Vertical Aerospace Ltd (EVTL) 2025 Q3 法說會逐字稿

Good morning. My name is Zan, and I will be a conference operator today. At this time, I would like to welcome everyone to Vertical Aerospace 2025 third quarter earnings call. (Operator Instructions)

早安.我叫贊，今天我將擔任會議接線生。在此，我謹代表 Vertical Aerospace 公司，歡迎各位參加 2025 年第三季財報電話會議。（操作說明）

Now, let's turn the call over to Gillian Levine, IR lead at Vertical Aerospace. You may begin your conference.

現在，讓我們把電話交給 Vertical Aerospace 的投資人關係負責人 Gillian Levine。您可以開始會議了。

Good morning, all. I'm delighted to welcome you to Vertical Aerospace's third quarter business and strategy update call. Before we get started, I would like to remind you that during today's call, we'll be making forward-looking statements. These statements involve risks and uncertainties that may cause actual results to differ materially.

各位早安。我很高興歡迎各位參加 Vertical Aerospace 第三季業務和策略更新電話會議。在正式開始之前，我想提醒各位，在今天的電話會議中，我們將發表一些前瞻性聲明。這些聲明涉及風險和不確定性，可能導致實際結果與聲明有重大差異。

Any forward-looking statements we make are based on assumptions as of today. We undertake no obligation to update these statements as a result of new information or future events. We've posted an accompanying slide deck to our investor relations website at investor.vertical-aerospace.com, which contained detailed information on forward-looking statements.

我們所做的任何前瞻性陳述都是基於截至今日的假設。我們不承擔因新資訊或未來事件而更新這些聲明的義務。我們已將相關投影片發佈到我們的投資者關係網站 investor.vertical-aerospace.com，其中包含有關前瞻性聲明的詳細資訊。

For more complete discussion about these risks and uncertainties, we have filed our 2025 third quarter financial statements with the SEC earlier today. Please now let me hand it over to our Chairman, Domhnal Slattery.

有關這些風險和不確定性的更全面討論，我們已於今天早些時候向美國證券交易委員會提交了 2025 年第三季財務報表。現在請讓我把麥克風交給我們的主席多姆納爾·斯萊特里。

Good morning and thank you all for joining the vertical aerospace third quarter business update call.

早安，感謝各位參加垂直航空航天第三季業務更新電話會議。

Before we get started though, I wanted to share with you a never-before-seen image of our new certification aircraft design. And doesn't it look cool. We look forward to formally unveiling the full-scale aircraft on December 10 in London.

不過，在正式開始之前，我想先和大家分享一張我們新的認證飛機設計從未公開過的圖片。看起來是不是很酷？我們期待12月10日在倫敦正式揭幕這架全尺寸飛機。

And please reach out directly to our IR team if you would like to join us on what will be a very special occasion. I'm delighted to lead the call today with our chief executive, Stuart Simpson. My name is Domhnal Slattery, and I am the chair of Vertical Aerospace.

如果您想參加這個非常特別的場合，請直接聯絡我們的投資者關係團隊。我很高興今天能與我們的執行長史都華辛普森一起主持這次電話會議。我的名字是 Domhnal Slattery，我是 Vertical Aerospace 的董事長。

I've worked in the global aerospace industry now for nearly 4 decades. And along the way, founded two of the TOP3 aircraft lessors in the world today, including Avalon. During the call today, I want to share with you why we believe vertical aerospace is a leader in the eVTOL sector. We want to update you on our progress and importantly outline the top priorities going forward for myself and the management team.

我從事全球航空航太業已經近40年了。在此過程中，他還創立瞭如今世界排名前三的飛機租賃公司中的兩家，其中包括 Avalon。在今天的電話會議中，我想和大家分享我們為什麼認為垂直航空航天是電動垂直起降飛行器 (eVTOL) 領域的領導者。我們想向您報告我們的進度，更重要的是，概述我和管理團隊今後最重要的工作重點。

On slide 4, You will see we have 6 items to cover today. If Stuart and I do our job. You should walk away from this call with clarity on several key areas, and in particular around our flight test progress and aircraft design. And we will also spend time on framing the valuation GAAP that exists between ourselves and our competitors.

在第 4 張投影片中，您會看到我們今天有 6 個項目要介紹。如果我和史都華做好我們的工作。您應該透過這次通話清楚地了解幾個關鍵領域，特別是我們的飛行測試進度和飛機設計。我們也將花時間來界定我們與競爭對手之間存在的估值公認會計準則。

Turning to slide 5. We've spoken extensively. About the fourth and the final stage of our flight test program, the piloted transition flight. And why this maneuver is so critical. So rather than just tell you, we'd like to show you what this entails. So, let's take a look at this video.

翻到第5張投影片。我們已經進行了深入的交流。關於我們飛行測試計畫的第四個也是最後一個階段——載人過渡飛行。以及為什麼這項舉動如此關鍵。所以，與其只是告訴你們，我們更想向你們展示這究竟意味著什麼。那麼，我們來看看這段影片。

(video playing)

（影片播放）

So, what you saw there, Is a demonstration of end-to-end piloted transition. And transition flight is the critical de-risking step for the VX4 development and our certification program. It represents the most material milestone in our history. And importantly, this is a key point, all under the oversight of the UK CAA, our home regulators.

所以，你們剛才看到的，是端到端試點過渡的示範。過渡飛行是 VX4 開發和我們的認證計劃中至關重要的降低風險的步驟。它代表了我們歷史上最重要的里程碑。更重要的是，這是關鍵所在，這一切都在英國民航局（UK CAA，我們的國內監管機構）的監督下進行。

As the video showed this final phase, transition is actually the culmination of a five-stage test flight campaign, which I'm glad to say will begin later this week, subject to receiving final permits to fly from the UK CAA.

正如影片中顯示的最後階段，過渡實際上是五階段試飛活動的最終階段，我很高興地宣布，該活動將於本週晚些時候開始，前提是獲得英國民航局的最終飛行許可。

And we expect these stages to be completed across 11 test flights in total. Once ALL5 stages are completed, Vertical will be the first eVTOL OEM of our aircraft's size to have completed this step under UK CAA regulatory oversight. This is an industry first, and it is materially ahead of all of our competitors, [bar] one.

我們預計這些階段將在總共 11 次試飛中完成。一旦 ALL5 階段完成，Vertical 將成為首家在英國民航局監管下完成此步驟的同等規模 eVTOL 原始設備製造商。這是業界首創，而且在各方面都領先所有競爭對手，[除]一個以外。

Turning to slide 7. Vertical's approach has always been, start slow to finish fast. From day one, we have maintained a transparent, measurable, and clear work scope. We are the only team in the industry with extensive airspace certification experience. Our senior team has certified over 30 aircraft or propulsion systems, bringing decades of invaluable learning and experience.

翻到第7張投影片。Vertical 的策略一直是：慢起快跑。從一開始，我們就堅持透明、可衡量、清晰的工作範圍。我們是業界唯一擁有豐富空域認證經驗的團隊。我們的資深團隊已認證超過 30 架飛機或推進系統，並累積了數十年的寶貴經驗和知識。

As you may know, we have flown under a permit to fly oversight by the UK CAA. It's important you understand this, because it requires rigorous oversight, ongoing demonstration of compliance, routine inspections, and joint accountability with our regulator.

如您所知，我們已獲得英國民航局的飛行許可並接受其監管。你必須理解這一點，因為這需要嚴格的監督、持續的合規證明、例行檢查以及與監管機構的共同問責。

This approach fundamentally differentiates us from peers who currently operate under an experimental airworthiness approval with limited direct oversight by the FAA. This stringent oversight means that we have front-loaded our certification process with over 3,500 hours of CAA export review. One prerequisite for type certification in the UK and Europe is being awarded design organization approval.

