Eve Holding Inc (EVEX) 2025 Q3 法說會逐字稿

Good day, and welcome to the Eve Holding, Inc., third-quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Eve Holding, Inc. 2025 年第三季財報電話會議。（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, Director of Investor Relations at Eve. Please go ahead.

現在我將把會議交給 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 third-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 Technology Officer, will also 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 年第三季財報電話會議。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。在他們演講結束後，我們將開放提問環節，屆時我們的技術長路易斯·瓦倫蒂尼也將加入我們，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 it and follow 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，歡迎下載並跟隨解說。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 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 a more detailed list of these risks and uncertainties, please refer to our SEC filings available on our website.

這些前瞻性陳述是基於目前的預期，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有重大差異，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陳述的義務。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. Johann?

接下來，我將把演講交給我們的執行長。約翰？

Thank you, Lucio. Good morning, everyone, and welcome to the 2025 third quarter conference call. We had a strong third quarter marked by several key achievements, and we continue to advance the program's development at a steady pace. We are in the final stages of testing our engineering prototype before its flight campaign starts.

謝謝你，盧西奧。各位早安，歡迎參加2025年第三季電話會議。第三季我們取得了一系列重要成就，表現強勁，我們將繼續穩定地推動專案發展。我們的工程原型機正處於飛行試驗前的最後測試階段。

We announced an additional supplier for our commercial aircraft, the E100, with a contract with Embraer for their landing gear. Additionally, the Iron Bird has begun to operate and is already contributing to the testing of the actual hardware that will equip our aircraft. Our schedule remained unchanged with an expected Type certification and entry into service in 2027.

我們宣布了商用飛機 E100 的另一家供應商，與巴西航空工業公司簽訂了起落架供應合約。此外，「鐵鳥號」已經開始運行，並正在為測試將裝備在我們飛機上的實際硬體做出貢獻。我們的計劃保持不變，預計將於 2027 年獲得型號合格證並投入使用。

Starting with Slide 3. We have now received from Beta Technology Company, all of the electrical motors for our engineering prototype. They have been previously tested in specially designed equipment and installed in their respective nacelles. As mentioned previously, we had already performed integration test between the prototype and the remote pilot station that we also call the RPS, to make sure that there is a successful communication via the dedicated radio link. As a reminder, this prototype will be remotely controlled with a pilot sitting in the RPS, and this is the white [track] at the far end of the right picture.

從第3張投影片開始。我們已經從 Beta Technology 公司收到了我們工程原型所需的所有馬達。它們先前已在專門設計的設備中進行過測試，並安裝在各自的引擎室內。如前所述，我們已經對原型機和遠端飛行員站（我們也稱之為 RPS）進行了整合測試，以確保透過專用無線電鏈路進行成功的通訊。提醒一下，這個原型機將由一名飛行員坐在遙控駕駛艙內進行遠端控制，這就是右圖遠端的白色[軌道]。

We are running the last set of tests to make sure that electrical power units were properly integrated with the inverters, battery and other systems and subsystems in the vehicle. Therefore, we're confident in starting soon our flight campaign with our first flight by the end of this year or early next year. Slide 4 is about the selection of our 22nd primary system supplier. Embraer will produce landing gear for our aircraft. Embraer comes with a strong landing gear manufacturing heritage for their commercial and executive jets as well as military aircraft.

我們正在進行最後一組測試，以確保電力單元與車輛中的逆變器、電池和其他系統和子系統正確整合。因此，我們有信心盡快啟動飛行推廣活動，並於今年年底或明年初進行首次飛行。第 4 張投影片是關於我們第 22 家主要係統供應商的選擇。巴西航空工業公司將為我們的飛機生產起落架。巴西航空工業公司在商用飛機、公務機以及軍用飛機的起落架製造方面擁有強大的實力。

The landing gear was introduced as a result of a constant interaction between Eve and its customers, understanding how the aircraft will be operated.

起落架的引入源於 Eve 與其客戶之間的不斷互動，以及對飛機操作方式的了解。

Now, the wheels on our eVTOL will be used for taxiing and repositioning the aircraft. This means greater energy efficiency when compared to the hovering. The landing gears also provide the capability of maneuvering the aircraft on the ground, eliminating the use of ground support equipment for the purpose, facilitating operation and reducing time on ground. The next Slide #5 shows what is now our functional Iron Bird cockpit. As a reminder, the Iron Bird is a deconstructed eVTOL in which we integrate all the different actual components on our eVTOL into a physical system to make sure that all systems work together properly.

現在，我們 eVTOL 的輪子將用於滑行和重新定位飛機。這意味著與懸停相比，能源效率更高。起落架還提供了在地面上操縱飛機的能力，無需使用地面支援設備，從而簡化了操作並減少了地面停留時間。下一張投影片 #5 展示了我們現在功能齊全的 Iron Bird 駕駛艙。提醒一下，Iron Bird 是一款解構式 eVTOL，我們將 eVTOL 上所有不同的實際元件整合到一個實體系統中，以確保所有系統都能正常運作。

This is the interface through which the pilot will control the entire system. As you can see, the simulator has approximately 270 degrees view and is connected with all the different rigs of the vehicle system and components. For instance, the joystick is connected to actuators and motors in another adjacent room, and they react physically to all pilots command. All of these are connected to the avionics and the flight control computers with our fifth-generation fly-by-wire control laws.

這是飛行員控制整個系統的介面。如您所見，該模擬器具有大約 270 度的視野，並與車輛系統和組件的所有不同裝置連接。例如，操縱桿與隔壁房間的執行器和馬達相連，它們會對飛行員的所有指示做出物理反應。所有這些都透過我們的第五代電傳操縱系統與航空電子設備和飛行控制電腦連接起來。

The motors are connected to the battery with its own thermal management system. As much as possible, all wires and cables replicate the composition, width and length of the actual harness that will be on our eVTOL. This assures a representative result of the simulation, allowing the Iron Bird to be used as a tool for vehicle development, flight test clearance of a new feature and product evolution as well as optimize the test campaign.

