Eve Holding Inc (EVEX) 2025 Q1 法說會逐字稿

Good day, and welcome to the Eve Holding Inc., first Quarter of 2025 earnings conference call. (Operator Instructions) Please note today's event is being recorded.

大家好，歡迎參加 Eve Holding Inc. 2025 年第一季財報電話會議。（操作員指示）請注意，今天的活動正在被記錄。

I'll now let's turn the conference over to Lucio Aldworth, Head of Investor Relations. Please go ahead.

現在，我將會議交給投資人關係主管 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 first-quarter 2025 earnings conference call. Our CEO, Johann Bordais; and CFO, Eduardo Couto, are joining me on the call today. And after their prepared remarks, we're going to open the call for questions, at which point, Luiz Valentini, our Chief Technology Officer, will also join us for more technical questions.

謝謝您，接線生。大家早安。我是 Eve 投資者關係總監 Lucio Aldworth，歡迎大家參加我們的 2025 年第一季財報電話會議。我們的執行長 Johann Bordais 和財務長 Eduardo Couto 今天將與我一起參加電話會議。在他們發表完準備好的演講後，我們將開始提問，屆時我們的技術長 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 website at ir.eveairmobility.com. So please feel free to download it and follow along.

我們有一張包含幾張幻燈片和一些附加圖片的演示文稿，展示了我們在本季度取得的成就以及全尺寸原型的測試階段。該簡報可在我們的網站 ir.eveairmobility.com 上查看。請隨意下載並繼續學習。

Let me first mention that today's conference call includes 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，今天的電話會議包括尚未發生的事件或情況的聲明。這些主要基於我們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當前預期和預測。

These forward-looking statements are based on current expectations and involve risks and uncertainties that could cause financial results to differ substantially from those expressed or implied in this conference call, and we undertake no obligations to update publicly or revise any forward-looking statements because of new information, future events or other factors. For more details of these risks and uncertainties, please refer to our SEC filings available in our website. With that, I will now turn the presentation over to our CEO, Johann?

這些前瞻性陳述基於當前預期，涉及風險和不確定性，可能導致財務結果與本次電話會議中表達或暗示的結果存在重大差異，並且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。有關這些風險和不確定性的更多詳細信息，請參閱我們網站上的美國證券交易委員會 (SEC) 文件。說完這些，我現在將演講交給我們的執行長約翰？

Thanks, Lucio. Good morning to all, and welcome to our first-quarter 2025 conference call. We continue to move at a steady pace in the development of our eVTOL, and we have reached important milestones in the quarter. I would like to highlight today a few of those most important recent achievements. Starting with slide 2.

謝謝，盧西奧。大家早安，歡迎參加我們的 2025 年第一季電話會議。我們繼續穩步推進 eVTOL 的開發，並在本季取得了重要的里程碑。今天我想強調一下最近取得的一些最重要的成就。從投影片 2 開始。

We continue to perform several ground tests in our full-scale prototype and prepare it for its debut flight. As a reminder, this is a full-scale engineering prototype with no cabin or cockpit. It is made of a composite material that will be piloted remotely in our remote pilot station, what we call the RPS.

我們繼續對我們的全尺寸原型進行幾項地面測試，為它的首次飛行做準備。提醒一下，這是一個沒有機艙或駕駛艙的全尺寸工程原型。它由複合材料製成，將在我們的遠端駕駛站（我們稱之為 RPS）中進行遠端駕駛。

This prototype will be used to validate and improve the accuracy of previous subscale and computer models. It is also an important contribution for the setup of several rigs we are using for different individual components.

原型將用於驗證和提高先前的子量表和電腦模型的準確性。這對我們用於不同單獨組件的多個鑽孔機的設定也是一個重要的貢獻。

Early this year, we tested the pusher motor after having installed it in the aft section of the full-scale prototype. We published a video of the test, and that is online for everyone to see and enjoy. As a reminder, we had already tested the motor in the lab environment and in dynamometer to make sure it delivered the expected performance and the test after installation were important to make sure that the real life performance was consistent with lab results and also that the inverters were properly installed.

今年年初，我們將推進器引擎安裝在全尺寸原型機的後部並進行了測試。我們發布了測試的視頻，並在網上供大家觀看和欣賞。提醒一下，我們已經在實驗室環境和測功機中測試了電機，以確保它能夠達到預期的性能，並且安裝後的測試非常重要，以確保實際性能與實驗室結果一致，並且逆變器安裝正確。

We are now following the same protocol with the lifter motors, testing them in the dynamometers before installing them in their respective nasal nacelles in the prototype. With that, we are confident that we will begin flying our prototypes till this year.

我們現在對升降機馬達遵循相同的協議，在測力計中對它們進行測試，然後將它們安裝到原型機各自的機鼻發動機艙中。有了這個，我們有信心今年就能開始試飛我們的原型機。

We will initially perform hover flights and gradually increase power and the height. Then, we'll move to partial transition. This is when we engaged the pusher without fully disengaging the lifters to continue controlling the aircraft vertically. And only then we will move to a full transition flight. At the same time, we continue to make important advancements with the rigs and what we call the Iron Bird.

我們將首先進行懸停飛行，然後逐漸增加動力和高度。然後，我們將進入部分過渡。這是我們在沒有完全脫離升降裝置的情況下接合推進裝置以繼續垂直控制飛機的時候。只有這樣，我們才能轉向完全過渡飛行。同時，我們繼續在鑽孔機和所謂的「鐵鳥」方面取得重要進展。

This is -- this constructed eVTOL in which we integrate all the different components of an eVTOL into a physical system to make sure that all systems work together properly. We will get into this in a moment. In parallel, we are highly engaged with our suppliers who are already producing parts for the first of the series of five conforming prototype we will have for the certification campaign.