這種方法從根本上使我們與目前在實驗性適航批准下運作、且不受美國聯邦航空管理局直接監管的同行區分開來。這種嚴格的監管意味著我們在認證過程中前期投入了超過 3,500 小時的 CAA 出口審查時間。在英國和歐洲，獲得型式認證的先決條件之一是獲得設計機構的批准。

Which we received in 2023. This approval affirms the regulator's confidence in our engineering, our design, and our development processes. And our successful 2025 audit confirms the CAA's continued confidence in our operations. This level of regulatory engagement, in turn, allows for high confidence in our 2028 certification timeline. And importantly, the expected cost to achieve that certification.

我們在 2023 年收到了。這項批准肯定了監管機構對我們的工程、設計和開發流程的信心。我們成功通過了 2025 年的審計，這證實了民航局對我們營運的持續信心。這種程度的監管參與，反過來也使我們對 2028 年的認證時間表充滿信心。更重要的是，獲得該認證的預期成本。

Now turning to slide 8. At our Capital Markets day last September, we highlighted that once an aircraft reaches certification, there are really only 2 metrics that become paramount. Aircraft comfort and reliability and the profitability of our customers, the operators. We are confident in our certification path. But when looking beyond certification, it is evident that our aircraft offers the most versatile eVTOL in the market.

現在請看第8張投影片。在去年九月的資本市場日上，我們強調，一旦飛機獲得認證，真正重要的指標就只有兩個了。飛機的舒適性和可靠性以及我們客戶（營運商）的獲利能力。我們對我們的認證路徑充滿信心。但拋開認證不談，很明顯，我們的飛機是市場上用途最廣泛的電動垂直起降飛行器。

So, today, I want to focus on our unique passenger comfort and operator profitability. These are the factors that will ultimately drive multi-decade commercial success. The reality is all of our competitors are physically constrained by the size of their aircraft. And this provides vertical with a unique competitive advantage.

今天，我想重點介紹我們獨特的乘客舒適度和營運商盈利能力。這些因素最終將推動企業取得長達數十年的商業成功。事實上，我們所有的競爭對手都受到飛機尺寸的限制。這為垂直產業帶來了獨特的競爭優勢。

Turning to slides 9 and 10. I'm truly delighted to share for the very first time, the internal renders of our certification aircraft. As you will see on these slides, our cabin space is the biggest and the most spacious in the industry. We have over 70% increased passenger cabin volumes versus our competitors. Our aircraft was designed from day one with passenger and pilot comfort in mind.

請翻到第9頁和第10頁。我非常高興能首次與大家分享我們認證飛機的內部渲染圖。正如您將在這些幻燈片中看到的，我們的客艙空間是業內最大、最寬敞的。與競爭對手相比，我們的客艙容積增加了70%以上。我們的飛機從設計之初就以乘客和飛行員的舒適度為首要考慮因素。

As you will see, the aircraft is divided into three distinct compartments, the passenger cabin, the pilot cockpit, and the luggage hold. And you will see, each one has a separate entry and exit, ensuring safety and comfort.

您將會看到，這架飛機分為三個不同的隔間：乘客艙、飛行員駕駛艙和行李艙。你會發現，每個房間都有獨立的入口和出口，確保了安全性和舒適性。

We have a cockpit that is 50% larger than our competitors. And our luggage compartment is 200% larger than certain of our competitors. This allows us to check in GBP70 of baggage as personal baggage for each passenger. This makes our aircraft ideal for airport to central business direct transfers. Simply put, when you step back, no other eVTOL matches this combination of comfort, space, and practicality. Not one.

我們的駕駛艙比競爭對手的駕駛艙大 50%。我們的行李艙比某些競爭對手的行李艙大200%。這樣我們就可以為每位乘客辦理價值 70 英鎊的個人行李托運。這使得我們的飛機成為機場到市中心商務區直達接送服務的理想選擇。簡而言之，當你退後一步，你會發現沒有其他電動垂直起降飛行器能像這架飛機一樣兼具舒適性、空間和實用性。一個也沒有。

On slide 11, You will also see that the VX4 is unique in its ability to scale from 4 to 6 passengers. This flexibility was designed also from day one, and it sets our aircraft apart in the market, as no other competitor can scale to 6 passengers. This will make the VX4 the preferred aircraft for operators globally.

在第 11 張投影片中，您還會看到 VX4 的獨特之處在於它可以從 4 名乘客擴展到 6 名乘客。這種靈活性從一開始就被設計出來，這使我們的飛機在市場上脫穎而出，因為沒有其他競爭對手能夠擴展到搭載 6 名乘客。這將使VX4成為全球營運商的首選飛機。

Now turning to slide 12, what I've just described qualitatively puts it into clear metrics financially. Serving 6 passengers rather than 4, allows our operators to increase revenue by 50%. And more than double annual operating profit potential. Scaling the 6 passengers reduces the cost per seat mile by 30% and obviously significantly improves margins. With the potential for gross margins to range between 56% at an assumed 75% load factor.

現在來看第 12 張投影片，我剛剛定性描述的內容，現在用清晰的財務指標來表示。搭載 6 名乘客而不是 4 名乘客，可以讓我們的業者增加 50% 的收入。年度營業利潤潛力增加一倍以上。將載客量從 6 人增加到 6 人，每座位英里的成本降低了 30%，利潤率也明顯提高。假設客座率為 75%，毛利率可能在 56% 左右。

The reality is, these unit economics are transformative for our operators, and they underpin our strong industry leading order book. The step back here, and the key message is actually pretty simple. Post certification, what matters is safety, which obviously we deliver to the highest standards, and passenger comfort and operator economics, which the VX4 uniquely provides.

事實上，這些單位經濟效益對我們的營運商來說是變革性的，也是我們強大的產業領先訂單量的基礎。退一步講，關鍵訊息其實很簡單。獲得認證後，最重要的是安全性（我們顯然以最高標準提供安全性）、乘客舒適度和營運經濟性（VX4 獨具特色地提供這些）。

I'll now hand over to our CEO Stuart Simpson, who will provide more detail on our cost of certification and some of the key cost components. Stuart.

現在我將把發言權交給我們的執行長史都華辛普森，他將詳細介紹我們的認證成本和一些關鍵成本組成。斯圖爾特。

Thank you, Damhnal.

謝謝你，達姆納爾。

6 years ago, we made a strategic choice to focus on being a pure play OEM and to largely avoid vertical integration. We source our parts from tier one aerospace manufacturers globally, each one with decades of certification history. We are the only OEM with proven tier one aerospace suppliers on safety critical systems, including flight control computers. This model is efficient, cost effective, and positions vertical as the best steward of capital.

6 年前，我們做出了一個策略性選擇，專注於成為純粹的 OEM 廠商，並盡量避免垂直整合。我們從全球一流的航空航太製造商採購零件，每個零件都擁有數十年的認證歷史。我們是唯一一家在安全關鍵系統（包括飛行控制電腦）方面擁有經過驗證的一流航空供應商的原始設備製造商。此模式有效率、經濟，並將垂直產業定位為最佳資本管理者。

Turning to slide 14, our cost to certification is guided by confidence in the UK CAA process and timeline. The key components are, first, $550 million of people and operating expenses. This is where the benefit of our OEM model really comes through, allowing a lean and cost-effective model. Additionally, being based in the UK we have significantly lower cost than US based competitors.

翻到第 14 張投影片，我們的認證成本取決於對英國民航局流程和時間表的信心。關鍵組成部分首先是 5.5 億美元的人員​​和營運費用。這就是我們 OEM 模式真正發揮作用的地方，它能夠實現精簡且經濟高效的模式。此外，由於我們公司位於英國，我們的成本比美國競爭對手低得多。

Second, $225 million of non-recurring costs, largely fixed through contracts with tier one suppliers. 75% quoted or contracted and 25% estimated.

