Joby Aviation Inc (JOBY) 2025 Q1 法說會逐字稿

Greetings, and welcome to Joby Aviation first-quarter fiscal year 2025 financial results conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to introduce your host, Teresa Thuruthiyil, Head of Investor Relations. Teresa, please go ahead.

您好，歡迎參加 Joby Aviation 2025 財年第一季財務業績電話會議及網路廣播。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興向大家介紹主持人、投資者關係主管 Teresa Thuruthiyil。特蕾莎，請繼續。

Thank you. Good afternoon and evening, everyone. Thank you for joining us for Joby Aviation's first-quarter 2025 financial results conference call. My name is Teresa Thuruthiyil, and I'm Joby's Head of Investor Relations. During the call today, we will have remarks from JoeBen Bevirt, Founder and Chief Executive Officer; and Paul Sciarra, Executive Chairman.

謝謝。大家下午好、晚上好。感謝您參加 Joby Aviation 2025 年第一季財務業績電話會議。我叫 Teresa Thuruthiyil，是 Joby 的投資人關係主管。在今天的電話會議中，我們將聽取創辦人兼執行長 JoeBen Bevirt 的演講；以及執行主席 Paul Sciarra。

Please note that our discussion today will include statements regarding future events and financial performance, as well as statements of belief, expectation and intent. 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, please refer to our filings with the SEC and the safe harbor disclaimer contained in today's shareholder letter. 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. Also, during the call, we will refer both to GAAP and non-GAAP financial measures.

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。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明示或暗示的結果有重大差異。有關這些風險和不確定性的更詳細討論，請參閱我們向美國證券交易委員會提交的文件以及今天的股東信中包含的安全港免責聲明。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有效，本公司不承擔更新或修改這些陳述的任何義務。此外，在電話會議中，我們將參考 GAAP 和非 GAAP 財務指標。

A reconciliation of non-GAAP to GAAP measures is included in the Q1 2025 shareholder letter, which you can find on our Investor Relations website, along with the replay of this call. And with all of that said, I'll now turn the call over to JoeBen.

2025 年第一季股東信中包含了非 GAAP 與 GAAP 指標的對賬，您可以在我們的投資者關係網站上找到該信以及本次電話會議的重播。說完這些，我現在將電話交給 JoeBen。

Thank you, Teresa, and thank you, everyone, for joining us today as we discuss our first quarter 2025 results. It's only been a short 10 weeks since we last spoke, but in that time, the entire team at Joby has continued to deliver with incredible momentum, hosting another quarter of record progress on certification, flying through transition with a pilot onboard for the first time, announcing a partnership with Virgin Atlantic to bring our service to the UK, and powering on yet another aircraft from our production line.

謝謝特蕾莎，也謝謝大家今天加入我們討論 2025 年第一季的業績。距離我們上次交談才過去短短十週，但在這段時間裡，Joby 的整個團隊繼續以驚人的勢頭取得進展，在認證方面又創下了四分之一的進展記錄，首次完成了帶飛行員飛行的過渡，宣布與維珍航空合作將我們的服務帶到英國，並為我們生產線上的另一架飛機提供動力。

All of these achievements speak to Joby's leadership in our sector, and keep us on track to deliver on the two core goals, I set out in our last call, to start flight testing in Dubai in the middle of this year; and to begin TIA flights with the FAA within 12 months. During our last call, I talked about the record progress we've seen on the fourth stage of the certification process. And today, I'm pleased to say that despite it being a shorter quarter, we actually beat last quarter's record, accelerating forward by a full 12 percentage points on the FAA side, and moving the Joby side up to 62% complete.

所有這些成就都證明了 Joby 在我們領域的領導地位，並使我們能夠實現我在上次電話會議中提出的兩個核心目標，即在今年年中在迪拜開始飛行測試；並在 12 個月內與美國聯邦航空局合作開始 TIA 航班。在我們上次通話中，我談到了我們在認證過程第四階段所取得的創紀錄進展。今天，我很高興地說，儘管本季度較短，但我們實際上打破了上一季的記錄，在 FAA 方面加速了整整 12 個百分點，在 Joby 方面完成率上升至 62%。

This is critically important progress, because each plan we sign off with the FAA is a step towards unlocking TIA flights. A signed-off test plan allows us to move forward with building a test article and then testing it, a necessary step before beginning those flights. Also, during our last call, I noted that we hit our production target of delivering parts equivalent to one aircraft per month. At the time, I said that this would give us the parts and the aircraft to complete unprecedented levels of component and subcomponent tests, alongside an increasing cadence of flights. And our team really took that to heart.

這是至關重要的進展，因為我們與美國聯邦航空局簽署的每項計劃都是朝著解禁特里布利國際機場航班邁出的一步。簽署的測試計劃使我們能夠繼續建造測試物品並對其進行測試，這是開始這些飛行之前的必要步驟。此外，在我們上次通話中，我注意到我們達到了每月交付相當於一架飛機的零件的生產目標。當時我說過，這將為我們提供零件和飛機，以完成前所未有的組件和子組件測試，同時提高飛行頻率。我們的團隊確實把這一點牢記在心。

This last quarter was our busiest yet for flight test, with five aircraft and two full flight test crews performing flights in both Marina and at Edwards Air Force Base, often simultaneously with as many as eight flights per day. I want to stress that certifying an aircraft, particularly a new design, requires you to build and fly aircraft, and the more the better. It's been great to see so much activity in these teams, and we believe it puts us in an industry leading position to achieve type certification.

最後一個季度是我們飛行測試最繁忙的季度，有五架飛機和兩個完整的飛行測試機組在濱海和愛德華茲空軍基地飛行，通常同時進行，每天多達八次飛行。我想強調的是，認證一架飛機，特別是新設計的飛機，需要你建造和駕駛飛機，越多越好。很高興看到這些團隊如此活躍，我們相信這將使我們在獲得型式認證方面處於行業領先地位。

A lot of the testing we completed at Edwards was supporting one of Joby's most important achievements to date, flying our aircraft through transition with a pilot on board controlling the aircraft. The seamless transition between vertical and horizontal flight has long been considered one of the most challenging technological feats in aerospace.

我們在愛德華茲完成的大量測試都是為了支持 Joby 迄今為止最重要的成就之一，即在飛行員控制下駕駛我們的飛機完成過渡。垂直和水平飛行之間的無縫過渡一直被認為是航空航太領域最具挑戰性的技術壯舉之一。

But as our chief test pilot buddy put it, the aircraft flew exactly as we expected, with excellent handling qualities and low pilot workload. Hence, Buddy made the first transition to wingborne flight. Two other Joby pilots have done the same, and importantly, pilot onboard transition flight has now become a routine part of our flight testing. And we're the first eVTOL company to be able to say that. Moving from one historic transition flight to routine pilot onboard transitions was an almost overnight process for Joby.

但正如我們的首席試飛員夥伴所說，飛機的飛行完全符合我們的預期，具有出色的操控品質和較低的飛行員工作負荷。從此，巴迪首次轉型為翼載飛行。另外兩位 Joby 飛行員也做了同樣的事情，重要的是，飛行員隨機過渡飛行現在已經成為我們飛行測試的常規部分。我們是第一家能夠這麼說的 eVTOL 公司。對 Joby 來說，從一次歷史性的過渡飛行到常規的飛行員機上過渡幾乎是一夜之間的過程。

But it was built on years of methodical testing and planning. We had already flown hundreds and hundreds of transitions without a pilot onboard, and we'd completed 1,000s of tests, both on the ground, in our Integrated Test Lab, and in the air, all of which made the move to piloted transition so smooth. In order to support our move to inhabited transition flight, we completed a round of testing at Edwards to prove out the redundancy that's designed into our aircraft.

