New Horizon Aircraft Ltd (HOVR) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the New Horizon Aircraft fiscal second quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded and will be available for replay on the company's website at www.horizonaircraft.com later today.

女士們、先生們，感謝你們的耐心等待。歡迎參加新視野飛機公司2026財年第二季財報電話會議。（操作說明）再次提醒大家，本次會議正在錄製，稍後將在公司網站 www.horizo​​naircraft.com 上提供回放。

I would now like to turn the call over to Matt Chesler with Investor relations. Matt, please go ahead.

現在我將把電話轉交給投資者關係部的馬特·切斯勒。馬特，請繼續。

Thank you, operator, and good morning everyone. Joining me on the call today are Horizon Aircraft's CEO, Brandon Robinson; and the company's CFO, Brian Merker.

謝謝接線員，大家早安。今天和我一起參加電話會議的有地平線飛機公司的執行長布蘭登·羅賓遜和財務長布萊恩·默克。

Before we get started, I would like to remind you that today's call, 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. For more information about these risks and uncertainties, please refer to the risk factors section of New Horizons Aircraft's annual report on Form 10-K for the fiscal year ended May 31, 2025.

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。有關這些風險和不確定性的更多信息，請參閱新視野飛機公司截至 2025 年 5 月 31 日的財政年度的 10-K 表格年度報告中的風險因素部分。

And filed on August 20, 2025, as well as the Form 10-Q filed with the SEC today, all with the Securities and Exchange Commission, as well as other documents filed by New Horizon Aircraft with the FEC from time to time. Any forward-looking statements we make will be based on assumptions as of today. We undertake no obligation to update these statements as a result of new information or future events.

並於2025年8月20日提交了相關文件，以及今天向美國證券交易委員會（SEC）提交的10-Q表格，所有這些文件均已提交給美國證券交易委員會，此外還有新地平線飛機公司不時向聯邦選舉委員會（FEC）提交的其他文件。我們所做的任何前瞻性陳述均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。

And now with all that, I would like to turn the call over to our CEO, Brandon Robinson for his prepared remarks. Brandon, please go ahead.

現在，綜上所述，我想把電話交給我們的執行長布蘭登·羅賓遜，請他發表事先準備好的演講。布蘭登，請繼續。

Thanks Matt and good morning everyone, and thank you for joining us today. This is truly a meaningful moment for Horizon Aircraft as it is our first ever earnings call as a public company. I would like to start by welcoming our shareholders and potential investors and thanking our long standing supporters for being with us at this exciting stage of our journey. As most of we believe deeply in being transparent, direct, and realistic about both the opportunity in front of us and the work required to get there.

謝謝馬特，大家早安，謝謝各位今天收看我們的節目。對於地平線飛機公司來說，這確實是一個意義非凡的時刻，因為這是我們作為一家上市公司舉行的首次財報電話會議。首先，我謹代表公司歡迎各位股東和潛在投資者，並感謝長期以來一直支持我們的各位，感謝你們在這個令人興奮的階段與我們並肩前行。我們大多數人都深信，對於擺在我們面前的機會以及實現機會所需的工作，都應該保持透明、直接和務實的態度。

Development of an advanced aircraft is complex. It's iterative and progress is carefully earned milestone by milestone, as you've seen. Our goal in these calls is to clearly explain what we are building, why it matters, and how we intend to execute. So I'll start with the company overview and strategic positioning. So Horizon Aircraft is developing the Cavarite X7, as many of you know. It's a unique EVTal aircraft that we believe is fundamentally differentiated from the all-electric designs that dominate the current EVTA landscape.

先進飛機的研發是一個複雜的過程。這是一個迭代的過程，進展是一步一步慢慢累積起來的，正如你所看到的。我們透過這些電話會議的目標是清楚地解釋我們正在建立什麼、為什麼它很重要以及我們打算如何執行。那麼，我將首先介紹公司概況和策略定位。正如你們許多人所知，地平線飛機公司正在開發Cavarite X7飛機。我們相信，這是一款獨特的電動車，它與目前電動車領域占主導地位的全電動設計有著根本的差異。

First, our aircraft is hybrid electric powered, carrying a fuel source on board the aircraft that is more than 40 times the energy density of the best aerospace batteries just made a lot of sense for our practical team. As such, the X7 will be able to recharge itself airborne after landing and of course operate independent of any ground charging infrastructure.

首先，我們的飛機是混合動力電動飛機，飛機上攜帶的燃料源能量密度是目前最好的航空電池的 40 多倍，這對我們務實的團隊來說非常有意義。因此，X7 著陸後可以在空中自行充電，當然也可以獨立於任何地面充電基礎設施運作。

Second, by having a significant power generation element on board alongside one of the world's most proven turbine engines, we aim to further the X7's operational flexibility by seeking flight into known icing certification, very unique in the space. We are designing an aircraft for all weather IFR operations just like the commercial aircraft that have become by far the safest means of travel for people.

其次，除了世界上最成熟的渦輪發動機之一外，我們還配備了重要的發電元件，旨在透過尋求在已知結冰條件下飛行認證來進一步提高 X7 的運行靈活性，這在業界非常獨特。我們正在設計一款適用於全天候儀表飛行規則 (IFR) 運行的飛機，就像目前最安全的出行方式——商用飛機一樣。

Traveling regional distances. Third, apart from its outstanding performance characteristics, the X7 is being designed with a focus on safety, operational costs, and durability. These three pillars are essential for any viable air operation and means to deliver a product that will be widely adopted across the world in this rapidly expanding market.

區域內短途旅行。第三，除了其卓越的性能特點外，X7 的設計還注重安全性、營運成本和耐用性。這三大支柱對於任何可行的航空營運都至關重要，也是在這個快速成長的市場中，打造一款能夠被世界各地廣泛採用的產品的途徑。

Finally, we are not planning to operate an air taxi business. We remain laser focused on being an OEM and building the very best modern VTA aircraft that will provide operators and customers with a safe, economic and enjoyable experience.

最後，我們沒有計劃經營空中計程車業務。我們始終專注於成為 OEM 製造商，打造最好的現代化 VTA 飛機，為營運商和客戶提供安全、經濟和愉快的體驗。

So a bit on our technical progress and development roadmap. From a development standpoint, Horizon aircraft continues to build momentum. Last May, as many of we completed a successful full wing transition flight of our large scale prototype, a milestone achieved only by a small number of EVT developers globally.

接下來簡單介紹一下我們的技術進度和發展路線圖。從發展角度來看，地平線飛機公司正持續保持發展動能。去年五月，我們和許多人一起完成了大型原型機的全翼過渡飛行，這是全球只有少數EVT開發商實現的里程碑。

That achievement significantly de-risked our technical roadmap and provided valuable data that is now being applied directly to the full-scale Crite X7 program. Over the last two quarters, we have significantly expanded our technical and engineering team, added key personnel with deep experience in aerodynamics, aerostructures, propulsion, and system integration.

這項成就大大降低了我們技術路線圖的風險，並提供了寶貴的數據，這些數據現在正直接應用於全面的 Crite X7 專案。在過去的兩個季度裡，我們大幅擴充了技術和工程團隊，增加了在空氣動力學、航空結構、推進和系統整合方面擁有豐富經驗的關鍵人員。

The team expansion supports our transition from the demonstration aircraft to full prototype development, full scale prototype development. And given our design, development and engineering pathway ahead, we expect to continue adding key technical personnel so that we stay on track with our expected milestones.

團隊擴充支持我們從演示飛機過渡到全尺寸原型機開發。鑑於我們未來的設計、開發和工程方向，我們預計將繼續增加關鍵技術人員，以確保我們能夠按預期里程碑實現目標。

Our near term goal is to complete the design and manufacture of the full scale X7 prototype by the end of 2026, with initial testing targeted for early 2027. This is a critical milestone in our top priority that underpins a future certification, customer engagement, and potential revenue opportunities.

我們的近期目標是在 2026 年底前完成 X7 全尺寸原型機的設計和製造，並計劃在 2027 年初進行初步測試。這是我們首要任務中的一個重要里程碑，它為未來的認證、客戶互動和潛在的收入機會奠定了基礎。

We have already made strong progress in recent months across a number of fronts on the progression of the X7 development program. Our collaboration with Pratt and Whitney, a globally recognized leader in propulsion systems, represents an important validation of our technical approach and provides us with access to deep expertise as we advance the X7's propulsion architecture.

近幾個月來，我們在 X7 開發專案的多個方面都取得了顯著進展。我們與全球公認的推進系統領導者普惠公司合作，是對我們技術方法的重要驗證，並為我們推廣 X7 推進架構提供了深厚的專業知識。

This is a strategically significant step as we advance our full scale prototype program. Last month, we partnered with Motion Applied, former high-performance technology arm of Formula One's McLaren Group. Pretty exciting.

這是推動我們全面原型專案的重要策略一步。上個月，我們與 Motion Applied 建立了合作關係，該公司是 F1 麥克拉倫集團的前高性能技術部門。真令人興奮。

Now an independent Tier 1 technology provider, Motion Applied is strengthening our capabilities in power electronics, advanced systems integration, testing, and analysis. As aircraft development continues to accelerate, having the right technical partners becomes increasingly important, and Motion Applied adds world-class depth to our engineering ecosystem.