其次，非經常性成本為2.25億美元，主要透過與一級供應商簽訂的合約固定下來。其中75%為報價或合約金額，25%為預估金額。

As a reminder, these are one-time upfront costs to our partner suppliers that cover the initial design and development of the key parts of the VX4. Along with tooling costs to build as certification and production aircraft. These suppliers are leaders in their respective categories and understand certification. And we get to benefit from leveraging their engineers and IP.

再次提醒，這些是向我們的合作夥伴供應商支付的一次性前期費用，用於支付 VX4 關鍵零件的初始設計和開發費用。以及製造認證和生產用飛機所需的模具成本。這些供應商都是各自領域的領導者，並且了解認證。而我們則可以受益於利用他們的工程師和智慧財產權。

Finally, $75 million of CapEx to cover investment in our initial production facilities at Cotswold Airport and an extension of our vertical energy center where we assemble batteries. As we raised at our Capital Markets day in September, it is in our D&A to bring clarity to an opaque industry. We are the only OEM in the space with published financial and operating metrics through 2035. This speaks volumes to our business strategy and path to certification.

最後，7,500 萬美元的資本支出將用於投資我們在科茨沃爾德機場的初始生產設施，以及擴大我們組裝電池的垂直能源中心。正如我們在9月份的資本市場日上所提出的，我們的決策和分析旨在為這個不透明的行業帶來清晰的解釋。我們是業界唯一公佈了截至 2035 年的財務和營運指標的 OEM 公司。這充分體現了我們的商業策略和認證路徑。

Slide 15 shows that through Q3 2025, our spend was in line with expectations and we maintain our full year guidance of USD110 million to USD125 million. This is 75% below our main competitors. Our cash position is at $123.4 million as of the end of the third quarter. As of today, our cash position is $117 million. Our ATM facility put in place in September 25 contributed $7.2 million in the third quarter and $16.4 million year-to-date.

第 15 張投影片顯示，截至 2025 年第三季度，我們的支出符合預期，我們維持全年 1.1 億美元至 1.25 億美元的目標。這比我們的主要競爭對手低75%。截至第三季末，我們的現金儲備為 1.234 億美元。截至今日，我們的現金儲備為1.17億美元。我們於 9 月 25 日投入使用的 ATM 設施在第三季貢獻了 720 萬美元，今年迄今貢獻了 1,640 萬美元。

Over the next 12 months, we anticipate spending $235 million. We'll provide more granular 2026 spend forecasts at our full year earnings call.

未來 12 個月，我們預計將支出 2.35 億美元。我們將在全年財報電話會議上提供更詳細的 2026 年支出預測。

Moving to slide 16. Vertical clearly executes on its goals. Operational milestones for 2025, including our piloted wingborne test flights, flying real world use cases, earning further DOA privileges from the CAA and initiation of our production steps are completed. For the two items outstanding, first, piloted transition has been discussed earlier today and will be completed within weeks.

切換到第16張投影片。Vertical公司顯然實現了其目標。2025 年的營運里程碑，包括我們的載人機翼載測試飛行、實際應用案例飛行、從民航局獲得進一步的 DOA 特權以及啟動我們的生產步驟，均已完成。對於剩下的兩項議題，第一，試點過渡方案已於今天早些時候討論過，並將於幾週內完成。

Second, the build of our 3rd prototype is progressing well and again will be completed in weeks, likely at the beginning of December and flying shortly thereafter. In 2026, this third aircraft is what will be retrofitted with the hybrid powertrain to begin hybrid flight tests.

其次，我們的第三架原型機的建造進展順利，將在幾週內完成，很可能在 12 月初完成，並在此之後不久進行試飛。2026年，這第三架飛機將改裝混合動力系統，開始混合動力飛行測試。

Moving to slide 17, you will see our high-level certification timeline. The first point to note is that we have already completed the preliminary design review or PDR with 75% of our components already locked in for the certification aircraft.

翻到第 17 張投影片，您將看到我們的高級認證時間表。首先需要指出的是，我們已經完成了初步設計評審（PDR），認證飛機的 75% 的組件已經確定。

The next step is CDR expected in mid-2026. This will lock in the final 25% of the components for the final aircraft design and the supply chain. Allowing us to move towards certification and then mass manufacture. After we complete CDR nothing on the aircraft will change. We will not be tweaking landing gear or propellers.

下一步是 CDR，預計將於 2026 年年中進行。這將鎖定最終飛機設計和供應鏈所需的最後 25% 的零件。這將使我們能夠逐步獲得認證，然後進行大規模生產。完成CDR後，飛機的任何東西都不會改變。我們不會對起落架或螺旋槳進行任何更改。

This is the final aircraft and enables us to begin delivering the seven-certification aircraft that we will test through to 2028 certification. Of course, this CDR is a significant milestone for the company, but also for our suppliers and customers as well.

這是最後一架飛機，使我們能夠開始交付七架認證飛機，我們將對這些飛機進行測試，直至 2028 年獲得認證。當然，這份 CDR 對公司來說是一個重要的里程碑，對我們的供應商和客戶來說也是如此。

I'll now hand back to them.

現在我把球交還給他們。

Thank you so much, Stuart.

非常感謝你，史都華。

So, let's turn to slide 18. Now the first thing you will note on this slide is a lot of red [excess]. And I'm often asked, why does vertical trade at such a discount to its peers? The GAAP is simply startling verticals market GAAP is 3% of Company A. And 6% of Company B.

那麼，讓我們翻到第 18 張投影片。現在，你首先會注意到這張投影片上有很多紅色。[過量的]。我常被問到，為什麼垂直產業的交易價格比同業低這麼多？GAAP 簡直令人震驚，垂直市場 GAAP 佔 A 公司的 3%，佔 B 公司的 6%。

In our opinion, this GAAP is entirely unwarranted. So let me TRY and frame this for you from our perspective on almost every valuation metric that matters be it technology capital efficiency real tangible certification progress. Our customers Vertical outperformance.

我們認為，這種公認會計準則完全沒有道理。那麼，讓我試著從我們的角度，根據幾乎所有重要的估值指標（無論是技術、資本效率、實際的、有形的認證進展）來為你闡述。我們客戶的垂直領域表現優異。

If you look at the key value drivers down the left-hand side of this page, it’s obvious that Vertical has achieved or exceeded on all of these metrics. Yes, our valuation remains detached from reality. However, we believe upcoming milestones, including piloted transition, will act as a significant catalyst to our share price.

如果您查看此頁面左側的關鍵價值驅動因素，您會發現 Vertical 在所有這些指標上都已達到或超過了預期。是的，我們的估值仍然脫離現實。然而，我們相信即將到來的里程碑事件，包括試點過渡，將成為我們股價的重要催化劑。

So, turning to slide 19. In our year-end and Q4 update, we will lay out a very clear set of objectives for 2026. However, as a step back, I see two key priorities for me as chair. The first is to conclude a partnership, an investment with a global strategic player.

接下來，請看第19張投影片。在年終和第四季更新報告中，我們將制定一套非常明確的 2026 年目標。不過，退一步講，我認為身為主席，我的首要任務有兩個。首先是與全球策略參與者達成合作關係或進行投資。

And secondly, working with the team to significantly grow our order book. If you turn to slide 20 Here, you can see the scale and depth and quality of our customer base. We have one of the industry's largest order books, globally diversified. Importantly, we are the only eVTOL OEM that has a tier one global lessor on its program. This is a unique competitive advantage, giving us access to Avalon's global distribution capability.