但它是經過多年有條不紊的測試和規劃而建成的。我們已經進行了數百次無飛行員的過渡飛行，並且完成了數千次測試，包括地面、綜合測試實驗室和空中測試，所有這些都使得向有人駕駛過渡的過程非常順利。為了支持我們向載人過渡飛行的轉變，我們在愛德華茲完成了一輪測試，以證明我們飛機設計的冗餘度。

From the very beginning, we've been intentional about building layers of redundancy and fault tolerance into our design, and in this campaign, we demonstrated just how valuable those design choices are in ensuring the safety and reliability of our aircraft. In separate tests, we disabled one of the two tilt mechanisms on each propeller, one of the four battery packs, and two of the six propulsion stations.

從一開始，我們就有意在設計中建造冗餘和容錯層，在這次活動中，我們證明了這些設計選擇對於確保飛機的安全性和可靠性有多重要。在單獨的測試中，我們禁用了每個螺旋槳上的兩個傾斜機構中的一個、四個電池組中的一個以及六個推進站中的兩個。

And in each case, we were able to maintain safe flight and execute a vertical landing with no changes to the procedures that our pilots used to fly the aircraft. I'd encourage you to go and watch the footage of this testing that we published online earlier this week, because it's an incredible validation of the long-term planning and vision behind our aircraft and its safety systems.

在每種情況下，我們都能夠保持安全飛行並執行垂直著陸，而無需改變飛行員駕駛飛機所採用的程序。我鼓勵您去觀看我們本週早些時候在網上發布的這次測試的錄像，因為它是對我們的飛機及其安全系統背後的長期規劃和願景的令人難以置信的驗證。

It's also, again, to our knowledge, a first in the industry. Zach Reeder, the Joby test pilot who led the campaign put it, success is super boring, and if you watch it, you'll see that those flights look just like any other. The success of this testing, along with the inhabited transition that followed, are a testament to the professionalism and dedication of our team, and they are a major unlock.

據我們所知，這也是業界首創。領導這項活動的 Joby 試飛員 Zach Reeder 表示，成功是超級無聊的，如果你觀察一下，你會發現這些飛行看起來和其他飛行沒什麼兩樣。這次測試的成功以及隨後的居住過渡證明了我們團隊的專業和奉獻精神，這是一個重大的突破。

First, for the flight testing we plan to complete in Dubai in the middle of this year; and second, for beginning TIA flights with the FAA. And as we prepare to send that first aircraft to Dubai, the next aircraft to roll off our pilot production line will soon join our fleet, having already been powered on for the first time. With each aircraft that rolls off our pilot production line, and this is the fifth, we learn more about building and scaling our manufacturing. We learn how to do things smarter, faster, cheaper and more efficiently. These lessons will be valuable to us as we start to fit our new expanded facility in Marina, which is nearing completion and is set to be handed over to us next month.

首先，我們計劃在今年年中在杜拜完成飛行測試；其次，與美國聯邦航空管理局 (FAA) 合作開始 TIA 航班。當我們準備將第一架飛機送往杜拜時，下一架從我們的試驗生產線上下來的飛機將很快加入我們的機隊，並且已經進行了首次啟動。隨著每一架飛機從我們的試驗生產線上下來（這已經是第五架了），我們對製造能力的建設和擴大有了更多的了解。我們學習如何更聰明、更快、更便宜、更有效率地做事。當我們開始在碼頭安裝新的擴建設施時，這些經驗對我們來說非常寶貴，該設施已接近完工，並將於下個月交付給我們。

This building will not only double our manufacturing footprint, it will also house our certified full motion flight simulator that's set to arrive before the end of the year. From my own personal experience and from Toyota's experience as the world's largest auto manufacturer, there's no magic switch that lets you achieve mass manufacturing overnight. You have to do the hard miles, and that means building, testing and flying aircraft over and over again. In theory, it's an appealing idea to jump straight to certifiable aircraft and straight to higher manufacturing scale, but it is never successful in practice. And so as we grow in Marina and in Ohio, I'm incredibly grateful that we invested in the stepwise scaling of our manufacturing years ago, so that we have the same head start in manufacturing as we do in certification.

這座建築不僅將使我們的製造規模擴大一倍，還將容納我們經過認證的全動飛行模擬器，該模擬器預計將於今年年底前交付。從我個人的經驗以及豐田作為世界最大汽車製造商的經驗來看，沒有什麼神奇的開關可以讓你在一夜之間實現大規模生產。你必須經歷艱苦的努力，這意味著一遍又一遍地建造、測試和飛行飛機。從理論上講，直接實現可認證飛機和更高製造規模是一個很有吸引力的想法，但在實踐中從未成功過。因此，隨著我們在馬裡納和俄亥俄州的發展，我非常感謝我們多年前對製造規模的逐步擴大進行投資，以便我們在製造方面與認證方面擁有同樣的領先優勢。

I'm confident that all this progress, the tangible accountable progress on certification, the demonstrated flight hours and transition flights, and rolling yet another aircraft off our production line puts Joby firmly in a leadership position in our sector. And with the US government leaning in on both the state and federal level, we are securing America's leadership role in the adoption of this important new technology. Last week, I was in Washington, D.C. and had the opportunity to meet with a number of key leaders who are working to ensure the successful implementation of advanced air mobility.

我相信，所有這些進展、認證方面切實的進展、驗證的飛行小時數和過渡飛行以及另一架飛機下線，都將使 Joby 牢牢佔據我們行業中的領導地位。在美國政府從州到聯邦政府的大力支持下，我們正在確保美國在採用這項重要新技術方面的領導地位。上週，我在華盛頓特區有機會會見了一些致力於確保先進空中機動成功實施的關鍵領導人。

We had important conversations with the Secretary of Transportation, Sean Duffy; Acting FAA administrator, Chris Rocheleau; FAA Head of Certification, Caitlin Locke; FAA Head of Flight Standards, Robert Ruiz, a number of key members of the House and Senate as well as leadership within the White House, including Director, Michael Kratsios from the Office of Science, Technology and Policy. In every case, we heard strong support for ensuring there is a clear path to certification and commercial operations for Joby, and that this path can be leveraged as we begin service in key countries around the world.

我們與交通部長肖恩·達菲進行了重要對話；美國聯邦航空局代理局長克里斯·羅切洛 (Chris Rocheleau)； FAA 認證主管 Caitlin Locke；美國聯邦航空管理局飛行標準主管羅伯特·魯伊斯 (Robert Ruiz)、眾議院和參議院的一些重要成員以及白宮內部領導層，其中包括科學、技術和政策辦公室主任邁克爾·克拉西奧斯 (Michael Kratsios)。在每種情況下，我們都聽到了強有力的支持，以確保 Joby 擁有一條清晰的認證和商業運營途徑，並且當我們開始在全球主要國家提供服務時，可以利用這條途徑。

As we look to those opportunities around the world, one of the most exciting we see is in the UK, and I'd like to take a moment to highlight the announcement we made this quarter with Virgin Atlantic. We couldn't have hoped for a better partner to work with in the UK Virgin is famed for its customer service and commitment to excellence.

當我們放眼全球的機會時，我們看到的最令人興奮的機會之一就在英國，我想花點時間強調我們本季與維珍航空共同宣布的公告。我們不希望在英國找到更好的合作夥伴，維珍航空以其客戶服務和對卓越的承諾而聞名。

And of course, they're already part of the family, being closely affiliated with Delta Airlines. I've spent a great deal of time with their CEO, Shai, and together, we're incredibly excited about our plans to deliver air taxi services in the UK, starting with the Virgin hubs at London Heathrow in Manchester. Like Delta, Uber, Toyota and ANA, Virgin is another example of Joby's ability to attract world-class partners who share our vision for the future and are excited to lead the way on the development of this important new market. Paul, I'll hand it over to you to take us through the numbers in a moment. But before I do, I'm pleased to confirm that Rodrigo Brumana will be joining us as our Chief Financial Officer later this month.

