Eve Holding Inc (EVEX) 2025 Q2 法說會逐字稿

Good day everyone, and welcome to the Eve Air Mobility second-quarter 2025 conference call. (Operator instructions)

大家好，歡迎參加 Eve Air Mobility 2025 年第二季電話會議。（操作說明）

It is now my pleasure to turn the conference over to Lucio Aldworth, Director of Investor Relations at Eve. Please go ahead.

現在我很高興將會議交給 Eve 的投資者關係總監 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 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 will open the call for questions, at which point, Luiz Valentini, our Chief Technical Officer, will join us for more technical questions.

謝謝接線生。各位早安。我是 Eve 的投資人關係總監 Lucio Aldworth，我謹代表公司歡迎各位參加我們 2025 年第二季財報電話會議。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。在他們發表完準備好的演講後，我們將開放提問環節，屆時，我們的首席技術長路易斯·瓦倫蒂尼將加入我們，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 it along. 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.

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，展示了我們本季度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。首先我要說明的是，今天的電話會議中包含一些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影響我們業務和未來財務表現的未來事件和金融趨勢的預期和預測。

These forward-looking statements are based on our 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 obligation to update publicly or revise any forward-looking statements because of new information, future events, or other factors. For a more detailed list of these risks and uncertainties, please refer to our SEC filings available on our website.

這些前瞻性聲明是基於我們目前的預期，並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明示或暗示的結果存在重大差異，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訂任何前瞻性聲明的義務。有關這些風險和不確定性的更詳細列表，請參閱我們網站上提供的向美國證券交易委員會提交的文件。

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

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 welcome to our second-quarter 2025 conference call. We had a very exciting second quarter with several important developments, and we continue to advance our program development. In a nutshell, and we will talk about it in more details in the call, we unveiled our full-scale mockup at the Paris Air Show in June with a new propeller configuration. We also announced our first firm order and signed additional LOIs.

謝謝你，盧西奧。各位早安，歡迎參加我們2025年第二季電話會議。我們在第二季取得了一些重要進展，令人振奮，我們將繼續推進專案開發。簡而言之（我們將在電話會議中詳細討論），我們在 6 月的巴黎航展上推出了我們的全尺寸模型，採用了新的螺旋槳配置。我們也宣布了首筆正式訂單，並簽署了更多意向書。

Last but not least, we are announcing today that we are bringing Beta Company to complement our suppliers list. Beta comes in with a proven and mature solution to the distributed propulsion of the eVTOL with the same lift and cruise aircraft configuration, and this will give Eve operating flexibility and optionality in our program. Our schedule remains unchanged with expected TAP certification and entry into service in 2027.

最後，我們今天宣布，我們將 Beta 公司納入我們的供應商名單。Beta 為 eVTOL 的分散式推進系統提供了一種成熟可靠的解決方案，其升力和巡航飛機配置與 eVTOL 相同，這將為 Eve 在我們的專案中提供操作靈活性和選擇權。我們的計劃保持不變，預計將於 2027 年獲得 TAP 認證並投入使用。

Starting with slide 2, our eVTOL continues to advance, and we redesigned the wing with a more aerodynamic profile for a more efficient cruise. We are now offering a taxing wheel version of the aircraft to facilitate ground operation and taxing in congested landing sites. The DNA of our eVTOL is unchanged with eight lifters and a pusher designed for short routes and a pilot and four passengers. Flying should be very simple with a single-pilot control sidestick supported by Embraer's fifth-generation fly-by-wire. This is a proven technology that improves passenger comfort and safety.

從第 2 張投影片開始，我們的 eVTOL 繼續進步，我們重新設計了機翼，使其具有更符合空氣動力學的外形，從而實現更有效率的巡航。我們現在提供滑行輪版本的飛機，以方便在擁擠的著陸場進行地面操作和滑行。我們的 eVTOL 的 DNA 沒有改變，它由八個升力器和一個推進器組成，專為短程航線設計，可搭載一名飛行員和四名乘客。採用巴西航空工業公司第五代電傳操縱系統支援的單飛行員控制側桿，飛行應該非常簡單。這是一項成熟的技術，能夠提高乘客的舒適度和安全性。

Now slide 3 and 4 shows a few pictures of our full-scale mockup that was unveiled at the Paris Air Show last June. This is a true representation of our commercial aircraft and features comfortable full-flex configuration seatings for four passengers with a 32-inch pitch and external baggage compartment. This makes it the ideal for short urban flight up to 60 miles, including trips to and from airports. The reception from customers, partners, government officials and also stakeholders was extremely positive, reflecting the strong interest and the support to our vehicle design and attributes, which clearly demonstrate our aviation and certification DNA.

現在，幻燈片 3 和 4 展示了一些我們在去年六月巴黎航展上亮相的全尺寸模型照片。這是我們商用飛機的真實寫照，配備舒適的全靈活配置座椅，可容納四名乘客，座椅間距為 32 英寸，並設有外部行李艙。這使其成為60英里以內短途城市飛行的理想選擇，包括往返機場的旅程。來自客戶、合作夥伴、政府官員以及利益相關者的反應非常積極，這反映出他們對我們的車輛設計和性能的濃厚興趣和支持，這清楚地表明了我們在航空和認證方面的基因。

Now moving to slide 5, I am very happy to bring here our first LOI conversion of a letter of intent into a firm order from Revo. This is a helicopter operator with active helicopter airport shuttle and point-to-point operations in São Paulo region. As a reminder, São Paulo is the largest and busiest helicopter market in the world with over 400 aircraft and more than 2,000 daily flights. The city offers a great potential market for eVTOLs, and Revo will launch operations in São Paulo region with our aircraft; we're very proud of this partnership.