其次，與團隊合作，大幅增加我們的訂單量。如果您翻到第 20 張投影片，您可以看到我們客戶群的規模、深度和品質。我們擁有業內規模最大的訂單儲備之一，業務遍及全球。重要的是，我們是唯一一家在其專案中擁有全球一級租賃商的 eVTOL OEM 廠商。這是一項獨特的競爭優勢，使我們能夠利用 Avalon 的全球分銷能力。

Our relationship with Bristol. The preeminent helicopter operator globally is also strategically compelling. As it's the industry's only ready to fly partnership. Enabled by their global AOCs. Now our order book has been effectively closed for 2 years. But we will be reopening it selectively targeting high value geographies and markets. And it will not surprise you that a key focus for me and the team will be to secure the first sale of our hybrid aircraft, which begins testing, as Stuart said, in 2026.

我們與布里斯託的關係。這家全球領先的直升機營運商也具有重要的戰略意義。這是業界唯一可以立即投入營運的合作項目。得益於他們的全球授權。現在我們的訂單實際上已經關閉兩年了。但我們將有選擇地重新開放，目標是高價值地區和市場。不出所料，我和我的團隊將重點放在確保我們的混合動力飛機的首次銷售上，正如史都華所說，該飛機將於 2026 年開始測試。

Now finally, turning to slide 21. Now that we are within weeks to completing a successful piloted transition, we and the board now believe this is the moment to close an investment with a strategic industrial partner. To tangibly support our RAM from certification to commercialization. Our ideal partner is a global player in aerospace, automotive, or the defense sectors. Unquestionably, there is significant strategic investor interest in the sector.

現在，終於要翻到第 21 張投影片了。現在距離成功完成試點過渡僅剩幾週時間，我們和董事會認為現在是與戰略產業合作夥伴完成投資的最佳時機。為我們的 RAM 從認證到商業化提供實際支援。我們理想的合作夥伴是航空航太、汽車或國防領域的全球企業。毫無疑問，該行業吸引了眾多戰略投資者的濃厚興趣。

And beta's successful IPO this morning is a clear demonstration of this. And let me, on behalf of the team, congratulate Kyle Clark and his team on their success. We at Vertical are in active dialogue led by me with several potential partners globally. And I am confident. That we will conclude a transaction shortly. If we are successful, this partnership will be transformational, both for the business. And our share price.

而Beta今天早上成功上市就清楚證明了這一點。我謹代表全隊，祝賀凱爾克拉克和他的團隊取得成功。由我牽頭，Vertical 目前正與全球多家潛在合作夥伴積極展開對話。我對此充滿信心。我們將很快完成交易。如果我們成功了，這次合作將對雙方業務都產生變革性的影響。還有我們的股價。

Finally, turning to slide 22. We hope that this call is given you clarity on our progress towards piloted transition. The industry leading aspects of our aircraft and why we believe vertical airspace is the absolute best steward of your valuable capital. With that, I'm going to hand back to the operator and we will open the call to questions.

最後，請看第 22 張投影片。我們希望這通通話能讓您清楚了解我們在試辦過渡方面的進展。我們飛機的行業領先特性，以及我們為何相信垂直空域是您寶貴資金的最佳管理方式。接下來，我將把電話交還給接線員，我們將開放提問環節。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Austin Moeller, Canaccord Genuity.

Austin Moeller，Canaccord Genuity。

Hi, good morning. So, my first question, where are we at on aircraft reproduction and the development of the hybrid powertrain for early 26 flight testing?

您好，早安。那麼，我的第一個問題是，飛機複製和混合動力系統開發方面，我們目前進展如何，以便進行早期 26 次飛行測試？

Hi, morning, Austin, thank you for the question. Aircraft 3 production is exactly in line with plan and as I said earlier, will be completed in the first couple of weeks of December. So, we're really pleased we are exactly on plan with that. In terms of the hybrid, again, we're exactly in line with our plan for that. Everything is coming together for the aircraft to be flying in the middle of next year. So, really pleased with everything that the team has been doing and we're on track on both of those.

嗨，早上好，奧斯汀，謝謝你的提問。第三架飛機的生產完全按照計劃進行，正如我之前所說，將在 12 月的前幾週完成。所以，我們非常高興，我們完全按照計劃進行。至於混合動力車型，我們同樣完全按照計畫進行。一切進展順利，這架飛機將於明年年中首飛。所以，我對團隊所做的一切都非常滿意，而且我們在這兩方面都進展順利。

Yeah, and Austin, let me add to that as well, and I think this is important for people to understand.

是的，奧斯汀，我也想補充一點，我認為這很重要，大家應該要明白。

A lot of our competitors are talking about hybrid, but the reality is none of them have an airframe currently that works for a hybrid. Vertical is the only OEM that has an airframe that can take a gas combustion engine immediately without any amendments or adjustments to the airframe. That's the most important. So, we are a major first mover in in this flight test campaign which will start as Stuart said, middle of next year.

我們的許多競爭對手都在談論混合動力，但實際上，他們目前還沒有適合混合動力的機身。Vertical 是唯一一家擁有無需對機身進行任何修改或調整即可直接安裝燃氣內燃機的機身的原始設備製造商。這是最重要的。因此，我們是這項飛行測試活動中的主要先行者，正如史都華所說，這項活動將於明年年中開始。

Okay, and then just you talked about the hybrid powertrain aircraft and potentially getting an order there soon or announcing an order there soon. If we think about the defense market, when might the UK MOD or NATO MODs be interested in procuring aircraft for a troop transport? It seems like there's a lot of opportunity there to sell this to European allies given the 5% spending commitment and the low acoustics and thermals of the aircraft.

好的，然後您剛才談到了混合動力飛機，以及可能很快就會收到訂單或宣布訂單。如果我們考慮一下國防市場，英國國防部或北約國防部什麼時候會對採購用於部隊運輸的飛機感興趣呢？鑑於5%的支出承諾以及飛機的低噪音和低熱氣流，似乎有很多機會向歐洲盟友推銷這架飛機。

Yeah, so I think you're spot on, Austin. So, the step back here is that the defense budgets in Europe are going to be at 7, 8 decades highs. Okay. We, as you can well imagine, are in direct dialogue with every major government in Europe about this aircraft and the interest in the airplane is exceptional.

是的，所以我覺得你說得完全正確，奧斯汀。因此，這裡的一個倒退是，歐洲的國防預算將達到七、八十年來的最高水準。好的。正如您所能想像的那樣，我們正在與歐洲各大國家的政府就這款飛機進行直接對話，各方對這款飛機的興趣非同尋常。

Given some of the touch points we have from our board colleagues, particularly Lord Andrew, former head of MI5, you can well imagine that we've got great access, particularly in the [UK MOD].

鑑於我們與董事會成員，特別是前軍情五處處長安德魯勳爵的一些聯繫，您可以想像我們擁有極大的資源，尤其是在以下方面：[英國國防部]

So, we'll be working super hard going into 2026 to secure the first order. And I'm confident that we'll achieve that.

所以，我們將在2026年全力以赴，爭取拿到第一筆訂單。我相信我們一定能實現這個目標。

Excellent, thank you for all the details. I'll hand it back there.

太好了，謝謝你提供的所有細節。我會把它還回去。

Thanks Austin.

謝謝你，奧斯汀。

Andres Sheppard, CantorFitzgerald.

安德烈斯·謝潑德，坎托菲茨杰拉德。

Hey everyone, good morning. Congratulations on the quarter and thanks for taking our questions.

大家好，早安。恭喜您本季取得佳績，感謝您回答我們的問題。

I was wondering if you could maybe talk a little bit about your manufacturing strategy, I, will you be pursuing kind of a large OEM agreement partnership there to kind of help as you begin to ramp up the kind of the high scale manufacturing process or kind of what's the strategy there?

我想請您談談您的製造策略，例如，您是否會尋求與大型 OEM 廠商達成合作協議，以幫助您逐步擴大大規模生產流程？或者說，您的策略是什麼？

Thank you.

