Vertical Aerospace Ltd. (EVTL) 2026 Q2 法說會逐字稿

Good morning. My name is Jill, and I will be your conference moderator today. At this time, I would like to welcome everyone to the Vertical Aerospace second quarter 2026 business and strategy update call.(Operator Instructions)

早安。我叫 Jill，今天將擔任本次電話會議的主持人。此刻，我謹代表公司歡迎各位參加 Vertical Aerospace 2026 年第二季業務與策略更新電話會議。（接線員指示）

I will now turn the call over to Gillian Levine, Investor Relations Lead at Vertical Aerospace. You may begin your conference.

接下來我將把電話會議交給 Vertical Aerospace 投資人關係主管 Gillian Levine。您可以開始您的會議。

Good morning, and welcome to Vertical Aerospace's first half 2026 business update call. Before we begin, I would like to remind you that during today's call, we will be making forward-looking statements. These statements involve risks and uncertainties that may cause actual results to differ materially.

早安，歡迎各位參加 Vertical Aerospace 2026 年上半年業務更新電話會議。在開始之前，我想提醒各位，今天的電話會議中我們將發表前瞻性陳述。這些陳述涉及風險與不確定性，可能導致實際結果與所述內容出現重大差異。

Any forward-looking statements we make are based on assumptions as of today, and we undertake no obligation to update them as a result of new information or future events. We have posted an accompanying presentation to the Investor Relations section of our website, which contains additional information and cautionary language regarding forward-looking statements.

我們所做的任何前瞻性陳述均基於截至今日的假設，且我們不承擔因新資訊或未來事件而更新這些陳述的任何義務。我們已在官網投資人關係專區發布隨附簡報，其中包含關於前瞻性陳述的補充資訊與警示性措辭。

For a more complete discussion of the risks and uncertainties affecting our business, please refer to the financial results and other materials filed with the SEC today. Today's call will be led by Stuart Simpson, our Chief Executive Officer. Stuart will be joined by Simon Davies, our Chief Test Pilot; and Michael Cervenka, our Chief Commercial and Strategy Officer. Following prepared remarks, we will open the call for questions.

如需更完整了解影響本公司業務的風險與不確定性，請參閱我們今日向美國證券交易委員會（SEC）提交的財務結果及其他文件。今天的電話會議將由我們的執行長 Stuart Simpson 主持。Stuart 將與我們的首席試飛員 Simon Davies，以及首席商務與策略長 Michael Cervenka 一同出席。在管理層預備發言後，我們將開放提問。

With that, I will hand it over to Stuart.

接下來我把時間交給 Stuart。

Thank you, Gillian, and good morning, everyone. The first half of 2026 has been one of the most important periods in Vertical's history. In April, we completed the first two-way piloted transition flight under the oversight of the UK Civil Aviation Authority and have since completed multiple transition flights. In June, our final full-scale prototype began piloted flight testing, doubling our flight test capacity.

謝謝你，Gillian，各位早安。2026 年上半年是 Vertical 歷史上最重要的時期之一。4 月，我們在英國民航局（UK Civil Aviation Authority）的監督下完成了首次雙向載人過渡飛行，並自此完成多次過渡飛行。6 月，我們最後一架全尺寸原型機開始進行載人飛行測試，使我們的飛行測試產能倍增。

And this week, it also completed piloted transition. In July, we took that progress out of the test environment and into the public arena at the Farnborough International Airshow, where we made history as the first eVTOL flight demonstration at the airshow. At Farnborough, the industry did not just see an aircraft complete a single carefully staged flight. It saw Vertical fly in a real operating environment in front of regulators, customers, aerospace partners, government leaders and investors and then repeat that performance every day throughout the week.

而在本週，它也完成了載人過渡飛行。7 月，我們將這些進展從測試環境帶到公開舞台——在范堡羅國際航空展（Farnborough International Airshow）上，我們創下歷史，成為該航展首個 eVTOL 飛行示範。在范堡羅，業界看到的不僅是一架飛機完成一次精心安排的單次飛行。它看到 Vertical 在監管機構、客戶、航太合作夥伴、政府領袖與投資人面前，於真實運行環境中飛行，並在整週每天重複呈現同樣的表現。

That distinction matters. It shows the maturity of our platform and moves to discussion from whether technology can work to whether it can be operated consistently, integrated safely and ultimately commercialized at scale. Farnborough also reinforced the core principle we have long embraced. Successfully commercializing a new class of aircraft requires more than an advanced airframe. It requires a coordinated ecosystem spanning certification, operators, airspace integration, infrastructure, manufacturing, export finance and long-term capital.

這項差異很重要。它展現了我們平台的成熟度，並將討論焦點從「技術是否可行」推進到「是否能穩定運行、能否安全整合，以及最終能否規模化商業化」。范堡羅也再次強化我們長期秉持的核心原則。要成功將一種新型飛機商業化，所需的不僅是先進機體。還需要一個協同的生態系，涵蓋認證、營運商、空域整合、基礎設施、製造、出口融資與長期資本。

Over the past several months, we have made meaningful progress across every one of those areas. Today, Simon will share the pilot's perspective on Farnborough and the progress of that flight test program. Michael will then explain how we are building the broader ecosystem around Farnborough. And I will close with the significance of the UK government support, our financial position and the key milestones ahead.

過去幾個月，我們在上述每一個領域都取得了實質進展。今天，Simon 將從飛行員視角分享范堡羅的經驗以及飛行測試計畫的進展。接著 Michael 將說明我們如何以范堡羅為契機，打造更廣泛的生態系。最後我將總結英國政府支持的重要性、我們的財務狀況，以及接下來的關鍵里程碑。

Before I hand over to Sai, we would like to share a short film on Farnborough.

在我把時間交給 Sai 之前，我們想先播放一段關於范堡羅的短片。

(video playing)

（影片播放中）

Thank you, Stuart. That video really showcases the superb capabilities of our aircraft. For those of you who haven't yet logged into our webcast, I would encourage you to do so after the call to take a look. Farnborough was not only a remarkable week for the Vertical team, but for the entire aviation industry. On day one of the show, we completed the first ever eVTOL flying display at Farnborough, a historic milestone.

謝謝你，Stuart。這段影片確實展現了我們飛機卓越的能力。尚未登入我們網路直播的各位，我建議您在會後登入觀看。范堡羅不僅對 Vertical 團隊而言是非凡的一週，對整個航空產業亦然。在展會第一天，我們完成了范堡羅史上首次 eVTOL 飛行展示，這是一項歷史性里程碑。

We flew a complete transition flight, taking off vertically, accelerating smoothly with the forward propellers tilting forward, lift transferring to the wing and the aircraft cruising like an airplane. We reversed that sequence for landing, demonstrating the defining capability of a tilt rotor aircraft, operating like a helicopter to take off and land without the need for a runway and cruising efficiently like an airplane.

我們完成了一次完整的過渡飛行：垂直起飛，隨後隨著前方螺旋槳向前傾轉而平順加速，升力轉移至機翼，飛機如同固定翼飛機般巡航。我們在降落時反向執行同樣序列，展示傾轉旋翼飛機的關鍵能力——像直升機一樣起降而不需要跑道，同時又能像飛機一樣高效率巡航。

And the most important point from the cockpit was the aircraft behaved exactly as designed. We then repeated this every day of the show with the team delivering the same controlled performance with changing weather headwinds, tailwinds, crosswinds, normal for urban operations in front of 140,000 people.

而從座艙內最重要的一點是：飛機的表現完全符合設計。接著我們在展會的每一天都重複這項飛行，團隊在天候變化、逆風、順風與側風等（城市運行常見）條件下，於 14 萬名觀眾面前交付同樣受控的表現。

Farnborough is a challenging environment to display even a certified aircraft, but for a flight test team and a prototype aircraft to deliver five consecutive days with this kind of repeatability is a strong indicator of system maturity. Being able to show the entire aviation community and the public what we've achieved in person was an incredible and emotional moment.

范堡羅即使對已取得適航認證的飛機而言，都是具挑戰性的展示環境；但對一支飛行測試團隊與一架原型機來說，能連續五天展現如此可重複性，是系統成熟度的強力指標。能親自向整個航空社群與大眾展示我們的成果，是一個令人難以置信且充滿情感的時刻。

What wasn't visible at the airshow was the journey to get to Farnborough. Following the CAA's expansion of our permit to fly, we once again moved beyond our home flight test environment at Cotswold Airport and into public airspace, flying to RAF Brize Norton, RAF Benson, Blackbushe Airport and Farnborough Airport, so two military bases and two civil airports.

在航展上看不見的，是我們抵達范堡羅的歷程。在英國民航局（CAA）擴大我們的飛行許可後，我們再次走出位於科茨沃爾德機場（Cotswold Airport）的自家飛行測試環境，進入公共空域，飛往 RAF Brize Norton、RAF Benson、Blackbushe Airport 與 Farnborough Airport——也就是兩座軍事基地與兩座民用機場。

This required our pilots, engineers and operations team to plan and execute the movement of a new type of aircraft through real airspace and real airport environments. We work with air traffic control, air field operators and our regulator, operated away from our normal support base and demonstrated the procedures, discipline and coordination that routine commercial operations will require while adding to our knowledge of the operating environment for Valo as we proceed towards certification.

這要求我們的飛行員、工程師與營運團隊，規劃並執行一種新型飛機在真實空域與真實機場環境中的轉場飛行。我們與航管單位、機場營運方及監管機構合作，在遠離平時支援基地的情況下運行，並展示例行商業營運所需的流程、紀律與協調；同時也在我們邁向認證的過程中，持續累積對 Valo 運行環境的認知。

Getting to this moment was only possible from the culmination of a much broader and rigorous operational campaign that began in 2024. For over two years, we have systematically expanded the aircraft capabilities from tethered hover to vertical lift to wing-borne flight and ultimately, full piloted transition. Every stage has been conducted with a pilot and under the close oversight of the UK Civil Aviation Authority as we continue to mature both the aircraft and our flight test organization.

