Joby Aviation Inc (JOBY) 2024 Q3 法說會逐字稿

Greetings and welcome to the Joby Aviation third quarter, 2024 financial results.

歡迎來到 Joby Aviation 2024 年第三季財務表現。

At this time,

此時，

(Operator instructions)

（操作員說明）

It is now my pleasure to introduce your host, Teresa.

現在我很高興向大家介紹你們的主人特蕾莎。

Do you do the Aviations Head of Investor Relations?

您擔任航空業投資人關係主管嗎？

Thank you.

謝謝。

You may begin.

你可以開始了。

Hi, everyone and welcome to Joby Aviation's third quarter, 2024 financial results conference call.

大家好，歡迎參加 Joby Aviation 2024 年第三季財務業績電話會議。

I'm Teresa Thiel.

我是特蕾莎·泰爾。

Joby's Head of Investor Relations on the call.

Joby 的投資者關係主管參加了電話會議。

Today we have Joe Ben Bet founder and Chief Executive Officer Paul Chiara, executive Chairman Didier Papadopoulos, President Aircraft, OEM Eric Allison, Chief Product Officer and Matt Field Chief Financial Officer.

今天，我們有 Joe Ben Bet 創辦人兼執行長 Paul Chiara、執行主席 Didier Papadopoulos、飛機製造商總裁 Eric Allison、財務長和 Matt Field 財務長。

After management's prepared remarks, we will open the call for questions.

在管理階層準備好發言後，我們將開始提問。

Please note that our discussion today will include statements regarding future events and financial performance as well as statements of belief, expectation and intent.

請注意，我們今天的討論將包括有關未來事件和財務表現的陳述以及信念、期望和意圖的陳述。

These forward-looking statements are based on management's current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied for a more detailed discussion of these risks and uncertainties.

這些前瞻性陳述是基於管理階層目前的預期，涉及風險和不確定性，可能導致實際結果與對這些風險和不確定性進行更詳細討論時明示或暗示的結果有重大差異。

Please refer to our filings with the SEC and the safe harbor disclaimer contained in today's shareholder letter.

請參閱我們向 SEC 提交的文件以及今天股東信中包含的安全港免責聲明。

The forward-looking statements included in this call are made only as of the date of this call and the company does not assume any obligation to update or revise them.

本次電話會議中所包含的前瞻性陳述僅截至本次電話會議之日作出，本公司不承擔任何更新或修改這些陳述的義務。

Also during the call, we'll refer both to GAAP and Nongaap Financial measures.

此外，在電話會議期間，我們也將參考 GAAP 和 Nongaap 財務指標。

A reconciliation of Nongaap to GAAP measures is included in our Q3 2024 shareholder letter which you can find on our investor relations website.

我們的 2024 年第三季股東信中包含了 Nongaap 與 GAAP 措施的對賬，您可以在我們的投資者關係網站上找到該信函。

Along with the replay of this call with all of that said, I'll now turn the call over to Joe Ben.

隨著本次通話的重播以及上述所有內容，我現在將把通話轉給喬·本。

Thanks Teresa and thanks everyone for joining us today.

感謝特蕾莎，也感謝大家今天加入我們。

This has been another excellent quarter at Joby.

這是 Joby 又一個出色的季度。

We've seen exceptional lean in from regulators across the globe.

我們看到全球監管機構的大力支持。

We've continued our great momentum on certification.

我們在認證方面持續保持強勁勢頭。

We've significantly strengthened our fortress balance sheet which was already the strongest in the sector.

我們顯著加強了我們的堡壘資產負債表，這已經是該行業最強大的。

We've successfully built our first FAA conforming tail.

我們已經成功建造了第一條符合 FAA 標準的機尾。

We've reinforced our partnerships with Toyota Uber and Delta through landmark events and our team has just arrived back from Japan after completing our first international demonstration flights.

我們透過具有里程碑意義的活動加強了與豐田優步和達美航空的合作夥伴關係，我們的團隊在完成首次國際演示飛行後剛從日本回來。

Those flights were completed using our third production prototype, an aircraft that rolled off our manufacturing line in California.

這些飛行是使用我們的第三架生產原型機完成的，該原型機是從我們在加州的生產線上下線的飛機。

Just three months ago, the flights were more than just a demonstration of our capabilities.

就在三個月前，這些飛行不僅僅是我們能力的展現。

They were a celebration of our strategic partnership with Toa and everything we've achieved in nearly seven years of collaboration, we completed the flights at Toyota's Sashi Fuji Technical Center just a few miles from Mount Fuji where we were honored to welcome visits from Toyota, Chairman Akio Toa Toyota, CTO Hiroki Nakajima, and Toyota, North America CEO and JBI board member, Teda along with representatives from JCAB, Japan's Aviation Regulator.

這是對我們與東亞航空的戰略合作夥伴關係以及我們在近七年的合作中所取得的一切的慶祝，我們在距富士山僅幾英里的豐田佐志富士技術中心完成了飛行，我們很榮幸地歡迎豐田的訪問，豐田董事長 Akio Toa、技術長 Hiroki Nakajima、豐田北美執行長兼 JBI 董事會成員 Teda 以及日本航空監管機構 JCAB 的代表。

Our relationship with Toyota is the strongest it's ever been and we're incredibly grateful for their continued support for many years, Toyota has worked shoulder to shoulder with us on the production line.

我們與豐田的關係是有史以來最牢固的，我們非常感謝他們多年來的持續支持，豐田在生產線上與我們並肩工作。

They've helped us design tools.

他們幫助我們設計工具。

They've helped lay out our factories.

他們幫忙佈置了我們的工廠。

They've provided parts that go on our aircraft and they've been the very best partners we should we could wish for last month, we took the next step on our journey together.

他們為我們的飛機提供了零件，他們是我們所希望的最好的合作夥伴，上個月我們一起邁出了旅程的下一步。

One that is expected to see Toyota increase their position in Joby through two equal investments totaling $500 million.

預計豐田將透過兩項總計 5 億美元的等額投資來增加其在 Joby 的地位。

This investment along with the Strategic Manufacturing Alliance that will accompany it, speaks to our shared vision for the future of mobility and we look forward to sharing more on that topic next year.

這項投資以及隨之而來的策略製造聯盟，體現了我們對移動出行未來的共同願景，我們期待明年就該主題分享更多資訊。

Our aircraft is now on its way to Korea where it will be flying as part of the Korean government's Ku, a grand challenge, a demonstration program launched by the Ministry of Land Infrastructure and Transport to support the commercialization of air taxis in the Korean market as well as celebrating our relationship with Toyota this quarter.

我們的飛機目前正在飛往韓國的途中，它將作為韓國政府「Ku」的一部分進行飛行，「Ku」是韓國國土基礎設施和交通部發起的一項重大挑戰示範計劃，旨在支持空中計程車在韓國市場的商業化以及本季慶祝我們與豐田的關係。

We also had the opportunity to highlight our strong partnerships with Delta Airlines and Uber through events in Los Angeles and New York City across 14 days of public events at the Santa Monica Airport, the Grove shopping center in Los Angeles and at New York's Grand central terminal, we were able to share the future of transportation with more than 75,000 community members and other stakeholders including local policymakers, mayors, real estate partners, transport authorities and our future customers.

我們還有機會透過在洛杉磯和紐約市聖莫尼卡機場、洛杉磯格羅夫購物中心和紐約大中央航站樓舉辦的為期 14 天的公共活動，強調我們與達美航空和 Uber 的牢固合作關係，我們能夠與超過75,000 名社區成員和其他利益相關者（包括當地政策制定者、市長、房地產合作夥伴、交通當局和我們的未來客戶）分享交通的未來。

These events go a long way to building the foundation required on the local level to deliver the infrastructure for our service.

這些活動對於建立地方層級為我們的服務提供基礎設施所需的基礎大有幫助。

And on that front, we were pleased to welcome news of Atlantic Aviation beginning work to electrify East 34th Street Heliport in New York City Building.

在這方面，我們很高興地歡迎大西洋航空開始為紐約市大廈東 34 街直升機場進行電氣化工作的消息。

On last year's announcement that the downtown Manhattan heliport would also be electrified later in the call.

