將製定一份最終確定運行要求的時間表，其中兩個關鍵是，儲備要求和培訓是什麼？我們是否需要預先安排兩位飛行員來進行訓練？

Do you know where they are on that? And do you still expect the FAA, and I assume ANAC also to kind of reach finalization of the operational requirements because obviously that will have some impact on whether your design needs to be changed or not? Thank you.

你知道他們在這方面的處境嗎？您是否仍然期望美國聯邦航空局（FAA）以及我認為美國國家航空委員會（ANAC）能夠最終確定操作要求，因為顯然這會對您的設計是否需要更改產生一些影響？謝謝。

Yes. No, thank you, Cai. These are very important points. You've been following that the FAA has been going through, I think quite a significant process in the development of these requirements, right. And the industry has had, I think, previously an expectation that these would be finalized by now. There was, you remember the publication of a draft of these requirements last year.

是的。不，謝謝你，蔡。這些都是非常重要的一點。您一直在關注美國聯邦航空局正在經歷的事情，我認為在製定這些要求方面這是一個非常重要的過程，對吧。我認為，業界先前曾預期這些現在將會最終確定。你還記得去年發布了這些要求的草案。

These were, I think, received a significant pushback from the industry. And a couple of the most important points are the ones you brought, right. But there is really, I think an expectation from the part of the industry that they are finished soon, but we don't really have a very clear visibility from the FAA when that will happen.

我認為，這些都受到了業界的強烈抵制。最重要的幾點就是你帶來的，對吧。但我認為業界確實期望它們很快就能完成，但我們並沒有從美國聯邦航空局得到非常明確的訊息。

So there is, I think we have the same information that you mentioned that we have the expectation that by the end of the year there's going to be a new publication. We expect this to be final publication of the requirements. We expect, I think, as Eve, but also as industry, that there is significant change.

因此，我認為我們擁有與您提到的相同的信息，我們預計到今年年底將會有一份新的出版物。我們預計這將是這些要求的最終發布。我認為，身為夏娃，也作為整個產業，我們預期會發生重大變化。

For example, on requirements for pilot training and reserves, but there's really not a clear statement from the FAA where that will end, where these will be when final publication comes and when that will happen. So we still work with this timeframe that you mentioned of the second semester, but without any more detail than that.

例如，關於飛行員培訓和儲備的要求，但美國聯邦航空局確實沒有明確聲明這將在哪裡結束，最終發佈時將在哪裡以及何時發生。因此，我們仍然按照您提到的第二學期的時間框架進行工作，但沒有更多細節。

And thank you. Ladies and gentlemen, this concludes our question-and-answer session. I will turn the conference back over to Lucio Aldworth for any closing remarks.

謝謝你。女士們先生們，我們的問答環節到此結束。我將把會議轉回給盧西奧·奧爾德沃斯發表閉幕詞。

Thank you, Chad. And thanks to everyone who joined the call today. As you can see, we accomplished several important milestones this past quarter. We're fully engaged and moving fast and there's much more to come. So we're going to continue updating you on our prototype, on the progress throughout the next few quarters, as well as the prototype to progress and look forward to meeting you in the upcoming events we are going to attend. As always, if you have any questions, please don't hesitate to reach out to me or to my team. Thanks and have a good day.

謝謝你，查德。感謝今天加入電話會議的所有人。如您所見，我們在上個季度實現了幾個重要的里程碑。我們正在全力投入並快速行動，還有更多的事情要做。因此，我們將繼續向您通報我們的原型、未來幾季的進展情況以及原型的進展情況，並期待在我們即將參加的即將舉行的活動中與您見面。一如既往，如果您有任何疑問，請隨時與我或我的團隊聯繫。謝謝，祝你有美好的一天。

The conference has concluded. Thank you for attending today's presentation. You may now disconnect.

會議結束了。感謝您參加今天的演講。您現在可以斷開連線。