能走到這一刻，唯有仰賴自 2024 年開始、更加廣泛且嚴謹的營運活動所累積的成果。兩年多來，我們系統性地擴展飛機能力，從繫留懸停到垂直升力、再到翼載飛行，最終達成完整的載人過渡飛行。每個階段都由飛行員執行，並在英國民航局的密切監督下進行，讓我們持續成熟飛機本體與飛行測試組織。

Meanwhile, back at our flight test center, our second full-scale prototype is now continuing through its own piloted flight test campaign. Having two aircraft in the program allows us to increase the cadence of testing and demonstrations. And importantly, this aircraft is also intended to support hybrid electric flight testing, which we'll discuss further on this call.

同時，在我們的飛行測試中心，第二架全尺寸原型機正持續推進其載人飛行測試活動。計畫中有兩架飛機，使我們能提高測試與展示的節奏。而且重要的是，這架飛機也預計支援混合動力電動飛行測試，我們將在本次電話會議中進一步說明。

For me, the conclusion from Farnborough is straightforward. The aircraft flew as a mature, reliable platform into multiple airports in changing conditions. The team demonstrated disciplined operations away from our home environment, and we repeated that performance in public across the entire week. We will now carry all the learning and information from this experience forward as we progress Valo towards Critical Design Review and Certification.

對我而言，從范堡羅得到的結論很直接。飛機作為一個成熟、可靠的平台，在多座機場、不同條件下完成飛行。團隊在遠離本部環境時展現了嚴謹的營運能力，並在整週公開場合中重複交付同樣表現。隨著我們推進 Valo 邁向關鍵設計審查（Critical Design Review）與認證，我們將把這次經驗的所有學習與資訊帶入後續工作。

Michael, over to you.

Michael，交給你。

As Si mentioned, Farnborough demonstrated the maturity of both our aircraft and our flight test program. Today, we're the only eVTOL company flying transition with a pilot on board with two full-scale aircraft under the direct oversight of a civil aviation regulator. That matters because this kind of flying gives us invaluable real-world operational experience, helping our pilots, engineers and flight test teams refine the procedures and knowledge that will support certification and entry into service of Valo.

如 Si 所提到的，范堡羅展示了我們飛機與飛行測試計畫的成熟度。今天，我們是唯一一家在民航監管機構直接監督下，使用兩架全尺寸飛機、且由飛行員在機上執行過渡飛行的 eVTOL 公司。這很重要，因為這類飛行為我們帶來無可取代的真實世界營運經驗，協助飛行員、工程師與飛行測試團隊精進流程與知識，以支援 Valo 的認證與投入營運（entry into service）。

Farnborough also demonstrated the breadth of the ecosystem forming around Valo. During the week, we announced progress across commercial demand, market development, autonomy, airspace integration and charging, from welcoming Sigma Air Mobility part of Luxaviation Group as a new customer to working with GACA to lay the foundations for Valo's future entry into Saudi Arabia.

范堡羅航展也展現了圍繞 Valo 形成之生態系的廣度。在本週期間，我們宣布了在商業需求、市場開發、自主化、空域整合與充電等方面的進展，從歡迎 Luxaviation Group 旗下的 Sigma Air Mobility 成為新客戶，到與 GACA 合作為 Valo 未來進入沙烏地阿拉伯奠定基礎。

We do not view these as a collection of stand-alone announcements. Each addresses an important part of turning a successful aircraft platform into a scalable aerospace business. Rather than take you through every announcement individually, I would like to focus on three that particularly demonstrate how this ecosystem is coming together. Our autonomy partnership with Near Earth, our work on next-generation charging through ECLiPSE and our role in integrating eVTOL aircraft into European airspace through VERTI-GO.

我們不將這些視為一系列彼此獨立的公告。每一項都針對將成功的飛機平台轉化為可擴展的航太業務之重要環節。我不打算逐一帶各位走過每一則公告，而是想聚焦於三項特別能展現此生態系如何逐步成形的進展。分別是我們與 Near Earth 的自主化合作夥伴關係、透過 ECLiPSE 推動的下一代充電工作，以及我們透過 VERTI-GO 在將 eVTOL 飛機整合進歐洲空域方面所扮演的角色。

First, autonomy and defense, where our differentiated platform and key partners provide Vertical with a unique strategic advantage. Valo has been designed from the outset as a common aircraft platform that can serve both commercial and defense markets with electric and hybrid electric propulsion and over time, increasingly autonomous capabilities.

首先是自主化與國防領域，我們具差異化的平台與關鍵合作夥伴為 Vertical 帶來獨特的策略優勢。Valo 自一開始即被設計為通用飛機平台，可透過純電與混合電推進，服務商業與國防市場，並隨時間推進逐步具備更高程度的自主能力。

This approach allows us to address a broader range of missions without developing an entirely separate aircraft for each use case. This shortens development time lines, reduces operating costs and enables capabilities to be delivered faster to customers.

此一方法讓我們能涵蓋更廣泛的任務類型，而無需為每一種使用情境開發完全不同的飛機。這可縮短研發時程、降低營運成本，並使能力更快交付給客戶。

At Farnborough, we announced a partnership with Near Earth Autonomy to support our one-platform strategy to compete in defense and commercial markets. Near Earth brings more than a decade of experience delivering autonomous aviation programs involving organizations, including the US Marine Corps, US Army, Honeywell and Leonardo S.p.A.

在范堡羅，我們宣布與 Near Earth Autonomy 建立合作夥伴關係，以支持我們以單一平台策略在國防與商業市場競爭。Near Earth 擁有超過十年的經驗，曾交付涉及多個組織的自主航空計畫，包括美國海軍陸戰隊、美國陸軍、Honeywell 與 Leonardo S.p.A.。

Importantly, Near Earth's autonomy technology is designed to integrate with Honeywell's Anthem avionics system, which is already at the heart of Valo. That common digital architecture provides what we believe is a faster and lower risk route to introducing autonomous capabilities than developing a separate platform or rebuilding the aircraft core systems.

重要的是，Near Earth 的自主化技術設計可與 Honeywell 的 Anthem 航電系統整合，而該系統已是 Valo 的核心。我們認為，這套共通的數位架構，相較於另起爐灶開發獨立平台或重建飛機核心系統，是導入自主能力更快速且風險更低的途徑。

Over time, this could expand Valo's potential across missions, including logistics, resupply, medical transport and distributed defense operations. The UK Ministry of Defense has also confirmed its interest in our hybrid electric and autonomous capabilities, reinforcing the relevance of this common platform strategy.

隨著時間推進，這可能擴大 Valo 在多種任務上的潛力，包括物流、補給、醫療運輸與分散式防衛作戰。英國國防部也已確認其對我們混合電與自主能力的興趣，進一步強化此通用平台策略的相關性。

Meanwhile, our hybrid program is progressing well. Our hybrid propulsion system is already in integration testing on the dedicated HYPER rig at Cotswold Airport. The rig allows us to validate the turbine generator, electrical systems, control architecture and fault responses before they are installed in an aircraft ahead of hybrid electric flight testing in the first half of 2027.

同時，我們的混合動力計畫進展良好。我們的混合動力推進系統已在科茨沃爾德機場（Cotswold Airport）專用的 HYPER 測試台架上進行整合測試。該台架使我們能在安裝至飛機之前，先行驗證渦輪發電機、電氣系統、控制架構與故障反應，為 2027 年上半年進行混合電飛行測試做準備。

The second area is battery technology and charging infrastructure. Vertical made a deliberate decision to develop proprietary battery capability in-house. We source cells from leading suppliers that design the battery management system and integrate those cells into aerospace-grade battery packs at our Vertical Energy Center.

第二個領域是電池技術與充電基礎設施。Vertical 有意識地決定在內部自行開發專有的電池能力。我們向領先供應商採購電芯，並在我們的 Vertical Energy Center 設計電池管理系統，將電芯整合為航太等級的電池模組。

This gives us control over the performance and continued development of one of Valo's most critical systems. It also creates a meaningful recurring revenue opportunity. With aircraft batteries currently expected to be replaced approximately once a year, every Valo delivered has the potential to generate battery revenues throughout its operating life, expanding the lifetime value of each aircraft beyond the initial sale.

這讓我們能掌控 Valo 最關鍵系統之一的性能與持續開發。同時也創造了具意義的經常性收入機會。由於目前預期飛機電池約每年需更換一次，每一架交付的 Valo 都有機會在其營運壽命期間持續帶來電池收入，使每架飛機的終身價值超越初次銷售。

This battery technology will only be commercially viable if aircraft can recharge quickly, manage heat efficiently and return to service without costly bespoke ground infrastructure. That is why we are developing a charging solution.

然而，唯有在飛機能快速充電、有效管理熱能，並在不需昂貴客製化地面基礎設施的情況下迅速回到服役狀態時，這項電池技術才具商業可行性。因此我們正在開發充電解決方案。

And at Farnborough, this got a further boost. We announced ECLiPSE, a UK government-supported program led by Vertical in partnership with the University of Bath and InnCat to develop next-generation high-power charging and liquid cooling infrastructure for electric aircraft. The objective is to improve charging performance while reducing system size, installation complexity and long-term operating costs.

而在范堡羅，這項工作獲得進一步助力。我們宣布 ECLiPSE——一項由英國政府支持、由 Vertical 主導並與巴斯大學（University of Bath）及 InnCat 合作的計畫，旨在為電動飛機開發下一代高功率充電與液冷基礎設施。其目標是在提升充電效能的同時，降低系統體積、安裝複雜度與長期營運成本。

Our solution is much more compact, allowing for broad deployment and much more cost efficient versus other options coming to market. Faster, more efficient charging should enable greater aircraft utilization and improve the economics for operators. Importantly, the infrastructure developed for ECLiPSE is intended to be vehicle agnostic. Whilst it will support Valo, it is being designed for use across different electric aircraft platforms, helping establish the common infrastructure needed for the wider electric aviation market to scale.