去年宣布，曼哈頓市中心的直升機場也將在電話會議稍後實現電氣化。

We're going to be joined by Eric Allison, our Chief Product Officer to talk a little bit more about those events and to provide some texture on the elevate Os operating system we introduced recently, Eric is one of a small handful of folks who has shaped this industry from its earliest days through his work at Zo and his leadership of the Uber elevate division.

我們的首席產品長 Eric Allison 將與我們一起詳細討論這些事件，並為我們最近推出的elevate Os 操作系統提供一些說明，埃里克(Eric Allison) 是少數幾個擁有這些經驗的人之一。

And we're lucky to have him at joy.

我們很幸運能讓他感到高興。

But before I hand it over to the team, I'd like to call out the remarkable momentum we're seeing from regulators in each of our core markets in the US, the publication of the ear or special federal aviation regulation was a key moment for our industry.

但在我將其交給團隊之前，我想指出我們從美國每個核心市場的監管機構看到的驚人勢頭，耳朵或特殊聯邦航空法規的發布是一個關鍵時刻對於我們的行業。

And another great demonstration of us leadership in our sector delivered ahead of schedule and with bipartisan support, it lays the final piece of the regulatory puzzle, the commercial operations and pilot qualification requirements for aircraft.

在兩黨的支持下，它提前交付了我們在該領域的領導力的又一次偉大展示，奠定了監管難題的最後一塊，即飛機的商業運營和飛行員資格要求。

We're particularly grateful to the fa team members that worked with industry to pull this together in record time.

我們特別感謝 FA 團隊成員與業界的合作，在創紀錄的時間內完成了這項工作。

We're also grateful for the leadership of FA administrator Mike Whitaker and the support of the House Aviation subcommittee led by Representative SAM Graves and Rick Larson looking for their field.

我們也感謝 FA 管理員 Mike Whitaker 的領導以及由眾議員 SAM Graves 和 Rick Larson 領導的眾議院航空小組委員會在尋找自己的領域時的支持。

We also saw great progress in the UE with the local regulator accepting the full set of qualification plans for our aircraft.

我們也看到 UE 方面取得了巨大進展，當地監管機構接受了我們飛機的全套資格計劃。

And last month, we were honored to welcome representatives from the British Australian and Japanese regulatory teams along with members from the FA to Marina for a week long tech Familiarization session.

上個月，我們很榮幸地歡迎英國、澳洲和日本監管團隊的代表以及 FA 的成員來到碼頭參加為期一周的技術熟悉課程。

A key part of the regulatory process to talk more about regulatory progress and the great momentum we have going into the final quarter of the year.

監管流程的關鍵部分是更多地討論監管進展以及我們進入今年最後一個季度的巨大勢頭。

I'd like to hand it over to Didier Didier.

我想把它交給迪迪埃·迪迪埃。

Thanks to be in my 20 plus years working in aerospace.

感謝我在航空航太領域工作了 20 多年。

I cannot think of a more impactful moment than the FA A's publication of the powered lift as far last month.

我想不出比美國聯邦航空局上個月發布的動力升降機更具影響力的時刻了。

This is the first time since the 1940s that the FAA has created operational rules allowing a new class of civil aircraft to enter service this is a huge step forward for our industry and I share job's gratitude to the FAA for delivering ahead of schedule.

這是自 20 世紀 40 年代以來 FAA 首次製定允許新型民用飛機投入使用的營運規則，這對我們的行業來說是向前邁出的一大步，我和賈伯斯一樣感謝 FAA 提前交付。

The rule includes provisions that confirm we have taken the right approach to the design of our aircraft and in our work to prepare for operations on pilot training.

該規則包括確認我們在飛機設計和飛行員訓練作業準備工作中採取了正確方法的條款。

The SFI includes a clear pathway for us to train pilots using the high fidelity flight simulators.

SFI 為我們提供了使用高保真飛行模擬器來訓練飛行員的明確途徑。

We are qualifying alongside ce and a single set of pilot controls.

我們正在與 ce 和一套飛行員控制一起進行排位賽。

The rule also confirms our expectation that the energy reserves required in service will be equivalent to helicopter operations under VFR rules.

該規則也證實了我們的預期，即服役中所需的能量儲備將相當於 VFR 規則下的直升機操作。

Today.

今天。

Most importantly, the SAR includes flexible pathways for us to work with the FAA and optimize our approach to operations as we continue working towards commercial launch in the US.

最重要的是，SAR 為我們提供了與 FAA 合作的靈活途徑，並在我們繼續努力在美國進行商業發射時優化我們的營運方法。

The FFAS continued leadership results in a smoother path to international operations in many of our key markets.

FFAS 的持續領導地位使我們在許多關鍵市場的國際營運之路更加順暢。

As evidenced during the week long technology Familiarization session we hosted in Marina with aviation regulators from the UK, Japan and Australia alongside staff from the FAA.

正如我們在瑪麗娜與來自英國、日本和澳洲的航空監管機構以及美國聯邦航空局的工作人員一起舉辦的為期一周的技術熟悉會議所證明的那樣。

Over the course of the week, dozens of regulatory representatives from these countries witnessed flight test, observed our system level testing and discussed the approach that JBI and the FAA are taking to certify our aircraft particularly in novel technology areas.

在一周內，來自這些國家的數十名監管代表見證了飛行測試，觀察了我們的系統級測試，並討論了 JBI 和 FAA 為認證我們的飛機（特別是在新技術領域）而採取的方法。

This is a formal part of the process to validate our FAA type certificate once received into each of these markets to enable commercial operations.

這是驗證我們的 FAA 型號證書進入每個市場後以實現商業運營的流程的正式部分。

It's an important step as we continue to support the harmonization of international certification approaches to aircraft like ours.

這是我們繼續支援協調像我們這樣的飛機的國際認證方法的重要一步。

This in turn expedites our path to operations around the world.

這反過來又加快了我們在世界各地開展業務的速度。

As Ben mentioned, we also made important progress this quarter with regulators in Korea and in the UAE where the GC A accepted all of our qualification plans.

正如 Ben 所提到的，本季我們在韓國和阿聯酋的監管機構方面也取得了重要進展，GC A 接受了我們所有的資格計畫。

These plans cover not only approval of the design of our aircraft but also the approach we will take to the pilot training, maintenance and commercial operations in Dubai.

這些計劃不僅包括批准我們飛機的設計，還包括我們在杜拜進行飛行員培訓、維護和商業運營的方法。

This is a big win for the team as we work towards starting commercial service in Dubai.

這對我們團隊來說是一個巨大的勝利，因為我們正在努力在杜拜啟動商業服務。

As soon as the end of 2025 in the US, we continue to make great progress on our tax certification program with the FAA.

到 2025 年底，我們在美國與 FAA 的稅務認證計畫將繼續取得重大進展。

On the JBI side, we submitted more stage four documents than in any prior quarter and in more unique system areas.

在 JBI 方面，我們提交的第四階段文件比之前任何季度都多，而且涉及更獨特的系統領域。

These include key tests and qualification plans related to the propeller system, electric motor flight controls, batteries and the main airframe structure.

其中包括與螺旋槳系統、電動機飛行控制、電池和主機身結構相關的關鍵測試和鑑定計劃。

We also reach closure with the FAA on key issue papers related to the batteries and electrical systems on our aircraft cementing for us and the broader industry, the certification path for some of the unique aspects of battery electric aircraft.

我們也與美國聯邦航空局就與我們飛機上的電池和電氣系統相關的關鍵問題文件達成了共識，這為我們和更廣泛的行業奠定了電池電動飛機某些獨特方面的認證途徑。

On the FAA side, we had more of our test plans accepted than during any prior quarter, moving us from 14% to 21% complete on stage four, reflecting a continued lean in by the FAA.

在 FAA 方面，我們接受的測試計劃比之前任何一個季度都多，第四階段的完成率從 14% 增加到 21%，這反映出 FAA 的持續關注。

These figures also reflect an updated and more streamlined path to certification that aligns with our latest FAA discussions for test plans which will continue to iterate on as we proceed through stage four hand in hand with certification is our increasing focus on building conforming parts.