當然，他們已經是這個大家庭的一部分，與達美航空有著密切的聯繫。我與他們的執行長 Shai 一起度過了大量時間，我們對在英國提供空中計程車服務的計劃感到非常興奮，首先從曼徹斯特倫敦希思羅機場的維珍樞紐開始。就像達美航空、優步、豐田和全日空一樣，維珍航空也是 Joby 吸引世界級合作夥伴的又一例證，這些合作夥伴與我們有著共同的未來願景，並很高興引領這一重要新市場的發展。保羅，我馬上就把它交給你，讓你帶我們來了解這些數字。但在此之前，我很高興地確認，Rodrigo Brumana 將於本月稍後加入我們，擔任財務長。

Rodrigo is not only a seasoned Silicon Valley CFO with experience working in global finance operations at HP, Amazon and eBay, but he's also an aviation enthusiast, who has a degree in engineering and a background optimizing complex manufacturing at Fairchild Semiconductor and Palm. Most recently, he served as CFO at Poshmark.

羅德里戈不僅是一位經驗豐富的矽谷首席財務官，曾在惠普、亞馬遜和 eBay 等公司從事全球財務運營工作，他還是一位航空愛好者，擁有工程學位，並在仙童半導體和 Palm 公司擁有優化複雜製造的背景。最近，他擔任 Poshmark 的財務長。

Rodrigo stood out to us as a candidate because of his strong track record of driving growth, his deep experience in capital markets and his creativity in developing thoughtful strategies for the businesses he's led. I'm confident his pragmatic and tactical approach will serve Joby well as we scale our manufacturing and prepare for commercial operations. Paul, over to you.

羅德里戈之所以能脫穎而出，是因為他有著推動成長的出色記錄、在資本市場的豐富經驗以及為其領導的企業製定周到策略的創造力。我相信，在我們擴大生產規模和準備商業運營的過程中，他的務實和戰術方法將為 Joby 提供良好的服務。保羅，交給你了。

Thanks, JoeBen. Before diving into the financials for the quarter, I'd like to pick up on J.B.'s comments about our recently announced partnership with Virgin Atlantic. Virgin is a terrific brand, and I'm confident we'll be able to create an amazing customer experience together, as we bring Joby's air taxi service to the UK. But that partnership is just one of several ways in which we anticipate bringing our aircraft to market. As we look ahead, we see three distinct paths to generating revenue, each of which provides a different strategic opportunity for the business.

謝謝，JoeBen。在深入研究本季的財務狀況之前，我想先談談 J.B. 對我們最近宣布的與維珍航空的合作關係的評論。維珍是一個很棒的品牌，我相信，隨著我們將 Joby 的空中計程車服務引入英國，我們將能夠共同創造令人驚嘆的客戶體驗。但這種合作關係只是我們預期將飛機推向市場的幾種方式之一。展望未來，我們看到了三個不同的創收途徑，每條途徑都為企業提供了不同的策略機會。

First, we have a direct sales model for defense applications and for businesses who want to own and run their own aircraft. This path enables us to optimize for near-term cash, including prepayments that may precede certification. Second, we have markets where we do not plan to be involved in operating the air taxi service directly, and instead, we may work with partners to deliver that service. We see this model applying primarily outside of the US, for example, in Japan, where we've partnered already with ANA and Toyota. Efforts like this may involve joint ventures or include sales or leases to a foreign subsidiary.

首先，我們針對國防應用以及想要擁有和運作自己的飛機的企業採用直銷模式。這條路徑使我們能夠優化近期現金，包括可能在認證之前的預付款。其次，在某些市場，我們不打算直接參與營運空中計程車服務，而是與合作夥伴合作提供此服務。我們認為這種模式主要應用於美國以外的地區，例如日本，我們已經與全日空和豐田建立了合作夥伴關係。此類努力可能涉及合資企業或包括向外國子公司銷售或租賃。

Working with these partners allows us to leverage local expertise and relationships, and it presents opportunities for growth while limiting our capital commitments and derisking our go-to-market. Third, we have our direct-to-consumer path, where we own and operate the air taxi service ourselves. This option is more capital intensive, but we believe it has the potential to deliver higher margins over time and a stronger, more defensible market position.

與這些合作夥伴合作使我們能夠利用當地的專業知識和關係，並提供成長機會，同時限制我們的資本承諾並降低我們的市場進入風險。第三，我們有直接面向消費者的途徑，我們自己擁有並經營空中計程車服務。這種選擇需要更多的資本，但我們相信，隨著時間的推移，它有可能帶來更高的利潤率，以及更強大、更穩固的市場地位。

And here, we are working with strategic partners to generate demand and build out necessary takeoff and landing locations in key markets, working with industry leaders such as Delta, Uber and Virgin. Taken together, what we have are three clear paths to market that we believe will give us the flexibility to optimize for different goals.

在這裡，我們正與戰略合作夥伴合作，創造需求並在主要市場建立必要的起飛和降落地點，並與達美航空、優步和維珍航空等行業領導者合作。總的來說，我們有三個清晰的市場路徑，我們相信這些路徑將使我們能夠靈活地針對不同的目標進行最佳化。

We can choose nearer-term cash flow, we can choose longer-term margin, we can choose to grow market share, and we can mix these as we see fit. This model allows us flexibility, and it also allows us to react appropriately if one path becomes faster or slower than another. We've made great progress already across all three routes to date.

我們可以選擇近期現金流，我們可以選擇長期利潤，我們可以選擇增加市場份額，我們可以按照我們認為合適的方式將這些結合起來。這種模型為我們提供了靈活性，並且還使我們能夠在一條路徑比另一條路徑更快或更慢時做出適當的反應。到目前為止，我們在所有三條路線上都取得了巨大進展。

We've secured meaningful mature demand and infrastructure partnerships with companies who have already invested hundreds of millions of dollars into Joby. We've benefited from years of revenue and financial support for R&D from the Department of Defense, and we're the only company to have delivered an eVTOL aircraft to an air force base, which we've now done twice over.

我們已經與已經向 Joby 投資數億美元的公司建立了有意義的成熟需求和基礎設施合作夥伴關係。多年來，我們受益於國防部對研發的收入和資金支持，我們是唯一一家向空軍基地交付 eVTOL 飛機的公司，目前我們已經完成了兩次交付。

And we have excellent visibility into future opportunities with these government customers on increasingly autonomous and longer-range hybrid aircraft, both areas where Joby has delivered real technology demonstrations already. But one path we haven't spoken so much about is the direct sales outside of the defense realm. And I'm pleased to say, we're having all the right conversations there as well. For us, it's about quality over quantity for these preorders. You want credible customers and preorders that are as firm as possible.

我們對與這些政府客戶在日益自主和遠程混合動力飛機方面的未來機會有著極好的預見性，Joby 已經在這兩個領域進行了真正的技術演示。但我們還沒有過多談論的一條途徑是國防領域之外的直接銷售。我很高興地說，我們在那裡也進行了正確的對話。對我們來說，這些預訂的品質比數量更重要。您希望擁有可靠的客戶和盡可能堅定的預訂單。

We look forward to sharing news on this and each of these routes to market over the quarters ahead. In the meantime, I think, it's important to stress that none of these business models, none of them, mean anything at all, if you don't have three things: first, a certified aircraft; second, a certified simulator to train pilots to fly those aircraft; and third, the manufacturing know-how and capacity to build them at increasing scale. JB has already talked about the exceptional progress we're making on each of these fronts, and I hope that progress speaks for itself. Looking now to the Q1 financial results. We ended the first quarter of 2025, with cash and short-term investments totaling $813 million, which does not include the expected Toyota investment.