現在來看第 5 張投影片，我很高興地向大家展示我們第一個將意向書轉化為 Revo 公司正式訂單的案例。這是一家在聖保羅地區營運直升機機場接送和點對點運輸業務的直升機營運商。提醒大家，聖保羅是全球最大、最繁忙的直升機市場，擁有 400 多架直升機，每天航班超過 2000 架次。該市為電動垂直起降飛行器提供了巨大的潛在市場，Revo 將使用我們的飛機在聖保羅地區開展運營；我們為此次合作感到非常自豪。

Besides that, Revo also signed a contract for our TechCare aftermarket services. So in total, the contract for 50 aircraft and services has a total potential value of $250 million. We expect that to start producing revenues in 2027.

除此之外，Revo 還簽署了我們 TechCare 售後服務的合約。因此，這份包含 50 架飛機及相關服務的合約總潛在價值為 2.5 億美元。我們預計該項目將於 2027 年開始產生收益。

Now this firm order means that we'll begin to collect predelivery payment. This will bring cash in the door and help to fund the assembly of the aircraft. We are going to collect a substantial amount of PDPs until the delivery date, very much in line with market practices, but for competitive reasons, we are not disclosing other specific terms of this contract.

現在有了這份正式訂單，我們將開始收取預付款。這將帶來現金收入，並有助於資助飛機的組裝。我們將在交貨日期前收集大量的PDP，這非常符合市場慣例，但出於競爭原因，我們不會披露該合約的其他特定條款。

Slide 6 shows two additional LOIs we signed during the quarter for a total of 104 eVTOLs. These are two new customers with services in Brazil, the United States, and Costa Rica, who are also subscribing to the TechCare services, so they do appreciate the value proposition of our product and aftermarket offering. This is actually a great way to introduce the next slide.

投影片 6 顯示了我們在本季簽署的另外兩份意向書，總共涉及 104 架 eVTOL。這兩位新客戶分別來自巴西、美國和哥斯達黎加，他們也訂閱了 TechCare 服務，因此他們非常認可我們產品和售後服務的價值主張。這其實是引出下一張投影片的好方法。

On slide 7, it shows the total preorder backlog that now stands at approximately 2,800 aircraft for a total value close to $14 billion based on the list price. This now includes nonbinding letters of intent from 28 different customers as well as the firm order from Revo. These orders are from over nine countries and different businesses from mainlines to regional airline, helicopter operators, ridesharing platform, and leasing companies. And because maintenance and support guarantees the 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 products, which could bring up to $1.6 billion in revenue to Eve over the first few years of operations.

第 7 張投影片顯示，目前預購積壓訂單總數約為 2,800 架飛機，以目錄價格計算，總價值接近 140 億美元。目前，這其中包括來自 28 位不同客戶的不具約束力的意向書，以及來自 Revo 的正式訂單。這些訂單來自九個以上的國家，涉及從幹線航空公司到支線航空公司、直升機營運商、共乘平台和租賃公司等不同行業的企業。由於維護和支援能夠確保飛機的正常運行，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，我們還與 14 家不同的客戶簽訂了 Eve TechCare 系列售後產品的合同，這些產品在運營的頭幾年內可能會為 Eve 帶來高達 16 億美元的收入。

Importantly, Eve TechCare customers have placed LOIs to service around 1,100 aircraft or about 40% of our free order book. As you can see, we also have 21 different customers for our air traffic management solution called Vector, and I believe this reflects the market-leading value proposition we bring to our customers. Beyond that, together with our customers and authorities, we're also developing a strong network of partners in different areas such as infrastructure and energy to address one of the many challenges ahead for the urban air mobility, which is to create a whole new ecosystem besides simply developing an aircraft.

值得注意的是，Eve TechCare 的客戶已經提交了服務意向書，服務約 1100 架飛機，約占我們空閒訂單簿的 40%。正如您所看到的，我們的空中交通管理解決方案 Vector 也擁有 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。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。

Now going to slide 8 and 9, you can see our more recent program advancement. Our full-scale engineering prototype is undergoing the last set of ground test before it initiates its flight campaign. You may remember that we have already tested and installed the pusher motor a few months back. And after extensive test on the lifters at the facilities of our suppliers, we have now started installing the first units.

現在請看第 8 和第 9 張投影片，您可以看到我們最近的專案進度。我們的全尺寸工程原型機正在進行飛行測試前的最後一輪地面測試。您可能還記得，我們​​幾個月前已經測試並安裝了推桿馬達。經過供應商工廠對升降機的廣泛測試後，我們現在已經開始安裝第一批設備。

In fact, the top picture here shows the propeller spinning on its first test on the prototype. We are scheduled to receive the remaining motors shortly.

事實上，這裡的上圖顯示的是原型機首次測試時螺旋槳旋轉的畫面。我們預計不久後將收到剩餘的馬達。

In parallel, we signed with Beta an agreement to test their propulsion electrical motors on our prototype. Nidec continues committed and involved with our eVTOL and they bring engineering and production expertise. While Beta comes in with a start-up mindset and adds agility to our program with a proven and tested track record of lift and cruise eVTOL flights, along with their strong relationship with FAA.

同時，我們與 Beta 公司簽署了一項協議，在我們的原型機上測試他們的推進馬達。Nidec 繼續致力於我們的 eVTOL 項目，並帶來了工程和生產方面的專業知識。Beta 以新創公司的思維方式加入我們，憑藉其在升力和巡航 eVTOL 飛行方面的成熟和可靠的業績記錄，以及與美國聯邦航空管理局 (FAA) 的良好關係，為我們的專案增添了敏捷性。

As always, we're looking for the most optimal possible design when it comes to safety, performance, reliability and cost effectiveness to deliver most competitive aircraft to our customers. In that sense, Nidec and Beta are complementary to our eVTOL design. With that, we expect to start flying our prototype in the next few months.