這些數字也反映了更新且更簡化的認證路徑，與我們最新的美國聯邦航空局關於測試計劃的討論相一致，隨著我們進入第四階段，與認證一起進行的測試計劃將繼續迭代，我們越來越關注製造合格零件。

We have now reached a point where 35% of the composite components being manufactured today at JBI are for FAA conforming bills intended for use on TIA aircraft and for credit testing and related activities.

現在，JBI 生產的複合材料零件中有 35% 符合 FAA 要求，旨在用於 TIA 飛機以及信用測試和相關活動。

And on that note, I am very excited to share that the team has completed the build of our first major subassembly intended to be used in full credit testing.

在這一點上，我非常高興地告訴大家，該團隊已經完成了我們第一個主要子組件的構建，該子組件旨在用於全面的信用測試。

The tail assembly in question is now in the process of a conformity inspection preparation and will begin the testing regime laid out in our approved static tail test plan shortly thereafter.

相關尾部組件目前正在進行合格檢查準備過程，並將在不久後開始我們批准的靜態尾部測試計劃中規定的測試制度。

Alongside our progress on certification and testing, we've continued to mature and develop our flight testing.

隨著我們在認證和測試方面取得進展，我們不斷成熟和發展我們的飛行測試。

Over the last month, we've been flying nearly simultaneously on two different continents in California.

過去一個月，我們幾乎同時在加州的兩個不同大陸上飛行。

We've been flying regularly in support of our certification program including flying our second production prototype through transition, accumulating valuable data on handling qualities and system performance and maturing or will become FAA flight test plans.

我們一直在定期飛行以支持我們的認證計劃，包括透過過渡飛行我們的第二個生產原型機，累積有關操控品質和系統性能的寶貴數據，以及成熟或將成為美國聯邦航空管理局的飛行測試計劃。

And at the same time, we completed a number of exhibition flights in Japan.

同時，我們在日本完成了許多展覽飛行。

We're now looking forward to doing the same in Korea, showcasing our aircraft's revolutionary capabilities and strengthening our relationships in key markets.

我們現在期待在韓國做同樣的事情，展示我們飛機的革命性能力並加強我們在主要市場的關係。

We're seeing the same increasing maturity in our manufacturing.

我們的製造業也同樣日益成熟。

Our fleet has continued to grow with our fourth aircraft nearing completion and set to join our flight test program soon.

我們的機隊持續成長，我們的第四架飛機即將完工，並將很快加入我們的飛行測試計畫。

With each completed aircraft, we continue to improve our efficiency and production cycle time across many aspects of the process.

對於每架完成的飛機，我們都會在流程的許多方面不斷提高效率和生產週期時間。

These learnings are only possible because we're building aircraft and going through improvement cycles across every aspect of production, assembly and integration for this aircraft.

這些知識之所以成為可能，是因為我們正在建造飛機，並在飛機的生產、組裝和整合的各個方面經歷改進週期。

The fourth to come off our production line and through a continuous improvement culture, we introduced new processes for final integration that saw many subassemblies built in standalone work cells and then installed onto the aircraft as completed systems.

第四個從我們的生產線上下來，透過持續改進的文化，我們引入了最終整合的新流程，在獨立的工作單元中建構了許多子組件，然後作為完整的系統安裝到飛機上。

This approach has improved the efficiency of final integration by more than 30%.

這種方法使最終整合的效率提高了30%以上。

And by the way, the fixtures for these new processes were designed and provided to us by our incredible partner at Toyota.

順便說一句，這些新工藝的固定裝置是由我們出色的豐田合作夥伴設計並提供給我們的。

Just one of many examples of their invaluable support of our mission.

這只是他們對我們使命的寶貴支持的眾多例子之一。

Since we first formed our manufacturing partnership with Toyota in 2019, we have worked side by side on projects like the design of our manufacturing facility in Marina, including the expansion that will double our manufacturing space at the airport and the facility we're bringing online in Ohio.

自 2019 年首次與豐田建立製造合作夥伴關係以來，我們一直在共同開展項目，例如設計濱海製造設施，包括將機場製造空間擴大一倍以及將設施上線在俄亥俄州。

Toyota has also helped us to implement aspects of the Toyota production system and the mindset of Kazan or continuous improvement through our manufacturing lines and our manufacturing culture.

豐田也幫助我們實施豐田生產系統的各個方面和喀山的思維方式，或透過我們的生產線和製造文化進行持續改進。

Our Toyota colleagues embedded across joby's manufacturing teams and supporting from Japan, provide us with the resources and the knowledge to more quickly mature our production process.

我們的豐田同事融入喬比的製造團隊並獲得日本的支持，為我們提供了資源和知識，以更快地成熟我們的生產流程。

As just one example, we have doubled our battery module production rate and significantly increased our yield in the past six months on key processes through a joint effort with Toyota in identifying bottlenecks and improving line layout and efficiency.

僅舉一個例子，透過與豐田共同努力找出瓶頸並改善生產線佈局和效率，我們在過去六個月中將電池模組生產率提高了一倍，並顯著提高了關鍵流程的產量。

The deep partnership between Joby and Toyota is all about building on each other's strength through continuous reviews of areas of new opportunities.

Joby 和豐田之間的深厚合作關係就是透過不斷審查新機會領域來增強彼此的實力。

During our recent visit to Japan, I was honored to tour Toyota's motor and powertrain test site and spend several hours discussing new areas for potential collaboration with Hiroki Nakajima, their group CTO.

在我們最近訪問日本期間，我很榮幸參觀了豐田的引擎和動力系統測試場，並花了幾個小時與他們的集團首席技術官 Hiroki Nakajima 討論潛在合作的新領域。

I am looking forward to working ever more closely with the Toyota team as we move through certification, scale up our manufacturing and prepare for commercial service.

我期待在我們通過認證、擴大生產規模並為商業服務做好準備的過程中與豐田團隊更加密切合作。

And on that note, Eric over to you.

關於這一點，艾瑞克請交給你。

Thanks to I joined Joby from Uber where I built out the elevate team championed Uber's $125 million strategic investment in Joby and laid out a vision for aerial mobility that continues to be embraced by the entire sector.

感謝我從 Uber 加入 Joby，在那裡我建立了 elevate 團隊，支持 Uber 對 Joby 的 1.25 億美元戰略投資，並製定了持續受到整個行業歡迎的空中交通願景。

In 2019.

2019年。

My team at elevate built and ran Uber Copter, which was the first ever multi modal air taxi service in New York City.

我在 elevate 的團隊建造並營運了 Uber Copter，這是紐約市第一個多模式空中計程車服務。

It was an incredibly valuable learning experience, but it also taught us that the sort of software we would require to deliver high tempo ondemand services just didn't exist even amongst the most sophisticated helicopter operators as Chief Product Officer at Joby.

這是一次非常寶貴的學習經歷，但它也告訴我們，即使在作為 Joby 首席產品官的最先進的直升機運營商中，我們也不存在提供快節奏按需服務所需的那種軟體。

I've been working with many members of the original elevate team alongside new team members to distill the learnings from Uber Kopter into a set of tools ready to support commercial operations.

我一直在與原 elevate 團隊的許多成員以及新團隊成員合作，將 Uber Kopter 的經驗提煉成一套可支援商業營運的工具。

The elevate OS operating system we announced earlier this year delivers tools like a Rider app, a flight planning tool, a pilot app and a matching engine, all of which work seamlessly together to maximize the efficiency of our service and deliver true time savings to our customers.

我們今年稍早宣布的elevate OS 作業系統提供了Rider 應用程式、飛行計畫工具、飛行員應用程式和配對引擎等工具，所有這些工具無縫地協同工作，以最大限度地提高我們的服務效率，並為我們的客戶帶來真正的時間節省。

Because we're confident that while some of our customers might book well in advance, the majority of them are likely to treat flying with joy like ordering an Uber today as a relatively last minute thought.

因為我們相信，雖然我們的一些客戶可能會提前預訂，但他們中的大多數人可能會像今天訂購 Uber 一樣，將飛行視為一種相對最後一刻的想法。

And we need the capabilities to offer that kind of ondemand, multimodal service.

