Joby Aviation, Inc. (JOBY) 2026 Q1 法說會逐字稿

Greetings, and welcome to Joby Aviation's First Quarter 2026 Financial Results Conference Call and Webcast. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Teresa Thuruthiyil. Please go ahead.

各位好，歡迎參加 Joby Aviation 2026 年第一季財務業績電話會議與網路直播。(接線員指示) 提醒各位，本次會議將被錄音。現在我想把會議交給主持人 Teresa Thuruthiyil。請開始。

Thank you. Good afternoon and evening, everyone. Thank you for joining us for Joby Aviation's first quarter 2026 financial results conference call. I'm Teresa Thuruthiyil, Joby's Head of Investor Relations. We will begin today with prepared 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。感謝各位參加 Joby Aviation 2026 年第一季財務業績電話會議。我是 Teresa Thuruthiyil，Joby 投資人關係主管。今天我們將先由創辦人兼執行長 JoeBen Bevirt，以及財務長 Rodrigo Brumana 發表準備好的談話。

For the Q&A portion of today's call, we will also be joined by our Executive Chairman, Paul Sciarra. Please note that our discussion today will include statements regarding future events and financial performance as well as statements of belief, expectation and intent. These forward-looking statements are based on management's current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied. For a more detailed discussion of these risks and uncertainties, please refer to our filings with the SEC and the safe harbor disclaimer contained in today's shareholder letter. The forward-looking statements included in this call are made only as of the date of this call.

在今天電話會議的問答環節，我們也將邀請執行董事長 Paul Sciarra 一同參與。請注意，我們今天的討論將包含關於未來事件與財務表現的陳述，以及信念、預期與意圖的陳述。這些前瞻性陳述係基於管理層目前的預期，並涉及可能導致實際結果與所表達或暗示內容存在重大差異的風險與不確定性。如需更詳細的風險與不確定性討論，請參閱我們向 SEC 提交的文件，以及今日股東信中的安全港聲明。本次電話會議所包含的前瞻性陳述僅截至本次電話會議當日。

And the company does not assume any obligation to update or revise them. Also during the call, we will refer both to GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in our Q1 2026 shareholder letter, which you can find on our Investor Relations website, along with a replay of this call. With all of that said, it's my pleasure to turn the call over to JoeBen.

公司不承擔更新或修訂上述陳述的任何義務。此外，在本次電話會議中，我們將同時提及 GAAP 與非 GAAP 財務衡量指標。非 GAAP 與 GAAP 指標之調節表已收錄於我們 2026 年第一季股東信中；您可在我們的投資人關係網站上找到該股東信以及本次電話會議的重播。在此說明完畢後，我很高興把電話會議交給 JoeBen。

Thank you, Teresa, and thank you, everyone, for joining us today. It's been less than 10 weeks since we last spoke. But despite the short window, I'm pleased to report that it's been another exceptional quarter of progress across all core areas of Joby's business. Perhaps the biggest news of the quarter was the selection of states that will participate in the White House-backed eIPP program. This program paves the way for us to bring our aircraft and service directly to US communities this year ahead of FAA type certification.

謝謝你，Teresa，也謝謝各位今天加入我們。距離我們上次通話還不到 10 週。但儘管時間很短，我很高興向各位報告，Joby 業務所有核心領域在本季再次取得卓越進展。本季或許最大的消息，是白宮支持的 eIPP 計畫所選定的參與州。該計畫為我們在 FAA 型式認證之前，於今年把我們的飛機與服務直接帶到美國各地社區鋪平道路。

And to speak frankly, we were awarded this dream slate of opportunities. We were selected as part of five applications covering 11 states, including Texas, New York and Florida. Each of the selected programs is now in the process of finalizing an OTA agreement with the FAA and the Department of Transportation. These agreements are flexible R&D contracting mechanisms that enable faster and less restrictive collaboration than traditional federal contracts.

坦白說，我們獲得了一組夢幻般的機會組合。我們在涵蓋 11 個州的 5 份申請中獲選，其中包括德州、紐約州與佛羅里達州。各個入選計畫目前正與 FAA 及交通部敲定 OTA 協議。這些協議屬於彈性的研發（R&D）合約機制，相較於傳統聯邦合約，能以更快速度、較少限制的方式進行合作。

They will define the scope, roles and time lines for what happens next, but our work has already begun. In New York, we're progressing with the installation of Joby charging infrastructure at both Eastside heliports. And the Port Authority of New York and New Jersey recently released a solicitation for a vertiport on the LaGuardia Airport Terminal C parking garage roof.

這些協議將界定後續工作的範圍、角色與時程，但我們的工作已經開始。在紐約，我們正推進於兩座 Eastside 直升機場安裝 Joby 充電基礎設施。而紐約與新澤西港務局近期也發布徵求案，計畫在拉瓜地亞機場 C 航廈停車場屋頂建置一座垂直起降機場（vertiport）。

In Texas, we've secured our MRO facility to support operations in the region. And in Florida, we've been working with Orlando International Airport on the development of a dedicated vertiport for air taxis.

在德州，我們已確保用於支援該地區營運的 MRO 維修保養設施。在佛羅里達州，我們一直與奧蘭多國際機場合作，開發專用於空中計程車的垂直起降機場。

In other states like North Carolina, Utah, we're planning how to begin autonomous cargo flights using our Superpilot technology. Importantly, we're also already showing that we have the technical and operational maturity required to participate in the program.

在北卡羅來納州、猶他州等其他州，我們正在規劃如何運用我們的 Superpilot 技術開始自主貨運飛行。重要的是，我們也已經在展現參與該計畫所需的技術與營運成熟度。

Alongside flying our first FAA conforming aircraft for TIA this quarter, we conducted a series of demonstration flights in the Bay Area and New York. During those flights, we landed at two major international airports, Oakland and JFK. We flew to three Manhattan heliports.

本季除首度飛行用於 TIA 的首架符合 FAA 規範（conforming）的飛機外，我們也在灣區與紐約進行了一系列示範飛行。在這些飛行中，我們降落於兩座主要國際機場：奧克蘭（Oakland）與甘迺迪（JFK）。我們也飛抵曼哈頓的三座直升機場。

We operated within Class B airspace, which surrounds our nation's busiest airports. And we demonstrated our ability to charge in a range of different environments. The New York flights, in particular, took our demonstrations to the next level by connecting JFK with the Wall Street Heliport, the West 30th Street Heliport and the East 34th Street Heliport. We not only demonstrated real-life use cases flown by our Blade customers today. We also completed the first ever flight of an eVTOL aircraft between an international airport and a downtown Heliport.

