Joby Aviation Inc (JOBY) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Joby Aviation second quarter fiscal year 2025 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Joby Aviation 2025 財年第二季財務業績電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce Teresa Thuruthiyil, Head of Investor Relations. Please go ahead.

現在我很高興介紹投資者關係主管 Teresa Thuruthiyil。請繼續。

Thank you. Good afternoon and evening, everyone. Thank you for joining us for Joby Aviation's second quarter 2025 financial results conference call. I'm Teresa Thuruthiyil, Joby's Head of Investor Relations.

謝謝。大家下午好、晚上好。感謝您參加 Joby Aviation 2025 年第二季財務業績電話會議。我是 Joby 投資者關係主管 Teresa Thuruthiyil。

We will begin the discussion with remarks from JoeBen Bevirt, Founder and Chief Executive Officer; and Rodrigo Brumana, Chief Financial Officer. Paul Sciarra, our Executive Chairman, will be joining us later for Q&A. Please note that our discussion today will include statements regarding future events and financial performance as well as statements of belief, expectation and intent.

我們將以創辦人兼執行長 JoeBen Bevirt 和財務長 Rodrigo Brumana 的演講開始討論。我們的執行主席 Paul Sciarra 稍後將加入我們進行問答。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, please refer to our filings with the SEC and the safe harbor disclaimer contained in today's shareholder letter. 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.

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。

Also during the call, we'll refer both to GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in our Q2 2025 shareholder letter, which you can find on our Investor Relations website, along with the replay of this call.

此外，在電話會議中，我們將參考 GAAP 和非 GAAP 財務指標。我們 2025 年第二季的股東信中包含了非 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。

And with all of that said, I'll now turn the call over to JoeBen.

說完這些，我現在將電話交給 JoeBen。

Thank you, Teresa, and thank you, everyone, for joining us today. The last quarter was one of our best yet. We're delivering at an exceptional level on all fronts, on certification, on manufacturing and on commercialization. And we have so much to talk about that I'm going to get straight into it.

謝謝特蕾莎，也謝謝大家今天加入我們。上個季度是我們迄今為止表現最好的一個季度。我們在認證、製造和商業化等各個方面都表現出色。我們有太多話題要談，所以我將直接進入正題。

The progress we've reported this quarter is unparalleled, supported by an incredible team, years of planning and a wealth of flight testing. To put our flight testing into context, in July alone, we completed 76 separate flights with four different aircraft in three different locations around the world.

我們本季報告的進展是無與倫比的，這要歸功於一支出色的團隊、多年的規劃和大量的飛行測試。將我們的飛行測試放在背景中，僅在 7 月份，我們就使用四架不同的飛機在全球三個不同地點完成了 76 次獨立飛行。

These included both piloted and remotely piloted flights with vertical takeoffs, full transitions and vertical landings. And the amount of flight testing matters because it's the core of our certification effort. It's the way you drive maturity into an aircraft program, whether for commercial or defense use, and it's the way you wring out technical issues to mitigate extensive changes later in the certification process. Our team is delivering day in and day out, and they know that if you're in the business of flying aircraft, you have to actually fly aircraft.

這些包括有人駕駛和遙控飛行，包括垂直起飛、完全過渡和垂直著陸。飛行測試的數量很重要，因為這是我們認證工作的核心。這是推動飛機專案成熟度的方式，無論是用於商業用途還是國防用途，也是解決技術問題以減輕認證過程後期大規模變化的方式。我們的團隊日復一日地工作，他們知道，如果你從事飛機駕駛業務，你必須真正駕駛飛機。

In Stage 4 of certification, we're now 70% complete on the Joby side and more than 50% complete on the FAA side, up 10 points from last quarter and we're gearing up for Stage 5. During this stage, Joby and FAA pilots will fly our aircraft to validate all of our certification work ahead of receiving a type certification. And I'm pleased to say, as we announced this morning, the first of five aircraft for TIA flight testing is headed to final assembly, and we remain on track to start flying our TIA aircraft with Joby pilots this year and to begin TIA certification flights with FAA pilots early next year.

在認證的第 4 階段，我們在 Joby 方面已完成 70%，在 FAA 方面已完成 50% 以上，比上一季增加了 10 個百分點，我們正在為第 5 階段做準備。在此階段，Joby 和 FAA 飛行員將駕駛我們的飛機，在獲得型號認證之前驗證我們所有的認證工作。我很高興地說，正如我們今天早上宣布的那樣，用於 TIA 飛行測試的五架飛機中的第一架即將進入最終組裝階段，我們仍有望在今年開始由 Joby 飛行員駕駛我們的 TIA 飛機，並於明年初由 FAA 飛行員開始 TIA 認證飛行。

For context, this is a milestone you don't reach at the flip of a switch. There are very few, if any certification processes that are as involved as the steps required to reach type inspection authorization. It's multivariable, time-intensive and relies on not just your own execution, but also that of the FAA.

就上下文而言，這是一個無法輕輕一按開關就能達到的里程碑。很少有認證流程像取得型式檢驗授權所需的步驟那樣複雜。它是多變量的、耗時的，不僅依賴您自己的執行，還依賴 FAA 的執行。

We've been at this for more than a decade. Developing, iterating and collaborating on paper and in practice. We've taken a concept and turned it into a conforming design with approved test plans and the ability to manufacture under a quality management system, all in alignment with the FAA. We're now putting the keystone in the arch.

我們已經這樣做了十多年。在紙面上和實踐上進行開發、迭代和協作。我們已將一個概念轉化為符合要求的設計，並擁有批准的測試計劃和在品質管理系統下製造的能力，所有這些都符合美國聯邦航空局的要求。我們現在正在把拱頂石放入拱門。

Alongside our certification progress, the global regulatory momentum is undeniable. Here in the US, the White House, DOT and FAA are setting the pace for next-generation aviation. For eVTOL, the executive order on drone dominance directs the FAA and DOT to establish programs for state and local governments to partner with companies like ours on early operations.

隨著我們的認證進程，全球監管動能不容置疑。在美國，白宮、交通部和聯邦航空管理局正在為下一代航空制定步伐。對於 eVTOL，關於無人機主導地位的行政命令指示美國聯邦航空管理局和交通部為州和地方政府建立計劃，以便與我們這樣的公司在早期運作方面進行合作。

Globally, Australia, New Zealand, Canada, the US and the UK, markets with huge long-term opportunity for Joby came together to streamline international validation of FAA type certification for aircraft like ours. This took years of public-private collaboration that we expect to pay dividends in the years to come. I was also particularly excited that the FAA finalized the MOSAIC and BVLOS rules, which opened a world of opportunity for new personal aircraft, new propulsion systems and new ways of flying.

在全球範圍內，澳洲、紐西蘭、加拿大、美國和英國這些對 Joby 來說擁有巨大長期機會的市場齊心協力，簡化了像我們這樣的飛機的 FAA 型號認證的國際驗證。這需要多年的公私合作，我們期望在未來幾年內獲得回報。我還特別高興美國聯邦航空局最終確定了 MOSAIC 和 BVLOS 規則，這為新型私人飛機、新型推進系統和新的飛行方式開闢了充滿機會的世界。

I've been on this mission with Joby for more than 15 years. We're witnessing a global sea change in regulatory landscape that I believe will define the next century of sviation. And in doing so, I believe we are defining the very fabric of how we will live.