謝謝。

Yeah, it's a good question, Andrew, right, and one we've thought about extensively over the years. So, you can apply different approaches to this. You can do this sort of, let's build the big, huge factories. Let's spend a lot of money doing that and hopefully we can fill them at some point in the future. Or you can take a more prudent, more risk adjusted approach, which is what we've done.

是的，安德魯，這是一個很好的問題，也是我們多年來一直在深入思考的問題。所以，你可以用不同的方法來解決這個問題。你可以這樣做，讓我們建造大型的巨型工廠。讓我們花很多錢來做這件事，希望將來某個時候我們能夠把它們填滿。或者你可以採取更謹慎、更具風險調整性的方法，而我們也正是這樣做的。

Okay. So, you should expect to see our manufacturing cadence as follows. Phase one, in the UK, as we've outlined, and Stuart can give some color on that. Phase two is the turbocharge phase. And as I mentioned in my remarks, one of the key criteria for selecting an industrial partner with us is their ability to turbocharge our production capacity for this aircraft. What does that mean?

好的。因此，您可以預期我們的生產節奏如下。第一階段在英國，正如我們已經概述的那樣，Stuart 可以對此做一些詳細介紹。第二階段是渦輪增壓階段。正如我在演講中提到的，選擇工業合作夥伴的關鍵標準之一是他們能否大幅提升我們這架飛機的生產能力。這意味著什麼？

What that means in practical terms is by the middle of the next decade, we will have 3 manufacturing facilities. One in the United States, covering North and South America, which will be a major market, one in Europe.

實際上這意味著，到下一個十年中期，我們將擁有 3 個製造工廠。一家設在美國，覆蓋北美和南美，這將是一個主要市場；一家設在歐洲。

And one in Asia. And I suspect by the middle of next year we'll be coming back to the markets with probably quite significantly ramped up production forecasts for this aircraft, given the demand that I am seeing globally. I mean, I spend my time talking to airline CEOs globally who are waiting to order our aircraft, but they want the aircraft earlier. And right now, we are production constrained under our current forecasts. So clearly, the objective is to build more airplanes faster and more efficiently.

還有一家在亞洲。鑑於我目前看到的全球需求，我估計到明年年中，我們將帶著大幅提高的飛機產量預測重返市場。我的意思是，我花時間與全球各地的航空公司執行長交談，他們都在等待訂購我們的飛機，但他們希望早點拿到飛機。而目前，根據我們目前的預測，我們的生產能力受到限制。很顯然，目標是更快、更有效率地製造更多飛機。

Stuart, do you want to touch on the immediate plans, I think it's important.

斯圖爾特，你想談談眼下的計劃嗎？我認為這很重要。

Yeah, of course. Morning, Andreas, thanks for the question. As I mentioned at the Capital Market day and just touched on here. $75 million we'll be spending gets our initial capacity up and running that takes us through 2030. That is expanding our footprint at the Cotswold's Airport, where we'll be assembling the aircraft and expanding our facility at the vertical Energy Center where we'll be assembling batteries.

當然。早安，安德烈亞斯，謝謝你的提問。正如我在資本市場日上提到的，也在這裡略有提及，我們將投入7500萬美元，用於啟動和運營我們的初始產能，這將使我們的產能持續運轉到2030年。這將擴大我們在科茨沃爾德機場的業務範圍，我們將在那裡組裝飛機，並擴大我們在垂直能源中心的設施，我們將在那裡組裝電池。

Hand in hand with that, we're in deep discussions with the UK government about where we locate the major UK facilities, the battery gigger giga factory and a production facility for the aircraft of several 100 aircraft a year. Then exactly as Domhnal says, we will be ramping that across the US facility and into Asia. So.

同時，我們正在與英國政府深入討論英國主要設施、電池巨型工廠以及每年生產數百架飛機的飛機生產設施的選址問題。正如 Domhnal 所說，我們將逐步擴大美國工廠的產能，並推廣到亞洲。所以。

That's where we're at. We'll make a decision on the European location during the first quarter of next year. And whilst, George's touched on it being in the UK it's. Highly likely to be in the UK, but I wouldn't say we've made that decision yet. What we're seeing is pretty significant inbound from other European countries who are keen for us to base their unquestionably high-quality jobs and a lot of them. But the, but from the market's perspective, that decision will be made during Q1 next year.

這就是我們目前的處境。我們將在明年第一季決定歐洲的選址。雖然喬治也提到過，在英國，情況確實如此。很有可能會在英國，但我現在還不能說我們已經做出決定了。我們看到來自其他歐洲國家的大量人才湧入，他們渴望我們能為他們提供大量高品質的工作。但是，從市場角度來看，這個決定將在明年第一季做出。

Wonderful, thank you. I appreciate all that color. And maybe just as a quick follow-up, I think a lot of your peers are pursuing the Middle East as a viable market, some of them even potentially targeting commercialization there over the next 6 months. It doesn't seem like vertical is emphasizing or prioritizing this region, so curious to get your thoughts there. Is this another potential geography to pursue? Is this? An opportunity perhaps in the more nearer term or is the goal to kind of stay focused on Europe and the UK and ramp up from there.

太好了，謝謝。我喜歡這些色彩。另外，我想補充一點，我認為你們的許多同行都在將中東視為一個可行的市場，其中一些甚至可能在未來 6 個月內將中東作為商業化的目標。垂直領域似乎並沒有重視或優先考慮這一領域，所以我很想聽聽你的看法。這是另一個值得研究的潛在地理區域嗎？這是嗎？或許近期會有機會，或者目標是繼續專注於歐洲和英國，並以此為基礎逐步擴大規模。

Thank you.

謝謝。

Okay, well, let me help break this down into its components because it is a really important point. First of all, GCC or the Middle East is broadly defined, is an extremely important marketplace.

好的，讓我來幫你把這個問題分解成各個組成部分，因為這確實是一個非常重要的問題。首先，海灣合作委員會（GCC）或中東地區（廣義而言）是一個極為重要的市場。

And for those of us that, for those of you that follow us closely, you will see that we had a very significant day in Saudi Arabia a couple of weeks ago, and Stuart Simpson was there with the UK government as part of the FII. So, unquestioning the Middle East is really important. But here's where it's not important.

對於我們這些密切關注我們的人，你們會發現，幾週前我們在沙烏地阿拉伯度過了非常重要的一天，史都華辛普森作為FII的一部分，與英國政府一起去了那裡。所以，對中東不加質疑是非常重要的。但在這裡，這並不重要。

In what I would call strategic tourism around certification searches. We do not believe there is any real validity in an eVTOL OEM seeking out some fanciful early-stage certification in the Middle East. It's not real, it's not tangible, and it's not portable globally. That's the reality, and that is based on my four decades of experience in this industry.

我稱之為圍繞認證搜尋的策略性旅遊。我們認為，電動垂直起降飛行器 (eVTOL) 製造商在中東尋求一些不切實際的早期認證沒有任何實際意義。它不是真實的，它不是有形的，它也不是全球通用的。這就是事實，也是我在這個行業四十年的經驗得出的結論。

Now, you will have noted this morning that suddenly the authorities in the Middle East or there's at least news reports saying, oh sorry, we don't expect to give quote unquote certification until late 26. And you just referenced there that our competitors are talking about commercial opera commercial operations as soon as the end of this year. It isn't happening. It is fanciful, and it is not certification.

今天早上，您可能已經注意到，中東當局突然表示，或者至少有新聞報道稱，哦，抱歉，我們預計要到 26 號晚些時候才能給予所謂的「認證」。你剛才也提到，我們的競爭對手正在討論今年年底前開始商業歌劇院的商業運作。這事不會發生。這只是臆想，並非認證。

Wonderful, thank you so much. I'll pass it on.