一如既往，我們致力於在安全性、性能、可靠性和成本效益方面尋求最佳設計，以向客戶提供最具競爭力的飛機。從這個意義上講，Nidec 和 Beta 與我們的 eVTOL 設計是互補的。因此，我們預計將在未來幾個月內開始試飛我們的原型機。

Lastly, as I mentioned earlier, we unveiled at the Paris Air Show our full-scale mockup with a new rotor configuration. The rotor now features four blades. This is a design that generates less vibration and is quieter than the previous configuration. The blades have a fixed pitch and a mechanism to align the blades align reduce aerodynamic drag during the cruise phase of the flight.

最後，正如我之前提到的，我們在巴黎航展上展示了我們採用全新旋翼配置的全尺寸模型。轉子現在有四個葉片。這種設計產生的振動更小，噪音也比之前的配置更低。槳葉具有固定螺距，並配備調整槳葉位置的機構，以減少飛行巡航階段的空氣動力阻力。

We also have a few pictures of our truck-mounted rig testing in real condition, the aerodynamic drag of this new rotor setup. As you can see, the blades are all aligned, and this rig helps us to define our load analysis on the entire motor propellers rig and validate the new blade configuration.

我們還有一些照片，展示了我們的卡車式試驗台在實際條件下測試這種新型轉子裝置的空氣動力阻力。正如你所看到的，所有葉片都已對齊，該裝置有助於我們對整個馬達螺旋槳裝置進行負載分析，並驗證新的葉片配置。

Now on slide 10, you can see the progress of the final stage of testing the motors for our engineering prototype. As a reminder, the lifters were tested at the Nidec facilities for power output, energy consumption, vibration, noise, emission, among other metrics. And upon satisfactory results, they are -- they were installed into their respective nacelle, integrated into the system that controls them and finally spun on the eVTOL for the first time. We are going to follow the similar protocol with the Beta motors that will still arriving and should be ready to fly in the next few months.

現在在第 10 張投影片中，您可以看到我們工程原型馬達測試的最後階段的進展。需要提醒的是，這些升降機在 Nidec 工廠進行了功率輸出、能耗、振動、噪音、排放等指標的測試。經過一番努力，它們被安裝到各自的引擎室中，整合到控制它們的系統中，並最終首次在 eVTOL 上旋轉起來。我們將對即將到貨的 Beta 引擎採取類似的流程，這些引擎應該會在未來幾個月內準備就緒，可以進行試飛。

And finally on slide 11, we updated our list of primary system and component suppliers currently engaged, including Beta. We follow a best-of-breed approach and select partners with aviation experience and that can support our certification efforts. We are very proud of all members of this list, and I'm confident that we will have the best eVTOL in the market available to the operators with a great design, high dispatchability, and industry low operating costs.

最後，在第 11 張投影片中，我們更新了目前參與的主要係統和組件供應商名單，其中包括 Beta。我們遵循最佳實務方法，選擇具有航空經驗且能夠支援我們認證工作的合作夥伴。我們為名單上的所有成員感到非常自豪，我相信我們將為營運商提供市場上最好的 eVTOL，它擁有出色的設計、高調度性和業內最低的營運成本。

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 來審查我們的財務狀況，並附上我們 2025 年里程碑的核對清單。

Thanks, Johann. Now moving to slide 13, 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.

謝謝你，約翰。現在來看看第 13 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 invested $55 million during the second quarter in our program development, including our eVTOL, the TechCare Service and Support Solutions, and Vector, our Urban Air Traffic Management software. We continue to accelerate our program development with more engineers from Eve and Embraer, as well as higher engagement with suppliers. That explains the higher R&D expenses in the quarter.

Eve 在第二季度投資了 5,500 萬美元用於我們的專案開發，包括我們的 eVTOL、TechCare 服務和支援解決方案以及 Vector（我們的城市空中交通管理軟體）。我們不斷加快專案開發進度，增加了來自 Eve 和 Embraer 的工程師，並提高了與供應商的合作水準。這就解釋了本季研發費用較高的原因。

We also deployed around $8 million in SG&A during the second quarter. Including R&D and SG&A, Eve reported a net loss of $64 million in the second quarter of 2025. We also recognized a charge related to the fair value of our outstanding warrants as the value of our shares increased in the quarter. Importantly, this is a noncash expense and does not impact our cash flow or liquidity position.

第二季度，我們也投入了約 800 萬美元用於銷售、管理及行政費用。包括研發和銷售、一般及行政費用在內，Eve 報告 2025 年第二季淨虧損 6,400 萬美元。由於本季度我司股票價值上漲，我們也確認了一筆與我司未行使認股權證的公允價值相關的費用。重要的是，這是一筆非現金支出，不會影響我們的現金流或流動性狀況。

Now moving to cash flow, our operations consumed $57 million in the quarter. This is almost twice the cash consumed in the first quarter, which had a temporary working capital gain as one of our invoices of around [$15 million] from Embraer is related to the second quarter. Still, the $83 million consumed in the first six months of the year can be considered as a normalized level for our current development stage. We continue comfortable with our guidance for the full year of $200 million to $250 million, which reflects our financial discipline, advantages of using Embraer's engineering team, as well as our increased efforts in the program development.

現在來看現金流，本季我們的營運消耗了 5,700 萬美元。這幾乎是第一季現金消耗量的兩倍，第一季出現了暫時的營運資本收益，因為我們收到的來自巴西航空工業公司（Embraer）的約 1500 萬美元的發票與第二季度有關。不過，今年前六個月消耗的 8,300 萬美元可以被視為我們當前發展階段的正常水準。我們仍然對全年2億至2.5億美元的業績預期感到滿意，這反映了我們的財務紀律、使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大的投入。

Finally, on liquidity, we ended the second quarter with $242 million in cash, including an additional disbursement of the credit line with the Brazilian Development Bank of $11 million. These standby facilities continue to help Eve to preserve a solid cash position throughout the year. The total liquidity of $375 million at the end of the quarter includes our cash, all undrawn standby facilities, as well as $50 million grant we announced during the quarter. We view our liquidity as sufficient to sustain our operations through 2026.