馬達透過其自身的熱管理系統與電池連接。所有電線電纜都盡可能複製了我們 eVTOL 上實際線束的組成、寬度和長度。這確保了模擬結果的代表性，使 Iron Bird 可以作為車輛開發、新功能飛行測試許可和產品演進的工具，並優化測試活動。

Through this strategy, we maximize the number of prototypes, streamlining the flight test campaign and making the most efficient use of these assets. So, not only does the Iron Bird help us to better integrate and understand how all the systems work together and troubleshoot potential problem on the ground, but it also has an important role for the aftermarket benefit. The Iron Bird will help us improve the system and component maturity, and these are important inputs for successful entry into service and an efficient maintenance program. In total, we have logged more than 10,000 hours of test in these rigs.

透過這項策略，我們最大限度地增加了原型機的數量，簡化了飛行測試活動，並最大限度地利用了這些資源。因此，Iron Bird 不僅幫助我們更好地整合和了解所有系統如何協同工作，並排除現場潛在問題，而且對售後市場也具有重要意義。Iron Bird 將幫助我們提高系統和組件的成熟度，這些都是成功投入使用和高效維護計劃的重要投入。總計，我們在這些試驗台上進行了超過 10,000 小時的測試。

Another advantage is that the Iron Bird has also helped us to expedite and reduce the costs related to our certification campaign. Keep in mind that some tests can be performed on the ground 24/7, such as electrical systems, circuit breakers, et cetera, and the Iron Bird becomes a very valuable development and certification tool. Moving on to Slide #6. Together with our customers and authorities, we are also developing a strong network of partners in different areas, such as 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 developing an aircraft.

另一個優勢是，Iron Bird 還幫助我們加快了認證進程並降低了相關成本。請記住，有些測試可以全天候在地面進行，例如電氣系統、斷路器等，鐵鳥測試台車將成為非常有價值的開發和認證工具。接下來是第6張投影片。我們正在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。

On the certification side, we participated in ICAO Assembly in Canada, along with ANAC, the Brazilian Air Force and other government officials, along with representative of several other certifying authorities throughout the world. This reinforces our confidence level that we have the right approach to certify our aircraft with ANAC as a primary certifying authority.

在認證方面，我們與巴西國家民航局、巴西空軍和其他政府官員，以及世界各地其他幾個認證機構的代表一起參加了在加拿大舉行的國際民航組織大會。這進一步增強了我們的信心，我們採用正確的方法，選擇 ANAC 作為主要認證機構來認證我們的飛機。

Besides that, we are increasing our presence in the Middle East with an agreement to support the adoption and growth of eVTOLs in the region with the Kingdom of Bahrain. The agreement positions Bahrain as a regional hub for electrical aviation and will accelerate its regulatory, operational and infrastructure ecosystem for eVTOLs. The agreement also calls for Eve to possibly conduct test flight in the region in 2027. Slide 7 shows our total pre-order backlog that stands around 2,800 aircraft for a total value close to $14 billion based on the list price of 2025. This includes nonbinding letters of intent from 28 different customers as well as Revo’s firm order.

除此之外，我們還與巴林王國達成協議，支持該地區採用和發展電動垂直起降飛行器，從而擴大了我們在中東的業務。該協議將巴林定位為區域電動航空中心，並將加速其電動垂直起降飛行器（eVTOL）的監管、營運和基礎設施生態系統的發展。該協議還要求 Eve 可能在 2027 年在該地區進行試飛。投影片 7 顯示，我們的預購積壓訂單總數約為 2,800 架飛機，以 2025 年的目錄價格計算，總價值接近 140 億美元。這包括來自 28 位不同客戶的不具約束力的意向書以及 Revo 的正式訂單。

Out of the 28 customers, we also have secured contracts with 14 different customers for Eve TechCare suite of aftermarket products and services, which could bring up to USD 1.6 billion in revenue to Eve over the first few years of operation. As you can see, we also have 21 different customers for our air traffic management solution, Vector, and I believe this reflects the market's leading value proposition we bring to our customers. Now I would like to invite our CFO, Edu, to review the financial results and the 2025 milestone checklist.

在 28 位客戶中，我們還與 14 位不同的客戶簽訂了 Eve TechCare 系列售後產品和服務的合同，這些合同預計將在運營的最初幾年為 Eve 帶來高達 16 億美元的收入。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。現在，我想邀請我們的財務長 Edu 來審查財務業績和 2025 年里程碑清單。

Thanks, Johann. Eve has successfully concluded a new funding raise of $230 million through a registered direct offering in August. This equity placement has not only improved our cash position to its highest level ever, but also extended our cash runway to about 2.5 years. We are very comfortable with our current liquidity and estimate it is sufficient to fund our operations and R&D expenses through 2027.

謝謝你，約翰。Eve 於 8 月透過註冊直接發行成功完成了 2.3 億美元的新一輪融資。此次股權融資不僅使我們的現金狀況達到歷史最高水平，而且還將我們的現金儲備維持時間延長至約 2.5 年。我們對目前的流動性非常滿意，並估計足以支付我們到 2027 年的營運和研發費用。

The offering was anchored by 2 strategic and long-standing investors, the Brazilian Development Bank, BNDES, and our controller, Embraer, showing strong investor support and commitment to our project. Also, we had more than 30 U.S. and Brazilian institutional investors participating in this round. The strong institutional participation expanded our public floating and Embraer now has 72% of our total equity, down from 82%, and Eve's daily trading volume in the New York Stock Exchange is averaging $7 million per day. Now moving to Slide 10 (sic) [Slide 9].