我們的解決方案更為緊湊，可廣泛部署，且相較於其他即將上市的選項更具成本效益。更快速、更高效率的充電應可提升飛機使用率，並改善營運商的經濟性。重要的是，ECLiPSE 所開發的基礎設施旨在與載具無關（vehicle agnostic）。雖然它將支援 Valo，但其設計可供不同電動飛機平台使用，協助建立更廣泛電動航空市場擴張所需的共通基礎設施。

The third area is certification and airspace integration. Vertical benefits from a well-defined certification pathway through the UK CAA and EASA. Both regulators have established dedicated (SC)-VTOL standards with published certification requirements and defined means of compliance. This gives us clear criteria against which Valo is being designed, tested and ultimately assessed.

第三個領域是適航認證與空域整合。Vertical 受益於透過英國民航局（UK CAA）與歐洲航空安全局（EASA）所建立的明確認證路徑。兩個監管機構皆已制定專門的（SC）-VTOL 標準，並公布認證要求與明確的符合性方法。這使我們擁有清晰的準則，據以設計、測試並最終接受對 Valo 的評估。

This approach is also expected to enable swift portability across regions. Beyond CAA and EASA, we have active certification validation projects with four other regulators, the US Federal Aviation Administration, FAA, National Civil Aviation Agency of Brazil, ANAC, and the Japan Civil Aviation Bureau, JCAB, and most recently signed an MOU with GACA.

此一方法也預期能促成跨區域的快速可移植性。除 CAA 與 EASA 外，我們亦與另外四個監管機構進行積極的認證驗證專案：美國聯邦航空總署（FAA）、巴西國家民航局（ANAC）、日本國土交通省航空局（JCAB），以及最近與 GACA 簽署合作備忘錄（MOU）。

Certifying the aircraft, however, is only part of bringing a new category into commercial service. The industry must also establish the procedures that will allow eVTOL aircraft to operate safely and routinely alongside existing airspace users.

然而，為飛機取得認證只是讓新類別進入商業營運的一部分。產業也必須建立相關程序，使 eVTOL 飛機能與既有空域使用者並行，在安全且常態化的情況下運作。

That is where Project VERTI-GO comes in. VERTI-GO is a major European Union-funded program led by Honeywell Aerospace under the SESAR joint undertaking, the EU's flagship program for modernizing European airspace. Its 12-partner consortium brings together aircraft manufacturers, regulators, air navigation service providers, airports and technology companies to develop the operating procedures required to integrate piloted eVTOL aircraft and remotely operated cargo aircraft into shared European airspace.

這正是 VERTI-GO 計畫的用武之地。VERTI-GO 是一項由歐盟資助的大型計畫，由 Honeywell Aerospace 在 SESAR 聯合承擔機制（joint undertaking）下主導；SESAR 是歐盟用於現代化歐洲空域的旗艦計畫。其由 12 個合作夥伴組成的聯盟匯集了飛機製造商、監管機構、空中航行服務提供者、機場與科技公司，共同開發將有人駕駛 eVTOL 飛機與遠端操作貨運飛機整合進共享歐洲空域所需的作業程序。

Vertical has been selected as the program's piloted eVTOL demonstration partner with demonstration flights planned between Malaga and Marbella in Spain. This builds on the work we have already undertaken with NATS, the UK's air navigation service provider through the UK's Future Flight Challenge.

Vertical 已被選為該計畫的有人駕駛 eVTOL 示範合作夥伴，並規劃在西班牙馬拉加（Malaga）與馬貝拉（Marbella）之間進行示範飛行。這也延續了我們先前透過英國「未來飛行挑戰」（Future Flight Challenge）與 NATS（英國空中航行服務提供者）所進行的工作。

We see VERTI-GO as Europe's counterpart to the US eVTOL integration pilot program. It connects the defined UK and European aircraft certification pathway with the practical work required to introduce these aircraft into real aviation networks, moving the industry beyond demonstrating that an aircraft can fly and towards proving how it can operate safely, repeatedly and at scale.

我們將 VERTI-GO 視為歐洲對應美國 eVTOL 整合試點計畫的版本。它把已定義的英國與歐洲飛機認證路徑，與將這些飛機導入真實航空網路所需的實務工作連結起來，使產業從「證明飛機能飛」進一步邁向「證明其如何能安全、反覆且可規模化地運作」。

Taken together, Near Earth, ECLiPSE and VERTI-GO demonstrate the broader strategy. We are developing the aircraft autonomy, charging infrastructure and operating framework in parallel so that Valo can enter service as part of a functioning and scalable aviation ecosystem.

綜合而言，Near Earth、ECLiPSE 與 VERTI-GO 展現了更宏觀的策略。我們正並行推進飛機自主能力、充電基礎設施與營運框架的開發，使 Valo 能作為一個可運作且可擴展的航空生態系的一部分投入服務。

Stuart, back to you.

Stuart，交回給你。

Thank you, Michael. The ecosystem Michael described is particularly visible here in the UK, where government support now spans technology development, manufacturing, defense, future flight policy and export finance. As Vertical progresses from aircraft development to industrialization, building the manufacturing capability to support certification, production and long-term growth becomes increasingly important.

謝謝你，Michael。Michael 所描述的生態系在英國尤其清晰可見，政府支持如今涵蓋技術開發、製造、國防、未來飛行政策與出口融資。隨著 Vertical 從飛機研發邁向工業化，建立支援認證、量產與長期成長的製造能力變得愈發重要。

During Farnborough, we announced that Vertical is in advanced discussions with the UK government on a broad package to support that next phase, anchoring the first of our planned global production facilities in the UK. This will build on our near-term manufacturing investments, including our early aircraft assembly facility at Cotswold Airport and expanded Vertical Energy Center due to open in the third and fourth quarters this year while providing the foundation for future production at scale.

在范堡羅期間，我們宣布 Vertical 正與英國政府就一項廣泛的支持方案進行深入討論，以支援下一階段發展，並將我們規劃中的首座全球生產設施落腳英國。這將在我們近期的製造投資基礎上再向前推進，包括位於科茨沃爾德機場的早期飛機組裝設施，以及預計於今年第三與第四季啟用的擴建版 Vertical Energy Center，同時為未來的規模化生產奠定基礎。

The proposed UK government package includes a further grant of up to $30.5 million in connection with the down selection of UK sites for aircraft assembly and battery manufacturing. When finalized, that would bring support awarded to Vertical from the UK government to approximately $100 million. The support is broader than a single grant. The Ministry of Defense has confirmed its interest in our platform, hybrid electric and autonomous capabilities. We have also signed a nonbinding MoU with UK Export Finance to establish a framework for potential export lift and customer financing support.

英國政府擬議的一攬子方案包括一筆最高達3,050萬美元的額外補助金，與英國用於飛機總裝與電池製造之場址縮減遴選（down selection）相關。一旦定案，英國政府對Vertical已核發的支持金額將約達1億美元。該支持範圍不僅限於單一補助金。國防部已確認其對我們的平台、混合電動與自主能力的興趣。我們亦已與英國出口融資署（UK Export Finance）簽署不具約束力的諒解備忘錄（MoU），以建立潛在出口增量（export lift）與客戶融資支持的框架。

We continue to work with Innovate UK and other government programs as we move from prototype development towards industrial scale up. We are progressing the UK site down selection and will announce a result within the next six months. Locating design and production approvals within the same CAA regulatory framework will ensure close coordination as we move through certification into production.

隨著我們從原型開發邁向工業化規模擴產，我們持續與Innovate UK及其他政府計畫合作。我們正在推進英國場址縮減遴選，並將於未來六個月內公布結果。在同一套CAA監管框架下完成設計與生產核准的落地，將確保我們在由認證邁向量產的過程中能夠緊密協調。

This is not only important for Vertical. Our first full-scale final assembly and battery manufacturing facilities are expected to support around 700 direct highly skilled jobs by 2030 with wider benefits across the UK aerospace supply chain. It reinforces the UK's ability to design, certify, manufacture and export a new generation of aircraft.

這不僅對Vertical重要。我們首座全尺寸總裝與電池製造設施預計到2030年可支撐約700個直接的高技能工作機會，並為英國航太供應鏈帶來更廣泛的效益。這將強化英國設計、認證、製造並出口新一代飛機的能力。

Let me now turn to funding and our financial position at the close of the first half of 2026. I want to separate three things clearly: cash on our balance sheet, the makeup of our recent financing package and approach we take to deploying our available capital.

接下來我將談談截至2026年上半年末的資金與財務狀況。我想清楚區分三件事：資產負債表上的現金、我們近期融資方案的組成，以及我們部署可用資本的方式。

That distinction is important for investors and how we manage the program. Following period end and building on the significant technical and commercial progress achieved during the first half, including our historic public flight demonstrations at Farnborough, we announced a financing package expected to provide approximately $100 million in gross proceeds from a combination of new and existing investors. We deliberately structured the recent financing using three complementary sources of capital.

這項區分對投資人以及我們如何管理該計畫都很重要。在期末之後，並在上半年取得重大技術與商業進展（包括我們在范堡羅航展的歷史性公開飛行展示）之基礎上，我們宣布一項融資方案，預計可自新舊投資人組合取得約1億美元的總募集款（gross proceeds）。我們刻意以三種互補的資本來源來設計近期融資結構。

First, we raised $35 million through an underwritten offering to a group of new and existing investors. Second, Mudrick Capital accelerated $40 million under its existing convertible note facility. This comprises a recently completed $5 million draw and the accelerated funding of the remaining $35 million available under that facility. This represents further support from our largest shareholder. Third, we drew $25 million under our existing preferred equity facility with Yorkville, providing an additional source of near-term capital while preserving further potential capacity under the broader financing framework.

第一，我們透過承銷發行向一組新舊投資人募集3,500萬美元。第二，Mudrick Capital在其既有可轉換票據融資額度下加速提供4,000萬美元。其中包含近期已完成提領（draw）的500萬美元，以及該額度下剩餘可用3,500萬美元的加速撥付。這代表我們最大股東的進一步支持。第三，我們在與Yorkville既有的優先股權融資額度下提領2,500萬美元，在保留更廣泛融資框架下進一步潛在額度的同時，提供額外的短期資金來源。

As of today, August 13, 2026, we have available cash and cash equivalents on our balance sheet of approximately $134 million. And following receipt of all the financing commitments, which are expected on or around today, we anticipate having available cash of $148 million. The construction of the package was deliberate. Our first objective was to secure a meaningful amount of capital upfront rather than relying exclusively on smaller incremental draws that would remain dependent on future market conditions and trading volumes.