最後，關於流動性，我們在第二季末持有現金 2.42 億美元，其中包括從巴西開發銀行額外撥付的 1,100 萬美元信貸額度。這些備用資金將持續幫助Eve在全年保持穩健的現金流。截至本季末，我們的總流動資金為 3.75 億美元，其中包括我們的現金、所有未提取的備用信貸額度，以及我們在本季宣布的 5,000 萬美元撥款。我們認為，我們的流動資金足以維持營運至 2026 年。

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 the next few months. We now expect the first flight towards the end of the year. As similar to Nidec, we also performed tests with the Beta motors in our engineering prototype in the upcoming months before the first flight.

現在來看第 13 張投影片，我們仍有望實現今年的里程碑目標。正如約翰之前詳細介紹的那樣，我們的第一個全尺寸原型機即將完成最後的測試和安裝，並將於未來幾個月內開始進行首次飛行。我們現在預計首航將在年底進行。與 Nidec 類似，在首次飛行前的幾個月裡，我們也對工程原型機中的 Beta 引擎進行了測試。

In parallel, we continue in talks with ANAC to detail the means of compliance, which are the specific tests that need to be conducted during the certification campaign. We expect those to be published by the end of the year, at which point we'll be able to begin our certification campaign. Also, we continue highly engaged with suppliers working on the initial parts of our conforming prototypes. And in parallel, the site to assemble these aircraft is starting to receive the necessary equipment and tooling. Lastly, our cash consumption in the year, despite the better first semester, should stay in the guidance of $200 million to $250 million, probably closer to the low end of the range.

同時，我們繼續與 ANAC 進行磋商，以詳細說明合規方法，即在認證活動期間需要進行的具體測試。我們預計這些文件將在年底前發布，屆時我們將能夠開始我們的認證活動。此外，我們與供應商保持密切的聯繫，他們正在為我們合格原型機的初始零件進行研發。同時，組裝這些飛機的場地也開始接收必要的設備和工具。最後，儘管上半年情況有所好轉，但我們全年的現金消耗量仍應保持在 2 億至 2.5 億美元的預期範圍內，可能更接近該範圍的下限。

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) Savi Syth, Raymond James.

（操作說明）Savi Syth，Raymond James。

Maybe a first one for Edu, just on the housekeeping side. Just on the cash consumption, Edu, you're progressing well right now, especially maybe tracking below that $200 million, $250 million. And you also do have the grants that you got recently. Is it fair to assume that you'll be close to the lower end and maybe below and you consider the grants as well?

或許這是 Edu 的第一份工作，只是負責一些家事的事。僅就現金消耗而言，Edu，你目前進展順利，尤其是可能低於 2 億美元或 2.5 億美元。而且你最近還獲得了一些資助。如果考慮到補助金，是否可以合理地假設你的最終收入會接近甚至低於最低標準？

Hey. Hi, Savi. We continue to monitor, right, our expenses very closely. We are very diligent where we spend our money, and we make sure we leverage, right, all the resources that we have from Embraer so that we don't need to duplicate costs. With that, we have been able to optimize our expenses, right? In the first half, we burned around $85 million, a little less than $85 million.

嘿。嗨，薩維。我們會繼續密切監控各項支出。我們非常謹慎地選擇資金去向，並確保充分利用巴西航空工業公司提供的所有資源，這樣我們就無需重複支出。這樣一來，我們就能夠優化支出，對吧？上半年，我們燒掉了大約 8,500 萬美元，略低於 8,500 萬美元。

Second half should be a little more. So that's the reason we are guiding towards the end of -- the low end of the range, right, maybe $200 million, maybe slightly below. But there's a lot of investments on the development. We're going to continue to advance. We're going to be doing a lot of tests.

下半場應該會更精彩一些。所以，這就是我們給出的預期值偏低的原因，大概在區間的下限，對吧，可能是 2 億美元，也可能略低於這個數字。但開發方面有很多投資。我們將繼續前進。我們將進行很多測試。

So we're excited. But yeah, I believe we are leveraging more from Embraer. And because of that, we have been able to optimize our cash consumption.

我們很興奮。是的，我相信我們正在更多地利用巴西航空工業公司的資源。正因如此，我們才能優化現金消耗。

Very helpful. Thank you, Edu. And then maybe if I can ask on the engineering flight testing. It looks like maybe it's slipping a little bit now late '25, early '26, which is not surprising, but you also mentioned kind of moving forward with building certification conforming aircraft, but I'm guessing those are just building the kind of the long range components. How long do you think you need to fly the engineering prototype before you finalize the design and can really start assembling the certification aircraft?

很有幫助。謝謝你，Edu。然後，也許我可以問問工程飛行測試方面的情況。看起來在 2025 年底、2026 年初，進度可能略有下滑，這並不奇怪，但你也提到了正在推進符合認證標準的飛機的製造，但我猜那些只是在製造遠程部件。您認為在最終確定設計並真正開始組裝認證飛機之前，需要對工程原型機進行多長時間的飛行測試？

Savi, this is Luiz Valentini. So with respect to the flight of the conforming prototypes, we are still planning that for next year, towards the end of next year also. So we still have time to perform the conforming flight test prototype campaign, which is composed of a development phase and also a certification phase, leading us to certification still in 2027. So this engineering prototype plan and development is parallel to this path of developing the conforming prototypes with the schedule I mentioned then leading to the certification in '27.

