Joby Aviation Inc (JOBY) 2025 Q3 法說會逐字稿

Keypad.

鍵盤。

As a reminder, this, it's not my pleasure to introduce your host, Teresa with you, Head of Investor Relations for Joy Aviation. Teresa, please go ahead.

再次提醒大家，我很榮幸向大家介紹你們的主持人，Joy Aviation 的投資人關係主管 Teresa。特蕾莎，請繼續。

Thank you. Good afternoon and evening, everyone. Thank you for joining us for Joby Aviation's third quarter 2025 Financial results conference call. I'm Teresa Thuruthiyil, Joy's Head of Investor Relations. We will begin the discussion with comments from JoeBen Bevirt, Founder and Chief Executive Officer, and Rodrigo Brumana, Chief Financial Officer.

謝謝。各位下午好/晚上好。感謝您參加 Joby Aviation 2025 年第三季財務業績電話會議。我是Joy公司的投資人關係主管Teresa Thuruthiyil。我們將首先聽取創辦人兼執行長 JoeBen Bevirt 和財務長 Rodrigo Brumana 的評論。

For the Q&A portion of today's call, we'll also be joined by our executive Chairman Paul Sciarra and Blade CEO Rob Wiesenthal. Please note that our discussion today will include statements regarding future events and financial performance, as well as statements of belief, expectation, and intent.

在今天電話會議的問答環節，我們的執行董事長保羅·夏拉和 Blade 執行長羅布·維森塔爾也將出席。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聲明，以及信念、預期和意圖的聲明。

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 harbour disclaimer contained in today's shareholder letter.

這些前瞻性陳述是基於管理階層目前的預期，並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致股東信中包含的安全港免責聲明。

The forward-looking statements included in this call are made only as of the date of this call, and the company does not assume any obligation to update or revise them. 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 Q3 2025 shareholder letter, which you can find on our investor relations website along with a replay of this call.

本次電話會議中包含的前瞻性陳述僅代表截至本次電話會議之日的信息，本公司不承擔更新或修改這些陳述的任何義務。此外，在電話會議期間，我們將同時提及GAAP和非GAAP財務指標。我們在 2025 年第三季股東信中提供了非 GAAP 指標與 GAAP 指標的調整表，您可以在我們的投資者關係網站上找到該信函以及本次電話會議的錄音。

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

說了這麼多，現在我把電話交給喬本。

Thank you, Teresa, and thank you everyone for joining us today as we discuss our third quarter of 2025 results. The past few months have been momentous for our team, as well as demonstrating the remarkable potential of our aircraft by flying in front of hundreds of thousands of people here at home and overseas.

謝謝特蕾莎，也謝謝各位今天與我們一起討論我們2025年第三季的業績。過去的幾個月對我們的團隊來說意義非凡，我們透過在國內和海外數十萬觀眾面前飛行，也展現了我們飛機的卓越潛力。

We've also moved the ball meaningfully down the field on certification, and we've passed one of the most important milestones in Joby's history to date. As we announced this morning, we have now begun power on testing of the first of several aircraft we will build for TIA, or type inspection Authorization.

我們在認證方面也取得了實質進展，並且已經跨越了 Joby 迄今為止歷史上最重要的里程碑之一。正如我們今天早上宣布的那樣，我們已經開始對我們為 TIA（型號檢驗授權）建造的幾架飛機中的第一架進行通電測試。

Entering TIA is widely understood as marking the final stage of the certification process and is a very strong indicator of a company's ability to reach type certification. This is the moment when our certification strategy, our intended type design, and our manufacturing processes all converge into one physical asset. Let's take each of these in turn.

進入 TIA 階段被普遍認為是認證過程的最後階段，也是衡量公司是否能夠獲得型號合格證的一個非常有力的指標。在這一刻，我們的認證策略、我們預期的字體設計以及我們的製造流程都整合到了一個實體資產中。讓我們逐一來看。

First, our certification strategy. It might sound simple, but our certification strategy is the result of more than a decade of working alongside the FAA to develop a certification basis, the means of compliance for our aircraft, certification plans and test plans. These are the documents we've been talking about quarter after quarter in these calls, and they are absolutely required to get to TIA.

首先，我們來談談認證策略。這聽起來可能很簡單，但我們的認證策略是十多年來與美國聯邦航空管理局 (FAA) 合作制定認證基礎、飛機合規手段、認證計劃和測試計劃的結果。這些文件是我們每季在電話會議中都在討論的，它們是獲得 TIA 認證的絕對必要條件。

Second, having a stable design is the result of years of focused engineering and testing using the same design and putting it through thousands of hours of testing on the ground and in the air. If you continue to make changes to your design, you can't enter TIA with a high degree of confidence that you'll complete it expediently.

其次，穩定的設計是多年來專注於工程設計和測試的結果，採用相同的設計，並在地面和空中進行了數千小時的測試。如果你不斷修改設計，就無法自信地進入TIA，也無法保證能夠快速完成。

Finally, on manufacturing processes, this aircraft is one of a series that we are producing under Joby's FAA approved quality management system. Each of the TI aircraft, including this one, will be built with FAA conforming components as required by our FAA approved test plans.

最後，在製造流程方面，這架飛機是我們正在按照 Joby 的 FAA 批准的品質管理系統生產的一系列飛機之一。TI 的每一架飛機，包括這架，都將按照我們 FAA 批准的測試計劃的要求，使用符合 FAA 標準的組件進行製造。

Each of the relevant components will be built to FAADER, or designated engineering representative approved designs, and then inspected and signed off by FAA designated airworthiness representatives, or DARs. This process adds a lot of overhead to the build processes. It's not fast or easy, but it is what's required to start TIA flight testing.

每個相關零件將按照 FAADER（指定工程代表）批准的設計進行製造，然後由 FAA 指定的適航代表（DAR）進行檢查和簽署。這個過程會為建置過程增加很多額外開銷。這並不快也不容易，但這是啟動TIA飛行測試所必需的。

Bringing all of these elements together is a huge achievement, and I'm incredibly grateful to the team at Jobi and at the FAA for the years of hard work that led up to this moment. We continue to plan for this aircraft to take to the skies later this year, flown by Joby pilots, clearing the way for FA pilots to start for credit testing next year.

將所有這些要素結合起來是一項巨大的成就，我非常感謝 Jobi 團隊和美國聯邦航空管理局多年來的辛勤工作，這才有了這一刻。我們繼續計劃讓這架飛機在今年稍後由 Joby 飛行員駕駛升空，為 FA 飛行員明年開始參加學分考試鋪平道路。

As I mentioned earlier, having a mature and stable design is central to being able to move with certainty and pace through the certification process, and over the past quarter we've been able to build on that maturity, demonstrating a remarkable cadence of flight testing and demonstration flights.

正如我之前提到的，擁有成熟穩定的設計對於能夠有把握、快速地完成認證過程至關重要，在過去的一個季度裡，我們已經在此基礎上不斷完善，展現了驚人的飛行測試和演示飛行節奏。

As well as continuing to fly several times a day out of Marina, where we've demonstrated climbing, descending, accelerating, and decelerating all at max rates. We also flew our first A to B mission flying down to Monterey and back.

除了繼續每天多次從馬裡納機場起飛外，我們還演示了以最大速率進行爬升、下降、加速和減速。我們也執行了第一次 A 到 B 的飛行任務，飛往蒙特雷並返回。

A few weeks later we participated in the California International Air Show, completing a 20 minute flight that saw us take off vertically, fly to Salinas, complete a demonstration that included multiple transitions between forward flight and hover, and returned to Marina for a vertical landing.

幾週後，我們參加了加州國際航空展，完成了 20 分鐘的飛行，期間我們垂直起飛，飛往薩利納斯，完成了一次演示，其中包括多次前飛和懸停之間的轉換，然後返回馬裡納進行垂直降落。

And we did all this while a separate Joby team completed two full weeks of regularly scheduled flights in Osaka as part of the World Expo, demonstrating the aircraft to hundreds of thousands of attendees, including the Japanese Prime Minister and the governor of Osaka.

同時，另一個 Joby 團隊在大阪世博會期間完成了為期兩週的定期航班飛行，向數十萬名參觀者（包括日本首相和大阪府知事）展示了這架飛機。

The operational rigor and consistency we've demonstrated in completing these flights is a testament to the remarkable team we've built and the maturity of our aircraft. It is also preparation for our future commercial service. Speaking of which, it was a privilege to fly Ryder Cup fans back and forth from Manhattan to Long Island this quarter via our blade service.

我們在完成這些飛行任務中所展現出的嚴謹性和穩定性，證明了我們所組成的卓越團隊以及我們飛機的成熟度。這也是為我們未來的商業服務做準備。說到這裡，本季我們很榮幸能透過我們的飛機服務，接送萊德杯球迷往返於曼哈頓和長島之間。

2.5-hour drives were replaced with 12-minute flights highlighting the potential of vertical lift to a key audience of flyers. Our Blade team excels at delivering operations at scale combined with the highest levels of customer service. This operational experience combined with the maturity of our Evitel platform puts us in a great position to take on the opportunity presented by the US government's recently announced EIPP program.

2.5 小時的車程被 12 分鐘的飛行所取代，這向重要的飛行觀眾群體突顯了垂直升降機的潛力。我們的 Blade 團隊擅長大規模運營，同時提供最高水準的客戶服務。憑藉豐富的營運經驗和成熟的 Evitel 平台，我們完全有能力抓住美國政府近期宣布的 EIPP 計劃帶來的機會。

Through an executive order, the President has directed the Department of Transportation and the FAA to ensure that mature EVO aircraft can begin operations in select markets in the US ahead of full FAA certification.