作為一家獨立的 Tier 1 技術供應商，Motion Applied 正在加強我們在電力電子、先進系統整合、測試和分析方面的能力。隨著飛機研發的不斷加速，擁有合適的技術合作夥伴變得越來越重要，而 Motion Applied 的加入為我們的工程生態系統增添了世界一流的深度。

With an INSAT program, Initiative for Sustainable Aviation Technology, with our INSAT program grant awarded to Horizon Aircraft and our two collaborative partners for an estimated all $10.5 million-weather EVTA project, we will directly advance our all-weather operational pathway. As previously highlighted, all-weather capability is a key differentiator for our aircraft and a critical requirement for many commercial and military missions. The grant is particularly meaningful for Horizon Aircraft as it supports our development work with with without shareholder dilution, something we are especially mindful of going forward and also a source of non-diluted funding we expect to continue pursuing in the years ahead.

透過 INSAT（永續航空技術倡議）計劃，以及我們授予 Horizo​​n Aircraft 和我們的兩個合作夥伴的 INSAT 計劃撥款，用於一個預計耗資 1050 萬美元的全天候 EVTA 項目，我們將直接推進我們的全天候營運路徑。如前所述，全天候能力是我們飛機的關鍵差異化優勢，也是許多商業和軍事任務的關鍵要求。這項撥款對 Horizo​​n Aircraft 來說意義非凡，因為它支持我們的研發工作，而不會稀釋股東權益，這是我們未來特別關注的問題，也是我們預計在未來幾年繼續尋求的非稀釋性資金來源。

We'll go on to our financial position and capital runway now, and Brian will have more to say on this in a little bit. From a financial standpoint though, we are well funded with a cash balance of more than $24 million in the bank that provides us with our strongest liquidity position ever. We believe this is sufficient to fund the completion of our full scale aircraft within the next 12 months and begin initial ground testing in early 2027, as I mentioned.

接下來我們將談談我們的財務狀況和資金儲備，布萊恩稍後會對此做更多說明。但從財務角度來看，我們資金充足，銀行存款超過 2,400 萬美元，這使我們擁有了有史以來最強勁的流動性。正如我之前提到的，我們相信這筆資金足以在未來 12 個月內完成我們的全尺寸飛機，並在 2027 年初開始初步地面測試。

Our strong balance sheet allows us the ability to continue executing our efficient development plan without feeling pressured into suboptimal financing decisions, while also giving us the flexibility as we evaluate strategic opportunities going forward.

我們強勁的資產負債表使我們能夠繼續有效率地執行發展計劃，而不會感到被迫做出次優的融資決策，同時也讓我們在評估未來的策略機會時擁有靈活性。

We continue to engage in ongoing discussions with several potential strategic partners, including aerospace and defense organizations regarding multiple paths forward.

我們繼續與包括航空航太和國防組織在內的幾個潛在戰略合作夥伴進行持續討論，探討多種前進道路。

While we are encouraged by the level of interest, we remain disciplined and waiting for the right opportunity at the right time, and our strong cast position gives us the flexibility to prioritize long-term value creation over short-term announcements.

儘管我們對目前的關注感到鼓舞，但我們仍將保持謹慎，等待合適的時機。我們強大的演員陣容使我們能夠靈活地優先考慮長期價值創造，而不是短期公告。

On the industry perspective and differentiation, stepping back, we believe the broader EVTal industry is entering an interesting, much more sophisticated phase as the excitement around early concepts matures. Real world considerations speed, range, payload, required infrastructure, cost, operational robustness, and flexibility, these are all becoming increasingly important. We believe that this is where Horizon Aircraft stands apart. A hybrid electric gas EVA like the Cavalry X7 will not be limited to being a quote unquote taxi in the sky. It is designed to connect cities, move critical cargo, support medical evacuation, and serve defense and government missions, markets that we believe will develop sooner and scale faster than many short-range infrastructure dependent all-electric VTOL uses.

從產業角度和差異化來看，我們認為，隨著早期概念的成熟，更廣泛的EVTal產業正在進入一個有趣且更複雜的階段。現實世界的考量因素，例如速度、航程、有效載荷、所需基礎設施、成本、運作穩健性和靈活性，都變得越來越重要。我們認為，這正是地平線飛機公司與眾不同之處。像 Cavalry X7 這樣的混合動力電動 EVA 飛機，其用途不會局限於所謂的「空中計程車」。它旨在連接城市、運輸重要貨物、支持醫療後送以及服務於國防和政府任務，我們相信這些市場的發展速度和規模將比許多依賴短程基礎設施的全電動垂直起降飛行器應用更快。

With an expected cruising speed of almost 250 miles an hour, an estimated 500 mile range with fuel reserves and a 1500 useful load, the X-7 will have the potential to fly almost twice the speed of a comparable helicopter with significantly lower operating costs.

X-7 的預計巡航速度接近每小時 250 英里，燃油儲備可飛行約 500 英里，有效載荷為 1500 磅，其飛行速度預計將達到同類直升機的近兩倍，而運營成本則顯著降低。

We believe this positions horizon. Aircraft uniquely with the advanced air mobility ecosystem, a faster, safer, more cost effective helicopter capability that has the potential to be extremely disruptive in this rapidly growing market. This is really an exciting time for the industry and for our company as it matures, and we are well positioned to continue our rapid upward trajectory in 2026.

我們認為這代表了未來的發展方向。憑藉先進的空中交通生態系統，我們的飛機擁有獨一無二的優勢，能夠提供更快、更安全、更經濟高效的直升機能力，預計將在這個快速成長的市場中帶來顛覆性變革。對於整個產業以及我們這家日趨成熟的公司而言，這的確是一個令人興奮的時刻，我們已做好充分準備，在2026年繼續保持高速成長動能。

So, with that being said, I'd like to now pass it over to our CFO, Brian Merker to discuss the financials in more detail. Brian, take it away.

那麼，接下來我將把發言權交給我們的財務長布萊恩·默克，讓他更詳細地討論一下財務狀況。布萊恩，請開始。

Perfect, thanks, Brandon, and good morning everyone. When we designed this X7 aircraft, we consciously decided to be a pure play OEM and focused on manufacturing a superior machine that would outperform its competition in all significant operating metrics. This model is not only efficient and cost effective, but it allows us to focus on building this aircraft and avoiding distractions associated with operating aircraft and building out the related infrastructure.

太好了，謝謝布蘭登，大家早安。我們在設計這款X7飛機時，就明確決定成為一家純粹的OEM廠商，專注於製造一款性能卓越的飛機，使其在所有重要的營運指標上都超越競爭對手。這款機型不僅有效率且經濟，還能讓我們專注於飛機製造，避免因飛機運作和相關基礎建設而分散精力。

Simply put, we're going to provide existing aircraft operators with an advanced machine for servicing their customers. With our team delivering the the significant advancements that Brandon noted, our core focus from a financial perspective is ensuring we're operating from a position of strength in connection with that objective. We have significantly improved our liquidity position over the last quarter.

簡而言之，我們將為現有飛機運營商提供一台先進的設備，以便更好地服務他們的客戶。正如布蘭登所指出的，我們的團隊正在推進各項重大改進，而從財務角度來看，我們的核心重點是確保我們能夠以穩健的姿態實現這一目標。過去一個季度，我們的流動性狀況已顯著改善。

We did close the quarter with more than $24 million in cash, by far our healthiest balance sheet ever. We always strive to be patient and careful with our fundraising activity, and we use a combination, we currently use a combination of the at the market program, non non-diluted funding, and warrant exercises.

本季末，我們現金儲備超過2400萬美元，這是我們有史以來最健康的資產負債表。我們始終堅持在融資活動中保持耐心和謹慎，目前我們採用的融資方式包括市價發行、非稀釋性融資和認股權證行使。

During the quarter we raised more than $11 million at an average price of $281 per share. We often hear from governments, commercial, and other strategic potential strategic partners that liquidity is an important consideration. They understand the capital intensive nature of our industry and want to work with partners who will be around for decades to come. We believe that's us, and as Brandon indicated, we'll be evaluating potential strategic partners in 2026 from both an investment and manufacturing perspective.

本季我們以平均每股 281 美元的價格籌集了超過 1,100 萬美元。我們經常聽到政府機構、商業夥伴和其他潛在策略夥伴表示，流動性是他們考慮的重要因素。他們了解我們行業的資本密集性質，並希望與能夠長期合作的夥伴攜手共進。我們相信這就是我們，正如布蘭登所指出的，我們將在 2026 年從投資和製造的角度評估潛在的策略夥伴。

Ideal partners for us would be globally recognized organizations in the manufacturing and or defense sectors.

我們理想的合作夥伴是全球知名的製造業或國防領域的企業。

Our Q2 financial results. Reflect our continued investment in aircraft design, build, and certification.

我們第二季的財務表現反映了我們對飛機設計、製造和認證的持續投入。

More specifically. Total operating expenses were $5.1 million for the quarter, up from $3.3 million in the same period in the prior year.