截至今日（2026年8月13日），我們資產負債表上的可用現金及約當現金約為1.34億美元。並且在收到所有融資承諾（預計於今日或前後完成）後，我們預期可用現金將達1.48億美元。此一方案的建構是經過審慎設計的。我們的第一個目標，是先行取得具規模的前期資金，而非完全依賴較小的分次提領，因其仍將受未來市場狀況與交易量影響。

Our second was to balance external equity investment with continued support from our largest shareholder and capital available through our existing facilities. Finally, we wanted to preserve flexibility across a range of future funding sources, including our remaining facilities, strategic investment, government support and other capital market opportunities. We also believe this was the appropriate time to act.

第二個目標，是在外部股權投資與最大股東的持續支持，以及我們既有融資額度可用資金之間取得平衡。最後，我們希望在多元未來資金來源上保留彈性，包括剩餘融資額度、策略性投資、政府支持及其他資本市場機會。我們也認為現在是採取行動的適當時點。

Over the last six months, Vertical has completed piloted two-way transition with two full-scale prototypes, demonstrated the aircraft publicly at Farnborough International Airshow through five successful flights in five days, expanded its commercial and defense partnerships and secured increased support from the UK government.

在過去六個月，Vertical已以兩架全尺寸原型機完成有人駕駛的雙向過渡（two-way transition），並在范堡羅國際航展以五天內五次成功飛行公開展示該飛機，擴大其商業與國防合作夥伴關係，並取得英國政府更高程度的支持。

The financing allows us to convert that operational momentum into the financial capacity required to maintain program pace as we move into the next phase of certification and industrialization. This is, therefore, not simply about extending the runway. The capital supports a defined set of milestones that create significant program value. These include achieving Critical Design Review, which will establish the certifiable design baseline for Valo, progressing towards the build and test of certification conforming aircraft, opening our expanded Vertical Energy Center, which will triple our battery production capacity over time and developing our future UK production capabilities. Finally, retrofitting our third prototype aircraft to begin hybrid electric flight testing during the first half of 2027.

此融資使我們能將營運動能轉化為所需的財務能力，以在進入下一階段的認證與工業化時維持計畫節奏。因此，這不僅僅是延長資金跑道（runway）。該資本將支持一組明確的里程碑，為計畫創造顯著價值。其中包括完成關鍵設計審查（Critical Design Review, CDR），以建立Valo可認證的設計基準；推進符合認證構型（certification conforming）的飛機之建造與測試；啟用擴建後的Vertical Energy Center，該中心將隨時間推移把電池產能提升至三倍；以及發展我們未來在英國的生產能力。最後，將第三架原型機進行改裝，以於2027年上半年開始混合電動飛行測試。

Together with our existing cash resources and facilities, the package is expected to extend our cash runway through towards the end of third quarter 2027. It gives us greater resilience and clearer visibility over the delivery of these milestones while allowing us to engage with potential strategic and other funding partners from a stronger operating position.

結合我們既有的現金資源與融資額度，該方案預期可將我們的現金跑道延長至2027年第三季末左右。這讓我們在交付上述里程碑方面具備更高韌性與更清晰的可視性，同時也使我們能以更強的營運立場與潛在策略性及其他資金夥伴洽談。

Over the next 12 months, we currently expect net cash outflows from operations of approximately $150 million. The principal uses of cash are directly linked to the program milestones discussed previously, with the completion of CDR being the next major milestone. During the first half, net cash used in operating activities was $112 million, reflecting our investment in flight testing, Critical Design Review, supplier activity, manufacturing readiness, our battery program and hybrid development.

未來12個月內，我們目前預期營運活動的淨現金流出約為1.5億美元。現金的主要用途與先前討論的計畫里程碑直接相關，其中完成CDR將是下一個重大里程碑。上半年營運活動使用的淨現金為1.12億美元，反映我們在飛行測試、關鍵設計審查、供應商活動、製造就緒度、電池計畫與混合動力開發上的投資。

In the first quarter, we announced a broader financing framework of up to $850 million, inclusive of a $50 million equity raise. Following completion of the latest transactions, we will have raised or accessed approximately $185 million in aggregate gross proceeds from these facilities since March, comprising $85 million of equity, $50 million of convertible notes and $50 million of preferred equity.

在第一季，我們宣布一項最高達8.5億美元的更廣泛融資框架，其中包含5,000萬美元的股權募資。在完成最新交易後，自3月以來我們將已合計募集或動用約1.85億美元的總募集款，包含8,500萬美元股權、5,000萬美元可轉換票據及5,000萬美元優先股權。

We would continue to have approximately $700 million of potential capacity under the Yorkville preferred equity and equity line facilities. Importantly, this represents potential future financing capacity, not cash on the balance sheet or unconditional liquidity, and remains subject to applicable conditions, limitations and market environment. However, it is committed capital.

我們在Yorkville的優先股權與股權額度融資（equity line）項下，仍將保有約7億美元的潛在額度。重要的是，這代表潛在的未來融資能力，而非資產負債表上的現金或無條件流動性，且仍受適用條件、限制與市場環境影響。然而，這是已承諾的資本。

In summary, our approach to capital allocation remains disciplined. We will continue to evaluate the most appropriate mix of equity, strategic capital, government support and flexible financing. I'll close by setting out milestones investors should use to measure our progress. First is the aircraft level Critical Design Review, which we expect to complete by the end of 2026. This CDR will establish the certifiable design baseline for Valo, aligning the aircraft suppliers certification plans and enables the build and test of certification-ready aircraft. It is the next major gating milestone in the program.

總結而言，我們的資本配置方法仍維持紀律。我們將持續評估最適當的股權、策略性資本、政府支持與彈性融資之組合。最後，我將列出投資人可用以衡量我們進展的里程碑。第一項是整機層級的關鍵設計審查（CDR），我們預期於2026年底前完成。此CDR將建立Valo可認證的設計基準，使飛機供應商的認證計畫對齊，並使得可進行認證就緒飛機的建造與測試。這是該計畫下一個主要的關卡（gating）里程碑。

Second is industrial readiness. As mentioned, we are targeting the early production of aircraft assembly facility to come online during the third quarter of 2026, the expanded Vertical Energy Center during fourth quarter. Once fully operational, the expanded energy center will triple battery production, supporting our proprietary aerospace battery program and the batteries required for certification aircraft, while also building the foundation for future production and aftermarket opportunities.

第二項是工業化就緒度。如前所述，我們目標是在2026年第三季讓早期量產的飛機總裝設施上線，並於第四季啟用擴建後的Vertical Energy Center。擴建後的能源中心在全面運作後將把電池產量提升至三倍，支援我們自有的航太電池計畫及認證飛機所需電池，同時也為未來量產與售後市場機會奠定基礎。

Third is hybrid. Integration testing is underway on our hybrid rig HYPER. We expect to select the long-term turbo generator supplier during the latter half of 2026 and to begin flight testing the hybrid electric prototype in the first half of 2027. This program extends the capability of the Valo airframe into longer-range civil, defense, logistics and special mission applications.

第三項是混合動力。我們的混合動力測試平台HYPER已在進行整合測試。我們預期於2026年下半年選定長期渦輪發電機（turbo generator）供應商，並於2027年上半年開始混合電動原型機的飛行測試。此計畫將把Valo機體的能力延伸至更長航程的民用、國防、物流與特殊任務應用。

Fourth is certification. Following the rebaselining announced in July, we expect to achieve type certification of Valo in 2029 through the UK CAA and the AAA pathway. The framework is established, the certification requirements and means of compliance are defined, and we remain in close engagement with both regulators.

第四項是認證。在7月宣布重新基準化（rebaselining）後，我們預期將於2029年透過英國CAA及AAA途徑取得Valo的型式認證（type certification）。該框架已建立，認證要求與符合性方法（means of compliance）已界定，我們仍與兩個監管機關保持密切互動。

I can't stress this enough. Valo's UK-European pathway is being designed from the outset for global reach. Once Valo is certified by the UK CAA and the EASA under the (SC)-VTOL safety framework, which targets airliner level of safety for commercial eVTOL operations, the next step in the United States and other jurisdictions will be validation of that type certificate through existing bilateral and local processes rather than starting from scratch in each market.

我再怎麼強調都不為過。Valo 的英國—歐洲取證路徑從一開始就以全球拓展為目標進行設計。一旦 Valo 依據以商業 eVTOL 營運達到民航客機等級安全為目標的（SC）-VTOL 安全框架，取得英國民航局（UK CAA）與歐盟航空安全局（EASA）的認證，下一步在美國及其他司法管轄區將是透過既有的雙邊與在地程序對該型號合格證進行驗證，而不是在每個市場都從零開始。

As Michael mentioned, our goal is for UK and EU certification to act as a foundation for rapid validation in the US and other key regions, enabling Valo to enter service as a truly global aircraft with a consistent safety and performance standard, not just a single market product.

如 Michael 所提到的，我們的目標是讓英國與歐盟的認證成為在美國及其他關鍵地區快速驗證的基礎，使 Valo 能以真正的全球化航空器投入營運，具備一致的安全與性能標準，而不只是單一市場的產品。

The progress we've made during the first half of the year gives us real confidence in the road ahead. We've delivered major flight test milestones, expanded our flight test capability, demonstrated the aircraft in real operating environments, advanced our hybrid program, strengthened our industrial, commercial and technology partnerships, received confirmation of MoD interest in our platform, hybrid and autonomous capabilities and secured further UK government support now totaling over $100 million to build the manufacturing capability that will underpin certification and production.