我們期待在未來幾季分享有關這方面以及每個市場途徑的新聞。同時，我認為，必須強調的是，如果沒有三樣東西，那麼這些商業模式都沒有任何意義：第一，一架經過認證的飛機；第二，使用經過認證的模擬器來訓練飛行員駕駛這些飛機；第三，製造技術訣竅和規模化生產能力。JB 已經談到了我們在各個方面取得的卓越進展，我希望這些進展不言而喻。現在回顧第一季財務表現。截至 2025 年第一季度，我們的現金和短期投資總額為 8.13 億美元，其中不包括預期的豐田投資。

During the first quarter, we finalized the agreements necessary to close the first half of that $500 million commitment from Toyota, and we anticipate those funds will be reflected in our Q2 cash balance. In parallel, we've already been working with Toyota on our strategic manufacturing alliance, with the mutual goal of finalizing it, and receiving the second tranche of the Toyota investment later this year. As a reminder, there are no certification or operational milestones that Joby needs to achieve to access either the first or second tranches of this investment.

在第一季度，我們完成了必要的協議，以完成豐田 5 億美元承諾的前半部分，我們預計這些資金將反映在我們的第二季度現金餘額中。同時，我們已經與豐田就戰略製造聯盟展開合作，共同目標是完成該聯盟，並在今年稍後獲得豐田的第二筆投資。提醒一下，Joby 無需實現任何認證或營運里程碑即可獲得此項投資的第一部分或第二部分。

Our Q1 net loss of $82 million reflects a loss from operations of about $163 million, partially offset by interest and other income of $81 million. The first quarter net loss decreased by $164 million compared to Q4 of 2024, reflecting a favorable revaluation of our warrants and earn-out shares, partly offset by the higher net loss from operations.

我們第一季的淨虧損為 8,200 萬美元，其中經營虧損約 1.63 億美元，但被 8,100 萬美元的利息和其他收入部分抵銷。第一季淨虧損與 2024 年第四季相比減少了 1.64 億美元，反映了我們的認股權證和獲利份額的有利重估，但部分被更高的營業淨虧損所抵消。

Adjusted EBITDA, a non-GAAP metric that we reconcile to net income in our shareholder letter was a loss of $127 million in the first quarter. This was about $8 million higher than in the fourth quarter of 2024, reflecting higher operating expenses. Our adjusted EBITDA loss was $17 million higher than in the same period last year, reflecting the growth in our organization, expenses to support manufacturing and certification, and higher production volumes as we ramp up manufacturing.

調整後 EBITDA 是一項非 GAAP 指標，我們在致股東信中將其與淨收入進行調節，第一季的虧損為 1.27 億美元。這比 2024 年第四季高出約 800 萬美元，反映出更高的營運費用。我們的調整後 EBITDA 虧損比去年同期高出 1700 萬美元，反映了我們組織的成長、支持製造和認證的費用以及隨著製造規模擴大而產生的更高的產量。

During the first quarter of 2025, we spent about $15 million on property and equipment, which includes investments in the expansion of manufacturing facilities in California and Ohio, test equipment, and the costs of our full motion flight simulator for pilot training. We continue to maintain a disciplined approach as we supplement our certification work, with measured go-to-market initiatives, and lay the groundwork for commercial service next year.

2025 年第一季度，我們在財產和設備上花費了約 1500 萬美元，其中包括對加州和俄亥俄州製造工廠擴建、測試設備的投資，以及用於飛行員培訓的全動飛行模擬器的成本。我們將繼續保持嚴謹的態度，透過有節制的市場推廣措施來補充我們的認證工作，為明年的商業服務奠定基礎。

You can expect us to continue to align our investments with the opportunities in the business. Accordingly, we continue to expect our 2025 use of cash, cash equivalents and short-term investments to be between $500 million and $540 million. This concludes our prepared remarks. Operator, please begin the Q&A portion of the call.

您可以期待我們繼續使我們的投資與業務機會保持一致。因此，我們繼續預期 2025 年現金、現金等價物和短期投資的使用額將在 5 億至 5.4 億美元之間。我們的準備好的演講到此結束。接線生，請開始通話的問答部分。

(Operator Instructions) Austin Moeller, Canaccord.

（操作員指示）Austin Moeller，Canaccord。

Just my first question here. You mentioned five aircraft have rolled off the pilot production line. What is the timing of the full-scale aircraft with all fully conforming parts? You had previously mentioned that you're assembling it and plan to have it ready this year at some point.

這是我的第一個問題。您提到有五架飛機已下線試生產。所有部件完全符合要求的全尺寸飛機的時序如何？您之前曾提到過，您正在組裝它併計劃在今年某個時候準備好。

Austin, it's great to talk to you. Thanks for your question. Yes, so these -- just to be clear, all of our aircraft that we've been building for the past eight years now have been full-scale aircraft and have all had the same -- very similar operating specifications, including these five that have come off the preproduction line, and which we've now done all of our failure testing on and taken through transition. With regard to your question about the FAA conforming aircraft, and I should be clear, those five aircraft are company conforming aircraft. We then layer on additional FAA inspections during the build process for the FAA conforming aircraft.

奧斯汀，很高興與您交談。謝謝你的提問。是的，需要明確的是，我們過去八年建造的所有飛機都是全尺寸飛機，並且都具有相同的——非常相似的操作規格，包括這五架已經從預生產線上下來的飛機，我們現在已經對它們進行了所有的故障測試並進行了過渡。關於您關於符合 FAA 標準的飛機的問題，我應該要明確一點，這五架飛機都是符合公司標準的飛機。然後，我們在符合 FAA 標準的飛機的建造過程中分層進行額外的 FAA 檢查。

And we have multiple of those that are moving through the production process in our California manufacturing facilities currently. And yes, we remain on track to have those aircraft in the air, later this year in preparation for our TIA flight testing. So very, very pleased with the progress that we've made and the investments we've made in manufacturing, and as well as the progress both on the Joby side and the FAA side on Stage 4, which is a really critical unlock for the TIA work.

目前，我們在加州的製造工廠中已經有多個這樣的產品正在生產中。是的，我們仍將按計劃在今年稍後讓這些飛機升空，為我們的 TIA 飛行測試做準備。我們對所取得的進展和在製造業的投資以及 Joby 和 FAA 在第四階段取得的進展感到非常非常高興，這對於 TIA 工作來說是一個非常關鍵的解鎖。

Okay. And with the company opening up the expanded manufacturing site in Marina, what is the expected timeline look like now for Dayton and initial production there? I know, you're already in the process of building parts and components there by midyear.

好的。隨著公司在濱海開設擴建的生產基地，代頓和那裡的初始生產的預期時間表是怎樣的？我知道，到年中你們就已經開始在那裡生產零件了。

Yes. We're -- we've got great momentum on both sites. Fantastic to be doubling the footprint in Marina, and really grateful for the team delivering that ahead of schedule. And that facility is just going to be phenomenal, as we ramp capacity here in California. And then the facility in Ohio is also coming along really, really well.

是的。我們在兩個網站上都取得了巨大的發展勢頭。能夠在 Marina 的足跡擴大一倍真是太棒了，非常感謝團隊提前完成這一目標。隨著我們在加州的產能不斷提升，該設施將變得非常出色。俄亥俄州的工廠也進展得非常順利。

This is a facility we purchased, and the team has done retrofits on it, and we're now installing the tooling and equipment, and really excited to see parts starting to come out of that facility in the months to come.

