Eve Holding Inc (EVEX) 2024 Q2 法說會逐字稿

Good day and welcome to the Eve Holding, Inc. Second Quarter 2024 Earnings Call. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎參加 Eve Holding, Inc. 2024 年第二季財報電話會議。（操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Lucio Aldworth, Head of Investor Relations. Please go ahead.

我現在想將會議交給投資者關係主管 Lucio Aldworth。請繼續。

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 second quarter 2024 earnings conference call.

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 2024 年第二季財報電話會議。

Our CEO, Johann Bordais; and CFO, Eduardo Couto, are joining me on the call today. And after their prepared remarks, we are going to open the call for questions at which point Luiz Valentini, our Chief Technology Officer, will also join us for more technical questions.

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。在他們準備好的演講之後，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。

We did prepare a deck with a few slides and additional pictures that show our achievements in the quarter, as well as the rollout of our first full-scale prototype and that's on our website at ir.eveairmobility.com. So please feel free to download it and follow along.

我們確實準備了一個包含幾張幻燈片和其他圖片的平台，展示了我們在本季度取得的成就，以及我們第一個全尺寸原型的推出，這些內容位於我們的網站 ir.eveairmobility.com 上。因此，請隨意下載並繼續操作。

Let me first state that this presentation 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.

首先我要聲明，本簡報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 forward-looking statements.

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前瞻性陳述。

We undertake no obligation to update publicly or revise any forward-looking statements because of new information, future events, or other factors. 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.

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。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。

With that, I will now turn the presentation over to our CEO. Johann?

現在，我將把演講轉交給我們的執行長。約翰？

Thanks, Lucio. Good morning and thank you for joining the call today. We had a very special and exciting second quarter. We continued to advance in our program and we reached a very important milestone. As we had anticipated before, we completed the assembly of our prototype and we rolled it out to the hanger for the first time in early July. This is a traditional ceremony to present a new aircraft to the public, the press and investors.

謝謝，盧西奧。早安，感謝您今天加入通話。我們度過了一個非常特別和令人興奮的第二季。我們繼續推進我們的計劃，並達到了一個非常重要的里程碑。正如我們之前預期的那樣，我們完成了原型的組裝，並在 7 月初首次上架。這是向公眾、媒體和投資者展示新飛機的傳統儀式。

As a reminder, this is a full-scale engineering prototype without cabin nor cockpit, made of composite materials that will be piloted remotely. This prototype will be used to validate and improve the accuracy of previous subscale and computer models. It will also be served to build on several rigs that we have for different individual components.

提醒一下，這是一個沒有機艙和駕駛艙的全尺寸工程原型，由複合材料製成，將進行遠端駕駛。該原型將用於驗證和提高先前的子量表和計算機模型的準確性。它還將用於在我們為不同的單獨組件擁有的多個鑽機上進行建造。

We will now start a series of ground tests before moving to hover and full transition flight test. We expect these tests to initiate later this year, and they will be performed at the same Embraer facilities in Gaviao Peixoto, also known and called GPX, in the state of Sao Paulo. GPX offers an unparalleled infrastructure for test flight that was specially and specifically designed to test Embraer's prototype aircraft.

我們現在將開始一系列地面測試，然後進行懸停和完全過渡飛行測試。我們預計這些測試將於今年稍後啟動，並將在位於聖保羅州加維亞奧佩肖托（也稱為 GPX）的同一巴西航空工業公司工廠進行。GPX 提供無與倫比的試飛基礎設施，專門用於測試巴西航空工業公司的原型機。

In parallel, we continue to down select suppliers and sign binding contracts. These define technical specification for the component and commercial aspect with volume, unit prices and aftermarket support conditions. Just last month, we selected KRD Luftfahrttechnik, Latecoere, RALLC and Alltec.

同時，我們繼續篩選供應商並簽署具有約束力的合約。這些定義了組件的技術規格和商業方面的數量、單價和售後支援條件。就在上個月，我們選擇了 KRD Luftfahrttechnik、Latecoere、RALLC 和 Alltec。

As a reminder we had selected earlier in the year, KAI for the pilots, Aciturri for the wings, Crouzet for the piloting sector and also FACC for the tail section of our eVTOL. We have now completed the selection of what we call the flight critical component suppliers for our aircraft, and we'll continue to work on defining the noncritical partners. We will come back to this later on.

提醒一下，我們在今年早些時候為飛行員選擇了 KAI，為機翼選擇了 Aciturri，為駕駛部分選擇了 Crouzet，為 eVTOL 的尾部選擇了 FACC。我們現在已經完成了飛機飛行關鍵零件供應商的選擇，我們將繼續努力確定非關鍵合作夥伴。我們稍後會再討論這個問題。

Now moving to the next two slides, we will show some pictures of the rollout event and the aircraft itself. These show the full-scale of our prototype, which by the way, will closely resemble to the commercial version. As we mentioned before, our eVTOL will have similar dimension to most widely used helicopter so that it fits the helipad and also carry the same number of passengers.

現在轉到接下來的兩張投影片，我們將展示一些展示活動和飛機本身的圖片。這些展示了我們原型的全尺寸，順便說一下，它與商業版本非常相似。正如我們之前提到的，我們的 eVTOL 將具有與最廣泛使用的直升機相似的尺寸，以便它適合直升機停機坪並承載相同數量的乘客。

One interesting fact is that the prototype is made of multiple composite panels that are easily detachable, removable. This will allow us to have an easy access to the internal electric and electronic components and facilitate any operation that we may need to be done during the flight test campaign.

一個有趣的事實是，該原型由多個複合面板製成，可輕鬆拆卸、拆卸。這將使我們能夠輕鬆接觸內部電氣和電子零件，並方便我們在飛行測試期間可能需要完成的任何操作。

We always had safety and simplicity in mind when defining the lift plus cruise configuration for our eVTOL. With these fixed components, we believe that our air product will have many advantages that will allow operators to be profitable with lower maintenance and operating costs and higher availability for their missions. This simpler design also will benefit to the certification campaign.

在為我們的 eVTOL 定義升力加巡航配置時，我們始終牢記安全性和簡單性。有了這些固定組件，我們相信我們的空氣產品將具有許多優勢，使營運商能夠以更低的維護和營運成本以及更高的任務可用性來獲利。這種更簡單的設計也將有利於認證活動。

Lastly, our commercial eVTOL will have Embraer's fifth-generation fly-by-wire system. This is a proven technology that has been successfully improving safety and passenger comfort in some of the Embraer commercial executive and military aircraft, and we have access to it. This, in my view, is yet another competitive advantage that Eve has, and it will become eventually clearer to investors over time.

最後，我們的商用電動垂直起降飛機將配備巴西航空工業公司的第五代電傳操縱系統。這是一項經過驗證的技術，已成功提高了巴西航空工業公司一些商用公務機和軍用飛機的安全性和乘客舒適度，我們可以使用它。在我看來，這是 Eve 的另一個競爭優勢，隨著時間的推移，投資者最終會變得更加清楚。

Now moving on to the Slide 6, it shows the next steps of our test campaigns for our engineering prototype. We will now start ground tests to validate thrust, energy consumption, sound, vibration and other tests before to move to the actual flight test campaign. As we have always done, we will approach the test campaign very conservatively and only move forward with the minimal risk.

現在轉到投影片 6，它顯示了我們工程原型測試活動的後續步驟。我們現在將開始地面測試，以驗證推力、能耗、聲音、振動和其他測試，然後再進行實際的飛行測試活動。正如我們一貫所做的那樣，我們將非常保守地進行測試活動，並以最小的風險推進。

We will initially perform the hover flight tied up to the ground and gradually increase the power and height. Then we will move to the partial transition. This is when we engage the pusher without fully disengaging the lifters to continue controlling the aircraft horizontally and only then we will move to the full transition flights.