具體而言，本季總營運支出為510萬美元，高於上年同期的330萬美元。

Most notably, our administrative costs were slightly reduced on a year-over-year basis with our spend on aircraft development or R&D costs up from $0.4 million a year ago to $2.6 million in the current period.

最值得注意的是，我們的行政成本比去年同期略有下降，而我們在飛機開發或研發方面的支出從一年前的 40 萬美元增加到本期的 260 萬美元。

Similarly, on a year-to-date basis, we almost doubled our operating costs from $6 million to $11 million again with admin costs relatively flat while our development costs increased from $0.7 million to $5.3 million. These aircraft development costs are directly related to people, components, and tooling connected to building out our full scale aircraft that we expect to complete in the next 12 months.

同樣，從年初至今，我們的營運成本幾乎翻了一番，從 600 萬美元增至 1,100 萬美元，而管理成本相對持平，開發成本則從 70 萬美元增至 530 萬美元。這些飛機研發成本與人員、零件和工具直接相關，這些都與我們計劃在未來 12 個月內完成的全尺寸飛機的建造有關。

As it relates to cash used in operations total $5 million for the six month period ending November 30. This was slightly higher as compared to the same period in the prior year.

截至 11 月 30 日的六個月期間，經營活動所用現金總額為 500 萬美元。與去年同期相比，這一數字略高。

With the increase in operating costs, we are carefully managing our working capital and in addition, there were a number of non-cash costs recognized in the period that are often influenced by the appreciation of the stock price that we've observed.

隨著營運成本的增加，我們正在謹慎地管理我們的營運資金，此外，本期間還確認了一些非現金成本，這些成本通常會受到我們觀察到的股價上漲的影響。

Now as we look ahead, our focus remains on disciplined execution, advancing our full scale aircraft flight program, furthering certification efforts, and preparing our customers for commercial flight operations prior to 2030.

展望未來，我們的重點仍然是嚴謹執行，推進我們的全面飛機飛行計劃，進一步推進認證工作，並讓我們的客戶為 2030 年前的商業飛行運營做好準備。

With our improved liquidity position, proven technology, and outstanding talent, I'm confident we can deliver that long-term value to shareholders.

憑藉我們改善的流動性狀況、成熟的技術和傑出的人才，我有信心我們能夠為股東創造長期價值。

And with that I conclude my my prepared remarks, and I'll I'll turn the call back to Brandon.

我的演講稿到此結束，接下來我將把電話交還給布蘭登。

Thanks very much, Brian. Really exciting stuff. In closing, Horizon Aircraft enters the second half of fiscal 2026 with a differentiated aircraft and business model, a clear technical roadmap, strong tech research partners, and growing industry validation, a very solid financial foundation, and a meaningful strategic discussions underway with more to come that could lead to significant value creating opportunities for the company. There remains important work ahead. We're confident in our team, our strategy, our financial position, and our ability to execute. So that concludes our prepared remarks.

非常感謝，布萊恩。真是太精彩了。綜上所述，Horizo​​​​n Aircraft 進入 2026 財年下半年時，擁有差異化的飛機和商業模式、清晰的技術路線圖、強大的技術研究合作夥伴、不斷增長的行業認可、非常穩固的財務基礎，並且還將正在進行有意義的戰略討論，未來有更多討論，這些都可能為公司帶來巨大的價值創造機會。前方還有許多重要工作要做。我們對我們的團隊、我們的策略、我們的財務狀況以及我們的執行能力充滿信心。我們的發言稿到此結束。

I'd like to pass the call over to the operator to begin the exciting Q&A session.

我想把電話轉交給接線員，開始令人興奮的問答環節。

(Operator Instructions)

（操作說明）

Jason Colbert with The Barrel Capital.

Jason Colbert 和 The Barrel Capital。

Hi guys, congratulations on all the progress. Can you do me a favor and just break down how you see 2026 unfolding in terms of the technical hurdles to get the certification? That would be helpful.

大家好，祝賀你們取得的所有進展。你能幫我個忙，分析一下你認為 2026 年獲得認證會面臨哪些技術障礙嗎？那會很有幫助。

Thank you. All right, excellent question, Jason. Essentially, we are building the full scale aircraft right now. So, we'll have some announcements, very shortly, but we are in active discussions with aerostructures folks, and we could have a fuselage and wings and panage and tail all coming in, kind of in the summer going into the fall. And, putting the full scale aircraft together, which is a very significant technical milestone en route to that and in parallel, we're going to be testing all the major subsystems. So vertical propulsion is already being tested. I've said that publicly. We have our PT6 that is going to be spinning up pretty soon, so the heartbeat of the aircraft, the turbine engine, work on that is going to begin very shortly. We have a lot of different aerostructures, pieces and systems coming together. Of course, flight controls would be a natural thing to be putting a lot of effort into right now as it is going to be a fly by wire aircraft. So in short, a lot of subsystems and systems testing, aerostructures coming together and again we're aiming to have a full scale aircraft together to begin ground testing in the beginning of 2027.

謝謝。好的，傑森，問得好。實際上，我們現在正在建造一架全尺寸飛機。所以，我們很快就會有一些公告發布，但我們正在與航空結構方面的人員積極討論，我們可能會在夏季到秋季期間獲得機身、機翼、尾翼和尾翼。而且，組裝全尺寸飛機是實現這一目標的一個非常重要的技術里程碑，同時，我們將測試所有主要子系統。所以垂直推進技術已經在進行測試了。我曾公開說過這句話。我們的 PT6 發動機很快就要啟動了，所以飛機的心臟——渦​​輪發動機，相關工作很快就會開始。我們需要將許多不同的航空結構、零件和系統組裝在一起。當然，由於這將是一架電傳操縱飛機，因此飛行控制系統自然是目前需要投入大量精力研究的領域。簡而言之，我們正在進行大量的子系統和系統測試，組裝航空結構，我們的目標是在 2027 年初組裝出一架全尺寸飛機，開始地面測試。

Jason, great question. I hope that answers it.

傑森，問得好。希望這能解答你的疑問。

It does, thank you.

是的，謝謝。

And that's very exciting, but also.

這非常令人興奮，但同時…

Congratulations on raising the capital and I assume that a significant amount of that capital is going to get used towards the certification this year.

恭喜你們籌到資金，我估計其中很大一部分資金將用於今年的認證工作。

Yeah, we are starting certification, work as we speak. So working through that you have to be technical to understand it, aircraft functional hazard analysis, writing a certification basis, speaking with Transport Canada. All of these activities are ongoing, of course, and as everyone knows, I'll remind them, we have a great partnership with Certification Center Canada. The founders on our board of directors, Doctor John Maris. So if any crew understands what's ahead of us, we're well positioned to have visibility into all of that.

是的，我們正在著手進行認證工作。所以要弄清楚這些，你必須具備一定的技術知識才能理解，例如飛機功能性危害分析、編寫認證依據、與加拿大交通部溝通等等。當然，所有這些活動都在進行中，正如大家所知，我還要提醒大家，我們與加拿大認證中心建立了良好的合作關係。我們的董事會創始人之一，約翰·馬里斯博士。所以，如果任何船員都了解我們即將面臨的情況，我們就能很好地掌握所有情況。

All right, terrific. Congratulations. Thank.

好的，太棒了。恭喜。感謝。

Dick Ryan, Oak Ridge Financial.

迪克‧瑞安，橡樹嶺金融公司。

Thank you. So, Brandon, focusing a little bit on the ISA funding. I mean, being able to fly in all weathers seems to be a pretty, significant differentiator if and when that's achieved. Has that changed the cadence of your conversation with potential partners or, operators out there of that capability that might set you apart from just the EV tall sector?

謝謝。所以，布蘭登，我們稍微關註一下ISA的資金狀況。我的意思是，如果能夠實現全天候飛行，那將是一個非常重要的優勢。這是否改變了您與潛在合作夥伴或營運商的對話節奏，或者改變了那些擁有使您區別於電動車高層建築領域的能力的運營商的對話節奏？

Yeah, this is an excellent question. Nothing has changed for us. We have planned this from the very beginning, this is one of the things that we identified very early on in developing the concept for the X-7.

是的，這是一個很好的問題。對我們來說，一切都沒有改變。我們從一開始就計劃了這一點，這是我們在開發 X-7 概念時很早就確定的事情之一。

I come from an operational fighter pilot background. I flew jets in the Air Force for the better part of two decades. I have been in bad weather situations that were unpredicted, and, bad weather, snowy weather, inadvertent icing, unexpected winds, headwinds, etc. Etc.

我曾經是一名作戰戰鬥機飛行員。我在空軍駕駛噴射機近二十年。我曾經遇到過無法預料的惡劣天氣，例如惡劣天氣、下雪天氣、意外結冰、意想不到的強風、逆風等等。ETC。

Having the flexibility. To have an aircraft that can fly in clouds under IFR certified routes just like the normal commercial aircraft was critically important for us to design right from the beginning. So essentially a tougher, more operationally flexible version of a VTAL that again operates independent of any sort of charging infrastructure whatsoever. So bad weather, cold weather, further distances, faster, more operational reserve energy and fuel.

