Eve Holding Inc (EVEX) 2024 Q4 法說會逐字稿

Good day, and welcome to the Eve Holding, Inc fourth quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Eve Holding, Inc 2024 年第四季財報電話會議。（操作說明）請注意，本次活動正在錄影。

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

現在我將把會議交給投資者關係主管盧西奧·奧爾德沃思。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 fourth quarter 2024 earnings conference call. Our CEO, Johann Bordais; and CFO, Eduardo Couto are joining me on the call today, and after their prepared remarks, we will open the call for questions, at which point Luiz Valentini, our Chief Technical Officer, will also join us for more technical questions.

謝謝。操作員。大家早安。這是 Eve 的投資者關係總監 Lucio Aldworth。我謹代表全體與會者歡迎參加我們2024年第四季財報電話會議。我們的執行長 Johann Bordais 和財務長 Eduardo Couto 今天將和我一起參加電話會議，在他們發表準備好的演講後，我們將開放提問環節，屆時我們的首席技術長 Luiz Valentini 也將加入我們，回答更多技術問題。

We have a deck with a few slides and additional pictures that show our achievements in the quarter as well as the testing phase of our full scale prototype. The deck is on our site at ir.eveairmobility.com. So please feel free to download and follow along.

我們製作了一份演示文稿，其中包含幾張幻燈片和一些圖片，展示了我們本季的成就以及我們全尺寸原型機的測試階段。牌組已上傳至我們的網站 ir.eveairmobility.com，歡迎下載並跟隨操作。

Let me first say, 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 future financial performance.

首先我要說明的是，本次演講包含前瞻性陳述，即關於尚未發生的事件或情況的陳述。這些主要基於我們目前對未來事件和金融趨勢的預期和預測，這些事件和趨勢會影響我們的業務和未來的財務表現。

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.

這些聲明存在風險、不確定性和假設，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」、「期望」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.

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聲明的義務。

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.

因此，本次演講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聲明中預期的結果有重大差異。

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

接下來，我將把演講交給我們的執行長約翰。

Thanks, Lucio. Good morning to all and thank you for joining the call today. We had a very eventful year 2024. We continue a steady progress in the development of our eVTOL and have reached important milestones. I would like to highlight today a few of those most important achievements that we had last year.

謝謝你，盧西奧。各位早安，感謝各位今天參加電話會議。2024年是充滿變數的一年。我們的電動垂直起降飛行器（eVTOL）研發工作持續穩定推進，並已達到重要里程碑。今天我想重點介紹一下我們去年所取得的一些最重要的成就。

The first one, early in the year, we presented Vector, our air traffic management solution, and we ran the five-day simulation in Sao Paulo with a very positive feedback from our partner and customer Revo. This exercise followed simulation we already had made in Rio de Janeiro and London to help us validate and fine-tune the software for the customers to eventually allow increased air traffic density and keep higher safety standards for the UAM globally.

今年年初，我們推出了第一款產品 Vector，我們的空中交通管理解決方案，並在聖保羅進行了為期五天的模擬測試，我們的合作夥伴和客戶 Revo 給予了非常積極的回饋。這項練習是在我們之前在裡約熱內盧和倫敦進行的模擬之後進行的，旨在幫助我們驗證和微調客戶的軟體，最終實現更高的空中交通密度，並保持全球城市空中交通更高的安全標準。

Last year also late we launched the Eve TechCare, a fully integrated aftermarket service portfolio that will include technical support, maintenance activities, parts and battery solutions, flight operation support, as well as pilot and mechanic training. In partnership with the Embraer CAE Training Services, commonly called ECTS. We did raise $270 million of fresh capital and mix of credit and equity instruments.

去年年底，我們推出了 Eve TechCare，這是一個完全整合的售後服務組合，其中包括技術支援、維護活動、零件和電池解決方案、飛行營運支援以及飛行員和機械師培訓。與 Embraer CAE 培訓服務（通常稱為 ECTS）合作。我們確實籌集了 2.7 億美元的新資金，其中包括信貸和股權工具。

This allows the company to have a solid liquidity position to continue funding our general expenses, research and development efforts as well as our necessary investment in our first eVTOL manufacturing facility in Taubate, Brazil. Another important milestone was the publishing of the Basis of Certification by ANAC, the Brazilian Civil Aviation Agency, which establishes the standards eVTOL to fly commercially.

這使得公司擁有穩健的流動性，可以繼續為我們的一般開支、研發工作以及在巴西陶巴特的第一家 eVTOL 製造工廠的必要投資提供資金。另一個重要的里程碑是巴西民航局 (ANAC) 發布了《認證基礎》，該標準規定了 eVTOL 的商業飛行標準。

The Basis of Certification establishes the first set of airworthiness criteria’s for eVTOL in Brazil and follows Eve's application for type certification back in 2022. This is obviously a critical milestone in the project. We are now focused on defining with ANAC the means of compliance.

認證基礎確立了巴西 eVTOL 的第一套適航標準，這是繼 Eve 於 2022 年申請型號合格證之後制定的。這顯然是該專案的一個重要里程碑。我們現在專注於與 ANAC 共同確定合規方式。

These are specific tests, analyses, and simulation that need to be successfully performed for the type certification to be eventually granted. These tests are performed to prove the aircraft design and that it meets the safety standards laid out in the basis of certification. And lastly, we completed the assembly of our prototype and rolled it out of the hangar for the first time in early July '24, followed by a series of ground tests before its first flight.