我和 Joby 一起執行這個使命已經超過 15 年了。我們正在見證全球監管格局的巨變，我相信這將決定下一個世紀的航空業。我相信，透過這樣做，我們正在定義我們的生活方式。

Each of the ingredients that I have just spoken about, the maturity of our platform, the rigorous aircraft testing and the progress we're making on certification, all contribute to our success on commercialization. This quarter was pivotal. We completed flight testing in Dubai. We reached a definitive agreement to acquire Blade's passenger business. We signed agreements for aircraft with long-term partners Abdul Latif Jameel and ANA.

我剛才提到的每一個因素，包括我們平台的成熟度、嚴格的飛機測試以及我們在認證方面的進展，都有助於我們實現商業化的成功。本季是關鍵的。我們在杜拜完成了飛行測試。我們已達成最終協議，收購 Blade 的客運業務。我們與長期合作夥伴 Abdul Latif Jameel 和全日空簽署了飛機協議。

And with L3Harris, we're exploring opportunities to leverage our existing technology platform for defense applications. Let's start with Dubai. Earlier this summer, we achieved another industry first, we completed a multiweek campaign in the UAE with 21 piloted flights, including vertical takeoff, transition to wing-borne flight and vertical landing. And we did this in challenging real-world conditions. We delivered sustained operations in temperatures nearing 110 degrees Fahrenheit.

借助 L3Harris，我們正在探索利用現有技術平台進行國防應用的機會。讓我們從杜拜開始吧。今年夏初，我們又取得了一項行業首創，在阿聯酋完成了為期數週的活動，共進行了 21 次有人駕駛飛行，包括垂直起飛、機翼飛行和垂直著陸。我們在充滿挑戰的現實條件下做到了這一點。我們在接近 110 華氏度的溫度下持續作業。

We gained invaluable insights about the performance of our aircraft as we prepare to move from flight testing to exhibition flights and on to commercial service. With the acquisition of Blade, we're accelerating our readiness for commercial eVTOL operations globally, including in Dubai.

在我們準備從飛行測試轉向表演飛行並投入商業服務時，我們對飛機的性能獲得了寶貴的見解。透過收購 Blade，我們正在加快在全球範圍內（包括杜拜）開展商業 eVTOL 營運的準備。

Over the last decade, Rob and the team at Blade have built a scaled VTOL business. Operational expertise and a premium customer experience. But the Blade acquisition delivers much more than operational experience. On day 1 post-certification, Joby will have the infrastructure team and routes to start electrified service in key US and international markets.

在過去的十年裡，Rob 和 Blade 的團隊建立了規模化的 VTOL 業務。營運專業知識和優質的客戶體驗。但收購 Blade 帶來的遠不止營運經驗。認證後的第一天，Joby 將擁有基礎設施團隊和路線，在美國和國際主要市場開始提供電氣化服務。

This gives us a defensible first-mover advantage and creates a competitive edge that will be difficult to replicate. We'll also have access today to a deep and loyal customer base, with a demonstrated high willingness to pay to save time.

這為我們提供了可防禦的先發優勢，並創造了難以複製的競爭優勢。今天，我們還將接觸到深厚而忠誠的客戶群，他們表現出很高的付費意願來節省時間。

Last year alone, Blade moved more than 50,000 passengers. The plan is simple. We take the existing Blade operations, and we add eVTOL. This will allow us to expand route maps, fly higher tempo operations given the lower note profile and increase margins with lower operating costs than helicopters. And while we're waiting for our eVTOL to come online, we'll be able to build Joby's market-leading operational software in to Blade to drive efficiency and improve customer experience.

光是去年，Blade 航空就運送了超過 5 萬名乘客。計劃很簡單。我們採用現有的 Blade 操作，並新增 eVTOL。這將使我們能夠擴展航線圖，在較低的音調條件下進行更高節奏的飛行，並以比直升機更低的運作成本增加利潤率。在等待我們的 eVTOL 上線的同時，我們將能夠將 Joby 市場領先的營運軟體建置到 Blade 中，以提高效率並改善客戶體驗。

We have three paths to commercialization. In addition to the owned and operated service, we're pursuing direct sales and regional partnerships. Yesterday, we announced plans to establish a joint venture with our partner, ANA. The plan is to deploy more than 100 aircraft in the region as well as build an air taxi service ecosystem. We need pilot training, vertiports and maintenance just as much as we need the aircraft. Through this collaboration, we see potential to build a playbook to replicate in other markets.

我們有三條商業化的路徑。除了自有和運營的服務外，我們還尋求直接銷售和區域合作。昨天，我們宣布了與合作夥伴全日空建立合資企業的計畫。該計劃將在該地區部署100多架飛機，並建立空中計程車服務生態系統。就像我們需要飛機一樣，我們也需要飛行員訓練、垂直起降機場和維修。透過此次合作，我們看到了製定可在其他市場複製的劇本的潛力。

Similarly, we're making progress on distribution. With long-standing investor Abdul Latif Jameel, we announced we're exploring the sale of up to 200 aircraft in Saudi Arabia valued at approximately $1 billion. Abdul Latif Jameel has deep ties in the Middle East, and we look forward to growing this relationship.

同樣，我們在分銷方面也取得了進展。我們與長期投資者 Abdul Latif Jameel 共同宣布，我們正在探索在沙烏地阿拉伯出售多達 200 架飛機，價值約 10 億美元。安利捷與中東有著深厚的聯繫，我們期待進一步發展這種關係。

Finally, we announced a new collaboration with L3Harris to develop a hybrid variant of our existing aircraft to pursue low-altitude defense opportunities. To be clear, defense and dual-use technology has always been a core to Joby's strategy, a point demonstrated by our long history with the DoD.

最後，我們宣布與 L3Harris 展開新的合作，開發現有飛機的混合飛機，以尋求低空防禦機會。需要明確的是，國防和兩用技術一直是喬比戰略的核心，我們與國防部的長期合作證明了這一點。

We already set the pace for VTOL and Defense being the first and only company to deliver eVTOL aircraft to a government customer facility, which we've now done twice. And we're the only company to have already shown electric VTOL aircraft can be hybridized for longer range with our record-breaking 561-mile hydrogen electric flight last summer.

我們已經為 VTOL 和國防樹立了榜樣，成為第一家也是唯一一家向政府客戶設施交付 eVTOL 飛機的公司，目前我們已經完成了兩次。而且，我們是唯一一家已經證明電動垂直起降飛機可以透過混合動力實現更長航程的公司，去年夏天我們進行了創紀錄的 561 英里氫電飛行。

We're leveraging that history, adapting our existing platform with turbine electric propulsion and missionization. We're now ready to set the pace again with flight tests of this new variant expected to start this fall and operational demonstrations expected in early 2026 with government customers.