薩維，這位是路易斯·瓦倫蒂尼。所以關於合格原型機的飛行測試，我們仍然計劃在明年，或者說是明年年底進行。因此，我們仍有時間進行符合性飛行測試原型活動，該活動包括開發階段和認證階段，最終將在 2027 年獲得認證。因此，這個工程原型計劃和開發與我當時提到的按計劃開發符合要求的原型並行，最終在 2027 年獲得認證。

And maybe can I ask, are the kind of the design changes reflected in this engineering prototype or that will kind of go directly on to the certification aircraft that you're building?

我可以問一下，這些設計變更是否體現在這個工程原型機上，還是會直接應用到您正在建造的認證飛機上？

Yeah, so at this point, we don't have any significant changes with respect to this testing that Edu and Johann mentioned in the beginning of the call. The other modifications such as optimization on the wings and things like that, those are already part of the engineering prototype configuration. They are not on the -- I'm sorry, on the conforming prototype configuration. They're not on the engineering prototype because this is a vehicle that is already assembled.

是的，所以目前為止，對於 Edu 和 Johann 在通話開始時提到的這項測試，我們沒有任何重大變化。其他改進，例如機翼優化等等，都已經是工程原型配置的一部分了。它們不在——抱歉，不在符合規範的原型配置中。它們不在工程原型車上，因為這輛車已經組裝完畢。

So these most recent changes are not on them, which for us is not significant because as we mentioned before, this engineering prototypes helps us to calibrate our models and helps us in estimate. So it doesn't have the same configuration as the conforming prototypes.

所以這些最新的變化並沒有包含在內，這對我們來說並不重要，因為正如我們之前提到的，這些工程原型可以幫助我們校準模型並幫助我們進行估算。因此，它的配置與符合規範的原型不同。

Andres Sheppard, Cantor.

安德烈斯·謝潑德，坎托爾。

Congrats on the quarter. Thanks for taking our questions. Hi, Johann. Hi, Edu. And hi, Lucio. And congrats on the unveiling of the aircraft and on the first binding order. So certainly exciting there. Quick question, just maybe following up on Savi's question, regarding the test flight campaign, maybe a different way of asking it. Can you just maybe give us a sense of kind of how you're envisioning this ramping up, starting with hover flights. And then kind of what are the plans to kind of ramp up the test flight campaign?

恭喜你本季取得佳績。謝謝您回答我們的問題。你好，約翰。你好，Edu。你好，盧西奧。祝賀飛機揭幕和首份具有約束力的訂單達成。所以那裡肯定很精彩。我有個問題，可能是 Savi 的問題的補充，關於試飛活動，或許可以換個方式問。您能否大致介紹一下您設想的逐步推進方式，從懸停飛行開始？那麼，如何才能加快試飛進程呢？

And is the plan still to deploy five prototypes for conforming test flights? And if so, kind of what's the timeline for that? Thanks.

是否仍計劃部署五架原型機進行符合性測試飛行？如果是這樣，大概要花多久時間？謝謝。

Yeah. Thanks, Andres. So the plan is still the same. So starting from the end of your question, we're still planning the five prototypes. There's still some discussion on the amount of the test points that will be on each one and if we should bring in another six prototypes. So that's still something that may change in the future, but we're still planning to go with the 5 prototypes and the timeline we had previously.

是的。謝謝你，安德烈斯。所以計劃依然不變。所以，從你問題的結尾開始，我們仍在計劃這五個原型。目前仍在討論每個測試點的數量，以及是否應該再引入六個原型。所以這在未來仍有可能改變，但我們仍然計劃按照之前製定的 5 個原型和時間表進行開發。

With respect to the steps on the flight test campaign, we are still very much in line with the concept of building maturity on the building blocks we have for the vehicle. So we will definitely spend some time focusing on the hover flight of the vehicle since this is one of the building blocks on which we don't have as much previous experience in comparison to others such as cruise flight, right, where we bring the experience of Embraer in previous projects, right?

關於飛行測試活動的步驟，我們仍然非常符合逐步完善飛行器現有基礎模組的概念。因此，我們肯定會花一些時間專注於飛行器的懸停飛行，因為這是我們之前沒有太多經驗的組成部分之一，相比之下，例如巡航飛行，我們可以藉鑑巴西航空工業公司在之前專案中的經驗，對吧？

So we will spend some time focusing on hover flight, and that relates to the controllability of the vehicle, the power needed, the management of the systems, temperatures, power, things like that. And then transition between hover and cruise is also an important phase. It's a very short one for the vehicle, but it's very important that it is executed smoothly; both in terms of, let's say, technical aspects, but also for the comfort and the user experience of the passengers. And then finally, after that, move to cruise, where, again, we believe we have more maturity based on previous experience of other projects.

因此，我們將花一些時間專注於懸停飛行，這與飛行器的可控性、所需的動力、系統的管理、溫度、功率等等有關。然後，懸停和巡航之間的過渡也是一個重要階段。雖然對車輛來說，這段行程很短，但順利完成非常重要；這不僅關乎技術面，也關乎乘客的舒適度和使用者體驗。最後，在此之後，我們將轉向郵輪領域，我們相信，基於以往其他專案的經驗，我們在郵輪領域已經更加成熟。

Got it. Super helpful. I appreciate that color. And maybe just as a quick follow-up, if I may. Just regarding the order book, curious on how you're thinking about it?

知道了。非常有用。我喜歡這個顏色。如果可以的話，我想再補充一點。關於訂單簿方面，很好奇您是怎麼考慮的？

Is the plan to continue to build up the order book? Is it to begin converting some of those LOIs into binding orders? Should we expect any PDPs from the order book? Just any granularity there or thoughts would be helpful. Thanks.

