Joby Aviation, Inc. (JOBY) 2026 Q2 法說會逐字稿

Greetings, and welcome to the Joby Aviation second-quarter 2026 financial results. (Operator Instructions)

各位好，歡迎參加 Joby Aviation 2026 年第二季財務業績發表。(接線員指示)

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Teresa Thuruthiyil, Head of Investor Relations. Thank you. You may begin.

提醒各位，本次電話會議將被錄音。現在很榮幸為各位介紹本次會議主持人——投資人關係主管 Teresa Thuruthiyil。謝謝。您可以開始了。

Thank you. Good afternoon and evening, everyone. Thank you for joining us for Joby Aviation's second-quarter 2026 financial results conference call. My name is Teresa Thuruthiyil and I'm 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 年第二季財務業績電話會議。我叫 Teresa Thuruthiyil，擔任 Joby 的投資人關係主管。今天我們將先由創辦人兼執行長 JoeBen Bevirt，以及財務長 Rodrigo Brumana 發表事先準備的談話。

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.

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、預期與意圖之陳述。這些前瞻性陳述係基於管理層目前的預期，並涉及風險與不確定性，可能導致實際結果與所表達或暗示者有重大差異。

For a more detailed discussion of these risks and uncertainties, please refer to our filings with the SEC and the Safe Harbor disclaimer contained in today's shareholder letter. The forward-looking statements included in this call are made only as of the date of this call, and the company does not assume any obligation to update or revise them.

如需更詳細的風險與不確定性討論，請參閱我們向美國證券交易委員會（SEC）提交的文件，以及今日股東信中所載的「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會議日期為止，公司不承擔更新或修訂該等陳述之任何義務。

Also during the call, we'll refer both to GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in our Q2 2026 shareholder letter, which you can find on our Investor Relations website, along with a replay of this call.

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 年第二季股東信中；您可於我們的投資人關係網站查閱，並可在同一處取得本次會議的重播。

With all of that said, I'll turn the call over to JoeBen.

話不多說，我把電話交給 JoeBen。

Thank you, Teresa, and thank you everyone for joining us today. It's an incredibly exciting time to be part of our industry. After many years of hard work designing, building, testing, and flying our aircraft across thousands of flights and tens of thousands of miles, we're now at the point where we're preparing for commercial service.

謝謝你，Teresa，也謝謝各位今天加入我們。此刻能成為我們產業的一份子，令人無比振奮。在多年投入設計、製造、測試並於數千次飛行、數萬英里航程中驗證我們的飛機之後，我們如今已來到準備邁向商業營運服務的階段。

I'm pleased to confirm that next month, we intend to complete our first eIPP flights in Texas. The White House-backed eIPP program has the potential to significantly accelerate our path to commercial service, and we're grateful to the FAA for their continued partnership as we look ahead to these flights.

我很高興確認，我們計畫於下個月在德州完成我們的首次 eIPP 飛行。由白宮支持的 eIPP 計畫有潛力大幅加速我們邁向商業營運的進程；我們也感謝美國聯邦航空總署（FAA）在我們展望這些飛行之際持續提供合作夥伴關係。

The flights in Texas will be the first of many that bring Joby together with state and local bodies as well as the FAA to prove out the value and operational maturity of our technology. Over the course of a week, we'll be flying routes across the Dallas-Fort Worth area that lay the groundwork for future commercial operations. These Vertical Takeoff and Landing flights will demonstrate how our aircraft can transform travel across a major metropolitan area.

德州的飛行將是眾多飛行中的第一批，這些飛行將促成 Joby 與州及地方機構以及 FAA 的合作，以驗證我們技術的價值與營運成熟度。在一週的時間內，我們將飛行達拉斯—沃斯堡地區的多條航線，為未來的商業營運奠定基礎。這些垂直起降飛行將展示我們的飛機如何改變大型都會區的出行方式。

Over time, and with extensive involvement and oversight from the FAA, we expect flights under the eIPP program to progress from those with only a pilot on board to those carrying nonpaying passengers and eventually paying passengers. And in preparation for those flights, I'm pleased to confirm that we continue to target carrying our first passengers this year.

隨著時間推進，並在 FAA 的深度參與與監督下，我們預期 eIPP 計畫下的飛行將從僅有飛行員在機上的飛行，逐步發展到搭載非付費乘客，最終到搭載付費乘客。為了準備這些飛行，我也很高興確認，我們仍以今年搭載首批乘客為目標。

As we look ahead to commercializing our service, I've never been more excited about the potential for vertical lift. We see that potential demonstrated every day through our Blade business as customers choose to pay for journeys that give them meaningful time back. We acquired Blade just about a year ago with strong conviction in their team, their product, and the opportunity presented by the network they've developed across the US and the South of France.

展望我們服務的商業化，我對垂直升力的潛力從未如此興奮。我們每天都能透過 Blade 業務看到這項潛力的展現：客戶願意付費選擇能為他們實質節省時間的行程。我們大約在一年前收購 Blade，當時對其團隊、產品，以及其在美國與法國南部所建立的網路所帶來的機會抱持高度信心。

Over the past year, that conviction has only strengthened. The business continues to grow quarter on quarter, so much so that the core constraint we're facing on many routes is now aircraft availability rather than passenger demand. The number of seats sold in Q2 was up over 50% from the same time last year, marking Blade's best-performing Q2 on record in that respect.

過去一年，這份信心只增不減。該業務持續逐季成長，以至於我們在多條航線上面臨的核心限制，如今是飛機供給（可用性）而非乘客需求。第二季售出的座位數較去年同期成長超過 50%，就此指標而言，創下 Blade 歷來表現最佳的第二季紀錄。

This quarter also saw the highest number of new flyers going to and from New York City airports since 2023, while route expansions contributed to more than 40% year-on-year growth in Hamptons revenue. We also saw positive impact from a number of key events around the world, including the World Cup and the US Open here in the US as well as the Monaco Grand Prix, where we sold roughly 4,500 seats to or from the race. The last quarter was so strong, in fact, that today, I'm pleased to confirm that we are raising our full year revenue guidance after Blade's revenue grew 32% year on year in the first half.

本季往返紐約市機場的新乘客數也創下自 2023 年以來新高；同時，航線擴張帶動漢普頓（Hamptons）營收年增超過 40%。我們也看到多項全球重要活動帶來的正面影響，包括世界盃與美國網球公開賽（US Open）（皆在美國舉行），以及摩納哥大獎賽；在摩納哥大獎賽期間，我們售出約 4,500 個往返賽事的座位。上一季表現之強勁，讓我很高興在今天確認：在 Blade 上半年營收年增 32% 之後，我們將上調全年營收指引。

Looking ahead, we're drawing on Joby's existing relationship with Uber to drive increased demand. This is in addition to a new partnership between Blade and Visa signed during the quarter, which gives Visa Infinite consumer and business cardholders access to a premium suite of benefits on Blade's Signature Airport service in New York.