我們需要有能力提供這種按需的多式聯運服務。

Getting a head start on this work is critically important because it needs to be ready when the aircraft is ready.

在這項工作中搶佔先機至關重要，因為飛機準備好後也需要做好準備。

It's simply not viable to drop a novel aircraft.

空投一架新型飛機根本不可行。

Like the ones being designed in our sector into one of today's existing airliner helicopter operations and expect them to be successful.

就像我們部門正在設計的當今現有的客機直升機運作之一一樣，並期望它們會成功。

You have to do the hard miles on the software and you have to do those miles in time for the start of operations at job.

您必須在軟體上完成艱苦的里程，並且必須及時完成這些里程才能開始工作。

We're already using these software tools in real life through our part 135 operating certificate, allowing us to constantly improve, test and iterate our software.

我們已經透過 Part 135 操作證書在現實生活中使用這些軟體工具，使我們能夠不斷改進、測試和迭代我們的軟體。

In fact, some of these tools are already on their third iteration.

事實上，其中一些工具已經進行了第三次迭代。

We're also working with our partners like Uber and Delta to integrate our software so that passengers are able to book seamless journeys in one process, connecting their ground transportation to their air taxi and perhaps on to their Delta flight.

我們也與Uber 和達美航空等合作夥伴合作，整合我們的軟體，以便乘客能夠在一個流程中預訂無縫旅程，將他們的地面交通連接到空中出租車，或許還可以連接到達美航空的航班。

The partnership we enjoy with Delta and Uber is incredibly strong as evidenced by our recent joint event at New York City's Grand Central Station at that event, as well as in our showcase events in L A. We were able to bring our air taxi to the public for the first time, letting them sit inside it and experience what it might be like to fly with joy.

我們與達美航空和優步的合作夥伴關係非常牢固，我們最近在紐約市中央車站舉行的聯合活動以及在洛杉磯的展示活動就證明了這一點。 ，讓他們坐在裡面，體驗快樂飛行的感覺。

We were also able to highlight our commitment to fostering local connections as we plan for commercialization in L A. We are proud to highlight our partnership with the Fly Competent Foundation, a nonprofit organization focused on training the next generation of pilots.

當我們計劃在洛杉磯進行商業化時，我們也強調了我們對促進當地聯繫的承諾。營利組織。

We are working with them to deliver free pilot ground school for their students.

我們正在與他們合作，為他們的學生提供免費的試點地面學校。

Similar to the work we are doing with the Bay Area, Urban Eagles in northern California in New York.

與我們在紐約灣區、北加州的 Urban Eagles 所做的工作類似。

We were joined by students from aviation high school who we are working with to prepare the next generation of aircraft maintenance, technicians and aerospace leaders.

來自航空高中的學生加入了我們的行列，我們正在與他們合作，培養下一代飛機維修人員、技術人員和航空航天領導者。

What I took away from these events is that the incredible excitement around what we are doing in this sector that we first began to harness at Uber elevate is now stronger than ever and that was true in Japan too where our aircraft was met with great enthusiasm and we look forward to continuing our work with Toyota and our airline partner, a and a Japan's leading airline.

我從這些活動中得到的收穫是，我們在這個領域所做的事情令人難以置信的興奮，我們最初在Uber elevate 開始利用，現在比以往任何時候都更強烈，在日本也是如此，我們的飛機在那裡受到了極大的熱情和歡迎。

I'm confident that we have the best team in the industry working on this.

我相信我們擁有業內最優秀的團隊致力於此工作。

And we're looking forward to bringing our service to life.

我們期待著將我們的服務變為現實。

Matt over to you.

馬特交給你了。

Thanks Eric and good afternoon, everybody and thanks for joining us today.

謝謝艾瑞克，大家下午好，謝謝您今天加入我們。

As you've heard from the team, we've had an exciting quarter where we made meaningful headway on multiple strategic initiatives including certification, progress, strengthening our balance sheet, deepening our premier partnerships and building community engagement.

正如您從團隊中聽到的那樣，我們度過了一個激動人心的季度，我們在多項戰略舉措方面取得了有意義的進展，包括認證、進展、加強我們的資產負債表、深化我們的主要合作夥伴關係和建立社區參與。

We ended the third quarter of 2024 with cash and short term investments totaling $710 million.

截至 2024 年第三季末，我們的現金和短期投資總額為 7.1 億美元。

Our use of cash totaled $115 million which was higher than our second quarter spending as we had additional operating expenses arising from increased staffing and one additional pay period in the quarter.

我們的現金使用總額為 1.15 億美元，高於第二季的支出，因為我們因人員配置增加和本季額外的支付期間而產生了額外的營運費用。

This spending also included about $10 million on property and equipment.

這筆支出還包括約 1000 萬美元的財產和設備。

As you know, we are in the process of expanding our testing capabilities and our facility in Marina California, which explains the sequential increase.

如您所知，我們正在擴大我們的測試能力和位於加利福尼亞州瑪麗娜的設施，這解釋了連續增長的原因。

We remain on track with our full year 2024 cash spending outlook of 440 to $470 million and anticipate that we will come in towards the bottom end of this range.

我們仍將 2024 年全年現金支出前景定為 4.4 至 4.7 億美元，並預計將接近該範圍的底部。

We incurred a Q3 net loss of $144 million reflecting a loss from operations of about $157 million partly offset by interest and other income of $13 million.

我們第三季淨虧損為 1.44 億美元，反映出約 1.57 億美元的營運虧損，部分被利息和其他收入 1,300 萬美元所抵銷。

Our net loss was $21 million higher when compared with the prior quarter, reflecting a higher loss from operations and a lower favorable revaluation of our warrants and earnout shares.

與上一季相比，我們的淨虧損增加了 2,100 萬美元，反映出營運虧損增加以及我們的認股權證和獲利股票的有利重估較低。

Higher operating expenses for the quarter reflected increased personnel expenses which included a full quarter of employees from our X Wing acquisition and lower R&D contract payments from fewer agility prime deliverables per hour contracts revenue was largely consistent with prior quarters.

本季度營運費用的增加反映了人員費用的增加，其中包括我們收購X Wing 的整個季度的員工，以及由於敏捷性主要可交付成果減少而導致的研發合約付款減少，每小時合約收入與前幾個季度基本一致。

Our net loss in the quarter compares with a net gain in the same period of 2023 reflecting the non recurrence of the sizable favorable revaluation of our warrants and earnout shares last year and higher expenses this year reflecting the growth in our operations adjusted EBITDA a nongaap metric that we reconciled to our net income.

我們本季的淨虧損與2023 年同期的淨收益相比，反映了去年我們的認股權證和股息股票的大幅有利重估不再發生，而今年的費用增加反映了我們的業務調整後EBITDA（非公認會計準則指標）的成長我們與我們的淨收入進行了調節。

In our shareholder letter was a loss of $120 million in the third quarter.

我們的股東信中提到第三季虧損 1.2 億美元。

This was about $13 million higher than in the prior quarter.

這比上一季增加了約 1300 萬美元。

Reflecting the higher operating expenses noted previously and $27 million higher than the same period last year reflecting the growth in our operations.

反映了先前提到的較高營運費用，比去年同期增加了 2,700 萬美元，反映出我們業務的成長。

Lastly, I'd like to provide some color around the steps we took in October to further strengthen our balance sheet when combined with the $710 million in cash and short term investments as of the end of the third quarter, the additional approximately $222 million we raised in October and the expected additional $500 million investment from Toyota would bring our total available balances to approximately $1.4 billion.

最後，我想對我們 10 月為進一步強化資產負債表而採取的步驟提供一些說明，結合截至第三季末的 7.1 億美元現金和短期投資，我們額外增加了約 2.22 億美元。資金，預計豐田額外投資5 億美元，將使我們的可用餘額總額達到約14 億美元。

The 500 million Toyota investment will come in two equal tranches as we've outlined in our filings with the sec, the work streams to support the first tranche are well underway and we hope to complete them by year end or potentially early next year depending on the timing of regulatory approvals.