總統透過一項行政命令指示交通部和聯邦航空管理局確保成熟的 EVO 飛機在獲得聯邦航空管理局的全面認證之前，即可在美國的特定市場開始運作。

We are already in advanced conversations with a wide range of state and local government entities who are submitting applications for the program, and we believe that having a TIA ready aircraft, as well as a wide set of operational experience, will put us in a very strong position to deliver the high levels of safety the FAA will require to participate in this pre-certification program.

我們已經與眾多州和地方政府實體進行了深入的對話，這些實體正在提交該計劃的申請。我們相信，擁有一架隨時可以參加 TIA 的飛機，以及豐富的營運經驗，將使我們處於非常有利的地位，能夠達到 FAA 要求的參與此預認證計劃的高安全水平。

We see the EIP program pulling early demand for our aircraft forward, taken alongside the demand we're also seeing from a range of international early adopters. It's clear we'll need to keep accelerating production if we are to keep up with the incredible demand we're seeing for our product.

我們看到 EIP 計劃提前拉動了對我們飛機的早期需求，同時我們也看到一系列國際早期採用者的需求。很顯然，如果我們想要滿足目前市場對我們產品的龐大需求，就需要不斷加快生產速度。

The level of production we are preparing for has never been seen in the aviation industry, and we're incredibly grateful to be working closely with Toyota as we plan and execute for scale. And we've already produced 15 times more FAA conforming parts so far this year in Marina than we did in all of 2024.

我們正在籌備的生產規模在航空業前所未見，我們非常感謝能與豐田密切合作，共同規劃和實施規模化生產。今年到目前為止，我們在馬裡納生產的符合 FAA 標準的零件數量已經是 2024 年全年產量的 15 倍。

As well as growing in Marina and adding more than 100 manufacturing roles this past quarter, we've now begun production of propeller blades at our Dayton, Ohio facility. This is a great example of our approach to scaling, where we'll perfect manufacturing processes at home in California before scaling them alongside Toyota.

除了在馬裡納工廠發展壯大，上個季度新增了 100 多個製造崗位外，我們現在還在俄亥俄州代頓的工廠開始生產螺旋槳葉片。這是我們規模化方法的一個很好的例子，即在加州本土完善製造工藝，然後再與豐田一起擴大規模。

Before I hand it over to Rodrigo to talk about our financials, I wanted to touch on my excitement for the future of Joy. Our core focus is and always has been the development of our core S4 platform. That's the aircraft you see flying every day. We put a huge amount of work into designing it from the ground up and we've built it in a vertically integrated way.

在將麥克風交給 Rodrigo 來談談我們的財務狀況之前，我想先談談我對 Joy 未來的興奮之情。我們的核心重點始終是開發我們的核心 S4 平台。這就是你每天都能看到的飛機。我們投入了大量精力從零開始設計，並以垂直整合的方式建造了它。

As I've said many times before, this vertically integrated approach is our superpower because now that our platform is mature, we're able to move with incredible pace to adapt it to a wide range of use cases and technologies.

正如我之前多次說過的那樣，這種垂直整合的方式是我們的超能力，因為現在我們的平台已經成熟，我們能夠以驚人的速度將其適應各種用例和技術。

Last year we adapted it to fly with liquid hydrogen, completing a 561 mile flight with water as the only byproduct. I'm confident that hydrogen will play a very significant role in the future of aviation, supporting a wide range of new applications and aircraft types, and the experience we've already built in this field puts Joy at the very forefront of innovation.

去年我們對其進行了改造，使其能夠使用液氫飛行，完成了 561 英里的飛行，唯一的副產品是水。我相信氫能在航空業的未來發展中將發揮非常重要的作用，支持各種新的應用和飛機類型，而我們在這個領域已經積累的經驗使 Joy 處於創新的最前沿。

This year we announced we would work with L3 Harris to develop a turbine electric variant for defence use cases, and I'm pleased to say just three months after that announcement we're already ground testing this aircraft with the hybrid system in the loop, and flight testing is set to begin imminently. In fact, just yesterday we had the FAA on site working with us to grant airwaves for this vehicle.

今年我們宣布將與 L3 Harris 合作開發用於國防用途的渦輪電動版本，我很高興地告訴大家，就在宣布之後僅僅三個月，我們已經在地面上對這款飛機進行了混合動力系統的測試，飛行測試即將開始。事實上，就在昨天，美國聯邦航空管理局（FAA）的代表還到現場與我們合作，為這架飛行器授予無線電頻譜。

L3 Harris has been a great partner on this journey, and we remain on track to demonstrate the full capabilities of this aircraft in the coming quarters and compete for some of the $9 billion the US Department of War has requested for the acquisition of resilient, autonomous, and hybrid aircraft in the FY'26 budget.

L3 Harris 一直是我們的重要合作夥伴，我們將繼續按計劃在未來幾季展示這架飛機的全部性能，並爭取美國戰爭部在 2026 財年預算中申請的 90 億美元用於採購具有韌性、自主性和混合動力的飛機。

Joby's approach to vertical integration puts us in a unique position to move from concept to demonstration and from demonstration to deployment at a pace that's almost unheard of in today's aerospace industry.

Joby 的垂直整合方法使我們處於獨特的地位，能夠以當今航空航天業幾乎聞所未聞的速度，從概念到演示，再從演示到部署。

And it demonstrates the value of dual use technologies allowing us to get new tools into the hands of America's troops as quickly and cost efficiently as possible against the rapidly evolving national defence landscape. That advantage also counts when it comes to autonomy.

這表明，在快速變化的國防形勢下，軍民兩用技術能夠讓我們以最快、最具成本效益的方式將新工具送到美國軍隊手中，從而體現其價值。在自主性方面，這種優勢也至關重要。

While our initial air taxi product will launch with a fully qualified commercial pilot on board, I believe a future where we are able to take the pilot out of the loop is approaching more rapidly than I expected even six months ago.

雖然我們最初的空中計程車產品將配備一名完全合格的商業飛行員，但我相信，我們能夠將飛行員從整個飛行過程中移除的未來，比我六個月前預想的要來得更快。

For decades, the principal barrier to commercial autonomy hasn't been technical or regulatory. It's been the way our commercial air traffic control system works. The current system still requires a human being on a radio to speak with another human being to deconflict airspace, file flight plans, and confirm departures and arrivals.

幾十年來，商業自主的主要障礙並非技術或監管方面的障礙。我們的商業空中交通管制系統一直都是這樣運作的。目前的系統仍然需要人透過無線電與另一個人通話，以解決空域衝突、提交飛行計劃以及確認起飛和降落。

The current administration has indicated its intent to invest in modernizing this approach, making much needed investment in the infrastructure that controls our skies and laying the foundation for commercial air autonomy to take off, much like the adoption of autonomous ground vehicles has.

現任政府已表示有意投資，以實現這一方法的現代化，對控制我們天空的基礎設施進行急需的投資，並為商業空中自主飛行的起飛奠定基礎，就像自主地面車輛的採用一樣。

At Joby we're making sure we're ready for that step when it happens. Over the summer, the team we brought on board from X Wing demonstrated our super pilot AI technology stack as part of a landmark Department of War exercise over the Pacific Ocean.

在 Joby，我們正在確保為這一步的到來做好準備。今年夏天，我們從 X Wing 引進的團隊在太平洋上空舉行的一次具有里程碑意義的戰爭部演習中，展示了我們的超級飛行員人工智慧技術棧。

Using a conventional Cessna 208 aircraft, our team logged more than 7,000 miles of autonomous operations across more than 40 flight hours in and around Hawaii, managed primarily from Anderson Air Force Base in Guam, more than 3,000 miles away. Once again illustrating our commitment to not just talking about innovation but demonstrating it.

我們的團隊使用一架普通的塞斯納 208 飛機，在夏威夷及其周邊地區進行了超過 7000 英里的自主飛行，飛行時間超過 40 小時，主要由位於 3000 英里之外的關島安德森空軍基地進行管理。這再次表明我們不僅致力於談論創新，更致力於用實際行動來證明創新。

The same technology is set to be supercharged by our recent announcement with Nvidia. Joby will be the aviation launch partner for Nvidia's IGX Thor platform, which uses their Blackwell architecture to help ingest extraordinary amounts of data in real time to support an even more performant and safe autonomy stack for our aircraft.

我們最近與英偉達的合作將大大增強這項技術。Joby 將成為英偉達 IGX Thor 平台的航空領域啟動合作夥伴，該平台採用英偉達的 Blackwell 架構，可即時攝取大量數據，從而為我們的飛機提供性能更優、更安全的自主系統。

Integrating this level of compute will help us maximize the potential of autonomous flight. We will be able to deliver autonomous mission management that enables the aircraft to determine, request, and follow optimal flight paths while adapting to changes in weather, air traffic control instructions, or unexpected events.

整合這種等級的運算能力將有助於我們最大限度地發揮自主飛行的潛力。我們將能夠提供自主任務管理，使飛機能夠確定、要求並遵循最佳飛行路徑，同時適應天氣變化、空中交通管制指令或意外事件。

It will also support onboard compute processes for high-rate data from radar, LIDAR, and vision sensors, as well as supporting sensor fusion, combining data from a range of sensors to deliver reliable and accurate aircraft state estimation and situational awareness in the most challenging environments. It also establishes a foundation to develop features that enhance operational insight, reliability, and performance, including predictive system health monitoring and digital twin modelling.