展望未來，我們將運用 Joby 與 Uber 既有的合作關係來帶動需求成長。此外，本季 Blade 與 Visa 簽署了新的合作夥伴關係，使 Visa Infinite 個人與商務卡持卡人可在紐約的 Blade Signature Airport 服務中享有一系列高端禮遇。

Vertical Takeoff and Landing has been our North Star at Joby since day one, and our experience integrating Blade over the past year has only reinforced how central it is to the customer experience. Flying between airports is something aviation has done successfully for a long time. The real opportunity comes from taking customers from where they begin their journeys to where they want to go, saving them the time and friction of traveling to an airport.

自 Joby 成立第一天起，垂直起降一直是我們的北極星；而過去一年整合 Blade 的經驗，更加印證其在客戶體驗中的核心地位。在機場之間飛行，是航空業長期以來成功做到的事。真正的機會在於把客戶從旅程起點送到他們想去的地方，為他們省下前往機場所耗費的時間與摩擦成本。

Blade's experience with the New York to Hamptons service brings this point to life. Customers can book a conventional fixed wing aircraft from Teterboro to Montauk today for roughly one-third of the price of a helicopter flight from Manhattan, and yet utilization of the helicopter service remains significantly higher. That tells us just how much customers value the time savings and convenience of beginning their journey in the city and avoiding the airport altogether.

Blade 在紐約至漢普頓服務的經驗，具體呈現了這一點。目前客戶可以預訂從泰特伯勒（Teterboro）到蒙托克（Montauk）的傳統固定翼飛機，價格約為從曼哈頓搭乘直升機航班的三分之一；然而，直升機服務的使用率仍顯著更高。這告訴我們，客戶非常重視從市區出發、完全避開機場所帶來的節省時間與便利性。

Being able to take off vertically is a fundamental part of what drives Blade's success today, and we believe the opportunity becomes even greater with the introduction of the Joby aircraft, which is quieter, less expensive to operate and designed specifically for journeys like these.

能夠垂直起飛是推動 Blade 今日成功的根本要素；我們相信，隨著 Joby 飛機的導入——其噪音更低、營運成本更低，且專為此類行程設計——這項機會將變得更為龐大。

In July, I had the opportunity to experience this convenience for myself, flying to and from the Farnborough Air Show. Despite being one of the world's largest air shows, everyone still arrives by road or rail, on journeys that can take up to two hours. We ran our Blade service there for the first time, connecting Central London to Farnborough Airport in just 18 minutes, selling out seats on several days and underscoring the value of vertical lift in the UK market.

7 月，我有機會親身體驗這種便利，搭乘往返范堡羅航展（Farnborough Air Show）的航班。儘管它是全球規模最大的航展之一，但大家仍然以公路或鐵路抵達，行程最長可達兩小時。我們首次在當地營運 Blade 服務，將倫敦市中心與范堡羅機場連結起來，僅需 18 分鐘；多日座位售罄，凸顯垂直升力在英國市場的價值。

While we were at Farnborough, we signed a multi-year definitive agreement with Virgin Atlantic that builds on that opportunity and sets out a path for us to launch service across the UK with a particular focus on London and Manchester. We also held more than 150 meetings with regulators and stakeholders from markets around the globe, including a veritable alphabet soup of regulators that included the DfT and the CAA from the UK, EASA from Europe, GACA and the GCAA from the Middle East, the US DOT and the FAA as well as ANAC from Brazil, to name just a few.

在范堡羅期間，我們與維珍大西洋航空（Virgin Atlantic）簽署了一份多年期具約束力的最終協議，延續上述機會，並規劃我們在英國推出服務的路徑，特別聚焦倫敦與曼徹斯特。我們也與全球各市場的監管機構與利害關係人進行了超過 150 場會議，其中包括一長串「字母湯」般的監管單位，例如英國的 DfT 與 CAA、歐洲的 EASA、中東的 GACA 與 GCAA、美國的 DOT 與 FAA，以及巴西的 ANAC 等等，僅舉數例。

And there was one common thread amongst all these meetings. They are just as excited about vertical lift as we are and are watching Joby's progress closely. They're seeing the positive ripple effects of the eIPP program, and they're asking how they can unlock the same level of momentum we're seeing in markets like the US and the UAE. As well as seeing great support on the regulatory side in those markets, we're also making incredible progress with infrastructure.

而在所有這些會議中，有一條共同主線。他們對垂直升力的興奮程度與我們一樣，並正密切關注 Joby 的進展。他們看到了 eIPP 計畫帶來的正向漣漪效應，並在詢問他們如何能在美國與阿聯等市場，解鎖我們所看到的同等動能。除了在這些市場的監管面獲得強力支持之外，我們在基礎設施方面也正取得驚人的進展。

Earlier this week, we announced a strategic partnership with Atoms, the industrial AI infrastructure company founded by Travis Kalanick. Travis co-founded Uber in 2009, the same year that I founded Joby. And since our first jam session in 2015, the one that seeded Uber Elevate, he's been all in on electric flight. He's one of the most dynamic founders of this generation with a rare ability to see the whole system and turn ambitious ideas into real industries.

本週稍早，我們宣布與 Atoms 建立策略夥伴關係；Atoms 是由 Travis Kalanick 創立的工業 AI 基礎設施公司。Travis 於 2009 年共同創辦 Uber，同一年我也創立了 Joby。自從我們在 2015 年第一次即興交流、並促成 Uber Elevate 的那次會面以來，他就全力投入電動飛行。他是這一代最具活力的創業者之一，具備罕見的能力能看見整個系統，並將宏大構想轉化為真正的產業。

Together, we're working on doing just that again with a joint understanding that the next revolution in transportation requires not only new vehicles, but also new infrastructure. Our shared vision goes beyond air taxis. With the rollout of autonomous vehicles gaining significant momentum, we see an opportunity to create a new class of mobility hub designed from the outset to support both technologies. These hubs will combine takeoff and landing and charging for electric aircraft with charging and depot services for autonomous vehicles, sharing fixed costs, creating stronger operating economics, delivering seamless journeys for our customers and even greater value for the communities in which we'll operate.