我們正在利用這段歷史，利用渦輪電力推進和任務化來改造我們現有的平台。現在，我們已準備好再次設定步伐，預計將於今年秋季開始對該新型號進行飛行測試，並預計將於 2026 年初與政府客戶進行操作演示。

With our existing production capability, we're confident we can move quickly from demonstration to deployment, a testament to the value of a dual-use approach. We also see this work benefiting our commercial operations. The work we'll do to mature vehicle level economy and turbine electric powertrains can feed back into our commercial business, allowing for commercial products that are faster and longer range.

憑藉我們現有的生產能力，我們有信心能夠快速地從演示轉向部署，這證明了雙重用途方法的價值。我們也認為這項工作有利於我們的商業運作。我們為完善車輛水平經濟性和渦輪電動動力系統所做的工作可以反饋到我們的商業業務中，從而實現速度更快、續航里程更長的商用產品。

This work comes at a critical time in the retooling of US and Allied Defense. The DoD has requested $9.4 billion in the FY26 budget to advance uncrewed and remotely operated aircraft, and we see significant opportunity for Joby and our partners.

這項工作正值美國及其盟國防禦重組的關鍵時刻。國防部已要求在 2026 財年預算中撥出 94 億美元用於推進無人駕駛和遙控飛機的發展，我們認為 Joby 和我們的合作夥伴將面臨巨大的機會。

As our path to certification and commercialization becomes increasingly clear, our next challenge will be scaling production capacity to meet demand. And as I've said before, this is not an easy task, but it is one that we're well placed to tackle.

隨著我們的認證和商業化道路變得越來越清晰，我們的下一個挑戰將是擴大生產能力以滿足需求。正如我之前所說，這不是一項容易的任務，但我們完全有能力應付。

I'm incredibly proud of the progress we've already made to establish conforming production lines and with our first TIA aircraft moving to final assembly, I'm confident we're leading the way. The expansion of our Marina facility is an important step on the road to scale. It will double our production capacity to 2 dozen aircraft per year. And our Dayton facility is now coming online.

我對我們在建立符合標準的生產線方面所取得的進展感到無比自豪，隨著我們的第一架 TIA 飛機進入最終組裝階段，我相信我們正處於領先地位。我們的碼頭設施的擴建是我們擴大規模的重要一步。它將使我們的生產能力翻倍，達到每年24架飛機。我們的代頓工廠現已投入使用。

This dual-site strategy is designed to scale horizontally and eventually produce up to 500 aircraft per year. As an engineer, I care very deeply about manufacturing, and I love walking the manufacturing floors to see where we can drive process and efficiency improvements from the current line, including adding automation to reduce cost and increase efficiency and throughput.

這項雙基地戰略旨在橫向擴展，最終實現每年生產多達 500 架飛機。身為工程師，我非常關心製造業，我喜歡走訪生產車間，看看我們可以在哪些方面推動現有生產線的流程和效率改進，包括增加自動化以降低成本、提高效率和產量。

We're only at the beginning of the S curve. So while early improvements will be significant, they won't be easy. But the base we are building from is strong. We're leading the way on production conforming lines we're leading the way on ramping production, and of course, we have Toyota, the world's leading automaker at our side.

我們才剛處於 S 曲線的開始階段。因此，儘管早期的改進意義重大，但這並不容易。但我們正在建立的基礎是強大的。我們在生產符合性生產線方面處於領先地位，我們在提高產量方面處於領先地位，當然，我們身邊還有世界領先的汽車製造商豐田。

Rodrigo, over to you.

羅德里戈，交給你了。

Thanks, JoeBen, and hello, everyone. I'm thrilled to be joining Joby at such a pivotal time. What brought me here is simple. This is a company building a reality that does not exist today. Joby will make air travel an everyday reality. But that's not an easy task. The team is solving hard problems with rigor from certification to manufacturing to global deployment.

謝謝，JoeBen，大家好。我很高興能在如此關鍵的時刻加入 Joby。我來到這裡的原因很簡單。這是一家正在建立當今尚不存在的現實的公司。Joby 將使航空旅行成為日常現實。但這並不是一件容易的事。該團隊正在嚴格解決從認證到製造到全球部署的難題。

What stood out to me is the rare alignment of vision, execution and capital. We have a strong balance sheet, long-term partners and a team that understands how to turn bold ideas into tangible outcomes. In every conversation I had before joining whether with engineers, test pilots or operating leaders, I saw the same thing: quiet excellence and relentless focus.

令我印象深刻的是願景、執行力和資本的罕見組合。我們擁有強大的資產負債表、長期的合作夥伴以及一支懂得如何將大膽的想法轉化為實際成果的團隊。在加入之前，無論是與工程師、試飛員還是營運領導，我都在每一次交談中看到了同一件事：沉著的卓越和不懈的專注。

In my first few weeks on the job, I witnessed the team coming together to deliver the historic Dubai flights with precision, intensity and pride. It showed me what this company is made of. As a newcomer, I can say with high conviction, this is the real deal. As CFO, my focus is very clear. Number one, ensure we scale methodically; number two, stay discipline with capital; and number three, translate our technical and regulatory progress into long-term value.

在我上任後的頭幾個星期裡，我見證了團隊齊心協力，以精準、專注和自豪的方式完成了歷史性的杜拜航班。它讓我看到了這家公司是怎麼樣的。作為一個新人，我可以非常肯定地說，這是貨真價實的。身為財務官，我的重點非常明確。第一，確保我們有條不紊地擴大規模；第二，維持資本紀律；第三，將我們的技術和監管進步轉化為長期價值。

Now shifting to our Q2 financial results. We ended the second quarter of 2025 with cash and short-term investments totaling $991 million. We closed the first $250 million tranche from Toyota and received an additional $41 million through our ATM facility. Our Q2 2025 use of cash totaled $112 million, $10 million lower than last quarter, primarily due to having one less payroll run in the quarter, partially offset by growth in operating expenses. This spending also included about $12 million on property and equipment.

現在轉向我們的第二季財務業績。截至 2025 年第二季度，我們的現金和短期投資總額為 9.91 億美元。我們從豐田獲得了第一筆 2.5 億美元的貸款，並透過我們的 ATM 設施獲得了額外的 4,100 萬美元。我們 2025 年第二季的現金使用總額為 1.12 億美元，比上一季減少了 1,000 萬美元，主要是因為本季的薪資發放減少了一次，但營運費用的成長部分抵消了這一影響。這筆支出還包括約 1200 萬美元的財產和設備支出。

We remain on track with our full year 2025 guidance of $500 million to $540 million in use of cash, excluding any potential impact from our proposed acquisition of Blade's passenger business. On a GAAP basis, we reported a Q2 net loss of $325 million, which includes $168 million operating loss and a $157 million non-operating loss, both impacted by noncash items.

我們仍按計劃實現 2025 年全年 5 億至 5.4 億美元的現金使用目標，這不包括我們擬議收購 Blade 客運業務的任何潛在影響。根據 GAAP 計算，我們報告第二季淨虧損為 3.25 億美元，其中包括 1.68 億美元的營運虧損和 1.57 億美元的非營運虧損，均受到非現金項目的影響。

The net loss was $242 million higher than the prior quarter, primarily due to an increase in our share price, reflecting an unfavorable non-cash revaluation of warrants, earn out shares and the Toyota first tranche investment we received.