是否計劃繼續擴大訂單量？是要開始將部分意向書轉換為具有約束力的訂單嗎？我們是否可以預期訂單簿中會出現預售訂單？任何更詳細的資訊或想法都會很有幫助。謝謝。

Yeah. Johann speaking, Andre. Thank you for your comment about the unveiling of the mock up at the Paris Air Show. Well, the order book is definitely what we've been working at the beginning. We work on this order book with the LOI because we wanted to put the customer and the operator at the center of what we do. And I've been saying this before, I mean, this really -- it proves the solution that we're giving to the operators, not only the aircraft, but also the service and support, make sure they can operate reliably.

是的。約翰說，安德烈。感謝您對巴黎航展上模型揭幕的評論。嗯，訂單簿絕對是我們一開始工作的重點。我們按照意向書處理訂單，因為我們希望將客戶和營運商置於我們工作的中心。我之前就說過，我的意思是，這確實證明了我們為營運商提供的解決方案，不僅是飛機，還有服務和支持，確保他們能夠可靠地運作。

They can also make sure that they fly, they keep flying on a regular basis and have the most optimal operating cost. And also UATM is around the corner, we'll have to -- we can begin with what we have today in the traffic management, but eventually putting thousands of vehicles in the air and the low altitude airspace will need this.

他們還可以確保航班正常運行，並保持定期飛行，同時擁有最佳的營運成本。此外，UATM 也即將到來，我們必須——我們可以從我們現有的交通管理開始，但最終要讓成千上萬的飛行器進入空中和低空空域，就需要這項技術。

So I think customers understand this, and they want to engage. That's why it starts with LOI. Basically, it says that we're working together. We're defining the solution together.

所以我認為顧客們理解這一點，他們也想要參與其中。所以才以意向書開頭。基本上，它的意思是我們在共同努力。我們正在共同製定解決方案。

They participate in SteerCo with us, where we give them regular feedback and how the product development and also the service and support solutions that we're developing for them. And naturally, as you go forward and you get closer to the certification date, then we start converting. It's exactly what happened with Revo.

他們與我們一起參與 SteerCo，我們會定期向他們提供回饋，並告知他們我們正在為他們開發的產品開發以及服務和支援解決方案。當然，隨著進度的推進，接近認證日期，我們就會開始轉換。Revo的遭遇正是如此。

I think it is important for them to prepare the infront service. And this is why we're two years away from the infront service. The ecosystem needs to be ready.

我認為對他們來說，做好前台服務很重要。這就是為什麼我們距離前台服務還有兩年時間的原因。生態系需要做好準備。

And with this contract, they can go back to the different stakeholders and say, okay, now this is real. This is happening. My first PDPs and Eve is developing this vehicle, and we need to be ready.

有了這份合同，他們就可以回去告訴各個利益相關者，好了，現在這是真的了。這正在發生。我的第一個PDP和Eve正在開發這輛載具，我們需要做好準備。

So we're not looking to add necessarily. We add only when it makes sense when we have the right partner with the right mission, okay? And this is what we've been working on. And then, of course, once we start converting the first one, we'll also have and if you pay attention to the press release we did at the Paris Air Show, it says São Paulo Paulo area, right? The (inaudible) customer for São Paulo, you can imagine that we're already working with other customers in Brazil, but also United States to convert other LOI.

所以我們不一定要增加人手。我們只會在有合適的合作夥伴、有合適的使命時才會增加投入，好嗎？這就是我們一直在努力的方向。當然，一旦我們開始改造第一個，我們也會…如果你留意我們在巴黎航展上發布的新聞稿，上面寫著聖保羅地區，對吧？（聽不清楚）聖保羅的客戶，您可以想像，我們已經在與巴西的其他客戶以及美國的客戶合作，以轉化其他意向書。

Excellent. Thanks, Johan. Very, very clear. I appreciate that and congrats on all the recent momentum. I'll pass it on.

出色的。謝謝你，約翰。非常非常清楚。我很感激，也祝賀你們最近的進展。我會轉達的。

Ellen Page, Jefferies.

艾倫·佩吉，杰弗里斯。

I just wanted to touch on some of the changes in the competitive landscape. Joby and Blade announced that Joby would acquire Blade's passenger business earlier this week. How do you think about how that impacts your competitive dynamic and your positioning, especially given Blade had been part of your 2,800 LOIs? And that combined with your partnership with Beta, how do you envision the ecosystem developing from here?

我只想簡單談談競爭格局的一些改變。Joby 和 Blade 本週稍早宣布，Joby 將收購 Blade 的客運業務。您認為這會對您的競爭格局和市場定位產生什麼樣的影響？特別是考慮到 Blade 曾是您 2800 份意向書中的一部分？再加上您與 Beta 的合作，您設想這個生態系統未來將如何發展？

Yeah. Hello, Ellen. We welcome very much this news about Joby investing in Blade. I think this is exactly proving our point what we've been saying since the beginning, there is this transition happening in the electrification of the vertical flights from the helicopter to eVTOL, and this is a proof of it. So we're excited. We think it's a good news because this is what we've been preaching.

是的。你好，艾倫。我們非常歡迎Joby投資Blade的消息。我認為這只是證明了我們從一開始就一直在說的觀點，垂直飛行電氣化正在從直升機過渡到電動垂直起降飛行器，而這就是證明。我們很興奮。我們認為這是個好消息，因為這正是我們一直以來所倡導的。

It's just getting together. There's room for everyone. Joby going and getting a platform -- ridesharing platform is positive for all the eVTOL manufacturers.

只是聚在一起而已。這裡有足夠的空間容納所有人。Joby 正在努力打造一個平台——共享出行平台對所有 eVTOL 製造商來說都是利好消息。

We don't see -- and there's a special point, I mean, we don't see that it's going to take out our backlog with the 200 vehicles that we have. We have a good relationship with Blade. And it's a ridesharing platform, remember. I mean, it's like -- and I'm going to make a joke a little bit here, but it's like Uber asking their drivers to drive only Toyotas, right?