我們將再次攜手實現這一點，並共同認知到下一場交通運輸革命不僅需要新載具，也需要新基礎設施。我們的共同願景不止於空中計程車。隨著自動駕駛車輛的推廣正快速累積動能，我們看見一個機會：打造一種全新類別的移動樞紐，從一開始就為兩種技術提供支援。這些樞紐將把電動航空器的起降與充電，與自動駕駛車輛的充電與車隊停放/維運服務結合在一起，共享固定成本、創造更強的營運經濟性，為客戶提供無縫旅程，並為我們營運所在的社區帶來更大的價值。

The Atoms team is world-class with deep expertise across acquisition, financing, development, electrification and permitting. And after eight years of working in stealth, recently raised $1.7 billion with lead investment from a16z to support their growth. Our own aviation experts will now work alongside the Atoms team to identify and develop the best sites for our network. We'll be focusing initially on Florida, New York, and Texas, the same markets where we're preparing to launch early operations under the eIPP program, as well as here in California.

Atoms 團隊屬世界級，並在併購、融資、開發、電氣化與許可申辦等方面具備深厚專業。在隱身運作八年後，近期完成募資 17 億美元，由 a16z 領投以支持其成長。我們的航空專家現在將與 Atoms 團隊並肩合作，為我們的網路辨識並開發最佳場址。我們將先聚焦佛羅里達、紐約與德州——也就是我們正準備在 eIPP 計畫下啟動早期營運的相同市場——以及加州本地。

In addition to our own progress on infrastructure, we continue to see accelerating momentum and investment by states and airports here in the US, infrastructure partners across the industry and countries around the world. Florida enacted legislation, allowing the state to fund certain vertiport projects at up to 100%, committing millions of dollars to activate new sites all over the state.

除了我們自身在基礎設施上的進展之外，我們也持續看到美國各州與機場、產業內的基礎設施夥伴，以及全球各國的動能與投資正在加速。佛羅里達州已通過立法，允許州政府對特定垂直起降場（vertiport）專案提供最高 100% 的資金支持，並承諾投入數百萬美元以在全州各地啟用新場址。

We're excited that Orlando is already moving forward with developing a vertiport in the central terminal area of one of the country's busiest commercial airports. In Dubai, at the Marina, the second of four vertiports being built by our partners, is nearly complete. And we continue to see meaningful progress on infrastructure in markets like Japan, the wider UAE, Korea and Australia.

我們很振奮地看到，奧蘭多已在推進於全美最繁忙的商用機場之一的中央航廈區域開發垂直起降場。在杜拜的 Marina，由我們夥伴建造的四座垂直起降場中的第二座已接近完工。我們也持續看到日本、更廣泛的阿聯、韓國與澳洲等市場在基礎設施方面取得實質進展。

To make the most of this momentum, we still have to deliver our part, the aircraft and the service, and I'm pleased to report excellent progress there, too. We now have five of our electric air taxis in the air, including our first FAA conforming aircraft. And we have 12 more aircraft in various stages of the production process, including two set for delivery this year.

為了充分把握這股動能，我們仍必須交付我們的部分——飛機與服務——我也很高興在此回報，我們在這方面同樣取得極佳進展。目前已有五架我們的電動空中計程車在空中飛行，其中包括我們第一架符合 FAA 一致性要求的飛機。此外，還有 12 架飛機正處於不同的生產階段，其中兩架預計將於今年交付。

As we've said before, manufacturing is hard. Anyone who has tried to do it at scale will tell you that, and building conforming aircraft represents a step change in complexity. We are putting in the hard miles now so that we're ready to make the most of all of the opportunities I've just described.

正如我們先前所說，製造很難。任何嘗試規模化生產的人都會告訴你這點，而打造符合一致性要求的飛機更代表複雜度的躍升。我們現在正投入大量艱苦的努力，確保能充分把握我剛才描述的所有機會。

Over the last quarter, we've worked tirelessly to remove bottlenecks and improve processes. And during the first six months of this year, as just one example, we reduced the nonconformance rate in our manufacturing processes by nearly 40%. This represents excellent progress as we move from R&D builds to low rate production.

在過去一個季度，我們不懈努力以消除瓶頸並改善流程。以今年前六個月為例，我們將製造流程中的不符合率降低了近 40%。這代表我們在從研發製造（R&D builds）邁向低速率量產的過程中取得了極佳進展。

During the quarter, we also took a significant step forward in our relationship with Toyota, forming a joint venture that lays the groundwork for high-volume commercial production, helping to significantly reduce the risk of one of the greatest challenges ahead of us. We're incredibly grateful to have had Toyota, the world's largest automaker, at our side for more than seven years, leaning into that challenge and working with us to bring the best of automotive manufacturing to aviation.

本季度，我們與豐田的合作關係也向前邁出重要一步，成立合資企業，為高產量的商業化生產奠定基礎，並大幅降低我們未來面臨的最大挑戰之一的風險。我們非常感謝豐田——全球最大的汽車製造商——七年多來一直與我們並肩，正面迎戰這項挑戰，並與我們合作把汽車製造的最佳實務帶入航空領域。

We'll share more about our plans for the strategic alliance in due course, but I'm pleased to say that a senior Toyota manufacturing leader is set to join our Marina team shortly as we continue to work ever more closely together. By investing together in the people, facilities and systems required for production, we will create a more capital-efficient path to scale and a manufacturing system designed from the outset to deliver exceptional quality and consistency at volume.

我們將在適當時機分享更多關於此策略聯盟的規劃；但我很高興地表示，一位豐田資深製造主管將於近期加入我們的 Marina 團隊，讓我們能持續更緊密地合作。透過共同投資於生產所需的人才、設施與系統，我們將打造一條更具資本效率的規模化路徑，並建立一套從一開始就以大規模交付卓越品質與一致性為目標的製造系統。

I'd like to end where I started, with the eIPP program. As I've said, the program promises to be an important opportunity to accelerate commercialization and a critical part of that will be the safe and effective integration of our aircraft into the national airspace. In April, we announced a partnership with ASI focused on this work. And I'd like to congratulate ASI on being recently selected by the FAA to provide the central software infrastructure for managing traffic across the US national airspace system. ASI is effectively building an operating system for airspace, the invisible infrastructure that will allow us to scale access to our skies.