我們將首先進行與地面綁在一起的懸停飛行，並逐漸增加功率和高度。然後我們將進入部分過渡。這是當我們接合推進器而不完全脫離升降器以繼續水平控制飛機時，只有那時我們才會進入完整的過渡飛行。

The next couple of slides show a bit more of the engineering infrastructure that we are accessing at the Gaviao Peixoto and the GPX facilities. Again, this is where Embraer manufacturers and tests most of its commercial, executive and military aircraft and it's the home of the largest runway in the southern hemisphere and the fourth largest in the world. This is a state-of-the-art facility with all the necessary infrastructure for test flights and has been available to Eve Air Mobility.

接下來的幾張投影片展示了我們在 Gaviao Peixoto 和 GPX 設施中訪問的更多工程基礎設施。這裡也是巴西航空工業公司製造和測試大部分商用、公務和軍用飛機的地方，也是南半球最大、世界第四大跑道​​的所在地。這是一個最先進的設施，擁有試飛所需的所有基礎設施，並已可供 Eve Air Mobility 使用。

In fact, this is where our prototype was built and will be tested and it's the houses of custom-built rig that is mounted on the truck. We drive it down the runway to mimic what is the real-life aerodynamic drag, vibration or other performance criteria, which we will test with different configuration. We'll also validate and refine our computer models and ultimately improve the design of the motor, propeller, wings of our aircraft.

事實上，這是我們的原型製造和測試的地方，也是安裝在卡車上的定制裝備的房屋。我們駕駛它沿著跑道行駛，以模擬現實生活中的空氣動力阻力、振動或其他性能標準，我們將使用不同的配置進行測試。我們還將驗證和完善我們的電腦模型，並最終改進飛機的引擎、螺旋槳和機翼的設計。

At the same time, we have another high-tech truck that will be the nerve center for the remote flying testing phase of our prototype. The truck is equipped with all the necessary equipment for the pilots. Our first prototype will be remote controlled, along with different teams to constantly monitor different telemetry variables of the aircraft. Our prototype has also been fitted with several strategically placed cameras that will also feed real-time images to the team in the truck.

同時，我們還有另一輛高科技卡車，它將成為我們原型機遠端飛行測試階段的神經中樞。這輛卡車配備了飛行員所需的所有設備。我們的第一個原型機將是遠端控制的，與不同的團隊一起不斷監控飛機的不同遙測變數。我們的原型還配備了幾個戰略性放置的攝像頭，這些攝像頭還將向卡車上的團隊提供即時圖像。

Now getting to Slide 9, we can see the latest addition to our component suppliers list, which we will start using with the first five or six conforming prototypes. So far, in 2024, we announced several suppliers, FACC to provide the control surface and Empennages, Aciturri for the wings, Crouzet for the pilot control sector or joystick as we call it sometimes and we also have signed with Thales for the sensors, Honeywell for the guidance and navigation and lastly, Recaro IRO for the seats.

現在轉到投影片 9，我們可以看到元件供應商清單中最新添加的內容，我們將開始將其與前五到六個合格原型一起使用。到目前為止，在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 提供飛行員控制部分或我們有時所說的操縱桿，我們也與泰雷茲簽署了感測器供應商協議，霍尼韋爾用於指導和導航，最後，Recaro IRO 用於座椅。

In the first quarter of 2024, we added KAI for the pylons to this list and now we have added KRD for the polycarbonate windows, Latecoere for the doors, RALLC and Alltec for the fuselage component. With these additions, we have completed the selection of our primary component suppliers. We have been using a best-of-breed approach to bring suppliers with experience, innovation and certification. Importantly, they will also support us in the certification campaign and throughout the eVTOL lifecycle.

2024 年第一季度，我們將用於塔架的 KAI 添加到此列表中，現在我們又添加了用於聚碳酸酯窗戶的 KRD、用於門的 Latecoere、用於機身組件的 RALLC 和 Alltec。透過這些補充，我們已經完成了主要零件供應商的選擇。我們一直採用最佳方法為供應商提供經驗、創新和認證。重要的是，他們還將在認證活動和整個 eVTOL 生命週期中為我們提供支援。

Lastly, these contracts have a defined price and quantity schedule with a scale function with a reduction in unit prices as we reach higher eVTOL volumes of production. This will provide economies of scale as we increase our output.

最後，這些合約有明確的價格和數量計劃，具有規模函數，隨著我們達到更高的 eVTOL 生產量，單價會降低。隨著我們產量的增加，這將帶來規模經濟。

We still have a few suppliers to select, but these are the noncritical for the aircraft performance, whether they are off-the-shelf components such as the ELT or the VHF or optional like the skids or landing gears, lights and supports. And when I look at this list, I'm very confident on the high level of safety, certification and performance of our eVTOL.

我們仍然有一些供應商可供選擇，但這些對於飛機性能來說並不重要，無論它們是 ELT 或 VHF 等現成組件，還是滑橇或起落架、燈光和支架等可選組件。當我看到這份清單時，我對我們 eVTOL 的高水準安全性、認證和效能非常有信心。

Now on Slide 10, our total preorder backlog stands at 2,900 aircraft for a value of a total USD14.5 billion based on the list price. These are nonbinding Letters of Intent from 30 different customers, spread over 13 countries and different businesses from the mainline to regional airlines to helicopter operators, ride-sharing platforms and leasing companies. We also have LOIs for VECTOR, our UATM software from 16 different customers and believe that this reflects the market leading value proposition we bring to our customers.

現在在投影片 10 上，我們的預購訂單總量為 2,900 架飛機，根據標價計算，總價值為 145 億美元。這些是來自 30 個不同客戶的不具約束力的意向書，這些客戶遍布 13 個國家和不同的企業，從幹線航空公司到支線航空公司，再到直升機運營商、共乘平台和租賃公司。我們還擁有 16 個不同客戶的 VECTOR（我們的 UATM 軟體）的意向書，並相信這反映了我們為客戶帶來的市場領先的價值主張。

Beyond that, we are developing a strong network of partners in 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. 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 12 different customers for the maintenance, repair and overhaul what we call also the MRO that could bring up to $1.2 billion of revenue for Eve over the first five years of operation.

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。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，我們稱之為 MRO，這可以在運營的前五年為 Eve 帶來高達 12 億美元的收入。

Now I would like to invite our CFO, Edu, to go over our financials along with the milestone checklist.

現在我想邀請我們的財務長 Edu 來檢查我們的財務狀況以及里程碑清單。

Thanks, Johann. Now move to Slide 11. Eve is a preoperational company developing its eVTOL and the ecosystem around it. Currently, our financials reflect mostly the costs associated with our program development. With that said, I want to highlight some of our numbers.

謝謝，約翰。現在轉到投影片 11。Eve 是一家預營運公司，正在開發 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。話雖如此，我想強調一下我們的一些數字。

Eve invested $36 million during the second quarter 2024 in our program development as R&D activities continue to speed up with more head counts and high engagement from suppliers. The majority was invested in our eVTOL aircraft and a smaller portion in service and support and the urban air traffic management software.

隨著研發活動隨著人員數量的增加和供應商的高度參與而不斷加快，Eve 在 2024 年第二季度投資了 3,600 萬美元用於我們的專案開發。大部分投資於我們的電動垂直起降飛機，一小部分投資於服務和支援以及城市空中交通管理軟體。

We also deployed $5 million in SG&A during the quarter, which has been reasonably stable as we continue to control corporate expenses to focus our resources on the eVTOL development. Higher development expenses in the second quarter were partially offset by interest revenues and a mark-to-market gain in our warrants, resulting in a net loss of $36 million in the second quarter of 2024.

本季我們也部署了 500 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。第二季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 2024 年第二季淨虧損 3,600 萬美元。

Now moving to cash flow. Our operations consumed $31 million in the quarter, up $4 million versus the same period of 2023 due to higher development spending. It's important to highlight that we drew another $14 million from our preapproved credit line with the Brazilian Development Bank during the second quarter. And with that, we ended the first quarter with $206 million in cash, down only $16 million from first quarter 2024.