我們在 B 級空域內運行，該空域環繞著全美最繁忙的機場。我們也展示了在多種不同環境下進行充電的能力。尤其是紐約的飛行，將我們的示範提升到新的層次，連結了 JFK 與華爾街直升機場、西 30 街直升機場以及東 34 街直升機場。我們不僅展示了 Blade 客戶目前實際使用的真實情境。我們也完成了史上首次 eVTOL 飛機在國際機場與市中心直升機場之間的飛行。

And as they say, if you can make it in New York, you can make it anywhere. Whether it's flying past the Statute of Liberty or the Golden Gate Bridge, these flights demonstrated without question that we have the aircraft, the team, the tools and the experience required to make the most of the eIPP program.

正如人們所說：如果你能在紐約成功，你就能在任何地方成功。無論是飛越自由女神像，或是金門大橋，這些飛行毫無疑問地證明，我們具備充分運用 eIPP 計畫所需的飛機、團隊、工具與經驗。

But that maturity hasn't come overnight. Our first transition flight with this design was way back in 2017. The success you are seeing today is the culmination of years of careful work in developing, testing and producing mature VTOL-capable aircraft.

但這樣的成熟度並非一蹴可幾。我們採用此設計的首次轉換飛行早在 2017 年就已完成。各位今天所看到的成功，是多年來在開發、測試與生產成熟的 VTOL 能力飛機上審慎投入工作的成果累積。

And that maturity will be key to delivering real VTOL passenger operations as part of the eIPP program. But to do that, you also need infrastructure. And I'm pleased to report we're making excellent progress on that front, too. Our New York demos highlighted the incredible value of the landing sites and lounges we gained access to as part of our Blade acquisition, which includes America's three busiest heliports. In L.A., we announced a partnership with the Ruben Brothers to bring a vertiport to the iconic towers at Century Plaza.

而這樣的成熟度，將是我們在 eIPP 計畫中交付真正 VTOL 載客營運的關鍵。但要做到這一點，也需要基礎設施。我很高興向各位報告，我們在這方面也取得了極佳進展。我們在紐約的示範凸顯了我們透過收購 Blade 所取得的起降點與貴賓休息室的巨大價值，其中包括美國最繁忙的三座直升機場。在洛杉磯，我們宣布與 Ruben Brothers 合作，將在 Century Plaza 的地標性雙塔引入一座垂直起降機場。

In the Bay Area, we announced a partnership with the SAP Center to develop a vertiport in a key San Jose location. And in Dubai, we celebrated the completion of the first ever purpose-built commercial vertiport located right next to Dubai International Airport. It will serve as the operational hub for our services in the region.

在灣區，我們宣布與 SAP Center 合作，在聖荷西的一個關鍵地點開發垂直起降機場。在杜拜，我們慶祝史上首座專為商業用途打造、且緊鄰杜拜國際機場的垂直起降機場完工。它將作為我們在該地區服務的營運樞紐。

These are the first of multiple infrastructure developments and partnerships you'll be hearing about as our recent demonstration flights and eIPP opportunities accelerate conversations with partners around the world. Over the last few years, we have set ourselves apart.

隨著我們近期的示範飛行與 eIPP 機會加速與全球合作夥伴的對話，這些只是多項基礎設施開發與合作關係中的第一批，未來各位還會聽到更多消息。在過去幾年裡，我們已讓自己脫穎而出。

Thanks to the maturity of our aircraft design and our progress through certification. But as we scale production to meet the demands of our early markets and the eIPP program, it's clear that our head start on manufacturing will be equally important.

這得益於我們飛機設計的成熟度，以及我們在認證流程上的進展。但隨著我們擴大產量以滿足早期市場與 eIPP 計畫的需求，很明顯，我們在製造方面的領先優勢同樣至關重要。

The experience we are already building in certifiable production processes, production efficiency, supply chain optimization and inventory management are all going to be just as important as the technical and certification lead we've built over the last few years.

我們目前在可認證的生產流程、生產效率、供應鏈最佳化與庫存管理方面所累積的經驗，將與我們過去幾年建立的技術與認證領先優勢同等重要。

By producing more aircraft, we'll be able to serve more markets and more customers, enabling us to access progressively lower unit costs ahead of our peers. To put our ramp into context, we are adding a third shift to our composites layup team and our automated fiber placement team.

透過生產更多飛機，我們將能服務更多市場與更多客戶，使我們得以在同業之前逐步達到更低的單位成本。為了讓大家理解我們的產能爬坡規模，我們正在為複合材料鋪層團隊與自動化纖維鋪放（AFP）團隊新增第三班次。

We're training batches of new technicians each month. And our composites team is already producing 2.5x the volume of parts it was producing this time last year. But it's not just about volume. It's also about quality and to some extent, speed. We aren't building prototype parts anymore.

我們每個月都在培訓一批批新技術人員。而我們的複合材料團隊目前的零件產量，已是去年同期的 2.5 倍。但這不只是關於產量。也關乎品質，以及在某種程度上，速度。我們不再製造原型零件了。

We're building conforming parts for a conforming aircraft. And we're seeing incredible results as we ramp production. As we move from producing composite parts for our first conforming aircraft to our fifth conforming aircraft, we have the time required to produce parts while simultaneously improving quality. Today, we're producing parts for our ninth conforming aircraft. And we continue to do all of this with Toyota at our side.

我們正在為一架符合規範的飛機製造符合規範的零件。而在我們提升產能的過程中，我們看到了令人驚豔的成果。當我們從為第一架符合規範的飛機生產複合材料零件，推進到為第五架符合規範的飛機生產時，我們在縮短零件製造所需時間的同時，也在提升品質。今天，我們正在為第九架符合規範的飛機生產零件。而我們持續在豐田的陪伴與支持下完成這一切。

We're embedding the knowledge and experience of the Toyota production system as we go, including practices such as Gemba Walks, where you observe work directly on the factory floor and Obeya rooms that centralize project information to accelerate decision-making and foster collaboration. This kind of day-to-day collaboration and knowledge sharing is invaluable as we ramp production. And we're incredibly fortunate to be learning directly from such an experienced automaker.