這就是——這個構建的 eVTOL，我們將 eVTOL 的所有不同組件整合到一個物理系統中，以確保所有系統正常協同工作。我們馬上就會討論這個問題。同時，我們與供應商密切合作，他們已在為認證活動準備的五個符合標準的原型機系列中的第一個生產零件。

And lastly, we have already prepared the assembly line in our site of Embraer's, São José dos Campos or Zeri Silva plant for our conforming vehicles. Now slide 3 lists some of the successful tests that we have performed in the aircraft this quarter.

最後，我們已經在巴西航空工業公司聖若澤多斯坎普斯或澤裡席爾瓦工廠為符合標準的車輛準備好了裝配線。幻燈片 3 列出了我們本季在飛機上進行的一些成功測試。

This is to make sure that it is airworthy. Not only we need to make sure that a dedicated radio link between the eVTOL and the RPS has no latency and no interrupted to prevent the loss of control, but also we need to test how well our cabling system insulates the aircraft from the external electromagnetic interference.

這是為了確保其適航。我們不僅需要確保 eVTOL 和 RPS 之間的專用無線電鏈路沒有延遲且不會中斷以防止失去控制，而且我們還需要測試我們的佈線系統如何很好地將飛機與外部電磁幹擾隔離。

We also measure how well the eVTOL structure holds in the vibration test to simulate some turbulence but more importantly, the structure integrity of our haul in adverse condition. And lastly, we also make sure that the all navigated related equipment such as the GPS and also Altimeter are properly calibrated. Now the next few slides offer a good summary of what we're testing or we have tested and also accomplished so far this quarter.

我們還測量了 eVTOL 結構在振動測試中的保持情況，以模擬一些湍流，但更重要的是，在惡劣條件下測試我們的運輸結構完整性。最後，我們還要確保所有導航相關設備（例如 GPS 和高度計）都經過正確校準。現在，接下來的幾張投影片很好地總結了我們本季迄今為止正在測試或已經測試過以及完成的內容。

Slide 4 shows the lifter test in the dynamometer. As you can imagine, we need to perform several tests with each of the eight motors to make sure they deliver at least in the lab setting, their intended trust to support the aircraft in the take-off and landing phase of the flight.

投影片 4 展示了測力計中的升降機測試。你可以想像，我們需要對八個發動機中的每一個進行幾次測試，以確保它們至少在實驗室環境下能夠發揮其預期的作用，支持飛機在起飛和降落階段的飛行。

Remembering that this is the same protocol we use with the pusher motor, which means that we're getting close to flying. Slide 4 shows some of the parts of the Iron Bird. Here on the left, you see a picture of the Iron Bird simulator.

記住，這是我們與推進器引擎使用的相同協議，這意味著我們快要飛行了。投影片 4 展示了 Iron Bird 的一些零件。在左邊，您可以看到 Iron Bird 模擬器的圖片。

This is the interface through which the pilot will control the entire system. As you can see, the simulator has approximately a 270 degrees view, and it is connected with all the different rigs of the flight critical components.

這是飛行員控制整個系統的介面。如您所見，該模擬器的視野約為 270 度，並且與飛行關鍵部件的所有不同裝置相連。

For instance, the inceptor is connected to actuators and motors and they react physically to all pilots command. This, in turn, are connected to the flight computer with our fly-by-wire system and Avionics. The motors are connected to the battery with its own thermal management system.

例如，攔截器與執行器和馬達相連，它們對所有飛行員的指令做出物理反應。反過來，這又透過我們的電傳操縱系統和航空電子設備連接到飛行計算機。馬達透過自己的熱管理系統與電池相連。

A curious fact is that all wires and cable replicates the composition, the width and the length of the actual harness that we will have on eVTOL. This assures a realistic simulation as much as possible. So not only the Iron Bird helps us to better integrate and understand all of the system and how they all work together, also help us troubleshoot the potential problems on the ground.

一個有趣的事實是，所有電線和電纜都複製了我們在 eVTOL 上實際線束的組成、寬度和長度。這盡可能地保證了真實的模擬。因此，鐵鳥不僅幫助我們更好地整合和了解整個系統以及它們如何協同工作，還能幫助我們解決地面上的潛在問題。

But it also, on top of this, is important for the aftermarket benefit. The Iron Bird helps us to understand the material and the component fatigue and these are important input for the efficient maintenance program and also for the reliability of the aircraft.

但除此之外，它對於售後市場效益也很重要。鐵鳥幫助我們了解材料和部件的疲勞，這些對於高效的維護計劃和飛機的可靠性都是重要的輸入。

Another important fact is that the Iron Bird helps us expedite and reduce costs related to certification campaign. Keep in mind that some of this test can be performed on the ground, such as the electrical system, circuit breakers and the Iron Bird becomes a very valuable tool.

另一個重要的事實是，Iron Bird 幫助我們加快認證活動並降低相關成本。請記住，部分測試可以在地面進行，例如電氣系統、斷路器和鐵鳥成為非常有價值的工具。

The next slide show how the advancement that we have made on the digital and computer system to reduce development time and cost. Slide 6, it shows a different flight simulator that is used to validate the control law for the fly-by-wire system and was extensively used to develop the flight control. It is also an important tool to develop the ergonomics for the pilot and window positioning to maximize the visibility.

下一張投影片展示了我們在數位和電腦系統方面的進步，以減少開發時間和成本。幻燈片 6 展示了不同的飛行模擬器，用於驗證電傳操縱系統的控制律，並廣泛用於開發飛行控制。它也是開發飛行員人體工學和窗戶定位以最大限度提高可視性的重要工具。

Slide 7 shows the digital rendering of the structure of the cockpit with all its systems, structural support and the wiring, remembering that this is an aircraft with a pilot plus four passengers and a luggage compartment and it is not only designed to be efficient to operate, but to maintain as well.