這是我們購買的一個設施，團隊對其進行了改造，現在我們正在安裝工具和設備，並且非常高興地看到零件在未來幾個月內開始從該設施生產出來。

Savi Syth, Raymond James.

薩維西斯、雷蒙德詹姆斯。

This is Connor on for Savi. Congrats on achieving the full flight envelope with the pilot onboard. I was wondering, if you could elaborate some more on what your flight test goals are for this year, including your expectations around flight testing in Dubai as it relates to timing and what the goals are in terms of either volume or proof points?

這是康納 (Connor) 代替薩維 (Savi)。恭喜您在飛行員在場的情況下實現了全飛行包線。我想知道，您是否可以詳細說明今年的飛行測試目標，包括您對迪拜飛行測試的時間表的期望，以及在數量或證明點方面的目標是什麼？

Yes. Thank you so much, Connor, and thank you for highlighting Dubai. So as we've recently announced, we've had an incredible quarter of progress on flight test. We've done both the failure injection testing at Edwards, which is a phenomenal unlock to all the rest of the work that we're planning to do this year and next. And then, we moved to pilot onboard transition flights.

是的。非常感謝你，康納，感謝你對杜拜的關注。正如我們最近宣布的那樣，我們在飛行測試方面取得了令人難以置信的進展。我們已經在 Edwards 完成了故障注入測試，這對於我們今年和明年計劃完成的所有其他工作來說是一個非凡的開啟。然後，我們轉而駕駛機上過渡航班。

And then now that's become routine, and really, really pleased with the way all of our company conforming aircraft are flying. That fleet is just doing great. And now we're preparing to pack one of those aircraft, and send it to Dubai, where we'll have it for the hot weather months, and to be able to really put it through its paces in some of the most grueling conditions from a temperature perspective and then proceeding on to doing all of the qualification and preparation for the service launch.

現在這已經成為常規，我們對我們公司所有符合標準的飛機的飛行方式感到非常非常滿意。那支艦隊表現非常出色。現在我們正準備打包其中一架飛機，並將其送往杜拜，在那裡度過炎熱的幾個月，並能夠在溫度最嚴酷的條件下真正對它進行測試，然後繼續進行服務啟動的所有資格認證和準備工作。

So really, really pleased with the progress there. Back here at home, we are running many of the flight test operations that in preparation for our -- on our company conforming aircraft in preparation for doing those same flights with the FAA -- those as TIA flights with the FAA. And the one other thing I should highlight is the full motion flight simulator, which we mentioned that we're planning to get later this year, and that's critical as we lay the foundation for pilot training, and again, in preparation for both the flight test as well as preparing for commercial operations. So a lot of pieces in motion and really pleased with all of -- the way they're all coming together.

我對那裡的進展真的非常滿意。在國內，我們正在進行許多飛行測試操作，為我們的——我們公司的符合要求的飛機——與美國聯邦航空局一起進行同樣的飛行做準備——與美國聯邦航空局一起進行 TIA 飛行。另外我要強調的一點是全動飛行模擬器，我們提到我們計劃在今年稍後推出，這對於我們奠定飛行員訓練基礎至關重要，並且再次為飛行測試和商業運營做準備。所以很多部分都在進行中，我對它們組合在一起的方式感到非常滿意。

Super helpful. And then just as my follow-up, I was wondering, if you guys could speak to the benefits of having FAA pilots in your simulators, sooner versus towards the end of the certification process. Just a little color there would be great.

超有幫助。然後，作為我的後續問題，我想知道，你們是否可以談談在認證過程即將結束時，以及儘早讓 FAA 飛行員使用模擬器的好處。只要有一點顏色就很好了。

Yes. So we have the -- we had the FAA pilots come out and fly many of the test points that they'll be flying during TIA back last quarter. And then they also got to watch our pilots fly those test points remotely. We're now flying those test points in seat. And then we will be -- we'll have the FAA pilots fly the rest of those test points in the simulator and then fly those test points in the aircraft themselves. And so really, really pleased with the lean-in from the FAA flight test team, and excited to continue that progress over the quarters to come.

是的。因此，我們讓 FAA 的飛行員在上個季度的 TIA 期間飛過許多測試點。然後他們還可以遠端觀看我們的飛行員飛行這些測試點。我們現在正在座位上飛行這些測試點。然後我們將——我們將讓 FAA 飛行員在模擬器中飛越其餘的測試點，然後親自駕駛飛機飛越這些測試點。因此，我對 FAA 飛行測試團隊的努力感到非常高興，並且很高興能夠在接下來的幾個季度中繼續取得進展。

Mahima Kakani, JPMorgan.

摩根大通的 Mahima Kakani。

This is Mahima on for Bill. Maybe following up on Connor's question, can you touch on what needs to happen from a testing perspective for you to feel comfortable transitioning from flying with a pilot onboard to flying with a pilot, and then passengers on board in the UAE? Are there specific, for example, failure scenarios that you have to run or a certain number of flight hours that you have to achieve before that happens?

這是 Mahima 為 Bill 表演的。也許是為了回答康納的問題，您能否從測試的角度談談，在阿聯酋，您需要做些什麼才能安心地從有飛行員在機上飛行過渡到有飛行員在機上飛行，然後再搭載乘客？例如，是否存在特定的故障場景需要您運行，或者在故障發生之前需要達到一定的飛行小時數？

So there are -- the critical piece for us on testing is really around the component and system level testing of all of our FAA conforming test articles. And so the critical unlock to this is all of the test plans that the FAA has been approving, allow us to then go and build the FAA conforming test articles, and then to run the tests, and then submit the test reports. And then once those test reports have been approved, that gives us credit on Stage 5 and unlocks the TIA flight testing. So that's on the US side of things.

因此，對我們來說，測試的關鍵部分實際上是圍繞所有符合 FAA 標準的測試文章的組件和系統級測試。因此，關鍵的解鎖是 FAA 批准的所有測試計劃，允許我們去建立符合 FAA 標準的測試文章，然後執行測試，然後提交測試報告。一旦這些測試報告獲得批准，我們就會獲得第 5 階段的認可，並解鎖 TIA 飛行測試。這就是美國方面的事。

In terms of beginning to fly passengers, that's work that we're doing alongside the GCAA. And we're going to need to ensure that both Joby and the GCAA is very comfortable with the rigor and the testing that's gone into all of the component systems and the aircraft as a whole.

就開始載客飛行而言，這是我們與 GCAA 共同進行的工作。我們需要確保 Joby 和 GCAA 都對所有組件系統和整架飛機的嚴格測試感到滿意。

And congrats on the Virgin Atlantic partnership that you announced. Given that these aircraft intend to fly in the UK and the TIA has aligned its safety standards OHSAS, can you touch on how you'll address the difference in the safety standards? And then maybe just how you're going to approach certification in one of these markets?

恭喜您宣布與維珍航空建立合作關係。鑑於這些飛機打算在英國飛行，並且 TIA 已將其安全標準與 OHSAS 保持一致，您能否談談您將如何解決安全標準的差異？那麼也許您將如何在其中一個市場中獲得認證？

We also had the UKCA out, and a good contingent there. We've had very close and constructive work with them over a number of years, and they are going to be aligning their certification standards on this with the FAA and following along with the work that we're doing here. So we feel really good about that path, and we do see the UK as a phenomenal market and appreciative of their alignment with all the groundwork that's been put in place with the FAA.

我們還派出了 UKCA 人員，並在那裡派遣了一支優秀的隊伍。多年來，我們一直與他們進行非常密切和建設性的合作，他們將使他們的認證標準與美國聯邦航空局保持一致，並跟進我們在這裡所做的工作。因此，我們對這條道路感到非常滿意，我們確實將英國視為一個非凡的市場，並讚賞他們與 FAA 所做的所有基礎工作。

(Operator Instructions) David Zazula, Barclays.