我們在上半年取得的進展，讓我們對前方道路充滿信心。我們達成了多項重大飛行測試里程碑、擴充了飛測能力、在真實營運環境中展示了航空器、推進了混合動力計畫、強化了我們在工業、商業與技術方面的合作夥伴關係、獲得國防部（MoD）對我們平台、混合動力與自主能力的興趣確認，並取得更多英國政府支持，累計已超過 1 億美元，用於建置將支撐取證與量產的製造能力。

Throughout today's presentation, you've heard that our strategy extends beyond building a great aircraft. We're building the ecosystem, industrial capability and partnerships needed to bring an entirely new category of aviation into commercial service. None of this would be possible without the extraordinary dedication of our team. Every milestone we've discussed today reflects the commitment and expertise of colleagues across the business, and I'd like to thank them for everything they've achieved so far this year.

在今天的簡報中，各位也聽到我們的策略不僅止於打造一架優秀的航空器。我們正在建立將一個全新航空類別導入商業營運所需的生態系、工業能力與合作夥伴關係。若沒有團隊非凡的投入，這一切都不可能實現。今天討論的每一項里程碑，都反映了公司各部門同仁的承諾與專業；我也要感謝大家今年迄今所完成的一切。

As always, we remain committed to maintaining an open dialogue with our investors. We'll be attending several investor conferences over the coming weeks, including Jefferies, Deutsche Bank and H.C. Wainwright, and we look forward to meeting many of you there. If you'd like to arrange a meeting, please contact your sales representative or our Investor Relations team.

一如既往，我們仍致力於與投資人保持開放的溝通。未來幾週我們將參加多場投資人會議，包括 Jefferies、德意志銀行（Deutsche Bank）與 H.C. Wainwright，我們期待在現場與各位中的許多人見面。若您希望安排會議，請聯絡您的業務代表或我們的投資人關係團隊。

Thank you for your continued support, and we're happy now to take your questions.

感謝各位持續的支持，接下來我們很樂意回答各位的提問。

(Operator Instructions)

（接線員指示）

Chris Pierce, Needham.

Chris Pierce，Needham。

I guess just to sort of get right into it, I guess, how do you, the technical progress you guys have shown versus the market disconnect versus your peers, like what do you think closes that gap? Is it strategic? Is it something outside of sort of investor expectations? Like, and is this something you spend time thinking about given the liquidity situation? Or is it just head down, execute, keep flying, keep sort of moving the ball forward?

我想就直接切入主題：你們展示的技術進展，與市場對你們相較同業的落差之間，你們認為要如何縮小這個差距？是策略面的因素嗎？還是某些超出投資人預期的因素？考量到流動性狀況，這是你們會花時間思考的事情嗎？還是就是埋頭執行、持續飛行、持續把進度往前推？

Chris, thank you very much for the question. Look, of course, we think about it, and we would love to get that gap closed, and I think we will. The first thing is we will just continue, as you say, to keep our heads down and execute flawlessly. Everything we set out almost two years ago in Flight Path 2030, we've delivered on. And in fact, we've delivered more than that, all in the right time and frankly, with less money than we said we would spend.

Chris，非常感謝你的問題。你看，當然我們會思考這件事，我們也很希望把這個差距縮小，我相信我們會做到。第一點，如你所說，我們會持續埋頭把執行做到無可挑剔。我們在將近兩年前於 Flight Path 2030 所設定的一切目標，我們都已交付。事實上，我們交付的還超出原先承諾，而且都在正確的時間點完成，坦白說，花的錢也比我們原先說的更少。

I think that demonstrates what vertical is all about. We do what we say. We are efficient, and we are making tremendous progress. That being said, we've had this discussion around strategic partners. We have great strategic partners that we've been working with for many years. Honeywell among them, they've been deeply embedded in this program for six years, key part of us doing transition.

我認為這展現了 Vertical 的核心精神。我們說到做到。我們效率高，而且正在取得巨大的進展。話雖如此，我們也一直在討論策略夥伴。我們有很棒的策略夥伴，且已合作多年。其中包括 Honeywell，他們在這個計畫中深度參與已六年，是我們完成過渡（transition）的關鍵一環。

American Airlines, along with our other customers, help define the aircraft and make it the market-leading proposition that it is. As you know, there is this ongoing desire to find other strategic partners. And I think when we find the right one of those that's truly accretive to the business, we will get a stock price re-rating and a and that market disconnect will start to close. So we do think about it. We will keep executing and we, of course, continue to look for other partners.

美國航空（American Airlines）以及我們其他客戶，協助定義這架航空器，並使其成為市場領先的方案。如你所知，市場一直希望我們能找到其他策略夥伴。我認為當我們找到真正能為業務帶來增益（accretive）的合適夥伴時，我們的股價將會重新評級，而市場的落差也會開始縮小。所以我們確實會思考這件事。我們會持續執行，當然也會繼續尋找其他夥伴。

Hopefully, that gives you a bit of a feel for it, Chris.

希望這能讓你對我們的想法有一些感覺，Chris。

And then just on the nonfinancial side, I guess, how should we think about the order book after Farnborough, sort of what are you seeing? Is that something that's something that could kind of drive some momentum as well? Is it sort of, what should we expect the rest of this year as far as order book?

另外在非財務面，我想問一下，Farnborough 之後我們應該如何看待訂單簿？你們觀察到什麼？這是否也可能帶動一些動能？也就是說，今年剩下的時間在訂單簿方面我們應該期待什麼？

Yeah. Good question, Chris. We, as you know, we've had our order book closed for a long time. I think we did one small announcement, but very high profile over the last few months. But in general, we're very, very selective with the customers that we engage with. But Farnborough was a wonderful showcase for us to have the five flawless flights outside every day to demonstrate the capability and inside to have the Valo on show showcasing how different it is in the category and how it can define the category has been extraordinary. So we've got a lot of conversations ongoing.

是的。好問題，Chris。如你所知，我們的訂單簿已經關閉很長一段時間。我想過去幾個月我們做過一次小型公告，但曝光度很高。但整體而言，我們對於要合作的客戶非常、非常挑選。不過 Farnborough 對我們而言是很棒的展示舞台：我們在戶外每天進行五次零失誤飛行來展示能力；在室內則展示 Valo，呈現它在此類別中有多不同，以及它如何能定義這個類別，這些都非常出色。因此我們目前有很多對話正在進行中。

I'll probably do some announcements post CDR because at that time, that gives us a more solid foundation for discussion with customers because that Critical Design Review, that aircraft Critical Design Review will let us confidently say, look, this is the mass of the aircraft. This is the payload. This is the range. And actually, that can really help with customer discussions. So I'd expect to see some announcements probably towards the end of this year and into the start of next year.

我可能會在 CDR 之後做一些公告，因為到那時我們與客戶討論會有更扎實的基礎；那次關鍵設計審查（Critical Design Review），也就是航空器的關鍵設計審查，將讓我們能有信心地說：這就是航空器的重量。這就是載重。這就是航程。而這其實能大幅幫助與客戶的討論。所以我預期在今年底到明年初，可能會看到一些公告。

That's probably the way to think about it, Chris.

Chris，大概可以這樣理解。

Laura Li, Deutsche Bank.

Laura Li，德意志銀行（Deutsche Bank）。

So first, I want to ask about the timeline because could you elaborate a little bit more? What are the main factors behind this shift from 2028 to 29? And how should we think about the associated cash needs from now and then? Because I think you used to say something around like $200 million gap. And how should we think about that now?

首先我想問一下時間表，因為你們能否再多說明一些？從 2028 年延後到 2029 年的主要因素是什麼？以及從現在到那時的相關現金需求，我們應該如何看待？因為我記得你們以前提過大約有 2 億美元的缺口。那現在我們應該怎麼看？

Thanks, Laura. So the certification time line we talked about just before Farnborough and nudging that out from '28 to '29, really a reflection on a couple of things. We were a little bit late on transition kind of a quarter late. But what that really meant was it tied up our engineering team still focusing on transition rather than turning all that resource on to the certification aircraft, the VX4. So as you know, part of what we really pride ourselves here on at Vertical is being very clear and transparent to the market, and we felt it was appropriate just to nudge that out to 2029.

謝謝你，Laura。我們在 Farnborough 之前談到的取證時間表，將其從 2028 年小幅延後到 2029 年，主要反映了幾個因素。我們在過渡（transition）方面稍微晚了一點，大概晚了一個季度。但這真正代表的是，我們的工程團隊仍被綁在過渡工作上，而不是把所有資源轉向取證機型 VX4。因此如你所知，我們在 Vertical 很自豪的一點是對市場保持非常清楚且透明，我們認為適度將時間表往後調整到 2029 年是恰當的。

But we're confident that we can do that. We've got a clear line of sight to it. As you know, we're working very closely with the Civil Aviation Authority and EASA. They are deeply involved in our program, understand the steps we've got to take and are both supportive of this time line to 2029. In terms of cash needs, cash needs remain around $700 million, and we're comfortable and confident we will be able to achieve that.

但我們有信心能做到。我們對達成目標有清晰的可視性。如你所知，我們正與英國民航局（Civil Aviation Authority）與 EASA 非常密切合作。他們深度參與我們的計畫，了解我們必須採取的步驟，並且兩方都支持 2029 年這個時間表。就現金需求而言，現金需求仍約為 7 億美元，我們對於能夠達成這一點感到安心且有信心。

So hopefully, that gives you what you were looking for, Laura.

希望這能回答你想了解的內容，Laura。

I have one follow-up on the Vertical project with Honeywell. Could you provide more details on this vertical project, like how you expect it to be structured and how the road map look like? I think you just announced some demo in Spain, but how you are like prioritizing which markets come next or like where do you see more demand out there?

我還有一個關於與 Honeywell 合作的 Vertical 專案的追問。你能否提供更多關於這個垂直專案的細節，例如你預期它會如何架構，以及路線圖會是什麼樣子？我想你們剛在西班牙宣布了一些示範，但你們是如何優先排序接下來要進入哪些市場，或是你們在哪些地方看到更多需求？

Yeah, of course. Look, we've been, I think the distinction I would draw here, the eIPP in America is great. I'd love to see the competitors flying because it's bringing the industry to life. Of course, we've been flying under regulatory oversight here every single flight we do. So we're very used to having that level of scrutiny. With regard to the flying with Honeywell, I'll just pass that over to Michael Cervenka, who can give you some color commentary on it.