為了最終獲得型號合格證，需要成功完成以下具體的測試、分析和模擬。進行這些測試是為了驗證飛機設計是否符合認證依據中規定的安全標準。最後，我們完成了原型機的組裝，並在 2024 年 7 月初首次推出機庫，隨後進行了一系列地面測試，之後才進行了首次飛行。

As a reminder, it is a full scale engineering prototype with no cabin or cockpit. It is made of composite material that will be piloted remotely in the command and control truck. This prototype will be used to validate and improve the accuracy in previous subscale and computer models. It also has an important contribution for the setup of several rigs we are using for different individual components.

需要提醒的是，這是一個全尺寸工程原型，沒有座艙或駕駛艙。它由複合材料製成，將由指揮控制車進行遠端操控。原型將用於驗證和提高先前子尺度和電腦模型的準確性。它也對我們用於不同組件的幾個設備的搭建做出了重要貢獻。

We have installed the batteries and already performed several tests. We will cover this later on this call and we're now prepping up for the flight campaign. We will initially perform hover flights tied up to the ground and gradually increase the power and height.

我們已經安裝了電池，並進行了多次測試。我們稍後會在本次電話會議中討論這個問題，現在我們正在為飛行推廣活動做準備。我們將首先進行繫留於地面的懸停飛行，然後逐步增加動力和高度。

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 originally and only then we will move to the full transition flight.

接下來我們將進入部分過渡階段。這時我們會啟動推進器，但不會完全脫離升力器，以便繼續控制飛機，只有這樣我們才會進行完整的過渡飛行。

For the next slide, I think it's a good summary of what I've just been mentioning so far and it shows, how we met all the milestones that we committed last year, thanks to the great dedication of all Eve's, Embraer and our partners employees.

下一張投影片很好地總結了我剛才提到的內容，它展示了我們如何實現了去年承諾的所有里程碑，這要感謝 Eve、Embraer 和我們合作夥伴的所有員工的巨大奉獻精神。

At the end of this presentation, Edu will go through the new 2025 ambitious milestones and we're already working hard to meet all of them also. Going to the next slide now I would like to highlight some of the tests that we have performed with our engineering prototype.

在本次演講的最後，Edu 將介紹 2025 年新的宏偉目標，我們也正在努力實現所有這些目標。接下來，我想在下一張投影片中重點介紹我們對工程原型進行的一些測試。

We announced last year the first step of the pusher, a motor after installation. We published a video with a full test so you can find it and watch it online where our engineering not only tested successfully the dedicated radio link between the command and control truck and the vehicle, but also the proper installation of the inverters and several performance related metrics of the motors including thrust, vibration, sound and energy consumption.

去年我們宣布了推進器的第一步，即安裝馬達後。我們發布了一段完整的測試視頻，您可以在網上找到並觀看。影片中，我們的工程師不僅成功測試了指揮控制車與車輛之間的專用無線電鏈路，還測試了逆變器的正確安裝以及馬達的幾項性能相關指標，包括推力、振動、聲音和能耗。

In parallel, we're also testing the lifter motors separately in dynamometers to make sure that we deliver the expected performance before its installation. We also concluded and conducted another set of wind tests and wind tunnel tests in the Netherlands to validate the aerodynamic load and noise level for the lifters turned on.

同時，我們也在測功機上單獨測試升降電機，以確保在安裝之前達到預期的性能。我們也完成了另一組在荷蘭進行的風力測試和風洞測試，以驗證升降機開啟時的空氣動力負荷和噪音水平。

We expect to fly our full-scale engineering prototype for the first time by mid-2025. On the certification front, we continue to be highly engaged with certification agencies and we are keeping a good and constant dialogue with ANAC in Brazil to define the certification plan. At the same time, we received a team of specialists from the FAA in our offices in Sao Jose dos Campos in Brazil and we met representative from Japan, JCAB in Tokyo.

我們預計將於 2025 年中首次試飛我們的全尺寸工程原型機。在認證方面，我們繼續與認證機構保持密切聯繫，並與巴西國家認證機構 (ANAC) 保持良好且持續的對話，以製定認證計劃。同時，我們在巴西聖若澤杜斯坎普斯的辦公室接待了來自美國聯邦航空管理局 (FAA) 的一個專家團隊，並在東京會見了日本民航局 (JCAB) 的代表。

Now on the next few slides, I mean we will illustrate what I just talked about. You can see images of our pusher test where we have the five blades propeller spinning on the Slide 6. This assured our engineer that all equipment was properly installed and that the radio link with the command and control truck gives our team the instant control of the aircraft with no delay in the signal.

接下來的幾張投影片，我們將用圖示的方式來說明我剛才談到的內容。您可以看到我們的推進器測試圖片，其中五葉螺旋槳在幻燈片 6 上旋轉。這讓我們的工程師確信所有設備都已正確安裝，並且與指揮控制車的無線電鏈路使我們的團隊能夠立即控制飛機，信號沒有任何延遲。

On the Slide 7, it shows our team meeting regularly with ANAC and FAA. And lastly, Slide 8 shows a picture of our latest wind tunnel test. This is a representative subscale model, but here you can also see the propellers spinning in the picture. They gave more accurate readings as the aerodynamic forces that will be present on the aircraft during all phases of the flight, including also the important transition between takeoff, landing, and cruising.