我們在推進過程中持續導入豐田生產系統的知識與經驗，包括像是現地走訪（Gemba Walks）等做法——也就是在工廠現場直接觀察作業——以及將專案資訊集中以加速決策並促進協作的 Obeya 戰情室。在我們提升產能之際，這種日常的協作與知識分享極其寶貴。而我們也非常幸運，能直接向如此經驗豐富的汽車製造商學習。

On certification, we remain focused on the fifth and final stage of the type certification process and are making strong progress. During the quarter, we successfully completed our SR3 audit with the FAA, a milestone years in the making.

在認證方面，我們仍專注於型式認證流程的第五個也是最後一個階段，並取得了強勁進展。本季度，我們成功完成了與 FAA 的 SR3 稽核，這是一個歷經多年努力才達成的里程碑。

The audit reviewed our aircraft design and safety requirements, test results and development standards and confirmed that the test results we are producing meet the FAA's expectations for the final phase of certification. This achievement, along with so much of what we've discussed today, is testament to the incredible work our teams have done over the last five years.

該稽核審查了我們的飛機設計與安全要求、測試結果與研發標準，並確認我們所產出的測試結果符合 FAA 對認證最後階段的期望。這項成就，以及我們今天討論的許多內容，都證明了我們團隊在過去五年所完成的卓越工作。

And I'd like to take this opportunity to thank Didier for his remarkable contributions. He will be with us through early July and will continue to support us as an adviser after that. As we look ahead, we are promoting a number of our leaders to optimize our organizational efficiency and velocity.

我也想藉此機會感謝 Didier 的傑出貢獻。他將與我們共事至 7 月初，之後也會以顧問身分持續支持我們。展望未來，我們正在晉升多位領導者，以最佳化組織效率與推進速度。

Looking more broadly across our product platform. We also completed full transition flights with our turbine electric VTOL aircraft during the quarter, including a 148-mile flight at our max takeoff weight of 2,400 kilograms.

更廣泛地看我們的產品平台。本季度，我們也完成了渦輪電動 VTOL 飛機的完整過渡飛行（transition flights），其中包括在最大起飛重量 2,400 公斤下完成的一次 148 英里飛行。

As a reminder, this aircraft is built on our standard electric S4 platform and introduces a gas turbine for increased range and payload. Achieving transition is one of the hardest technical challenge faced in the development of this technology. But by using our existing platform, our own core technologies and our experienced team, we've been able to deliver it in record time.

提醒一下，這架飛機是以我們標準的電動 S4 平台為基礎打造，並加入燃氣渦輪以提升航程與載重能力。達成過渡飛行是這項技術研發中最艱鉅的技術挑戰之一。但透過使用我們既有的平台、我們自有的核心技術以及經驗豐富的團隊，我們得以在創紀錄的時間內完成交付。

That allowed us to demonstrate its maneuverability and endurance to the US Army last month alongside our partner, L3Harris. There are live contract opportunities in this space today with clear capability gaps and strong demand for this type of system.

這也讓我們得以在上個月與合作夥伴 L3Harris 一同向美國陸軍展示其機動性與續航能力。目前在這個領域已有正在進行的合約機會，存在明確的能力缺口，且對此類系統的需求強勁。

That same operational experience and aircraft maturity is key to the partnership we announced with ASI or Air Space Intelligence last month. ASI has quietly built a reputation as a true leader in airspace modernization with their high fidelity 4D modeling and AI tools.

同樣的營運經驗與飛機成熟度，也是我們上個月宣布與 ASI（Air Space Intelligence）合作的關鍵。ASI 以其高擬真 4D 建模與 AI 工具，低調地建立了作為空域現代化真正領導者的聲譽。

And they are one of three companies currently competing to provide the software foundation for the FAA's brand-new air traffic control system. While our aircraft was designed to operate comfortably within the current system, we have always believed there are better ways to deliver higher volume eVTOL operations. And we are very excited about the ongoing work to modernize air traffic control led by Secretary Duffy.

而他們是目前三家競逐為 FAA 全新空中交通管制系統提供軟體基礎的公司之一。雖然我們的飛機設計可在現行系統中順暢運行，但我們一直相信，有更好的方式能支援更高量的 eVTOL 營運。我們也對由 Duffy 部長主導的空中交通管制現代化工作進展感到非常振奮。

Alongside ASI, we plan to run real-life demonstrations of how scaled operations can be safely integrated into complex and high-traffic airspace later this year. This work is also an important step towards fully autonomous eVTOL operations.

我們計畫與 ASI 一同在今年稍晚進行實地示範，展示如何將規模化營運安全地整合進複雜且高流量的空域。這項工作也是邁向完全自主 eVTOL 營運的重要一步。

With our Superpilot stack, we already have the technology to do this. What's been missing is an airspace management system that allows for fully digital deconfliction of the airspace. Our work with ASI should help pave the way for this important next step.

透過我們的 Superpilot 技術堆疊（stack），我們已具備實現這一點的技術。目前欠缺的是一套空域管理系統，能夠實現空域的全數位化解衝突（deconfliction）。我們與 ASI 的合作應能協助為這個重要的下一步鋪路。

And if it's successful, it should mean safer, lower-cost aerial transportation for eVTOL and every other aircraft that uses US airspace. We closed out the first quarter with a very strong balance sheet, incredible progress across all areas of our business and the clearest path we've ever had to beginning passenger operations.

若能成功，這將意味著對 eVTOL 以及所有使用美國空域的其他飛機而言，更安全、成本更低的空中運輸。我們以非常強勁的資產負債表結束第一季，在業務各方面都取得了驚人的進展，並擁有迄今最清晰的路徑來啟動載客營運。

With our recent New York and San Francisco demos behind us and the eIPP program ahead of us, communities across America aren't just reading about the future of flight or hearing about it on calls like these anymore. They're seeing it in the skies above their own cities.

隨著我們近期在紐約與舊金山的示範已告一段落，且 eIPP 計畫即將展開，美國各地社區不再只是讀到或在像這樣的電話會議中聽到飛行的未來。他們正在自己城市上空的天空中親眼看見它。

And as I said to our team, when we rang the opening bell at the New York Stock Exchange last week, just half a mile from where our aircraft landed an hour later. We are quite literally ringing in the next golden age of flight. Rodrigo, over to you.