我想以 eIPP 計畫作為結尾，回到我一開始提到的主題。如我所說，該計畫有望成為加速商業化的重要機會，而其中關鍵的一環將是把我們的飛機安全且有效地整合進國家空域。今年四月，我們宣布與 ASI 建立合作夥伴關係，聚焦於這項工作。我也要恭喜 ASI 近期獲 FAA 選定，提供用於管理全美國家空域系統交通的核心軟體基礎設施。ASI 實際上正在打造一套空域的作業系統——這種看不見的基礎設施將使我們能擴大對天空的使用。

It's an honor to be partnered with them, and we look forward to collaborating on airspace integration as part of our eIPP work. It's incredibly exciting to see all of these pieces coming together, and I hope everything we've shared today gives you a real sense of just how close we are and how ready we are for commercialization. We're building the infrastructure, we're building the aircraft, we're building the customer base, and we're building our operational experience.

能與他們合作是我們的榮幸，我們也期待在 eIPP 工作的一部分中，就空域整合展開協作。看到所有這些拼圖逐步到位令人無比振奮，我希望我們今天分享的一切，能讓各位真切感受到我們距離商業化有多近、以及我們已準備得多充分。我們正在建設基礎設施、打造飛機、建立客戶基礎，並累積營運經驗。

And on top of it all, we just had our strongest quarter yet in terms of progress on the fifth and final stage of type certification. Taken together, everything I've described today is how we will unlock the third dimension of mobility and turn electric vertical flight from an extraordinary technology into an everyday reality, giving people their time back, and fundamentally changing the way we move.

此外，就型式認證的第五個也是最後一個階段而言，我們剛剛迎來迄今進展最強勁的一個季度。綜合而言，我今天所描述的一切，將是我們如何解鎖移動性的第三維度，並把電動垂直飛行從非凡的技術轉變為日常現實：把時間還給人們，並從根本上改變我們的移動方式。

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

接下來，我把時間交給 Rodrigo。

Thank you, JoeBen, and good evening everyone. As JoeBen said in the beginning of the call, the revenue raise is a big part of today's story and Blade is a big part of the reason. The way Blade delivered is exactly what's giving us the confidence to increase guidance. On a more personal note, it was great to see many of you at Farnborough last month. What struck me there was the energy in the room wasn't just talk.

謝謝你，JoeBen，各位晚安。正如 JoeBen 在電話會議一開始所說，營收上修是今天故事的重要部分，而 Blade 是其中很大一部分原因。Blade 的交付表現正是讓我們有信心上調指引的關鍵。就個人而言，上個月在范堡羅（Farnborough）見到許多各位也很高興。我在那裡最深的感受是，現場的能量不只是口頭談論。

It was a response to real execution, progress on certification, on manufacturing and on building the commercial foundation for the eIPP. What I would like to do now is put numbers to that progress and walk you through how we're deploying capital against it with the usual discipline.

那是一種對真實執行力的回應——在認證、製造，以及為 eIPP 建立商業基礎方面的進展。我接下來想做的是，用數字量化這些進展，並以一貫的紀律帶各位了解我們如何針對這些進展部署資本。

Let me start with the second-quarter financial results. We ended the second quarter with approximately $2.3 billion in cash, cash equivalents, and short-term investments. Our Q2 use of cash, cash equivalents and short-term investments totaled approximately $202 million compared to $195 million in the first quarter, which included the net cash impact of our Ohio facility purchase.

我先從第二季財務結果開始。我們在第二季末持有約 23 億美元的現金、約當現金與短期投資。我們第二季現金、約當現金與短期投資的使用總額約為 2.02 億美元，相較第一季的 1.95 億美元；第一季包含我們收購俄亥俄州設施所帶來的淨現金影響。

Excluding that one-time Ohio investment, our first half 2026 use of cash was $365 million, which is within our guidance range of $340 million to $370 million. Additional detail is available in our Q2 shareholder letter.

排除那筆一次性的俄亥俄州投資後，我們 2026 年上半年現金使用量為 3.65 億美元，落在我們 3.40 億至 3.70 億美元的指引區間內。更多細節可參閱我們第二季股東信。

Total property and equipment investment in the quarter was approximately $29 million compared to $78 million last quarter. With the Ohio purchase behind us, CapEx declined sequentially, though it remains elevated versus prior years as we build out manufacturing capacity.

本季不動產及設備投資總額約為 2,900 萬美元，較上季的 7,800 萬美元下降。隨著俄亥俄州收購已告一段落，資本支出（CapEx）較前一季下滑，但由於我們正在擴建製造產能，仍較過去年份偏高。

Revenue for Q2 was $39 million, primarily from Blade passenger business and up $14 million from the prior quarter. Blade delivered a standout quarter, supported by the seasonal summer ramp, favorable weather, and elevated demand around major events. We are pleased with that momentum. It exceeded our expectations, and it's reflected in the raised guidance we'll walk you through shortly.

第二季營收為 3,900 萬美元，主要來自 Blade 乘客業務，較前一季增加 1,400 萬美元。Blade 交出亮眼的一季，受惠於夏季旺季的季節性爬坡、有利天候，以及大型活動周邊需求走強。我們對這股動能感到滿意。表現超出我們預期，也反映在我們稍後將帶大家了解的上調指引中。

Total operating expenses for Q2 were $300 million compared to $258 million in Q1. The $42 million increase was primarily driven by $23 million of continued investment to support certification, manufacturing ramp, and commercial readiness, $11 million in costs related to increasing revenue and $8 million in other expenses.

第二季營運費用總額為 3.00 億美元，第一季為 2.58 億美元。增加的 4,200 萬美元主要來自：2,300 萬美元的持續投資以支援認證、製造爬坡與商業化準備；1,100 萬美元與營收成長相關的成本；以及 800 萬美元的其他費用。

On a GAAP basis, we reported a Q2 net loss of $245 million compared to $110 million in the prior quarter. Most of that increase was related to a $108 million noncash unfavorable change in the fair value of warrants and earn-out shares. The rest was a $27 million increase in loss from operations. Keep in mind that fair value revaluation is driven primarily by changes in our share price and can introduce meaningful noncash volatility from quarter-to-quarter.

按 GAAP 基準，我們第二季淨損為 2.45 億美元，前一季為 1.10 億美元。其中大部分增加與認股權證及或有對價（earn-out）股份公允價值出現 1.08 億美元的非現金不利變動有關。其餘則為營運虧損增加 2,700 萬美元。請記住，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。

Adjusted EBITDA, a non-GAAP metric that we reconcile to net income in our shareholder letter was a loss of $197 million in Q2 compared to a loss of $179 million in Q1. The $19 million change quarter over quarter reflects the revenue and expense dynamics I just described.