第 7 張幻燈片顯示，我們的團隊定期與 ANAC 和 FAA 會面。最後，第 8 張投影片展示了我們最新的風洞測試圖片。這是一個代表性的縮比模型，但在這裡你也可以看到圖片中的螺旋槳在旋轉。它們能夠更準確地測量飛機在飛行各個階段（包括起飛、降落和巡航之間的重要過渡階段）所受到的空氣動力。

Moving to Slide 9, our total pre-order backlog stands as approximately 2,800 aircraft for a total value close to $14 billion based on the list price. There are non-binding letters of intent from 28 different customers spread over nine countries and different businesses from the mainline to regional airline helicopter operators, ride sharing platform, and also leasing companies.

翻到第 9 張投影片，根據目錄價格計算，我們的預購積壓訂單總數約為 2,800 架飛機，總價值接近 140 億美元。共有來自 28 位不同客戶的非約束性意向書，這些客戶分佈在 9 個國家，業務範圍涵蓋從幹線航空公司到支線航空公司的直升機運營商、共乘平台以及租賃公司等。

And because the management support guarantees to proper aircraft operation, we are highly focused on providing the best-in-class services and support to eVTOL operators. Therefore, we have also secured contracts with 14 different customers for our Eve TechCare suite of aftermarket products which could bring up to $1.6 billion in revenues to Eve over the first few years of operation.

由於管理支援能夠確保飛機正常運行，因此我們高度重視為 eVTOL 營運商提供一流的服務和支援。因此，我們也與 14 家不同的客戶簽訂了合同，推廣我們的 Eve TechCare 系列售後產品，這些產品在運營的最初幾年內可為 Eve 帶來高達 16 億美元的收入。

Importantly, Eve TechCare customers have placed LOI for covering about 1,100 aircraft, which is about 40% of the pre-order book. As you can see, we also have 21 different customers for our air traffic management solution, we call Vector and I believe this reflects the market leading value proposition that we bring to our customers.

值得注意的是，Eve TechCare 的客戶已提交了約 1100 架飛機的承保意向書，約佔預訂量的 40%。正如您所看到的，我們的空中交通管理解決方案 Vector 擁有 21 個不同的客戶，我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, together with our customers and authorities, we also developing a strong network of partners in different areas such as the infrastructure and energy to address one of the many challenges ahead of the Urban Air Mobility, which is to create a whole new ecosystem besides simply the development of an aircraft.

除此之外，我們還與客戶和相關部門一起，在基礎設施和能源等不同領域建立強大的合作夥伴網絡，以應對城市空中交通面臨的眾多挑戰之一，即除了開發飛機之外，還要創建一個全新的生態系統。

So now I would like to invite our CFO, Edu to go over our financials along with the milestone checklist for 2025.

現在我想邀請我們的財務長 Edu 來審查我們的財務狀況以及 2025 年的里程碑清單。

Thanks, Johann. Now moving to Slide 10, I want to start with our most recent liquidity events. We have been very successful in attracting new capital to Eve to continue to fund our eVTOL development. In total we raised $270 million in 2024 in a mix of debt around $170 million and equity instruments around $100 million.

謝謝你，約翰。現在進入第 10 張投影片，我想從我們最近的流動性事件開始。我們已成功為 Eve 吸引到新的資金，以繼續資助我們的 eVTOL 開發。2024 年，我們總共籌集了 2.7 億美元，其中債務融資約 1.7 億美元，股權融資約 1 億美元。

We believe, that this balanced capital structure is an important key to maximize value for our shareholders as we continue to enjoy strong liquidity, now standing at $429 million including funding for our industrialization as well as continue R&D expenses. Our liquidity is equivalent to three times our 2024 cash consumption. It's above our peers and gives us confidence to advance the program to certification.

我們相信，這種平衡的資本結構是為股東創造最大價值的重要關鍵，因為我們繼續享有強勁的流動性，目前流動性為 4.29 億美元，其中包括工業化資金以及持續的研發支出。我們的流動資金相當於我們 2024 年現金消耗量的三倍。它高於我們的同行，這讓我們有信心推進該專案以獲得認證。

Now moving to Slide 11. Eve is a pre-operational company and our financials reflect mostly the costs associated with our program development. That said, I want to highlight some of our numbers. Eve invested $34 million during the fourth quarter in our program development and $130 million in the full year.

現在進入第11張投影片。Eve 是一家處於營運前期的公司，我們的財務狀況主要反映了與專案開發相關的成本。話雖如此，我還是想重點介紹一下我們的一些數據。Eve 在第四季度為我們的計劃開發投入了 3,400 萬美元，全年投入了 1.3 億美元。

The majority was invested in developing our eVTOL and a smaller portion went to service and support solutions and the Urban Air Traffic management software.

大部分資金投入到我們的 eVTOL 開發中，較小一部分投入到服務和支援解決方案以及城市空中交通管理軟體中。

We are the only eVTOL company with a complete solution that includes design, development, manufacturing, sales of an eVTOL as well as maintenance services and air traffic control. We also deployed $6 million in SG&A during the quarter and $27 million in the year. Including R&D and SG&A, we reported a net loss of $40 million in the quarter and $138 million in the year.