它還將支援機載運算處理來自雷達、光達和視覺感測器的高速數據，並支援感測器融合，將來自各種感測器的數據結合起來，在最具挑戰性的環境中提供可靠、準確的飛機狀態估計和態勢感知。它還為開發增強營運洞察力、可靠性和性能的功能奠定了基礎，包括預測系統健康監測和數位孿生建模。

We'll be deploying Super pilot on the aircraft we're developing with L3 Harris, allowing us to deliver to the government the same tech stack they've already seen successfully deployed on conventional planes, but this time on a low altitude VTO capable aircraft. The testing we complete on this defense focused vehicle will also feed forward into a commercial AI autonomy stack that we plan to have ready and tested just as soon as the commercial air traffic control system is ready for it.

我們將把超級飛行員系統部署到我們與 L3 Harris 共同開發的飛機上，使我們能夠向政府提供他們已經在傳統飛機上成功部署的相同技術堆棧，但這次是在一架低空垂直起降 (VTO) 飛機上。我們在這款以國防為重點的車輛上完成的測試，也將為商業人工智慧自主系統提供參考，我們計劃在商業空中交通管制系統準備好之後，盡快完成該系統的開發和測試。

The level of technological and regulatory progress we're seeing today is unprecedented. And it is matched by an incredible commitment to aerial innovation at both the state and federal level. We positioned Joby to make the most of these opportunities, and I've never been more excited about the company and the technologies we're building. Rodrigo, over to you.

我們今天所看到的技術和監管進步水平是前所未有的。同時，州和聯邦政府也對航空創新給予了極大的投入。我們讓 Joby 充分利用這些機會，我對公司和我們正在開發的技術從未像現在這樣充滿熱情。羅德里戈，該你了。

Thank you, JoeBen, and good evening, everyone. During the third quarter of 2025, we made several important advancements for the positioning Joby to create a durable long-term value for our shareholders.

謝謝你，JoeBen，大家晚上好。2025 年第三季度，我們為 Joby 的定位做出了幾項重要貢獻，旨在為股東創造持久的長期價值。

When we spoke last quarter, I identified three areas of focus. Implementing a disciplined capitalist strategy, scaling methodically and translating our technical and regulatory progress into long-term value.

上個季度我們談話時，我確定了三個重點領域。實施嚴謹的資本主義策略，有條不紊地擴大規模，並將我們的技術和監管進步轉化為長期價值。

Let's talk about capital strategy first. At Joby, we are shaping a new industry in bringing an entirely new technology to market. This requires substantial efforts across engineering, regulation, partnerships, infrastructure, and manufacturing. To achieve this, we strengthen our balance sheet.

我們先來談談資本策略。在 Joby，我們正在透過將一項全新的技術推向市場來塑造一個全新的產業。這需要在工程、監管、合作、基礎設施和製造等方面付出巨大努力。為了實現這一目標，我們加強了資產負債表。

At the end of the quarter, we had approximately $978 million in cash in short-term investments. In October we added net proceeds of approximately $576 billion further strengthening our position. This gives us the financial strength to continue to lead the industry and bring new innovations to markets across the globe.

截至季末，我們持有約 9.78 億美元的現金用於短期投資。10 月份，我們新增了約 5,760 億美元的淨收益，進一步鞏固了我們的地位。這賦予我們雄厚的財力，使我們能夠繼續引領產業，並將創新成果帶給全球市場。

Next is the scaling. We are investing now to build capacity for global air taxi demand. We're methodically scaling manufacturing and we're very fortunate to have Toyota with us on that journey.

接下來是規模化。我們正在進行投資，以提高運力，滿足全球空中計程車的需求。我們正在有條不紊地擴大生產規模，非常幸運的是，豐田汽車與我們攜手共進。

As JoeBen said, propeller blades are a critical component in the highest part count on our aircraft. We have started to leverage our Ohio facility to begin ramping our production of propeller blades. Ohio has the skilled labour, the supply chain network, and the space to scale up production as we grow.

正如 JoeBen 所說，螺旋槳葉片是我們飛機上零件數量最多的關鍵零件。我們已開始利用我們在俄亥俄州的工廠逐步提高螺旋槳葉片的產量。俄亥俄州擁有技術熟練的勞動力、供應鏈網絡以及隨著我們發展而擴大生產規模所需的空間。

Scaling also means preparing our global operations. Following our acquisition of blade, we are already running a network of high frequency routes in New York and Europe, connecting major airports like JFK in prime locations like Nice Monaco in Manhattan to the Himtons.

擴大規模也意味著要為我們的全球營運做好準備。收購 blade 之後，我們已經在紐約和歐洲經營一個高頻航線網絡，將甘迺迪機場等主要機場與尼斯、摩納哥、曼哈頓等黃金地段的希姆頓斯連接起來。

These routes are the blueprint for electrified air taxi service, proving the model today so we can transition seamlessly once our aircraft is certified. At the same time, in addition to our successful flight demonstrations in Japan with ANA, we also expanded our global partnership with Uber to include Blade services.

這些航線是電動空中計程車服務的藍圖，證明了該模式的可行性，以便我們的飛機在獲得認證後能夠無縫過渡。同時，除了在日本與全日空航空公司成功進行飛行展示外，我們還擴大了與 Uber 的全球合作夥伴關係，將 Blade 服務納入其中。

This opens up a powerful opportunity over time to connect thousands of daily Uber users with the experience of vertical lift well ahead of Joby's commercial launch. Meanwhile, in Montreal, we formally accepted our first flight simulator developed in conjunction with CAE, a global leader in pilot training systems.

隨著時間的推移，這將帶來強大的機會，讓成千上萬的 Uber 日活躍用戶在 Joby 商業化推出之前就能體驗到垂直升降機的服務。同時，在蒙特婁，我們正式接收了第一台與飛行員訓練系統領域的全球領導者 CAE 共同開發的飛行模擬器。

This fully immersive simulator is a prerequisite for commercial pilot training and marks an important milestone in preparing Joby for scaled operations. These efforts are building the foundation for our global network beginning with Dubai next year and expanding to new markets around the world, turning our regulatory, commercial and technical progress into long-term value.

這款完全沉浸式模擬器是商業飛行員培訓的先決條件，也是 Joby 為大規模營運做好準備的重要里程碑。這些努力正在為我們明年從杜拜開始的全球網路奠定基礎，並擴展到世界各地的新市場，將我們在監管、商業和技術方面的進步轉化為長期價值。

Now, I'll present our Q3 financial results in more detail. We ended the third quarter of 2025 with cash in short-term investments totalling $978 million. During the quarter, we raised $101 million through our ATM facility and an additional $33 million from warrants that were exercised.

現在，我將更詳細地介紹我們第三季的財務表現。截至 2025 年第三季末，我們的短期投資現金總額為 9.78 億美元。本季度，我們透過 ATM 融資管道籌集了 1.01 億美元，並透過行使認股權證額外籌集了 3,300 萬美元。

As I said earlier, after the quarter ended, we received net proceeds of $576 million through an equity offering further increasing our cash reserves. Our Q3 use of cash equivalents in short-term investments totalled $147 million and $0.35 million dollars higher than last quarter.

正如我之前所說，季度結束後，我們透過股權發行獲得了 5.76 億美元的淨收益，進一步增加了我們的現金儲備。第三季度，我們在短期投資中使用現金等價物總額為 1.47 億美元，比上一季增加了 35 萬美元。

That was primarily due to an extra payroll run in Q3 versus Q2, growth in operating expenses, working capital changes, and one-time costs related to our blade acquisition, which accounted for $6 million. This spending also included about $130 million on property and equipment, up $1 million from last quarter.

這主要是由於第三季比第二季多支付了一筆工資，營運費用成長，營運資金變化，以及與刀片採購相關的一次性成本（佔 600 萬美元）。這項支出還包括約 1.3 億美元的房產和設備費用，比上一季增加了 100 萬美元。

We remain on track to hit the upper end of our full year 2025 guidance of $500 million to $540 million in use of cash equivalents in short-term investments, and that includes the impact of our blade acquisition.

我們仍有望實現 2025 年全年短期投資現金等價物使用額達到 5 億美元至 5.4 億美元指引目標的上限，其中包括我們收購刀片的影響。

On a GAAP basis, we reported a Q3 net loss of $401 million a $77 billion increase from Q2, largely driven by $262 million in non-cash items, of which $229 million was a non-cash charge related to earns in earnout revaluation.

以美國通用會計準則 (GAAP) 計算，我們報告第三季淨虧損 4.01 億美元，比第二季增加了 770 億美元，主要原因是 2.62 億美元的非現金項目，其中 2.29 億美元是與獲利能力重估相關的非現金支出。

The remaining non-cash items were related to stock-based compensation, depreciation, and amortization, all within the normal ranges. The large no cash revaluation charge related to warrants in earnout shares was due to the increase in our share price, which negatively impacts the calculation and gets updated every single quarter.

其餘非現金項目與股票選擇權激勵、折舊和攤提有關，均在正常範圍內。與獲利股票中的認股權證相關的巨額無現金重估費用是由於我們的股價上漲造成的，這會對計算產生負面影響，並且每個季度都會更新。

Revenue for the quarter was $23 million including $14 million in revenue from Blade from August 29th through September 30th. And 9 million from other revenue, which includes the completion of all required deliverables as part of our axillary prime defence contract as well as other engineering services. We do not expect axillary prime revenue to continue as the work has been completed.

本季營收為 2,300 萬美元，其中包括 Blade 在 8 月 29 日至 9 月 30 日期間的 1,400 萬美元營收。此外，還有 900 萬美元來自其他收入，其中包括作為輔助性主要國防合約的一部分完成的所有必需交付成果以及其他工程服務。由於這項工作已經完成，我們預計輔助性主要收入不會繼續存在。

Total operating expenses for the quarter, including about 1 month of late, were $204 million up about $36 million from the prior quarter. The increase was largely driven by the inclusion of blade operating expenses and acquisition related costs coupled with higher staffing and program spend to support key milestones, including progress on the final assembly of our first TIA aircraft.