淨虧損較上一季增加 2.42 億美元，主要原因是我們的股價上漲，反映了認股權證、獲利股票和我們收到的豐田第一批投資的不利非現金重估。

Total operating expenses for the quarter were $168 million, up about $5 million from the prior quarter. The increase was driven by higher staffing and program spend to support key milestones, including progress on the final assembly of our first TIA aircraft. Adjusted EBITDA, a non-GAAP metric that we reconcile to our net income in our shareholder letter was a loss of $132 million in the second quarter. This was about $4 million higher than the prior quarter, reflecting the increased spending I mentioned before.

本季總營運費用為 1.68 億美元，比上一季增加約 500 萬美元。成長的原因是增加了人員配置和專案支出以支援關鍵里程碑，包括我們第一架 TIA 飛機的最終組裝進度。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，第二季的虧損為 1.32 億美元。這比上一季高出約 400 萬美元，反映了我之前提到的支出增加。

Compared to the same period last year, our adjusted EBITDA loss was $24 million higher, reflecting growth in our organization to support the design, manufacture and the certification progress of our aircraft and early investments related to commercialization.

與去年同期相比，我們的調整後 EBITDA 虧損增加了 2,400 萬美元，反映了我們組織的成長，以支援飛機的設計、製造和認證進度以及與商業化相關的早期投資。

As JoeBen said before, 2025 has been and will continue to be a pivotal year for Joby and for this new industry. You should expect us to keep flying in diverse conditions and locations, forging new partnerships and laying the groundwork for support across regulations, infrastructure and operations.

正如 JoeBen 之前所說，2025 年對 Joby 和這個新興產業來說已經是、並將繼續是關鍵的一年。您應該期待我們繼續在不同的條件和地點飛行，建立新的合作夥伴關係，並為法規、基礎設施和營運方面的支援奠定基礎。

You should see the closing of our Blade acquisition and the integration of their operating know-how as a key advantage in preparing for commercial service. You should see us continue maturing our low-rate manufacturing efforts into scaled production capabilities and leveraging our best-in-class partner, Toyota, to do this together.

您應該看到，我們完成對 Blade 的收購並整合其營運技術是準備商業服務的關鍵優勢。您應該看到我們繼續將低速率製造努力完善為規模化生產能力，並利用我們一流的合作夥伴豐田共同實現這一目標。

You should also stay tuned as we develop hybrid aircraft for US defense combining Joby's VTOL and autonomy capabilities with L3Harris' expertise. Joby remains the only company to deliver eVTOLs to a US Air Force base and fly full transition piloted and unpiloted missions of full-scale eVTOL aircraft today.

您還應該繼續關注我們為美國國防開發的混合動力飛機，該飛機將結合 Joby 的 VTOL 和自主能力以及 L3Harris 的專業知識。Joby 仍然是唯一一家向美國空軍基地交付 eVTOL 並執行全尺寸 eVTOL 飛機全過渡駕駛和無人駕駛任務的公司。

I want to be realistic about the amount of work we have in front of us. It is not going to be easy. We are building a reality that does not exist today. Our path will be challenging, but we embrace it and are executing with tangible results as we shape our future lines of revenue.

我希望對我們面臨的工作量保持現實態度。這不會是一件容易的事。我們正在建構一個今天尚不存在的現實。我們的道路充滿挑戰，但我們擁抱它，並在塑造未來收入來源的同時，以實際的成果執行。

Now with our three paths to generating revenue in mind, let's recap. Number one, as an air taxi operator, direct-to-consumer business, we made an exciting acquisition that is expected to accelerate our time line. We have a strong backing from local and global regulators, and we continue to demonstrate our commitment to bring flying to everyday life. Number two, for partner service, our relationship with ANA in Japan provides an opportunity to collaborate on air taxi ecosystem in the key markets.

現在，我們來回顧一下創造收入的三個途徑。首先，作為一家空中計程車營運商，直接面向消費者，我們進行了一次令人興奮的收購，預計這將加速我們的時間表。我們得到了當地和全球監管機構的大力支持，並將繼續履行將飛行帶入日常生活的承諾。第二，對於合作夥伴服務，我們與日本全日空航空的關係為我們在主要市場的空中計程車生態系統上合作提供了機會。

And number three, under the banner of aircraft sales, we look forward to sharing more about our distribution relationship with Abdul Latif Jameel for electric aircraft and with L3Harris for autonomous and hybrid aircraft. We look forward to continue sharing our progress with you. At this time, operator, please open the call for questions.

第三，在飛機銷售方面，我們期待分享更多關於我們與 Abdul Latif Jameel 在電動飛機方面的分銷關係以及與 L3Harris 在自動和混合動力飛機方面的分銷關係。我們期待繼續與您分享我們的進展。此時，接線員，請打開電話詢問。

(Operator Instructions)

（操作員指示）

Austin Moeller, Canaccord Genuity.

奧斯汀·莫勒（Austin Moeller），Canaccord Genuity。

So just my first question here. Now that you've bought Blade, are you preparing to -- or are you planning to provide S4 eVTOLS to the local charter operators that own those helicopters and have a similar model to Blade? Or are you still planning to operate and own the aircraft yourselves?

這是我的第一個問題。既然您已經購買了 Blade，您是否準備好——或者您是否計劃向擁有這些直升機並擁有與 Blade 類似型號的當地包機運營商提供 S4 eVTOLS？還是你們仍計劃自己運作和擁有飛機？

Thanks a lot, Austin, this is JoeBen. We're going to remain flexible on that. Here in the US, we do have a preference for retaining the long-term free cash flow and the long-term revenues from the passenger service. But we do see Blade's asset-light model as being a valuable one. I think as you look at our partnership with ANA, where our operation in Japan will be co-owned. That also gives us the opportunity to pull forward revenue.

非常感謝，奧斯汀，我是喬本。對此我們將保持靈活態度。在美國，我們確實傾向於保留長期自由現金流和客運服務的長期收入。但我們確實認為 Blade 的輕資產模式很有價值。我認為，當您看到我們與全日空的合作關係時，我們在日本的業務將由雙方共同擁有。這也為我們增加了收入的機會。

And then, of course, with our distribution partnership with Abdul Latif Jameel in Saudi Arabia, where we could be potentially selling aircraft and again, that would be another way to pull forward revenue. So we do see a balance, and we see the model that Blade has as giving us flexibility and thank you for highlighting that opportunity.

當然，透過與沙烏地阿拉伯的 Abdul Latif Jameel 建立分銷合作夥伴關係，我們有可能在那裡銷售飛機，這也是增加收入的另一種方式。因此，我們確實看到了一種平衡，我們認為 Blade 的模型為我們提供了靈活性，感謝您強調這個機會。

Okay. And just a follow-up on the TIA aircraft that you're constructing. Are you able to discuss what the specs of that are, like the maximum takeoff weight or if you stretch the fuselage at all? And the six aircraft that you're building for TIA testing, they're all expected to have different percentages of conforming parts to perform specific tests, correct?