幻燈片 7 展示了駕駛艙結構及其所有系統、結構支撐和線路的數位渲染，請記住，這是一架載有一名飛行員、四名乘客和一個行李艙的飛機，它的設計不僅高效運行，而且維護也同樣高效。

With that in mind, components are placed at a strategic place and easy access to facilitate any maintenance service. Now the next couple of slides show the level of engagement with our suppliers. We regularly meet them and visit their sites. But in the last couple of months, there was a very noticeable uptick in the activity.

考慮到這一點，組件被放置在戰略位置並且易於訪問，以方便任何維護服務。接下來的幾張投影片展示了我們與供應商的合作程度。我們定期與他們會面並訪問他們的站點。但在過去幾個月裡，活動出現了非常明顯的上升趨勢。

As you can see in slide 8 and also the slide 9, we already have some of the components ready to go for the first of our series of certification compliant aircraft. As you can see, the nose of the fuselage, we have the lightning system, actuators, seats and windshields have already been produced.

正如您在幻燈片 8 和幻燈片 9 中看到的，我們已經準備好一些部件，用於我們一系列符合認證標準的飛機中的第一批。正如您所看到的，機身機頭、照明系統、執行器、座椅和擋風玻璃都已經生產出來了。

You can also see some of their tooling to manufacture these components such as the negative for the carbon fiber structural parts and the autoclave that is used to cure these components and increase its resistance and durability.

您還可以看到他們用於製造這些部件的一些工具，例如碳纖維結構部件的底片和用於固化這些部件並提高其抵抗力和耐用性的高壓釜。

Again, this increases our confidence level that we will be able to meet our ambitious targets in starting the assembly of the first of these conforming prototypes in the second half of 2025, and initiate the flight portion of the certification campaign early next year. And lastly, on last -- on slide 10, we can see the site where we will assemble this conforming prototype.

這再次增強了我們的信心，我們將能夠實現我們的雄心勃勃的目標，即在 2025 年下半年開始組裝第一架符合要求的原型機，並在明年年初啟動認證活動的飛行部分。最後，在第 10 張投影片上，我們可以看到組裝該符合原型的網站。

Now to avoid any confusion, this is not our site in Taubate, where we will be manufacturing the commercial aircraft. This site is inside of the Embraer main facility in São José dos Campos, and will be used exclusively to assemble the conforming prototype for the certification campaign.

現在，為了避免任何混淆，這不是我們在陶巴特的工廠，我們將在那裡製造商用飛機。該場地位於巴西航空工業公司位於聖若澤杜斯坎普斯的主工廠內，將專門用於組裝符合認證活動的原型。

We plan on deploying five eVTOLs for the certification campaign with an option for maybe a sixth aircraft, if needed. Needless to say that this site is strategically important for us because of proximity to Embraer engineering, which we think will be critical for the learning curve in the assembly process of these aircraft. The site is ready to be used and we will now start installing the equipment and the tooling to manufacture our eVTOL.

我們計劃為認證活動部署五架 eVTOL，如果需要的話，可能還會選擇部署第六架飛機。毋庸置疑，這個地點對我們來說具有重要的戰略意義，因為它靠近巴西航空工業公司工程部，我們認為這對於這些飛機組裝過程中的學習曲線至關重要。場地已準備好投入使用，我們現在將開始安裝設備和工具來製造我們的 eVTOL。

And as a reminder, these conforming prototypes will be close to the commercial version of eVTOL as much as possible. And they will have all the system, the subsystem and the redundancy that are necessary for certification for the commercial operation. In the end, advancement in these three production aircraft means a leap when we're ready to go for the interim service.

需要提醒的是，這些符合標準的原型將盡可能接近 eVTOL 的商業版本。他們將擁有商業營運認證所需的所有系統、子系統和冗餘。最後，當我們準備進行中期服役時，這三架生產型飛機的進步意味著一次飛躍。

And my last slide, which is the slide 11, it's our total preorder backlog, which stands unchanged as approximately 2,800 aircraft for a total value close to $14 billion based on the list price. These are nonbinding letters of intent from 28 different customers spread over nine countries and different businesses from, air, mainliners to the regional airliners, helicopter operators, ridesharing platform and leasing companies.

我的最後一張投影片，也就是第 11 張投影片，是我們的預訂積壓總量，保持不變，約 2,800 架飛機，根據標價，總價值接近 140 億美元。這些是來自 9 個國家的 28 個不同客戶的非約束性意向書，涉及不同的業務，包括航空公司、幹線航空公司、區域航空公司、直升機運營商、共乘平台和租賃公司。

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

由於維護和支援保證了飛機的正常運行，我們高度重視為 eVTOL 營運商提供一流的服務和支援。因此，我們還與 14 個不同的客戶簽訂了 Eve TechCare 售後產品套件的合同，該產品套件在運營的頭幾年內可為 Eve 帶來高達 16 億美元的收入。

Importantly, Eve TechCare's customers have placed LOI to services for around 1,100 aircraft, which is about 40% of our preorder book. As you can see, we also have 21 different customers for our air traffic management system vector. And I believe this reflects the market-leading value proposition that we bring to our customers.

重要的是，Eve TechCare 的客戶已為約 1,100 架飛機提交了服務意向書，約占我們預訂量的 40%。如您所見，我們的空中交通管理系統向量也有 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 are also developing a strong network of partners in different areas such as the infrastructure and energy to address one of the main challenges ahead of the urban air mobility, which is to create a whole new ecosystem besides simply developing an aircraft.