本季總營運支出（包括最近一個月的支出）為 2.04 億美元，比上一季增加了約 3,600 萬美元。此次成長主要是由於計入了葉片營運費用和購置相關成本，以及為了支援關鍵里程碑（包括我們第一架 TIA 飛機的最終組裝進度）而增加的人員配備和專案支出。

Adjusted EBITDA, a non-GAAP metric that we reconciled to our net income in our shareholder letter, was a loss of $133 million in the third quarter. This was just about $1 million higher than the prior quarter, reflecting the revenue booked in Q3, offset by the increasing spending I called out before.

經調整的 EBITDA（一項非 GAAP 指標，我們在致股東的信中已將其與淨利潤進行了核對）在第三季度虧損 1.33 億美元。這比上一季增加了約 100 萬美元，反映了第三季的收入，但被我之前提到的支出增加所抵消。

Compared to the same period last year, our adjusted EBITDA loss was $12 million higher, driven by the growth in our team to support aircraft design, manufacturing, and certification, along with early commercialization investments.

與去年同期相比，我們調整後的 EBITDA 虧損增加了 1,200 萬美元，這主要是由於我們團隊的壯大，以支持飛機設計、製造和認證，以及早期商業化投資。

As we look ahead, our focus remains on discipline execution, advancing certification, scaling production in preparing for a commercial launch. With a robust balance sheet, proven technology, mature program, flying aircraft, and world-class partners, we are operating from a position of strength.

展望未來，我們的重點仍是紀律執行、推動認證、擴大生產規模，為商業發布做好準備。憑藉穩健的資產負債表、成熟的技術、成熟的專案、飛行中的飛機和世界一流的合作夥伴，我們處於強大的營運地位。

We look forward to many folks at the Dubai Air Show in 2 weeks where our aircraft has been cleared by both the General Civil Aviation Authority and the Dubai Civil Aviation Authority to fly full transition every single day.

我們期待兩週後在杜拜航展上與大家見面，屆時我們的飛機已獲得阿聯酋民航總局和杜拜民航局的批准，可以每天進行全過渡飛行。

Thank you for your continued support and operator. Please open the call for questions.

感謝您一直以來的支持與營運。請開放提問環節。

[Operator Instructions]

[操作說明]

Our first question today is coming from Kristine Liwag for Morgan Stanley; your line is now live.

今天我們收到的第一個問題來自摩根士丹利的克里斯汀·利瓦格；您的提問熱線已開通。

Hey, good afternoon, everyone. I just wanted to follow-up on your progress with your international partners. I was wondering with the early adopters, are you planning to provide commercial service with the Joby aircraft prior to getting FAA certification, or are you waiting for FAA certification to start flying, globally?

大家好，下午好。我只是想了解一下您與國際合作夥伴的進展。我想問一下，對於早期採用者，你們是否計劃在獲得 FAA 認證之前就使用 Joby 飛機提供商業服務，還是在等待 FAA 認證後才開始在全球範圍內飛行？

Hey Christine, this is JoeBen and great to speak to you. We assume you're speaking about Dubai in terms of the international partner. We will. We're making incredible progress in Dubai. We have aircraft that's there and flying right now, and as Rodrigo mentioned in the prepared remarks, we have permission from the GCA and the Dubai Civil Aviation Authority to be conducting daily flights at the Dubai Air Show.

嗨，克莉絲汀，我是喬本，很高興和你通話。我們假設您指的是杜拜作為國際合作夥伴的地位。我們將。我們在杜拜取得了令人矚目的進展。我們有飛機在那裡，現在正在飛行。正如羅德里戈在準備好的演講稿中提到的那樣，我們已經獲得了阿聯酋民航總局和杜拜民航局的許可，可以在杜拜航展期間進行日常飛行。

So that's incredibly exciting. And I think what you're going to expect to see over the course of 2026 is more and more flying there as we deploy more take-off and landing locations and we're seeing incredible momentum and amazing support from the local regulators. So, in short, the answer to your question is yes, we continue to expect to be operational in Dubai prior to FAA type certification.

那真是太令人興奮了。我認為，到 2026 年，隨著我們部署更多的起降地點，飛往那裡的航班將會越來越多，而且我們看到了巨大的發展勢頭，也得到了當地監管機構的大力支持。簡而言之，您問題的答案是肯定的，我們仍然預計在獲得美國聯邦航空管理局型號合格證之前在迪拜投入運營。

I see, great. Thank you for the clarification. And for a follow-up, you guys highlighted your progress on autonomous systems with Super pilot, which sounds really interesting. So is this going to be a software that's also going to be added to the Joby aircraft and cause from my understanding, the Joby aircraft initially would be VFR. So, are you adding the IFR capabilities with the autonomous systems, or are you also going to add an expansion to IFR before going to full autonomous? Like, can you please help me understand the bridging there?

我明白了，太好了。謝謝你的解釋。另外，你們也重點介紹了在超級飛行員自主系統方面取得的進展，聽起來非常有趣。那麼，這款軟體是否也會加入 Joby 飛機上呢？因為據我了解，Joby 飛機原本是 VFR 飛機。那麼，你們是在自主系統的基礎上增加 IFR 功能，還是在完全自主化之前先擴展 IFR 功能？請問您能幫我理解那裡的橋接部分嗎？

Yeah, so thank you so much. This is a huge, a bunch of huge accomplishments on the autonomy front and something that we're really excited about the first, just to reiterate, the Super pilot, the X-wing team and took Super pilot. Enabled Cessna 208 and flew it 7,000 miles around the Pacific as part of the re four pack exercise earlier this year that demonstrates the operational maturity. We operated that aircraft in a whole bunch of different classes of airspace and really showed, showcased how robust that autonomy platform is. As it comes when it comes to taking that autonomy platform and putting it into the the S4 platform, that's going to be something that we will do progressively. It's a very step by step approach that we're taking, but we do think that it's going to have really significant benefits when it comes to.

是的，非常感謝。這是自主飛行領域的一系列巨大成就，我們對此感到非常興奮。首先，再次強調，超級飛行員、X翼戰機團隊和超級飛行員。今年早些時候，我駕駛一架塞斯納 208 飛機進行了四機編隊飛行，環繞太平洋飛行了 7000 英里，這是該編隊飛行演習的一部分，旨在展示其作戰成熟度。我們在各種不同類型的空域中操作了這架飛機，真正展現了這個自主平台的強大性能。至於將自動駕駛平台移植到 S4 平台上，我們將逐步進行這項工作。我們採取的是一種循序漸進的方法，但我們認為，這種方法在許多方面都會帶來非常顯著的好處。

On both the safety side and the operational efficiency side, so we're really excited about that, and we think that is Built on the foundation of these changes that are we're expecting in the air traffic control framework as I talked about in my prepared remarks. So we're really pleased with both the regulatory side of things and the technical side of things.

無論從安全方面還是從營運效率來看，我們都對此感到非常興奮，我們認為這是建立在我們預期空中交通管制框架的這些變化的基礎之上的，正如我在準備好的發言稿中提到的那樣。所以我們對監管方面和技術方面都非常滿意。

I also thrilled to be working closely with Nvidia and bringing the phenomenal compute capabilities that they've developed to aviation and yeah, thrilled across all the different dimensions on the autonomy progress.

我也很高興能與英偉達密切合作，將他們開發的卓越運算能力引入航空領域。是的，我對自動駕駛技術在各個方面取得的進展都感到非常興奮。

Okay, thank you.

好的，謝謝。

Thank you. Our next question today is coming from Austin Moeller from Canaccord Genuity. Your line is now live.

謝謝。今天我們提出的下一個問題來自 Canaccord Genuity 公司的 Austin Moeller。您的線路已開通。

Hi, good afternoon. As part of the EIPP, are there any avenues for you to generate revenue in any way in that test phase with those aircraft? And as the second part, could you generate revenue from flying aircraft in a JV partnership overseas during this test phase?

您好，下午好。作為EIPP專案的一部分，在飛機測試階段，您是否有任何途徑以任何方式創造收入？其次，您能否在測試階段透過合資企業在海外營運飛機來獲得收入？

Hi Austin, this is Paul. So, with respect to IPP, this is kind of what's going on and sort of how we think it's going to play out. So right now, we have a number of different applications that we are close to that are in the process of getting filed with the Department of Transportation. Those are going to get filed basically through the end of the year. In the early part of next year, they will then down select to five with those starting, we think in the middle of next year.

你好奧斯汀，我是保羅。所以，關於獨立發電專案（IPP），目前的情況大致如此，我們認為事情會如何發展也大致如此。所以目前，我們有很多不同的申請即將獲得批准，這些申請正在向交通部提交審批過程中。這些申請基本上會一直提交到年底。明年年初，他們將縮減至五人，我們認為這些人將在明年年中開始首發。

Now look, this is a really exciting opportunity for us because it allows us to put aircraft into operation here in the US, I think on a far faster time scale at scale than we might have thought, and it's really one of the things that's driving the focus that JV mentioned in the prepared remarks around scaling production to now meet this kind of faster demand than we were expecting.

現在，這對我們來說是一個非常令人興奮的機會，因為它使我們能夠在美國投入運營飛機，我認為速度和規模都比我們預想的要快得多。這正是合資企業在準備好的演講稿中提到的重點之一，即擴大生產規模以滿足比我們預期更快的需求。

When we've, based on what we know now, the application set is pretty broad. A number of them include passenger transport, cargo transport, medevac, and certain of them, we think you're going to have an opportunity to have a sort of commercial band. So, without having 100% confidence at this point, like we do think they're going to be interesting revenue generating opportunities that come out of the IPP program.