太好了，非常感謝。我會轉達的。

Thanks Andreas.

謝謝你，安德烈亞斯。

Edison Yu, Deutsche Bank.

餘生愛迪生，德意志銀行。

Hey, thank you for taking your question and, congrats on all this progress. So, first question about, we saw the press release about funding boost from the UK Department of Transport and this, Oxford. [Corridor] initiative. So could you clarify like what portion of the award is like directly attributable to vertical and any technical milestones to me before you can like access that fund.

嘿，謝謝你回答我的問題，也恭喜你所取得的這些進展。首先，我們看到了英國交通部關於增加資金投入以及牛津走廊計畫的新聞稿。所以，您能否向我說明一下，這筆獎金中有多少部分是直接歸因於垂直領域，以及在您動用這筆資金之前，需要達到哪些技術里程碑？

Hi, thank you, Laura. So, I think what you're alluding to is the British government's desire to promote both Oxford and Cambridge Universities, which are two of the world's leading, academic and research institutes, which both are producing incredible output of new businesses. And the opportunity to link those two through a corridor, of innovation and development is a fantastic initiative, of which we're very proud to be part of. Our aircraft will be able to fly between those two, providing an utterly unique capability.

嗨，謝謝你，蘿拉。所以，我認為你所暗示的是英國政府希望推廣牛津大學和劍橋大學，這兩所大學都是世界領先的學術和研究機構，並且都創造了大量令人矚目的新企業。而透過創新和發展走廊將這兩者聯繫起來的機會是一項了不起的舉措，我們非常自豪能夠參與其中。我們的飛機將能夠在這兩個城市之間飛行，提供獨一無二的飛行能力。

Now, in terms of Accessing funding, it's gone into one big bucket and we'll be making our pitch to make sure we can do the demonstrations of that capability over the coming 12 months. But it's a phenomenal step for the UK to be able to leverage those two institutions and grow them aggressively over the coming years, and we will be part of enabling that. So hopefully that gives you a bit of color commentary, Laura.

現在，在獲取資金方面，所有資金都集中到了一起，我們將進行遊說，以確保我們能夠在未來 12 個月內展示這種能力。但對於英國來說，能夠利用這兩個機構並在未來幾年大力發展它們，是一個了不起的進步，我們將為此貢獻一份力量。希望這些能給你一些啟發，蘿拉。

Okay. gotcha. And also, for the $700 million capital towards certification. So, shouldn't it do more spending on top of that for the hybrid train, or like would that be a material amount or like most cost for the hybrid ones already behind?

好的，明白了。此外，還需要7億美元的認證資金。那麼，是否應該在此基礎上增加對混合動力列車的投入？或者說，這筆投入金額是否相當可觀？還是說，大部分成本已經用於已經完工的混合動力列車？

Well, let's break that into two components, Laura, right, and Stuart will answer the components of the $700 million, as I touched on, and I think it's really important for the market to understand this. There is a massive future and a massive opportunity on the hybrid site. There's also a massive cost for our competitors to build a hybrid.

好，我們把它分成兩個部分來討論，勞拉，對吧？史都華會回答這7億美元的組成部分，正如我剛才提到的，我認為這對市場來說非常重要。混合型場地擁有龐大的發展前景和發展機會。對於我們的競爭對手來說，製造混合動力汽車也需要付出巨大的成本。

We don't have to incur that material cost because our aircraft is capable of taking that gas turbine without any major changes to the airframe. So, we'll be first to the market with our flight testing in the middle of next year, as Stuart touched on. And as a consequence of that, we'll be the first to the market to sell a hybrid.

我們無需承擔這筆材料成本，因為我們的飛機無需對機身進行任何重大改動即可安裝該燃氣渦輪發動機。正如史都華所提到的那樣，我們將率先在明年年中進行飛行測試，將產品推向市場。因此，我們將成為市場上首家銷售混合動力車的公司。

With respect to the incremental costs within the $700 million, Stuart, you might want to touch on.

關於這 7 億美元中的增量成本，斯圖爾特，你可能需要談談。

That. So, Laura, the $700 million includes everything we need to get a hybrid program up, running and flying over the next 12 months. On the back of which, as Domhnal has said, we'll, we are highly likely to get a sale. Now that sale will then be able to fund the balance of the program. Now interestingly, as Domhnal said, our airframe fits this hybrid powertrain.

那。所以，勞拉，這 7 億美元包括我們在未來 12 個月內啟動、運行和試飛混合項目所需的一切。基於此，正如多姆納爾所說，我們很有可能達成一筆交易。現在，這筆銷售收入將能夠為該項目的剩餘部分提供資金。有趣的是，正如 Domhnal 所說，我們的機身正好適合這種混合動力系統。

So, the costs to actually take it from concept through to certification are relatively low. So that's the way to think about it. We've got everything we need for the next 12 to 15 months.

因此，從概念到認證的實際成本相對較低。所以應該這樣思考。我們已經備齊了未來 12 到 15 個月所需的一切。

And maybe to add to that a step back, we think about total cost of certification. By the time our aircraft is certified in the second half of 2028, our estimate is that we will have invested USD1.1 billion to achieve that milestone. Our best guess is that our US competitors will have spent a minimum of $2.5 billion by that time, and they still won't have achieved the certification of a hybrid aircraft.

或許我們還可以退一步，考慮一下認證的總成本。預計到 2028 年下半年我們的飛機獲得認證時，我們將投資 11 億美元來實現這一里程碑。我們估計，到那時，我們的美國競爭對手至少會花費 25 億美元，但他們仍然無法獲得混合動力飛機的認證。

So, there's a startling reality there on investor capital allocation and getting a return on that invested capital over time. And I think the market should focus in on the efficiency of how we deal with our capital.

因此，關於投資者資本配置以及隨著時間的推移獲得投資回報，存在著一個令人震驚的現實。我認為市場應該關注我們如何有效率地處理資本。

Okay, gotcha. Thank.

好的，明白了。感謝。

Chris Pierce, Needham.

克里斯·皮爾斯，尼德姆。

Hey, good afternoon. I just have one question. You've talked about front loaded certification given the regulations needed to get in the air and then building your certification plans for the mid-2026. I think I had that right. So, can you just kind of sketch through like what will we hear from you guys or what happens over the next two years until certification in 2028?

嘿，下午好。我只有一個問題。您曾談到，鑑於飛行所需的法規，需要提前進行認證，然後製定 2026 年中期的認證計劃。我覺得我猜對了。那麼，您能否大致概括一下，在接下來的兩年裡，直到 2028 年獲得認證之前，我們會聽到你們發布什麼消息，或者會發生什麼？

Is that just consistent flying and feedback or is there is there like is there a chance for that to be pulled forward? I'm just kind of thinking. Out loud about where you guys are at and then your comments on front loaded. I just love to expand on that.

那隻是持續的飛行和回饋，還是說有可能提前進行？我只是在思考一些事情。先公開說說你們的現狀，然後再發表你們的評論。我很喜歡就此展開討論。

Yeah, so there's no pulling forward, right? There's no fanciful timelines on certification. It will take what it will take, and we're highly confident in getting that achieved, as we've said, at the second half of 2028.

是的，所以不能向前拉，對吧？認證沒有不切實際的時間表。我們會盡一切努力，但我們非常有信心，正如我們所說，在 2028 年下半年實現這一目標。

In our year-end earnings call, we will present to the market a forensic breakdown by quarter starting in quarter 1, 2026 through to conclusion in second half 28. Exactly what you should expect us to be doing each quarter as we go along the certification journey. The front-loading piece is really important for people to understand. And why it's important is as follows. In the UK and in Europe.