除此之外，我們還與客戶和當局一起，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主要挑戰之一，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。

Now, I would like to invite our CFO, Edu, to go over our financials along with a checklist for our 2025 milestones.

現在，我想邀請我們的財務長 Edu 來回顧我們的財務狀況以及 2025 年里程碑的清單。

Thanks, Johann. Now moving to slide 12. Eve is a preoperational company, and our financials reflect mostly the costs associated with our program development. That said, I would like to highlight some of our numbers. Eve invested $45 million during the first quarter in our program development, including our eVTOL, the Service and Support Solutions and the Urban Air Traffic Management software.

謝謝，約翰。現在轉到投影片 12。Eve 是一家處於營運前階段的公司，我們的財務狀況主要反映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 在第一季投資了 4500 萬美元用於我們的專案開發，包括我們的 eVTOL、服務和支援解決方案以及城市空中交通管理軟體。

We continue to accelerate our program development this year with more engineers from Eve and Embraer as well as higher engagement with suppliers. That explains the higher R&D expenses in the quarter, also deployed almost $8 million in SG&A during the first quarter.

今年，我們繼續加快專案開發，引進了更多來自 Eve 和 Embraer 的工程師，並加強了與供應商的合作。這解釋了本季研發費用增加的原因，第一季度還花費了近 800 萬美元的銷售、一般及行政費用。

Including R&D and SG&A, Eve reported a net loss of $49 million in the first-quarter 2025. Now moving to cash flow. Our operations consumed $25 million in the quarter, which is lower than previous quarters as it included a temporary working capital gain as one of our invoices of $15 million from Embraer related to the engineering development services that are typically paid at the end of the quarter is slipped to the beginning of the second quarter.

包括研發和銷售、一般及行政費用在內，Eve 報告 2025 年第一季淨虧損 4,900 萬美元。現在轉向現金流。本季度我們的營運支出為 2500 萬美元，低於前幾個季度，因為其中包括一筆臨時營運資本收益，因為我們從巴西航空工業公司收到的一張 1500 萬美元的與工程開發服務有關的發票（通常在季度末支付）被推遲到了第二季度初。

We are comfortable with our guidance for the full year, which reflects our financial discipline, advantages of using Embraer's engineering team as well as our increased efforts in the program development. Finally, on liquidity, we ended the first quarter with $288 million in cash, this is down $15 million from the end of 2024 and also reflects an additional disbursement of the credit lines from the Brazilian Development Bank of $9 million.

我們對全年的預期感到滿意，這反映了我們的財務紀律、利用巴西航空工業公司工程團隊的優勢以及我們在專案開發方面加強的力度。最後，在流動性方面，我們在第一季結束時擁有 2.88 億美元現金，比 2024 年底減少了 1500 萬美元，同時也反映了巴西開發銀行額外撥付的 900 萬美元信貸額度。

These standby facilities continue to help Eve to preserve a solid cash position throughout the year. The total liquidity of $411 million at the end of the quarter includes our cash and all undrawn standby facilities, and is sufficient to sustain our operations through 2026.

這些備用設施繼續幫助 Eve 全年保持穩固的現金狀況。本季末的總流動資金為 4.11 億美元，包括我們的現金和所有未提取的備用資金，足以維持我們到 2026 年的營運。

Now going to slide 13. We remain on track to deliver our milestones this year. As Johann detailed earlier, our first full-scale prototype is concluding the final tests and installations to start to perform its initial flights in 2025.

現在轉到投影片 13。我們今年仍有望實現我們的里程碑。正如約翰之前詳細介紹的那樣，我們的第一個全尺寸原型即將完成最後的測試和安裝，並將於 2025 年開始進行首次飛行。

In parallel, we continuing talks with ANAC to detail the means of compliance, which are the specific tests that need to be conducted during the certification campaign. We also continue highly engaged with the suppliers working on the initial parts of our conforming prototypes.

同時，我們繼續與 ANAC 進行談判，詳細說明合規方式，即認證活動期間需要進行的具體測試。我們也繼續與供應商密切合作，共同研發符合標準的原型的初始零件。

In parallel, the site to assemble this aircraft is starting to receive the necessary equipment and tooling. Lastly, our cash consumption in the year despite the better first quarter should stay in the guidance of $200 million to $250 million, probably closer to the low end of the range.

同時，組裝該飛機的場地開始接收必要的設備和工具。最後，儘管第一季表現較好，但我們全年的現金消耗仍應保持在 2 億至 2.5 億美元的預期範圍內，可能更接近該範圍的低端。

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

我們的發言就此結束，現在開始提問。接線員，請繼續。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Savi Syth, Raymond James.

薩維西斯、雷蒙德詹姆斯。

Hey, good morning, everyone. And maybe a question for Edu. The R&D spend was a little bit higher than I would have expected. But obviously, you're kind of within how you're thinking about the cash burn. Do you still expect that pace to kind of step up? Or is this kind of the right level of spend for the rest of the year on R&D and the G&A, SG&A as well?

嘿，大家早安。也許還有一個問題想問 Edu。研發支出比我預期的高一點。但顯然，你正在考慮如何消耗現金。您是否仍期望這種步伐能夠加快？或者說，對於今年剩餘時間而言，這種支出水準是否適合研發、一般及行政費用 (G&A)、銷售及行政費用 (SG&A)？

Yeah, I believe we should be around this level, Savi. You're right. We had a lot of engagement not only Embraer, Eve, but also with suppliers. R&D was $44 million in the quarter. I believe it should stay at this level, probably not accelerate further.