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 3,100 萬美元，比 2023 年同期增加了 400 萬美元。需要強調的是，第二季我們從巴西開發銀行預先批准的信貸額度中又提取了 1,400 萬美元。這樣，我們第一季末的現金為 2.06 億美元，比 2024 年第一季僅減少了 1,600 萬美元。

We still have approximately $38 million available from this line that we expect to access in the upcoming quarters. This is going to continue to help Eve to preserve its cash position.

我們仍然可以從這條線上獲得大約 3800 萬美元的資金，我們預計將在未來幾季獲得。這將繼續幫助 Eve 保持其現金狀況。

Now moving to Slide 12, please. In early July, a few days after the end of the second quarter, we announced an additional equity raise of $96 million. This private placement included new funds from strategic investors like Embraer, Nidec and Space Florida as well as some financial investors. With this new equity, we managed to attract new investors to our cap table, which in our view, sends a strong message as to the soundness of our development program, its competitive advantages and the credibility of our company.

現在請轉到投影片 12。7 月初，第二季結束後幾天，我們宣布追加 9,600 萬美元的股權融資。此次私募包括來自巴西航空工業公司、日本電產和Space Florida等策略投資者以及一些財務投資者的新資金。憑藉這筆新股權，我們成功吸引了新投資者加入我們的股權結構表，我們認為，這向我們的發展計劃的健全性、競爭優勢和公司的信譽發出了強烈的信息。

At the same time, we continue to enjoy a strong relationship with Embraer, who remains our controlling shareholder with 83% participation at Eve. Considering the new fund, our second quarter pro forma liquidity reached approximately $340 million. I think this new cash improves what was already a comfortable financial position, considering our commitments to the program in the foreseeable future and secure our operations for multiple years ahead.

同時，我們繼續與巴西航空工業公司保持著牢固的關係，巴西航空工業公司仍然是我們的控股股東，擁有 Eve 83% 的股份。考慮到新基金，我們第二季的預計流動資金達到約 3.4 億美元。考慮到我們在可預見的未來對該計劃的承諾，我認為這筆新現金改善了本已舒適的財務狀況，並確保了我們未來多年的營運。

As a reminder, we expect to invest around $130 million to $170 million this year, and our cash consumption should intensify next year with the assembly of 5 conforming prototypes as previously mentioned, and investments in our manufacturing site in Brazil, our Taubate plant.

提醒一下，我們預計今年將投資約 1.3 億至 1.7 億美元，隨著前面提到的 5 個合格原型的組裝以及對巴西製造基地陶巴特工廠的投資，明年我們的現金消耗應該會增加。

Now moving to Slide 13. We remain on track to deliver our milestones for 2024 and in fact, just checked the assembly of our first full-scale prototype and presented it publicly a few weeks ago as initially planned. We will now start ground tests in the second half of the year, but we want to call attention to the delivery of electric motors as they are in the critical path for some of our prototype tests in the second half, and we are monitoring it closely.

現在轉到投影片 13。我們仍在按計劃實現 2024 年的里程碑，事實上，我們剛剛檢查了我們第一個全尺寸原型的組裝情況，並在幾週前按照最初計劃公開展示了它。我們現在將在下半年開始地面測試，但我們希望引起人們對電動馬達交付的關注，因為它們是我們下半年一些原型測試的關鍵路徑，我們正在密切監視它。

In parallel, Brazil certification authority, ANAC, concluded its public hearing process in mid-March to define the basis of certification. The agency is now compiling all comments, and we expect the basis of certification to be published this year. Lastly, we continue to prepare our first eVTOL manufacturing plant in an existing site of Embraer in Brazil in the City of Taubate.

同時，巴西認證機構 ANAC 於 3 月中旬結束了公開聽證會程序，以定義認證的基礎。該機構目前正在匯總所有意見，我們預計認證基礎將於今年發布。最後，我們繼續在巴西航空工業公司位於巴西陶巴特市的現有基地準備我們的第一個 eVTOL 製造工廠。

We're also working to secure the necessary funding for the eVTOL industrialization through a long-term financing. All our 2024 efforts will consume between $130 million to $170 million throughout this year. It's important to mention that the recent depreciation of the Brazilian currency versus the US dollar will help to reduce our cash consumption this year as the majority of our expenses are in the Brazilian currency.

我們也致力於透過長期融資為 eVTOL 產業化提供必要的資金。我們 2024 年的所有工作今年將消耗 1.3 億至 1.7 億美元。值得一提的是，最近巴西貨幣兌美元貶值將有助於減少我們今年的現金消耗，因為我們的大部分支出都是以巴西貨幣計算的。

With that, we conclude our remarks, and I would like to open the call for questions. Operator, please proceed.

我們的發言到此結束，我想開始提問。接線員，請繼續。

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 wondering, you mentioned the electric motors. I was wondering what kind of the expectation on when those will be delivered. And as you kind of contemplate building those certification conforming prototypes for next year, what do you need to see before you start building those? Is it anything around the test campaign or what are the factors that will decide when you move forward with that?

嘿大家早安。我想知道，你提到了電動機。我想知道這些產品何時交付會有什麼樣的期望。當您考慮為明年建立那些符合認證的原型時，在開始建造這些原型之前您需要看到什麼？與測試活動有關嗎？

Hello, Savi. Thank you for the question. Yes, it was mentioned that now we've done the rollout of the prototype and what we call it the engineering prototype, which is different from the conforming prototype, which we'll start building next year, and we'll have five to six conforming prototypes that we'll use with the certification authorities ANAC to get the certification, okay? So we did mention that the critical path on the electrical motor and we're talking about the engineering prototype, okay? So that was what we mentioned here.

你好，薩維。謝謝你的提問。是的，有人提到，現在我們已經完成了原型的推出，我們稱之為工程原型，這與我們將於明年開始建造的合格原型不同，我們將有五到六個我們將使用符合認證機構ANAC的原型來獲得認證，好嗎？所以我們確實提到了電動馬達的關鍵路徑，我們正在談論工程原型，好嗎？這就是我們在這裡提到的。

Thanks for the clarity. So just wondering when you're expecting the electric motor delivered? And if there's anything in the testing that you're doing here with that engineering prototype that will then decide when you start building the conforming prototypes.

感謝您的澄清。那麼只是想知道您預計什麼時候交付電動馬達？如果您正在使用該工程原型進行任何測試，那麼它將決定您何時開始建立合格的原型。

Well, Valentini? Can you explain the process here?

嗯，瓦倫蒂尼？你能在這裡解釋一下這個過程嗎？

Yes. Sure. So good morning, hi Savi. Thank you for the question. So we expect the motors to be delivered still in the second semester, which then will allow us to start the flight test campaign, which includes first integration tests of these equipment on the vehicles.

是的。當然。早安，嗨薩維。謝謝你的提問。因此，我們預計馬達仍將在第二學期交付，這將使我們能夠開始飛行測試活動，其中包括這些設備在車輛上的首次整合測試。

So you can think of them as production tests to make sure that everything that is installed on the vehicle works together. And then from there, we can start actually a flight-testing campaign and a ground testing campaign also that is more geared towards developing vehicle features, right?

因此，您可以將它們視為生產測試，以確保車輛上安裝的所有部件都能協同工作。然後從那裡開始，我們實際上可以開始飛行測試活動和地面測試活動，這也更適合開發車輛功能，對嗎？

So studying things like noise, vibration characteristics of the vehicle during transition between hover and cruise, flight and things like that. So the arrival of the motors will allow us to complete these production tests that I'm calling for this engineering prototype and also move on to complete this engineering flight test campaign, which, as we have been saying, brings more maturity to the vehicle definitions so that we can start the testing with the conforming prototypes with more confidence and more efficiency towards certification.