具備靈活性。從一開始，我們就非常重視設計一款能夠像普通商用飛機一樣在 IFR 認證航線上於雲端飛行的飛機。因此，本質上，VTAL 是一個更堅固、操作更靈活的版本，而且它同樣無需任何充電基礎設施即可獨立運作。所以，惡劣天氣、寒冷天氣、更遠的距離、更快的速度、更多的運行儲備能源和燃料。

All of those resonate incredibly well with their operators. So when I go and talk to people that actually fly these helicopters and are looking at VTAL operations in the future, they breathe kind of a sigh of relief. It's not a fair weather machine that can only fly in sunny skies, in Southern California. This is a beast of an aircraft that is going to be tough, built for the real world, as we say, so. From the beginning that was the plan, and that that is coming together really well. As we have a climatic wind tunnel that's pretty close to us, so when the time is right, we can build a wing section and take it to the climatic wind tunnel, turn it down to 40 °F, and throw all sorts of snow and freezing precipitation at it. So we're really well set up to make sure that this, that aspiration turns into reality.

所有這些都與他們的運營商產生了極大的共鳴。所以，當我與那些實際駕駛這些直升機並考慮未來進行垂直起降作業的人交談時，他們都會鬆一口氣。它不是那種只能在南加州晴朗天空下飛行的晴天飛機。這是一架性能強悍的飛機，正如我們所說，它是為真實世界而打造的。從一開始這就是計劃，目前進展非常順利。由於我們附近就有一個氣候風洞，所以時機成熟時，我們可以建造一個機翼模型，把它帶到氣候風洞，將溫度調低到 40 華氏度，然後向它傾倒各種雪和冰凍降水。因此，我們已經做好充分準備，確保這個願景變成現實。

Okay, great to hear. On the competition side, you see the EV tall guys now talking about bringing Hybrid, airframes to market potentially. What's your, 30,000 ft view of that effort?

好的，很高興聽到這個消息。在競爭方面，你會看到電動車領域的巨頭們現在正在討論將混合動力飛機推向市場的可能性。從宏觀角度來看，你如何看待這項工作？

Yeah, I mean, In many ways, a hybrid makes a lot of sense for these vehicles. I think, when they get into testing, they may or may not discover that, it's difficult to get all of the flight testing in they need with an all-electric architecture. They're probably looking at the same things we looked at. They need to heat the cabin. They need extra fuel reserves at their destination in case something happens, and that all sort of chips away at a pure electric architecture now.

是的，我的意思是，從很多方面來看，對於這些車輛來說，混合動力是一個非常合理的選擇。我認為，當他們開始測試時，他們可能會發現，也可能不會發現，採用全電動架構很難完成他們所需的所有飛行測試。他們可能也在關注我們關注的同樣內容。他們需要給小木屋暖氣。他們需要在目的地儲備額外的燃料以防萬一，而這一切都在逐漸削弱純電動架構的可行性。

The difficult thing for those folks is in many ways their VTAL aircraft are built around an all-electric architecture, these, open rotor systems, high drag sort of en route flight. So it'll be a chat, it'll, it won't be as big of a challenge for them to throw a hybrid system in there, but the overall architecture of their aircraft is really still designed for all electric operation.

對這些人來說，困難之處在於，他們的 VTAL 飛機在許多方面都是圍繞全電動架構建造的，這些飛機採用開放式旋翼系統，在飛行途中阻力較大。所以這只是一次交流，對他們來說，在飛機上加裝混合動力系統不會是什麼大挑戰，但他們飛機的整體架構實際上仍然是為全電動運行而設計的。

So we wish them the best. I think it's a really smart move for a lot of them to go hybrid. But again they'll be limited in upper end speed and range, based on their ability to hybridize it correctly if that makes any sense.

所以，我們祝福他們一切順利。我認為對他們中的許多人來說，採用混合動力模式是一個非常明智的舉措。但是，如果說它們能夠正確地進行混合動力化改造，那麼它們的高速性能和續航里程將會受到限制。

Sure. Hey Brian, one for you. O X, you talked about the increase, so far year-to-date. Well, how should we be, putting OpEx in a range as we go through the rest of 26 and into the 27?

當然。嘿，布萊恩，給你一個。O X，你談到了今年迄今為止的成長情況。那麼，在接下來的 26 個月以及進入 27 個月的過程中，我們該如何設定營運支出範圍？

Thanks, Dick. So yeah, that what I would expect, the is that the cost will gradually scale up as we add more people, as we add more tooling components to build out the full scale aircraft, and the certification program, we're going to see an increase in operating costs.

謝謝你，迪克。所以，是的，我預計隨著人員增加、工具組件增加以建造全尺寸飛機以及認證計劃的推進，成本會逐漸增加，運營成本也會隨之增加。

It over the next couple of quarters you'll see that gradually scale and and you know we're we think about this time next year we're probably looking at in the range of 2x in terms of total operating costs.

在接下來的幾個季度裡，你會看到這種情況逐漸擴大，而且你知道，當我們展望明年這個時候時，總營運成本可能會達到現在的兩倍左右。

Okay. Great and thanks for holding the first conference call. It's good to have the transparency as we move through the story. Thanks guys.

好的。太好了，謝謝你們召開第一次電話會議。在講故事的過程中，保持透明是件好事。謝謝各位。

I really appreciate the question. Thanks very much.

非常感謝你的提問。非常感謝。

(Operator Instructions)

（操作說明）

I would now like to turn the call over to Matt Chesler from Investor relations to moderate questions from the company's shareholders that were submitted in advance or via the chat.

現在我將把電話交給投資者關係部的馬特·切斯勒，由他來主持公司股東事先提交或透過聊天提交的問題。

Thank you, operator. The first question or set of questions comes from Josh Sullivan at Jones Trading.

謝謝接線生。第一個問題或一組問題來自 Jones Trading 的 Josh Sullivan。

Josh is asking, how might New Horizon benefit, in terms of development timeline for the Care X7. Given the experience of other EV toll competitors in the market's experience, he's asking if there's any major lessons learned or risks avoided that might speed the X7 to market relative to the experience of peers.

Josh 問道，就 Care X7 的開發時間表而言，New Horizo​​n 能從中獲得什麼好處。鑑於其他電動車收費競爭對手在市場上的經驗，他想知道是否有任何重大經驗教訓或避免的風險，可以加快 X7 相對於同行的上市速度。

Yeah, great question from Josh. Essentially, the Advanced our mobility market and, EVTel sort of group in general, is a lot more sophisticated than it was sort of 5 years ago. People are testing real aircraft and working towards certification. It's going to be very exciting. The S4 is going to be certified pretty soon from Jovi. Archer will follow thereafter. Vertical is making some great progress as well, and I like 2025. It's a much more H1st place where you can. Where I get a lot more sophisticated questions back up 5 years, and it was, a lot of fancy renderings. So the exciting thing is, if this is happening, which is fantastic, and there have been a lot of lessons learned, along the way. .

是的，喬希問得好。從本質上講，我們的先進行動市場以及 EVTel 這類集團整體而言，比 5 年前要複雜得多。人們正在測試真正的飛機，並努力獲得認證。這會非常精彩。S4很快就會獲得Jovi的認證。阿徹隨後也將跟進。Vertical 也取得了很大的進展，我很喜歡 2025 年這個目標。這是一個更適合H1st的地方。五年前，我收到了很多更複雜的問題，還有很多精美的渲染圖。所以令人興奮的是，如果這一切真的發生了，那真是太棒了，而且在過程中我們也學到了很多教訓。。

There have been lessons learned on the aerostructure side. There's been lessons learned on the power electronic side. There's been lessons learned on the limitations of an all-electric architecture in terms of how batteries really operate and how much electrified, well, how much battery power you need on board to make a real operational machine work, and it's thousands of pounds for the pure electric folks.

在航空結構方面，我們已經吸取了一些經驗教訓。在電力電子方面，我們已經吸取了一些經驗教訓。我們已經吸取了關於全電動架構局限性的教訓，例如電池的實際運作方式以及電動化程度，也就是要讓一台真正運轉的機器在車上配備多少電池電量，而對於純電動汽車來說，這需要花費數千英鎊。

And so I think some of the lessons learned along the way have been, a focus on the end user, on the operator, and building a machine that is laser focused on delivering superior performance across the board, so safer, faster, tougher machine that can operate. In clouds, in cold weather, in bad weather, that laser focus on the end user has been a very significant lesson learned. You can't, if you take it, if you build it, they will come approach you build a machine because you can, and then you TRY to find a use for it. That's less successful than, a company like our approach, and there's a few. Ones out there that have, listened to the operators that viscerally understand what they need and are building a machine that is going to be extremely useful for those folks, cost effective and safe, and then its adoption will lead to, of course, a safer, more sustainable sort of future for all of us. So that's been the major lesson learned for us alongside a myriad of technical lessons that the whole. The group has learned we could go through some of those, but they're again they're highly technical, specific to aerostructures and electric motors and power electronics, but it's a cool place. There's some great tech and it keeps getting better in 2025. Again, we like the focus on the end user as a significant lesson that has turned out well for us.