（操作員指示）巴克萊銀行的 David Zazula。

Paul or JoeBen, you'd mentioned balancing near-term cash flow versus long-term margin versus market share. I'm wondering how you are thinking about those -- balancing those priorities and what factors might influence changing the balance over time?

Paul 或 JoeBen，您提到了平衡短期現金流、長期利潤和市場份額。我想知道您是如何考慮這些的——平衡這些優先事項，以及哪些因素可能會隨著時間的推移而影響平衡的變化？

Thanks a lot, David. This is Paul. I think, the reason for highlighting it is to make sure that everyone sort of understands that we do have these sort of three legs of the stool, when we think about our sort of broader go-to-market strategy. What's important is that they obviously have different economic characteristics, but we want to make sure that we preserve the flexibility to allocate aircraft flexibly between those different ones. We are not -- it's probably premature to say one is sort of a priority versus the other.

非常感謝，大衛。這是保羅。我認為，強調這一點的原因是為了確保每個人都明白，當我們考慮更廣泛的市場進入策略時，我們確實有這三條腿。重要的是，它們顯然具有不同的經濟特徵，但我們希望確保保留靈活性，以便在不同飛機之間靈活分配飛機。我們不是——現在就說其中一個比另一個更重要可能還為時過早。

But we do want to make sure that there's really credible opportunities in each, so that when the time comes, we have a choice to prioritize near-term cash versus longer-term market expansion versus higher margin. And I think that flexibility is going to serve us well, so that we can adapt to whatever market conditions sort of are there at the time.

但我們確實希望確保每個領域都存在真正可靠的機會，以便到時候我們可以選擇優先考慮短期現金、長期市場擴張或更高的利潤率。我認為這種靈活性對我們很有幫助，這樣我們就可以適應當時的任何市場狀況。

And then kind of aligned with that, I think you mentioned direct sales non-DoD. Was that specifically in the US? And can you give any color as to kind of what that might look like in the US?

與此類似，我想您提到了非國防部的直接銷售。那是專門在美國嗎？您能否具體描述一下​​在美國這種情況會是什麼樣子？

Thanks, David. Again, Paul. So it's actually not specifically in the US. Obviously, there is interest from lots of operators in many places around the world. But what I think what is important is that we choose the right initial customers; and two, that we try to get the sort of most real contracts with those customers.

謝謝，大衛。再說一次，保羅。所以它實際上並不專門發生在美國。顯然，世界各地的許多業者都對此感興趣。但我認為重要的是我們選擇正確的初始客戶；第二，我們努力與這些客戶簽訂最真實的合約。

Standing up any customer, even if it's a direct sale involves training them on maintenance, doing things like pilot training in conjunction with their team. So we want to make sure that the opportunity is real, that we have the right structure around that in the short and longer term. And as we've gotten closer and closer to certification, as we're beginning to scale up manufacturing, that really allows us to have the right conversations with that customer set.

維護任何客戶，即使是直接銷售，也需要對他們進行維護培訓，並與他們的團隊一起進行飛行員培訓等工作。因此，我們希望確保這個機會是真實存在的，並且我們在短期和長期內都有正確的結構。隨著我們越來越接近認證，隨著我們開始擴大生產規模，這確實使我們能夠與客戶群進行正確的對話。

Andres Sheppard, Cantor Fitzgerald.

安德烈斯‧謝潑德 (Andres Sheppard)、康托‧費茲傑拉 (Cantor Fitzgeral

Congratulations on another good quarter, and particularly on the full transition flight with a pilot onboard. Very exciting indeed. A bit of an odd question, but I wanted to maybe touch on tariffs. Since Joby is maybe more fairly vertically integrated than the rest, should we assume perhaps that the impact from tariffs will be maybe less material than others? Or I guess, how are you thinking about the tariffs and the potential implications of that?

恭喜您又取得了一個好的季度，特別是恭喜您完成了有飛行員在機上的完全過渡飛行。確實非常令人興奮。這是一個有點奇怪的問題，但我想談談關稅問題。由於 Joby 可能比其他公司垂直整合得更好，我們是否可以假設關稅的影響可能比其他公司更小？或者我想，您如何看待關稅及其潛在影響？

Thanks a lot, Andres, and I appreciate your thought on the piloted transition. I can say that, it was obviously something that we were excited to share, but it was also really exciting for the team. Everyone was super excited to see that flight testing progress from the first to a sort of routine effort here around the office. Regarding your question on tariffs, I mean, I think your instinct is right. This is a moment where the vertical integration that Joby has really been building over the last decade shows its value.

非常感謝，安德烈斯，我很欣賞你對試點過渡的想法。我可以說，這顯然是我們很高興分享的事情，但對團隊來說這也是非常令人興奮的事情。看到飛行測試從最初的階段性進展到辦公室的常規工作，每個人都感到非常興奮。關於你關於關稅的問題，我的意思是，我認為你的直覺是正確的。此時此刻，Joby 在過去十年中所建構的垂直整合真正展現了其價值。

Although, we have a large number of suppliers, those suppliers are generally at the component level, as opposed to the bigger assembly or subsystem level. And therefore, we've got the ability to sort of flex that supplier set, far more flexibly than if you're reliant on Tier 1 suppliers for big complicated parts in the aircraft. That's a place where it's far more difficult for any aviation company, big or small, to really adapt flexibly. And we don't really have that constraint. When we think about the impact of the tariffs, and it's probably still too early to know exactly what that trajectory will look like, we certainly don't see any in the short term.

雖然我們有大量供應商，但這些供應商通常處於零件級別，而不是更大的組裝或子系統級別。因此，我們有能力靈活地調整供應商組合，比依賴一級供應商提供飛​​機的大型複雜零件要靈活得多。對於任何航空公司來說，無論大小，真正靈活地適應這種情況都是非常困難的。但我們實際上並沒有受到這種限制。當我們考慮關稅的影響時，雖然現在可能還無法確切知道其發展軌跡，但我們肯定不會在短期內看到任何影響。

And as I said, I think, we're positioned really well given how tightly coupled our design and production is, to respond to those sorts of changes. What I will say sort of at the tail end is that it's really exciting to see public sentiment catch up to the way in which we've been building Joby as a company for a very long time.

正如我所說，我認為，考慮到我們的設計和生產緊密結合，我們能夠很好地應對這些變化。最後我想說的是，看到大眾情緒與我們長期以來打造 Joby 公司的方式一致，真的非常令人興奮。

We care about making sure that this next age of aviation is both designed and built here in the US. That's really informed our thinking from day one. And it's great to see the spotlight that's now placed on ensuring that American manufacturing stays important, because that's really the way we've been building the business.

我們關心的是確保下一代航空技術在美國設計和製造。這確實從第一天起就影響了我們的想法。很高興看到現在人們把注意力放在確保美國製造業保持重要性上，因為這確實是我們建立業務的方式。

Got it. That's super helpful, Paul. I appreciate all that color. Maybe just as a quick follow-up, I want to maybe come back to commercialization. And with all the recent -- what should we call them, headwinds, I guess, from the FAA, maybe most recently, the Newark airport incident, are you still kind of envisioning a scenario where you'll likely commercialize prior to that type FAA certification?

知道了。這非常有幫助，保羅。我很欣賞所有這些顏色。也許只是作為一個快速的後續，我想回到商業化的話題。鑑於最近發生的所有——我們應該如何稱呼它們呢，我想，是來自美國聯邦航空局的阻力，也許最近發生的就是紐瓦克機場事件，您是否仍然設想在獲得美國聯邦航空局認證之前就實現商業化的情景？

And maybe just walk us through kind of how that -- how do you -- your vision for commercialization either in the Middle East or on other markets.