根據我們目前所了解的情況，其應用範圍相當廣泛。其中一些包括客運、貨物運輸、醫療後送，我們認為你將有機會在某些領域組建一支商業樂隊。所以，雖然目前我們還沒有 100% 的把握，但我們確實認為 IPP 計畫將會帶來有趣的創收機會。

Regarding your question with respect to JV's. I think the revenue that you may see from those sorts of partnerships would be pre-orders and or prepayments for aircraft that were going into those JVs. We announced obviously the partnership with ANA in Japan. That is one that could sort of look like that.

關於您提出的合資企業問題。我認為，從這類合作關係中獲得的收入可能是合資企業所購飛機的預購訂單或預付款。我們已正式宣布與日本全日空航空公司建立合作夥伴關係。那個看起來可能有點像那樣。

But I think the real question now is ensuring that we're able to build enough aircraft to meet this broader, faster demand that we solve. So that's why manufacturing is sort of the focus.

但我認為現在真正的問題是，如何確保我們能夠製造足夠的飛機來滿足我們正在解決的這種更廣泛、更快速的需求。所以這就是為什麼製造業是重點所在。

Okay, and just to follow-up, are you going to be able to fly the conforming aircraft in TIA testing as long as the means of compliance remains at 97% or does it not matter for proceeding with flight testing in that in that phase?

好的，我再跟進一下，只要符合性指標保持在 97%，您是否就可以讓符合標準的飛機參加 TIA 測試？或者說，在這個階段進行飛行測試，符合性指標是否無關緊要？

Yeah, thanks Austin. So just to be really clear here, we are so excited about the progress we're making on building these aircraft for TIA testing. This is the culmination of all the work that we've been doing over more than a decade, and it builds on an incredible foundation of work from both Joby and from the FAA. And as I spoke about, this is heavy lifting from FAADERs to ensure that as each of these aircraft is getting built, that they're getting built in a really meticulous way.

謝謝你，奧斯汀。所以，為了說清楚，我們對在建造這些用於TIA測試的飛機方面取得的進展感到非常興奮。這是我們十多年來所有工作的最終成果，它建立在 Joby 和 FAA 的出色工作基礎之上。正如我剛才所說，聯邦航空管理局的決策者肩負著重大的責任，確保每一架飛機在建造過程中都以非常細緻的方式建造。

So, this is a huge moment to be beginning the power on testing of this aircraft. I will also add that we are building a total of five aircraft for TIA testing, and all five of those are in the production process as we speak. So, the momentum we're seeing on manufacturing and scaling manufacturing is.

因此，現在是開始對這架飛機進行動力測試的重要時刻。我還要補充一點，我們正在為TIA測試建造總共五架飛機，而且這五架飛機目前都在生產過程中。所以，我們看到製造業和製造業規模化發展動能強勁。

It's really fantastic. The reason this is so important is these are the aircraft that FAA pilots will get in and fly for credit, and that is the Those are the final stages of our TC process. Like we're doing the heavy lifting. We're doing the work that's required to get us through TC and it's happening right now. So just can't tell you how proud I am. The manufacturing team, how proud I am of the certification team, how grateful I am to the FAA, and they lean in. They're working shoulder to shoulder with us.

真是太棒了。之所以如此重要，是因為這些是 FAA 飛行員將駕駛並獲得飛行學分的飛機，而這正是我們 TC 流程的最後階段。就像我們在做重體力活一樣。我們正在做應對疫情所需的各項工作，而且這項工作正在進行中。我真的無法用語言來表達我的自豪之情。製造團隊，我為認證團隊感到無比自豪，我感謝美國聯邦航空管理局，他們都全力以赴。他們和我們並肩工作。

They were here yesterday, giving us the airworthiness, moving through the airworthiness process on the hybrid aircraft. And they're not getting paid, right, so the commitment, the lean in, the passion from these aviation professionals is just really unprecedented, and we can't say how grateful we are to all of them.

他們昨天來過這裡，給我們提供了適航證明，推進混合動力飛機的適航流程。而且他們沒有得到報酬，對吧？所以這些航空專業人士的奉獻精神、積極投入和熱情是前所未有的，我們無法用言語表達我們對他們的感激之情。

Thank you, I'll pass it back there.

謝謝，我會把它轉交給那邊。

Thank you. As a reminder, that's one to be placed in the question queue. We ask you, please ask one question, one follow-up, then return to the queue.

謝謝。再次提醒，這個問題需要放入問題隊列。請您提出一個問題，一個後續問題，然後返回隊列。

Our next question is coming from [Andrea Shepherd from Kro]. Your line is now live.

我們的下一個問題來自[來自 Kro 的 Andrea Shepherd]您的線路已開通。

Hey everyone, good afternoon and congratulations on the quarter and thanks for taking our questions. Joe, I wanted to maybe go back to the first question just around commercialization. So it sounds like we're still targeting commercialization ahead of FAA certification in the Middle East.

大家好，下午好，恭喜各位本季順利完成，感謝你們回答我們的問題。喬，我想回到最初的問題，談談商業化的問題。聽起來我們仍然計劃在中東地區先商業化，然後再獲得美國聯邦航空管理局的認證。

Are we able to get more clarity on kind of how you see that unfolding or just in terms of timing or number of aircraft? I think in the past you had mentioned passenger flights potentially by the spring. So just wondering, is that is that timeline for next year? Is that still on track or do we perhaps see maybe it is shing into the right slightly.

我們能否更清楚地了解您對此事發展的看法，或者僅僅是關於時間安排或飛機數量方面？我記得你之前好像提到過，客運航班可能會在春天恢復。所以我想問一下，這是明年的時間安排嗎？這條路線目前還在照計畫進行嗎？還是我們可以看到它似乎略微向右偏移了？

Thank you.

謝謝。

Thank you, Andres. Great to catch up with you. So, the progress we're seeing and the momentum, as I mentioned in Dubai is really fantastic both with the GCA with the Dubai Civil Aviation Authority, with the RTA. We've got all the regulators leaned in.

謝謝你，安德烈斯。很高興能和你敘敘舊。所以，正如我在杜拜提到的，我們所看到的進展和勢頭真的非常棒，無論是杜拜民航局還是杜拜道路交通管理局都取得了顯著進展。我們已經讓所有監管機構都參與其中了。

Sky ports are doing a phenomenal job on. Moving forward with infrastructure, we have a team there and we're building out that team, staffing that team, doing the training and putting all the pieces in place, and I'm really excited and grateful for the progress that we're making day in and day out.

天空港口在這方面做得非常好。在基礎設施建設方面，我們已經組建了一支團隊，我們正在擴充這支團隊，配備人員，進行培訓，並落實所有必要的環節。我對我們每天的進展感到非常興奮和感激。

We, in terms of, we expect to be ramping that operation through the course of this next year. I think that the real critical bottleneck is going to be and the demand you asked about is very substantial there. The bottleneck is going to be how fast we can ramp manufacturing, as Paul was talking about, to meet that demand, and this is where I'm so proud of the team and the progress we're making on scaling production. And scaling it alongside Toyota, whether that's you know in Marina, whether that is the progress we're making in Dayton on blades, and I think this is the real central pillar of the work that we have in front of us is to scale manufacturing as aggressively as we can and we're making great progress.

就我們而言，我們預計將在未來一年內逐步擴大該項業務。我認為真正的瓶頸在於你提到的那個方面，而那裡的需求非常巨大。正如保羅所說，瓶頸在於我們能以多快的速度提高產量以滿足需求，而我為此感到非常自豪的是，我們的團隊在擴大生產規模方面取得了進展。與豐田一起擴大規模，無論是在馬裡納，還是在代頓的刀片生產方面取得的進展，我認為我們面前工作的真正核心支柱是盡可能積極地擴大生產規模，而我們正在取得巨大進展。

Got it. Okay, and I guess as a maybe a follow-up for Rodrigo, are you able to maybe help us, understand like how should we think about blades revenues for Q4 and for the, I guess throughout next year, I mean, it's $22 million in quarterly revenue and 55% gross margin, is that the norm or what's the best way to think about that for maybe next quarter and throughout next year?

知道了。好的，我想作為對 Rodrigo 的一個後續問題，您能否幫我們理解一下，我們應該如何看待第四季度以及明年全年的刀片業務收入？我的意思是，季度收入為 2200 萬美元，毛利率為 55%，這是正常水平嗎？或者說，對於下個季度以及明年全年，我們該如何看待這個問題？

Thank you.

謝謝。

Andrea, thanks for the question, Rodrigo here. Well, we are not providing any guidance specific for next quarter or next year. However, we would like to point you to what has been said publicly in Bladehead a number right before the position on August 29th. So essentially, we are not deviating from it. Number 2 let's just remind you that Q4 is when the low season starts. So Q4 is, one of the lowest orders there, and we are happy to have Rob here just to add a little more context here.

Andrea，謝謝你的提問，我是 Rodrigo。目前我們不提供任何針對下一季或明年的具體業績指引。不過，我們想提醒您注意 Bladehead 在 8 月 29 日發表聲明之前的一些公開言論。所以本質上，我們並沒有偏離這個目標。第二點，我們提醒您，第四季是淡季開始的時候。所以 Q4 是訂單量最低的訂單之一，我們很高興 Rob 能來這裡補充一些背景資訊。

Hi, Andrea, it's Rob Wiesenthal speaking. It's been performance has been, pretty good this summer as you you've probably been reading, but I think what's also important to announce is kind of the kind of expansion opportunities that we're taking advantage of. Shortly before this call, we announced a pilot program for our very first commuter route, to the public, serving New York suburbanites who live in Westchester, Bedford Rise, Scarsdale, Greenwich with flights that go between. Westchester Airport in Manhattan that turns a 1.5 hour drive during rush hour into a 12-minute flight.