我們是唯一一家提供完整解決方案的 eVTOL 公司，包括 eVTOL 的設計、開發、製造、銷售以及維修服務和空中交通管制。本季我們也投入了 600 萬美元用於銷售、管理及行政費用，全年投入了 2,700 萬美元。包括研發銷售、管理及行政費用在內，我們本季淨虧損 4,000 萬美元，全年淨虧損 1.38 億美元。

Now moving to cash flow. Our operations consumed $40 million in the quarter and a total of $141 million in the year, staying in our guidance range of $130 to $170 million showing Eve's financial discipline as well as our advantages of using Embraer's engineering team.

接下來談談現金流。本季我們的營運支出為 4,000 萬美元，全年總計支出為 1.41 億美元，符合我們 1.3 億至 1.7 億美元的預期範圍，這體現了 Eve 的財務紀律以及我們使用 Embraer 工程團隊的優勢。

We also had a positive impact of the US dollar appreciation versus the Brazilian real as the majority of our costs are incurred in Brazil. We ended 2024 with $303 million in cash. This is up from the end of 2023, a cash position of $241 and reflects our continuous focus on liquidity.

美元對巴西雷亞爾升值也對我們產生了積極影響，因為我們的大部分成本都發生在巴西。截至 2024 年底，我們擁有 3.03 億美元的現金。這比 2023 年底的 241 美元現金部位有所增加，反映了我們對流動性的持續關注。

We also continue to draw from the pre-approved credit line with the Brazilian Development Bank helping to preserve our cash. Our total liquidity of $430 million as of the end of 2024 is very comfortable and it's enough to sustain our operations at least for 2025 and 2026.

我們也持續動用巴西開發銀行預先核准的信貸額度，以幫助我們保住現金。截至 2024 年底，我們的總流動資金為 4.3 億美元，非常充足，足以維持我們至少 2025 年和 2026 年的營運。

As we look into 2025, we plan to conclude the ground test phases of our engineering prototype and have its first flight and initiate its flight test campaign in the mid of 2025. In parallel, we continue our high-level engagement with the Brazilian and US Certification authorities to define our certification plan which includes the definition of all certification tests to be performed during the flight test campaign.

展望 2025 年，我們計劃完成工程原型機的地面測試階段，並在 2025 年年中進行首次飛行，並啟動飛行測試活動。同時，我們繼續與巴西和美國的認證機構進行高層溝通，以製定我們的認證計劃，其中包括確定飛行測試活動期間要執行的所有認證測試。

At the same time, we will begin the production of our first prototype that will be used in our certification campaign. We expect to use five certification conforming prototypes for our certification. And now, with funding secured, we will start to prepare our site in Brazil for the manufacturing of our eVTOLs.

同時，我們將開始生產我們的第一個原型，該原型將用於我們的認證活動。我們預計將使用五個符合認證標準的樣機進行認證。現在，資金已經到位，我們將開始準備在巴西的工廠，用於生產我們的電動垂直起降飛行器。

Finally, we expect to consume between $200 and $250 million of cash this year as we continue to accelerate our eVTOL development.

最後，我們預計今年將消耗 2 億至 2.5 億美元的現金，因為我們將繼續加速 eVTOL 的開發。

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

至此，我們的發言結束，現在我謹開始接受提問。操作員，請繼續。

(Operator Instructions)

（操作說明）

Savi Syth from Raymond James.

來自 Raymond James 的 Savi Syth。

Hi, good morning everyone. I curious Edu, if I might start with you just on the kind of the cash burn for this year. Could you provide a little bit more color on [technical difficulty]…

大家早安。我很好奇，Edu，我可以先跟你聊聊今年的現金消耗嗎？能否再詳細解釋一下？[技術難題]…

Sorry, Savi, you broke up. Can you repeat, please?

對不起，薩維，你們分手了。請您再說一次好嗎？

Yeah, Could you provide a little color on, the cash burn for this year? Kind of how that progresses with. I'm guessing it's increasing just given the work being done on the production side and kind of the bills that come later in the year. But could you give a little bit of color on kind of the trend there as we kind of go through the year and, and maybe early thoughts into kind of next year, given that you have enough liquidity to kind of last through 2026?

是的，您能詳細介紹一下今年的資金消耗嗎？事情就是這樣發展的。我猜想，考慮到生產方面的工作量以及年底即將到來的帳單，這個數字應該會增加。但您能否稍微介紹一下今年的發展趨勢，以及對明年的一些初步想法，因為您有足夠的流動資金可以維持到 2026 年？

Yes, sure. In 2024, we consume $140 million, right, as I mentioned in the presentation, the majority of the expenses last year were focused on the development, the eVTOL development. This year, it's not going to be too different in terms of the focus remains on the eVTOL development.

當然可以。2024 年，我們將消耗 1.4 億美元，正如我在演講中提到的，去年的大部分支出都集中在 eVTOL 的研發上。今年，重點依然放在 eVTOL 的研發上，情況不會有太大變化。

We're going up to something between 200 to 250, depending on the currency, right. We see how this is going to be, heavily focused on the eVTOL development. We continue to accelerate the eVTOL development. We're going to start to fly the eVTOL, do several flight tests in parallel. We are working on the conforming vehicles to start the official flight test campaign in 2026.