此次發行由兩家策略性和長期投資者——巴西國家開發銀行（BNDES）和我們的控股公司巴西航空工業公司（Embraer）——領銜，體現了投資者對我們專案的大力支持和承諾。此外，本輪融資還有超過 30 家美國和巴西的機構投資者參與。機構投資者的積極參與擴大了我們的公開發行股份，巴西航空工業公司目前持有我們總股本的 72%，低於之前的 82%，而 Eve 在紐約證券交易所的每日平均交易量為 700 萬美元。現在轉到第 10 張投影片（原文如此）[第 9 張投影片]。

Eve is a pre-operational 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 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 $45 million during the third quarter '25 in our program development. We continue to accelerate our program development with more engineers from Eve and Embraer as well as higher engagement with suppliers. We also deployed about $7 million in SG&A during the third quarter, in line with previous quarters. Including R&D and SG&A, Eve reported a net loss of $47 million in the third quarter 2025. We also recognized a gain related to the fair value of our outstanding warrants, which is a noncash gain.

Eve 在 2025 年第三季投資了 4,500 萬美元用於我們的專案開發。我們不斷加快專案開發進程，從 Eve 和 Embraer 招募更多工程師，並加強與供應商的合作。第三季度，我們的銷售、一般及行政費用也約為 700 萬美元，與前幾季持平。包括研發和銷售、一般及行政費用在內，Eve 報告 2025 年第三季淨虧損 4,700 萬美元。我們也確認了與未行使認股權證的公允價值相關的收益，這是一筆非現金收益。

Moving to cash flow. Our operations consumed around $60 million in the quarter, reflecting higher program activity and overall engagement with engineering and other R&D functions to progress our eVTOL development.

接下來談談現金流。本季我們的營運支出約為 6000 萬美元，這反映出專案活動更加活躍，以及與工程和其他研發部門的全面合作，以推進我們的 eVTOL 開發。

With $143 million in cash consumed in the first 9 months of the year, we are on track to hit the low end of our guidance of total cash consumption between $200 million to $250 million for the full year of 2025, reflecting our cost discipline, simple business model and advantages of leveraging Embraer's capabilities.

今年前 9 個月現金消耗量為 1.43 億美元，我們預計將達到 2025 年全年現金消耗總量指導值的下限，即 2 億至 2.5 億美元之間，這體現了我們的成本控制、簡單的商業模式以及利用巴西航空工業公司能力的優勢。

Finally, on liquidity, we ended the quarter with $412 million in cash, again, the highest ever cash level for Eve. Including an awarded grant and an undrawn BNDES credit lines, total liquidity is now at $534 million. These standby facilities continue to help Eve to preserve a solid cash position. Now going to Slide 10. We remain on track to deliver our milestones this year.

最後，在流動性方面，我們本季末擁有 4.12 億美元的現金，再次創下 Eve 有史以來最高的現金水準。包括已授予的贈款和未提取的巴西國家開發銀行信貸額度在內，目前總流動資金為 5.34 億美元。這些備用資金持續幫助Eve維持穩健的現金流。現在轉到第10張投影片。我們仍有望按計劃實現今年的目標。

As Johann detailed earlier, our first full-scale prototype is concluding final tests and installations to start to perform its initial flights in the upcoming months. In parallel, we continue talks with ANAC, Brazil's certification authority, to detail the certification plans. We expect it to be published by the end of the year to begin certification tests.

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正在進行最後的測試和安裝，並將於未來幾個月開始進行首次飛行。同時，我們繼續與巴西認證機構ANAC進行磋商，以詳細制定認證計畫。我們預計將在年底前發布，以便開始認證考試。

We continue to engage with suppliers working on the initial parts of our conforming prototypes. And in parallel, we have started to receive the necessary equipment and tooling to produce the certification vehicles.

我們繼續與供應商合作，共同開發符合標準的原型機的初始零件。同時，我們已經開始收到生產認證車輛所需的設備和工具。

Lastly, our cash consumption for the year is in good shape and in line to reach the low end of our guidance of $200 million to $250 million. With that, we conclude our remarks, and I would like to open the call for questions. Operator, please proceed.

最後，我們今年的現金消耗情況良好，預計將達到我們先前預期的 2 億至 2.5 億美元區間的下限。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。

Just -- congrats on the progress and financing deals. But I'm kind of curious about the Bahrain update yesterday. Just -- could you talk a little bit more about how that would work? It looks like 2027 you'll be doing work there. Is that flight testing using the engineering prototype or maybe the certification aircraft that you're building?

恭喜你們取得的進展和融資協議。但我對昨天巴林的最新消息有點好奇。您能再詳細說說它是如何運作的嗎？看來你將在2027年在那裡工作。那是用工程原型機還是你正在建造的認證飛機進行飛行測試？

And is that still part of that agreement?

那項條款仍然包含在先前的協議中嗎？

Great, Savi. Thank you. Yes, we're thrilled about this announcement that we did with Bahrain, with the Ministry of Transportation & Telecommunication. It was also on Sunday, right? We're -- it was talked about at the Gateway Gulf Investment Forum.

太好了，薩維。謝謝。是的，我們對與巴林交通和電信部共同發布的這項公告感到非常興奮。也是星期天，對吧？我們在海灣門戶投資論壇上討論過這個問題。

Very important. We've been in talks with the Middle East and the UAE for some time now. And I think this really proves that we're bringing the solution that they're looking for. This is a sandbox that will work to accelerate the readiness of the regulatory aspect, the operational, the infrastructure also, the ecosystem.

非常重要。我們已經與中東和阿聯酋方面進行了一段時間的談判。我認為這充分證明，我們確實提供了他們正在尋找的解決方案。這是一個沙盒，旨在加快監管、營運、基礎設施以及生態系統等方面的準備。

We're going to be starting different fronts, like I mentioned, looking at the vertiports, looking at the operation. And when it comes to the testing, we're looking at the possibility of maybe starting some test flights, right, in 2027. It's not defined yet, but this is what we're definitely working on, maybe using a prototype, this is something that we're thinking about, but definitely for the operation in '28 in the region.