調整後 EBITDA（非 GAAP 指標；我們在股東信中將其與淨利進行調節）第二季為虧損 1.97 億美元，第一季為虧損 1.79 億美元。季度間 1,900 萬美元的變動反映了我剛才描述的營收與費用動態。

Stepping back for a moment, the mix of our spending is shifting to preparation for commercial operations as well as aircraft production. In the first half, capital expenditures were $107 million, including $62 million for Ohio and $15 million for Hollister, where we have invested in expanded flight test capabilities. We expect capital spending to run below the first half pace in the back half, though still elevated relative to prior years as we keep investing in manufacturing and commercial infrastructure. And we will continue to size that spend to respective milestones.

稍微拉遠來看，我們的支出組合正轉向商業營運準備以及飛機量產。上半年資本支出為 1.07 億美元，其中包含俄亥俄州 6,200 萬美元，以及在 Hollister 的 1,500 萬美元投資（我們在那裡擴充了飛行測試能力）。我們預期下半年資本支出將低於上半年的節奏，但由於持續投資製造與商業基礎設施，仍將高於過去年份。我們也會持續依各項里程碑來調整支出規模。

As we advance our US go-to-market through eIPP, we are investing in the foundation required to carry passengers: Part 135 operations, maintenance and training and the systems that turn an aircraft into a running service. It is an exciting time. We see the eIPP as complementary to certification, a parallel path to build, improve the commercial side of the business, while certification continues on its own track. We are expanding as we hit milestones, not before.

隨著我們透過 eIPP 推進美國市場導入策略，我們正投資於載客所需的基礎：Part 135 營運、維修與訓練，以及把一架飛機轉化為可運行服務所需的系統。這是一個令人振奮的時刻。我們將 eIPP 視為與認證互補：在認證沿著自身軌道推進的同時，並行打造並強化商業端。我們會在達成里程碑後再擴張，而不是提前擴張。

On manufacturing, our joint venture with Toyota lets our teams work side by side to scale production. It also let us share the investment required to build that capability, leveraging Toyota's decades of production expertise. As we finalize the remaining supply agreements, we continue to expect Toyota's $250 million direct investment in Joby to close later this year or early next.

在製造方面，我們與豐田的合資企業讓雙方團隊能並肩合作以擴大量產。這也讓我們能分攤建立該能力所需的投資，並運用豐田數十年的生產專業。在我們完成剩餘供應協議的同時，我們仍預期豐田對 Joby 的 2.50 億美元直接投資將於今年稍晚或明年初完成交割。

Now on to our guidance. Our approach to capital remains disciplined and milestone driven. As we move through the back half of the year, we are managing spend to optimize for certification progress, production ramp and increasingly commercial readiness through the eIPP. For the second half of 2026, we expect to use $385 million to $415 million in cash, primarily to support certification, manufacturing, eIPP and commercialization. This step-up from the first half reflects deliberate investment in commercial readiness as we scale into operations.

接下來談我們的指引。我們的資本配置方式一向嚴謹，並以里程碑為導向。隨著我們進入下半年，我們正管理支出，以最佳化認證進度、量產爬坡，以及透過 eIPP 持續提升的商業化準備。對於 2026 年下半年，我們預期現金使用量為 3.85 億至 4.15 億美元，主要用於支援認證、製造、eIPP 與商業化。相較上半年增加，反映我們在擴大營運前，對商業化準備所做的有意識投資。

And as always, we can stage a portion of that spend to match our progress, keeping our usual capital discipline. On revenue, given Blade's continued strength and healthy demand for air mobility, we are raising our full year guidance to a range of $115 million to $125 million from a prior $105 million to $115 million range, with $63 million in revenue already recognized in the first half and Blade typically peaking in the third quarter, we feel good about delivering on this increased range.

一如既往，我們可以將其中一部分支出分階段安排以配合進度，維持一貫的資本紀律。在營收方面，鑑於 Blade 持續強勁以及空中移動需求健康，我們將全年指引由原先的 1.05 億至 1.15 億美元上調至 1.15 億至 1.25 億美元；上半年已認列 6,300 萬美元營收，且 Blade 通常在第三季達到高峰，我們對達成這個上調後的區間很有信心。

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)

Andres Sheppard, Cantor Fitzgerald.

Andres Sheppard，Cantor Fitzgerald。

Congratulations on the quarter and all the great progress, and it was great to see everyone at the Farnborough Air Show a few weeks ago. First question, I guess I have is just coming back to the eIPP. So again, a lot of great progress here and initial flights in September and first passengers in 2026, very exciting. I guess my question here, maybe for you, JoeBen, is how are you thinking about utilizing your current fleet across these projects and including maybe your aircraft in production? Like how do you expect, I guess, to deploy these across the different projects?

恭喜本季表現與各項重大進展，幾週前在范堡羅航展見到大家也很高興。第一個問題，我想回到 eIPP。所以再次強調，這裡有很多很棒的進展，9 月的初始飛行以及 2026 年的首批乘客，都非常令人振奮。我想問的可能是給你，JoeBen：你如何思考在這些專案之間運用你們現有機隊，並且也包含可能正在生產中的飛機？你預期要如何把這些資源部署到不同專案上？

And then maybe secondly, and I realize this might be a bit early, but do we have a sense of revenue-generating opportunities that may come from the eIPP?

第二個問題，或許現在問有點早，但我們是否能大致了解 eIPP 可能帶來的創收機會？

Thank you, Andres. It was wonderful to see you in Farnborough. I'll take the first part of that and then pass it to Rodrigo. The eIPP is really a spectacular opportunity that's been provided to us, and we're really excited about it, really excited about beginning that in Texas with our existing fleet and expanding that over the months to come and out into 2027 as we bring more and more aircraft online. As I mentioned in my prepared remarks, we have our first conforming aircraft flying, and we have 12 more that are in production.

謝謝你，Andres。在范堡羅見到你非常開心。我先回答第一部分，然後交給 Rodrigo。eIPP 對我們而言真的是一個難得的絕佳機會，我們非常興奮，將先在德州以現有機隊啟動，並在接下來幾個月持續擴展，隨著更多飛機陸續投入運行，延伸到 2027 年。如我在事先準備的發言中提到，我們的第一架符合構型（conforming）的飛機已經在飛行，另外還有 12 架正在生產中。

That's an increase of four additional aircraft this quarter into our production queue. And the reason we're leaning so hard into manufacturing is the incredible opportunity that we see in front of us, both with eIPP and, as Rodrigo spoke about, with the incredible performance of the Blade division.