您能否向我們簡單介紹一下您對在中東或其他市場實現商業化的願景？

So yes, we remain on track, and we're excited to be making progress, as I mentioned before, in Dubai and very excited to be taking the aircraft over there in the next couple of months. And as I mentioned before, doing the hot weather testing and preparing for the service launch likely early next year.

所以是的，我們仍在按計劃進行，我們很高興在杜拜取得進展，正如我之前提到的，我們也很高興能在接下來的幾個月裡把飛機帶到那裡。正如我之前提到的，我們正在進行高溫天氣測試，為明年年初的服務推出做準備。

Edison Yu, Deutsche Bank.

德意志銀行的 Edison Yu。

Congrats. First one is on some of the framework that Paul outlined. You mentioned several paths to market, commercial, DoD. How do you kind of dimension those in terms of units or revenue for the next, call it, three or four years? One area in particular, you mentioned that you have two aircraft now at the Air Force base. If that truly scales up, what kind of potential could that become from an economics point of view?

恭喜。首先是保羅概述的一些架構。您提到了幾種進入市場、商業、國防部的途徑。您如何衡量未來三到四年的單位數或收入？特別是在一個地區，您提到現在空軍基地有兩架飛機。如果這規模真的擴大，從經濟角度來看，將會產生什麼樣的潛力？

Thanks a lot for the question, Edison. I think that it's probably not the moment to sort of describe in detail kind of what we think the sort of breakout is going to be across those buckets. But I think what's more important is that we are sort of filling up each of those buckets with credible quality opportunities now. And one of the things that allows us to do that, I think, with greater and greater clarity is the progress that we're making on both certification and production, which obviously gives us a sense both of timing and of the cost side of the equation. In terms of the broader DoD side of things, look, we feel really good about the progress that we've made with AFWERX and the DoD customers that we've worked with to date.

非常感謝你的提問，愛迪生。我認為現在可能還不是詳細描述我們認為這些領域將會出現怎樣的突破的時候。但我認為更重要的是，我們現在正在用可靠的優質機會來填補每一個空缺。我認為，讓我們能夠越來越清楚地做到這一點的因素之一是我們在認證和生產方面所取得的進展，這顯然讓我們對時間和成本方面都有了一定的了解。就國防部更廣泛的方面而言，我們對與 AFWERX 以及迄今為止與我們合作的國防部客戶所取得的進展感到非常滿意。

That delivery of aircraft was important. The revenue that we generated was important. But even more important was the opportunity to begin to operate outside of Joby facilities. We got a chance to train pilots that are not Joby pilots. We got an opportunity to install infrastructure.

飛機的交付非常重要。我們創造的收入很重要。但更重要的是開始在 Joby 設施之外開展業務的機會。我們有機會訓練非 Joby 飛行員。我們得到了安裝基礎設施的機會。

We had an opportunity to maintain aircraft outside of our facility. We had an opportunity to do government-directed flight testing. And all of those are really the building blocks for any operation, whether with a government customer or non-government customers on the commercial side of things. As I think, I mentioned in the prepared remarks as well, we certainly see the trajectory of some of those DoD opportunities looking a little bit different, but in ways that we've already sort of prepared ourselves. We know that areas like autonomy are going to be increasingly important, and we know that longer-range hybrid aircraft are going to be important.

我們有機會在我們的設施外維護飛機。我們有機會進行政府指導的飛行測試。所有這些都是任何營運的基礎，無論是政府客戶還是商業方面的非政府客戶。我認為，我在準備好的發言中也提到過，我們確實看到一些國防部機會的發展軌跡看起來有些不同，但在某些方面我們已經準備好了。我們知道自主性等領域將變得越來越重要，我們也知道遠程混合動力飛機將變得越來越重要。

We made the Xwing acquisition that had already done some important autonomy work, we've layered that on to the team. And then in turn, we've already demonstrated that the very same aircraft with a hybrid power source can deliver longer-range flights with our 550-mile flight just last summer. So we think we're really well positioned to continue to address those government customers, based on the work that we've already done to date.

我們收購了 Xwing，它已經完成了一些重要的自主工作，我們已將其分層交給團隊。反過來，我們已經證明，使用混合動力的同一架飛機可以在去年夏天透過 550 英里的飛行實現更長距離的飛行。因此，我們認為，根據我們迄今為止所做的工作，我們完全有能力繼續滿足這些政府客戶的需求。

A follow-up, probably a more mundane question topic. It's really about kind of given the industry is quite nascent, and Joby is obviously a pioneer, there's a lot of terms out right now about piloted testing. And I think even in your release, you said there's pilot onboard, there's inhabited. I think some other eVTOL makers have said there's just piloted -- are all three of those the same thing? Or are there nuances to those three characterizations?

後續問題可能是一個更平凡的話題。鑑於該行業尚處於起步階段，而 Joby 顯然是先驅者，目前有很多關於試點測試的術語。我認為，即使在您的新聞稿中，您也說過機上有飛行員，有人居住。我認為其他一些 eVTOL 製造商已經表示他們剛剛進行了試飛——這三者是同一件事嗎？或者這三種特徵是否有細微差別？

No, no nuances. Those are all the same. So I apologize for any confusion there.

不，沒有細微差別。那些都是一樣的。因此，對於由此造成的任何混淆，我深表歉意。

Yes. And this is Paul, Edison, just adding, we've been very excited to share some of that flight testing, including a video that we just released today that basically shows the entirety of a piloted full transition flight, including all the audio, the pilot working the switches, you should definitely check it out.

是的。我是保羅，愛迪生，我還要補充一點，我們非常高興能與大家分享一些飛行測試的情況，包括我們今天剛發布的一段視頻，該視頻基本上展示了有人駕駛的整個過渡飛行過程，包括所有的音頻、飛行員操作開關的情況，你們一定要看看。

(Operator Instructions) Kristine Liwag, Morgan Stanley.

（操作員指示）Kristine Liwag，摩根士丹利。

By the way, first service into Dubai in early 2026 seems just around the corner. So I was wondering, can we get a few more details on what that first commercial service could potentially look like? How many aircraft are we talking about in the region? Are you owning and operating it? Or is the government of Dubai owning it?

順便說一句，2026 年初首次飛往杜拜的航班似乎指日可待。所以我想知道，我們能否獲得更多關於首個商業服務可能會是什麼樣子的細節？我們談論的是該地區有多少架飛機？您擁有並經營它嗎？還是它是杜拜政府的財產？

And also, when you start thinking about the routes and the RASM and the CASM of it, can you provide more color on what that could look like? And could you see a subsidy also from Dubai if they want to get these operations first? Any sort of color on what that looks like would be really helpful.

此外，當您開始考慮路線、RASM 和 CASM 時，您能否提供更多有關其可能會是什麼樣子的詳細資訊？如果杜拜想要率先獲得這些業務，他們是否也會提供補貼？任何關於其外觀的顏色都會非常有幫助。

Yes, I'll take the first part of that, and then hand it to Paul on the back half. So yes, we are very excited about the opportunity there. And we do expect it's going to start small. It's going to start with a few aircraft, but we see phenomenal potential. We will be launching with just a few Vertiports at the beginning.

是的，我會先處理第一部分，然後把後半部交給保羅。是的，我們對那裡的機會感到非常興奮。我們確實希望它能從小規模開始。一開始只會有幾架飛機，但我們看到了巨大的潛力。我們一開始只會推出幾個垂直起降機場。

And as that network of Vertiport scales, the opportunity grows exponentially. And so that's what we see as being incredibly valuable. Of course, this is being supported by the RTA in Dubai and from the Dubai government at the highest levels. And so we're very grateful for the opportunity and the faith that they've put in us for this. And we are looking to, alongside -- along with their support, scale this as much as we're able to.