正如我對團隊所說的，上週我們在紐約證券交易所敲響開市鐘——距離我們的飛機在一小時後降落的地點僅半英里。我們確實是在以最字面意義迎來下一個飛行黃金時代。Rodrigo，交給你。

Thank you, JoeBen, and good evening, everyone. As JoeBen just described, Q1 was a quarter of steady progress. Last week in New York, I had the privilege of meeting many of you in person, including investors and analysts joining this call today. Together, we witnessed something remarkable. Successful flight demonstrations connecting Wall Street in Midtown to JFK in minutes, real aircraft flying real routes, all made possible through our Blade infrastructure in partnership with the FAA, local government and key infrastructure partners.

謝謝你，JoeBen，大家晚安。如 JoeBen 剛才所描述，第一季是一個穩健推進的季度。上週在紐約，我有幸與許多各位當面交流，包括今天參與本次電話會議的投資人與分析師。我們一起見證了一件非凡的事。成功的飛行示範在數分鐘內連結曼哈頓中城的華爾街與甘迺迪機場（JFK），真實的飛機飛行真實的航線；這一切都透過我們與 FAA、地方政府及關鍵基礎設施夥伴合作的 Blade 基礎設施得以實現。

It was a glimpse of the future. And I could not be more excited to be a part of this team. The moments like that don't happen by accident. They are the result of years of deliberate investment and disciplined execution. And from a finance perspective, my job is to ensure that continues by funding certification, scaling manufacturing and supporting commercial launch, while preserving the financial flexibility to execute.

那是對未來的一瞥。而我對能成為這個團隊的一員感到無比興奮。那樣的時刻並非偶然發生。它們是多年有意識的投資與嚴謹執行的成果。從財務角度而言，我的工作是確保這一切能持續下去：為認證提供資金、擴大製造規模並支援商業化上市，同時維持執行所需的財務彈性。

What you saw in New York last week and in the Bay Area the month before is the combination of deliberate investment and disciplined execution, producing tangible progress in the market.

各位上週在紐約以及前一個月在灣區所看到的，是有意識的投資與嚴謹執行的結合，並在市場上產生了具體進展。

Now let me walk you through our first quarter financial results in more detail. We entered 2026 with a strong momentum on the balance sheet. We ended the first quarter with approximately $2.5 billion in cash, cash equivalents and short-term investments, including $1.3 billion in net proceeds raised during the quarter from our equity and convertible offerings and warrants exercised by Delta Airlines. Our Q1 use of cash, cash equivalents and short-term investments, excluding net proceeds from Q1 capital raises, totaled approximately $195 million.

現在我將更詳細地帶各位了解我們第一季的財務結果。我們以強勁的資產負債表動能進入 2026 年。第一季結束時，我們持有約 25 億美元的現金、約當現金與短期投資，其中包括本季度透過股票與可轉換證券發行，以及達美航空行使認股權證所募集的 13 億美元淨收益。我們第一季對現金、約當現金與短期投資的使用（不含第一季籌資的淨收益）合計約為 1.95 億美元。

This includes $32 million of net purchase cost for our new Ohio manufacturing facility after financing. The gross purchase price was $62 million. And we financed roughly half of that at attractive terms, bringing the net cash impact for the quarter to $32 million. Excluding that onetime purchase, consistent with how we communicated our first half guidance, Q1 cash use was $163 million compared to $157 million in Q4. Additional detail is available in our Q1 shareholder letter.

這包括在融資後，我們新建俄亥俄州製造設施的淨購置成本3,200萬美元。總購置價格為6,200萬美元。我們以具吸引力的條件為其中約一半進行融資，使本季的淨現金影響為3,200萬美元。若排除這筆一次性購置，並與我們先前溝通的上半年指引一致，第一季現金使用為1.63億美元，較第四季的1.57億美元增加。更多細節可參閱我們第一季股東信。

Total property and equipment investment in the quarter was approximately $78 million. Of that, $62 million reflects the gross Ohio purchase with the remaining $16 million supporting facility build-out, tooling and production equipment for our manufacturing ramp.

本季不動產及設備投資總額約為7,800萬美元。其中，6,200萬美元反映俄亥俄州購置的總額，其餘1,600萬美元用於支持設施建置、工裝治具以及製造爬坡所需的生產設備。

Overall, Q1 spend is in line with our first half 2026 guidance of $340 million to $370 million, excluding the onetime Ohio purchase exactly as previewed and we remain on track within that range. Step back for a moment, the capital deployment you see this quarter reflects the choice to lead, not to follow. We are running a multiyear manufacturing ramp, an active type certification program, a global operations build-out and integration of Blade, all in parallel.

整體而言，第一季支出符合我們2026年上半年3.40億至3.70億美元的指引（如先前預告，已排除一次性的俄亥俄州購置），我們仍在該區間內按計畫推進。退一步看，本季所見的資本配置反映的是選擇領先，而非跟隨。我們正同步推進多年期的製造爬坡、積極的型式認證計畫、全球營運建置，以及對Blade的整合，並行不悖。

Few companies in our industry are in a position to execute all 4 at once. We can because of years of foundational investment. And we can do it sustainably because of the strength of our balance sheet. On a GAAP basis, we reported a Q1 net loss of $110 million, a $12 million improvement compared to the $122 million net loss in Q4.

在我們的產業中，很少有公司能同時執行這四項工作。我們之所以能做到，是因為多年來的基礎性投資。而我們也能以可持續的方式推進，因為我們資產負債表的實力。按GAAP口徑，我們第一季淨虧損1.10億美元，較第四季1.22億美元的淨虧損改善1,200萬美元。

The sequential improvement was driven by a $33 million noncash favorable change in the fair value of warrants and earn-out shares and $4 million in higher interest income, partially offset by a $27 million increase in loss from operations.

環比改善主要來自認股權證與或有對價（earn-out）股份公允價值的3,300萬美元非現金有利變動，以及利息收入增加400萬美元，但部分被營運虧損增加2,700萬美元所抵銷。

As a reminder, the fair value revaluation of warrants and earn-out shares is driven primarily by changes in our share price and can introduce meaningful noncash volatility from quarter-to-quarter. Revenue for Q1 was $24 million, which was mostly Blade. Compared to Q4, revenue decreased $7 million, reflecting the absence of the onetime revenue we recognized in Q4 for the flight demonstrations in Japan. Blade performance in Q1 was strong. And we are now heading into the seasonal ramp with Q2 typically building as weather improves to a Q3 peak.