根據貨幣不同，價格會漲到 200 到 250 之間，對吧。我們看到，這將主要集中在 eVTOL 的開發上。我們將繼續加快電動垂直起降飛行器（eVTOL）的研發。我們將開始試飛 eVTOL，並同時進行幾項飛行測試。我們正在研發符合標準的飛行器，以便在 2026 年啟動正式的飛行測試活動。

So basically it's still more heavily loaded on the R&D on the development of the eVTOL. Of course, this year we may start to invest on the facility, on the production facility. We may spend around $30 million on that. But overall it is still, as I said, more eVTOL development as we are bringing even more engineers from Embraer. Now I think we are around 800 engineers at Embraer, another 200 people at Eve. We have around 1,000 people working in the program.

所以基本上，研發工作仍然主要集中在 eVTOL 的開發。當然，今年我們可能會開始對該設施，也就是生產設施進行投資。我們可能要為此花費約3000萬美元。但總的來說，正如我所說，這仍然是 eVTOL 的進一步研發，因為我們從巴西航空工業公司引進了更多工程師。現在我認為巴西航空工業公司有大約 800 名工程師，Eve 公司還有 200 人。該項目約有1000名工作人員。

And for the following years, as you mentioned, I believe we may keep this range around 200, 250. So that's the reason, the liquidity we have, the almost $450 million give us enough resources for 2025 and 2026 at least. Okay?

至於接下來的幾年，正如您所提到的，我相信我們可能會將這個範圍保持在 200 到 250 左右。所以，這就是原因，我們擁有的流動資金，近 4.5 億美元，至少能為我們提供 2025 年和 2026 年所需的資源。好的？

That's super helpful. And just if I might follow up on that production facility is that you're going to use that facility to build a third aircraft. I'm just kind of wondering on just how you think about whether you start kind of building out that facility or not, like the timing around that.

這太有幫助了。我可否就該生產設施再追問一下，你們打算用該設施製造第三架飛機嗎？我只是有點好奇，您是如何考慮是否開始建造那個設施的，例如時機方面。

The facility already exists, right? It's an existing site from Embraer that we are leasing. So the investment is really on tooling machines, right? This tooling machine. It starts in one side, then we transfer to this final site more towards the, I would say probably 2026. I would say, there is investments on tooling machining. That's the majority of the 2025 investments. We are also doing IT investments on the site itself. So that's pretty much what we're doing this year.

該設施已經存在了，對吧？這是巴西航空工業公司現有的場地，我們租用的是該場地。所以，真正的投資是投入到機床上了，對吧？這台機床。它從一側開始，然後我們轉移到這個最終地點，我估計大約在 2026 年左右。我認為，在刀具加工上有投資。這佔2025年投資的大部分。我們也對網站本身進行IT投資。所以，這就是我們今年主要要做的事。

Very helpful. Thank you.

很有幫助。謝謝。

Ellen Page with Jefferies.

艾倫·佩吉與傑弗里斯。

Hi guys. Thanks for the question. On the order book, I think you had a couple more customers last quarter than this quarter. Can you talk about how you're thinking about those LOIs converting and the progress you've made in your marketing campaign? I know you're still the most - the largest order book of your peer set.

嗨，大家好。謝謝你的提問。從訂單簿來看，我認為你們上個季度的客戶比這個季度多幾個。您能否談談您如何看待這些意向書的轉化，以及您在行銷活動中的進展？我知道你仍然是同業中訂單量最大的。

Thanks, Ellen. Johann speaking. Thank you for the question. As a matter of fact you probably saw that it went from 2,900 to 2,800. The reduction is still not relevant in terms of dollar amount, $14 billion. But it's really fluid. I mean what we've done since we created Eve is to go and visit prospective customers and show them actually more a solution than the actual product, the final product.

謝謝你，艾倫。約翰正在說話。謝謝你的提問。事實上，你可能已經注意到它從 2900 變成了 2800。從金額來看，減少的幅度仍然微不足道，只有 140 億美元。但它其實很靈活。我的意思是，自從我們創立 Eve 以來，我們所做的就是去拜訪潛在客戶，向他們展示的與其說是產品本身，不如說是解決方案。

So they bought in the solution that we're offering, which is not only the vehicle but also the customer support and also vector inventory, which is our air traffic management, which is also and more ground operation.

所以他們採納了我們提供的解決方案，這不僅包括車輛，還包括客戶支援、向量庫存、空中交通管理以及更多的地面運作。

First module for ground operation software, and given that approach that we have, they signed up for, for those LOI and this is why the number has been at the highest level because they trust that we have the capabilities, the know-how and the expertise to ensure not only the vehicle but also the operation afterwards.

地面操作軟體的第一個模組，鑑於我們採取的這種方法，他們簽署了意向書，這就是為什麼數量一直處於最高水平，因為他們相信我們有能力、有知識和專業技能，不僅能確保車輛，還能確保後續操作。

It is fluid because it takes time. It's obviously tied up also to certification progress. You can understand that if you're going to be buying a vehicle of list price of $5 million, you want to see, make sure that the aircraft also is flying. So we really work together with our customers to first develop the vehicle but also to make sure that they're starting to work on the ecosystem.