因此，研究諸如噪音、車輛在懸停和巡航、飛行之間轉換期間的振動特性等。因此，馬達的到來將使我們能夠完成我要求的工程原型的生產測試，並繼續完成工程飛行測試活動，正如我們所說，這使車輛定義更加成熟這樣我們就可以更有信心、更有效率地從合格的原型開始進行測試，以獲得認證。

With respect to how that connects to the building of the conforming prototypes, we are basing the building and the definitions of the conforming prototypes much more on the relationship and the work that has been going now with the suppliers so that we are moving ahead in parallel with the development of the conforming prototypes while we are developing this engineering prototype.

關於如何與一致原型的構建聯繫起來，我們將一致原型的構建和定義更多地建立在與供應商的關係和目前正在進行的工作的基礎上，以便我們並行推進在我們開發該工程原型的同時，開發了合格的原型。

So we don't expect to have a change at this moment in the path and in the pace of the development of the conforming prototypes with this challenge on the delivery of the motors, we are still moving ahead and then once the engineering vehicle flies, we can bring the learnings into the conforming prototypes, but again, just emphasizing that these are parallel paths.

因此，我們不期望目前在電機交付方面面臨挑戰的情況下，合格原型的開發路徑和速度會發生變化，我們仍在繼續前進，然後一旦工程車輛飛行，我們可以將學到的知識帶入一致的原型中，但再次強調這些是並行的路徑。

Very helpful, thank you. And if I might, just on Edu's comments on liquidity, and I think the release had multiple years of liquidity sufficient. So in terms of the step-up next year, it doesn't seem like it's a big step-up, even though you're doing a lot more of building and testing, is that a fair comment, Edu?

非常有幫助，謝謝。如果可以的話，就 Edu 對流動性的評論而言，我認為該版本具有足夠的多年流動性。因此，就明年的升級而言，儘管您正在進行更多的構建和測試，但這似乎不是一個很大的升級，這是一個公平的評論嗎，Edu？

That's correct, Savi. We may have a higher cash burn next year. It shouldn't be that higher than this year, especially because we have a couple of, I would say, positive things like the recent depreciation of the Brazilian currency against the dollar, right? It helps us because the majority of our expenses are in Brazilian reals and with a stronger dollar that translates in a lower cash burn in dollar terms.

沒錯，薩維。明年我們的現金消耗可能會更高。它不應該比今年更高，特別是因為我想說，我們有一些積極的事情，例如最近巴西貨幣兌美元貶值，對嗎？這對我們很有幫助，因為我們的大部分支出都是巴西雷亞爾，而美元走強意味著以美元計算的現金消耗較少。

So we have a couple of positives that may help and despite the higher activity next year, as you mentioned, I don't believe the cash consumption will be significantly higher. Of course, we're still working on the numbers, and we're going to come with more details as we go towards the end of this year, but I think your assumption is reasonable.

因此，我們有一些積極的因素可能會有所幫助，儘管明年的活動有所增加，正如您所提到的，但我不認為現金消耗會顯著增加。當然，我們仍在研究這些數字，並且在今年年底時我們將提供更多細節，但我認為您的假設是合理的。

Andres Sheppard, Cantor Fitzgerald.

安德烈斯·謝潑德，康托·菲茨杰拉德。

Hey good morning everyone. Thanks for taking our questions and congratulations on the quarter. And Johann, it was great seeing you at Farnborough a few weeks ago.

嘿大家早安。感謝您提出問題並對本季表示祝賀。約翰，很高興幾週前在法恩伯勒見到你。

Thank you, Andres.

謝謝你，安德烈斯。

Just a quick question. I was hoping maybe you can give us a little bit more color regarding kind of the test sites that you're going to be initiating in the second half of this year. Wondering if you could maybe walk us through the time line there, kind of how you anticipate those tests ramping up? And then maybe in addition to that, just remind us again the plans to assemble the additional up to 5 prototypes, the ones that will be certification and compliance. Yes exactly, thank you.

只是一個簡單的問題。我希望您能給我們更多關於您將在今年下半年啟動的測試站點類型的信息。想知道您是否可以向我們介紹那裡的時間線，您預計這些測試會如何增加？除此之外，再次提醒我們組裝額外最多 5 個原型的計劃，這些原型將進行認證和合規。是的，確實如此，謝謝。

Sure. I'll pass it on to, we're having the CTO with us here. He will give you more insight, obviously, what is going to be the next steps. So, Valentini?

當然。我會把它轉達給我們，首席技術長也在這裡。顯然，他會給你更多的見解，讓你了解接下來的步驟。那麼，瓦倫蒂尼？

I think it's for sure, and then I'll pass it on and having the CTO with us here, even though he will give you more insight. Obviously, Lowe's could be the next step. So Valentini?

我認為這是肯定的，然後我會將其傳遞給 CTO，儘管他會給您更多見解。顯然，Lowe's 可能是下一步。那麼瓦倫蒂尼？

Sure. Thank you for the question, Andres. So the idea is to have a gradual opening of what we call the flight envelope of the vehicle, so we'll start running hover flight tests. These are important for us to balance and to improve the accuracy of our models with respect to things like the power needed to maneuver the vehicle and hover, the power needed and the controllability features for failure cases that might happen and while the vehicle is in flight.

當然。謝謝你的提問，安德烈斯。所以我們的想法是逐漸打開我們所說的飛行器的飛行包線，所以我們將開始進行懸停飛行測試。這些對於我們平衡和提高模型的準確性非常重要，例如操縱車輛和懸停所需的動力、所需的動力以及車輛飛行時可能發生的故障情況的可控性特徵。

It will also include ground tests on things like the interference, the electromagnetic interference between the systems of the vehicle since we're dealing with high-voltage power systems. This is very important that is is very well figured out of the vehicle. So with these ground tests and then initiating the hover flight test, we will gradually move on to what Johann referred to as partial transition, which means that we will start including forward speeds of increasing amplitude until we get to the transition and complete the transition between hover and cruise flight.

它還將包括對車輛系統之間的干擾、電磁幹擾等方面的地面測試，因為我們正在處理高壓電力系統。這是非常重要的，它在車輛中得到了很好的設計。因此，透過這些地面測試，然後啟動懸停飛行測試，我們將逐漸進入約翰所說的部分過渡，這意味著我們將開始包括增加幅度的前進速度，直到我們到達過渡並完成之間的過渡懸停和巡航飛行。

At which time, you remember the rotors of our vehicle will be turned off and the vehicle will fly as a fixed-wing airplane, right? So during this transition, there are characteristics of flight that we need to make sure that are well understood and again, are well captured by our models and our solutions.

那時候，你記得我們飛行器的旋翼會關閉，飛行器會像固定翼飛機一樣飛行，對嗎？因此，在這轉變過程中，我們需要確保我們的模型和解決方案能夠很好地理解並捕捉飛行的某些特徵。

For the vehicle in cruise flight, there are also learnings that we expect to have from this vehicle, but this is a more well-known flight condition coming from the previous history of Embraer airplanes and the use, for example, of the fly-by-wire technology that Johann mentioned that we have the advantage of use coming from Embraer. So that's the concept of the ground and flight test campaign that we have scheduled.

對於巡航飛行中的飛行器，我們也期望從該飛行器中學到一些知識，但這是一個更廣為人知的飛行條件，來自巴西航空工業公司飛機的先前歷史以及飛越飛行等的使用Johann 提到我們擁有使用來自巴西航空工業公司的優勢的線材技術。這就是我們計劃的地面和飛行測試活動的概念。

With respect to the conforming prototypes, you mentioned, then those also have some development in the sense that the vehicles will not be exactly the same as this engineering prototype as was mentioned earlier. So since we had to freeze the design to build this prototype, the conforming prototypes still went through some evolution that this engineering prototype didn't go through, right?