因此，我認為一路走來我們學到的一些經驗是，要專注於最終用戶和操作員，並製造一台專注於提供全面卓越性能的機器，這樣才能製造出更安全、更快速、更堅固耐用的機器。在陰天、寒冷天氣、惡劣天氣下，始終以最終用戶為中心是我們學到的非常重要的一課。如果你拿走它，如果你建造它，他們就會來找你，讓你建造一台機器，因為你能做到，然後你再去嘗試尋找它的用途。這種做法不如我們這樣的公司成功，而且這樣的公司也有一些。那些傾聽操作人員心聲，了解他們的需求，並製造出對這些人極其有用、經濟高效且安全的機器的人，當然，這種機器的普及應用將為我們所有人帶來一個更安全、更可持續的未來。所以，除了整個過程中無數的技術教訓之外，這是我們學到的主要教訓。該小組了解到我們可以研究其中的一些內容，但它們技術性很強，專門針對航空結構、電動馬達和電力電子設備，不過那是個很酷的地方。這裡有一些很棒的技術，而且到 2025 年會變得更好。再次強調，我們非常欣賞以最終用戶為中心的理念，這對我們來說是一個非常重要的經驗，而且效果很好。

Great question.

問得好。

Well, Brandon, Josh has a follow-up question. And he, he's asking as we move forward, and as you evaluate potential partnerships, what are you going to be prioritizing?

布蘭登，喬許還有一個後續問題。他問，隨著我們不斷前進，在評估潛在的合作關係時，你們的優先事項是什麼？

So, and again, we have nothing to announce right now, but I mean, the Canadian ecosystem in aerospace is excellent. You have Bombardier Defense, you have Mitsubishi Heavy Industries Regional jets. So Bombardier is building the Global 8,000 series now, MHIRJ and MHICA. So Mitsubishi has been doing a lot of excellent things in the aerospace world. It is a thriving ecosystem, for aerospace up here, which is fantastic, and it would be Silly, if we weren't talking to all of those folks on the defense and commercial side, the thing that would bring bench strength to manufacturing and production and certification of the aircraft. So, looking forward in 2026, we're going to be pushing forward on those strategic discussions.

所以，再次聲明，我們現在沒有什麼可以宣布的，但我的意思是，加拿大的航空航天生態系統非常出色。龐巴迪防務公司和三菱重工支線噴射機公司都有。所以龐巴迪現在正在建造環球8000系列飛機，也就是MHIRJ和MHICA。所以三菱在航空航太領域做了很多出色的事情。這裡是一個蓬勃發展的航空航天生態系統，這太棒了。如果我們不與國防和商業領域的各方人士進行交流，那就太愚蠢了，因為這將為飛機的製造、生產和認證帶來強大的後備力量。展望2026年，我們將繼續推進這些戰略討論。

And again, I can't announce anything now, but it would be great to have an announcement in 2026 of a major strategic partner.

再次聲明，我現在還不能宣布任何事情，但如果能在 2026 年宣布一位重要的策略夥伴，那就太好了。

To to further de-risk the the development going forward.

為了進一步降低未來發展的風險。

Okay, thank you. Let's move on to the next submitted question.

好的，謝謝。接下來我們來看下一個提交的問題。

Can, and, can you speak to both your airframe and battery packs? Are you going to design and build them internally or develop both via a partnership?

你能同時與機身和電池組對話嗎？你們是打算自行設計和製造，還是透過合作進行兩者的開發？

Yeah, I mean the great thing is.

是的，我的意思是，最棒的是。

Yeah, so great question, on the airframe side, of course we have all of the technical skills to do it in-house, so we're designing the aerostructure, the outer mode line, iterating that, making sure we have a stable. Aircraft and the aerostructure can support all of the loads it needs to support. We have that ability in-house. Of course, it makes sense to get a second set of eyes on it. So again, there's a lot of really talented folks in the Canadian aerospace ecosystem that we can, once we're done, we can hand it off for a second set of eyes and an additional analysis, which is great. And again on the airframe side, we're going to be hit and go on the build pretty soon, which is fantastic. So that would speak to the level of sophistication we already are at with the airframe. On the battery pack side.

是的，這個問題問得好。在機身方面，我們當然擁有所有內部完成所需的技術技能，所以我們正在設計氣動結構、外部模線，不斷迭代，確保我們有一個穩定的結構。飛機及其機翼結構能夠承受其所需承受的所有負荷。我們公司內部具備這種能力。當然，讓其他人檢查一遍是明智之舉。所以，加拿大航空航天生態系統中有很多非常有才華的人，我們完成之後，可以把專案交給他們進行第二輪審查和額外的分析，這非常好。在機身方面，我們很快就要開始建造了，這真是太棒了。這說明我們在機身設計方面已經達到了相當高的水平。在電池組那邊。

We're going to be looking to procure the cells, but we have a really cool opportunity and an exceptional design already, I think, for a unique battery pack that's simple, that's safe, and again, we don't need GBP2,000 of batteries on board like all electric folks. We have a hybrid engine that is producing a lot of electricity, and just the way the aircraft hovers, it does not burn as much energy as you might think in hover. And so those two unique aspects combine to make, to give us a unique situation where we can be a little more flexible with our battery packs, choose chemistries that are a little stronger, that aren't as delicate, if that makes any sense, that are much more robust and not as prone to thermal events, really robust chemistries for high power drop. And recharging rapidly. So we will design our own battery packs at the cell level. We'll procure those from a world-class battery cell manufacturer and of course, test, testing, and more testing when it comes to all that stuff. Uniquely, our batteries are located away from the cockpit, so there's no giant lithium reservoir sitting underneath the passengers, which is nice.

我們將著手採購電池，但我認為我們已經有了一個非常棒的機會和一個出色的設計，可以打造一個獨特、簡單、安全的電池組，而且，我們不需要像所有電動車那樣在船上安裝價值 2000 英鎊的電池。我們有一個混合動力發動機，可以產生大量電力，而且飛機懸停的方式，使其在懸停時消耗的能量並沒有你想像的那麼多。因此，這兩個獨特的方面結合起來，為我們創造了一種獨特的局面，我們可以更靈活地選擇電池組，選擇更強勁、更耐用、不易發生熱事件的化學成分，真正適用於高功率下降的耐用化學成分。而且充電速度很快。因此，我們將從電芯層面設計我們自己的電池組。我們將從世界一流的電池製造商那裡採購這些電池，當然，對於所有這些東西，我們將進行測試、測試、再測試。我們的電池位置很獨特，遠離駕駛艙，所以乘客下方沒有巨大的鋰電池儲罐，這很好。

They're all out in the in the wings as I mentioned before. Yeah, so that's an exciting one. So that covers the airframe, that covers the battery packs, hopefully I got both of those, pillars, with that answer.

正如我之前提到的，他們都在幕後伺機而動。是啊，這真是個令人興奮的消息。這樣就涵蓋了機身部分，也涵蓋了電池組部分，希望我的回答能涵蓋這兩方面，也就是支柱部分。

Brandon, there.

布蘭登，你看。

Was another question, questioner that jumped into the queue for the telephone line, so I'm going to turn the call back briefly to the operator, for that question, and then we'll pick up the submitted questions, right after operator, okay, sounds great.

還有一位提問者插隊到電話線路的隊列中，所以我將暫時把電話轉回給接線員，處理這個問題，然後我們馬上繼續處理之前提交的問題，接線員，好的，沒問題。

Thank you. Your question is coming from Brian Lantier with VC Small cap Research.

謝謝。您的問題來自 VC Smallcap Research 的 Brian Lantier。

Good morning, gentlemen. Really impressive update. I, I'm really happy to hear the progress on the financing side. I, a lot of the things I wanted to ask have already been covered, but if you could touch on some of the challenges and maybe the opportunities that you're seeing when it comes to recruiting right now and identifying the key technical talent, does, Your location being headquartered in Canada provide any unique advantages when it comes to, finding people in the, to add to your technical team?

早安，先生們。這次更新真是令人印象深刻。我很高興聽到融資的進展。我想問的許多問題都已經被談到了，但是如果您能談談您目前在招募和識別關鍵技術人才方面遇到的挑戰和機遇，以及貴公司總部設在加拿大是否在尋找人才加入技術團隊方面具有任何獨特的優勢？

Yeah, so it is an exciting time in 2025, and again, Canada is unique insofar as that we have a thriving aerospace ecosystem up here and a lot of talent coming out of the technical colleges. So, there's a lot of highly talented, highly skilled younger folks. We've just been through a bunch of co-ops, and one of our co-ops is actually coming back for full-time work.

是的，2025 年是一個令人興奮的時期，而且，加拿大的獨特之處在於，我們這裡有一個蓬勃發展的航空航天生態系統，並且技術學院培養了大量人才。所以，有很多非常有才華、技能高超的年輕人。我們剛完成了一系列實習項目，其中一位實習生即將回來全職工作。

I must say the skill coming out of some of these technical schools right now is impressive. I don't know whether it's YouTube and they can just learn on their own. Whereas I had to go and, there's some stuffy sort of library and, just pick up one of the books with the most words in it, where now you can kind of, get tutorials on everything, but they come to the, they come as junior engineers with with exceptional abilities, with an exceptional ability to learn, so that's been really exciting for us. So picking up the younger talent is great and in the ecosystem right now.