我們將從不同的方面著手，就像我剛才提到的那樣，研究垂直起降場，研究其運作。至於測試方面，我們正在考慮是否有可能在 2027 年開始一些試飛。雖然還沒有最終確定，但這絕對是我們正在努力的方向，也許會使用原型，這是我們正在考慮的事情，但肯定是為了 2028 年在該地區開展的業務。

And does that come with any revenue stream? Or it's just kind of more of a demonstration?

那它會帶來任何收入來源嗎？或者這只是一次演示？

Well, no, it will have revenue stream. But definitely on the demonstration, we haven't defined exactly the scope and how it's going to be, right, at this stage.

不，它會有收入來源。但可以肯定的是，關於演示，我們目前還沒有確切地定義其範圍和具體形式。

No, we expect to get orders, right, Savi, as we start to fly and go to the region, we expect for more orders. PDP is the traditional type of sale with other customers.

不，薩維，我們預計會接到訂單，對吧？隨著我們開始飛往該地區，我們預計會接到更多訂單。PDP 是與其他客戶進行的傳統銷售方式。

That makes sense. I appreciate that. And then just on the cash flow side, I just wanted to clarify -- again, congrats on getting that deal across last month or a couple of months ago. But is that -- this current spend still the thought process that this is kind of the level of spend for 2026 as well?

這很有道理。我很感激。關於現金流方面，我只想澄清一下——再次祝賀你們上個月或幾個月前達成了那筆交易。但是，目前的支出水準是否仍代表著2026年的支出水準呢？

Yes, we're consuming around $60 million, right? We consumed that in the third quarter, $6 million. Probably fourth quarter should be around $6 million as well, and we may close the year around $200 million. For next year, if we keep that pace, which I think is, I would say reasonable, we may consume a little bit more, right, than $200 million, so something maybe around $250 million. We're still working on the details for 2026, and we still don't have a guidance.

是的，我們消耗了大約 6000 萬美元，對吧？我們在第三季消耗了600萬美元。第四季可能也應該在 600 萬美元左右，全年可能達到 2 億美元左右。明年，如果我們保持這個速度（我認為這是合理的），我們的消費可能會略高於 2 億美元，大約在 2.5 億美元左右。我們仍在製定 2026 年的具體細節，目前還沒有指導方針。

We may provide something by the fourth quarter results, but I think it's reasonable to expect to keep that pace.

我們或許會在第四季業績報告中有所體現，但我認為維持目前的進度是合理的。

Andres Sheppard, Cantor Fitzgerald.

安德烈斯·謝潑德，坎托·菲茨杰拉德。

Congratulations on the quarter and all the great progress. I wanted to maybe follow up from Savi's first call just on the expansion to the Middle East. Hoping maybe you can give us a bit more detail there? So you're targeting commercial services in 2028 and then further expansion in 2029. But I'm curious, just given the region's maybe more leniency towards the certification process, is there an opportunity here perhaps to commercialize ahead of FAA certification?

恭喜本季取得的優異成績和所有重大進展。我想就薩維第一次來電中提到的向中東擴張的問題做個後續跟進。希望您能提供更多細節？所以你們的目標是在 2028 年進軍商業服務領域，然後在 2029 年進一步擴張。但我很好奇，考慮到該地區對認證過程可能更加寬容，是否有可能在獲得美國聯邦航空管理局 (FAA) 認證之前實現商業化？

Is that something that's being explored? Or what's overall the strategy here in the region?

這是正在研究的方向嗎？或者說，該地區的整體策略是什麼？

Thanks, Andres. That's a good question. Obviously, our primary authority is ANAC, and this will start for us with ANAC and then with the bilateral agreement that they have it will be FAA. Now ANAC has been also in contact and have agreements with all other authorities in the world. And it wouldn't be different, like we've done at the Embraer for many, many years where they would accept the ANAC certification.

謝謝你，安德烈斯。這是個好問題。顯然，我們的主要主管機關是ANAC，我們將先與ANAC溝通，然後根據他們之間的雙邊協議，再與FAA溝通。現在，ANAC 也已與世界所有其他機構取得聯繫並達成協議。情況不會有什麼不同，就像我們在巴西航空工業公司多年來所做的那樣，他們會接受 ANAC 認證。

So it's actually independent of what will happen at the FAA, right? But I'll let also Valentini give you a little bit more insight.

所以這其實與美國聯邦航空管理局（FAA）的行動無關，對吧？不過，我也會讓瓦倫蒂尼再給大家一些見解。

Yes. Thank you, Johann, and good question, Andres. This is -- this doesn't change the path that we have of certifying first with ANAC and then validating with other authorities. As Johann mentioned, we work to expedite this process by aligning -- or promoting alignment of not only vehicle characteristics and understanding by all of the authorities, but also supporting ANAC and all that we can in their arrangements and agreements for their certification basis to be accepted by other authorities. So we support the process of having these authorities, accept the ANAC certification basis, and that is done in a way to shorten the time that we have their validation once we have the ANAC type certificate.

是的。謝謝你，約翰；問得好，安德烈斯。這——這不會改變我們先通過 ANAC 認證，然後再通過其他機構驗證的路徑。正如約翰所提到的，我們致力於加快這一進程，透過協調——或者說促進——所有相關機構對車輛特性和理解的協調一致，以及支持ANAC及其安排和協議，使其認證依據被其他機構接受，從而推動這一進程。因此，我們支持這些機構接受 ANAC 認證基礎的流程，這樣做是為了在獲得 ANAC 型號證書後縮短他們的驗證時間。

Got it. Okay. That's super helpful. Appreciate it. And maybe just as a quick follow-up.

知道了。好的。這太有幫助了。謝謝。或許還可以簡單補充一下。

Just on your test flight program, just to make sure I have it right. So we are targeting first test flight, I think, before year-end and then to kind of ramp up the program all throughout next year, starting with hover flights and then heading towards a transition. Just can you break that down for us, just what does that flight path look like, just the timing again and just confirm what that looks like for this year and next year?