正如我們在向美國證券交易委員會提交的文件中概述的那樣，豐田的5 億美元投資將分為兩部分，支持第一部分的工作流程正在順利進行，我們希望在年底或可能明年初完成，具體取決於具體情況監管部門批准的時間。

With the second tranche of the Toyota investment, we are already starting discussions to scope the manufacturing strategic alliance for our commercial production and we'll have more to share on this.

隨著豐田投資的第二部分，我們已經開始討論為我們的商業生產確定製造策略聯盟的範圍，我們將就此分享更多資訊。

In due course, we expect to close on the second tranche next year.

在適當的時候，我們預計明年將完成第二期。

We are tremendously grateful for Toyota's support to date.

我們非常感謝豐田迄今為止的支持。

And look forward to working together even more closely in the years ahead following the Toyota investment and the formal release of the FAA SR for operational procedures.

並期待在豐田投資和正式發布 FAA SR 操作程序後的未來幾年中更加密切合作。

We saw an opportunity to further strengthen our balance sheet and executed a follow on offering of $46 million shares of our common stock.

我們看到了進一步加強資產負債表的機會，並隨後發行了 4,600 萬美元的普通股。

This capital raise closed on October 28th and was we believe an important opportunity to ensure that we continue to benefit from having the strongest balance sheet in the sector, as we have said from the outset, this is a capital intensive industry as demonstrated by certain recent developments within our sector.

本次融資於10 月28 日結束，我們相信這是一個重要的機會，可以確保我們繼續受益於擁有該行業最強勁的資產負債表，正如我們從一開始就說過的，這是一個資本密集型行業，最近的某些事實證明了這一點。

But our judicious approach to spending effective planning and coordination across initiatives and a fortress balance sheet puts us in the best possible position to succeed and deliver long term value for our shareholders.

但我們在各項舉措之間進行有效規劃和協調以及堡壘資產負債表的明智方法使我們處於取得成功並為股東創造長期價值的最佳位置。

Thanks again for joining us today.

再次感謝您今天加入我們。

Operator.

操作員。

Would you please instruct participants on how to ask questions?

您能否指導參與者如何提問？

Thank you.

謝謝。

(Operator instructions)

（操作員說明）

Our first question comes from the line of Austin Muller with Canaccord genuity.

我們的第一個問題來自 Austin Muller 與 Canaccord 的匠心精神。

Please proceed with your question.

請繼續你的問題。

Hi, good afternoon, Joe Ben and Matt.

嗨，下午好，喬·本和馬特。

Just my first question here.

這只是我的第一個問題。

This might be a bit premature but given the strong regulatory process momentum, you have, have you started thinking about how long it would take to deploy a first small fleet of aircraft software and FBO personnel to a site after getting the, the TC and the manufacturing certificate?

這可能有點為時過早，但考慮到強大的監管流程勢頭，您是否已經開始考慮在獲得 TC 和 FBO 後將第一批小型飛機軟體和 FBO 人員部署到某個地點需要多長時間生產證書？

Hey, Austin, thanks so much for your question.

嘿，奧斯汀，非常感謝你的問題。

Yes, we are absolutely doing that, that planning work.

是的，我們確實正在做這項規劃工作。

And Barney would probably be the best person to answer that in detail, but she's been Laing out a very detailed plan including the plans for the commercialization work in Dubai?

巴尼可能是詳細回答這個問題的最佳人選，但她已經制定了一個非常詳細的計劃，包括杜拜商業化工作的計劃？

Okay.

好的。

And just a follow up given the change in administration, do you view there being budget risk to agility, prime funding or do you think dod is still very supportive of fostering new aviation technology?

鑑於行政管理的變化，您是否認為敏捷性、主要資金存在預算風險，或者您認為國防部仍然非常支持培育新的航空技術？

Thanks a lot for the question.

非常感謝您的提問。

It's Paul here.

保羅在這裡。

You look, historically, we have worked very well with folks on both sides of the aisle.

你看，從歷史上看，我們與兩黨人士合作得很好。

And in point of fact, I mean, you can take our work in Ohio as sort of demonstrative of that.

事實上，我的意思是，你可以將我們在俄亥俄州的工作視為這一點的證明。

We were able to kind of successfully navigate both and generally speaking, you know, the North Star has been ensuring that this new age of technology basically happens in America and that's been appreciated by both sides of the aisle with respect to agility prime.

我們能夠成功地駕馭這兩者，一般來說，你知道，北極星一直在確保這個新的科技時代基本上發生在美國，並且在敏捷性方面，兩黨都對此表示讚賞。

It's still quite early so it's hard to know whether or not there's going to be any changes on that front.

現在還為時過早，因此很難知道這方面是否會發生任何變化。

But as I've mentioned on previously, previous calls, we have by design sort of steadily expanded the scope of potential branches that we've been working with and even government agencies.

但正如我在之前的電話會議中提到的，我們透過設計穩步擴大了我們一直在合作的潛在分支機構甚至政府機構的範圍。

So I think that gives us a pretty rich set of potential customers to continue to work through regardless of the administration.

因此，我認為這為我們提供了相當豐富的潛在客戶，無論政府如何管理，我們都可以繼續合作。

Excellent.

出色的。

Thanks for all the color.

感謝所有的顏色。

Thank you.

謝謝。

Our next question comes from the line of s sit with Raymond James.

我們的下一個問題來自“sit with Raymond James”這句話。

Please proceed with your question.

請繼續你的問題。

Hey, good afternoon, everyone.

嘿，大家下午好。

Can I clarify if the kind of the current preproduction prototypes that you've been flying remotely, is is that the same kind of GBP5,300 maximum growth takeoff weight that you plan on kind of certifying?

我能否澄清一下，您目前遠程飛行的預生產原型機是否與您計劃認證的最大起飛重量 5,300 英鎊相同？

And just as you think about kind of launching operations in in the UAE, would you be able to launch those operations with this kind of preproduction prototype or would you need kind of the certification conforming aircraft that you're building currently to be completed?

就像您考慮在阿聯酋進行發射操作一樣，您是否能夠使用這種預生產原型來啟動這些操作，或者您需要您目前正在建造的符合認證的飛機來完成？

Hey, this is Didier thanks for the question.

嘿，我是迪迪爾，謝謝你的提問。

So two parts to this, the preproduction airplanes that we have flying right now are very representative of the intended take off weight of those airplanes.

因此，我們現在飛行的預生產飛機有兩個部分非常能代表這些飛機的預期起飛重量。

Some of them vary a bit but that is really more of a each airplane has a specific purpose and different set of configuration.

其中一些略有不同，但實際上更多的是每架飛機都有特定的用途和不同的配置。

But for the intended purpose of the physics, we're, we're going after they're very similar in terms of operation in Dubai, there is a possibility where we would be able to take some of these airplanes and start operating in Dubai.

但出於物理的預期目的，我們正在追求它們在迪拜的運營方面非常相似，我們有可能能夠使用其中一些飛機並開始在迪拜運營。

Those airplanes are by design intended to be inhabited and as you saw, some of them have also room for passenger carrying operations.

這些飛機的設計目的是供有人居住，正如您所看到的，其中一些飛機還具有用於載客操作的空間。

But that's an option we are not decided on at this time.

但這是我們目前尚未決定的選項。

That's super helpful.

這非常有幫助。

And I if I might just on the Dubai operations, are there any kind of particular milestones that we should be looking for to kind of get comfortable that it's progressing and, and you know, what all needs to be done before you can kind of start a lot kind of operations there.

如果我可以談談杜拜的業務，我們是否應該尋找任何特定的里程碑，以便對它的進展感到滿意，並且你知道，在開始之前需要完成哪些工作那裡有很多類型的操作。

Thanks, this is Eric.

謝謝，這是埃里克。

I think that one of the things that we were excited to see is that one of the milestones that we've accomplished this quarter is the acceptance of all of our qualification plans for the operations in Dubai.

我認為我們很高興看到的一件事是，我們本季實現的里程碑之一是接受了我們在杜拜運營的所有資格計劃。

And we're working pretty closely with the RT A on laying out a series of stages that will be going through over the next months and quarters ahead as we march toward that launch as early as the end of next year.

我們正在與 RT A 密切合作，制定一系列階段，這些階段將在未來幾個月和幾個季度內完成，我們將最早在明年底推出該產品。

Any kind of major milestones that we should be looking for or dating factors or spend.