我們認為——而且有一點很重要——我們認為它並不能解決我們目前積壓的 200 輛車的問題。我們與Blade關係良好。別忘了，它是一個共乘平台。我的意思是，這就好比——我在這裡開個玩笑——這就好比優步要求他們的司機只開豐田車，對吧？

I mean it's just -- you need all the OEMs. You need various OEMs for the right mission. Each of the eVTOL has its mission, and same thing for the helicopter. They're multi-OEM. Blade is a multi-OEM today. And so we don't see it as an issue today for us.

我的意思是——你需要所有原始設備製造商。你需要不同的原始設備製造商 (OEM) 來完成正確的任務。每架電動垂直起降飛行器都有其特定的任務，直升機也是如此。它們是多OEM廠商的。如今，Blade是一家多OEM廠商。所以，我們目前並不認為這是一個問題。

Austin Moeller, Canaccord.

Austin Moeller，Canaccord。

Just my first question here. What is the difference in performance between the motor that's being acquired from Beta and the one that you were using in testing previously? And are you still sourcing a battery pack from BAE? Or is that going to change?

這是我的第一個問題。從 Beta 採購的馬達與先前測試中使用的馬達在性能上有何區別？你們還在向 BAE 購買電池組嗎？或者這種情況會改變嗎？

Hi, Austin. So with respect to the battery, nothing changes there. We're still developing with BAE and still in the same requirements, same products, same line we were before. On the differences between the motors from Nidec and from Beta, there are mainly differences with respect to cooling system, for example, there is a little bit on the architecture of the motor. So the size of the motor is a little bit different between the two solutions.

你好，奧斯汀。所以就電池而言，沒有任何變化。我們仍在與 BAE 進行開發，仍遵循與先前相同的要求、相同的產品線。Nidec 和 Beta 的馬達之間的差異主要在於冷卻系統，例如，馬達的結構也略有不同。所以這兩種方案的馬達尺寸略有不同。

The control is different. And there are some differences on the way that it integrates into the vehicle. And so how it communicates and how some of the protections are made.

控制方式不同。而且，它在與車輛的整合方式上也存在一些差異。因此，它是如何進行溝通的，以及一些保護措施是如何實施的。

Basically, these are differences that we believe that warrant us a phase of testing. So we can, with these differences, find what is best for the vehicle as a whole. So we optimize the global solution based on these differences that the systems bring to us. And so by doing this step, we are looking for a solution that is best for the vehicle overall, and that's why we believe this phase of testing will increase our maturity moving forward for the flight test campaign.

基本上，我們認為這些差異值得我們進行一個階段的測試。所以，透過這些差異，我們可以找到對車輛整體而言最好的方案。因此，我們根據這些系統帶來的差異來最佳化全域解決方案。因此，透過這一步驟，我們正在尋找對車輛整體而言最佳的解決方案，這也是為什麼我們相信這一階段的測試將提高我們在未來飛行測試活動中的成熟度。

Okay. And are you able to comment on the tip speed of the new rotor blades? And do you expect additional design changes to the aircraft before building the conforming units for ANAC to evaluate?

好的。能否談談新型旋翼葉片的葉尖速度？在製造符合標準的樣機供ANAC評估之前，您是否預計會對飛機進行額外的設計變更？

Yeah. So that's a very good point because the blade tip speed is one of the main parameters that dictates the noise that is emitted by the vehicle, which again is one of the important characteristics of the vehicle when we think of bringing them into urban areas and the way we relate to the communities where the vehicles will be operated, right? So this change of motors that we are testing, they don't affect the tip speed. And so we are maintaining the requirement for tip speed so that we maintain the level of noise of the vehicle and keep that at a level that is low enough not to significantly impact the areas where we'll be operating. And so in that sense, there is no change.

是的。所以這是一個非常好的觀點，因為葉片尖端速度是決定車輛噪音的主要參數之一，而噪音又是我們在考慮將車輛引入城市地區以及與車輛運營所在社區的關係時所考慮的重要特性之一，對吧？所以，我們正在測試的這種馬達更換不會影響葉尖速度。因此，我們維持了對傾角速度的要求，以便控制車輛的噪音水平，使其保持在足夠低的水平，不會對我們營運區域造成重大影響。從這個意義上講，沒有變化。

And then just completing your question with respect to changes that will be brought to the conforming prototypes. Of course, we will bring any learnings that we believe are relevant through this phase of testing with the engineering prototype to the certification vehicle and to the vehicle that will go into service. So that's one of the objectives is to bring these solutions that we optimize into this vehicle as much as we can to the vehicle that will be certified and go into service.

最後，我想補充一下關於符合規範的原型將要進行的更改的問題。當然，我們會將通過工程原型車測試階段獲得的任何相關經驗應用到認證車輛和即將投入使用的車輛上。因此，我們的目標之一就是盡可能地將我們優化後的這些解決方案應用到即將獲得認證並投入使用的車輛上。

Marcelo Motta, JPMorgan.

馬塞洛·莫塔，摩根大通。

Just one, it's regarding capital needs. You mentioned that you feel very comfortable until the end of '26. And as you mentioned in previous calls, you have been exploring the options for '27. You guys have this shelf registration that was filed during the quarter to raise money. The sector has been doing pretty well.

只有一個問題，是關於資金需求的。你提到你覺得在 2026 年底前都很舒服。正如您在之前的通話中提到的，您一直在探索 2027 年的各種選擇。你們有一個本季提交的用於籌集資金的備案註冊文件。該行業發展勢頭相當不錯。

So just wondering if you can comment anything about that or how you see the current state of the sector? And what else do you think could improve? Or what are the current risk? And what type of derisk would you be expecting to be more optimistic about the outlook for eVTOL?