只是在你的試飛程序上，確保我理解正確。因此，我認為我們的目標是在年底前進行首次試飛，然後在明年全年逐步推進該計劃，從懸停飛行開始，然後逐步過渡到飛行。能為我們詳細說明一下嗎？飛行路線是什麼樣的？時間安排又是怎樣的？能否請您確認今年和明年的飛行計畫？

Sure. Yes. So we'll start reengineering prototype flights, as we had mentioned in the end of this year or at the beginning of next year. So that will start first with, let's say, simpler flights with hovering only, and then that will gradually expand what we call the flight test envelope. So increasing speeds, making maneuvers that cover, let's say, a more extended range of capabilities of the vehicle.

當然。是的。因此，我們將開始重新設計原型飛行，正如我們在今年年底或明年年初所提到的那樣。所以，首先會從簡單的飛行開始，例如只進行懸停，然後逐步擴大我們所說的飛行測試範圍。因此，提高速度，進行機動，例如，展現車輛更廣泛的性能範圍。

And then from there, expand also to transition flight, which is what we call the phase of flight between hover and cruise flight, the fixed wing part of the flight, right?

然後，再從那裡擴展到過渡飛行，也就是我們所說的懸停飛行和巡航飛行之間的飛行階段，也就是飛行中的固定翼部分，對吧？

So that's made in a way for us to validate parameters of our analysis today. So we still have some calibration, some knowledge that we expect to gain from the hover flights themselves. So for example, we believe that we'll be able to gain more insight on the noise of the vehicle once we start flying the hover. So even the hover test phase has significant information for us.

這樣一來，我們就可以用它來驗證我們今天分析的參數。所以我們仍然需要進行一些校準，一些我們期望從懸停飛行本身中獲得的知識。例如，我們相信一旦開始懸停飛行，我們就能更深入地了解飛行器的噪音情況。所以即使是懸停測試階段也能給我們重要的資訊。

But then, evolving towards the transition is also important for us because even though it's a short phase of flight, it has a significant, let's say, a physical phenomenon happening. So it's important that we get that very well, not only for engineering and certification, but also for the comfort and for the user experience inside the vehicle, right?

但是，向過渡階段演化對我們來說也很重要，因為即使飛行階段很短，也發生了重要的物理現象。所以，我們必須把這一點做好，不僅是為了工程和認證，也是為了車內的舒適性和使用者體驗，對吧？

And then in the end, we'll also perform cruise flights or fixed wing airplane flights with this engineering prototype. But that's the, let's say, the working of the vehicle in which we have more confidence from the background that we bring for previous Embraer programs. So that's the progress that we are expecting to make all that to happen next year.

最後，我們還將使用這架工程原型機進行巡航飛行或固定翼飛機飛行。但可以說，對於我們先前在巴西航空工業公司專案中累積的經驗，我們對這種車輛的運作方式更有信心。這就是我們預期明年能夠取得的進展。

Eegan McDermott, Jefferies.

伊根‧麥克德莫特，傑富瑞集團。

Maybe on the supplier with Embraer signing on to provide the landing gear, could you remind us of what other suppliers or component agreements you still need to secure? And maybe at a higher level, what kind of advantages does your extensive supplier network provide compared to peers who have a more vertically integrated approach?

或許在與巴西航空工業公司簽訂起落架供應協議後，您能否提醒我們一下，您還需要落實哪些其他供應商或零件協議？或許從更高的層次來看，與那些採用更垂直整合方式的同業相比，您廣泛的供應商網絡能帶來哪些優勢？

So, thank you for the question. So, this is really the last main system that we have introduced to the vehicle with respect to bringing new suppliers in. So we don't expect to have any other supplier for any major aspect of the vehicle coming in from now on the program.

謝謝你的提問。所以，這實際上是我們引入新供應商到車輛中的最後一個主要係統。因此，我們預計從現在開始，該專案的任何主要零件都不會再有其他供應商。

And then, we've been working with -- on the second part of your questions, with suppliers that we believe bring a differential to our program given their background on aviation product and their knowledge on certification of these products. So for example, the fact that we are working on the battery supply with BAE, we believe that puts us on a good path for certifying this system, which is one of the critical systems of the vehicle, right?

然後，關於您問題的第二部分，我們一直在與供應商合作，我們認為這些供應商憑藉其航空產品背景和對這些產品的認證知識，能夠為我們的專案帶來差異化優勢。例如，我們正在與 BAE 合作開發電池供應系統，我們相信這將使我們走上認證系統的良好道路，而該系統是車輛的關鍵系統之一，對吧？

So, as we mentioned previously, we believe that the list of suppliers that we assembled was a list that for our program optimize not only the maturity that they bring to our project and the background that they have on the vehicle, but then optimizes what we have in terms of integration of these systems on the vehicle from the previous experience of Embraer projects. Does that answer your question?

因此，正如我們之前提到的，我們相信我們組建的供應商名單不僅優化了他們為我們的項目帶來的成熟度和他們在車輛方面的背景，而且還根據巴西航空工業公司以往項目的經驗，優化了我們在車輛上集成這些系統方面的現狀。這樣回答了你的問題嗎？

It does. Yes. And maybe one follow-up or slightly unrelated question. But in terms of the motor when it comes to performance test, could you provide an update of what you're monitoring there in terms of performance testing? And are you going to continue to dual source motors from Nidec and [Beta]?

確實如此。是的。或許還有一個後續問題，或是一個稍微無關的問題。但是就馬達性能測試而言，您能否提供一下您在性能測試方面正在監測哪些方面的最新情況？你們是否會繼續從Nidec和[Beta版]？

Or is there any intention to source both the lifter and pusher from one supplier? And what would be your priorities in making such a decision if so, whether it's cost performance, scale or else?