在年終收益電話會議上，我們將向市場提供從 2026 年第一季開始到 2028 年下半年結束的季度詳細分析報告。這正是您在認證過程中每個季度都應該期望我們做的事情。前置式設計對人們來說非常重要，需要理解。其重要性體現在以下方面。在英國和歐洲。

The process is front loaded in terms of the amount of interaction, the amount of oversight we have in the process with the regulator, when the aircraft is still at early-stage prototype development. So, we get a lot of input, a lot of guidance, a lot of de-risking from a safety regulatory perspective.

此流程的前期投入較大，體現在與監管機構的互動量和監督力度上，尤其是在飛機仍處於早期原型開發階段時。因此，我們從安全監管的角度獲得了大量的意見、指導和風險規避措施。

And if you look at the slide on 7, which was originally presented at our Capital Markets Day by Patrick Kay, the former head of EASA who sits on our board. What it tries to represent to you is a lot of the risk is taken out earlier in the program. Unlike the United States, which is actually diametrically opposite.

如果您看第 7 張投影片，它最初是由 EASA 前負責人 Patrick Kay 在我們的資本市場日上展示的，他現在是我們董事會的成員。它想向你表明的是，許多風險在專案早期就已經被消除了。與美國的情況截然相反。

I mean, we are the only aircraft manufacturer that has a means of compliance. What that means in simple terms is, we know exactly what we have to do and when we have to do it to get the aircraft certified. So, key messages are, we will get there on time, there'll be no pull forward. This will take until the second half of 2028 to get it done. No fanciful ambitions or throwaway spin comments that we can get there earlier.

我的意思是，我們是唯一一家擁有合規手段的飛機製造商。簡單來說，這意味著我們確切地知道為了獲得飛機認證，我們必須做什麼以及何時去做。所以，關鍵訊息是，我們會準時到達目的地，不會提前。這項工作要到2028年下半年才能完成。沒有不切實際的幻想，也沒有輕率的言論，說我們可以更快達到目標。

Okay, so just to clarify, there'll be a schedule that because of what EASA has in place with CAA, investors will be able to see what you need to do, when you will do it, what boxes will be, etc. On the path to.

好的，為了澄清一下，由於 EASA 與 CAA 達成的協議，將會有一個時間表，投資者將能夠看到你需要做什麼、何時做、需要填寫哪些表格等等。

To a reasonable level of details so that we can measure ourselves against performance and that you can measure us, yeah.

是的，我們需要提供足夠詳細的信息，以便我們能夠衡量自身的表現，也方便你們衡量我們。

And just giving you the high points on that, Chris. We do CDR in the middle of next year that locks in 100% of the aircraft design and the supply chain, right, the engineers effectively put their pencil down at that point. That is our final aircraft. No change. And importantly, we've already locked down 75% of the final aircraft. We already know the design of it, we're showing that on the 10, December.

克里斯，我只是想把重點都告訴你。我們將在明年年中進行 CDR，這將 100% 確定飛機設計和供應鏈，對吧，工程師們到那時就真的可以停止設計了。那是我們的最後一架飛機。沒有變化。更重要的是，我們已經鎖定了最終訂單中 75% 的飛機。我們已經知道它的設計方案了，我們將在12月10日展示出來。

The CDR just locks in the supply chain; the design is there. The next aircraft we build, and we've already initiated production by ordering the long, very long lead time items, is a certification aircraft. It'll be completed in Q1, 27 and flying. After that, we build 6 others, and they constantly fly hand in hand with oversight from the regulator. So that is the process and as Domhnal says, there's no fancy pull forward. This is a clear, transparent process and we will be certifying in 2028.

CDR 只是鎖定了供應鏈；設計方案已經存在了。我們建造的下一架飛機是一架認證飛機，我們已經開始生產，訂購了交貨週期很長的零件。它將於第一季完工，27歲，並投入飛行。之後，我們又建造了 6 架，它們一直在監管機構的監督下同步飛行。這就是整個過程，正如多姆納爾所說，沒有什麼花俏的推進方法。這是一個清晰透明的過程，我們將在 2028 年獲得認證。

Okay, thank you.

好的，謝謝。

Savanthi Syth, Raymond James.

薩萬蒂·西斯，雷蒙德·詹姆斯。

Hey, good morning. Just, could you talk a little bit kind of given your differentiation of the bigger cabin, could you talk a little bit about the choices you made versus kind of your competitors that enable that bigger cabin?

嘿，早安。鑑於你們的特色在於更大的客艙，您能否談談你們與競爭對手相比，為了實現更大的客艙而做出的選擇？

Well, the first, Say, good morning. The first, and I think the most important, before we ever designed anything, and we, that's taking us back really 5 years ago. We spent a great deal of time, and I was intimately involved in this exercise, speaking with our customers or potential customers globally. What was the best product market fit?

首先，早安。首先，也是我認為最重要的一點，是在我們設計任何東西之前，這要追溯到 5 年前。我們投入了大量時間，我也深入參與了這項工作，與全球各地的客戶或潛在客戶進行了交流。最佳產品市場契合度是什麼？

And there were a few key learnings and some obvious learnings. One was that the range wasn't going to be super important for the at least the initial phase of business use, i.e. from central business district, airport to central business district globally.

其中有一些關鍵的經驗教訓，也有一些顯而易見的經驗教訓。其中一個原因是，至少在商業用途的初始階段，即從中央商務區、機場到全球中央商務區，覆蓋範圍不會特別重要。

And if you look at the 50 megacities of the world where these aircraft will be flying, the average range from aircraft, so airport into town is about 50 kilometers, plus or minus. So, range wasn't going to be a differentiator. Size of cabin. Was the absolute most important thing and as a consequence of that also the ability to check in luggage.

如果你看看這些飛機將要飛行的全球 50 個特大城市，你會發現飛機從機場到市區的平均航程約為 50 公里，上下浮動。所以，射程不會成為決定性因素。艙室大小。最重要的事情就是能夠托運行李。

And so that gave us a real engineering challenge 5 years ago. How do you design an aircraft of that size with the energy density you need for the batteries at a price point to the to the operator that can make sense. So that was the conundrum we were dealing with 5 years ago. We have definitely resolved it. So, it was a customer led design engineering process.

因此，五年前這給我們帶來了一個真正的工程挑戰。如何設計一款尺寸如此之大，電池能量密度又能滿足要求，且價格對操作員來說合理的飛機？這就是我們五年前面臨的難題。我們已經徹底解決了這個問題。所以，這是一個以客戶為主導的設計工程流程。

And if you talk to the Airbuses and the Boeings of the world, they will tell you that is the right and best way to design an aircraft. The reality is, today, that airplane physically exists. If you come to London on the 10th of December, you will be able to sit in that cabin. It is comfortable, it's scalable, and if you compare and contrast our cabin to some of our competitors, it is demonstrably bigger.

如果你和空中巴士、波音等公司談談，他們會告訴你，這才是設計飛機的正確和最佳方法。事實上，如今這架飛機確實存在。如果你在12月10日來到倫敦，你就可以坐在那個車廂裡。它舒適、可擴展，而且如果您將我們的客艙與一些競爭對手的客艙進行比較，您會發現它明顯更大。

Helpful, thank you. And then just on the on the battery side, I don't know if you can speak to this. I'm kind of curious. I know you're several generations ahead of what is being flown in aircraft 2 and aircraft 3. I wonder if you can kind of talk about, how much more development there is, prior to kind of CDR and what the kind of the improved capability might be versus kind of what you're flying today.