至於您提到的合格原型，那麼這些原型也有一些發展，因為車輛不會與前面提到的工程原型完全相同。因此，由於我們必須凍結設計來建造這個原型，合格的原型仍然經歷了這個工程原型沒有經歷的一些演變，對嗎？

So they have slightly different characteristics which will then require some development in ground and flight testing also. But then we expect to quickly move to the certification flight test campaign, which will be geared towards showing compliance with the certification requirements of both ANAC and FAA initially then expanding to other authorities in the world.

因此，它們的特性略有不同，因此也需要在地面和飛行測試方面進行一些開發。但隨後我們預計將迅速開展認證飛行測試活動，該活動將首先展示符合 ANAC 和 FAA 的認證要求，然後擴展到世界其他當局。

So this test campaign will be made using 5 vehicles. We might add more vehicles if we think that is beneficial to the project overall, but initially, we are expecting to do that with 5 vehicles that will start being produced and flown next year.

因此，本次測試活動將使用 5 輛車進行。如果我們認為這對整個項目有利的話，我們可能會增加更多的車輛，但最初，我們預計將在明年開始生產和飛行 5 架車輛。

Got it, that's super helpful, I appreciate all that color. May be just a quick follow-up on certification, so obviously, ANAC has been kind of the primary type certification that you've been targeting in concurrence with the FAA, but my question is, with all the recent developments in the UAE, I'm wondering if that maybe has changed some of your type certification plans or how you're thinking about that market? Is that a certification that you'll pursue as well now? And if so, how do you see that process unfolding? Thank you.

明白了，這非常有幫助，我很欣賞這種顏色。可能只是認證的快速後續行動，所以顯然，ANAC 一直是您與 FAA 一致瞄準的主要類型認證，但我的問題是，隨著阿聯酋最近的所有發展，我想知道這是否可能改變了您的一些型號認證計劃或您如何看待該市場？現在您也會追求這項認證嗎？如果是這樣，您如何看待這個過程的展開？謝謝。

Sure. So that's a good point. It doesn't change the process of certification the way that we have established in the sense that ANAC being the primary certification authority gears us towards defining requirements and then defining how to show compliance with these requirements first and foremost.

當然。所以這是一個很好的觀點。它不會改變我們已經建立的認證流程，因為 ANAC 作為主要認證機構讓我們先定義要求，然後定義如何表明符合這些要求。

What we do with ANAC in this case, as Embraer has done in the past, but it's even more important this time around, is to align what requirements will be applicable to the eVTOL certification and ANAC and also Eve is supporting that very much.

在這種情況下，我們對 ANAC 所做的就是協調適用於 eVTOL 認證和 ANAC 的要求，就像巴西航空工業公司過去所做的那樣，但這次更為重要，Eve 也非常支持這一點。

ANAC has been very active in seeking alignment and understanding. And as much as they feel that they are comfortable with harmonizing those requirements with other authorities in the world, so by doing that, they steer a certification basis that is more closely acceptable for validation by other authorities in the world.

ANAC 一直非常積極地尋求協調和理解。儘管他們認為自己願意與世界上其他當局協調這些要求，但透過這樣做，他們可以引導一個更容易被世界上其他當局驗證接受的認證基礎。

So our path has been that from the beginning, which is to build this basis with ANAC, try to make it such that is as common as we can with other authorities so that once we receive the type certificate from ANAC, we have, let's say, a more clearly paved way towards getting this validation from other authorities.

因此，我們的路徑從一開始就是與 ANAC 建立這個基礎，嘗試使其與其他機構盡可能通用，這樣一旦我們收到 ANAC 的型號證書，我們就可以說，為獲得其他權威機構的驗證鋪平了更明確的道路。

And then that includes the UAE and other authorities that we had mentioned previously of markets that are of interest to Eve. And just summarizing UAE or other authorities, we expect them to be very well captured, so to speak, by this process of building a basis with ANAC that is well aligned with other authorities in the world.

然後包括阿聯酋和我們之前提到的 Eve 感興趣的市場的其他當局。總結阿聯酋或其他當局，可以說，我們希望透過與 ANAC 建立與世界其他當局保持一致的基礎的過程，能夠很好地捕捉到他們的情況。

Wonderful. Thank you so much. I really appreciate it. Congrats on the quarter again. I'll pass it on.

精彩的。太感謝了。我真的很感激。再次恭喜本季。我會把它傳遞下去。

Austin Moldow, Canaccord.

奧斯汀·莫爾多，Canaccord。

Hi good morning, and great to see you at Farnborough, Johann. My first question just on the battery, so the battery is being supplied by BAE. I know they've done some work providing those for industrial vehicles and buses.

你好，早安，很高興在法恩伯勒見到你，約翰。我的第一個問題是關於電池的，所以電池是由 BAE 提供的。我知道他們已經做了一些工作，為工業車輛和公共汽車提供這些服務。

But I was just wondering what is the production volumes look like for the cells within the batteries being provided by BAE, are they being built at a production volume each year that could enable a strong manufacturing supply chain going out the gate and what does that look like, if you could just tell us a little bit more?

但我只是想知道 BAE 提供的電池中的電池的產量是多少，它們每年的產量是否可以使強大的製造供應鏈走出大門，這是什麼樣的情況例如，你能告訴我們更多一點嗎？

All right. Austin, thank you so much for your question. Yes, BAE is definitely the suppliers that won the bidding process and simply because, like you mentioned, I mean they have more than 8,000 EVs running around the world, especially most of the coaches and buses that you have in the major cities around the world are actually made by BAE, the batteries are made by BAE, so they do have an extensive experience and how the reliability and production.

好的。奧斯汀，非常感謝你的提問。是的，BAE 絕對是贏得投標的供應商，僅僅是因為，就像你提到的，我的意思是他們有超過8,000 輛電動車在世界各地運行，尤其是世界各地主要城市的大多數客車和公共汽車實際上是由BAE製造的，電池也是由BAE製造的，所以他們確實擁有豐富的經驗以及可靠性和生產。

They are using most of the OEM or eVTOL using the same sales, right? So they're not different. This one is also multi sale. There are cylindrical cells that you're using, and this is the one that we elected with BAE. And I'll let Valentini explain what is the benefit of this obviously. But when we signed those contracts, and we've done this since last year, we've signed 21 contracts of the (inaudible) and BAE won the first one, and it does cover the ramp-up of production.

他們使用的大多數 OEM 或 eVTOL 使用相同的銷量，對吧？所以他們沒有什麼不同。這一款也是多賣的。您正在使用圓柱形電池，這是我們與 BAE 一起選擇的電池。我會讓瓦倫蒂尼解釋一下這樣做的好處是什麼。但當我們簽署這些合約時，我們從去年開始就這樣做了，我們已經簽署了 21 份合約（聽不清楚），BAE 贏得了第一份合同，它確實涵蓋了產量的增加。

So we make sure that they have the ability to ramp up production as we go, as we sell and deliver those eVTOLs and we're confident they've been doing. And then also they've been looking at derisking their operations, so which is quite important for us, right, when it comes to production sites not only the capacity but also making sure that if something happened to one site, then they have a backup production sites, okay? So we're actually in line.

因此，我們確保他們有能力在我們銷售和交付這些 eVTOL 時提高產量，我們相信他們一直在這樣做。然後他們也一直在考慮降低營運風險，這對我們來說非常重要，對吧，當涉及到生產站點時，不僅要提高容量，還要確保如果某個站點發生問題，他們會有備份生產基地好嗎？所以我們其實是在排隊。

And yes, Valentini, if you want to mention a bit more detail on the technology used there.

是的，瓦倫蒂尼，如果您想更詳細地介紹那裡使用的技術。

Sure. So we're using cells that are not specific to our project, right? I mean these have similar cells being used by other eVTOL manufacturers as has been publicly stated and also are cells that are used in other applications in the world such as power tools and other things. So with respect to the production volume, as Johann mentioned, we don't believe that there is a question there. We believe that BAE will supply the batteries for us as we have the production plan for. And I just wanted to bring quickly a point with respect to us selecting BAE.