它是流動的，因為它需要時間。這顯然也與認證進度有關。您可以理解，如果您要購買一輛標價 500 萬美元的車輛，您肯定也想看看這輛車是否還能飛行。因此，我們與客戶攜手合作，先開發車輛，同時也確保他們開始著手建立生態系統。

There are a couple of customers that just - that left the backlog at totally independent from Eve whether they're going bankrupt or it's big decision. It was Wideroe Zero that was purchased by Norwegian and then Norwegian decided that the air mobility was not the top rider for the moment at least and other company went bankrupt, but also put some more others on board, so like AirX or Alien in the US So it's flexible, it varies. I think what is very important is just to make sure that we have our core customer base, especially for the first three years of production.

有幾個客戶——這完全與 Eve 無關，無論他們是破產還是做出了重大決定，這都造成了積壓訂單。挪威航空收購了 Wideroe Zero，然後挪威航空認為空中交通至少目前還不是最熱門的領域，其他一些公司破產了，但也引入了一些其他公司，例如美國的 AirX 或 Alien。所以情況很靈活，各不相同。我認為最重要的是確保我們擁有核心客戶群，尤其是在生產的前三年。

Great, that makes sense. And can you talk about the differences between the full scale prototype for flight testing - and for certification, relative to the prototype you have today? Are there any significant changes in the form or is just that finalization you've made in the past year?

太好了，這說得通。您能否談談用於飛行測試和認證的全尺寸原型機與您目前擁有的原型機之間的差異？形式上是否有任何重大變化，還是只是過去一年您所做的最終定稿？

Yes. Good morning, Allen. This is Luiz Valentini. The differences are most significant in the sense that this is a simplified vehicle that does not have all of the redundancies and the safety level and the refinement that the conforming prototypes need to have in order to show compliance with certification requirements.

是的。早安，艾倫。這是路易斯·瓦倫蒂尼。最顯著的差異在於，這是一款簡化的車輛，它不具備符合認證要求的原型車所必須具備的所有冗餘設計、安全等級和精細度。

So the idea was that by doing these simplifications we could advance the development of this engineering prototype, which is a full scale prototype, very representative of what the conforming prototypes will be. But then it's available earlier on in the development program for us to test solution and like Johann mentioned, to advance the modeling - to advance the maturity of the technical aspects of the vehicle.

因此，我們的想法是，透過這些簡化，我們可以推進這個工程原型的開發，這是一個全尺寸原型，非常具有代表性，能夠反映出符合標準的原型將會是什麼樣子。但這樣一來，我們就可以在開發計畫的早期階段測試解決方案，就像約翰提到的那樣，推進建模——提高車輛技術方面的成熟度。

So in a nutshell, really the differences are that it's a simplified vehicle, therefore it's an unmanned vehicle, it's remotely piloted, and so the it's not going to be used to show compliance with certification requirements.

簡而言之，真正的區別在於，它是一種簡化的車輛，因此是一種無人駕駛車輛，它是遠端操控的，因此它不能用於證明符合認證要求。

That's helpful. I'll hop back in the queue.

那很有幫助。我重新排隊。

Thank you.

謝謝。

Austin Moeller from Canaccord.

來自 Canaccord 的 Austin Moeller。

Hi, good morning. So my first question, has ANAC started to establish a framework of how it will harmonize certification with the other non FAA regulators like EASA and CAA? And could you go into detail on that effort?

您好，早安。所以我的第一個問題是，ANAC是否已經開始建立一個框架，以協調它與其他非FAA監管機構（如EASA和CAA）的認證工作？能詳細介紹一下這項工作嗎？

Sure. Good morning, Austin. So this is something that we work a lot with ANAC. It's very important for us that the certification basis are as similar as possible, if not completely harmonized. And ANAC has been very active in influencing other authorities, both in what they call the CMT, which is a group between ANAC, FAA, EASA, and the Certification in Canada, TCCA, but also doing individual agreements - bilateral agreements with other certification authorities in the world to discuss eVTOL certification requirements.

當然。早上好，奧斯汀。所以這是我們與ANAC經常合作的領域。對我們來說，認證標準盡可能相似，甚至完全統一，這一點非常重要。ANAC 一直非常積極地影響其他機構，不僅透過他們所謂的 CMT（ANAC、FAA、EASA 和加拿大認證機構 TCCA 組成的團體），而且還與世界其他認證機構單獨簽署雙邊協議，討論 eVTOL 認證要求。

So we are very confident that through this tight connection between the authorities, we will advance to more, I don't want to say harmonized, but at least similar certification basis that do not require significant differences between the vehicles that we will certify at each country.

因此我們非常有信心，透過當局之間的這種緊密聯繫，我們將取得更大的進步，我不想說是完全統一，但至少是類似的認證基礎，這樣我們在每個國家認證的車輛之間就不會有顯著差異。

Okay, and just a follow-up. If we think about 2025 and 2026, how many prototypes do you expect to build with existing capital beyond the prototype you have right now?

好的，還有一個後續問題。如果我們展望 2025 年和 2026 年，除了您目前擁有的原型之外，您預計利用現有資金建造多少原型？

So for the certification campaign, we expect to have five prototypes. This is very similar to what Embraer has used in previous development programs and certification programs. It's a mix of prototypes that are used for different purposes. So some of them are more used for, let's say system certification, others more focused on interiors, for example, others more focused on aerodynamic flights.