好的。這只是關於您正在建造的 TIA 飛機的後續問題。您能否討論一下它的規格，例如最大起飛重量或機身是否拉長？而你們為 TIA 測試而建造的六架飛機，預計都會有不同比例的合格零件來執行特定的測試，對嗎？

Yes. So a couple of clarifications there. One, the aircraft is nearly identical to the aircraft that we've been flying before. But I really want to pound the table on how exciting this moment is. This is the culmination of more than a decade of hard work from the Joby team and close collaboration with the FAA. In order to build this aircraft, we had FAA DARs in -- on the factory floor with us regularly doing inspections.

是的。這裡需要澄清幾點。首先，這架飛機與我們以前駕駛過的飛機幾乎完全相同。但我真的很想大聲說出來這一刻是多麼令人興奮。這是 Joby 團隊十多年來辛勤工作以及與 FAA 密切合作的成果。為了製造這架飛機，我們讓 FAA DA​​ 進入工廠車間並定期進行檢查。

And they're inspecting the build of the aircraft against our quality systems. They're -- and again, this has to be -- this is the final -- this is the finish line, right? We are -- the aircraft that we're building is -- before we can even start building it, we had to have a design that met all of the certification standards that we'd agreed to through Phase 1, 2, 3 and 4 of the certification program. So all the progress that we've been reporting to you each quarter against Stage 1, against Stage 2, against 3 and 4, that has all built to this moment.

他們正在根據我們的品質系統檢查飛機的構造。他們——再說一次，這必須是——這是最後的——這是終點線，對吧？我們正在建造的飛機在開始建造之前，必須有一個符合我們在認證計劃第 1、2、3 和 4 階段同意的所有認證標準的設計。因此，我們每季向您報告的第一階段、第二階段、第三階段和第四階段的所有進展都是到目前為止取得的。

All of the work that we've done maturing our manufacturing systems and processes that has built to this moment. And so as I said in my prepared remarks, this is us putting the keystone in the arch. This is preparing for this really magical moment when this aircraft takes to the air and then with Joby pilots, and then we do four-credit flight flights for certification credit with the FAA pilots on board.

我們所做的所有工作都是為了完善我們迄今為止所建立的製造系統和流程。正如我在準備好的演講中所說的那樣，這是我們在拱門上放置拱頂石的工作。這是為了準備這個真正神奇的時刻，當這架飛機起飛時，然後由 Joby 飛行員駕駛，然後我們與 FAA 飛行員一起進行四次飛行以獲得認證信用。

And so we're so proud and I really want to emphasize what a big deal this is for the whole Joby team. And yes, really just so grateful and it's a huge day for us today.

因此我們感到非常自豪，我真的想強調這對整個 Joby 團隊來說是一件大事。是的，真的非常感激，今天對我們來說是重要的一天。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

You've had a very, very jampacked quarter. So congrats on all these milestones. I mean, with the acquisition of the Blade network, can you talk about how you're thinking about your first initial commercial service in the US? How did that change now that you own Blade? And where would you see your first initial cities where you're serving in the US after this acquisition?

你們經歷了一個非常非常忙碌的季度。恭喜你取得所有這些里程碑。我的意思是，在收購 Blade 網路之後，您能談談您對在美國推出首個商業服務的想法嗎？現在您擁有了 Blade，情況有什麼改變嗎？此次收購後，您認為您在美國服務的首批城市為何？

Thank you so much, Kristine. So we do see incredible demand and incredible opportunities in markets across the country and around the world. But this acquisition of Blade really supercharges our operations in New York with an incredible existing operations team with amazing vertiport infrastructure, with exclusive lounges, with a loyal customer base. And we're just absolutely thrilled with the way that we believe this will allow us to really ramp our operations in New York much faster than we had previously planned on.

非常感謝，克里斯汀。因此，我們確實看到全國乃至全球市場存在著令人難以置信的需求和機會。但此次收購 Blade 確實增強了我們在紐約的營運能力，我們擁有一支出色的現有營運團隊、令人驚嘆的垂直起降機場基礎設施​​、專屬休息室和忠實的客戶群。我們對此感到非常興奮，因為我們相信這將使我們能夠比先前計劃更快地擴大在紐約的業務。

Being based in New York, very excited to see that come to fruition. And following up on the certification regarding, I guess, airspace usage. So have you sorted with the municipalities in New York about the ability to use the Joby aircraft and these vertiports? Is that all sorted? Are you just waiting for the aircraft certification now? Or are there additional approvals you need before you enter into service there?

我駐紮在紐約，很高興看到這個目標得以實現。我想，接下來是有關空域使用方面的認證。那麼，您是否已經與紐約市政府商討過使用 Joby 飛機和這些垂直起降機場的事宜？一切都安排好麼了？您現在只是在等待飛機認證嗎？或者在您開始在那裡服務之前是否需要獲得其他批准？

So we do expect any additional work on the airspace side beyond what the Blade operations currently entail. We work very closely with air traffic controllers in multiple markets across the country, and we've been doing really groundbreaking planning into -- for new vertiports. I'd also love to highlight the incredible work that the FAA is doing.

因此，我們確實期望在 Blade 操作目前所涉及的範圍之外，在空域方面開展任何額外的工作。我們與全國多個市場的空中交通管制員密切合作，並且一直在為新的垂直起降機場進行真正開創性的規劃。我還想強調美國聯邦航空局正在做的出色的工作。

And that Secretary Sean Duffy has spoken about on enhancing and modernizing our air traffic control framework. So we think that's really fantastic and exciting. I want to remind folks that once we get type certification, we also need to take and put our Joby aircraft onto a Part 135 operating certificate before we begin passenger service. We do have the opportunity to do air tours prior to the aircraft going on the 135, but that is an additional step in on top of the type certification.

部長肖恩·達菲談到了加強和現代化我們的空中交通管制框架。所以我們認為這真的非常棒而且令人興奮。我想提醒大家，一旦我們獲得型號合格證，我們還需要在開始客運服務之前將我們的 Joby 飛機放到第 135 部分運行證書上。我們確實有機會在飛機升空 135 之前進行空中巡視，但這是型號認證之外的額外步驟。

Great. That's wonderful. And just following up lastly on the type certification. You said you're 75% of the way through for Stage 4. Can you talk about the remaining 25%? What is there left to do? And what would the Stage 5 process look like?

偉大的。太棒了。最後，我們來跟進一下類型認證。您說您已經完成了第 4 階段的 75%。你能談談剩下的 25% 嗎？還有什麼事要做？第 5 階段的流程是什麼樣的？

Yes. Just one correction. On the Joby side, we're 70% complete. And so the remaining 30% will come in over the next year or so as we progress the final pieces there. But the -- I want to be really clear that we do not need to be at 100% on Stage 4 prior to beginning the TIA work. So some of those Stage 4 pieces are not required for the TIA flight test.

是的。僅一處更正。在 Joby 方面，我們已經完成了 70%。因此，隨著我們完成最後的部分，剩下的 30% 將在未來一年左右到達。但是——我想非常清楚地表明，在開始 TIA 工作之前，我們不需要在第四階段就達到 100% 的進度。因此，TIA 飛行測試不需要某些第 4 階段的零件。

So we do -- we're at a very, very strong place, both on the Joby side and on the FAA side to deliver on our goals of beginning the TIA flight test with FAA pilots on board early next year. So the momentum is just absolutely phenomenal, and we're so grateful to the FAA for the incredible lean in that they've shown for many quarters in a row here, just really going above and beyond.