好的，當然。你看，我想我在這裡要做的區分是，美國的 eIPP 很棒。我也很樂見競爭對手在飛，因為這讓整個產業更有活力。當然，我們在這裡每一次飛行都在監管機關的監督之下進行。所以我們非常習慣那種程度的審查。至於與 Honeywell 的飛行，我先把這題交給 Michael Cervenka，他可以補充一些背景說明。

Thanks, Stuart. So I think, firstly, just to talk through what it involves, it brings together aircraft manufacturers, and navigation providers, airports, regulators and technology partners to develop procedures for shared European airspace. As I mentioned, it's the European equivalent to the FAA eIPP program, and we're the piloted demonstration partner. As you point out, we're going to be doing planned flights between Malaga and Marbella. And so firstly, clearly, there's a brilliant set of use cases in that area.

謝謝，Stuart。我想首先，先說明一下這個專案包含什麼：它把飛機製造商、導航服務供應商、機場、監管機構以及技術合作夥伴聚集在一起，共同為歐洲共享空域制定程序。如我提到的，這是 FAA eIPP 計畫在歐洲的對應版本，而我們是有人駕駛示範的合作夥伴。如你所指出，我們將在馬拉加與馬貝拉之間進行規劃中的飛行。因此首先，很明顯那個區域有一組非常出色的使用情境。

But it's also about understanding the operating procedures within the European air space, getting kind of wider public and stakeholder engagement. So, this doesn't count towards certification, but I think it's a really important part about going beyond certification into operational proving.

但這也關乎理解歐洲空域內的運作程序，並取得更廣泛的大眾與利害關係人參與。所以，這不會計入認證進度，但我認為這是在完成認證之外、進一步走向營運驗證的一個非常重要的部分。

Louie DiPalma, William Blair.

Louie DiPalma，William Blair。

Can you further discuss your defense partnership with Near Earth autonomy and the hybrid development of Valo? And how much of a priority is the hybrid form factor for the UK Ministry of Defense?

你能否進一步談談你們與 Near Earth Autonomy 的國防合作夥伴關係，以及 Valo 的混合動力開發？另外，混合動力的外形/構型對英國國防部而言有多高的優先順序？

Of course, I will just touch on the hybrid before passing it to Michael. So look, we're very excited about hybrid. We signed it off 2.5 years ago. It's been running on the bench. We now have a new gas turbine running on the bench, and we'll be installing that powertrain in the current Aircraft 3 in Q1 next year and flying that. And the joy we have relative to others is our larger airframe is a direct carryover from the electric aircraft to the hybrid.

當然。我先簡單談一下混合動力，然後再交給 Michael。你看，我們對混合動力非常興奮。我們在 2.5 年前就已經核准定案。它一直在測試台架上運轉。我們現在有一具新的燃氣渦輪在台架上運轉，明年第一季會把那套動力系統安裝到目前的 Aircraft 3 上並進行飛行。而相較於其他人，我們的優勢在於：我們較大的機體可以從純電機型直接沿用到混合動力機型。

What it means is, and this is one of the reasons we have a lot of interest in it, our time to market is really accelerated versus others. So we're very, very excited about it. And over the next 6 months, we'll also announce our certification and industrialization partner for that hybrid program. So who is going to provide the gas turbine.

這代表的是——也是我們獲得大量關注的原因之一——相較於其他人，我們的上市時間會大幅加快。所以我們真的非常、非常興奮。而在接下來 6 個月內，我們也會宣布該混合動力計畫的認證與產業化合作夥伴。也就是由誰來提供燃氣渦輪。

With that, Louie, I'll pass over to Michael for a bit more in depth on the Near Earth.

Louie，接下來我把 Near Earth 的部分交給 Michael，讓他更深入說明。

Maybe just to add a little bit more on hybrid. So as Stuart says, really, we've got three aircraft from one-platform. So we've got the pure civil battery-powered aircraft. That remains our core focus. That's the CDR that Stuart talked about happening in November this year. And then hybrid really opens up two options for us.

也許再補充一點混合動力。如 Stuart 所說，基本上我們是以同一個平台衍生出三款飛機。我們有純民用的電池驅動飛機。那仍然是我們的核心重點。那就是 Stuart 提到今年 11 月會進行的 CDR（關鍵設計審查）。而混合動力則為我們開啟了兩個選項。

One is a civil variant, which looks incredibly competitive against some of the intermediate single and light twin helicopter market. So that's about a 400 helicopter a year market, and then it opens up defense options. The rig work that we've been doing has really been all of the technology proving around the integration of a hybrid system. So essentially on our aircraft in the battery variant, we have eight batteries.

其一是民用版本，在某些中型單發與輕型雙發直升機市場上看起來極具競爭力。那大約是一個每年 400 架直升機的市場，此外也開啟了國防選項。我們一直在做的台架工作，主要是在驗證混合動力系統整合的各項技術。也就是說，在我們的電池版本飛機上，我們有八組電池。

For hybrid, we removed four of them and replace that with a gas turbine system. Key steps in that are firstly, understanding the power management. So when are you taking power from the gas turbine, the batteries and how are you managing all of that.

在混合動力版本中，我們移除其中四組，並以燃氣渦輪系統取代。其中的關鍵步驟，首先是理解功率管理。也就是你何時從燃氣渦輪取電、何時從電池取電，以及你如何管理這一切。

Then the other important bit is managing all of the electrical architecture, safety systems and so on. So all of that technology-proving integration and derisking, we've been doing through the series of rig tests. And then it's a relatively small step from that to then integrate it onto the aircraft. In fact, we've just now got two aircraft having plan transition. So I think that really demonstrates the capability, and what we're seeing is certainly on the defense side, as Stuart has mentioned, some real interest in that platform.

另一個重要部分是管理整體電氣架構、安全系統等等。因此，所有這些技術驗證的整合與去風險工作，我們一直透過一系列台架測試來完成。接著從那一步到把它整合到飛機上，其實是相對小的一步。事實上，我們現在剛好有兩架飛機正在進行規劃中的轉換。所以我認為這確實展現了能力；而我們看到的是，在國防端，如 Stuart 所提到的，對這個平台確實有很大的興趣。

It is quite different. It is the only eVTOL platform that has the size and capability to fit in a gas turbine system with incredible payload and range, but also brings together Valo's tilt rotor system with all of the maneuverability, redundancy and noise profile advantages. So we see this having a wide range of applications from dispersed logistics, medevac, surveillance reconnaissance, electronic warfare and so on, where we've got some real differentiation. So I think that's super exciting. Just to reiterate, battery is the core, but this is a relatively easy step for us to keep this program running in parallel, if you like.

它相當不同。它是唯一一個具備足夠尺寸與能力、能夠容納燃氣渦輪系統的 eVTOL 平台，並且擁有驚人的載重與航程，同時也結合了 Valo 的傾轉旋翼系統，具備機動性、冗餘性以及噪音輪廓方面的優勢。因此我們認為它可廣泛應用於分散式後勤、醫療後送（medevac）、監視偵察、電子戰等領域，在這些方面我們有明顯差異化。所以我覺得這非常令人振奮。再重申一次，電池仍是核心，但對我們而言，讓這個計畫平行推進相對容易。

Just on autonomy, so Near Earth, I mean, we've been talking to you for quite some time. You may be aware that Honeywell is an investor in Near Earth. Near Earth has got phenomenal capabilities that they've built up over more than a decade. And in that, they've taken some existing legacy helicopters, which are really complex because, of course, they are manually flown.

再談自主性（autonomy）。Near Earth——我的意思是，我們和你們談這件事已經有一段時間了。你可能知道 Honeywell 是 Near Earth 的投資人。Near Earth 在超過十年的時間裡建立了非常卓越的能力。在此過程中，他們把一些既有的傳統直升機拿來改造；這其實非常複雜，因為那些直升機本來就是人工駕駛的。

So both Bell and Leonardo helicopters, they put flight control systems and then autonomy on top of that. So that's a really big complex step. And they through some US DoD programs, they've actually acted as a prime where they've demonstrated the ability to fly autonomous logistics missions into unprepared space. And you can imagine all of the complexities to do that and do that safely.

所以他們在 Bell 與 Leonardo 的直升機上加裝飛行控制系統，並在其上叠加自主系統。這是一個非常大、非常複雜的步驟。而且透過一些美國國防部（US DoD）的計畫，他們實際上以主承包商（prime）的角色，展示了能夠執行自主後勤任務、飛入未整備場地的能力。你可以想像要做到這件事、並且安全地做到，會有多少複雜性。

The real beauty we've got for Valo is that autonomy system from the beginning was designed to run on the Anthem avionics suite that we have on our aircraft. So rather than having to bolt on additional boxes, essentially that can run on the compute that's already being certified for Valo, and it provides a really easy step.

對 Valo 而言，我們真正的優勢在於：從一開始，自主系統就是設計成可在我們飛機所採用的 Anthem 航電套件上運行。因此不需要再額外外掛其他盒子；基本上它可以在已經為 Valo 進行認證的運算平台上運行，這讓導入變得非常容易。

Now how we see that playing out is autonomy is a very big topic, and we haven't got time to go into detail, but there are clearly a wide range of defense applications where this is proving the technology is already there. So we'll have to go through the necessary approvals, but this is really an execution challenge. For Civil, we've always had the approach of making the aircraft really as simple and safe to fly and as automated as possible.

至於我們如何看待後續發展：自主性是一個非常大的主題，我們沒有時間深入細節，但很明顯在國防領域有廣泛的應用，而這也證明技術其實已經到位。所以我們仍需走完必要的核准流程，但這主要是一個執行層面的挑戰。在民用方面，我們一向的做法是讓飛機盡可能簡單、安全、易於飛行，並盡可能提高自動化程度。

I think Near Earth and Honeywell and us have a joint interest, strategic benefit, if you like, to maturing these technologies and taking us on that gradual journey towards increased automation towards autonomy and the civil platforms.