你好，安德里亞，我是羅布·維森塔爾。正如你可能已經了解到的，今年夏天我們的表現相當不錯，但我認為同樣重要的是要宣布我們正在利用的各種擴張機會。就在這通電話之前不久，我們宣布了一項試點計劃，推出我們的第一條通勤航線，為居住在威徹斯特、貝德福德里塞、斯卡斯代爾和格林威治的紐約郊區居民提供服務，航班往返於這些地區之間。曼哈頓的威徹斯特機場可以將尖峰時段 1.5 小時的車程縮短為 12 分鐘的飛行時間。

You can fly with a commuter pass for as little as $125. It'll be a five day a week service. It's actually our very first public. A commuter route and that's important because you know the industry is very much focused on airport flights which is clearly an important use case we've been doing it for over six years, but it was really time for us to kind of expand our service offerings to include commuter routes.

你可以用通勤通行證搭乘飛機，價格低至 125 美元。服務時間為每週五天。這其實是我們第一次公開募股。通勤航線很重要，因為你知道，航空業非常注重機場航班，這顯然是一個重要的應用場景，我們已經做了六年多了，但現在確實是我們擴展服務範圍，將通勤航線納入其中的時候了。

And once the Joby aircraft is certified, we expect new landing zones to be approved and activated which will. For even more convenience to people work in big cities, and we're going to see more of this in the future. We already have pods of communities like in Deal, New Jersey on the Jersey Shore where people fly to work there and back every morning.

一旦 Joby 飛機獲得認證，我們預計新的著陸區將獲得批准並啟用。為了給在大城市工作的人們帶來更多便利，我們將來還會看到更多這樣的情況。我們已經有一些像新澤西州澤西海岸的迪爾這樣的社區聚集區，人們每天早上都會​​搭飛機往返那裡工作。

That's a 2-hour drive that comes a 15-minute flight. So, we're very excited about the prospects of expansion under Joy's ownership and things are off to a great start.

開車需要 2 小時，而飛行只需 15 分鐘。因此，我們對在 Joy 的領導下公司擴張的前景感到非常興奮，一切都開局良好。

Wonderful. That's helpful.

精彩的。那很有幫助。

Thank you so much.

太感謝了。

Thank you.

謝謝。

Next question today is coming from Savi Sith from Raymond James. Your line is now live.

今天的下一個問題來自 Raymond James 的 Savi Sith。您的線路已開通。

Hey, good morning. Oh, good afternoon. Sorry about that, long day. Just to follow-up on, one of Austin's questions earlier just around certification and and the shutdown as well, just the TIA, the flight that your aircraft that you're building and doing ground testing right now, is that the one that will be flying? Do the propellers kind of get added back, and then what exactly can you do with that aircraft and TIA testing while the government is shut down? It sounds like, as you pointed out, FA is coming in and doing certain things, but I was curious what you can and cannot achieve during this time.

嘿，早安。哦，下午好。抱歉，今天太累了。我再跟進一下奧斯汀之前提出的關於認證和停工的問題，TIA，也就是你們現在正在建造和進行地面測試的那架飛機，它就是最終會飛行的那架嗎？螺旋槳是不是可以重新裝回去？在政府停擺期間，你究竟可以用這架飛機和TIA測試做些什麼？正如你所指出的，FA 似乎正在介入並做一些事情，但我很好奇在此期間你能做到什麼，不能做到什麼。

Hi, Savi, this is Paul. So, thus far, we've got, gotten incredible lean-in from the FAA even during the shutdown. That included, as JV mentioned, I think in the prepared remarks, having their FAA airworthiness folks here on site to do the checkout for the hybrid version of the aircraft that's actually still ongoing today. And these are folks that are showing up without getting paid, so we're really obviously sort of grateful for their work on this in this sort of difficult period.

你好，薩維，我是保羅。所以，到目前為止，即使在政府停擺期間，我們也得到了美國聯邦航空管理局（FAA）的大力支持。正如 JV 在準備好的演講稿中所提到的那樣，其中包括讓他們的 FAA 適航人員到現場對混合動力飛機進行檢查，這項工作實際上至今仍在進行中。而這些人都是無償來的，所以我們當然非常感謝他們在這樣艱難的時期所做的工作。

When it comes to the progression of the TIA aircraft, look, we're going to be doing the power on checkout, progressing then to Joby piloted flights, and then moving from there to FAA piloted flight testing for credit on that vehicle. Right now, we don't necessarily anticipate that the FAA flight test pilot portion of that testing is going to be delayed by the shutdown, but this is obviously still a very much evolving process and we have been very pleased with the lien that we've gotten, but like if this shutdown persists longer and longer, there's certainly some uncertainty in how that's going to play out.

就 TIA 飛機的進展而言，我們將首先進行動力檢查，然後進行 Joby 駕駛的飛行，最後進行 FAA 駕駛的飛行測試，以獲得該飛機的學分。目前，我們並不認為美國聯邦航空管理局 (FAA) 的飛行測試飛行員部分的測試會因政府停擺而延誤，但這顯然仍是一個不斷變化的過程，我們對已獲得的留置權非常滿意，但如果政府停擺持續的時間越來越長，那麼最終結果如何肯定會存在一些不確定性。

But from the Jobi standpoint, we just want to make sure that we're ready with the right aircraft, ready with the training for those pilots, and then ready to begin the FAA flight testing just as soon as we can.

但從 Jobi 的角度來看，我們只想確保我們準備好合適的飛機，準備好飛行員的培訓，然後儘快開始 FAA 的飛行測試。

That's very helpful, Paula, and maybe if I can just follow-up on that then, I think the rule of thumb is, once you start TIA flight testing, it's about a year and a half from there to, full certification. Just how much of that happens with kind of the Joby pilots, which versus kind of when do the FAA pilots going to step in and do that part of the testing.

這很有幫助，Paula。如果我能再跟進一下，我認為經驗法則是，一旦你開始 TIA 飛行測試，從那到獲得完全認證大約需要一年半的時間。Joby 飛行員究竟能完成多少這樣的工作？ FAA 飛行員何時會介入並完成這部分測試？

So, this fall, I guess I'll pick that up. Look, the timing of the TIA flight test portion is sort of variable depending on the program, and we've obviously got a plan that we're sort of working with FAA that includes five different aircraft that are going to be flown in various levels of parallelization to TRY to speed that process up as quickly as we can.

所以，今年秋天，我想我會買那件東西。你看，TIA 飛行測試部分的具體時間安排會根據項目而有所不同，我們顯然有一個與 FAA 合作的計劃，其中包括五架不同的飛機，這些飛機將以不同程度的並行方式進行飛行測試，以盡可能快地加快這一進程。

As JV mentioned, all five of those aircraft are in some part of production at this moment, and obviously the first one of those is sort of in this power on stage as we get ready for its first flights. With respect to how much time is spent with the Joby pilots versus the FAA pilots.

正如 JV 所提到的，這五架飛機目前都在生產的不同階段，顯然第一架飛機已經處於動力測試階段，準備進行首次飛行。關於與 Joby 飛行員和 FAA 飛行員相處的時間長短。

As a general rule, we want to make sure that we are doing the things that we need to. To do for FAA for credit flight testing internally before we do them with FAA pilots in sea. Much of that work has already been done on other versions of these aircraft, so it's really about making sure that we have those TIA aircraft ready at the right time and in turn we line that up with the availability of the FAA flight testing pilots, and that's going to be the sort of synchronization that we have to manage starting basically now.

總的來說，我們希望確保自己做的是我們需要做的事情。在與美國聯邦航空管理局 (FAA) 飛行員進行海上飛行測試之前，我們需要先進行內部的 FAA 學分飛行測試。很多工作已經在其他版本的飛機上完成了，所以現在的重點是確保我們能在合適的時間準備好這些TIA飛機，並使其與FAA飛行測試飛行員的可用性相匹配，而這正是我們現在基本上需要管理的同步工作。

Helpful, thank you.

很有幫助，謝謝。

Thank you. Our next question today is coming from Bill Peterson from JPMorgan Chase and Company. Your line is now live.

謝謝。今天我們提出的下一個問題來自摩根大通的比爾彼得森。您的線路已開通。

Hi there, good afternoon. This is Mahima on for Bill.

您好，下午好。這裡是瑪希瑪替比爾發言。

I was curious, how should we think about the pace at which you'll move across the stage 5 certification progress bar once TIA testing starts, and should we really start to see that acceleration beginning next year as soon as you get the FAA pilots on board?

我很好奇，一旦TIA測試開始，我們該如何看待你們在第五階段認證進度條上的進展速度？一旦你們獲得FAA飛行員的認證，我們是否真的應該從明年開始看到這種加速發展？

Thanks. So, we're really excited to get into TIA as Paul talked about the other element and a key piece to be cognizant of is the way we built our reporting on stage five is that we will get points on the board when we submit those test results. So, there's a huge amount of work that's happening on the Joby side as we take the approved test plan, and we build the part that is going to get tested or the aircraft that is going to get tested and then we run the testing on it. And then we write the test report.

謝謝。所以，我們非常興奮地進入TIA階段，正如Paul所談到的另一個要素，需要注意的關鍵一點是，我們在第五階段建立報告的方式是，當我們提交這些測試結果時，我們將獲得積分。因此，Joby方面正在進行大量的工作，我們根據批准的測試計劃，製造要測試的零件或要測試的飛機，然後對其進行測試。然後我們撰寫測試報告。

We submit that and then we get credit on stage five. So it may be that a lot of the progress that happens on stage five is when we're very close to the finish line. I think the important thing is that In addition to making incredible progress on manufacturing of the five TIA aircraft, the team is also making incredible progress on the manufacturing of the test articles, and those test articles are very challenging from a manufacturing standpoint because each one of them is different from a from a production part, it has intentional changes that are, that we're putting into those parts that have been specified by the FAADERs.