提醒一下，認股權證與或有對價股份的公允價值重估主要受我們股價變動驅動，可能在季度之間帶來顯著的非現金波動。第一季營收為2,400萬美元，主要來自Blade。相較第四季，營收減少700萬美元，反映第四季認列了日本飛行展示的一次性收入，而第一季沒有。Blade在第一季表現強勁。我們也正進入季節性爬坡期，通常第二季會隨天候改善而逐步增長，並在第三季達到高峰。

Service levels and customer demand remained consistent. And Q1 puts us on a solid trajectory for our full year revenue guidance of $105 million to $115 million. Total operating expenses for Q1 were $258 million compared to $238 million in Q4. The $20 million increase was primarily driven by continued investment to support certification, manufacturing ramp and commercial readiness. Adjusted EBITDA, a non-GAAP metric that we reconcile to net income in our shareholder letter was a loss of $179 million in Q1 compared to a loss of $154 million in Q4.

服務水準與客戶需求維持一致。第一季也使我們在全年1.05億至1.15億美元的營收指引上，走在穩健的軌道上。第一季總營運費用為2.58億美元，較第四季的2.38億美元增加。增加的2,000萬美元主要來自持續投入以支持認證、製造爬坡與商業化就緒。調整後EBITDA（非GAAP指標，我們在股東信中與淨利進行調節）第一季為虧損1.79億美元，第四季為虧損1.54億美元。

The $24 million sequential change reflects the revenue and expense dynamics I just described. Taken together, the capital deployed in Q1 reflects deliberate investment in the capabilities that set Joby apart, advancing certification, scaling manufacturing in California and Ohio and building the foundation for commercial launch.

環比變動2,400萬美元反映了我剛才描述的營收與費用動態。綜合來看，第一季投入的資本反映我們對使Joby脫穎而出的能力進行有意識的投資：推進認證、在加州與俄亥俄州擴大製造規模，並為商業化啟動奠定基礎。

Q1 was a quarter of steady execution. And as the flights in New York and in the Bay Area demonstrated, our progress is increasingly visible, not just on the certification pathway, but in the skies above our largest cities. We have the balance sheet to leave and the discipline to do it well.

第一季是一個穩健執行的季度。正如在紐約與灣區的飛行所展示的，我們的進展愈發清晰可見——不僅在認證路徑上，也在我們最大城市上空的天空中。我們有足夠的資產負債表實力去領先，也有把事情做好的紀律。

Thank you for your continued support. And Operator, please open the call for questions.

感謝各位持續的支持。接線員，請開放提問。

(Operator Instructions).

（接線員指示）。

Kristine Liwag, Morgan Stanley.

摩根士丹利，Kristine Liwag。

Good afternoon, everyone. JoeBen, Paul, Rodrigo, Teresa, it was really inspiring to see the Joby aircraft land in front of me my own eyes at the West 30th Street vertiport last week. So thank you for that. I guess with the very visible progress of Joby with eIPP, can you talk about what kind of conversations you're having with incremental customers? Because as you guys touched on your prepared remarks, the future is here. All the years of hard work that you've had is really coming to fruition and you have these capabilities occurring now.

各位下午好。JoeBen、Paul、Rodrigo、Teresa，上週我在西30街垂直起降場親眼看到Joby飛機在我面前降落，真的非常振奮人心。所以謝謝你們。我想，隨著Joby在eIPP上的進展非常可見，你們能否談談你們與新增客戶正在進行哪些類型的對話？因為正如你們在事先準備的發言中提到的，未來已經到來。你們多年來的努力正在真正開花結果，而你們現在已具備這些能力。

And so as these kind of firm up in what people could see the true mission of this, can you talk about those customer conversations? And how quickly do you think those potential orders could materialize?

因此，當這些逐步明朗、讓人們看見這項計畫的真正使命時，你們能否談談這些客戶對話？以及你們認為這些潛在訂單會多快具體化？

Thank you, Kristine. So first, I think the experience for folks in New York was really indicative. And the excitement was really indicative of the progress that we're making and the opportunities ahead of us. There are so many customers who are really excited about beginning to use our service. I think the next element of that, I think you're referring to is sales of aircraft.

謝謝你，Kristine。首先，我認為紐約的體驗非常具有代表性。而那份興奮也很能代表我們正在取得的進展以及未來的機會。有非常多客戶都對開始使用我們的服務感到非常興奮。我想你接下來提到的部分，是指飛機銷售。

And as Paul has talked about a number of times before, that's certainly a lever that we can choose to pull as we desire. There is a huge amount of demand from many international markets. And we may dial that depending upon the market. And then I think the third area where we're really seeing momentum and opportunity to capitalize on the demonstrations we've been doing and the momentum around eIPP is around infrastructure. And I think that the -- really accelerating those infrastructure conversations and getting more and more takeoff and landing locations built out is a strong opportunity.

正如Paul之前多次談到的，這當然是一個我們可以視需要選擇啟動的槓桿。許多國際市場都有非常龐大的需求。我們可能會依市場情況調整節奏。第三個我們真正看到動能、並有機會把我們所做的展示以及eIPP周邊動能轉化為成果的領域，是基礎設施。我認為——真正加速這些基礎設施對話，並建置越來越多起降地點，是一個很強的機會。

And then back to your question about aircraft sales. I might turn it over to Paul to touch on the opportunities on the defense side.

回到你關於飛機銷售的問題。我可能把時間交給Paul，請他談談國防端的機會。

Sure. Thanks for the question, Kristine. Yes, I mean, as we've talked about, we've got a pretty deep pool of sort of potential aircraft sales opportunities outside of the US. I mean we've talked specifically about Saudi Arabia, also about Japan with our partnership there. So all of those folks are really looking for the same things that we were able to demonstrate in New York, which is an aircraft that is mature.