本季我們的生產排程新增了 4 架飛機。我們之所以如此大力投入製造，是因為我們看到眼前有極其龐大的機會：一方面是 eIPP，另一方面如 Rodrigo 所說，Blade 事業部也展現了驚人的表現。

With that, I'll hand it to Rodrigo.

接下來我交給 Rodrigo。

Yes. Thanks, JoeBen, and good to see you, Andres, in Farnborough. Look, it's premature to provide forward guidance on the numbers today. But the reason we're so excited about this program is because it's giving us the opportunity to monetize every single aircraft that comes off our production for the foreseeable future. So think about the eIPP markets alone.

是的。謝謝你，JoeBen，也很高興在范堡羅見到你，Andres。坦白說，現在就提供數字上的前瞻指引還言之過早。但我們之所以對這個計畫如此興奮，是因為它讓我們有機會在可預見的未來，將每一架從產線下線的飛機都變現。先只看 eIPP 的市場就好。

So we're talking about Texas, Florida, New York, that alone could absorb the whole production for quite some time. And let's not forget about California, our backyard here. So number one, we want to maximize that opportunity, and that's why we're so focused on production growth. And we started that not yesterday. We started much earlier than that.

我們談的是德州、佛州、紐約，光是這些就足以在相當長一段時間內吸收我們全部的產能。也別忘了加州——我們的大本營。所以第一，我們希望把這個機會最大化，這也是我們如此專注於產能成長的原因。而且我們不是昨天才開始做。我們早在更久之前就開始了。

And don't forget, we intended to start passenger operations in Dubai as well, that will be on top. And I think Blade is showing us that vertical lift, what it can do. We saw a record quarter, and you were actually to experience that benefit while you're there in the UK.

另外別忘了，我們也計畫在杜拜啟動載客服務，這會是額外的增量。我認為 Blade 正在向我們展示垂直升力（vertical lift）能做到什麼。我們看到一個創紀錄的季度，而你在英國時其實也親身體驗到了那個效益。

Wonderful. That's very helpful. Really appreciate that color. Maybe just as a quick follow-up, JoeBen, maybe a bit of an unconventional question. But at the Farnborough Air Show, you highlighted hydrogen as an exciting kind of new propulsion system.

太好了。這非常有幫助。非常感謝你提供的這些補充說明。也許我再快速追問一下，JoeBen，可能是個有點不太常見的問題。不過在范堡羅航空展上，你特別提到氫能是一種令人興奮的新型推進系統。

And so I guess my question there is maybe can you elaborate on that? How material is that to the story? I know it's maybe not talked about enough, but that was a bit differentiated. So just curious on how you're thinking about that and maybe some potential opportunities there that you're considering.

所以我想問的是，你能否再多談談這一點？這對整體故事的重要性有多大？我知道這可能沒有被談得夠多，但那確實有些差異化。所以想了解你如何看待這件事，以及你正在考慮的一些潛在機會。

Thank you so much, Andres. So hydrogen has been something we began pulling the thread on back 6-plus years ago. Just to set the context, hydrogen has 3 times the specific energy of jet fuel. And with our fuel cell systems, we can convert that chemical energy into propulsion about twice as efficiently as a small turbine converts jet fuel into propulsion. And as a result, you can do really game-changing things with aircraft design.

非常感謝你，Andres。氫能是我們在 6 年多前就開始深入探索的方向。先提供一些背景：氫的比能量是航空燃油的 3 倍。而透過我們的燃料電池系統，我們可以把這些化學能轉換為推進力，其效率大約是小型渦輪把航空燃油轉換為推進力的兩倍。因此，你可以在飛機設計上做出真正顛覆性的改變。

If you think about this in the context of a long-haul aircraft, take an A320 versus an A350. So the A350 flies twice as far with twice as many passengers, it weighs 4 times as much. It takes off with more weight in jet fuel than weight in passengers. And that aircraft also costs 4 times as much. So it costs twice as much per passenger, weighs twice as much per passenger.

如果把這放在長程飛機的脈絡下來看，以 A320 對比 A350。A350 的航程是兩倍、載客量也是兩倍，但重量是 4 倍。它起飛時所載的航空燃油重量甚至超過乘客重量。而那架飛機的成本也高出 4 倍。所以換算下來，每位乘客的成本是兩倍、每位乘客的重量也是兩倍。

And that's all down to the fuel being very, very heavy. And so if you have a lighter weight fuel, you can do really game-changing things with aircraft design. We think this is the biggest disruption in aviation since the invention of the turbine engine back in the 1930s. And we think that by being one of the world leaders, if not the world leader, we're going to see really significant upside over the years to come.

而這一切都歸因於燃油非常、非常重。因此，如果你有更輕的燃料，就能在飛機設計上做出真正顛覆性的改變。我們認為，這是自 1930 年代渦輪引擎發明以來，航空領域最大的顛覆。我們也相信，透過成為全球領先者之一，甚至是全球領先者，我們將在未來幾年看到非常顯著的上行空間。

Savi Syth, Raymond James.

Savi Syth，Raymond James。

Just on Blade perhaps, I was kind of curious what you're seeing given the kind of the fuel increase here and still relying on fuel. Just what you're seeing in terms of kind of pass-through and kind of the ability for demand to kind of absorb that? And any high-level thoughts on margins this year versus maybe the potential there as kind of if you might pull back?

想請教一下 Blade 的部分，我有點好奇，在燃油價格上升、而且仍然依賴燃油的情況下，你們觀察到什麼？就成本轉嫁（pass-through）以及需求吸收這些成本的能力而言，你們看到的情況如何？以及對今年毛利率相較之下的高層次看法，或者如果你們可能會稍微收縮時，潛在的影響是什麼？

Savi, I think your question, and this is Rodrigo here, about the demand. Look, number one, if I look at Blade itself, the acquisition has been a home run. You saw that in the quarters here. We just did -- had the highest number of seats sold in Q2 in our history. And most importantly, the highest numbers of new flyers from NYC in New York since 2023.

Savi，我想你問的是需求方面的問題，我是 Rodrigo。首先，如果我看 Blade 本身，這次收購非常成功。你在這幾季的表現已經看到了。我們剛剛在第二季創下公司史上最高的售出座位數。更重要的是，自 2023 年以來，來自紐約市（NYC）的新乘客數也達到最高。

What that's telling you is the demand for vertical lift is very high. So Blade has been a home run acquisition for us. We are lapping the first year pretty soon, and they have reaccelerated their growth. That's coming from the focus from the management in the high demand that we have for the service. And it's been a very valuable infrastructure that we acquired.