我們提交之後，就能在第五階段獲得學分。所以，第五階段取得的許多進展可能都是在我們非常接近終點線的時候發生的。我認為重要的是，除了在五架TIA飛機的製造方面取得令人難以置信的進展外，該團隊在測試件的製造方面也取得了令人難以置信的進展，而這些測試件從製造的角度來看極具挑戰性，因為每個測試件都與生產零件不同，它有我們根據FAADER規定對這些零件進行的有意更改。

And so, this is really fantastic work by the manufacturing team and we're making incredible progress on it, which puts us in a great position both for the TIA flight test, but also in terms of Completing all of the component level testing required to complete Stage five.

因此，製造團隊的工作非常出色，我們在這方面取得了巨大的進步，這使我們在 TIA 飛行測試以及完成第五階段所需的所有組件級測試方面都處於非常有利的地位。

And that's really helpful context. Thank you for that.

這真是個很有幫助的背景資訊。謝謝。

Maybe as a follow-up, you started manufacturing propeller blades in Dayton, but are there any other conforming parts you expect to also transition to Dayton in the near term, and then how quickly could you ramp up that capacity you'll need to support certification efforts?

或許作為後續舉措，您已開始在代頓生產螺旋槳葉片，但您預計近期內是否還有其他配套零件也將轉移到代頓生產？如果是這樣，您又能以多快的速度提高產能，以支援認證工作？

Yeah, thank you. So really thrilled with the team in Dayton and the quality of the workforce that we've been able to build there and the speed at which we've been able to on board those folks and have them contributing in a huge way. We were also thrilled with the support that we've received from the state and local government in Dayton, and we see massive opportunities to continue to expand our footprint both in our existing facility and as we look forward in the Dayton region more generally.

是啊，謝謝。我對代頓的團隊以及我們在那裡建立的員工隊伍的品質感到非常滿意，也對我們能夠如此迅速地讓這些人加入團隊並做出巨大貢獻感到欣喜。我們也對代頓州政府和地方政府給予的支持感到非常興奮，我們看到了巨大的機會，可以繼續擴大我們在現有設施以及在代頓地區更廣泛的範圍內的業務規模。

In addition, and again following the model that I spoke about where we perfect the process here at our pilot facility in California and then we're able to scale it alongside our partnership with Toyota in our partnership with Toyota, I would love to just highlight how vitally important Toyota is and how A strong relationship that we have with Toyota right now. We have never been closer with Toyota. Toyota has never been more leaned in, and we think that they are an unparalleled partner for us as we look to take aviation to a scale that has never been seen before.

此外，再次遵循我剛才提到的模式，即我們在加州的試點工廠完善流程，然後透過與豐田的合作將其規模化。我想強調豐田的重要性，以及我們目前與豐田建立的牢固關係。我們與豐田的關係從未如此緊密。豐田從未像現在這樣全力投入，我們認為，在我們尋求將航空業推向前所未有的規模的過程中，他們是無與倫比的合作夥伴。

Great. Thank you so much for answering our questions.

偉大的。非常感謝您回答我們的問題。

Thank you, ladies and gentlemen, in the interest of time, the SAP limit further questions to one question only. Our next question is coming from Edison Yu from Deutsche Bank. Your line is now live.

各位女士、先生，謝謝。為了節省時間，SAP系統限制每位考生只能提出一個問題。下一個問題來自德意志銀行的餘生愛迪生。您的線路已開通。

Hey, good afternoon. Thanks for taking the question. I'll keep it at one. Want to ask about the hybrid for defence. How should we think about the design? Is that something you just kind of put an engine on the existing airframe? Do you need to redo the airframe? Is the supply chain going to get more complicated? Just how to think about the process and design for the hybrid. Thanks.

嘿，下午好。感謝您回答這個問題。我就把它設為1吧。想諮詢一下用於防禦的混合型武器。我們該如何考慮設計？是不是只要把引擎裝到現有的機身上就行了？需要重做機身嗎？供應鏈會變得更複雜嗎？如何思考混合動力車的製造流程與設計？謝謝。

Thanks. This is Paul.

謝謝。這是保羅。

So, look, our approach is really in line with the sort of principles of dual use. Where possible, we want to take full advantage of the proven airframe that we have developed and tested over the last five six years.

所以，你看，我們的做法其實是符合兩用原則的。在條件允許的情況下，我們希望充分利用我們在過去五、六年開發和測試的成熟機身。

And we also want to be able to take advantage of the manufacturing lines that we already have ready to produce those components down the line. So I think the right way to think about that aircraft is a sort of variant of the existing vehicle that is then in turn missionized for different customer use cases.

我們也希望能夠利用我們現有的生產線來生產這些零件。所以我認為，看待這架飛機的正確方式是將其視為現有飛行器的變體，然後根據不同的客戶使用場景進行任務客製化。

What I think is really exciting though is that we've been able to move from concept to soon sort of demonstration of that vehicle at a very rapid pace, basically sort of three months from when we announced the L3 partnership to the preparations for flight testing that are happening right now. In turn, we think we're going to be able to move from demonstration to flexible deployment with those customers very quickly because we've got a manufacturing line that we do not have to scale up or retool where most of the components are essentially the same manufacturing line that we're using for the broader sort of commercial vehicle.

不過，我認為真正令人興奮的是，我們已經能夠以非常快的速度從概念階段過渡到即將進行的飛行器演示階段，基本上從我們宣布與 L3 建立合作關係到目前正在進行的飛行測試準備工作，只用了大約三個月的時間。反過來，我們認為我們將能夠很快地從演示階段過渡到與這些客戶的靈活部署階段，因為我們有一條生產線，無需擴大規模或重新改造，其中大部分組件基本上與我們用於更廣泛的商用車的生產線相同。

And that speed is something that in our conversations today, the customers are really looking for. They are not so happy with the sort of traditional procurement process, long spec writing competitions, and then sort of moving to these sorts of restrictive contracts. They are instead looking for things to get new technology into the hands of war fighters far more quickly, and we think we've got an opportunity with this platform in conjunction with L3 to deliver exactly that.

而速度正是客戶在今天的對話中真正追求的。他們對傳統的採購流程、冗長的規範編寫競賽，以及最終轉向這種限制性合約的做法不太滿意。他們反而希望能夠更快地將新技術送到作戰人員手中，我們認為，透過這個平台與 L3 合作，我們有機會實現這一目標。

Thank you.

謝謝。

Next question is coming from [Chris Pearce from the Eman Company]. Your line is now live.

下一個問題來自[來自 Eman 公司的 Chris Pearce]您的線路已開通。

Hey, good afternoon. I was just curious, and if you fast forward a year from now, like what's the best possible outcome for the blade transaction? Is it just more passenger throughput in New York or what Rob talked about? Is it adding routes so you can see kind of customer demand to get people to consider air taxi at a higher rate? Like if you fast forward a year, what would you consider make a success out of this, to get people enthusiastic about air taxi and the business.

嘿，下午好。我只是好奇，如果快轉一年，刀片交易的最佳結果會是什麼？是紐約客運量增加，還是像羅布所說的？增加航線是為了了解客戶需求，從而促使人們以更高的價格考慮乘坐空中計程車嗎？如果快轉一年，你認為怎麼能讓這項業務成功，讓人們對空中計程車和這項業務充滿熱情？

Hey, it's Rob Wiesenthal. I think if you step back and you look at the thesis of the acquisition; it was to de-risk and accelerate the deployment of the Joby aircraft into commercial service. So, we're going to continue working on projects where we can achieve profitable growth.

嘿，我是羅伯‧維森塔爾。我認為，如果你退後一步，看看這次收購的初衷；那就是降低風險，加快 Joby 飛機投入商業營運。因此，我們將繼續致力於能夠實現獲利成長的項目。

New routes, expansion of existing schedules. We recently expanded our JFK schedule to include another node on the east side and also deepened our Newark efforts and in Europe, we have been focusing there as well on opportunities. So I think the focus on profit growth and continue getting more. Acquiring more customers, getting more infrastructure access, and I think that's, going to be terrific.

新增航線，擴大現有班次。我們最近擴大了甘迺迪機場的航班時刻表，在東側增加了一個節點，同時加深了紐瓦克機場的佈局，在歐洲，我們也一直在關注那裡的機會。所以我認為應該專注於利潤成長，並繼續獲得更多利潤。獲取更多客戶，獲得更多基礎設施訪問權限，我認為這將非常棒。

That's really going to educate us and help us deploy these aircraft once they're certified and to do it in a way and at a speed that I don't think the competition can match. It's a real head start versus the competition in every market Joby wants to enter.

這將真正幫助我們了解情況，並幫助我們在這些飛機獲得認證後部署它們，而且部署方式和速度是我認為競爭對手無法匹敵的。對於Joby想要進入的每個市場，這都讓他比競爭對手擁有真正的先發優勢。

Thank the next question is coming from Amit Dayal from HC Wainwright, your line is now live.

感謝提問，下一個問題來自 HC Wainwright 的 Amit Dayal，您的線路已接通。

Thank you, good afternoon, everyone. Just, with respect to all the comments on the call, today, keeping in mind where we are with manufacturing readiness, and all of the testing going on, what is the earliest we can take advantage of, the CIPP, initiative?

謝謝大家，下午好。針對今天電話會議上大家提出的所有意見，考慮到我們目前的生產準備情況以及正在進行的所有測試，我們最早可以何時利用 CIPP 計劃？

Is 2027 a reasonable time frame, or could it be potentially earlier than that where some of these, aircrafts get into operation?