好的。謝謝你的提問，Kristine。是的，正如我們談過的，在美國以外，我們有相當深的潛在飛機銷售機會池。我們特別談到沙烏地阿拉伯，也談到日本以及我們在那裡的合作夥伴關係。所以這些客戶都在尋找我們在紐約所展示的同樣要素，也就是一款成熟的飛機。

That can sort of meet the mission. And that is essentially supported by both maintenance and pilot training to make those aircraft sort of useful in their markets. So I think the work that we did in New York is certainly positive for the momentum that we're seeing on the sales side of things.

能夠滿足任務需求。並且在維修保養與飛行員訓練兩方面都能提供支援，讓這些飛機在其市場中真正可用。因此，我認為我們在紐約所做的工作，對我們在銷售端所看到的動能確實是正面的。

James Kirby, JPMorgan.

摩根大通，James Kirby。

Hey, good afternoon, guys. Thanks for the time. Just for the eIPP, how are you thinking about sequencing the initial aircraft for the program by both location and operation? Is a decision tree that is based off potential revenue opportunity or maybe where infrastructure is already in place? Or is there a regulatory angle to that? Just kind of initial thoughts. I know it's early, just on how you're looking to scale the eIPP.

嗨，各位下午好。謝謝撥冗。關於eIPP，你們如何思考在地點與營運兩個維度上，為該計畫安排首批飛機的先後順序？你們的決策樹是基於潛在營收機會，或是基礎設施已到位的地方？或者其中也有監管面的考量？想聽聽初步想法。我知道現在還早，但想了解你們打算如何擴大eIPP規模。

Thanks so much, James. So I think it's both of those elements. It's about infrastructure. And you have some states that are really moving very rapidly at deploying additional infrastructure and that's -- we're thrilled about that. And then there's also opportunities like in New York, where we already have existing infrastructure and an existing customer base and being able to bring the acoustic signature, the really remarkable acoustic signature of our aircraft to places that are currently quite impacted by helicopter noise, we think, is a massive opportunity.

非常感謝你，James。所以我認為這兩個要素都有。這關乎基礎設施。而且有些州在部署額外基礎設施方面進展非常迅速，這——我們對此感到非常振奮。另外也有像紐約這樣的機會，我們已經擁有既有的基礎設施與既有的客戶基礎，並且能把我們飛機的聲學特徵——非常卓越的聲學特徵——帶到那些目前深受直升機噪音影響的地方；我們認為這是一個巨大的機會。

So we do see substantial demand across these eIPP markets. And we're very excited to be ramping our manufacturing as aggressively as we can to deliver on that opportunity.

因此，我們確實在這些 eIPP 市場看到相當可觀的需求。我們也非常期待以我們所能做到的最積極方式提升製造產能，以把握並實現這個機會。

Andres Sheppard, Cantor Fitzgerald.

Andres Sheppard，Cantor Fitzgerald。

Hey, everyone. Good afternoon, thanks so much for taking our questions. And Congratulations on all the great progress. And I echo those thoughts earlier. It was very exciting to see the aircraft in a natural environment. JoeBen, I guess my question, just to build from the last one is around the eIPP. Curious to get your vision on kind of how you see the program starting and kind of ramping up from there.

嗨，各位。下午好，非常感謝讓我們提問。也恭喜你們取得所有重大進展。我也呼應先前的看法。能在自然環境中看到這架飛機，真的非常令人興奮。JoeBen，我想我的問題是在上一題的基礎上，關於 eIPP。想請教你對於這個計畫如何啟動、以及之後如何逐步擴大規模的願景。

We know, obviously, it will run for three years. We know it will start this summer. We know some of the projects have been selected. There might be a few additional ones. But what we don't know exactly, I guess, is kind of how the program will start.

我們當然知道它會運行三年。我們知道它會在今年夏天開始。我們知道部分專案已經被選定。可能還會再增加幾個。但我想我們不太清楚的是，這個計畫究竟會如何啟動。

Is it going to be each project at the same time, multiple aircrafts at the same time or kind of rotating. So just curious on kind of how you see the program starting and kind of ramping up and really developing and maturing over these three years. Thank you.

會是每個專案同時開始、同時投入多架飛機，還是採輪替方式？所以想請教你如何看待這個計畫的啟動方式，以及在這三年內如何逐步擴大、發展並成熟。謝謝。

I think our -- the best crystal ball we've got at the moment is that we'll be signing or that agreements will start being signed in Q3. And that as we move into the back half of the year, we'll start to do operations. I would expect operations both for our eVTOL aircraft as well as for our autonomous platforms. And on the eVTOL side, we are, as I mentioned before, ramping manufacturing as aggressively as we can to be able to field as many aircraft into the eIPP markets as we can as we look into the back half of this year and the first half of next year. We'd really like to get those fleets in New York, Florida and Texas built out.

我想我們——目前能看到的最佳「水晶球」是：協議將在第三季開始簽署，或是開始進入簽署階段。而隨著我們進入今年下半年，我們將開始進行營運。我預期營運會同時涵蓋我們的 eVTOL 飛機以及我們的自主平台。在 eVTOL 方面，如我先前提到的，我們正以我們所能做到的最積極方式提升製造產能，以便在今年下半年以及明年上半年，能在 eIPP 市場投入盡可能多的飛機。我們非常希望把紐約、佛羅里達與德州的機隊建置起來。

(Operator Instructions).

（接線員指示）。

Savi Syth, Raymond James.

Savi Syth，Raymond James。

Hey, good afternoon, everyone. I know you started flying the first kind of conforming aircraft. I was just curious when you think you'll start kind of full credit testing of the aircraft and what things need to transpire to get there?

嗨，各位下午好。我知道你們已經開始飛行第一架符合構型的飛機。我想請教你們認為何時會開始對該飛機進行可取得完整認可的測試（full credit testing），以及要達到那一步需要發生哪些事情？

Thank you so much, Savi. So we are thrilled to have that aircraft in the air. And just as a reminder, this was a monumental lift to build this aircraft with FAA DERs and [VARs] intimately involved in the process. Having that aircraft in the air is absolutely fantastic. That's one piece.

非常感謝你，Savi。我們很高興這架飛機已經升空。也提醒一下，這是一項巨大的工程，因為我們是在 FAA DERs 與 [VARs] 深度參與整個流程的情況下打造這架飛機。讓這架飛機升空真的是非常棒。這是其中一個部分。

The second piece is we need all of the conforming test articles to have been built and then tested and then many of those test reports written and submitted. So those are two parallel work streams that we're working on. The next step for the FAA -- or for our first conforming aircraft is for Joby pilots to begin doing testing. And in parallel to that, to get FAA pilots into the simulator and get them trained up. So really, you can think of 3 parallel work streams.