因此，在認證活動中，我們預計將有五個原型。這與巴西航空工業公司在先前的研發項目和認證項目中使用的技術非常相似。它是由用於不同用途的各種原型混合而成。所以有些更適用於系統認證，有些更側重於內飾，有些更側重於空氣動力學飛行。

But this number allows us to have not only representation in all of the vehicle characteristics, but also a good pace for the flight test campaign, still being a manageable fleet. So it's a balance of having enough resources to perform the flights and being able to conclude all the flight tests needed, flight and ground tests, but also not having too much investment and too much of a fleet to manage of these test vehicles.

但這個數量不僅讓我們能夠涵蓋車輛的所有特性，還能確保飛行測試活動的良好節奏，同時還能維持一支可控的機隊。因此，關鍵在於找到一個平衡點：既要有足夠的資源來執行飛行任務，完成所有必要的飛行測試、飛行測試和地面測試，又要避免投入過多資金和管理過多的測試車輛。

Okay, great. I'll pass it back there. Thank you.

好的，太好了。我會把它遞回去。謝謝。

Thank you.

謝謝。

Amit Dayal with H.C. Wainwright.

Amit Dayal 與 H.C. Wainwright 合照。

Thank you. Good morning everyone. The CapEx that you mentioned, $30 million, will that cover the full build or will you need additional investments for that manufacturing facility further down the road as well?

謝謝。大家早安。您提到的資本支出 3000 萬美元，是否足以支付全部建設費用，還是以後還需要對該製造廠進行額外投資？

Yes, in terms of CapEx for our manufacturing plant, we're going to spend around $100 million. We already have this money secured. We signed last year, a 16-year, right a long-term facility from the Brazilian Development Bank as we advanced on the works right of the facility. We're going to draw this money, but yes, we're going to spend more than the 30. We're going to spend 100. The majority will be spent, I would say in 2026. But we already have all the money secured from the long term finance.

是的，就我們製造工廠的資本支出而言，我們將投入約 1 億美元。這筆錢我們已經落實到位了。去年，我們與巴西開發銀行簽署了一份為期 16 年的長期貸款協議，並推進了該貸款項目的建設。我們將動用這筆資金，但沒錯，我們實際花費的金額將超過 30。我們將花費100。我認為大部分資金將在 2026 年花完。但我們已經從長期融資中獲得了所有資金。

That's amazing. Thank you. And then just the question on the TechCare offering that was launched, I think sometime last year, are you actively marketing that offering to customers right now? Like what is happening with the launch that has taken place already, for that.

太棒了。謝謝。那麼，關於去年推出的 TechCare 服務，你們目前是否正在積極地向客戶推廣該服務？就像已經進行的發表會那樣。

Thanks Amit. Johann speaking. Yes, indeed. The Eve TechCare was launched last year. This is something that we discussed with our customers. This is something that they want from Eve where they face to the customer and I think this is important for them to make sure that we guarantee the availability of the operation but also the optimized operating cost and they understand that, it needs to be done through Eve. This is also the contracts that we have with our suppliers.

謝謝你，阿米特。約翰正在說話。沒錯，確實如此。Eve TechCare是去年推出的。這是我們和客戶討論過的問題。這是他們希望從 Eve 那裡獲得的，因為他們要直接面對客戶。我認為這對他們來說很重要，這樣我們才能保證營運的可用性，同時優化營運成本。他們明白，這需要透過 Eve 來實現。這也是我們與供應商簽訂的合約。

Basically this is about the spare parts, flight hour program, mechanics training, also the pilot maintenance, the whole complete portfolio that an operator will need to get from the OEM to make sure that we have a good operating experience.

基本上，這涉及到備件、飛行小時計劃、機械師培訓、飛行員維護，以及運營商需要從原始設備製造商獲得的全部服務，以確保我們擁有良好的運營體驗。

Understood. Last one from me. Are you seeing some evidence of investments being made by potential customers, other partners in the supply chain or the value chain for eVTOLs from the infrastructure point of view? I know you are getting into various stages of testing. Some of the other competitors are also planning to maybe launch initial flights by the end of this year or early next year. So I'm just trying to get a sense of whether you are seeing investments by other players to build the infrastructure and bring these eVTOLs to market.

明白了。我最後一條。從基礎設施的角度來看，您是否看到潛在客戶、供應鏈中的其他合作夥伴或價值鏈中的其他合作夥伴對電動垂直起降飛行器進行投資的跡象？我知道你們正在經歷各種階段的測試。其他一些競爭對手也計劃在今年底或明年初進行首次試飛。所以我想了解一下，您是否看到其他參與者進行投資，以建立基礎設施並將這些 eVTOL 推向市場。

Yes. Thanks, Amit. Just like you asked about the Eve TechCare here, which is the support from the OEM. Also the other challenge that we have is we're creating a new segment. Obviously, the ecosystem is very important and this is what we need to do.

是的。謝謝你，阿米特。就像你問到的 Eve TechCare 一樣，它是來自 OEM 的支援。我們面臨的另一個挑戰是，我們正在創建一個新的細分市場。顯然，生態系統非常重要，而這正是我們需要做的。

Not only the design, the delivery certification, but or the operation support, but also make sure that we have the ecosystem ready. That means that, first we're going to be using as much as possible the - heliport and the infrastructure, existing infrastructure.