或是否有計劃從同一供應商購買升降機和推桿？如果要做這樣的決定，你的首要考慮因素是什麼？是成本效益、規模還是其他因素？

Yes. So as we mentioned last time, we -- the flight test of the engineering prototype is part of a process for us to optimize the vehicle characteristics, and that goes through choosing what are the right systems and components to compose the vehicle, right? So, we are still on that path that we mentioned on the last call, to understand the opportunities that we have for supply of the motors, both lifters and pusher. And then based on the choices that we have and the fit that we get from the tests, then choose the final configuration.

是的。正如我們上次提到的，工程原型機的飛行測試是我們優化飛行器特性的過程的一部分，這需要選擇合適的系統和組件來組成飛行器，對吧？所以，我們仍然在上一次電話會議中提到的那個方向上，去了解我們在供應馬達（包括升降機和推機）方面的機會。然後根據我們擁有的選擇以及從測試中獲得的匹配度，選擇最終配置。

We choose these components on a number of parameters, I'd say, most importantly, parameters related to performance, so such as weight and the controllability that they provide to the vehicle. But also cost, of course, is an important one and what we believe is the capability of these companies to provide a good product for the life of the vehicle, right? So for production, for support, for spare parts and all of that. So it's really a complete set of parameters that we analyze to -- that will eventually lead to the choice of the supplier for these components.

我們根據許多參數來選擇這些組件，我認為最重要的參數是與性能相關的參數，例如重量以及它們為車輛提供的可控性。當然，成本也是一個重要因素，我們認為這些公司有能力在車輛的整個使用壽命期間提供優質產品，對吧？所以，無論是生產、支援、備件等等方面。因此，我們分析的是一套完整的參數，最終將決定這些組件的供應商。

Sameer Joshi, H.C. Wainwright.

Sameer Joshi，H.C. Wainwright。

I just had a couple of questions. First, on the cash burn expectations for this year. I think I heard that you were expecting to be closer to the lower end of that $200 million to $250 million. Is there a reason for that? Were there some programs that were slowed down?

我還有幾個問題。首先，關於今年的現金消耗預期。我好像聽說你預計最終金額會接近 2 億到 2.5 億美元的下限。這是為什麼呢？是否有一些專案進度放緩？

Or what was the -- or were you more efficient than you expected to be?

或者說，你的效率比預期的高？

In terms of the cash for this year, you're right. We believe we're going to be closer to the low end of the guidance range of $200 million to $250 million, pretty much because we are trying to optimize our cash consumption the whole time, right? We control expenses. We make sure we're spending money the right way. We try to increase payment terms and have some working capital gains.

就今年的現金流而言，你說得對。我們相信最終的現金支出會更接近 2 億美元至 2.5 億美元的指導範圍的下限，這主要是因為我們一直在努力優化現金消耗，對吧？我們控制支出。我們會確保把錢花在刀刃上。我們努力延長付款期限，並獲得一些營運資金收益。

We are always discussing with suppliers payment terms. There is a lot of work that is done by Embraer as well that we have on the service agreement.

我們一直在與供應商協商付款條款。巴西航空工業公司也做了很多工作，這些工作都與我們的服務協議有關。

So there are different pockets, right, of cash consumption that we're always trying to optimize. We leverage a lot of existing infrastructure, existing capabilities, things that the Embraer Group already has, in order to have this more optimized cash burn, and we're going to continue to do this way, okay?

所以，現金消耗分為不同的環節，對吧？我們一直在努力優化這些環節。我們充分利用巴西航空工業集團現有的基礎設施、現有能力等資源，以實現更優化的現金消耗，我們將繼續以這種方式開展工作，好嗎？

Okay. Got it. And then just a broader question. Of course, you have like a $14 billion sort of backlog of orders, including from the Eve TechCare and Vector offerings. How are you continuing to engage with these customers?

好的。知道了。然後，我想問一個更廣泛的問題。當然，你們還有價值約 140 億美元的訂單積壓，其中包括 Eve TechCare 和 Vector 的產品訂單。您目前如何與這些客戶保持聯繫？

Because the flights are -- the commercial flights are not until 2027. What kind of -- what level of interaction do you have with them? Do you have feedback from them on design -- interior design and stuff like that?

因為航班－商業航班要到 2027 年才會恢復。你與他們之間是何種程度的互動？他們有沒有就設計方面——像是室內設計之類的——給你一些回饋？

Yes. Thanks for this question, Johann speaking. This is the essence of how Eve is built on, is really based on workshop with our customers, that we have those workshops, whether it's on the HMI, like a human machine interface workshop that tells you how the pilots interact and what we need to have or whether it's all the [conops] that we've been doing since the very beginning, whether it's in Rio or Chicago or in London.

是的。謝謝約翰提出的這個問題。這就是 Eve 的本質所在，它真正基於與客戶的研討會，我們舉辦這些研討會，無論是關於人機介面 (HMI) 的研討會，告訴您飛行員如何互動以及我們需要什麼，還是我們從一開始就一直在進行的所有 [conops] 研討會，無論是在裡約熱內盧、芝加哥還是倫敦。

This is really building together like what will be the Urban Air Mobility environment and type of operation and it shapes not only the vehicle, and this is why you can see over the last 5 years how the vehicle has evolved outside, but also inside. And with the cabin and those full flex cabin concept where you can -- in one day you can change -- within a couple of hours you can change your configuration, whether it's a full cargo or removing the first row, putting in the club configuration for the operation. So this is something that we've been doing since the very beginning, and that's what led us to have the 28 customers and the largest pre-order backlog because we bring not only the vehicle, but the whole solution, where there's the full suite strong from the Embraer heritage, where the 4,000 people that are around the world, the customers understand that we have the DNA and what it takes to support an operation, not only to certify and deliver the first airplane, but make sure that you guarantee a dispatch reliability rate or a [schedule] reliability rate, which is exactly what the customers want to make sure the asset is available and it has the most competitive operating cost. And this is the 2 pillars that we have.