我們應該尋找的任何重大里程碑或約會因素或花費。

Hi Savi, it's Matt just, just to add a little bit of more texture, one of them will be and we talked about this on last quarter's call is groundbreaking on the first takeoff landing location.

嗨，薩維，我是馬特，只是為了添加一點更多的紋理，其中之一就是，我們在上個季度的電話會議上談到了這一點，這是在第一個起飛著陸位置上具有開創性的。

We expect that later this year.

我們預計在今年晚些時候。

The other thing is we talked about is bringing an aircraft into Dubai to do some testing.

我們談論的另一件事是將一架飛機帶到杜拜進行一些測試。

And so that will be next year.

明年也是如此。

And so those would be the two major milestones leading up to leading up to service.

因此，這將是通往服務的兩個主要里程碑。

Appreciate that.

很欣賞這一點。

Thank you.

謝謝。

Thanks to me.

謝謝我。

Thank you.

謝謝。

Our next question comes from the line of Edison.

我們的下一個問題來自愛迪生的路線。

You with Deutsche Bank.

你在德意志銀行。

Please proceed with your question.

請繼續你的問題。

Hey, thank you for taking our question and congrats on the progress during the quarter.

嘿，感謝您提出我們的問題，並祝賀本季的進展。

So my question is about with this new like $700 million new capital.

所以我的問題是關於這筆大約 7 億美元的新資本。

I mean, how much capital runway do we think we have now?

我的意思是，我們認為我們現在有多少資本跑道？

Yes, we're really pleased to take the opportunity to build on the momentum on both the Toyota investment but also the the derisking of some of our certification elements around the publication of the sr to further bolster the balance sheet.

是的，我們真的很高興藉此機會鞏固豐田投資的勢頭，並消除圍繞 SR 發布的一些認證要素的風險，以進一步加強資產負債表。

So clearly, this extends our runway considerably.

顯然，這大大延長了我們的跑道。

We're not providing specific guidance as to how far that goes, but really pleased to have such a strong fortress balance sheet.

我們沒有提供具體的指導來說明這一點能走多遠，但我們很高興擁有如此強大的堡壘資產負債表。

Okay, thank.

好的，謝謝。

You.

你。

I have a second question about our recent we recently flew the latest version of aircraft in Japan.

我有第二個問題，關於我們最近在日本飛行的最新版本的飛機。

And could you elaborate a little bit more about what the improvements were made on this one compared to like the aircraft at Ward Air Force Base?

您能否詳細說明一下，與沃德空軍基地的飛機相比，這架飛機有哪些改進？

And you could you give more color?

你能給更多的顏色嗎？

Yeah.

是的。

So, the airplane that was flown in Japan is the third one to come off our manufacturing line.

因此，在日本飛行的飛機是我們生產線上的第三架飛機。

One of the things we talked about is as we're building these airplanes, we're making manufacture, manufacturing improvements as well as improvement to some of the performance of these airplanes that we're bringing in into the, into those aircraft.

我們討論的一件事是，當我們建造這些飛機時，我們正在進行製造、製造改進以及改進這些飛機的一些性能，我們正在將這些飛機引入這些飛機中。

But for the most intended purposes, all of these airplanes are capable of the same thing, really, some of them have additional payload capabilities.

但出於最預期的目的，所有這些飛機都能夠完成相同的任務，實際上，其中一些飛機具有額外的有效載荷能力。

Other have a bit less because of the instrumentation that it has in them.

其他的則少一些，因為其中有儀器。

But for all intended purposes, the airplanes are all capable of similar missions.

但出於所有預期目的，這些飛機都能夠執行類似的任務。

Okay Thank you very much for that.

好的，非常感謝您。

Thank you.

謝謝。

(Operator instructions)

（操作員說明）

Our next questions come from the line of Mahima Kani with JP Morgan.

我們的下一個問題來自 Mahima Kani 與摩根大通的對話。

Please proceed with your question.

請繼續你的問題。

Hi, good afternoon.

嗨，下午好。

In the prepared remarks, it was mentioned that service in Dubai could begin as soon as late 2025.

在準備好的發言中提到，杜拜的服務最快可能在 2025 年底開始。

Is there a chance that this could slip into 2026?

這有可能推遲到 2026 年嗎？

And does it imply any kind of delay relative to prior expectations?

這是否意味著相對於之前的預期有任何延遲？

So we are working closely with the RT A in Dubai and very pleased with the engagement there.

因此，我們正在與杜拜的 RT A 密切合作，並對在那裡的合作感到非常滿意。

They have been on site with significant teams multiple times.

他們曾多次與重要團隊一起來到現場。

I was also in Montreal with the RT A leadership and and also sorry, the GC A leadership and they are very engaged and providing incredible support that said there is a significant amount of work that we're also doing on our end.

我也在蒙特利爾與 RT A 領導層一起，也很抱歉，GC A 領導層，他們非常投入並提供了令人難以置信的支持，這表明我們也在做大量的工作。

As a reminder, this is certification work that is the same certification work we're doing for the FAA. and so, as we execute those tests, that will give us the clearance to begin passenger service in the UAE, but we, we still have significant work to do and we're putting points on the board each and every day.

提醒一下，這項認證工作與我們為美國聯邦航空總署 (FAA) 所做的認證工作相同。因此，當我們執行這些測試時，這將使我們獲得在阿聯酋開始客運服務的許可，但我們仍然有大量工作要做，我們每天都在板上加分。

Okay, I appreciate that color.

好吧，我很欣賞這個顏色。

Can you also provide any guidance sort of around the expected timeline to convert all of your subassemblies to conforming assets and what the requirements to do so would be?

您是否還可以圍繞將所有子組件轉換為合格資產的預期時間表提供任何指導，以及這樣做的要求是什麼？

And is any of this contingent upon joy submitting additional test plans to the FAA?

這一切是否取決於向美國聯邦航空局提交額外的測試計劃？

Yeah, great questions.

是的，很好的問題。

So the, so we talked about as we're making progress all along sort of the certification pyramid where the basis is the components, then you move into major subsystems and substructures and then all the way up to the aircraft.

因此，我們談到了我們正在沿著認證金字塔取得進展，其中基礎是組件，然後進入主要子系統和子結構，然後一直到飛機。

As we progress through the design, the test plans and the test setup.

隨著我們的設計、測試計劃和測試設置的進展。

So those are sort of the three things we talked about, we want to focus on once you complete those three and you execute the test, that's how you collect points.

這些是我們討論的三件事，一旦你完成這三件事並執行測試，我們希望重點關注，這就是你收集積分的方式。

So in terms of thinking about the conversion, everything we're doing right now all along is trying to execute on those three areas, building conforming parts, delivering test plans and then setting up the test setups to mature as you were able to see in our report, we're making great progress on test plans better than ever before, both in terms of submittals and acceptance on the FAA.

因此，在考慮轉換方面，我們現在所做的一切都是嘗試在這三個領域執行，構建合格的零件，交付測試計劃，然後設置測試設置以使其成熟，正如您在根據我們的報告，我們在測試計劃方面取得了比以往任何時候都更好的巨大進展，無論是在聯邦航空局的提交還是接受方面。

So that's progressing well, in terms of conformity, we also continue to make progress at all these levels.

因此，就一致性而言，進展順利，我們也在所有這些層面上繼續取得進展。

One of the most exciting things to talk about here is the fact that 35% of all of our composite structures are now intended to go into FAA conforming builds both for test assets as well as for real airplanes.

這裡要討論的最令人興奮的事情之一是，我們所有複合材料結構中有 35% 現在打算進入符合 FAA 要求的測試資產和真實飛機的建造中。

And culminating out of that is the fact that we were able to complete a complete tail that's going to go for FAA conformity.

最終，我們能夠完成一條完整的機尾，符合 FAA 標準。

So what you should expect from us is again a continuation of all that from components to systems to airplanes particularly here as we progress into next year.

因此，您應該對我們期待的是從組件到系統再到飛機的所有工作的延續，特別是隨著我們進入明年。

Thanks so much.