當然。所以我們使用的單元並非特定於我們的項目，對吧？我的意思是，正如公開聲明的那樣，這些電池具有其他 eVTOL 製造商使用的類似電池，並且也是用於世界其他應用（例如電動工具和其他設備）的電池。因此，就產量而言，正如約翰所提到的，我們認為那裡不存在問題。我們相信BAE將為我們供應電池，因為我們有生產計劃。我只是想快速提出一個關於我們選擇 BAE 的觀點。

As Johann mentioned, they have a pretty significant experience with their electric vehicles in batteries and electric vehicles in operation today. So that brings a vision and an experience of the life cycle of the products, which is very important.

正如約翰所提到的，他們在電動車電池和當今運營的電動車方面擁有非常豐富的經驗。所以這帶來了產品生命週期的願景和體驗，這是非常重要的。

So we talk very much about certification of these batteries, thermal, runaway, containment and the containment of propagation, things like that. And these are very important for the safety of the vehicle. But it's also very important that the characteristics of the battery in operation on the hands of the operators are very well known and how to treat occurrences with these products in the field are very well known.

因此，我們談論了很多關於這些電池的認證、熱、失控、遏制和傳播遏制等問題。而這些對於車輛的安全來說是非常重要的。但同樣重要的是，操作員手中操作的電池的特性是眾所周知的，並且如何在現場處理這些產品的事件也是眾所周知的。

So BAE has, over the years, built experience and knowledge about these products in operation, which we believe that brings quite a bit of maturity to our product, and they also have quite a bit of experience in aeronautical developments from previous projects.

因此，BAE 多年來積累了有關這些產品運作的經驗和知識，我們相信這為我們的產品帶來了相當多的成熟度，而且他們在以前的專案中也擁有相當多的航空開發經驗。

So we believe that this combination of being an aeronautical aviation company with the history and knowledge that they have of these batteries in operation will bring the maturity level of the solution in our vehicle up for the start of operations at the entry into service.

因此，我們相信，作為一家航空公司，擁有這些電池的運作歷史和知識，這種結合將提高我們車輛中解決方案的成熟度，以便在投入使用時開始運作。

Excellent and just a follow-up, depending on where your first launch customers are once you get to serial manufacturing stage and you're certified, do you expect to provide aftermarket support from day one in one specific geography or do you expect to provide aftermarket support at all of Embraer's MRO facilities right from the beginning?

非常好，只是後續行動，取決於您進入批量製造階段並獲得認證後，您的第一批啟動客戶在哪裡，您是否期望從第一天起就在一個特定地區提供售後支持，或者您是否期望提供售後市場從一開始就為巴西航空工業公司的所有 MRO 設施提供支援？

We're actually looking at all positive scenarios. One thing is for sure is that Eve will be the face to the customer. And this is the way that we build up with our partners, with the suppliers, but also this is a wish from the customers. I think it has to do with the fact that we're really breaking ground on the new segment, and they want to make sure that the OEM is engaged and will guarantee the operational cost and also the availability.

我們實際上正在考慮所有積極的情況。可以肯定的是，伊芙將成為顧客的代言人。這是我們與合作夥伴、供應商共同建立的方式，也是客戶的願望。我認為這與我們真正在新領域取得突破有關，他們希望確保 OEM 參與並保證營運成本和可用性。

So different models are open to us, how we're going to be making the space to the customer available, whether it's going to be own MRO of Eve or using the Embraer footprint, which obviously is very large, with more than 70 and 80 authorized service centers around the world with the own Embraer or even an authorized one and yes, that will be the model that we'll be using.

因此，不同的模型對我們開放，我們將如何為客戶提供可用的空間，無論是 Eve 自己的 MRO 還是使用巴西航空工業公司的佔地面積，後者顯然非常大，有超過 70 和 80 個世界各地的授權服務中心擁有自己的巴西航空工業公司，甚至是授權服務中心，是的，這將是我們將使用的模型。

Awesome. Thanks. That's all for me.

驚人的。謝謝。這就是我的全部。

Conor Walters, Jefferies.

康納沃特斯，傑弗里斯。

Hi guys. Congrats on the progress in the quarter and thanks for taking my question. Maybe just to go back on liquidity, as of the first quarter, you indicated that the $280 million that you had at the time was sufficient support operations well into 2025, so curious on the rationale for the equity raise in the quarter.

嗨，大家好。恭喜本季取得的進展，並感謝您提出我的問題。也許只是為了恢復流動性，截至第一季度，您表示當時擁有的 2.8 億美元足以支持 2025 年的運營，所以對本季度股權融資的理由感到好奇。

Yes. I think you know we had this opportunity, right, to bring new partners. New investors, right, was a very, I would say, very selected an interesting group. We brought the strategic investors like Nidec, right, which is a partner in the program as well. Embraer our controller also invested, Space Florida. We also brought some additional financial investors. So I think it was an opportunity to raise additional capital, right, the almost $100 million that we raised.

是的。我想你知道我們有這個機會，對吧，帶來新的合作夥伴。我想說，新投資者是一個非常非常有趣的族群。我們帶來了像日本電產（右）這樣的策略投資者，它也是該計劃的合作夥伴。我們的控制者巴西航空工業公司也投資了佛羅裡達太空公司。我們也帶來了一些額外的財務投資者。所以我認為這是一個籌集額外資金的機會，對吧，我們籌集了近 1 億美元。

With that, we have now an even stronger liquidity that, as you said before, we had sufficient resources until the end of 2025 with these additional equity raise and some long-term finances, right, that we are discussing. We believe we have resources for multiple years now. Probably that will get us into 2027. So I think it was an opportunity that shows up. It's important as a preoperational company to have a very strong liquidity. Now I think we have probably the longest runway among all eVTOL manufacturers.

有了這個，我們現在擁有更強大的流動性，正如您之前所說，我們在 2025 年底之前擁有足夠的資源，透過這些額外的股權融資和一些長期財務，對吧，我們正在討論。我們相信我們現在擁有多年的資源。也許這會讓我們進入 2027 年。所以我認為這是一個出現的機會。作為一家預運營公司，擁有非常強大的流動性非常重要。現在我認為我們可能擁有所有 eVTOL 製造商中最長的跑道。

And I think that gives us comfort to continue to advance the program at full speed that we are doing without having to worry about resources. Right now we have plenty of funds, to get the certification and start to deliver the eVTOLs and we thought this additional capital made sense in that context.

我認為這讓我們感到安心，可以繼續全速推進我們正在進行的計劃，而不必擔心資源。目前我們有充足的資金來獲得認證並開始提供 eVTOL，我們認為額外的資金在這種情況下是有意義的。

Okay, got it, that's very helpful. And maybe just to go back to your commentary about a modest step-up in burn into 2025, is there any way that you can frame the cadence for quarterly cash burn over maybe the next four quarters as we think about you progressing through these next few milestones?

好的，明白了，很有幫助。也許只是回到您關於 2025 年適度增加燒錢的評論，當我們考慮您在接下來的幾個季度中取得的進展時，您是否可以製定未來四個季度季度現金消耗的節奏里程碑？

As I said, this year, we're going to be around the $130 million to $170 million, probably a little closer to the $130 million than the $170 million because we have this tailwind of the weaker Brazilian currency against the dollar that will help us. Despite the increase in headcounts and the additional prototypes we have this positive. The expenses, they're going to continue to go up. As I mentioned to Savi, I don't think it's a big step up.