第二個部分是，我們需要把所有符合構型的測試件都製造完成，然後完成測試，並且撰寫許多測試報告並提交。所以這是我們正在同步推進的兩條平行工作流。對 FAA 而言——或者說對我們第一架符合構型的飛機而言——下一步是由 Joby 的飛行員開始進行測試。同時，讓 FAA 的飛行員進入模擬器並完成訓練。所以你可以把它視為三條平行工作流。

One is the components and parts getting tested. Two is Joby pilots flying the conforming aircraft and doing all the test points in advance of the FAA pilots doing them. And then third is the FAA pilots getting trained in the simulator.

第一是元件與零組件的測試。第二是 Joby 飛行員駕駛符合構型的飛機飛行，並在 FAA 飛行員執行之前先完成所有測試點。第三則是 FAA 飛行員在模擬器中接受訓練。

Chris Pierce, Needham & Company.

Chris Pierce，Needham & Company。

Just looking back to the eIPP and production. I mean it seems like the partners in the states are moving as fast as one could hope. I just want to get a sense of are there any bottlenecks you could potentially see on your side, manufacturing, raw materials, production, even pilots that you need to have at the ready in these locations? I just want to kind of get a sense of what you're doing to kind of head off all potential bottlenecks to get as many aircraft out there as possible.

回到 eIPP 與量產。看起來各州的合作夥伴推進速度已經是能期待的最快程度。我想了解的是，你們這邊是否可能看到任何瓶頸：製造、原材料、產能，甚至是你們需要在這些地點隨時待命的飛行員？我想大致了解你們正在做些什麼，以預先排除所有潛在瓶頸，讓盡可能多的飛機能投入運行。

Yes. Thank you so much, Chris. Great question. And I'd like to echo your shout out to the states and the FAA and the DOT for the absolutely phenomenal work that they're doing on this program. We are working very hard on all three elements that you mentioned: one, supply chain; two, ramping manufacturing; and three, we made a very early investment in our flight simulator and having that installed now and preparing that for beginning to train the FAA pilots is really speaks to the Joby team and the incredible foresight.

是的。非常感謝你，Chris。這是個很好的問題。我也想呼應你對各州、FAA 與 DOT 的肯定，他們在這個計畫上所做的工作確實非常出色。我們正非常努力地推進你提到的三個要素：第一，供應鏈；第二，提升製造產能；第三，我們很早就投資了飛行模擬器，而現在已完成安裝並準備用於開始訓練 FAA 飛行員，這確實展現了 Joby 團隊的實力與令人驚嘆的前瞻性。

As a reminder, we built that in partnership with CAE. So CAE is the world leader in flight simulators. Joby develops all the flight dynamics and the flight controls that run on that. And CAE provided the hardware. It was an amazing partnership.

提醒一下，我們是與 CAE 合作打造的。CAE 是全球飛行模擬器的領導者。Joby 開發在其上運行的所有飛行動力學與飛行控制。而 CAE 提供硬體。這是一個非常棒的合作夥伴關係。

And we're so excited to start training pilots in it.

我們也非常期待開始在其中訓練飛行員。

(Operator Instructions)

（接線員指示）

Austin Moeller, Canaccord Genuity.

Austin Moeller，Canaccord Genuity。

Hi, good afternoon. So just my first question here. What is the status of the production activity time line in Ohio? And do you plan to add shifts there over time as well?

嗨，下午好。我第一個問題是：俄亥俄州的生產活動時程目前進展到什麼狀態？你們是否也計畫隨時間在那裡增加班次？

Thanks so much, Austin. The ramp of the team in Ohio is going really, really well. As a reminder, folks, we're doing propeller blade manufacturing there. And we're really pleased with the bring up of that facility. That was the first facility that we purchased in Ohio.

非常感謝你，Austin。俄亥俄州團隊的擴編進展非常、非常順利。提醒各位，我們在那裡進行螺旋槳葉片的製造。我們對該設施的啟用與導入進展感到非常滿意。那是我們在俄亥俄州購置的第一座設施。

We're adding additional components and systems that we're starting to build in that first facility. In addition, as a reminder, we bought an additional 730,000 square foot facility across the street. And that facility is beginning to get the build-out and preparing that facility for our -- beginning to put production processes into that facility. So it's two parallel work streams. One, building the workforce and adding more and more capabilities for our team in Ohio.

我們正在增加更多元件與系統，並開始在第一座設施中製造。此外也提醒一下，我們在街對面又買了一座額外的 73 萬平方英尺設施。那座設施正開始進行建置與擴建，並為我們——開始把生產流程導入該設施做準備。因此這是兩條平行工作流。第一，建立人力並為我們在俄亥俄州的團隊增加越來越多的能力。

And the second is building out that larger facility. So really, really pleased with the momentum and the maturity that we're seeing out of the team in Ohio.

第二項是擴建那座更大型的設施。因此，我們對於在俄亥俄團隊身上看到的動能與成熟度感到非常、非常滿意。

Amit Dayal, H.C. Wainwright.

Amit Dayal，H.C. Wainwright。

Thank you, guys. Congrats on all the progress and good to see the flights starting to take place now. With respect to passenger flights, you've indicated potentially this could take place by the end of this year. I think earlier expectations of these might materialize in the Middle East. But with the situation over there, do you think these flights potentially take place here in the US?

謝謝各位。恭喜取得所有進展，也很高興看到現在開始進行飛行。就載客飛行而言，你們表示可能在今年底前發生。我想先前的預期是這些可能會在中東實現。但考量那邊的情勢，你們認為這些飛行是否可能改在美國這裡進行？

Thank you so much, Amit. So it is very exciting for us to now have two shots on goal for passenger flights this year, both in Dubai and as well as in our different eIPP markets. And so I think that's looking very strong that we'll see passenger flights later this year. And for me, this is a dream come true. This is something I've been waiting for, for a really, really long time.