是的，我相信我們應該達到這個水平，薩維。你說得對。我們不僅與巴西航空工業公司、Eve 進行了大量的合作，還與供應商進行了大量的合作。本季研發費用為 4,400 萬美元。我認為它應該保持在這個水平，可能不會進一步加速。

That's helpful. And then just on the certification aircraft build. I think, Johann, you mentioned maybe you can do test flights as early as 2026. And I know you called out the Embraer site being prepared and partners building parts. Just could you talk about what items you're still waiting on to start building that?

這很有幫助。然後就開始認證飛機的建造。約翰，我想你提到也許你可以最早在 2026 年進行試飛。我知道您提到巴西航空工業公司正在做好準備，合作夥伴正在建造零件。您能否談談您還在等待哪些項目來開始建造它？

I'm just trying to think about how much kind of early preparation and what might delay the start of that program if something does?

我只是在思考需要做多少早期準備，如果發生什麼事情，哪些因素可能會延遲該計劃的啟動？

Sure. Thanks, Savi. Well, reminding that we have two prototypes, let's call it, right? We have the engineering prototype, the one that we rolled out end of last year at the Farnborough Air Show. And this is the one that we've been showing, right, in videos. And then we have the first conforming prototype, the one that one of the series of 5 aircraft that we will use to certify the aircraft.

當然。謝謝，薩維。好吧，提醒一下，我們有兩個原型，我們就這麼稱呼它，對嗎？我們有工程原型，是我們去年底在範堡羅航展上推出的。這就是我們在影片中展示的。然後我們有了第一架符合要求的原型機，它是我們將用來認證飛機的五架系列飛機之一。

And this is the one I showed one slide about where the plant is going to be. It's going to be in the what we call the Zeri Silva plant in Fira Lima in San Jose De Los Compus, it's Taubaté. And as you could see, the floor is now ready to receive the tooling, I mean to start to build the prototype. So when it comes to the prototype, we're -- everything is on schedule, right, for the conforming prototype. I think this is what you asked for.

這是我展示的一張有關工廠位置的幻燈片。它將位於聖何塞德洛斯孔普斯的菲拉利馬的 Zeri Silva 工廠，也就是陶巴特。如您所見，地板現在已經準備好接收工具，我的意思是開始建立原型。因此，當談到原型時，我們 - 一切都按計劃進行，對吧，對於符合標準的原型。我想這就是你所要求的。

Yeah, okay, sounds good. I appreciate the call thank you.

是的，好的，聽起來不錯。我很感謝你的來電，謝謝。

Thank you. Austin Moeller, Canaccord. Please go ahead.

謝謝。奧斯汀·莫勒（Austin Moeller），Canaccord。請繼續。

Hi, good morning, Johan and I do. So just my first question here. The $1.6 billion in services contract backlog. Does that reflect any expectation of a battery upgrade in the future into existing aircraft with an STC? Or does that only assume replacements of existing battery types and maintenance?

嗨，早上好，約翰和我都是這樣的。這是我的第一個問題。價值16億美元的服務合約積壓。這是否反映了未來對現有配備 STC 的飛機電池進行升級的期望？或者這僅假設更換現有電池類型和維護？

Thanks, Austin. Indeed, this is including and the replacement and the repair of the batteries, right, as it is replacement, a little bit more on a yearly basis, right? It doesn't have inside the upgrade.

謝謝，奧斯汀。確實，這包括電池的更換和維修，對吧，因為是更換，所以每年的費用會多一點，對吧？它內部沒有升級。

Okay. And on the certification prototype of the prototype that you're building now, are you planning to fly that specific aircraft with a pilot or would that be on future aircraft since you're planning to build five as part of TC?

好的。在您目前正在建造的原型的認證原型上，您是否計劃讓飛行員駕駛該特定飛機，或者這將在未來的飛機上進行，因為您計劃作為 TC 的一部分建造五架飛機？

The conforming prototype, we're starting to build this year and will fly next year, we'll have a pilot. It will be man, yes. This is part of the certification process.

我們今年將開始建造符合要求的原型機，明年將進行試飛，屆時我們將有一名飛行員。是的，那是一個男人。這是認證過程的一部分。

Great. I'll pass it back there. Thank you.

偉大的。我會把它傳回那裡。謝謝。

Thank you. Sheila Kahyaoglu, Jefferies.

謝謝。傑富瑞的 Sheila Kahyaoglu。

Good morning, guys, and thank you for the time. Maybe one on the order book and one on free cash flow. So the order book, can you talk to us about discussions there? Just what's the latest on the customer engagement front? How should we expect the order book and backlog to move forward as we think about timing with your first flight as well?

大家早安，感謝你們抽出時間。也許一個在訂單簿上，一個在自由現金流上。那麼關於訂單，您能跟我們談談那裡的討論嗎？那麼，客戶參與的最新進展是什麼？當我們考慮您的首次飛行時間時，我們應該如何預期訂單和積壓訂單的進展？

Thanks, Sheila. The order book is something that we've worked since the very beginning when we start to visit the customers about four years ago. And I think the vote of confidence of the solution that we're developing is really right there. That's 2,800 vehicle under LOI. Obviously, it is evolving.

謝謝，希拉。大約四年前，當我們開始拜訪客戶時，我們已經開始處理訂單了。我認為，我們正在開發的解決方案確實贏得了人們的信任。意向書項下共有 2,800 輛汽車。顯然，它正在不斷發展。

I mean, it's been some couple of years sometimes the customers are signed, and it's evolving on the corporate level, nothing to do with the product, but we have few customers like Widerøe Zero, for example, they got purchased by Norwegian and they changed their strategy, and it's not the priority right now for the eVTOL. But at the same time, and we have others like this that went actually bankrupt.