正如我所說，今年我們的營收將在 1.3 億至 1.7 億美元之間，可能比 1.7 億美元更接近 1.3 億美元，因為巴西貨幣兌美元走弱的推動力將幫助我們。儘管員工數量增加，原型也有所增加，但我們仍保持著積極的態度。費用將持續增加。正如我向薩維提到的，我認為這並不是一個很大的進步。

We are still working on the detailed budget for 2025. I believe we're going to have more color on that as we get closer to the end of this year, but as I said, we are anticipating some increase next year. We also have the initial investments on the manufacturing plant in Taubate, Sao Paulo in Brazil that will give us the capacity for the initial eVTOL delivers. So there will be an increase. I don't think it's a big one, but we're still working on the detailed numbers and I hope at some point later this year, we're going to come with a figure for the cash burn in 2025.

我們仍在製定 2025 年的詳細預算。我相信，隨著今年年底的臨近，我們將在這方面有更多的色彩，但正如我所說，我們預計明年會有一些成長。我們也對巴西聖保羅陶巴特的製造工廠進行了初始投資，這將使我們具備初始 eVTOL 交付的能力。所以會有增加。我認為這不是一個大問題，但我們仍在研究詳細數字，我希望在今年稍後的某個時候，我們能夠得出 2025 年現金消耗的數據。

Okay, great. Thanks so much. I'll leave it there.

好的，太好了。非常感謝。我會把它留在那裡。

Sheila Kahyaoglu, Jefferies.

希拉·卡哈奧格魯，杰弗里斯。

Thank you, so much. Conor and I are tag-teaming as I'm at the airport. So he got my cash questions in and I just maybe do want to ask about orders. You haven't had vehicle orders, but you got a big chunk of maintenance orders that you guys highlighted in the script. So maybe can you talk about how we should expect more maintenance orders? You gave that $1.2 billion over the next 5 years. Can you talk a little bit about how you expect that to transition to revenue? Thank you.

太感謝了。當我在機場時，康納和我正在組隊。所以他收到了我的現金問題，我可能只是想問訂單。你們還沒有車輛訂單，但你們有一大堆維修訂單，你們在腳本中強調了這一點。那麼您能否談談我們應該如何期待更多的維護訂單？您在接下來的 5 年裡捐出了 12 億美元。您能談談您期望如何將其轉化為收入嗎？謝謝。

Yes, as a matter of fact, I mean, you didn't mention that we're 2,900 vehicles sold through the LOI. I think this is really the diversity of our customer base. It tells a lot of how they are comfortable with the model that we're providing to them. They really trust that we have the right solution. Like I've been always saying, it's not only the vehicle, but it's also the serve and support. We didn't mention there was a question about anyway what would be the MRO network that we will have. Eve will be the face of the customer.

是的，事實上，我的意思是，您沒有提到我們透過意向書銷售了 2,900 輛汽車。我認為這確實是我們客戶群的多樣性。它充分說明了他們對我們提供給他們的模型的滿意度。他們真的相信我們有正確的解決方案。就像我一直說的，這不僅是車輛，而且是服務和支援。我們沒有提到我們將擁有的 MRO 網路是什麼的問題。夏娃將成為顧客的代言人。

The UATM also is very important, at least for the scale up, right? So something that we're thinking about. We don't want to substitute only few helicopters. We really want to make it a segment, a new segment and create new opportunities for operators. So service and support is definitely a big chunk. Yes, $1.2 billion up to. It's over a period of five years. We'll have to define and when the times is correct with the customers what's the scope.

UATM 也非常重要，至少對於擴大規模來說是這樣，對嗎？這是我們正在考慮的事情。我們不想只替換幾架直升機。我們真的希望將其打造成一個細分市場，一個新的細分市場，並為營運商創造新的機會。所以服務和支援絕對是一大塊。是的，最多 12 億美元。時間已經超過五年了。我們必須與客戶一起確定何時合適的範圍。

We're being very conservative when it comes to the initial scope in those LOIs when it comes to service and support. It's basically maintenance and also the spare parts, what we call the flat order program. But we expect that as we get closer and we get to the conversion of those LOI, then we'll be able to discuss more debt, what will be the scope of the services that will not go along with a firm order, okay? So this is a process that we're right now.

當涉及到這些意向書的服務和支持的初始範圍時，我們非常保守。基本上是維護和備件，我們稱之為統一訂單計劃。但我們預計，隨著我們越來越接近這些意向書的轉換，我們將能夠討論更多的債務，不符合確定訂單的服務範圍是什麼，好嗎？所以這就是我們現在正在進行的過程。

I think the priority for us with all those customers as to get a list of five to six strategic customers around the world, obviously, because of the big primary certification, ANAC and also with this bilateral agreements they have with FAA, we can expect our launch customer to be in Brazil and also in the United States. Right now, we're defining the ecosystem, the first city, right? So it's the network, creating a network and a growing network per city.

我認為我們與所有這些客戶的首要任務是獲得全球五到六個策略客戶的名單，顯然，由於大型初級認證、ANAC 以及他們與 FAA 簽訂的雙邊協議，我們可以期望我們的啟動客戶位於巴西和美國。現在，我們正在定義生態系統，第一個城市，對吧？所以這就是網絡，在每個城市創造一個網絡並不斷發展網絡。

And so then obviously, it will come along with the service and support. So that's what we expect working on right now to get the firm orders. It doesn't have to be this year. The priority is always making sure that we have the ecosystem ready. But over the next 12 months, we should be having something about the firm order.

顯然，它將伴隨著服務和支援。這就是我們現在期望獲得確定訂單的工作。不一定是今年。我們的首要任務始終是確保生態系統做好準備。但在接下來的 12 個月裡，我們應該會對確定訂單有所了解。

Got it, thank you.

明白了，謝謝。

Thank you, Sheila.

謝謝你，希拉。

Cai von Rumohr, Cowen.

蔡·馮·魯莫爾，考恩。

Yes, thanks so much. So Edu, you said you have the funds to get to 2027. Maybe when do you expect to begin getting PDPs on the planes? And secondly, are there any financial requirements on your part or advances that you expect as a result of your MRO agreements?

是的，非常感謝。Edu，你說你有足夠的資金到 2027 年。也許您預計什麼時候開始在飛機上配備 PDP？其次，您是否有任何財務要求或您期望因 MRO 協議而獲得的預付款？

Yes, I may start here and maybe Johann can add. But in terms of the PDPs, as Johann mentioned, right, we are now working very closely with all these LOIs and customers that we have to make sure we select the ones that will be the lounge customers, and we can convert those LOIs into firm orders.

是的，我可以從這裡開始，也許約翰可以補充。但就 PDP 而言，正如 Johann 所提到的，我們現在正在與所有這些意向書和客戶密切合作，我們必須確保選擇那些將成為休息室客戶的客戶，並且我們可以將這些意向書轉化為公司訂單。

Those discussions are happening right now, and we expect to start to convert that in the next 12 months. So that will translate into initial deposits, right, and PDPs additional pre-delivery payments that we're going to receive prior to the delivery of the aircraft. So that will be an extra source of funds for the company in the months and years ahead.

這些討論目前正在進行，我們預計將在未來 12 個月內開始轉變。因此，這將轉化為我們將在飛機交付之前收到的初始定金和 PDP 額外的交付前付款。因此，這將成為公司未來數月甚至數年的額外資金來源。

We also have, as I mentioned before, advanced discussions for long-term finance, right, for our manufacturing facility in Brazil and even for R&D expenses. So we are feeling very comfortable in with our funds, not only the equity raise we recently did, but these PDPs and as I said, this additional long-term finance that we may get, and that gives us a runway until 2027, as I mentioned.

正如我之前提到的，我們也就我們在巴西的製造工廠甚至研發費用的長期融資進行了深入的討論。因此，我們對我們的資金感到非常放心，不僅是我們最近進行的股權融資，還有這些PDP，以及正如我所說的，我們可能獲得的額外長期融資，這為我們提供了直到2027 年的跑道，正如我所說提及。

Terrific, thank you. And then Valentini, we're getting closer to get definition by the FAA and others in terms of what's going to be required to get your design and other designs certified. Now that we have a little bit more visibility there, could you comment at all in terms of the difficulty of certifying a tilt rotor, which is what most of the other guys have and a lift cruise design, which seems like inherently a little safer in the sense that basically you can fly with the rotors and you can fly with the pusher prop.