非常感謝你，Amit。所以，對我們來說非常令人振奮的是，今年我們在載客飛行方面現在有兩個機會可望達成目標，一個在杜拜，另一個則是在我們不同的 eIPP 市場。因此，我認為我們在今年稍晚看到載客飛行的可能性非常高。對我而言，這是夢想成真。這是我等待了非常、非常久的一件事。

At this time, I'll be handing the call over to Teresa. Thank you, Teresa. Please go ahead.

此時，我將把電話會議交給 Teresa。謝謝你，Teresa。請開始。

Thank you, Irene, and thanks to all the analysts who asked questions today. Earlier this week, we invited members of our Reddit community to submit questions. We received a bunch of different questions about eIPP, future stops on our Electric Skies tour and conforming aircraft. So let's jump into a couple of them. First question asks, how far along are the other FAA conforming aircraft that are in production?

謝謝你，Irene，也感謝今天所有提問的分析師。本週稍早，我們邀請 Reddit 社群的成員提交問題。我們收到了許多不同的問題，涵蓋 eIPP、我們 Electric Skies 巡迴的未來停靠點，以及符合規範的飛機。那我們就來看其中幾個。第一個問題是：目前正在生產的其他符合 FAA 規範的飛機進度到哪裡了？

How many are in production? What does the timeline look like for FAA pilot testing? JoeBen, do you want to give us a summary of that one?

有多少架正在生產？FAA 飛行員測試的時程看起來如何？JoeBen，你要不要幫我們總結一下這題？

Yes. So first, in terms of the number in production, as I said in my prepared remarks, we now have parts for nine aircraft that are beginning to be built. And we have 5 aircraft that we will be using for TIA flight testing. And all of those are progressing well through our manufacturing operation. So this is indicative of the manufacturing ramp.

好的。首先，就生產中的數量而言，正如我在事先準備的發言中提到的，我們現在已經有九架飛機的零件，正開始進入組裝。另外，我們有 5 架飛機將用於 TIA 飛行測試。這些都在我們的製造作業中進展順利。因此，這反映了製造產能的爬坡。

As I said, we have spooled up our third shift for our composites operation and really seeing great momentum. And just to like put a fine point on it. We are ramping as fast as we can, but with the focus on quality. We really want to drive MCRs, which are nonconformances to zero. We want to be making as many of our parts with zero defects as we possibly can.

如我所說，我們已為複合材料作業增開第三班次，並且確實看到很強的動能。再更明確一點說：我們正以能做到的最快速度爬坡，但同時把重點放在品質上。我們真的希望把 MCR（也就是不符合項）降到零。我們希望盡可能讓更多零件做到零缺陷。

The name of the game in aviation manufacturing is making parts with incredible consistency and quality. And it's incredible to have the Toyota team that has a deep expertise and ethos steeped in quality. The Toyota production system is known around the world for the incredible quality and efficiency that it drives in the manufacturing processes and having Toyota shoulder to shoulder with us has been absolutely phenomenal.

航空製造的關鍵在於以極高的一致性與品質來製造零件。而能有豐田團隊加入，他們在品質方面有深厚的專業與根植其中的理念，真的令人振奮。豐田生產系統以其在製造流程中帶來的卓越品質與效率聞名全球，而豐田與我們並肩合作一直都非常出色。

JoeBen, thank you. The next question is about eIPP and the question asked. The purpose of eIPP is for AAM companies, cities and regulators to garner useful information earlier in the development process than would have been previously possible. Can you share any useful information Joby or regulators have learned from Joby's New York City and SSA area tours, including any unexpected public reactions?

JoeBen，謝謝你。下一個問題是關於 eIPP，問題是：eIPP 的目的，是讓 AAM 公司、城市與監管機構能在開發流程更早期就取得有用資訊，這在過去是不太可能的。你能分享 Joby 或監管機構從 Joby 在紐約市與 SSA 區域巡迴中學到的任何有用資訊嗎？包括任何出乎意料的大眾反應？

Yes, thanks. So the key pieces this really showcased and built on the deep relationships that we've built, whether that's with the EDC and the Port Authority in New York, whether that's with the FAA and the DOT. And the Joby team just knocked it out of the park. The operations went flawlessly. And we are so grateful for -- I'm so grateful for the Joby team and for the relationships that we've built and the maturity of our processes and with the regulators.

好的，謝謝。所以，這次最關鍵的收穫是，它確實展現並深化了我們所建立的深厚關係，不論是在紐約與 EDC 及港務局的合作，或是與 FAA 與 DOT 的合作。而 Joby 團隊的表現非常出色。整個作業執行得天衣無縫。我們非常感謝——我也非常感謝 Joby 團隊、我們所建立的關係、我們流程的成熟度，以及與監管機構的合作。

I think the thing that stood out for me the most and I think was really remarkable about the flights was people getting to hear our aircraft for the first time and specifically not hear our aircraft when it flies by overhead. New York has large numbers of helicopters operating. And the difference in the acoustic profile between a helicopter where you can hear it from a long way away. And our aircraft where it can fly directly overhead and you can't even hear it in a city like New York is really exciting. And we can't wait to bring our aircraft to New York, to Florida, to Texas.

我覺得最讓我印象深刻、也最令人驚豔的一點是，人們第一次有機會聽到我們的飛機——更精確地說，是在它從頭頂飛過時「聽不到」我們的飛機。紐約有大量直升機在運行。直升機的聲學特徵是你在很遠的地方就能聽到它。而我們的飛機則可以直接從頭頂飛過，在像紐約這樣的城市裡你甚至聽不到，這真的非常令人興奮。我們迫不及待想把我們的飛機帶到紐約、佛羅里達、德州。

And we're so grateful for the DOT and the FAA for the remarkable work that they've done on the eIPP and very grateful for the states and their incredible execution on this program.

我們也非常感謝 DOT 與 FAA 在 eIPP 上所做的卓越工作，也非常感謝各州在此計畫上的出色執行。

Terrific. Yes, it really was joy to have the community so involved in these flights that we did last week in New York City. Thank you, everyone, for joining us today. We greatly appreciate your support. Operator, over to you.

太棒了。是的，能讓社群如此投入我們上週在紐約市進行的這些飛行，真的很令人欣喜。謝謝大家今天加入我們。我們非常感謝各位的支持。接線員，交給你。

Thank you. This concludes today's conference. And thank you for joining us. You may now disconnect your lines.

謝謝。今天的電話會議到此結束。也謝謝各位的參與。您現在可以掛斷電話線。