不僅是設計、交付認證和營運支持，還要確保我們擁有完善的生態系統。這意味著，首先我們將盡可能利用直升機停機坪和現有基礎設施。

But as we go and we want to deliver dozens and hundreds of vehicles per year, we want to make sure that the vertiports and the corridors and everything can just basically ramp up. Right.

但隨著我們不斷發展，我們希望每年交付數十輛甚至數百輛汽車，我們希望確保垂直起降場、走廊以及所有相關設施都能迅速提升產能。正確的。

So we're working with authorities and private companies. We have partners, they're usually the same also partners that the other OEM are using because as you can understand, those investment were quite substantial when they need to be made and we are really pushing to make sure that every infrastructure will be allowing not only the Eve with 100 operation, but also the other eVTOL operation.

所以我們正在與政府部門和私人企業合作。我們有合作夥伴，他們通常也是其他 OEM 廠商使用的合作夥伴，因為正如您所理解的，這些投資在當時是相當大的，我們正在努力確保每個基礎設施不僅能夠支持 Eve with 100 的運行，還能支持其他 eVTOL 的運行。

I think, we're creating this segment and this is why those investment will bring return if operators and infrastructure companies can be - operating more than one eVTOL type.

我認為，我們正在打造這個細分市場，這就是為什麼如果營運商和基礎設施公司能夠運作不只一種 eVTOL 類型，這些投資將會帶來回報。

Understood. That's all I have. Thank you so much.

明白了。這就是我全部的資料了。太感謝了。

Thanks, Amit.

謝謝你，阿米特。

Thank you.

謝謝。

Marvin Fong from BTIG.

來自 BTIG 的 Marvin Fong。

Good morning. Thanks for taking my questions. Just one, maybe for Edu. Just looking at the $200 to $250 million in cash burned for next year. And if I just kind of look at the moving parts, $100 million in CapEx and assume relatively flat G&A.

早安.謝謝您回答我的問題。就一個，或許給教育界用。光看明年就要燒掉 2 億到 2.5 億美元的現金就夠讓人頭痛的了。如果我只看各個組成部分，資本支出為 1 億美元，並假設一般管理費用相對持平。

Seems to imply that R&D may be down next year. I just wanted to make sure I had that right. How should we kind of think about the composition of the cash burn at the OpEx level would be great. That's all I had. Thank you.

這似乎暗示明年的研發投入可能會下降。我只是想確認一下我的理解是否正確。如果能從營運支出層面分析一下現金消耗的組成就太好了。這就是我全部的家當。謝謝。

Okay, thanks, Marvin. No, no, no. The CapEx for this year is around $30 million. The $100 million that I mentioned is the full CapEx for the facility and the majority will be spent in 2026. For 2025, it's something around $30 million.

好的，謝謝你，馬文。不，不，不。今年的資本支出約為3000萬美元。我提到的 1 億美元是該設施的全部資本支出，其中大部分將在 2026 年支出。到 2025 年，大約是 3000 萬美元。

Of these $200, $250. The majority of the expenses this year are really on the eVTOL development. As I mentioned, we have around 1,000 people engaged in the program between Eve and Embraer. So we're going to be spending $150 million, $160 million on development, right. Mostly engineering works.

其中 200 美元，250 美元。今年的大部分開支都用於 eVTOL 的研發。正如我之前提到的，Eve 和 Embraer 之間大約有 1000 人參與了這個計畫。所以我們將在開發上投入 1.5 億美元到 1.6 億美元，對吧。主要從事工程工作。

Then there is the $20 to $30 million on CapEx. And of course we have also a small SG&A around 2030. So that's how we get at the full $200 million, $250 million. The majorities by far are indeed the eVTOL development.

此外，還有 2,000 萬至 3,000 萬美元的資本支出。當然，我們預計到 2030 年左右還會有一筆小額的銷售、一般及行政費用。所以，這就是我們如何得出 2 億美元、2.5 億美元總額的。絕大多數確實是電動垂直起降飛行器（eVTOL）的研發。

Okay, I misunderstood that. Okay, thanks for clarifying. Thank you.

好的，我誤會了。好的，謝謝你的解釋。謝謝。

Thank you. (Operator Instructions) We have no further questions. This concludes our question-and-answer session. I would like to turn the conference back over to Lucio Aldworth for any closing remarks.

謝謝。（操作說明）我們沒有其他問題了。我們的問答環節到此結束。我謹將會議交還給盧西奧·奧爾德沃思，請他作總結發言。

Thank you, Dorwin, and thanks everyone who joined the call today. As you can see, we accomplished several important milestones this past quarter. And in 2024, we're fully engaged and moving forward, moving fast. And there's much more throughout the next few quarters and look forward to meeting all of you in the upcoming events we're going to attend.

謝謝多爾溫，也謝謝今天所有參加電話會議的人。如您所見，我們在上個季度完成了幾個重要的里程碑。2024年，我們將全力以赴，快速前進。接下來的幾季還有更多精彩內容，期待在即將參加的活動中與大家見面。

And 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. Bye.

和以往一樣，如果您有任何疑問，請隨時與我或我的團隊聯繫。謝謝，祝您今天過得愉快。再見。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。