2027 年是合理的時間範圍嗎？或者說，其中一些飛機有可能更早投入營運？

Hi, Amit. This is Paul. I'll try to pick that up. I'm not sure I totally heard it, so I'm going to sort of repeat what I understood the question to be. So, your question was, when do we think we can start first operations under EIPP?

你好，阿米特。這是保羅。我會盡量去拿。我不太確定我是否完全聽清楚了，所以我打算複述我理解的問題。所以你的問題是，我們認為什麼時候可以開始在EIPP框架下進行首次營運？

And the answer to that is that we now have with the IPP program, once the down select happens early next year, we've got a date certain for the start of those operations, and that's essentially mid next year. That is a really exciting opportunity and one that I think Joby is sort of uniquely positioned to take advantage of.

對此的答案是，我們現在有了IPP計劃，一旦明年年初完成篩選，我們就能確定這些業務的開始日期，基本上就是明年年中。那真是一個令人興奮的機會，我認為喬比擁有得天獨厚的優勢來把握這個機會。

Our understanding under IPP is that it's going to require aircraft to be at a high level of maturity. Our understanding is that means it has to be in the TIA process. It's also going to require the operational know-how to put those aircraft into service in the real world. We already have a lot of that from the demo flights that we've done, and we get to really supercharge that with Rob's team of blade that obviously knows a lot about high tempo vertical take-off and landing operations already.

我們對IPP的理解是，它將要求飛機達到較高的成熟度。我們的理解是，這意味著它必須處於 TIA 流程中。此外，還需要具備將這些飛機投入實際使用的操作知識。我們已經從之前的演示飛行中獲得了很多經驗，而且有了羅布的團隊的加入，我們就能真正增強這種經驗，他們顯然對高節奏的垂直起降操作非常了解。

But finally, you also need to make sure that we have the aircraft. So, part of the focus now around scaling production is to meet this demand that is now higher next year that I think we were initially anticipating. So, our focus with both the expansion of the marina facility, the continued rollout into Dayton, and obviously doing both of those things in close conjunction with Toyota is to make sure that we really ramp production to meet this opportunity.

但最後，你還需要確保我們有飛機。因此，目前擴大生產規模的部分重點是為了滿足明年比我們最初預期更高的需求。因此，我們擴建碼頭設施、繼續向代頓地區推廣，以及顯然與豐田密切合作開展這兩項工作，都是為了確保我們真正提高產量，抓住這個機會。

Because from our perspective, an opportunity to get these aircraft operating in the US as quickly as possible benefits Joby and it certainly benefits the broader industry, and we think we're in pole position to kind of make that happen.

從我們的角度來看，讓這些飛機盡快在美國投入運營，對Joby公司有利，對整個行業也肯定有利，我們認為我們處於有利地位，能夠促成此事。

Terrific. This is Teresa again.

了不起。我是特蕾莎。

Thank you, Amit and Kevin, and thanks to all the analysts for your questions today. This quarter we're doing something a little different. We also invited our broader community to submit questions on X and Reddit. We were thrilled with the volume and the thoughtfulness of the engagement. We've selected a few representative questions to ask and answer now.

謝謝Amit和Kevin，也謝謝今天所有分析師提出的問題。本季我們打算做一些不同的事情。我們也邀請了更廣泛的社群成員在 X 和 Reddit 上提交問題。我們對參與的規模和周到程度感到非常滿意。我們挑選了一些代表性的問題，現在來提出並回答。

The first one actually is coming right back to you, Paul. It says, when do you expect to start the integration of autonomous capabilities into S4?

第一個問題其實馬上就要回到你身上了，保羅。它問道，你們預計何時開始將自主功能整合到 S4 中？

Thanks, Theresa. So, as JV mentioned in the prepared remarks, the first instantiation on a Joby developed aircraft of autonomy is very likely to be the hybrid aircraft that I mentioned earlier on in the call. This is one that's obviously focused on defence applications.

謝謝你，特蕾莎。因此，正如 JV 在準備好的演講稿中提到的那樣，Joby 開發的自主飛機的第一個實例很可能就是我之前在電話會議中提到的混合動力飛機。顯然，這款產品主要面向國防應用。

We think that's a perfect test bed for the stack, one, because it's already been well tested its customer on conventional aircraft, and two, because there's not the same sort of regulatory rigor around certification for these sorts of platforms.

我們認為這是一個完美的測試平台，原因有二：一是該堆疊已經在傳統飛機上經過了客戶的充分測試；二是這類平台的認證沒有同樣的監管嚴格性。

So, it's the right place to Begin to extend the existing super pilot capabilities to low altitude, be capable to prove that out as soon as we can and in a wide range of mission sets so that we're ready if and when there is an opportunity to translate that to the commercial side of things to move very quickly.

因此，這裡是開始將現有的超級飛行員能力擴展到低空飛行的合適地點，我們將盡快在各種任務中驗證這一點，以便在有機會將其轉化為商業用途時，我們能夠迅速行動。

So long and short, that's going to be, I think, the first example of how we begin to roll this out on adobe developed aircraft.

總而言之，我認為這將是我們在 Adob​​e 開發的飛機上開始推廣這項技術的第一個例子。

Terrific. Thank you.

了不起。謝謝。

Another question also coming in from X. How do you see the future product offerings as both Joe and Blade actively scale operations, particularly in Dubai?

X 也提出了另一個問題。隨著 Joe 和 Blade 積極擴大業務規模，尤其是在杜拜，您如何看待未來的產品供應？

Rob, would you like to start on that one?

羅布，你想先開始做那件事嗎？

Sure, let me take that. Just as we mentioned before, Blade helps to de-risk and accelerate the deployment of Joby aircraft into commercial service, and that includes Dubai. So, the knowledge we have on our routes on infrastructure, the flyer base, we are not starting cold. We're not starting from scratch. Anybody else tries to do this.

好的，我來拿。正如我們之前提到的，Blade 有助於降低風險並加快 Joby 飛機投入商業服務的部署，這也包括杜拜。所以，我們對航線、基礎建設、乘客基礎等方面的知識，並非從零開始。我們並非從零開始。其他人如果嘗試這樣做。

They are starting with zero knowledge. We have flown hundreds of thousands of people over the past decade. And then if you take a look at our European operations, one-third of our European flyers are from the Middle East. So, it's a brand that is well known there, the Middle East. Consumer consistently embrace premium brands from the west that provide exceptional experiences that I trust. So, I think we are in a terrific shape to help get that launch out in front of the public and have something that people really enjoy and find it extremely reliable.

他們從零開始。過去十年間，我們已經運送了數十萬名乘客。如果你看看我們在歐洲的業務，你會發現我們歐洲乘客中有三分之一來自中東。所以，這是一個在中東地區廣為人知的品牌。消費者一直以來都青睞來自西方的優質品牌，這些品牌能夠提供卓越的體驗，我對此深信不疑。所以，我認為我們處於非常有利的位置，可以幫助將這款產品推向市場，讓大眾真正喜歡它，並發現它非常可靠。

Terrific. Thank you.

了不起。謝謝。

Okay, I think we could maybe get one more in, and there's this one's a fun one. In fact, it asks, but how about something fun? Five years into passenger flight, what kind of crazy things can you see JoeBen involved in that will blow our minds now?

好的，我想我們或許可以再加一個，而且這個很有趣。事實上，它問道：來點有趣的事怎麼樣？載人飛行五年後，你覺得喬·本會參與哪些瘋狂的事情，才會讓我們大吃一驚？

Thanks Teresa. So, I think the key thing to focus on is that vertical integration is Joby's superpower. This is something that we have invested in heavily for many years, and it puts us in an incredible position to be able to develop. Just, game-changing aircraft all built on the foundation, the incredible technology foundation stack that we've built.

謝謝你，特蕾莎。所以，我認為需要關注的關鍵是，垂直整合是 Joby 的超能力。這是我們多年來投入大量資金的領域，這使我們處於非常有利的發展地位。這些顛覆性的飛機都是建立在我們所建構的強大技術基礎之上的。

I'll add two other dimensions. One we've talked about, which is Autonomy is going to unleash many new and exciting applications for aviation and by leading the world in aviation autonomy, we think we're in a really strong position. The final dimension is hydrogen.

我再補充兩個維度。我們之前討論過，自主技術將為航空業帶來許多令人興奮的新應用，而透過引領世界航空自主技術的發展，我們認為我們處於非常有利的地位。最後一個維度是氫。

Hydrogen As I think many of you have heard me speak about, it has three times the specific energy of jet fuel. With fuel cells, we're able to convert the chemical energy and hydrogen into propulsion twice as efficiently as a small turbine can convert jet fuel into propulsion. And what that means is that you can build aircraft with game changing new capabilities. And so, as we look to the five-year horizon, we think the future for Joy and the future for the technology stack that we're building has never been more promising, and I'm so excited to bring these transformations to the world.

氫氣，我想你們很多人都聽我說過，它的比能量是噴射燃料的三倍。利用燃料電池，我們能夠將化學能和氫氣轉化為推進力，其效率是小型渦輪機將噴射燃料轉化為推進力的兩倍。這意味著你可以製造出具有顛覆性全新功能的飛機。因此，展望未來五年，我們認為 Joy 的未來以及我們正在建立的技術堆疊的未來從未如此充滿希望，我非常興奮能將這些變革帶給全世界。

Awesome. Thank you everyone for joining us today. We greatly appreciate your support.

驚人的。感謝各位今天蒞臨。我們非常感謝您的支持。

Thank you. That does conclude today's teleconference and webcast. You may just connect your line at this time and have a wonderful day. We thank you for your participation.

謝謝。今天的電話會議和網路直播到此結束。現在您可以接通電話線，祝您有美好的一天。感謝您的參與。