隨著垂直起降機場網路規模的擴大，機會也將呈指數級增長。我們認為這是非常有價值的。當然，這得到了杜拜區域交通管理局和杜拜政府最高層的支持。因此，我們非常感謝他們給予我們的機會和信任。我們希望在他們的支持下，盡可能擴大這一規模。

Paul, would you like to add anything additional?

保羅，您還有什麼要補充的嗎？

Yes. I think the work right now, Kristine, on route planning is happening as we speak. But as you've noticed, even with some of the announcements just this week, there's a lot of activity across the Emirates. So we're evaluating lots of different sort of potential routes, and also figuring out what is the right way to scale those routes most effectively. That's work that we are doing both on the ground ourselves and in coordination with the RTA and the broader GCAA.

是的。克里斯汀，我認為現在路線規劃工作正在進行中。但正如你所注意到的，即使本週才發布了一些公告，阿聯酋各地仍然有很多活動。因此，我們正在評估許多不同類型的潛在路線，同時也在尋找最有效地擴展這些路線的正確方法。這是我們自己在實地進行的工作，同時也與 RTA 和更廣泛的 GCAA 進行協調。

I want to make sure that, we get our aircraft over there, begin the hot weather testing that JB was talking about; make sure that the work on the vertiports that JB was mentioning, which has already really begun, continues; and then I think we'll be in a position to share a sort of clearer plan about how that scales over time.

我想確保我們的飛機飛到那裡，開始 JB 所說的熱天氣測試；確保 JB 提到的垂直起降機場工程能夠繼續進行（該工程實際上已經開始）；然後我認為我們將能夠分享一種更清晰的計劃，說明如何隨著時間的推移實現這一目標。

That's really helpful. And I guess, back here in the US, we've had some pretty high-profile air traffic control issues in the region. I mean, we also had the accident that happened at the Reagan National Airport. So with kind of the shortage you have on traditional air traffic control, how has been your conversation with the FAA regarding managing -- I mean, essentially, you're increasing the volume of aircraft that could be flying in an already potentially busy area. So how has that evolved, especially with the most recent developments?

這真的很有幫助。我想，在美國這裡，我們在該地區遇到了一些相當引人注目的空中交通管制問題。我的意思是，雷根國家機場也發生過事故。那麼，鑑於你們在傳統空中交通管制方面存在的不足，你們與美國聯邦航空管理局就管理問題進行的對話是怎樣的？我的意思是，從本質上講，你們正在增加可能在本已繁忙的地區飛行的飛機數量。那麼情況是如何演變的，特別是最近的發展？

And what are the steps that need to happen to really have a full-scale high-volume usage of Joby aircraft?

那麼，要真正全面大規模地使用 Joby 飛機，需要採取哪些步驟呢？

Yes. Thank you, Kristine. So as I mentioned, a whole bunch of great meetings and conversations in D.C. last week. And I think that what you're going to see is the nation continue leaning in on this next-generation of aviation, and significant investments in improving air traffic control and improving the capacity of our skies.

是的。謝謝你，克里斯汀。正如我所提到的，上週在華盛頓舉行了一系列精彩的會議和對話。我認為，你們將會看到，國家將繼續致力於下一代航空事業，並投入大量資金改善空中交通管制，提高天空容量。

The amount of -- the number of aircraft that the sky can handle is dramatically larger than what is currently flying, but we need the right systems, and tools in place to augment the incredible work that our air traffic controllers do today.

天空中能夠處理的飛機數量遠遠超過目前飛行的數量，但我們需要合適的系統和工具來增強我們的空中交通管制員今天所做的令人難以置信的工作。

Amit Dayal, H.C. Wainwright.

阿米特·達亞爾（H.C.）溫賴特。

Once you get the US regulatory certifications and approvals, how quickly can other markets open up for you?

一旦獲得美國監管認證和批准，其他市場多久可以向您開放？

Thanks for the question, Amit. This is Paul. We certainly didn't highlight it on this call, but we have in prior. We've been actively reaching out to the regulatory authorities of a number of other countries, including Australia, JCAB out of Japan, the CAA from the UK, obviously, GCAA from across the Emirates, the regulatory authorities out in Saudi, to all give them an introduction to Joby, and to eVTOL aircraft. Many of those folks have come down to visit our facilities, to see flight tests, and we are sharing with them our progress on FAA certification, so that we can -- the FAA has bilateral treaties with most of these authorities, that allow for near synchronous certification by the FAA and that authority.

謝謝你的提問，阿米特。這是保羅。我們當然沒有在這次電話會議中強調這一點，但我們之前已經強調過了。我們一直在積極聯繫其他一些國家的監管機構，包括澳洲、日本的 JCAB、英國的 CAA，當然還有阿聯酋的 GCAA、沙烏地阿拉伯的監管機構，向他們介紹 Joby 和 eVTOL 飛機。許多人來參觀我們的設施，觀看飛行測試，我們正在與他們分享我們在 FAA 認證方面的進展，以便我們能夠——FAA 與大多數機構簽訂了雙邊條約，允許 FAA 和該機構幾乎同步進行認證。

But we did want to make sure that we started those conversations early. And I think those are going to pay dividends, so that we have a relatively seamless transition between FAA certification and certification with other regions.

但我們確實想確保儘早開始這些對話。我認為這些都會帶來回報，這樣我們就能在 FAA 認證和其他地區的認證之間實現相對無縫的過渡。

Just an adjacent question to that then. Do these trade negotiations create some challenges on that front for you?

那麼這只是一個相鄰的問題。這些貿易談判是否為您帶來了一些挑戰？

Thanks, Amit. This is Paul. At this point, there's been no impact from trade policy on the certification by lapse that we've seen with other countries. I wouldn't expect that to be the case.

謝謝，阿米特。這是保羅。目前，貿易政策尚未對其他國家的失效認證產生影響。我沒想到情況會是這樣。

I might even just add that, we actually see substantial opportunities. And as we -- as countries look for more products -- US products that they can buy, we see significant upside potential there.

我甚至可能還要補充一點，我們確實看到了巨大的機會。隨著各國尋求更多可以購買的美國產品，我們看到了巨大的上漲潛力。

Okay. Just one last one, guys. Now that we are at the stage where vertiports are being built, can you maybe give us a sense of what is the average cost of building a dedicated vertiport, if you have any numbers to help investors think through that phase of the execution?

好的。夥計們，只剩最後一個了。現在我們正處於垂直起降機場建設的階段，您能否告訴我們建造專用垂直起降機場的平均成本是多少，您是否有任何數字可以幫助投資者思考執行的這個階段？

Yes. So there's quite a continuum when -- and you can start from something that's quite humble, that's a small dedicated swath of pavement, up to something that is designed to handle hundreds of thousands of passengers a day. And so there's a whole continuum there, but I would say hundreds of thousands of dollars to millions of dollars, depending upon the scale.

是的。因此，這是一個連續的過程——你可以從非常簡陋的設施開始，例如一小段專用人行道，然後逐漸發展成為每天可處理數十萬名乘客的設施。這是一個連續的過程，但我認為是數十萬美元到數百萬美元，具體取決於規模。

Thank you. We reached the end of our question-and-answer session. And ladies and gentlemen, that does conclude today's teleconference and webcast. You may disconnect your lines at this time, and have a wonderful day.

謝謝。我們的問答環節已經結束。女士們、先生們，今天的電話會議和網路直播到此結束。此時您可以斷開線路，享受美好的一天。