所以我們確實做到了——無論在 Joby 方面還是在 FAA 方面，我們都處於非常非常有利的地位，可以實現我們的目標，即在明年年初與 FAA 飛行員一起開始 TIA 飛行測試。所以這種勢頭絕對是驚人的，我們非常感謝美國聯邦航空局連續多個季度表現出的令人難以置信的努力，他們真的超越了預期。

Congratulations again on your progress.

再次恭喜你所取得的進步。

Bill Peterson, JPMorgan.

摩根大通的比爾彼得森。

Really a lot of terrific progress in the last quarter. I'd like to start off with the first question on Blade and maybe expanded from some of the prior questions. So I guess, what is the specific plans for expanding the passenger business currently in New York and Southern Europe? Do you see any additional opportunities for passenger to expand in other parts in the world or other cities in the US?

上個季度確實取得了許多了不起的進展。我想從關於 Blade 的第一個問題開始，並可能擴展一些先前的問題。那我猜，目前在紐約和南歐擴大客運業務的具體計畫是什麼？您是否認為乘客在世界其他地區或美國其他城市還有額外的擴展業務機會？

And again, this is assuming with helicopters first? And what does the team plan to do with the Blades jet and other business that seems like on face value, maybe has a little bit less synergies?

再說了，這是假設先有直升機嗎？那麼，該團隊計劃如何處理 Blades 噴射機和其他表面上看起來協同效應稍差的業務呢？

Thanks a lot, Bill. This is Paul. So we do actually see opportunities to continue to expand Blade's existing business even ahead of certification of our aircraft. But look, that wasn't the reason for the acquisition. The reason for the acquisition is that the big limitation of that business has been -- essentially the sort of vehicles that they were using.

非常感謝，比爾。這是保羅。因此，即使在我們的飛機獲得認證之前，我們確實看到了繼續擴大 Blade 現有業務的機會。但你看，這並不是收購的原因。收購的原因在於該業務的一大限制在於他們所使用的車輛類型。

We think we've got an opportunity to both expand the route map, lower cost or sort of increase margin and in turn, fly higher temporal operations given the lower noise profile of our vehicle. So those, I think, are really the pieces that are going to be important to kind of more rapidly taking full advantage of the important groundwork that Rob and the team at Blade have laid.

我們認為，我們有機會擴大航線圖、降低成本或增加利潤，進而在飛行器噪音較低的情況下實現更高時間的飛行。因此，我認為，這些對於更快地充分利用 Rob 和 Blade 團隊所奠定的重要基礎至關重要。

Okay. And then for my second question, given the call around the DoD's budget request for $9.4 billion for autonomous and hybrid aircraft, what do you think this can translate in terms of opportunity for Joby? I guess, could this help fund R&D work or specific contracts or something else we should be looking at?

好的。然後，對於我的第二個問題，鑑於國防部為自動駕駛和混合動力飛機申請了 94 億美元的預算，您認為這會給 Joby 帶來什麼機會？我想，這是否有助於資助研發工作或特定合約或其他我們應該考慮的事情？

Thanks a lot, Bill. This is Paul again. So two pieces to your question. Look, along the way, there's always opportunities for R&D funding to essentially offset some of the work that's necessary to deliver on the vehicles that we're talking about. That's been a strategy that we've used very effectively over the course of our engagements with DoD, over the last 6- or 7 years.

非常感謝，比爾。我又是保羅。所以你的問題分為兩個部分。你看，一路走來，總是有機會獲得研發資金來從本質上抵消實現我們所談論的車輛所必需的一些工作。這是我們在過去六、七年與國防部合作過程中非常有效運用的策略。

But most importantly, and I think what you should see in the announcement with L3 is that we're sort of taking the next step in terms of missionizing this aircraft for the right use cases kind of against key contracts, whether existing or future that are matched against the capability gaps for different branches.

但最重要的是，我認為您應該在 L3 的公告中看到，我們正在採取下一步行動，根據關鍵合約（無論是現有的還是未來的）為這架飛機指定正確的使用案例，以滿足不同部門的能力差距。

And we're really pleased to be working with L3 on that front, because of the depth of their engagement with many of these customers, they have a very strong understanding of kind of where those gaps are. And over the course of both the flight demonstrations in the fall and even more importantly, the demonstrations with customers early next year, that's going to I think be the opportunity to sort of open up the commercialization effort in a very significant way with the DoD.

我們非常高興能與 L3 在這方面展開合作，因為他們與許多客戶有著深入的合作，因此他們非常了解這些差距在哪裡。我認為，無論是秋季的飛行演示，還是更重要的明年初與客戶的演示，都將是與國防部一起以非常重要的方式開啟商業化努力的機會。

Chris Pierce, Needham & Company.

克里斯·皮爾斯（Chris Pierce），Needham & Company。

You guys recently updated us on the Marina facility. I was wondering when -- and sorry if I missed this, but when might we hear more about the Ohio facility and more scaled production? I understand you don't want to produce these things at scale until you know you're further down the road with certification. So this is a sort of a backdoor way to ask about certification timing.

你們最近向我們更新了碼頭設施的最新情況。我想知道什麼時候——如果我錯過了，我很抱歉，但我們什麼時候可以聽到更多關於俄亥俄州工廠和更大規模生產的消息？我知道，在您獲得認證之前，您不想大規模生產這些東西。所以這是一種詢問認證時間的後門方式。

But I guess when might we hear about Ohio manufacturing cadence margins on the OEM side of the business? Just kind of details around that would be helpful for modeling.

但我想我們什麼時候才能了解俄亥俄州 OEM 業務方面的製造節奏利潤率？僅圍繞這一點的細節就有助於建模。

Yes. Thank you, Chris. So as I mentioned, previously, the -- we're really trying to think about this in a multi-site horizontal scaled approach. First, with Marina, we are thrilled with the timeline that we were able to build and begin to populate our manufacturing -- our larger manufacturing facility there, doubling our -- more than doubling our manufacturing footprint in Marina.

是的。謝謝你，克里斯。正如我之前提到的，我們確實在嘗試以多站點水平擴展的方法來思考這個問題。首先，對於 Marina，我們對能夠在那裡建立並開始普及我們的製造設施的時間表感到非常興奮——我們在那裡建立了更大的製造工廠，使我們在 Marina 的製造足跡增加了一倍以上。

And also really pleased with the work that the team is doing to mature and accelerate the build rate of both the components and the aircraft. Just today, got a report that we had manufactured 18,000 components in July alone. So it shows that we're -- Joby manufacturing globally is just hitting its stride and becoming more and more efficient and more and more productive.

並且對團隊為完善和加快零件和飛機的建造速度所做的工作感到非常高興。就在今天，我們收到報告稱，光是 7 月我們就生產了 18,000 個零件。這表明，Joby 的全球製造業正處於蓬勃發展階段，並且變得越來越有效率、越來越有成效。

With regard to your question about Ohio, we're thrilled with the acquisition of our first building there and the build out of that. We're thrilled to be building our team in Ohio, doing training, and can't wait for parts to start coming out of that facility. And also extremely excited about opportunities to continue to expand our Ohio footprint and the incredible support we've received from both Dayton and the State of Ohio and JobsOhio. They've been absolutely spectacular partners for us.