這確實在共同建造城市空中交通環境和運營類型，它不僅塑造了飛行器本身，這就是為什麼在過去的 5 年裡，你可以看到飛行器的外觀和內部都發生了變化。而且，有了這個全靈活駕駛艙概念，你可以在一天之內改變——在幾個小時內，你可以改變你的配置，無論是完全的貨物配置，還是拆除第一排座椅，安裝俱樂部配置以進行操作。所以，這是我們從一開始就一直在做的事情，也正是這一點讓我們擁有了 28 位客戶和最大的預購訂單積壓，因為我們不僅提供飛機，還提供整個解決方案，包括源自巴西航空工業公司 (Embraer) 的全套強大技術，以及遍布全球的 4000 名員工。客戶明白我們擁有支援營運所需的基因和能力，不僅能夠認證和交付第一架飛機，還能確保保證出勤率或[航班]可靠性，這正是客戶所希望的，確保資產可用且營運成本最具競爭力。這就是我們的兩大支柱。

And the third one is eventually not at the beginning because we can start the operation with the existing infrastructure and airspace management system. But eventually, if we're going to be putting -- and we will be putting thousand, not only us, but the others putting thousands of those vehicles in the air, then we need to make sure that we have urban traffic management software adequate. And I think this is all this DNA that we're bringing, aviation DNA that really pushes the customer to elect Eve.

第三點最終不會在開始時就實現，因為我們可以利用現有的基礎設施和空域管理系統開始行動。但最終，如果我們打算——而且我們確實要投入成千上萬輛，不僅是我們，還有其他人要投入成千上萬輛這樣的車輛到空中，那麼我們就需要確保我們擁有足夠的城市交通管理軟體。我認為，正是我們所注入的這些DNA，航空業的DNA，真正促使客戶選擇Eve。

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

When you think about scaling production moving forward, where might you anticipate the largest bottlenecks forming? Or I guess, maybe put more broadly, are there any risks that you see throughout your supply chain currently?

在考慮未來擴大生產規模時，您預計最大的瓶頸會出現在哪裡？或者更廣泛地說，您認為目前您的供應鏈中存在哪些風險？

No, we believe the way we are going to be doing the manufacturing, right, the industrialization of the eVTOL, is going to be modular, right? We start with -- we're going to have basically 3 modules, right? The first one, 120 eVTOLs per year, 120, doing in the Brazilian factory. Then we can go from 120 to 240 just with an extra shift, right? The first one has 2 shifts.

不，我們相信我們將要採用的製造方式，也就是 eVTOL 的工業化方式，將是模組化的，對吧？我們首先——我們基本上會有 3 個模組，對吧？第一輛，每年生產 120 架 eVTOL，120 架，在巴西工廠生產。這樣我們只需多上一班就能從 120 增加到 240，對吧？第一個班次有兩班。

Together, the 240 will go to the third shift.

這240人將一起上夜班。

Then we can double the 240 to 480 with some additional tooling and equipment. Nothing major for the 240, probably we're going to be investing around $100 million, for the 480, $150 million. So we have all of that method. The suppliers -- as Valentini mentioned, right, we have very good suppliers. They have production capabilities, a lot of production capabilities as well, and we keep them informed of our production plans.

然後，透過一些額外的工具和設備，我們可以將產量從 240 增加到 480。240 型飛機不會有什麼重大的變化，我們可能會投資約 1 億美元；480 型飛機則需要 1.5 億美元。所以我們擁有所有這些方法。供應商——正如瓦倫蒂尼所提到的那樣，沒錯，我們有非常好的供應商。他們擁有生產能力，而且生產能力很強，我們會隨時向他們通報我們的生產計劃。

As we ramp up production, we believe suppliers will be ready also to ramp up their supply.

隨著我們提高產量，我們相信供應商也將準備好提高供應量。

So we're not envision any major challenge to get this 500 eVTOLs per year. Of course, to deploy all those eVTOLs in the markets and so on, we may need some local assembly. But in terms of the production of the eVTOL itself, we're confident on this initial 500 eVTOLs per year capability.

因此，我們預計每年實現 500 架 eVTOL 的目標不會遇到任何重大挑戰。當然，要在市場上部署所有這些 eVTOL，我們可能需要一些本地組裝。但就 eVTOL 本身的生產而言，我們對每年 500 架 eVTOL 的初期生產能力充滿信心。

Got it. Got it. I'll return now.

知道了。知道了。我現在就回去。

Andre...

安德烈…

Yes, go ahead.

好的，請繼續。

No, sorry, yes, I just want to [compliment] another aspect of the -- what we've done with our 22 primary suppliers is those contracts, it took us 1 year, but each of them, it's based on the strong experience of supply chain management the Embraer is bringing. And we know on the conventional aviation, I mean, it is a challenge that we got to cope with and that we've been really learning from. And all the contracts that were negotiated are lifetime agreement, right? Not only for the prototype, not only for the production, but also for the aftermarket.

不，抱歉，是的，我只是想[讚揚]另一個方面——我們與 22 家主要供應商簽訂的那些合同，雖然花了我們 1 年時間，但每一份合同都是基於巴西航空工業公司在供應鏈管理方面豐富的經驗。我們知道，在傳統航空領域，這是我們必須應對的挑戰，我們也一直從中學習。所有協商達成的合約都是終身協議，對嗎？不僅適用於原型機，不僅適用於量產，也適用於售後市場。

So given all this, we've taken the best breed of negotiation and learning from Embraer and then we've negotiated this contract where one example, I mean, it's not single source program, right? Those are conditions that we had with the suppliers, and it allows us also to derisk the ramp-up or the production, different flows that we can have.