我的意思是，已經有幾年了，有時客戶已經簽約，而且這是在公司層面上發展的，與產品無關，但我們有幾個客戶，例如 Widerøe Zero，他們被挪威收購了，他們改變了戰略，這不是現在 eVTOL 的首要任務。但同時，我們也看到其他類似的企業其實已經破產。

But we're also bringing some other customers. And I think the strategy is really to keep a footprint around the world where we have customers in Japan, Australia, Middle East, India, US and the primary market, of course, of Brazil and the US.

但我們也帶來了一些其他客戶。我認為我們的策略實際上是在世界各地保持影響力，我們的客戶遍布日本、澳洲、中東、印度、美國，當然還有主要市場巴西和美國。

So this is really -- we're keeping at the same level, we're not chasing more LOI just because we want to get numbers. We really want to make sure now that we're starting to work on where it's going to be the first customer and the first operation, the first city at the city level. So we engage with the customer on the ecosystem development. So we're already doing this with our customers. And naturally, we will get into this negotiation of the firm and in the firm orders.

所以這確實是——我們保持在同一水平，我們不會僅僅因為想要獲得數字而追求更多的意向書。我們現在確實想確保我們開始著手研究第一個客戶、第一個業務、第一個城市（城市層級）。因此，我們與客戶合作開發生態系統。我們已經和我們的客戶一起這樣做了。當然，我們會參與到公司的談判和訂單中。

Got it. No, makes sense. And then maybe just on free cash flow. As we think about -- sorry, $25 million of usage in the quarter versus total cash consumption guide of $200 million to $250 million. Can you provide a little color on the cadence of the burn as we progress throughout the year and how you're thinking about the $410 million of liquidity?

知道了。不，有道理。然後也許只是自由現金流。正如我們所想的——抱歉，本季的使用量為 2500 萬美元，而總現金消耗量指南為 2 億至 2.5 億美元。您能否稍微介紹一下我們全年燒錢的節奏，以及您對 4.1 億美元流動資金的看法？

Thanks, Sheila, for the question. As you mentioned, we consumed $25 million in the quarter. There was one invoice, right, that is keep to the beginning of the second quarter of $15 million. So if you adjust that, the consumption would have been around $40 million. So if you annualize that, it would be around $160 million.

謝謝 Sheila 提出的問題。正如您所說，本季我們消耗了 2500 萬美元。有一張發票，對的，那是第二季初的 1500 萬美元。因此，如果進行調整，消費金額將達到 4,000 萬美元左右。因此，如果按年計算，則約為 1.6 億美元。

We believe the quarters ahead in terms of cash, they may be a little higher than the adjusted $40 million we should have had in the first quarter. So that's the reason we believe we may be at probably closer at the low end of the $200 million to $250 million and then more close to the $200 million.

我們相信，未來幾季的現金流可能會略高於第一季調整後的 4,000 萬美元。所以這就是我們認為我們可能更接近 2 億美元到 2.5 億美元的低端，然後更接近 2 億美元的原因。

So I think we are on track on that. The liquidity -- our total liquidity is $411 million, right, which is around $290 million, almost $300 million cash, and there is the standby facilities a little bit more than $100 million. So if we consume $200 million, and we have a little bit more than $400 million, that gives us enough cash for 2025 and 2026.

所以我認為我們在這方面進展順利。流動性－我們的總流動性為 4.11 億美元，其中約 2.9 億美元，近 3 億美元現金，備用資金略多於 1 億美元。因此，如果我們消耗 2 億美元，而我們有 4 億美元多一點，那麼我們就有足夠的現金來維持 2025 年和 2026 年的營運。

The certification is 2027. So we still have plenty of cash. But at some point, we need to work on this liquidity for 2027. We have multiple options. So I don't think funding is a problem at all. We have plenty of funding, but that's how we view covered for '25, '26 and the pace of burn accelerating a little bit from this around $40 million level per quarter.

認證有效期限為2027年。所以我們仍然有足夠的現金。但在某種程度上，我們需要為 2027 年實現這項流動性而努力。我們有多種選擇。所以我認為資金根本不是問題。我們的資金充足，但我們認為這足以涵蓋 25、26 年的支出，而且資金消耗的速度將從每季 4,000 萬美元左右略有加快。

Sounds great. Perfect. Thank you.

聽起來很棒。完美的。謝謝。

Thank you. Thanks. Thank.

謝謝。謝謝。感謝。

(Operator Instructions) Andres Sheppard, Cantor Fitzgerald.

（操作員指示） Andres Sheppard、Cantor Fitzgerald。

Hey everyone, good morning and congratulations on the quarter. Thank you for taking the questions. I want to touch on maybe just the five prototypes that you expect to build again for certification campaign. Do we have a sense on roughly what the timing of that might be? And is that embedded into the cash consumption guidance for this year? Just trying to figure out how and when we should think about maybe CapEx and cash consumption for these five aircraft? Thank you.

大家好，早安，恭喜本季。感謝您回答這些問題。我想談談您希望為認證活動再次建立的五個原型。我們是否大致知道這個時間點是什麼時候？這是否包含在今年的現金消費指引中？只是想弄清楚我們應該如何以及何時考慮這五架飛機的資本支出和現金消耗？謝謝。

Thanks, Andres. I mean I see that you guys are focused on the prototype. Obviously, the conforming one, which I think is important. And this is also why we showed you in this quarter how we're progressing. There are actually parts coming from the suppliers.

謝謝，安德烈斯。我的意思是我看到你們專注於原型。顯然，我認為符合這一點很重要。這也是我們在本季向您展示我們進展的原因。實際上有一些零件來自供應商。

There's the facility that is being prepared and ready to receive the first tooling, so we can build up those five prototype. So yeah, it's really towards the end of this year now that we're going to be starting those to assemble the parts. More probably, you're not going to see a full aircraft already this year, right, being assembled, but definitely parts of it, okay?