這告訴你的是，垂直升力（vertical lift）的需求非常高。所以 Blade 對我們而言是一筆非常成功的收購。我們很快就會跨過第一年的比較基期，而他們的成長已經重新加速。這來自管理團隊的聚焦，以及我們對該服務非常高的需求。而且這是我們收購到的一項非常有價值的基礎設施。

So if you think about what we did here, we acquired an already built infrastructure, a loyal and growing customer base that loves the benefits of vertical lift, and a decade of know-how. So we put this all together, this is a very growing demand for us.

所以如果你回頭看我們做了什麼：我們收購了一套已建置完成的基礎設施、一個忠誠且持續成長、喜愛垂直升力優勢的客戶群，以及十年的專業 know-how。把這些整合起來，對我們而言就是非常強勁的需求成長。

Look, now in terms of the -- I guess, your question is more like for the operating costs, I would say flight margin has improved, and you're not seeing a direct impact that will be flowing through the bottom line. Right now, we are running a business that is not consuming cash and in fact, it is contributing on the growth. And also, I think the team is doing a pretty good job in terms of selling the capacity that is available to the demand that's quite high.

再來就——我想你的問題更偏向營運成本。我會說飛行毛利率已經改善，而且你不會看到會直接流入損益底線的負面影響。目前我們營運的這門業務不但不消耗現金，事實上還在為成長做出貢獻。另外，我也認為團隊在把可用運能賣給相當高的需求方面做得很好。

That's helpful. I appreciate that. And maybe if I could briefly follow up on Andres' question on the eIPP side. Just on the aircraft that you plan to use, is that the certification conforming aircraft that you plan to use in those flight tests? Or are you able to kind of use some of the prior generation aircraft as well as you kind of progress through that flying?

這很有幫助。謝謝你的說明。另外如果我可以簡短追問一下 Andres 關於 eIPP 端的問題。就你們計畫使用的飛機而言，那會是用於飛行測試的「符合認證構型（certification conforming）」的飛機嗎？還是你們在推進飛行測試的過程中，也能使用一些前一代的飛機？

Thank you so much, Savi. We're going to use a mix of different aircraft, both aircraft from our existing fleet as well as producing as many aircraft as we possibly can off of our company conforming production line.

非常感謝你，Savi。我們會混合使用不同的飛機，包括我們現有機隊中的飛機，以及我們會盡可能從公司符合構型的生產線上生產更多飛機。

(Operator Instructions)

（接線員指示）

James Kirby, JPMorgan.

James Kirby，JPMorgan。

I just wanted to ask on the scale and ramp, JoeBen. And I appreciate the color you answered in the previous question on the four incremental in development aircraft quarter over quarter. Is that the right cadence to think of for the back half of the year? I think you mentioned two are expected to be delivered later this year. So is the right way to think about that, that you expect to end the year with seven aircrafts flying?

JoeBen，我想問一下規模化與爬坡（ramp）的問題。也謝謝你在前一題提到、相較上一季新增 4 架研發中的飛機所提供的補充說明。這是否是今年下半年可以用來思考的正確節奏？我想你提到預期今年稍晚會交付兩架。所以正確的理解方式是否是：你們預期年底會有 7 架飛機在飛行？

Yes. Thank you so much. We are, as I mentioned, ramping our manufacturing as aggressively as we can. We've been making really phenomenal progress on the nonconformance rate, which translates directly into improvements in efficiency and improvements in output. And so we are going to continue to add new aircraft into the build -- the front end of the build queue because there is a lag between when we start a build and when the aircraft comes out the back end.

是的。非常感謝。如我所提，我們正以我們所能做到的最積極方式提升製造產能。我們在不符合率（nonconformance rate）方面取得非常出色的進展，這會直接轉化為效率提升與產出提升。因此，我們會持續把新飛機加入建造——也就是建造佇列的前端，因為從開始建造到飛機從產線末端下線之間存在時間落差。

As I mentioned, we're targeting at least two aircraft to come off the line over the back half of the year and hoping to over deliver.

如我所提，我們的目標是在今年下半年至少有兩架飛機下線，也希望能超額交付。

Got it. That's really helpful. And then for my second question, just in light of recent industry announcements on the defense side, maybe just want to give you a chance to really just clarify, and I know you've been asked on almost every call on the end markets for defense. But maybe just where the defense fits into the Joby ecosystem and particularly where you prioritize it with the eIPP obviously ramping in the coming months?

了解。這真的很有幫助。那我的第二個問題是，鑑於近期產業在國防端的一些公告，也許想給你一個機會再釐清一下。我知道你幾乎每次電話會議都被問到國防終端市場。但也許你可以談談國防在 Joby 生態系中的定位，特別是在 eIPP 明顯將於未來幾個月加速推進的情況下，你們如何排定優先順序？

Yes. Thanks a lot for the question. This is Paul. Obviously, there's been a lot of conversation across the industry around hybrid VTOL for defense. And we have been working on this category for going on two years and not just working on it, but actually demonstrating improved range, improved capability in conjunction with moving to a hybrid platform on real aircraft that are flying.

是的。非常感謝這個問題。我是 Paul。顯然，整個產業對於用於國防的混合動力 VTOL 有很多討論。我們在這個類別上已經投入將近兩年，而且不只是投入研發，我們也在實際飛行的真實飛機上，結合轉向混合動力平台，展示了更長航程與更強能力。

And we think that puts us in a really strong position to take advantage of the opportunities that we see before us across multiple different customers across the DoW. Now look, the mission types for vertical lift vehicles for those customer sets are really wide.

我們認為，這讓我們處於非常有利的位置，能把握我們在 DoW 多個不同客戶面前所看到的機會。再說，針對這些客戶群，垂直升力載具的任務型態其實非常廣泛。

There are areas in strike, areas in ISR, areas in infil and exfil, particularly for passenger carrying versions that I think are all super exciting for the core capabilities that we're demonstrating. And I think one of the things that you're seeing more broadly in defense is that it used to be that spec sort of delivered on capabilities. But actually, the reverse is largely true now, or at least there's an interplay between the two.

在打擊任務、ISR（情報／監視／偵察）、滲透與撤離等領域都有應用，特別是對於載客版本而言，我認為這些都非常令人振奮，因為它們展現了我們正在展示的核心能力。而我認為你在國防領域更廣泛看到的一點是：過去通常是規格（spec）決定並交付能力。但其實現在很大程度上是反過來，或者至少兩者之間存在相互作用。

And it's demonstrating capabilities that allow you to shape the specifications that the customer wants. So that's why we've been doing the work and why we think we're going to be well positioned to take full opportunity of all of those defense customer use cases.