關於您關於俄亥俄州的問題，我們很高興在那裡收購並建造了我們的第一座建築。我們很高興能夠在俄亥俄州組建我們的團隊，進行培訓，並且迫不及待地希望零件從該工廠運出。而我們也對繼續擴大我們在俄亥俄州的業務範圍的機會以及我們從代頓、俄亥俄州和JobsOhio獲得的巨大支持感到非常興奮。對我們來說，他們絕對是出色的合作夥伴。

Okay. Appreciate the detail. On slide 8, when you talked about Dubai, you're talking about this one vertiport in the first quarter of '26. Does that get back to Part 135 in touring, where it might be a kind of something you can do with passengers in the first quarter of '26, but then you need further build-out in like hotels or things like that? Or is there already infrastructure to land these things with passengers? Like I just want to get a sense of what needs to go beyond what's in the letter to kind of start higher tempo passenger flight in Dubai?

好的。欣賞細節。在第 8 張投影片上，當您談到杜拜時，您指的是這個 26 年第一季的垂直起降機場。這是否與旅遊的第 135 部分有關，這可能是您在 26 年第一季可以與乘客一起做的事情，但隨後您需要在酒店或類似的東西方面進一步建設？或者是否已經存在可以讓這些飛機載著乘客降落的基礎設施？就像我只是想了解一下，除了信中的內容之外，還需要做些什麼才能在杜拜啟動更高頻率的客運航班？

It's a great question. I think one of the amazing things about our -- the flights that we did over there is that some of our key partners and potential partners were able to come and see flights. And including many folks on the real estate and real estate development side, and the amount of interest and the excitement from real estate developers, both in Dubai and around the world has never been greater.

這是一個很好的問題。我認為我們在那裡進行的航班最令人驚奇的事情之一是，我們的一些主要合作夥伴和潛在合作夥伴能夠前來觀看航班。其中包括許多房地產和房地產開發方面的人士，杜拜和世界各地的房地產開發商的興趣和興奮程度從未如此高漲。

The ability to have a quiet electric aircraft land at your development and deliver folks, for example, from the airport to the Palm in a matter of minutes rather than nearly an hour, that's a game changer. And so we do see really significant momentum in opening up additional takeoff and landing locations.

一架安靜的電動飛機能夠降落在您的開發區，並在幾分鐘內（而不是近一個小時）將人們從機場送到棕櫚島，這將改變遊戲規則。因此，我們確實看到了開放更多起飛和降落地點的巨大勢頭。

Additionally, as I believe you're aware, our partner for building the vertiports in Dubai is Skyports, and they're making fantastic progress alongside RTA, the Roads and Transport Authority in planning and building out the network of vertiports in Dubai.

此外，我相信您知道，我們在杜拜建造垂直起降機場的合作夥伴是 Skyports，他們與道路交通管理局 (RTA) 合作，在規劃和建造杜拜垂直起降機場網路方面取得了巨大進展。

And so we -- as you mentioned, the first vertiport that broke ground at DXP, the airport there is making great progress, and we're really excited to bring additional nodes online in the Dubai network and thrilled with the momentum we're seeing in Dubai overall.

因此，正如您所提到的，第一個垂直起降機場在 DXP 破土動工，那裡的機場正在取得巨大進展，我們非常高興能夠在杜拜網路中增加更多節點，並對我們在杜拜整體看到的勢頭感到興奮。

Okay. And then just lastly on Blade. Is it fair to say that Blade didn't have any exclusive properties but you gained a potential first-mover advantage? Or am I -- is there more to it than that?

好的。最後再說一下 Blade。是否可以說 Blade 沒有任何獨家財產，但你們獲得了潛在的先發優勢？或者我──還有比這更嚴重的事情嗎？

So Blade, one, has a number of exclusive launches. Two, the real estate available at many of these vertiports is quite limited. And so it's valuable to have a place for passengers to wait out of the sun, out of the rain while they're getting ready to board their flight. So we do feel like the -- although many of these sites are public access, having a lounge and a facility at those locations is extraordinarily valuable.

因此，Blade 就擁有多款獨家產品。二是許多垂直起降機場的可用空間相當有限。因此，當乘客準備登機時，為他們提供一個可以躲避陽光和雨水的地方是非常有價值的。因此，我們確實覺得——儘管許多此類場所都是公共場所，但在這些地方設有休息室和設施是非常有價值的。

Two, the Blade also has a large network of takeoff and landing locations in Europe and as well as the greater New York area. And we think that, that network of takeoff and leading locations is an incredibly valuable and underappreciated asset, and we're -- we couldn't be more thrilled to be able to count that as a Joby asset now.

其次，Blade 在歐洲以及大紐約地區也擁有龐大的起降點網路。我們認為，這個起飛和領先地點網絡是一項極其寶貴且被低估的資產，我們非常高興現在能夠將其視為 Joby 的資產。

Savi Syth, Raymond James.

薩維西斯、雷蒙德詹姆斯。

It's definitely an action-packed quarter here. If I can go back to the aircraft, can I clarify kind of if you're out of policy completely, and this is just kind of the execution side. So like the MOC cert plans are approved without placeholders? Or is this kind of being built at risk a little bit?

這絕對是一個充滿活力的季度。如果我可以回到飛機上，我能否澄清一下您是否完全違反了政策，而這只是執行方面。那麼 MOC 認證計劃是否無需佔位符即可獲得批准？或者說這種建造方式有點危險？

I would say that we are very much in the final -- yes, I would say that we're substantially out of policy, if not completely out of policy. The real focus right now with the FAA is on finalizing all of our TIA flight test plans. And really, really thrilled with the lean in from the FAA on that front. Of course, there's still the 50% of Stage 4 that the FAA has to approve.

我想說，我們已經完全脫離了政策——是的，我想說，我們基本上已經脫離了政策，如果不是完全脫離政策的話。目前，美國聯邦航空局的真正重點是最終確定我們所有的 TIA 飛行測試計劃。我對美國聯邦航空局在這方面的支持感到非常非常高興。當然，第四階段還有 50% 需要美國聯邦航空總署批准。

But again, the progress and -- they're just putting points on the board day after day. So we're yes, we feel extraordinarily good about where we are with the FAA and as well as where we are in terms of the design and manufacture of this aircraft. We think this is a huge, huge milestone that we announced today and just thrilled with the execution of the testing team. I don't know that I emphasize that enough.

但再說一次，他們只是日復一日地在進步，不斷得分。所以，是的，我們對與美國聯邦航空管理局的合作以及我們在飛機設計和製造方面的進展感到非常滿意。我們認為這是我們今天宣布的一個重大里程碑，並且對測試團隊的表現感到非常興奮。我不知道我是否足夠強調這一點。

We didn't just finish building this airframe. We finish testing this airframe. So it's like -- it's going into final assembly, and it's got lots of green checkmarks.