我必須說，現在這些技術學校培養出來的學生技能水平令人印象深刻。我不知道是不是因為YouTube，他們才能自學。而我以前不得不去那種沉悶的圖書館，隨便挑一本字數最多的書，現在你可以在那裡找到各種各樣的教程，但他們來到這裡，他們是初級工程師，擁有非凡的能力和非凡的學習能力，這對我們來說真的非常令人興奮。所以，發掘年輕人才是好事，而且這正是目前生態系所需要的。

Seems to be a bit of turnover at some of the larger companies and so we do have access to some very significant senior level talent which is fantastic it you know these folks are in high demand but I think it's the uniqueness of our product. The focus of the team, on just building an awesome prototype and you know we're not the flashiest company from an IRPR perspective. We build stuff and I think that is, pretty exciting for a lot of the senior folks and when they interview with us they see a team that has some deep bench strength that knows what they're doing, that has been there and done that has designed and built and flown clean sheet aircraft designs. And it's just a really cool project for them to work on in a very practical way. We're not trying to shoehorn tech in that doesn't make any sense. There's tons of room for innovation, and we move quickly, and that's been resonating with a lot of folks. Now on the challenges side, of course, these again, these, senior, talent, most talented folks are in high demand as well, so we tend to compensate really well, and right now Canada seems to be a nice place for a lot of folks to want to move to, given the, a lot of the. Geopolitical turmoil, globally, so we've hired a lot of international folks we've hired some folks from the US, and that's, right now it seems to be, a pretty positive story for us.

一些大公司的人員流動性似乎比較大，因此我們能夠接觸到一些非常重要的高級人才，這非常棒，因為你知道這些人非常搶手，但我認為這是因為我們產品的獨特性。團隊的重點是打造一個很棒的原型，你知道，從 IRPR 的角度來看，我們不是最引人注目的公司。我們製造東西，我認為這對許多資深人士來說都非常令人興奮。當他們來面試時，他們會看到一個實力雄厚、經驗豐富的團隊，他們知道自己在做什麼，他們設計、製造並試飛過全新的飛機設計。對他們來說，這是一個非常棒且非常實用的項目。我們不會硬塞一些毫無意義的技術進來。創新空間巨大，我們行動迅速，這引起了許多人的共鳴。當然，在挑戰方面，這些資深人才，尤其是最有才華的人才，都非常搶手，所以我們往往會提供非常優的待遇。而且，鑑於加拿大目前有很多優勢，對許多人來說，這裡似乎是一個值得移居的好地方。全球地緣政治動盪，所以我們僱用了很多國際員工，也僱用了一些美國人，就目前來看，這對我們來說是一個相當積極的消息。

We're always going to struggle to build the team as fast as we want, but it's been, that's been a bright spot so far.

我們始終難以像我們希望的那樣快速組建團隊，但到目前為止，這已經是一個亮點了。

And I guess maybe along those lines, there's, talking scuttlebutt in the industry that, the confusion at the FAA right now is possibly going to push out some of the certification timelines for Joey and the Archer, maybe out another six months.

我猜想，或許正是基於這個原因，業內有傳言說，美國聯邦航空管理局目前的混亂局面可能會將 Joey 和 Archer 的一些認證時間表推遲，也許再推遲六個月。

Could you talk about the fact that maybe you're focused on working with Transport Canada is a potential advantage, relative to companies focused squarely, on working with the FAA?

您能否談談，相對於那些只專注於與美國聯邦航空管理局 (FAA) 合作的公司而言，您專注於與加拿大交通部合作是否具有潛在優勢？

Yeah, great question. I would say two things. One, that's the advantage of being kind of an EVall 2.0 company, right? We're not all carrying Nokia flip phones around, but, everyone had a lot of folks have iPhones, as Apple was kind of second mover in the space. Same with us, we're, able to. Avoid building this massive company when the regulatory framework for certification wasn't even in place. The cool thing now about designing one of these aircraft is that we have visibility through EASA's SUVal or the FAA 2,117 Bravo framework. We know exactly what we're designing to, which makes a ton of sense. Now, to speak specifically to the Canadian Transport Canada Civil Aviation opportunity, TCCA is simply A much smaller organization than the FAA, but it is not inundated with 600 companies coming at them with all these bizarre designs, and so it's a much quieter place. Essentially we're a much bigger fish in a much smaller pond with a very agile Transport Canada civil aviation that now has visibility on a couple of different frameworks that that helps that have helped over the years kind of coalesce. A structure for them to certify here in Canada. So it is an opportunity for us. We're thankful for it and we hope that that leads to a bit more of an efficient certification process. Again, partnered with Certification Center Canada, world experts in certifying aircraft.

嗯，問得好。我想說兩點。第一，這就是成為類似 EVall 2.0 公司的優勢，對吧？我們現在並非人人都拿著諾基亞翻蓋手機，但當時幾乎人人都用iPhone，因為蘋果在這個領域算是後起之秀。我們也是一樣，我們有能力做到。在認證監管架構尚未建立的情況下，切勿建立如此龐大的公司。現在設計這類飛機最酷的地方在於，我們可以透過 EASA 的 SUVal 或 FAA 2,117 Bravo 框架來了解情況。我們非常清楚我們的設計目標是什麼，這非常有意義。現在，具體來說，加拿大交通部民航局 (TCCA) 的機會，TCCA 的規模比美國聯邦航空管理局 (FAA) 小得多，但它不會像 FAA 那樣被 600 家公司帶著各種奇怪的設計方案湧來，所以這裡要安靜得多。從本質上講，我們就像一條大魚在一個小池塘里，而加拿大交通部民航部門非常靈活，現在對幾個不同的框架都有所了解，這有助於這些框架在過去幾年中逐漸融合。一個供他們在加拿大進行認證的機構。所以這對我們來說是一個機會。我們對此表示感謝，並希望這能讓認證過程更有效率。再次與加拿大認證中心合作，該中心是飛機認證領域的全球專家。

Great.

偉大的。

Thank you. And I'll echo the other comments. I really appreciate you guys having a call. It's great to have this back and forth conversation on the company at this stage.

謝謝。我同意其他人的評論。非常感謝你們抽空通話。在這個階段能就公司發展進行這種的交流真是太好了。

Yeah, I really appreciate it. Great questions, Brian.

是的，我真的很感激。布萊恩，問得好。

Thank you.

謝謝。

I would now like to hand the floor back to Matt to continue the questions.

現在我想把發言權交還給馬特，讓他繼續提問。

Thank you, operator. Let's pick it up where we left off. Brian, here's a question for you, from, Gideon Ewers from Rotor Hub International. Gideon asks, says that you talked about building an aircraft that is faster with better range and speed and safety. How about seat per mile costs compared with existing platforms?

謝謝接線生。讓我們繼續上次的話題。Brian，Rotor Hub International 的 Gideon Ewers 有個問題想問你。吉迪恩問道，你曾談到要製造一架速度更快、航程更遠、速度更快、安全性更高的飛機。與現有平台相比，每英里座位成本如何？

Okay, yeah, this is, Perhaps this is the most important question, as we think of, at least as I look ahead 3 or 4 years from now and TRY to separate some of the winners from the losers in this space. Cost per cost per seat mile is one of those metrics that's commonly referenced in the industry.

好的，是的，這或許是最重要的問題，至少在我看來，展望未來三、四年，並試圖區分這個領域的贏家和輸家時，我們需要思考這個問題。每座位英哩成本是業界常用的指標之一。

And we looked at this in a fair amount of detail. We actually brought in a third-party to look at this as well. Most of our peer group speak about $3 to $5 per seat mile, and I believe they'll get there one day, although it's going to take some work, but they will probably get there. In our case we are projecting a cost per seat mile around $1.

我們對此進行了相當詳細的研究。我們也請第三方機構來評估這個問題。我們的大多數同行都認為每座位英里成本在 3 到 5 美元之間，我相信他們終有一天會達到這個目標，雖然這需要付出一些努力，但他們最終可能會實現。就我們而言，我們預計每座位英里的成本約為 1 美元。

And it sounds too good to be true, but it's largely a function of two things. One is the performance of the machine and as we've alluded to earlier, our operating performance is significantly better than our peer group, and we're going twice as fast, for example. It's also a function of operating costs and.

這聽起來好得令人難以置信，但這主要取決於兩件事。一是機器的性能，正如我們之前提到的，我們的運行性能明顯優於同行，例如，我們的速度是他們的兩倍。這也與營運成本有關。

As a result of reduced maintenance, fuel costs, all of the costs that lead into the operating costs of the aircraft, we are projecting a cost per seat mile, as I said, around 1 buck, and if you start looking at what that means for a trip, whether that's, New York to Boston, or, that regional range, that 100 to 500 mile range. The impact to operators for a machine like this compared to whether it's advanced air mobility machines or legacy helicopters is significantly improved economics for the operators. So that's why I believe if we look out 3 to 4 years, this is the kind of machine that's going to be on the winning side.