我們正在準備設施並準備接收第一批工具，以便我們可以製造這五個原型。是的，現在真的快到今年底了，我們就要開始組裝這些零件了。更有可能的是，今年你不會看到整架飛機，對吧，正在組裝，但肯定會看到它的部件，好嗎？

Yeah. No. The cash, it's -- the focus is still -- most of our cash goes to R&D, right, for the development for paying the engineers, right? We have around 800 to 900 engineers engaged. So the -- yeah, the cost of the prototypes, the parts, the initial assemble is there. But the majority is not related to that. It is still the development.

是的。不。現金，重點仍然是，我們的大部分現金都用於研發，用於支付工程師的開發費用，對嗎？我們大約有 800 到 900 名工程師參與。所以——是的，原型、零件和初始組裝的成本都在那裡。但大多數與此無關。它仍在發展中。

Got it. That's super helpful. I appreciate that. And just as a quick follow-up. Can you maybe just remind us in terms of your service and maintenance business segment, when, how do you expect to maybe commercialize? What's the latest there? That's something that is maybe differentiated to Eve. So just curious on the timing on the maintenance and service business segment. Thank you.

知道了。這非常有幫助。我很感激。這只是一次快速的跟進。您能否就您的服務和維護業務部門而言，您預計何時、如何實現商業化？那裡有什麼最新消息？這可能與 Eve 有所不同。所以只是好奇維護和服務業務部門的時間安排。謝謝。

Thank you for that question. I'll take this one. It's corn and dear to my heart. This is something that since the very beginning in the whole project, I mean, we thought about the customer support and services because we know that it's not only about certification, but it's also about operating. This is going to be the success of this vehicle and customers are asking two things, reliability, availability of the aircraft and also the optimized operating cost.

謝謝你的提問。我要這個。這是玉米，我非常喜歡它。我的意思是，從整個專案一開始我們就考慮客戶支援和服務，因為我們知道這不僅與認證有關，還與營運有關。這將是該飛行器的成功，客戶要求兩件事，即飛機的可靠性和可用性以及優化的營運成本。

So this is what we build up in our solution. I think this is really a step forward to what Embraer in the industry has done so far is that we are guaranteeing the face to the customer. And this also guarantees the operation, and we're involved with the operation -- directly involved with the operation of the aircraft at the customer. So what we've been doing now is focus on the first aircraft. What we want is we want to make sure that we have entered the service that are well prepared that also involves the service and support.

這就是我們在解決方案中建立的內容。我認為這確實是巴西航空工業公司在業界向前邁出的一步，我們向客戶保證了面子。這也保證了運營，我們參與了運營——直接參與了客戶的飛機運營。因此我們現在所做的就是集中精力於第一架飛機。我們想要的是確保我們已經做好充分的準備進入服務領域，其中也包括服務和支援。

The maintenance, the right maintenance with the right training, remembering that we already signed the contract with ECTS with joint venture between CAE and Embraer for the training of the pilot and the mechanic to make sure that we'll be ready at intended service.

維護，正確的維護加上正確的培訓，記得我們已經與 CAE 和巴西航空工業公司的合資企業 ECTS 簽署了合同，對飛行員和機械師進行培訓，以確保我們能夠為預期的服務做好準備。

And we already, as a matter of fact, this quarter, gave the first data package to ECTS so they can start building up the training solution. So as you can see, I mean, we're on all fronts, making sure that the operation will be seamless and with few operators and cities because we want to make it a success. It will be a vitrine and then we'll be able to replicate with aircraft plus service and support, complete solution to the operator and make it a success.

事實上，本季我們已經向 ECTS 提供了第一個資料包，以便他們開始建立培訓解決方案。所以正如你所看到的，我們在各個方面都努力確保營運無縫銜接，並且只涉及少數營運商和城市，因為我們希望它取得成功。它將是一個展示櫃，然後我們將能夠透過飛機加上服務和支援進行複製，為營運商提供完整的解決方案並使其成功。

Wonderful. Thank you so much, Johan, and thank you, Edu. I'll pass it on. Thank you.

精彩的。非常感謝你，約翰，也謝謝你，埃杜。我會傳達的。謝謝。

Thank you.

謝謝。

Thank you. Amit Dayal, H.C. Wainwright.

謝謝。阿米特·達亞爾、H.C. 溫賴特。

Thank you. Good morning everyone. Thanks for taking my questions. Guys, what's the progress on the software side for the services side of the business? Any update on how some of those applications are coming along?

謝謝。大家早安。感謝您回答我的問題。夥伴們，業務服務的軟體方面進展如何？有關於這些申請進度的最新消息嗎？

Yeah. I'll take advantage that we also have Luiz Valentini, our CTO, who will give you more color about this.

是的。我將利用我們的技術長 Luiz Valentini 的優勢，為您詳細介紹這一點。

Good, so good morning Amit, thank you for the question. The software side for the services is a really important basis for how we will provide the services that Johann mentioned on the previous question, right? So we are focusing on engaging with the potential operators to understand what their use will be and how they will manage the aircraft to make sure that the software not only performs the functions that it needs to, but it's also, for example, user-friendly, easy to maintain and operate in all of the bases where the vehicles will be operated.

很好，早安，阿米特，謝謝你的提問。正如 Johann 在上一個問題中提到的，服務的軟體方面對於我們如何提供服務是一個非常重要的基礎，對嗎？因此，我們專注於與潛在運營商接觸，了解他們的用途以及他們將如何管理飛機，以確保軟體不僅能夠執行所需的功能，而且在所有運營飛機的基地也都易於使用、易於維護和操作。

So this is a very active effort that we have ongoing to make sure that as we have the vehicle progressing like Johann mentioned, that we also have these tools evolving and ready to go into service when the vehicle does.