鑑於以上所有因素，我們借鑒了巴西航空工業公司最好的談判和經驗，並在此基礎上談判達成了這份合約。舉個例子來說，這不是單一來源項目，對吧？這些是我們與供應商達成的條件，這也使我們能夠降低產能爬坡或生產的風險，以及我們可以採取的不同流程。

So -- and also another one that we've taken to the next level is also we are the face of the customer on the aftermarket. That's another angle just to make sure that we are in touch with our customers on a constant basis and guarantee what I told you from the suppliers and then it goes through us and then we support the customers on the dispatch availability or operating cost, right? So those are really advantages and a strong learning that we've had from the past that -- for someone from a company that's done it for 56 years.

所以——而且我們也提升到了一個新的水平，那就是我們也是售後市場客戶的代表。這是另一個角度，確保我們與客戶保持持續聯繫，並保證我剛才從供應商那裡了解到的信息，然後這些信息會經過我們，然後我們會在發貨可用性或運營成本方面為客戶提供支持，對嗎？所以這些都是真正的優勢，也是我們從過去汲取的重要經驗教訓——對於從事這項業務 56 年的公司來說尤其如此。

Austin Moeller, Canaccord.

Austin Moeller，Canaccord。

So based on you said about Bahrain, is ANAC looking to form similar dual cert partnerships with -- for eVTOLs with other countries similar to the relationship that they have with the FAA once the means of compliance are published?

根據您剛才提到的巴林的情況，一旦合規方法公佈，ANAC 是否考慮與其他國家建立類似的雙重認證夥伴關係，以促進電動垂直起降飛行器 (eVTOL) 的發展，類似於他們與美國聯邦航空管理局 (FAA) 的關係？

So Austin, the work we've done -- we're doing with Bahrain with respect to certification is very similar to how we're working with other authorities. So we've been trying to, as much as we can, work on the certification basis so that if we don't have a full harmonization, we have good alignment of the requirements. So that means from early on engaging with these authorities to understand their expectation in terms of the requirements for the vehicle and then developing the vehicle in a way that we will be able to show compliance with those requirements, right?

所以奧斯汀，我們與巴林在認證方面所做的工作，與我們與其他機構的合作方式非常相似。因此，我們一直在盡可能努力以認證為基礎開展工作，這樣即使我們無法完全協調一致，也能使各項要求保持良好的一致性。所以這意味著要儘早與這些機構接觸，了解他們對車輛的要求，然後以一種能夠證明符合這些要求的方式來開發車輛，對吧？

So we start talking to these (inaudible) following what we believe will be important markets for our eVTOL and then start building this alignment on the certification basis. That's something that Eve does.

因此，我們開始與這些（聽不清楚）我們認為對我們的 eVTOL 而言重要的市場進行溝通，然後開始在認證的基礎上建立這種合作關係。那是夏娃會做的事。

In parallel, as I mentioned earlier, we promote and we try to support as much as we can, a work that is done directly between authorities, so from ANAC to other authorities in the world, in bilateral agreements that they have within the authorities and also agreements that they have with respect to validation of type certificates, for example, right? So we support that.

同時，正如我之前提到的，我們積極促進並儘可能支持各主管機構之間直接開展的工作，例如從 ANAC 到世界其他主管機構，透過他們內部的雙邊協議以及他們就型號合格證驗證等事宜達成的協議，對吧？所以我們支持這一點。

And we try to steer that, and we do that by giving information to the authorities -- is steer that to where we believe we should focus with respect to what markets are most important for our vehicles. So it's a very similar process to what we're doing with the Bahrain certification authority, is to connect with these authorities in the world, build early engagement and then also promote the connection between the authorities to, again, shorten the time that we have for validation once the TC from ANAC is issued.

我們試圖引導這一趨勢，我們透過向相關部門提供資訊來做到這一點——引導這一趨勢朝著我們認為應該重點關注的市場方向發展，這些市場對我們的車輛而言最為重要。因此，這與我們與巴林認證機構合作的過程非常相似，即與世界各地的這些機構建立聯繫，儘早開展合作，並促進各機構之間的聯繫，從而縮短我們在 ANAC 頒發 TC 後進行驗證的時間。

Great. And can we talk about what stage we're at on assembly for each of the conforming prototypes right now? And how close any of them might be to finishing assembly?

偉大的。我們能否談談目前每台合格原型機的組裝進度？它們之中有多少個距離完成組裝還有多遠？

Yes. So for now, we are -- we're still on the definition of much of the design of these prototypes. There are some more long lead parts that are already being manufactured by the suppliers. So those have -- already have drawings released and are also already in production by the suppliers. We will receive -- start to receive those parts next year and then assemble the prototypes next year.

是的。所以目前，我們——我們仍在確定這些原型的大部分設計。還有一些交貨週期較長的零件，供應商已經在生產了。所以這些產品——已經發布了圖紙，而且供應商也已經開始生產了。我們將於明年開始收到這些零件，然後在明年組裝原型。

So, so far, we are not assembling. We are still working with the manufacturing of the more long lead items and also designing the ones that are, let's say, shorter to manufacture which then we expect to start manufacturing next year.

所以，到目前為止，我們還沒有開始組裝。我們仍在努力推進交貨週期較長的產品的生產，同時也在設計那些生產週期較短的產品，我們預計明年將開始生產這些產品。

And this concludes our question-and-answer session. I would like to turn the conference to Lucio Aldworth for any closing comments.

我們的問答環節到此結束。我謹將會議交由盧西奧·奧爾德沃思作總結發言。

So we accomplished several important milestones this past quarter. We're fully engaged and moving fast, and there's much more to come. So we're going to continue updating you on our progress through the next few quarters, which will be very exciting, 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 our team. Thanks, and have a good day.

因此，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，未來還有更多精彩內容。接下來幾個季度，我們將繼續向您報告我們的進展情況，這將非常令人興奮，我們期待在即將參加的活動中與您見面。如有任何疑問，請隨時聯繫我們的團隊。謝謝，祝您今天過得愉快。

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

謝謝。會議已經結束。感謝各位參加今天的報告會。現在您可以斷開線路了。