由於維護、燃油成本以及所有導致飛機運營成本降低的費用減少，我們預計每座位英里的成本，正如我所說，約為 1 美元。如果你開始考慮這對一次旅行意味著什麼，無論是從紐約到波士頓，還是區域航線，100 到 500 英里的航程。與先進的空中機動設備或傳統直升機相比，這種機器對營運商的影響是顯著提高了營運商的經濟效益。所以，我認為如果我們展望未來 3 到 4 年，這種類型的機器將會站在勝利的一方。

Okay, great. The next question, there's a follow-up question from Gideon, and I'm just going to read it directly. Has your rivals pivot one by one from battery to hybrid power since you went with that option from the start? Are you now experiencing a sense of told you so, he may or may not want to answer that.

好的，太好了。下一個問題是吉迪恩提出的後續問題，我將直接讀出來。自從你一開始就選擇了混合動力以來，你的競爭對手是否已經一個接一個地從純電動轉向混合動力？你現在是不是覺得自己像個傻瓜一樣，他可能想回答這個問題，也可能不想回答。

Now, what I will say is, we do wish them the best of luck. We see very much the X7 as a complimentary service, right? So, and I've seen the business models, Joby and Archer, they're planning on, flying 2,500 hours, per year. That's, 5 times what a typical helicopter operation would do. And so their business model is really calibrated for the shorter range, lower margin, high frequency routes in good weather, and then we can be a very much a complimentary sort of service, right? So take our aircraft and reach out and go 500 miles at 250 miles an hour, go between cities, not just within them, and do some of those lower hanging fruits, easier missions to begin with, the critical, emergency medical.

最後，我想說的是，我們祝他們好運。我們認為 X7 更像是一種配套服務，對嗎？所以，我看過 Joby 和 Archer 的商業模式，他們計劃每年飛行 2500 小時。這相當於一般直升機作業效率的5倍。因此，他們的商業模式實際上是針對短途、低利潤、高頻率且天氣良好的航線而設計的，而我們可以提供一種非常互補的服務，對吧？所以，駕駛我們的飛機，以每小時 250 英里的速度飛行 500 英里，在城市之間飛行，而不僅僅是在城市內部飛行，先完成一些更容易完成的任務，例如關鍵的緊急醫療救援。

Support transporting organs, transporting radioactive isotopes, transporting people to the hospitals, critical cargo anywhere, again, so we TRY not to, we TRY to be very realistic and again those folks will find, use cases for their machines in the short to medium term, and we're just, we're, but we are happy that we. You know that we again focused on the end user and built a product to specifications that make a lot of sense. Again, twice as fast as a helicopter, much cheaper to own and operate, and as it would have it, very competitive even amongst the all-electric Vital companies that now are seeing the expense of their, 2,000+ pounds of batteries on board and some of the limitations therein. So again, we're excited they're going to be certified. They will start to be used very shortly and we can enjoy the success rate alongside them.

支持器官運輸、放射性同位素運輸、人員轉運至醫院、關鍵貨物運送到任何地方，所以我們盡量不這樣做，我們盡量保持務實，這些人會在短期到中期內找到他們機器的用途，我們只是，我們，但我們很高興我們。你知道，我們再次以最終用戶為中心，並根據非常合理的規格打造了一款產品。再說一遍，它的速度是直升機的兩倍，擁有和運營成本要低得多，而且實際上，即使在那些現在正面臨機載 2000 多磅電池成本和一些限制的全電動 Vital 公司中，它也極具競爭力。所以，我們再次感到興奮，他們即將獲得認證。它們很快就會投入使用，我們也能一起享受它們帶來的成功。

There's an additional question, for you Brandon or O'Brien. You say that your ideal investment or manufacturing partner looks like a globally recognized brand. Is that ideal partner from within or without the aerospace industry?

還有一個問題，問你，布蘭登或奧布萊恩。你說你理想的投資或生產夥伴應該是全球知名品牌。理想的合作夥伴是來自航空航太產業內部還是外部？

Yeah, that'll be from within the aerospace industry. We're going to have a lot of different partners, to be quite frank, and again, we're not looking for, press releases. We're looking for solid partnerships that can help move us forward on a technical basis. And so you'll see us, have realistic partnerships that drive things forward and build an ecosystem that is going to lead to our success. So hopefully that answered that question.

是的，那應該是來自航空航太產業內部。坦白說，我們會有很多不同的合作夥伴，而且，我們並不尋求新聞稿。我們正在尋找能夠幫助我們在技術層面取得進步的可靠合作夥伴。因此，你會看到我們建立務實的合作關係，推動事物向前發展，並建立一個將引領我們走向成功的生態系統。希望這能解答你的疑問。

Yes, here's a follow-up question from Josh Sullivan at Jones Trading. He's saying, if we pull back, 3 to 30,000 ft, are there, and there are different EV toll offerings coming to market over the next couple of years, all with various strengths and weaknesses, in your view, what applications or customers do you see where the Cabaret X7 is the standout capability?

是的，以下是來自 Jones Trading 的 Josh Sullivan 的後續問題。他說，如果我們把範圍縮小到 30,000 到 30,000 英尺，並且在未來幾年內市場上會出現不同的電動車收費產品，所有這些產品都有各自的優勢和劣勢，在你看來，你認為 Cabaret X7 在哪些應用或客戶中能夠脫穎而出？

In that market.

在那個市場中。

Well, I mean, so the global helicopter fleet is what, 70,000 airframes strong. Half of those aircraft just go from one place to another, and the typical range is much more than, 50 miles that some of the all electric folks are going to be limited to. So anytime, anything that requires vertical takeoff and landing, and again that's over half of the global helicopter fleet total, where you're going more than 50 miles, you're going to want our machine.

嗯，我的意思是，全球直升機機隊大約有7萬架飛機。這些飛機中有一半只是從一個地方飛到另一個地方，而且它們的典型航程遠遠超過 50 英里，而一些全電動飛機的航程將被限制在 50 英里以內。所以，任何時候，任何需要垂直起降的飛行，這佔全球直升機機隊總數的一半以上，飛行距離超過 50 英里，你都會想要我們的機器。

It's faster, safer, more economic to fly than a helicopter, and some of the even longer range, all-electric Utel companies as well. So if they're going to be a very compelling offering from a 30,000 ft perspective, it would be the machine that I would want to fly as an ex-military guy if I needed vertical takeoff and landing and really needed to go anywhere, for all of those different reasons. So, yeah, but that's me, of course, Different folks have different views. Again, we see ourselves very complimentary, but There's a huge mission set on the civilian and military side that this aircraft will be able to do almost immediately, and we're pretty proud of that.

搭乘飛機比搭乘直升機更快、更安全、更經濟，甚至比一些航程更遠的全電動 Utel 公司還要經濟。所以，如果從 30,000 英尺的高度來看，它們是一款非常有吸引力的產品，那麼作為一名退伍軍人，如果我需要垂直起降並且真的需要去任何地方，出於所有這些不同的原因，它將是我想要駕駛的機器。是的，當然，那是我的看法，不同的人有不同的觀點。我們再次強調，我們彼此之間非常互補，但這架飛機在民用和軍用領域都肩負著一項巨大的使命，它幾乎可以立即投入使用，我們為此感到非常自豪。

I'd like to now ask a question from Dominic Perry from Flight Global. It's actually a two-parter. He asks, what are the particular pinch points or challenges you expect this year as you build out the prototype?

現在我想向 Flight Global 的 Dominic Perry 提問。實際上，它分為兩部分。他問道，在建造原型機的過程中，您預計今年會遇到哪些具體的瓶頸或挑戰？

Was there a second follow-up? You said this is a two-parter.

是否有第二次後續調查？你說過這是個兩部分的故事。

Yeah, the second part is, last year you announced a partnership with Zero Avia to investigate hydrogen power. What progress, what, what's the progress on that project making?

是的，第二部分是，去年您宣布與 Zero Avia 建立合作關係，共同研究氫能。那個專案進度如何？進展如何？

Okay, so pinch points going forward, like I said, we're, a very open and transparent company. If I told you there was not, everything was going to be smooth sailing and there are no challenges ahead, I would be lying and any other EVtel CEO that tells you it's a smooth sailing, doesn't know what they're talking about. There's always challenges. Okay, we'll start with some of the core tech. We have some great, progress on the vertical propulsion system, that we'll be able to announce via technical update soon. But of course batteries and power electronics are always going to be a challenge.

好的，所以接下來要關注的重點，就像我說的，我們是一家非常開放和透明的公司。如果我說一切都會一帆風順，不會面臨任何挑戰，那我就是說謊。任何其他 EVtel 的 CEO 如果告訴你一切都會一帆風順，那他肯定不知道自己在說什麼。挑戰總是存在的。好的，我們先從一些核心技術開始。我們在垂直推進系統方面取得了一些重大進展，我們很快就會透過技術更新向大家公佈。當然，電池和電力電子設備始終會是個挑戰。

We always want more power density in our electric motors. We always want more energy density and power density from the battery cells.

我們一直希望我們的電動馬達有更高的功率密度。我們一直希望電池能具有更高的能量密度和功率密度。

And they're only moving at, 3% to 5% per year. Now thankfully we don't need crazy high tech batteries, given our hybrid solution, but getting those, power electronics, getting those battery cells in, testing them completely and getting enough data, is always going to be a challenge and it's a challenge for any of the, other manufacturers. Another challenge that people probably don't realize unless they're in the business is again flight controls. This is a fly by wire machine. There's a lot of. Moving parts in many ways less so than some of the, tilt rotor and tilt linging mechanisms that are out there.