因此，這是我們正在進行的一項非常積極的努力，以確保隨著車輛的進步（如約翰提到的那樣），我們也能不斷發展這些工具並準備在車輛中投入使用。

Understood. And just one last one for me. It looks like you're good with financing for maybe until the end of 2026. But beyond that, just wanted to see what options you may be entertaining and if any of those options include any strategic investors from the value chain that may not be Embraer, but somebody else. Just any color on how we should think about future financing options for you guys?

明白了。對我來說，還有最後一個。看起來您的融資狀況可能不錯，可以維持到 2026 年底。但除此之外，我只是想看看您可能會考慮哪些選擇，以及這些選擇中是否包括來自價值鏈的任何策略投資者，這些投資者可能不是巴西航空工業公司，而是其他人。我們該如何考慮你們未來的融資選擇？

Yeah, we have several funding options. So as I said, we are fully funded for 2025 and 2026. I think probably is one of the best companies within the sector, right, in terms of runway of funding. In terms of options, we have several -- even for the -- for instance, the service and support softwares, we have some grants that we are discussing or not even loans or grants that we are in discussion with some authorities.

是的，我們有幾種融資選擇。正如我所說，我們為 2025 年和 2026 年做好了充足的資金。我認為就融資管道而言，它可能是該行業內最好的公司之一。就選擇而言，我們有幾個 - 甚至對於 - 例如，服務和支援軟體，我們正在討論一些補助金，甚至正在與一些當局討論貸款或補助金。

But we have a lot of different fundings. We have that debt that comes from local ECAs to support payments to suppliers. We have additional discussions for -- with the Brazilian Development Bank for also some long-term facilities for the development.

但我們有許多不同的資金來源。我們有來自當地出口信貸機構的債務，用於支持向供應商付款。我們也與巴西開發銀行就一些長期開發貸款事宜進行了額外討論。

There are several sources of funding that we can bring on top of the funding we already have. So as I said, we already have plenty of funding for the upcoming quarters and years, but we have other options to put on top of the liquidity we already have.

除了我們已有的資金外，我們還可以從其他幾個資金來源獲得資金。正如我所說，我們已經為未來幾季和幾年儲備了充足的資金，但我們還有其他選擇，可以補充現有的流動性。

Understood. Thank you guys. That's all I have.

明白了。謝謝你們。這就是我所擁有的一切。

Thank you. Savanthi Syth, Raymond James.

謝謝。Savanthi Syth，雷蒙德·詹姆斯。

Hey, thanks for taking the follow up. I just had a clarification on the battery side. Is the battery that you're using in the kind of the prototype that's kind of going under testing right now, is that going to be the same as the battery being used for the certification aircraft that's being built later this year?

嘿，感謝您的跟進。我剛剛對電池方面做了澄清。你們目前正在測試的原型機中使用的電池是否與今年稍後製造的認證飛機使用的電池相同？

Yes. Savi, this is Luiz Valentini. The battery is not exactly the same. So it will be a different design and therefore, a different part number, we call it. But it builds very much on the same technology and very similar cells to the ones that we will use for the commercial vehicle.

是的。薩維，這是路易斯·瓦倫蒂尼。電池並不完全相同。因此它將是一種不同的設計，因此我們稱之為不同的零件編號。但它所採用的技術和電池與我們用於商用車的電池非常相似。

So we believe that we are taking advantage of the fact that the engineering prototype doesn't have to have the maturity and the redundancies, and that applies to the battery too. So that's why the battery is a little bit different than the one that will be on the commercial vehicle.

因此，我們相信，我們正在利用工程原型不必具有成熟度和冗餘度這一事實，這也適用於電池。這就是為什麼該電池與商用車上的電池略有不同。

But it allows us to apply the learnings from it, and even work with the same supplier to build the development that we have with this battery and the engineering prototype test into what will be the battery for the commercial vehicle.

但它使我們能夠應用從中獲得的知識，甚至與同一家供應商合作，將我們對這種電池的開發和工程原型測試建構成商用車的電池。

Okay. So the same supplier, so you'll have confidence on kind of production and everything?

好的。所以是同一個供應商，所以您對生產和一切都有信心嗎？

Right. And so as we progress with the test, we also evaluate, for example, the manufacturability of the solutions and things like that with, like you said, the supplier that will supply the commercial vehicle battery. So we believe that even though we're not using the same part, the same component, as was your question, we are still building very much a path towards the maturity of the commercial component.

正確的。因此，隨著測試的進展，我們也會評估解決方案的可製造性等，就像您所說的那樣，也會評估將供應商用車電池的供應商。因此，我們相信，儘管我們沒有使用相同的部件、相同的組件（如您所問），但我們仍在為商業組件的成熟建立一條道路。

I appreciate that. Thank you.

我很感激。謝謝。

Thank you. And this includes our question-and-answer session. I'd like to turn the conference back over to management for closing remarks.

謝謝。這包括我們的問答環節。我想將會議交還給管理階層，請他們發表結束語。

Thank you, Rocco, and thanks, everyone, who joined the call today. As you can see, we accomplished several important milestones this past quarter with full (technical difficulty) on our progress throughout the next few quarters, and we look forward to meeting you all 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 great day.

謝謝你，羅科，也謝謝今天參加電話會議的所有人。正如您所看到的，我們在上個季度完成了幾個重要的里程碑，並在接下來的幾個季度中取得了全面（技術難度）的進展，我們期待在即將參加的活動中與大家見面。像往常一樣，如果您有任何疑問，請隨時與我或我的團隊聯繫。謝謝，祝您有愉快的一天。

Thank you, sir. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝您，先生。今天的電話會議到此結束。感謝大家參加今天的演講。現在您可以斷開線路，享受美好的一天。