我認為 Near Earth、Honeywell 與我們三方都有共同的興趣與策略性利益——可以這麼說——去成熟化這些技術，並帶領我們在民用平台上，循序漸進地從更高程度的自動化走向自主化。

And is there any projected timeline on when the hybrid aircraft should perform this transition flight?

那麼，混合動力飛機預計何時會進行這次轉換飛行？

Well, we'll be installing the hybrid into the Aircraft 3, as Michael said, in Q1 or early Q2 next year. And then we'll take it through its normal flight test procedures. So a very, very exciting moment for us because with what we've done, we've already proven that the aircraft can do transition with electric. This really just substitutes in a different powertrain. So there is no huge technology challenge here. We know the powertrain works. We know the aircraft design works. So it's not a major step for us.

嗯，正如 Michael 所說，我們將在明年第一季或第二季初把混合動力系統安裝到 3 號機上。接著我們會依照正常的飛行測試程序推進。所以這對我們來說是非常、非常令人振奮的時刻，因為就我們已完成的工作而言，我們已經證明這架飛機可以用電力完成過渡飛行。這其實只是換上一套不同的動力系統。因此這裡沒有什麼巨大的技術挑戰。我們知道這套動力系統可行。我們知道飛機設計可行。所以對我們而言這不是一個重大的跨越。

Sameer Joshi, H.C. Wainwright.

Sameer Joshi，H.C. Wainwright。

I just have a question on the cash burn expected over the next 12 months. When we look at the cash from operations for the first half of 2026, it's around GBP83 million. And for the next three months, we are projecting GBP110 million. I would just like to see how the last six months are different from the next 12 months? And why is it not sort of GBP160 million, GBP170 million for the next 12 months?

我想問一下未來 12 個月預期的現金消耗。我們看 2026 年上半年營運活動現金流，大約是 8,300 萬英鎊。而接下來三個月，我們預估是 1.10 億英鎊。我想了解最後六個月與接下來 12 個月有何不同？以及為什麼接下來 12 個月不是大約 1.60 億英鎊、1.70 億英鎊？

Yeah. Good question. Thank you for that. Just to confirm, the spend for the first half of this year was $112 million. Now that was a high spend because we had an awful lot going on in the first half this year. So spend is nonlinear in these types of programs. It's pretty lumpy, and this first half was particularly busy. Supplier payments to underpin drive towards the CDR, the aircraft level CDR that we're doing in Q4 this year. We have a lot of spend associated with getting to and through Farnborough.

是的。好問題。謝謝你。先確認一下，今年上半年的支出是 1.12 億美元。那是一個較高的支出水準，因為今年上半年我們同時推進了非常多事情。所以這類專案的支出並不是線性的。它會有明顯的波動、呈現塊狀，而今年上半年特別忙。為了支撐我們在今年第四季進行的 CDR（關鍵設計審查），也就是整機層級的 CDR，我們支付了許多供應商款項。我們也有不少支出與參與並完成 Farnborough（范堡羅航展）相關事項有關。

We did some battery investment. And we also invested in our near-term manufacturing facilities for both the batteries, VEC2, where we've expanded the capacity threefold and invested in the new facility for pilot production of the aircraft at Kemble. So that just bumped this first half of the year up a little bit. As we look forward to next year, the spend is driven by the milestones that I've talked about. There will be a bit more spend related to the near-term manufacturing facilities.

我們做了一些電池方面的投資。此外，我們也投資於近期的製造設施，包括電池與 VEC2；我們把產能擴增了三倍，並投資在 Kemble 的新設施，用於飛機的試量產（pilot production）。因此這讓今年上半年的支出略為墊高。展望明年，支出主要由我剛才提到的里程碑所驅動。與近期製造設施相關的支出也會再多一些。

We've then got the aircraft level CDR that we're doing in Q4. Then as we roll into next year, there's a bit of additional spend on installing the hybrid into Aircraft 3 and then flying and demonstrating it. So that's really the difference. It was a bit of an expensive quarter given what we are trying to achieve this year. And then next year, it's not quite as lumpy.

接著我們在第四季要做整機層級的 CDR。然後進入明年後，還會有一些額外支出，用於把混合動力系統安裝到 3 號機上，並進行飛行與展示。所以差異主要在這裡。就我們今年想達成的目標而言，這是一個相對昂貴的季度。而明年就不會那麼「塊狀」波動。

So hopefully, that explains it a little bit, Sameer.

希望這能稍微解釋清楚一些，Sameer。

Yeah, that's good. We talked about in response to some questions about the VERTI-GO and in prepared remarks as well. But would you be able to talk a little bit about the ECLiPSE program? Is there any monetary commitment from any party here? How should we look at this progressing over the next 12 to 24 months?

好的，這很清楚。我們在回應一些關於 VERTI-GO 的問題以及在事先準備的發言中也談到了。不過你能否再談談 ECLiPSE 計畫？這裡是否有任何一方的資金承諾？我們應該如何看待未來 12 到 24 個月的進展？

Sorry, could you just repeat that? The line broke up a little bit, Sam. Which program would you like?

抱歉，你可以再重複一次嗎？剛剛線路有點斷斷續續，Sam。你想問的是哪個計畫？

The ECLiPSE program, the battery program.

ECLiPSE 計畫，也就是電池計畫。

The battery program, yes, of course. David, maybe you would like to comment on that.

電池計畫，是的，當然。David，也許你可以回應一下。

David KingExecutive

David KingExecutive

Yes. Thank you for the question, Sameer. The ECLiPSE program is sponsored by the United Kingdom government, and that's to work with them to develop a high-power charging system. So as Michael said in his remarks, we have a proprietary battery system at Vertical Aerospace, and that's our core. We've invested in our Vertical Energy Center to develop the technologies. Now to build this ecosystem.

是的。謝謝你的提問，Sameer。ECLiPSE 計畫由英國政府贊助，目的是與他們合作開發高功率充電系統。因此如 Michael 在發言中所說，我們 Vertical Aerospace 擁有自有的專有電池系統，這是我們的核心。我們已投資於 Vertical Energy Center 來開發相關技術。現在則是要把這個生態系建立起來。

I really like the way that Michael explained this because we're developing and certifying this aircraft halo, but we're essentially flying formation in developing the ecosystem at the same time so that the ecosystem elements and the certification can land on parallel runways at the same time so that we will hit the ground running literally in entry into service in 2029. So part of the ecosystem is the charging systems.

我很喜歡 Michael 的說法：我們正在開發並認證這架飛機這個「光環」（halo），但同時也等於以編隊飛行的方式同步開發生態系，讓生態系要素與認證能夠在同一時間落在兩條平行跑道上，這樣我們在 2029 年投入營運（entry into service）時就能真正做到一落地就能跑。而生態系的一部分就是充電系統。

Now what we have at Vertical, which is really exciting from my perspective is this proprietary charging system that provides high-power charging and cooling in a small footprint at a very cost-efficient manner. So through the ECLiPSE program, we are working with the United Kingdom government to develop that with the intent of being able to set up the ecosystem in the United Kingdom, but that also gives us this advancement of this proprietary capability.

就我個人觀點而言，我們 Vertical 目前最令人振奮的是這套專有充電系統：它能在很小的占地內，以非常具成本效益的方式提供高功率充電與冷卻。因此透過 ECLiPSE 計畫，我們正與英國政府合作開發，目標是能在英國建立生態系，同時也讓我們的這項專有能力更進一步。

And maybe if I can just add one point. Some of this came about actually, we obviously, fundamentally, we're not going to operate the aircraft. Our strategy is to be an OEM, but we work with that wider ecosystem in terms of how the aircraft get deployed. And included in that are a lot of the infrastructure players. And the feedback we were getting from them was the options they had available to them were really too expensive and too large.

另外我再補充一點。這件事的起因之一其實是：很明顯地，我們從根本上不會自己去營運飛機。我們的策略是成為 OEM（原始設備製造商），但我們會與更廣泛的生態系合作，包含飛機如何被部署。其中也包括許多基礎設施業者。而我們從他們那裡得到的回饋是，他們現有可用的選項真的太昂貴、也太占空間。

And fundamentally, we don't want that barrier to enable Valo and other electric aircraft to be deployed successfully all over the world. So we've taken it upon ourselves to kind of fill that gap with a really compelling offering.

而從根本上來說，我們不希望那成為阻礙，影響 Valo 以及其他電動飛機在全球成功部署。所以我們決定自己補上這個缺口，提供一個非常有吸引力的方案。

Supplying batteries is also, I mean, I think it is a value proposition that seems to be lost with the investor community. But in terms of financing this ECLiPSE program, is the UK government committing any resources? And how much, what resources are expected from vertical?

供應電池也是——我的意思是，我認為這是一個價值主張，但投資人社群似乎沒有充分理解。不過就 ECLiPSE 計畫的資金面而言，英國政府是否承諾投入任何資源？以及 Vertical 預期需要投入多少、哪些資源？

So the UK government are committing resources to it. We know that. This is why we announced it. We've already got funding for that and the funding within our budget, the numbers that I talked about earlier. So we will be executing against that as we go forward. It's not huge numbers, Sameer. It's a pretty small amount of money that you need to execute this. We've actually been working on it for some time. So this is really just tidying up the last little bit of it. So it's not a huge cash drain going forward.

英國政府會投入資源，我們確定這點。這也是我們宣布此事的原因。我們已經取得相關資金，而且這筆資金已包含在我們的預算內，也就是我先前提到的那些數字之中。因此我們會在後續推進過程中依計畫執行。Sameer，金額不大。執行這件事所需的資金其實相當小。我們其實已經做了一段時間。所以這次主要是把最後一小段收尾整理好。因此未來不會造成很大的現金消耗。

Andres Sheppard, Cantor Fitzgerald.

Andres Sheppard，Cantor Fitzgerald。

It was great to see the team at Farnborough and more importantly, it was great to see the aircraft fly at Farnborough. So congrats on that as well. Stuart, I want to maybe come back to defense and hybrid. I know you've talked about it extensively in your remarks. But I guess my question here is, how are we thinking about commercialization here? And is there perhaps an opportunity to accelerate the defense and/or the hybrid, perhaps even ahead of the civil side since obviously has a more progressive certification process. Just curious how you're thinking about that, if perhaps there's an opportunity to maybe, again, accelerate defense opportunities.