而且它們的年增長率只有 3% 到 5%。值得慶幸的是，鑑於我們的混合動力解決方案，我們不需要高科技電池，但是，要獲得這些電力電子設備、這些電池單元，並對其進行全面測試並獲得足夠的數據，始終是一個挑戰，對於任何其他製造商來說也是一個挑戰。另一個人們可能沒有意識到的挑戰是飛行控制，除非他們身處這個行業。這是一架線控飛機。有很多。在許多方面，它的活動部件比市面上的一些傾轉旋翼和傾斜懸臂機構要少。

So in many ways simplified but still a complicated problem to solve, on the flight control side. Thankfully we have some great partnerships building on that front too. Again, we'll be able to announce some things hopefully fairly soon.

因此，從很多方面來說，飛行控制的問題雖然簡化了，但仍然是一個複雜的問題。值得慶幸的是，我們在這一領域也建立了一些非常棒的合作關係。我們希望很快就能宣布一些消息。

But those are some technical pinch points. We talked about our ability to hire as fast as we want. That's always going to be a challenge to build the company in a quality way, especially as well funded as we are now.

但這些都是一些技術上的困難。我們討論了我們能否按照我們的意願快速招募。即使在我們資金如此充裕的情況下，如何高品質打造公司始終是一項挑戰。

And so that's, on the HR side that's going to be a challenge as well. On the ero Avia front, we're working slowly with those folks again, they're the world leaders in hybridizationt.

所以，從人力資源的角度來看，這也將是個挑戰。在 ero Avia 方面，我們正在再次與他們緩慢合作，他們是混合動力領域的全球領導者。

It happens to be hydrogen hybridization, so we've taken a look at a fitment for our aircraft with hydrogen, and there's a lot more questions around the delivery network associated with hydrogen, fill stations, the availability at different locations, that sort of thing. But they have a lot of really good answers, so.

碰巧是氫燃料電池混合動力，所以我們研究了為我們的飛機配備氫氣裝置，但圍繞氫氣的輸送網絡、加氫站、不同地點的可用性等等還有很多問題。但他們有很多非常好的答案，所以。

Primarily we partnered with them to learn as much as we could from one of the leading hybridization companies in aerospace, and they are world class, they really are. So they've done a lot of great work on the engineering side, we've learned a lot, and, will we go hybrid hydrogen tomorrow? Absolutely not, but it's great to partner with these folks and to learn as much as we can. We take a humble approach to all these partnerships, and, we TRY to admit when we don't know something and learn as much as we can from the world experts, and that's, that was our plan with Xerabia and it's worked out really well.

我們與他們合作的主要目的是盡可能多地向航空航太領域領先的混合動力公司之一學習，他們是世界一流的，真的。所以他們在工程方面做了很多出色的工作，我們學到了很多，那麼，我們明天就能實現氫燃料電池混合動力了嗎？絕對不是，但能與這些人合作並盡可能多地學習是件好事。我們對所有這些合作關係都秉持謙遜的態度，並且，當我們不知道某些事情時，我們會努力承認，並儘可能多地向世界專家學習，這就是我們與 Xerabia 的合作計劃，而且效果非常好。

Great. There are a couple more questions, Brandon. One of them is from Tod coast. The other is from Moman, and they both ask about, our sort of, platform, intentions.

偉大的。布蘭登，還有幾個問題。其中一人來自托德海岸。另一個來自 Moman，他們都詢問了我們這類平台的意圖。

So let me just TRY to combine them into a single question. We're being asked, will you be building.

那麼，讓我試著把它們合併成一個問題。有人問我們，你們會進行建設嗎？

Do you have any plans to build aircraft, besides the X7 cabaret model, do you have any plans to build multiple prototypes this year, perhaps, one for medic medevac, one for defense, or one for other purposes, how are you thinking about that development, timeline in progress?

除了 X7 歌舞表演型飛機之外，你們還有其他飛機製造計畫嗎？今年你們是否打算製造多架原型機？例如，一架用於醫療後送，一架用於國防，或一架用於其他用途？你們是如何考慮這項研發的？目前的進度安排如何？

So we have to do is just build and test the prototype aircraft. I'll answer the second part first. Mission-specific aircraft are interesting because we've designed this from the beginning. So we've made modifications to the cabin interior volume and the door sizing such that, of course you can get an injured person on a gurney in and out of the aircraft from medevac, which makes a lot of sense. That's going to be a great mission for this aircraft, especially in the short to medium term.

所以我們只需要製造並測試原型飛機。我先回答第二部分。專門執行特定任務的飛機很有意思，因為我們從一開始就是設計它們的。因此，我們對機艙內部空間和艙門尺寸進行了修改，這樣一來，當然就可以用擔架將受傷人員從醫療後送處抬進抬出飛機，這非常有意義。對這架飛機來說，這將是一項意義重大的任務，尤其是在中短期內。

And so for the different mission sets, with the floor, for example, is stressed for loading of various equipment across a cargo sort of fitment as well. And so it's not a matter of completely tailoring the entire aircraft to a certain mission. We've created kind of a Swiss Army knife on the, for lack of a better word, in the interior cabin volume so that we can.

因此，對於不同的任務組合，例如地板，也需要承受裝載各種設備的壓力，就像貨物裝卸一樣。因此，這並不是要完全根據某個特定任務來客製整架飛機的問題。我們在（暫且這麼說吧）客艙內部空間裡打造了一把瑞士軍刀，這樣我們就可以…

Quickly switch it from cargo, maybe it runs cargo missions at night and then you can flip it into a business travel. You can snap in some seats in business travel during the day. There'll be again an easy refurb for medevac with all the necessary life saving equipment on the inside and oxygen and all that sort of good stuff.

快速將其從貨運模式切換到商務旅行模式，也許它可以在夜間執行貨運任務，然後你可以將其轉換為商務旅行模式。白天出差時，您可以臨時加裝一些座椅。它將再次進行簡單的翻新，用於醫療後送，內部配備所有必要的救生設備、氧氣以及所有這些好東西。

But we're going to start again just to be laser focused here. We're going to start on just completing our full scale prototype aircraft and again that will have the requisite sort of fitments and sizing for multi-mission sort of capability once they start rolling off the low rate initial production line.

但我們將重新開始，以便更加專注。我們將首先完成我們的全尺寸原型飛機，一旦它們開始從低速初始生產線下線，它將具備多任務能力所需的各種配件和尺寸。

Now are we building other sort of variants?

現在我們是否在開發其他類型的變體？

It'd be silly for us not to look into, larger aircraft, maybe some smaller aircraft. There's been interest, and I've said this publicly before, in our drone, our X5, 22 feet wingspan.

如果我們不去研究大型飛機，或許還有一些小型飛機，那就太愚蠢了。一直以來，大家都很感興趣，我之前也公開說過，我們的無人機 X5，翼展 22 英尺。

Aircraft that had already been through transition flight, of course if you're a special forces guy and you had this aircraft that you could fold the wings forward, put it in the back of the trailer, and tow it behind an F-250 truck to anywhere you wanted, and not have complicated launch and recovery machinery and an aircraft that fast that can get stuff to places, forward operating bases, etc. Of course you'd be very interested in it. So there's interest in everything from the smallest version all the way of course and it would be silly for us not to look into a much larger version as well.

當然，如果你是一名特種部隊成員，擁有一架已經完成過渡飛行的飛機，你可以將機翼向前折疊，把它放在拖車後面，用 F-250 卡車拖到任何你想去的地方，而無需複雜的發射和回收設備，而且這架飛機速度很快，可以將物資運送到各個地方、前沿作戰基地等等。你當然會對此非常感興趣。所以，從最小的版本到更大的版本，大家都很感興趣，當然，如果我們不去研究一下更大的版本，那就太愚蠢了。

We are focused on building and testing the the X7 demonstrator first and so we're we're 100% focused on that right now with some optionality going forward in the future for other sizes.

我們目前專注於建造和測試 X7 演示機，因此我們現在 100% 專注於此，未來可能會考慮其他尺寸。

It's a great technology platform, so that's all I can see there.

這是一個很棒的技術平台，這就是我看到的全部。

Great. We're going to conclude the question-and-answer segment at this time. I would say we do greatly appreciate the participation of all of our investors in our earnings call. Brandon, I'd like to turn the call back over to you.

好的。問答環節到此結束。我想說，我們非常感謝所有投資者參與我們的財報電話會議。布蘭登，我想把電話交還給你。

Yeah, so thanks everybody. Some great questions. Thanks for joining the first ever earnings call for Horizon Aircraft. We really sincerely appreciate your interest and your support going forward. We really look forward to updating you on our progress in the upcoming quarters ahead. Exciting times, folks.

是的，謝謝大家。問得好。感謝您參加Horizo​​​​n Aircraft的首次財報電話會議。我們衷心感謝您對我們未來的關注和支持。我們非常期待在接下來的幾個季度向您報告我們的進展。各位，真是令人興奮的時刻！

Thank you all.

謝謝大家。

Thank you. This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束，您可以斷開線路了。感謝您的參與。