太棒了，謝謝。然後，瓦倫蒂尼，我們越來越接近美國聯邦航空管理局和其他機構對您的設計和其他設計獲得認證所需的條件的定義。現在我們在那裡有了更多的知名度，您能否就認證傾斜旋翼的難度發表評論，這是大多數其他人所擁有的，以及升力巡航設計，這似乎本質上更安全一些基本上你可以用旋翼飛行，也可以用推進器飛行。

Yes. Hi Cai, thank you for the question. The reason why we went for a lift plus cruise configuration is that we believe that a configuration that has tilting rotors or tilting mechanisms in general, brings complexities in two main fronts. One is certification, as you mentioned, but I'll start with the other, which is a consistency of operation. By having more systems and more actuation, more sensors, there are more areas and more components that can become sources of disruption to the operation of the vehicles in service, right?

是的。嗨蔡，謝謝你的提問。我們選擇升力加巡航配置的原因是，我們認為通常具有傾斜旋翼或傾斜機構的配置會在兩個主要方面帶來複雜性。正如您所提到的，一個是認證，但我將從另一個開始，即操作的一致性。透過擁有更多的系統、更多的驅動裝置、更多的感測器，更多的區域和更多的組件可能成為車輛運作中斷的來源，對嗎？

So that was one aspect that weighed very heavily. And that comes, I think, very much from the experience of Embraer with their airplanes into service, knowing how important it is that these vehicles have a consistency of operation into the hands, right, and into the fields and so serving the business model of the operators. So that was one point. But going back to the certification, as you asked, we believe that there are complexities in the flight of the vehicle.

所以這是一個非常重要的面向。我認為，這很大程度上來自於巴西航空工業公司將飛機投入使用的經驗，他們知道這些車輛在手中、正確的情況下和在現場的操作保持一致是多麼重要，從而服務於商業模式運營商。這就是一點。但回到認證問題，正如你所問，我們認為飛行器的飛行存在複雜性。

So for example, one of the things that we usually do with authorities is to determine what is a most critical condition in flight in which you have to show compliance with requirements so that all other conditions are covered, right? So you don't have to do every single let's say, maneuver in every single point of the flight envelope and every single configuration, you sort of have like, define what is an umbrella and show compliance in these most critical cases.

舉例來說，我們通常與當局一起做的事情之一是確定飛行中最關鍵的條件是什麼，在這種條件下您必須證明符合要求，以便涵蓋所有其他條件，對吧？因此，您不必執行每一個操作，比如說，在飛行包線的每個點和每個配置中進行機動，您需要定義什麼是雨傘並在這些最關鍵的情況下表現出合規性。

If you have a more complex flight profile with more complex mechanisms, sometimes determining what is this most critical condition is more difficult. So this makes your flight test campaign longer, for example, because you cannot take credit of determining what is the single condition that you have to show compliance with, but you have to be adding other conditions, you have to be discussing this with the authorities. So we believe that the complexity of the flight profile brings also more discussion and more uncertainty to the certification path. And so that was the other aspect that weighed in our decision for going to the lift plus cruise configuration.

如果您有更複雜的飛行剖面和更複雜的機制，有時確定最關鍵的條件是什麼會更困難。因此，這會使您的飛行測試活動變得更長，例如，因為您無法確定您必須遵守的單一條件，但您必須添加其他條件，您必須與當局討論這一點。所以我們認為，飛行剖面的複雜性也為認證路徑帶來了更多的討論和更多的不確定性。因此，這是我們決定採用升降機加巡航配置的另一個因素。

Terrific, thank you very much. And then Johann, when you put it all together, do you have a rough target? Obviously, you can't know exactly but a rough target in terms of when you might achieve certification and when you might see entry into service?

太棒了，非常感謝。然後約翰，當你把所有這些放在一起時，你有一個粗略的目標嗎？顯然，您無法確切地知道何時可以獲得認證以及何時可以投入使用的粗略目標？

Thank you, Cai. Yes, in well, now 11 months almost a year on the job. So yes, I get good graphs of the challenges that we have. As we mentioned from the beginning and I am going back 2017, the schedule is very challenging, right, of certification into the service, but we remain confident that we can be succeeded. And simply because we are, first of all, we're differentiated when it comes with the vast aeronautical experience, and we have access of the Embraer resources.

謝謝你，蔡。是的，好吧，現在工作了 11 個月，幾乎一年了。所以，是的，我得到了我們所面臨的挑戰的良好圖表。正如我們從一開始就提到的，我要回到 2017 年，服務認證的時間表非常具有挑戰性，對吧，但我們仍然有信心能夠取得成功。原因很簡單，首先，我們擁有豐富的航空經驗，可以利用巴西航空工業公司的資源，因此我們在競爭中脫穎而出。

We're using the proven method. I think what Valentini has explained in detail now how a cost-effective and successful the certification process and also the preparation for the entry into service that we're bringing and the expertise from Embraer, but also we're building our own expertise from all the con ops that we've done with our customers. So service and support, air traffic management and training is something we're familiar with. The third one that we would say that is an advantage or let's say that we're making good progress and it is evidenced by the full-scale prototype we just announced. And then we've also have done multiple wind tunnel tests.

我們正在使用經過驗證的方法。我認為瓦倫蒂尼現在已經詳細解釋瞭如何實現具有成本效益和成功的認證過程，以及我們所帶來的投入服務的準備工作以及巴西航空工業公司的專業知識，而且我們正在從所有方面建立我們自己的專業知識我們與客戶的合作。因此，服務和支援、空中交通管理和培訓是我們所熟悉的。第三個，我們會說這是一個優勢，或者說我們正在取得良好的進展，我們剛剛宣布的全尺寸原型證明了這一點。然後我們也做了多次風洞測試。

So yes, I think we're at the point where there are the main challenges now with a few suppliers. We're right now in a joint definition phase. It's just the very beginning for everyone creating this segment, all the OEMs. It's all this pushing the limit and looking on the size, the weight and the power and always the trade-off that we get a look at. We want to have to make sure that we have a robust and reliable vehicle that will also be profitable for the operation of our customers. So there, like I said, there are many challenges, but all the good reasons I just mentioned, makes us believes that we're going to be, we're on the 2026 entry into service.

所以，是的，我認為我們現在正面臨一些供應商面臨的主要挑戰。我們現在正處於聯合定義階段。對於所有創建該細分市場的所有人（所有原始設備製造商）來說，這只是一個開始。這一切都在挑戰極限，專注於尺寸、重量和功率，以及我們始終要考慮的權衡。我們希望確保我們擁有一輛堅固可靠的車輛，同時也能為客戶的營運帶來利潤。因此，正如我所說，存在許多挑戰，但我剛才提到的所有充分理由使我們相信我們將在 2026 年投入使用。

Okay, great. Thank you so much.

好的，太好了。太感謝了。

Thank you, Cai.

謝謝你，蔡。

This concludes our question-and-answer session. I would like to turn the conference back over to Lucio Aldworth for any closing remark.

我們的問答環節到此結束。我想將會議轉回給盧西奧·奧爾德沃斯發表結束語。

Thanks, Jason, and thanks, everyone, who joined the call today. As you can see, we accomplished several important milestones (technical difficulty) So we're going to continue updating you on our progress throughout the next few quarters and we look forward to meeting you in the upcoming events we're 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.

謝謝傑森，謝謝今天加入電話會議的所有人。正如您所看到的，我們完成了幾個重要的里程碑（技術難度），因此我們將在接下來的幾個季度繼續向您通報我們的進展情況，我們期待在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 now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。