在 Farnborough 看到團隊真的很棒，更重要的是，看到飛機在 Farnborough 飛起來也很棒。也恭喜你們。Stuart，我想回到國防與混合動力這塊。我知道你在發言中已經談了很多。但我這裡的問題是：我們如何思考商業化？是否有機會加速國防和／或混合動力的推進，甚至可能比民用端更早，因為顯然國防端的認證流程更為積極（更具推進性）。想了解你們怎麼看這件事，是否有機會加速國防相關機會。

Yeah, of course, Andres. So a huge thank you to you, Andres, as well. I think the panel that you hosted at Farnborough was just fantastic. It was great to be on stage with the other CEOs. So thank you for that, just bringing eyes and interest to this industry is fantastic. So thank you. Regarding defense and hybrid, look, you're absolutely right. We could accelerate this and flip and go hybrid first. At the minute, we're not because it's such a close follower. We are well down the road with Valo as an all-electric.

是的，當然，Andres。也非常感謝你，Andres。我認為你在范堡羅主持的那場座談會真的非常精彩。能和其他執行長同台非常棒。所以謝謝你；讓更多人關注並對這個產業產生興趣，真的很棒。所以謝謝你。關於國防與混合動力，你說得完全正確。我們確實可以加速推進，並且先轉向混合動力。目前我們沒有這麼做，因為它與我們的進度非常接近。我們在 Valo 的純電機型上已經推進到相當後期。

We're progressing extremely well with the hybrid powertrain. We already know it works. We'll demonstrate it next year in an aircraft. But should the UK government come in or indeed any other military come in and say, look, we really want this now. We can absolutely pull that forward and deliver that either in parallel with the 2029 time line for the electric or potentially even earlier depending on certification requirements. So really good question, Andres. Thank you.

我們在混合動力傳動系統方面進展非常順利。我們已經知道它可行。我們將在明年於一架飛機上進行展示。但如果英國政府，或任何其他軍方介入並表示：我們現在就非常需要這個。我們絕對可以把時程往前拉，並在與 2029 年純電時程並行的情況下交付，或甚至視認證要求而可能更早。所以這真的是個很好的問題，Andres。謝謝你。

Maybe just as a quick follow-up. Coming back now to the Project VERTI-GO or the eIPP European equivalent. I think Michael mentioned this is not necessarily tied to certification, but it does help as validation towards that certification process. So I guess my question here is, how are you thinking about, or what are you hoping to achieve with this program? Is it a revenue generator down the line? Is it validation for the technology? Is it eyes to the industry? Is it all the above? Or just how are you thinking about it? And what are you hoping to get out of it?

也許我再快速追問一下。回到 VERTI-GO 計畫或歐洲版的 eIPP。我想 Michael 提到，這不一定與認證直接綁定，但確實有助於作為朝向該認證流程的驗證。所以我這裡的問題是：你們如何看待、或希望透過這個計畫達成什麼？它未來會成為營收來源嗎？是用來驗證技術嗎？是讓產業獲得更多關注嗎？是以上皆是嗎？或你們具體是怎麼思考的？你們希望從中獲得什麼？

Well, I will say one word and then hand it to Michael, but this will be an outstanding opportunity to demonstrate the capability of the aircraft in an amazing high-profile area of Spain. And then Michael, maybe if you want to add a bit more.

嗯，我先說一句話，然後交給 Michael，不過這將是一個絕佳的機會，能在西班牙一個令人驚豔、且高度曝光的地區展示這架飛機的能力。Michael，如果你想再補充一些也可以。

Yeah. So I think that there's a lot of parallels with eIPP in terms of a lot of the things you talked about in terms of why you would do this. And the big bit is demonstrating the capability, demonstrating how this fits within the ecosystem, helping accelerate the wider stakeholders that are needed to bring these aircraft into operation. Like eIPP, it doesn't generate revenue itself, but there is one distinct difference, which is eIPP is not a funded program.

是的。所以我認為，這在很多方面與 eIPP 有許多相似之處，包含你提到的許多為什麼要做這件事的理由。其中最重要的是展示能力、展示它如何融入生態系，並協助加速讓這些飛機投入營運所需的更廣泛利害關係人到位。和 eIPP 一樣，它本身不會產生營收，但有一個明顯差異：eIPP 不是一個有資金支持的計畫。

So all of the US payers participating in eIPP are doing it so entirely at their own expense, whereas this particular program actually is grant co-funded by the European Parliament. So we have the benefit that we get some of the costs covered. But really, it's around demonstrating and validating the operation of the aircraft in that ecosystem and all the different pieces that need to come together to make that happen.

因此，所有參與 eIPP 的美國付款方都是完全自費參與；而這個特定計畫實際上是由歐洲議會以補助共同資助。所以我們的好處是，有部分成本可以被涵蓋。但核心仍是展示並驗證飛機在該生態系中的運作，以及讓這一切成真所需整合到位的各個不同環節。

Savanthi Prelis-Syth, Raymond James and Associates.

Savanthi Prelis-Syth，Raymond James and Associates。

Just on the battery and charging solutions you're developing. I know you talked a little bit about this before, but I was curious if there's an opportunity here to kind of sell into some aerospace companies or even airports ahead of kind of the certification? Or do you kind of really need certification before you can kind of start monetizing that?

關於你們正在開發的電池與充電解決方案。我知道你們之前稍微談過一些，但我想了解的是：在認證之前，是否有機會把這些產品賣給一些航太公司，甚至機場？還是說你們其實需要先取得認證，才能開始把它變現？

So Savi, absolutely, there's opportunity to monetize before certification. That's one of the reasons we're doing it. We also believe we've got a fantastic technical solution here that's smaller, cheaper, but equally as powerful as other things that are available. But yes, we have got great opportunity to monetize earlier than certification. I guess what do you need to achieve to get to that point? Or what's the timeline look like? We've not gone public with that, but you can book it pre certification.

所以 Savi，絕對有機會在認證之前就變現。這也是我們做這件事的原因之一。我們也相信我們在這裡有一個很棒的技術解決方案：體積更小、成本更低，但效能同樣強大，不輸市面上其他方案。所以是的，我們確實有很好的機會在認證之前就開始變現。我想你問的是：要達到那個階段需要完成什麼？或時程看起來如何？我們尚未對外公開，但你可以在認證前先行預訂。

And then just on kind of the Valo aircraft. Just curious how many aircraft you plan on building as you kind of get through 2027 and 2028. And if, going back to VERTI-GO, if you'll be planning on flying the Valo aircraft? Or will you be flying some of the Aircraft 3 or Aircraft 2?

另外關於 Valo 飛機。我想了解你們在 2027 與 2028 年推進過程中，計畫建造多少架飛機。以及回到 VERTI-GO，你們是否計畫飛 Valo？還是會飛 Aircraft 3 或 Aircraft 2？

Yeah. We'll be flying Valo, and we will be ramping up production towards the end of next year, and we will be flying in the Valo in 2028. We'll be building seven of those initially and then some hybrid ones as well. So that's the way to think about that. And we'll certainly be flying Valo at Farnborough in two years. We've gone from having nothing flying there to an amazing year this year with prototype aircraft, and we'll have Valo on full display flying there in a couple of years. very, very exciting.

是的。我們會飛 Valo；我們將在明年年底前後開始提升產量，並且會在 2028 年以 Valo 進行飛行。我們一開始會先建造 7 架，之後也會做一些混合動力機型。所以可以這樣理解。而且兩年後我們肯定會在范堡羅飛 Valo。我們從過去在那裡沒有任何飛行展示，到今年以原型機帶來令人驚豔的一年；再過幾年，我們會讓 Valo 在那裡完整展示並進行飛行。非常、非常令人興奮。

We have reached the end of our Q&A session. I will now turn the call back to Stuart for closing remarks.

我們的問答環節到此結束。我現在把電話交回給 Stuart 作結語。

So first of all, thank you all for joining and the continued interest in Vertical, hugely appreciated. I'd just like to take a moment to thank the Vertical team for all they've achieved this year. It's been a quite extraordinary first half of the year with everything that we've achieved on a fraction of what others are spending.

首先，感謝各位參與，並持續關注 Vertical，我們非常感激。我也想花一點時間感謝 Vertical 團隊今年所達成的一切。在其他人投入支出的一小部分之下，我們在上半年完成了這麼多成果，確實相當非凡。

The next six months will continue to be exciting. We will continue, as someone said, to keep our heads down and execute. We will be opening the VEC2 battery manufacturing facility. We'll open the aircraft pilot production facility at Cotswold Airport. We will do our certification next step with the aircraft level CDR in Q4, which will confirm the commercial viability of the aircraft, the mass, the payload, the range, which facilitates deep discussions with our current and future customers.

接下來六個月仍會令人振奮。我們會持續，如同有人說的，埋頭苦幹、把執行做好。我們將啟用 VEC2 電池製造設施。我們將在科茨沃爾德機場啟用飛機試量產設施。我們將在第四季進行認證的下一步，也就是飛機層級的 CDR，這將確認飛機的商業可行性、重量、有效載荷與航程，並促進我們與現有及未來客戶的深入討論。

We will announce the selection of our certification and industrialization partner for the hybrid product. We'll start installing the hybrid into Aircraft 3, and we will announce the location of our full-scale manufacturing facilities for both battery and aircraft. So it's going to be another extremely busy six months for us here at Vertical.

我們將宣布混合動力產品的認證與產業化合作夥伴的遴選結果。我們將開始把混合動力系統安裝到 Aircraft 3 上，並且會宣布電池與飛機的全規模製造設施所在地。所以對我們 Vertical 而言，接下來六個月又會是非常忙碌的六個月。

And thanks again for all of your interest and support. Look forward to talking to you all soon. Thank you.

再次感謝各位的關注與支持。期待很快再與各位交流。謝謝。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。