很有幫助，謝謝。至於電池方面，我不知道您是否了解。我有點好奇。我知道你們的技術比 2 號和 3 號飛機所使用的技術領先好幾代。我想知道您能否談談，在 CDR 之前還有多少研發工作要做，以及與您現在駕駛的飛機相比，改進後的性能會有哪些提升。

Yeah, thanks, Say, thanks for the questions. You're absolutely right, the batteries that we have on aircraft 2 that is flying, we are a couple of generations ahead as we look to the certification aircraft. And if I take you back to what I've said previously about our PDR, we have locked in the battery capability in that. We actually have a choice of a couple of cell suppliers, because we have such a deep understanding.

是的，謝謝，謝謝你的提問。您說得完全正確，我們目前在 2 號飛機上使用的電池，在用於認證飛機方面，領先了好幾代。如果我回顧我之前提到的關於我們的PDR，我們已經確保了其中的電池容量。實際上，我們有幾家電池供應商可供選擇，因為我們對他們非常了解。

We've done over 5 million hours of testing on our batteries, so we have a great insight onto that. I don't think there's much more I can add on that at the minute, but we have great confidence, line of sight through the PDR through the supply chain, to a battery, a cell, and the battery pack that we build around that cell that is certifiable and gives us the payload and the range that we will be putting into the market and meets way over 90% of the customer launch routes. It's a phenomenal engineering achievement as Dall said. It delivers exactly what our customers need in terms of cabin capacity and luggage capacity.

我們對電池進行了超過 500 萬小時的測試，因此我們對電池性能有著深刻的了解。目前我對此沒有什麼可補充的了，但我們非常有信心，透過 PDR 流程，從供應鏈到電池、電芯以及我們圍繞該電芯構建的電池組，都能獲得認證，並能提供我們將推向市場所需的有效載荷和航程，滿足 90% 以上的客戶發射路線要求。正如達爾所說，這是一項了不起的工程成就。它在客艙容量和行李容量方面完全滿足了我們客戶的需求。

Helpful, thank you.

很有幫助，謝謝。

Amit Dayal, H.C. Wainwright.

阿米特·達亞爾，H.C. 溫賴特。

Hello, good morning. Can you hear me?

你好早安。你聽得到我嗎？

Yeah, got you.

嗯，抓到你了。

Hey, good morning, everyone. Thank you for taking my questions. Also great to see the new design guys, definitely a big differentiator for you. Donald, you commented on concluding a strategic partnership, potentially in the very near term. I mean, can we assume this includes, some level of investment, and can that investment carry you through 2027 or 2026 at least.

嘿，大家早安。謝謝您回答我的問題。很高興看到新的設計，這絕對是你們的一大亮點。唐納德，你曾表示可能在不久的將來達成戰略夥伴關係。我的意思是，我們能否假設這包括一定程度的投資，而這些投資至少能讓你撐到 2027 年或 2026 年？

I can't comment on the specifics on it, but I think it would be reasonable to assume that any conclusion of a transaction with the strategic will carry with it an investment quantum that would reassure the market. Let me put it that way.

我無法評論具體細節，但我認為可以合理地假設，與戰略合作夥伴達成的任何交易都將包含足以讓市場放心的投資規模。這麼說吧。

Okay, understood. Also just sticking on that topic. As defense needs come up in the European market, the UK market, etc. Is there a path for non-dilutive, funding, to develop any clarity on that, would probably, be helpful for investors.

好的，明白了。就說到這個話題吧。隨著歐洲市場、英國市場等地國防需求的出現，是否有非稀釋性融資途徑？如果能對此進行明確說明，或許對投資人會有所幫助。

Yeah, I mean, thank you. You're absolutely on point. There are opportunities for non-diluted funding for the development of hybrid aircraft. That's exactly how the defense market works, as you get into negotiations with the government. So, yes, there are plenty of opportunities for that, and as Domhnal said, we're having a lot of incoming and a lot of very good discussions across the European defense industry.

是的，我是說，謝謝。你說的完全正確。混合動力飛機的研發存在獲得非稀釋性資金的機會。國防市場就是這樣運作的，你需要與政府進行談判。所以，是的，這方面有很多機會，正如多姆納爾所說，我們正在與歐洲國防工業界進行許多非常好的交流和討論。

Okay, And then on the defense side again. Have any specifics emerged in terms of, the aircraft capabilities, etc. That, those set of customers may be looking For?

好的，接下來我們再來談談防守方面。就飛機性能等方面而言，是否有任何具體資訊是這些客戶可能正在尋找的？

I think if you take a step back and look at the aircraft, it provides several things that the defense industry is extremely excited about. So, first of all, you have silent take-off and landing, which, as you can imagine, is extremely important. It also has a very low noise signature, so you can't hear the aircraft when it's coming into land or taking off. And then once it's at altitude, you can fire up the gas turbine to travel up to 1,000 kilometer.

我認為，如果你退後一步，仔細觀察這架飛機，你會發現它具備一些令國防工業界極為興奮的特性。首先，它實現了靜音起飛和降落，這一點，正如你所想，非常重要。它的噪音特徵也很低，所以飛機降落或起飛時你都聽不到它的聲音。然後一旦到達高空，就可以啟動燃氣渦輪機，飛行最遠可達 1000 公里。

That combination of low noise signature, low thermal signature, and near silence is transformative in the military. So, this is what underpins the incoming that we're getting. And really the use cases are endless from logistics through to troop deployment, etc. So, yes, we feel we have got the strongest product in the sector. We can, we will be flying it next year and we'll be selling it next year.

低噪音特徵、低熱特徵和近乎靜音的結合，對軍事領域具有變革性意義。所以，這就是我們所獲得的資訊的基礎。實際上，它的應用場景無窮無盡，從物流到部隊部署等等。所以，是的，我們認為我們擁有業內最強大的產品。我們可以，我們明年就會試飛，明年就會開始銷售。

Thank you. A lot of good color today. Appreciate, taking my questions. That's all I said.

謝謝。今天色彩真好。感謝您回答我的問題。我就說了這些。

Thank you.

謝謝。

I will now turn the call back over to the Chairman of Vertical Aerospace, Domhnal Slattery, for closing remarks.

現在我將把電話轉回給垂直航空航太公司董事長多姆納爾‧斯萊特里，請他作總結發言。

Okay, thank you, operator, and thanks everybody for joining us this morning and the thoughtful questions. If I were to ask you to take one slide away as you think about our remarks today, take section 5 slide 18. It's the only slide that matters. Have a think about that. Think about the relative performance of this business relative to our competitors.

好的，謝謝接線員，也謝謝大家今天早上收看我們的節目並提出寶貴的問題。如果我請你們在思考我們今天的演講時帶走一張幻燈片，請帶走第 5 部分第 18 張幻燈片。只有這一頁投影片才重要。好好想想。思考一下這家公司相對於競爭對手的業績表現。

Now, I want to re-extend. An invitation to come to London. Canary Wharf to see our physical aircraft, and I'm an aerospace geek, I've been in the business 4 decades. I have seen, this physical aircraft that we will be unveiling. It is simply the coolest thing imaginable. So, if you want to see the future of flight and you want to see the vertical VX4, it will blow your mind.

現在，我想再次延期。一份來倫敦的邀約。我去了金絲雀碼頭，親眼看到了我們的飛機。我是一個航空航天迷，在這個行業已經工作了 40 年。我已經看過了，我們將要揭幕的這架實體飛機。這簡直是你能想像到的最酷的東西。所以，如果你想看看飛行的未來，如果你想看看垂直起降的 VX4，它會讓你大開眼界。

So, get your tickets, get onto the IR team and come to London on the 10, December. We will also be bringing that aircraft to the United States immediately in Q1. 2026.

所以，趕快買票，加入 IR 團隊，12 月 10 日來倫敦吧。我們將在第一季立即把這架飛機運往美國。2026年。

So, thank you all. We look forward to our next call in 3 months' time. Have a great day.

所以，謝謝大家。我們期待三個月後的下次通話。祝你有美好的一天。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。