我們不只是完成了這架飛機的建造。我們完成了該機身的測試。就像——它正在進入最後的組裝階段，並且帶有許多綠色的複選標記。

That's great. And then maybe along those lines, can I -- as we kind of look forward to the start of testing. I know kind of each aircraft, I think you said you'll build five will be designed to test something different. I wonder if you can kind of talk a little bit about like maybe what the first aircraft will be designed to test and what we can kind of look forward to.

那太棒了。然後也許沿著這樣的思路，我可以──因為我們有點期待測試的開始。我知道每種飛機都有不同的型號，我想您說過您將建造五架飛機，用於測試不同的東西。我想知道您是否可以稍微談談第一架飛機將如何設計進行測試以及我們可以期待什麼。

Yes. So there are multiple TIA tests that we're working on getting -- the test plans that we're working on getting approval with the FAA and each one of those -- each of the test plans has a specific one of those five aircraft that it's going to get -- that we plan to test it against. There is some flexibility, but we're targeting it.

是的。因此，我們正在努力進行多項 TIA 測試 - 我們正在努力獲得 FAA 的批准，並且每個測試計劃 - 每個測試計劃都針對五架飛機中的一架進行測試 - 我們計劃對其進行測試。有一定的靈活性，但我們正在瞄準它。

And the other thing I should emphasize is that we've started building parts for all five of those aircraft. So some of them are -- this one, for example, has now completed the testing. We have multiple others where the airframes are undergoing -- going through the airframe assembly process. And we're building components and systems for many of them. So we're in full swing, and I couldn't be more proud of the work that our incredible manufacturing team is doing across the sites in San Carlos, Marina, and soon Ohio.

我要強調的另一件事是，我們已經開始為這五架飛機製造零件。其中一些——例如這個，現在已經完成測試。我們還有其他多架飛機的機身正在進行組裝過程。我們正在為其中的許多產品建立組件和系統。所以，我們正全力以赴，我為我們出色的製造團隊在聖卡洛斯、馬裡納以及即將在俄亥俄州的工廠所做的工作感到無比自豪。

So absolutely thrilled and grateful to everybody on the Joby manufacturing team.

我非常激動，並感謝 Joby 製造團隊的每一個人。

I appreciate that, JoeBen. If I might ask a quick follow-up on previous kind of question on the defense side. Have you kind of identified any specific programs of record? And I'm just kind of curious how meaningful that can be? I know you quoted a big DoD number, but was curious how much realistic kind of opportunity that could be pursued here.

我很感激，JoeBen。我可以就辯護方先前提出的問題快速提出一個後續問題嗎？您是否已確定任何具體的記錄程序？我只是有點好奇這有多大意義？我知道您引用了國防部的一個大數字，但我很好奇這裡可以追求多少現實的機會。

Thanks, Savi. This is Paul. So I mean scoping up. This is a big moment, I think, for rethink in terms of what the future of military aviation looks like. Recent conflicts have certainly shown that the sort of paradigm of large expensive crewed helicopters for a wide variety of missions may not be the right one on a go-forward basis.

謝謝，薩維。這是保羅。所以我的意思是擴大範圍。我認為，這是一個重新思考軍事航空未來的重要時刻。最近的衝突確實表明，使用昂貴的大型載人直升機執行各種任務的模式可能不適合未來發展。

So we think we've got an opportunity in conjunction with L3 to essentially build something that is cheaper, quieter, autonomous and essentially flexible for a wide range of use cases. So we called out a few, I think, in the announcement, including contested Logistics, counter-UAS or counter drone and in turn, electronic warfare. And fortunately, we are partnered with someone that has incredible payloads across each of those sort of functions.

因此，我們認為我們有機會與 L3 結合，建立更便宜、更安靜、更自主且更靈活且適用於廣泛用例的產品。因此，我認為我們在公告中提到了一些內容，包括有爭議的後勤、反無人機系統或反無人機以及電子戰。幸運的是，我們與某個公司合作，該公司在每項功能上都擁有令人難以置信的有效載荷。

To answer your question, there are core existing programs that we are going after, but some of this is also about shaping programs in light of that big rethink that I mentioned at the front end. And what I think is very important in this sort of moment is being able to translate very quickly from demonstration into deployment.

回答你的問題，我們正在推行一些核心的現有計劃，但其中一些也是根據我在前端提到的重大反思來塑造計劃。我認為在這種時刻非常重要的是能夠非常迅速地從演示轉化為部署。

And that's where I think this dual-use approach, essentially leveraging the same technologies and the same manufacturing lines that we're using for the commercial side really pays dividends, both to us as a company and in turn, to our customers in defense.

這就是我認為的雙重用途方法，本質上利用我們在商業方面使用的相同技術和相同的生產線，確實為我們公司以及我們的國防客戶帶來了回報。

Amit Dayal, H.C. Wainwright.

阿米特·達亞爾、H.C. 溫賴特。

Congrats on all the progress this quarter. With respect to the certification timeline, do you have a sense of whether it's like next two- or three quarters? Or is it a little bit longer before you are completely set up to get into operations?

恭喜本季取得的所有進展。關於認證時間表，您是否知道它是否在接下來的兩個或三個季度內？或者說還需要一些時間才能完全準備好投入營運？

Yes. Thank you for the question, Amit. Just to be clear, what we're guiding to is that we're on schedule to begin flying the TIA aircraft with Joby pilots by later this year and to begin flying with FAA pilots on board by early next year. And so that's the -- those are the flights that the FAA pilots fly to confirm that we are compliant and that's what gives us points on the board for Stage 5. And once those are complete, then we're in the final stretch of Stage 5 and type certification.

是的。謝謝你的提問，阿米特。需要明確的是，我們的指導方針是，我們將按計劃在今年稍後開始由 Joby 飛行員駕駛 TIA 飛機，並於明年年初開始由 FAA 飛行員駕駛飛機。這就是——這些是美國聯邦航空管理局飛行員飛行的，以確認我們符合規定，這就是我們在第五階段的得分依據。一旦這些完成，我們就進入第 5 階段和類型認證的最後階段。

Understood. And then is the Blade deal closed for you guys? I just wanted to see when we can potentially see contribution from the Blade operations in your financials? Is it 4Q, maybe we can see that?

明白了。那麼對你們來說 Blade 的交易結束了嗎？我只是想看看什麼時候我們有可能在您的財務中看到 Blade 業務的貢獻？是 4Q 嗎，也許我們可以看到？

Yes, Amit, Rodrigo here. Look, we just signed and it will take a few weeks to close. So more guidance when we get there. But right now, we are just like in the process of announcing it. And then, as you know, very typical, we'll take a few weeks to close.

是的，阿米特，我是羅德里哥。瞧，我們剛剛簽署，還需要幾個星期才能完成。因此當我們到達那裡時會提供更多指導。但現在，我們正處於宣布這一消息的過程中。然後，正如你所知，非常典型的是，我們需要幾週的時間才能完成。

Thank you. Ladies and gentlemen, that is all the time we have for today. We thank you for your participation in today's conference call. You may now disconnect your lines. Thank you.

謝謝。女士們、先生們，今天的發言時間就到這裡。感謝您參加今天的電話會議。現在您可以斷開線路了。謝謝。