非常感謝。

Appreciate the.

欣賞。

Color.

顏色。

Thank you.

謝謝。

Our next question comes from the line of David Zulla with Barclays.

我們的下一個問題來自巴克萊銀行的大衛祖拉。

Please proceed with your question.

請繼續你的問題。

Hey, this is, hey, this is David.

嘿，這是，嘿，這是大衛。

Thanks for squeezing me in in the fr it, it seems like the industry broadly did not get everything they were looking for in terms of the reserve requirements from the FAA.

感謝您讓我參與其中，看來業界普遍沒有從美國聯邦航空總署的儲備金要求中得到他們想要的一切。

Just could you speak to the requirements, you know, as printed and the operational impacts on your aircraft operations?

您能談談列印出來的要求以及對飛機運作的影響嗎？

Yeah.

是的。

I won't speak about the industry per se, but I'll say we're extremely excited about the both the timing as Joan mentioned earlier as well as the content of the far the reserve came out exactly where we want it to be.

我不會談論這個行業本身，但我會說，我們對瓊之前提到的時機以及儲備的內容完全達到我們想要的位置感到非常興奮。

So I'm I'm ecstatic H1stly about that one.

所以我對此感到欣喜若狂。

So really happy with the outcome.

對結果非常滿意。

So I guess that's specifically, you know, as the reserve requirements you don't feel like it will operationally limit you in any way with your operational role in plant.

所以我想這就是具體的，你知道，因為儲備金要求你不覺得它會在操作上以任何方式限制你在工廠的操作角色。

No, and particularly referring to the broadly called the 20 minute VFR.

不，特別是指廣義上稱為 20 分鐘 VFR 的情況。

Deserve that.

當之無愧。

That definitely is within our design.

這絕對在我們的設計之內。

It's H1stly something that we've planned on from the very beginning.

這是我們從一開始就計劃好的事情。

So it's what we had expected.

這就是我們所期望的。

Thanks.

謝謝。

And then I guess you had some mention about flexible pathways and optimizing the, the optimizing your approach with the FAA.

然後我想你提到了靈活的途徑和優化，與美國聯邦航空局一起優化你的方法。

I was wondering if you could, you know, elaborate a little bit more on what you mean there and how you intend to partner going forward.

我想知道您是否可以詳細說明您的意思以及您打算如何繼續合作。

Yeah, I think, you know, one of the things that the sr left room for in some ways is specific operations and missions that are tailored to each of the EV tolls, like not every EV toll is the same as every other one of them.

是的，我認為，你知道，sr 在某些方面留下的空間之一是針對每個電動車通行費量身定制的特定操作和任務，就像並非每個電動車通行費都與其他通行費相同一樣。

Particularly talking about, you know, emission profile takeoffs, cruise landings, where you're flying and how you're intending to fly and operate the airplane.

特別是談論排放剖面起飛、巡航著陸、飛行地點以及打算如何飛行和操作飛機。

I think the, the S A left enough room for discussions and alignment with the FAA following the S A&I think that's how it needs to be because you really need to understand the intended use of the aircraft and make sure that the regulation is, is well rounded around that.

我認為，SA 留下了足夠的空間，可以在 SA 之後與 FAA 進行討論和協調，我認為這就是需要的，因為您確實需要了解飛機的預期用途，並確保法規是全面的圍繞那個。

Great.

偉大的。

Thanks very much.

非常感謝。

Appreciate the question.

感謝這個問題。

Thank you.

謝謝。

Our next question comes to the line of Amit Dale with HC Wainwright, please proceed with your question.

我們的下一個問題涉及 Amit Dale 和 HC Wainwright 的對話，請繼續您的問題。

Thank you.

謝謝。

Good afternoon, everyone.

大家下午好。

Congrats on all the progress.

祝賀所有的進步。

You know, with respect to all the certification et cetera that's going on.

您知道，關於正在進行的所有認證等。

Is there a potential end date within which you think all these certification steps can be completed?

您認為所有這些認證步驟是否有可能完成的結束日期？

Yeah, I'll take that question.

是的，我會回答這個問題。

So we haven't communicated a specific date on the TC specifically because it involves a lot of things both to B as well as the certain agencies.

所以我們沒有在 TC 上具體傳達具體日期，因為它涉及 B 以及某些機構的許多事情。

But what we remain committed to is working with the FAA along their certification path on both on the power lift, as well as the TC itself, as well as as the SR.

但我們仍然致力於與 FAA 合作，沿著他們在動力升降機、TC 本身以及 SR 方面的認證道路進行合作。

So the good news now is the third path is, is pretty clear and we're executing on that along the same lines of that.

所以現在的好消息是第三條路徑非常明確，我們正在沿著相同的路線執行。

We're working on a parallel path with operations in Dubai which effectively mimic the FAA and allows us that optionality, optionality to deliver on multiple markets as quickly as possible with each of those.

我們正在與杜拜的業務平行開展工作，該業務有效地模仿了美國聯邦航空局（FAA），並使我們能夠在每個市場上盡快向多個市場提供服務。

Understood.

明白了。

Thank you.

謝謝。

And then with respect to the, you know, potential operations coming up in Dubai, what kind of infrastructure do you need to build out over there?

然後，關於杜拜即將開展的潛在業務，您需要在那裡建造什麼樣的基礎設施？

Who is responsible, you know, for building that out?

你知道，誰負責建造它？

Any color on that would be helpful.

任何顏色都會有幫助。

Thank you.

謝謝。

Yeah, thanks for the question.

是的，謝謝你的提問。

We are working with.

我們正在與.

So just as a refresher on, on our agreement in Dubai, we have a six year exclusive to operate the air taxi service there.

回顧我們在杜拜的協議，我們有六年的獨家經營權，在那裡經營空中計程車服務。

This is an agreement with the RT A which governs air taxi flights within the Emirates.

這是與管理阿聯酋境內空中計程車航班的 RT A 達成的協議。

As part of that there, we have a partnership with sky ports where they will be building out up to four Vertas in Dubai.

作為其中的一部分，我們與 Sky ports 建立了合作夥伴關係，他們將在杜拜建造多達四台 Vertas。

And as Matt highlighted earlier, look for news of the groundbreaking on that first Vertalo.

正如馬特之前強調的那樣，請尋找有關第一個 Vertalo 突破性的消息。

And so that, that infrastructure and the speed at which they're able to execute on that infrastructure is, is really fantastic.

因此，該基礎設施以及他們在該基礎設施上執行的速度確實非常棒。

And then another element to highlight was what, what Eric mentioned on the elevate Os and the ability to really begin to operate, operationalize that and validate all of the features that we've been building out as we as we take and bring that Dubai service live.

然後另一個要強調的元素是埃里克提到的提升操作系統以及真正開始運營、實施並驗證我們在提供迪拜服務時一直在構建的所有功能的能力居住。

And, and again, this is a follow on to the work we've been doing with the dod as we as we build muscle on operating, muscle and operating experience.

再說一遍，這是我們與國防部一起進行的工作的後續工作，因為我們在操作、肌肉和操作經驗方面增強了實力。

And this will prepare us as we begin as we start to plan for launches both here in the US and in other important markets for us around the world.

當我們開始計劃在美國和世界各地其他重要市場推出產品時，這將為我們做好準備。

Understood.

明白了。

And then just in relation to that, the launch in Dubai, you know, from the elevate side, will it sync up with the Uber app on launch or will that potentially come, you know down the line in the future?

與此相關的是，在杜拜的推出，你知道，從提升方面來看，它會在推出時與 Uber 應用程式同步，還是有可能會出現，你知道未來會怎樣？

This is Eric, thanks for the question on that.

我是艾瑞克，謝謝你提出這個問題。

We actually think that the way we envision this service working is multimodal.

實際上，我們認為我們設想的這項服務的工作方式是多模式的。

It's really important to get our future customers from where they are to where they want to go.

讓我們未來的客戶從他們所在的地方到達他們想去的地方非常重要。

And and to and from the sky ports is a really important piece of that.

往返空中港口是其中非常重要的一環。

So we're, we're committed to having multimodal solutions as part of our thinking when we roll out our service and more to come on that in the future, but we think it's a really key part of the experience.