所以我想問您能否就此發表一些看法，或者您如何看待該行業的現狀？你覺得還有哪些方面可以改進？或者說，目前有哪些風險？那麼，您認為需要採取哪些類型的風險降低措施才能對電動垂直起降飛行器（eVTOL）的前景更加樂觀？

Thanks, Motta, for the question. It's Edu here. We continue to feel very good, right, in terms of cash. Only the cash we have in hand gives us more than around 18 months, right? So we have plenty of cash to get at the end of 2026.

謝謝莫塔的提問。這裡是Edu。就現金流而言，我們仍然感覺非常好。只有我們手邊的現金才能維持18個月以上，對吧？因此，到 2026 年底，我們將有充足的現金儲備。

If you add the standby facilities we have already signed, the recent grant that we raised, that gives us probably we're talking about almost $400 million, which gives us two full years, right, so probably until, I would say mid-2027. So the position is good. We still need some resources, right, to get the certification.

如果加上我們已經簽署的備用貸款協議，以及我們最近籌集的撥款，那我們大概能拿到近 4 億美元，夠我們用兩年，對吧，所以大概能用到 2027 年年中。所以這個職位不錯。我們還需要一些資源才能獲得認證，對吧？

We have different options, right? You mentioned the S-3, the shelf registration we have. But we also have interesting discussions in terms of long-term loans, right, similar facilities to what we already have been drawing from BNDES and also from Citibank. So I think different from some other players, right, given the strength of the group being part of the Embraer Group, we have, I would say, more options in terms of funding.

我們有多種選擇，對吧？您提到了S-3，也就是我們擁有的貨架註冊。但我們也對長期貸款方面進行了有趣的討論，對吧，類似於我們已經從巴西國家開發銀行和花旗銀行獲得的貸款。所以我認為，與其他一些參與者不同，考慮到我們集團作為巴西航空工業集團的一部分的實力，我們在資金方面有更多選擇。

And we are analyzing. We are not in a hurry, but we need to assess the best option and execute at the right time.

我們正在進行分析。我們並不著急，但我們需要評估最佳方案，並在適當的時機執行。

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

Quick one on the eVTOL landscape. I mean, we've seen a number of partnerships between eVTOL names and defense contractors emerge for the development of defense use cases. Could we see Eve pursuing similar partnerships?

簡單介紹一下電動垂直起降飛行器（eVTOL）領域。我的意思是，我們已經看到一些電動垂直起降飛行器廠商與國防承包商建立了合作關係，以開發國防應用案例。我們是否會看到Eve尋求類似的合作關係？

Andre, yeah, this is Johann. Sorry, I mixed up with the microphone here. Well, since the beginning of Eve, it's a matter of focus, and we're really working on the UAM, it's the 100 to 150-kilometer market. We see and then -- by the way, we released our market outlook at the Paris Air Show, and we were the first OEM to put our experience out there and all the discussions that we've been having with all the stakeholders, and we do confirm that we believe that the UAM will go for urban dense area, and this is also -- we're always confirming what we're saying.

安德烈，是的，這是約翰。抱歉，我把麥克風弄混了。嗯，從 Eve 計畫開始，重點就在於此，我們確實在努力發展城市空中交通 (UAM)，也就是 100 到 150 公里的市場。我們看到，然後——順便說一下，我們在巴黎航展上發布了我們的市場展望，我們是第一家公開我們的經驗的原始設備製造商，以及我們與所有利益相關者進行的所有討論，我們確認我們相信城市空中交通將走向城市密集區域，這也是——我們一直在確認我們所說的話。

So it's a matter of focus. At the same time, we always look, and this is also one of the big advantage of having Embraer that can bring the technology development, analysis, and all the bandwidth to look at different technologies. And we're looking at the possibility of getting into a hybrid solution for the vehicle, not changing the core structure of the vehicle and for specific markets.

所以關鍵在於專注力。同時，我們始終在關注，這也是擁有巴西航空工業公司的一大優勢，它可以帶來技術開發、分析以及所有資源來研究不同的技術。我們正在考慮為車輛開發混合動力解決方案的可能性，在不改變車輛核心結構的情況下，針對特定市場。

Defense could be one of them. But to remind you that we do have an LOI with BAE System and which also looking at different markets as defense, whether it's in the US or UK. And so yes, we are looking into this, but the focus is still to be certifying the vehicle that we're offering fully electrical.

國防可能是其中之一。但需要提醒各位，我們確實與 BAE 系統公司簽署了意向書，並且也關注不同的國防市場，無論是在美國還是在英國。所以，是的，我們正在研究這個問題，但重點仍然是對我們提供的全電動車輛進行認證。

Got it. Very helpful. I'll leave it to one. Thanks so much.

知道了。很有幫助。我就交給一個人吧。非常感謝。

Thank you. And this will conclude our Q&A session. I will now turn the call over to Lucio Aldworth for closing remarks.

謝謝。我們的問答環節到此結束。現在我將把電話交給盧西奧·奧爾德沃思，請他作總結發言。

Thank you, Nicki, and thanks, everyone, who joined the call today. As you can see, we accomplished several important milestones in the past quarter. We're fully engaged, moving fast, and there's a whole lot more to come in the next few quarters.

謝謝妮基，也謝謝今天參加電話會議的各位。如您所見，我們在上個季度完成了幾個重要的里程碑。我們全力以赴，快速推進，未來幾季將有更多成果推出。

So we're going to keep updating you guys 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 great day. Thank you.

接下來幾個季度，我們會持續向大家報告我們的進度，並期待在即將參加的活動中與大家見面。如有任何疑問，請隨時與我或我的團隊聯繫。謝謝，祝您今天過得愉快。謝謝。

Thank you. And this does conclude today's program. Thank you for your participation. You may disconnect at any time.

謝謝。今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。