因此，我們致力於在推出服務以及未來推出更多服務時將多式聯運解決方案作為我們思考的一部分，但我們認為這是體驗的真正關鍵部分。

So just last one, you know, these prototypes that are flying around right now, what kind of distances are they covering today?

那麼最後一個，你知道，這些現在正在飛行的原型機，它們今天飛行了多少距離？

And are they sort of in line with, you know, how you think they should be performing from a range perspective?

從範圍的角度來看，他們是否符合你認為他們應該表現的方式？

Yeah, the airplanes we're using right now, like I said earlier, representative in terms of what we intend to take to market, most of the missions we expect to see in the market are around the 20 to 30 miles.

是的，我們現在使用的飛機，正如我之前所說，代表了我們打算推向市場的飛機，我們預計在市場上看到的大多數任務都在 20 到 30 英里左右。

That's about the 90 plus percent of the missions we see.

這大約是我們看到的 90% 以上的任務。

Obviously, we've been able to demonstrate much more with that and we fly on a regular basis here to continue to optimize those, those missions that that really is the focus of what we're doing right now?

顯然，我們已經能夠透過這一點展示更多內容，並且我們定期在這裡飛行，繼續優化這些任務，這確實是我們現在正在做的事情的重點？

Okay, guys.

好吧，夥計們。

Thank you so much.

太感謝了。

I appreciate it.

我很感激。

Thanks a thank you.

謝謝謝謝。

Thank you.

謝謝。

As our last question, we have the line of Andre Shepherd with Cantor Fitzgerald.

作為我們的最後一個問題，我們有安德烈·謝潑德（Andre Shepherd）和康托·菲茨杰拉德（Cantor Fitzgerald）的路線。

Please proceed with your question.

請繼續你的問題。

Hi, everyone.

大家好。

This is AnAnd on behalf of Andres Congrats on the quarter and thanks for digging our questions.

我是 AnAnd，代表 Andres 對本季表示祝賀，並感謝您挖掘我們的問題。

My first question is, you know, just jumping back on some commentary on the Middle East.

我的第一個問題是，你知道，只是回到一些關於中東的評論。

I just wanted to confirm if you're on track to enter into service in the Middle East within the next say 12 months.

我只是想確認你們是否預計在未來 12 個月內在中東投入使用。

And if so we're wondering when you are expecting to disclose some more unit economics, potentially some pricing or a cost breakdown.

如果是這樣，我們想知道您何時期望披露更多的單位經濟效益，可能是一些定價或成本明細。

Joe, maybe I'll take the first part and then hand it to Matt.

喬，也許我會先接第一部分，然後交給馬特。

So we are continuing to put all the pieces in place.

因此，我們正在繼續將所有部分落實到位。

As I mentioned, the we have did the formal application with the GC A met with the leadership there recently and they've also had a significant presence here at our sites in California.

正如我所提到的，我們已經向 GC A 提出了正式申請，最近與那裡的領導層進行了會面，他們也在我們位於加利福尼亞州的工廠中發揮了重要作用。

The engagement is very strong.

參與度非常高。

So on, on that path, I think we're making good progress.

因此，在這條道路上，我認為我們正在取得良好進展。

I think on the, the build out of the, the vertiport infrastructure that's looking promising as well.

我認為，垂直起落機場基礎設施​​的建設看起來也很有希望。

But again, we're dependent upon our, our partnership with, with sky sport there.

但同樣，我們依賴我們與那裡的天空體育的合作關係。

And then the relationship with the RT A and with the Emirate of Dubai broadly it is very strong and we're very grateful for their partnership.

我們與 RT A 以及杜拜酋長國的關係非常牢固，我們非常感謝他們的合作關係。

I would say the that region as a whole is very forward leaning on this technology as are a number of our other key markets around the world.

我想說，整個地區都非常依賴這項技術，我們在世界各地的許多其他主要市場也是如此。

We're seeing more enthusiasm, enthusiasm and momentum, than ever before as, as Eric highlighted in his remarks.

正如艾瑞克在演講中所強調的那樣，我們看到了比以往任何時候都更加熱情、熱情和動力。

And then with that, I'll hand it over to Matt.

然後我會把它交給馬特。

Yeah.

是的。

Hi.

你好。

You know, economics.

你知道，經濟學。

We'll talk about closer to entry into service.

我們將討論即將投入使用的情況。

I mean, it will be an interesting market as the first one because there is so much, experience based activities and, so many, so many visitors through, through that market.

我的意思是，作為第一個市場，這將是一個有趣的市場，因為有很多基於體驗的活動，並且有很多很多遊客通過該市場。

So, it's a great starter market in our mind.

所以，在我們看來，這是一個很好的入門市場。

And so, we'll talk more about that closer to the service.

因此，我們將更多地討論與服務相關的問題。

Got you and to follow up and to confirm, I was wondering if the aircraft that you're currently building were the same ones that you're planning to deliver to the UAE next year.

我想知道您目前正在製造的飛機是否與您計劃明年交付給阿聯酋的飛機相同。

And I guess to follow up from Savi's question as well, do you foresee a scenario where you might be able to enter into service without full FAA conforming aircraft?

我想，從薩維的問題來看，您是否預見到一種情況，即您可以在沒有完全符合美國聯邦航空局要求的飛機的情況下投入使用？

Yeah, thanks for the question.

是的，謝謝你的提問。

So, I'll take the first part first.

所以，我先講第一部分。

So, like I said in the earlier commentary, the airplanes we're building right now are an option to potentially go into Dubai.

因此，就像我在之前的評論中所說的那樣，我們現在正在製造的飛機是進入杜拜的選擇。

We have not made a decision on which one of these airplanes coming out of the manufacturing line will go there.

我們還沒有決定哪一架從生產線出來的飛機會前往那裡。

As discussed, we've got the fourth one coming up here and there's more to follow after that.

正如所討論的，我們已經有了第四個，之後還有更多。

We'll be opportunistic about which airplane we decide to take there in terms of FAA conformities.

我們將根據聯邦航空局的合規性來決定要搭乘哪架飛機前往那裡。

So, it's important to recognize that the qualification plan that we have the GC A accepted aligns very much with the conformity plan with the FAA.

因此，重要的是要認識到我們讓 GC A 接受的資格計劃與 FAA 的合規計劃非常一致。

It doesn't necessarily or technically require an FAA conformity just, you know, it's a different c agency.

它不一定或在技術上需要 FAA 合規性，只是，你知道，它是一個不同的機構。

So, I want to be crystal clear on that, but the type of material and supporting documentation and manufacturing build is very similar to what you would expect from that standpoint.

因此，我想對此說得非常清楚，但材料的類型、支援文件和製造構建與您從這個角度所期望的非常相似。

Thanks.

謝謝。

That was very helpful.

這非常有幫助。

And finally, regarding the recent Toyota capital raise, we're wondering if you're able to share some of the conditions or from the second tranche and roughly when in 2025 might you expect to receive it?

最後，關於最近的豐田融資，我們想知道您是否能夠分享第二筆融資的一些條件，以及您預計大約在 2025 年何時收到融資？

Yeah.

是的。

So in terms of the conditions, it's really a manufacturing strategic alliance.

所以從條件上來說，這確實是一個製造業策略聯盟。

We're still in discussion on that.

我們仍在討論此事。

The specific timing of that we, we're not going to provide guidance on, but really it pulls us much closer together, starting basically growing from the basis on which we have today where we're working shoulder to shoulder with Toyota on a daily basis.

我們不會提供具體的時間指導，但實際上它使我們更加緊密地聯繫在一起，基本上從我們今天每天與豐田並肩工作的基礎開始發展基礎。

Got you.

明白你了。

Thank you very much.

非常感謝。

I appreciate the call.

我很感謝您的來電。

Thanks for taking our questions.

感謝您回答我們的問題。

I'll pass it on.

我會把它傳遞下去。

Thank you.

謝謝。

That is all the time we have today and discuss concludes today's teleconference.

這就是我們今天的全部時間，今天的電話會議討論結束。

We thank you for your participation.

我們感謝您的參與。

You may disconnect your lines at this time.

此時您可以斷開線路。