也就是透過展示能力，讓你能夠塑造客戶想要的規格。因此這就是我們一直在做這些工作的原因，也就是為什麼我們認為自己將能夠處於有利位置，充分把握所有這些國防客戶的使用情境。

Amit Dayal, H.C. Wainwright.

Amit Dayal，H.C. Wainwright。

With respect to the eIPP program that's about to start for you guys, are there any aspects of running the eIPP program that could give you certification credits? Or should we think of these as separate efforts with no overlap?

關於你們即將啟動的 eIPP 計畫，在執行 eIPP 計畫方面是否有任何部分可以為你們帶來認證（certification）抵免／積分？還是我們應該把這些視為彼此獨立、沒有重疊的工作？

Yes. Thank you so much. We do see the potential for there being -- the potential to accelerate our overall certification program on the back of a lot of the flight testing and experience that we gained through the eIPP program. Just as a recap, we're working very closely with the FAA as well as local municipalities as we conduct our flights and operations under the eIPP program. And that close coordination, we think, has the potential to pay dividends.

是的。非常感謝。我們確實看到一個可能性：藉由 eIPP 計畫中大量的飛行測試與我們所累積的經驗，有機會加速我們整體的認證計畫。簡要回顧一下，我們在 eIPP 計畫下進行飛行與營運時，正與 FAA 以及地方市政單位非常密切合作。而這種緊密協調，我們認為有機會帶來回報。

And then my follow-up, I guess, is around the Atoms partnership. Should we assume this partnership implies that you could be shouldering some of the CapEx that goes into developing the vertiports? I just wanted to see if this potentially adds some additional burden on your balance sheet or if that is not a correct assumption?

那我接著追問，我想是關於與 Atoms 的合作夥伴關係。我們是否可以假設，這項合作意味著你們可能需要承擔一部分用於開發垂直起降場（vertiports）的資本支出（CapEx）？我想確認這是否可能對你們的資產負債表增加一些額外負擔，或這樣的假設並不正確？

Thanks for the question. So it is a co-investment vehicle, and both parties are going to contribute capital. But most importantly, when it comes to the way in which it's structured is that Atoms has built up a number of financing relationships over a long period of time, given their work in real estate development and operation for many, many years now. So we get to be the beneficiary of a lot of the relationships and the credibility that they've already sort of built out.

謝謝你的問題。這是一個共同投資工具（co-investment vehicle），雙方都會投入資本。但更重要的是，就其架構而言，Atoms 長期以來因為多年從事不動產開發與營運，建立了許多融資關係。因此我們能夠受益於他們既有建立起來的關係網與可信度。

JB already mentioned sort of in the outset how we're going to sort of lean on the Atoms team for site identification, procurement and in turn, sort of build-out and operations.

JB 一開始也提到，我們將在場址辨識、採購，以及進一步的建置與營運方面，倚重 Atoms 團隊。

And that in turn means that we have a smaller share of the lift for all of the sites that we develop. But I think the most important thing really is the opportunity to kind of help to define a brand-new asset class. With two important new modes of transportation entering US cities over this year and the coming years, that is autonomous vehicles on the ground and eVTOL aircraft in the air. We're going to need this sort of new infrastructure.

而這也意味著，對於我們所開發的所有場址，我們需要承擔的工作量占比會更小。但我認為最重要的其實是：有機會協助定義一個全新的資產類別。隨著今年以及未來幾年有兩種重要的新運輸模式進入美國城市，也就是地面的自動駕駛車輛，以及空中的 eVTOL 航空器。我們將需要這類新的基礎設施。

And I think if we can go out and demonstrate its viability in conjunction with the smart folks over at Atoms, we really can define this new asset class that us and others continue to develop in more markets and a greater scale over time.

而我認為，如果我們能與 Atoms 那邊的聰明團隊一起走出去並證明其可行性，我們確實可以定義這個新的資產類別，讓我們以及其他業者能在更多市場、以更大規模，隨時間持續開發。

Understood. Just can I maybe just ask one question on the two aircrafts that you are planning to deliver this year, who are those going to? If you can share any color on that?

了解。我能否再問一個問題：你們今年計畫交付的兩架飛機，會交付給誰？如果你能分享一些細節的話？

So as I mentioned at the outset, we have far more demand for aircraft than we have the production or we're able to produce at the moment. And so we're ramping production. We've not specifically decided the destinations for those two aircraft. Dubai and the UAE remain very high on our priority list.

如我在一開始提到的，我們對飛機的需求遠高於目前的產能或我們現階段能生產的數量。因此我們正在提升產量。我們尚未明確決定那兩架飛機的交付目的地。杜拜與阿聯仍然在我們的優先清單上名列前茅。

But we will make strategic decisions as those aircraft come off the line.

但當那些飛機下線時，我們會做出策略性的決策。

Austin Moeller, Canaccord Genuity.

Austin Moeller，Canaccord Genuity。

So of the conforming aircraft that are currently in the assembly phase, do we have any timetable on when some of those are going to come off the line? I know one of them is already in ground testing, but when those would come off the line and start conducting flight tests because our thinking should be that it's 12 months from when TIA flight testing starts to cert, correct?

那麼，對於目前正處於組裝階段的符合構型（conforming）飛機，我們是否有任何時間表，知道其中一些何時會下線？我知道其中一架已在做地面測試，但它們何時會下線並開始進行飛行測試？因為我們的理解是，從 TIA 飛行測試開始到取得認證大約需要 12 個月，對嗎？

Thanks, Austin. So just to kind of recap it for folks, we have -- the first step is doing the work on Stage 5. And as we reported, is the final stage of certification. We reported record progress on Stage 5 this quarter. So really thrilled with the work the team is doing there. That is about running the component level testing, the system level testing and writing those test reports, making great progress on that.

謝謝，Austin。為了讓大家回顧一下，我們的第一步是完成第 5 階段（Stage 5）的工作。而如我們所報告的，這是認證的最後階段。我們本季在第 5 階段取得了創紀錄的進展。所以我們對團隊在那方面的工作感到非常振奮。這部分主要是進行元件層級測試、系統層級測試，並撰寫那些測試報告；在這方面我們進展非常順利。

The second piece is preparing the flight test plans that first Joby pilots will get in and fly on those aircraft. And then it is about -- the third stool -- leg of the stool is we need to expand the flight envelope on that first conforming aircraft. We've done that work already on our prior series of aircraft, which are, for all intents, very similar to our FAA conforming aircraft. And so we're, in a sense, repeating those exercises.

第二部分是準備飛行測試計畫，讓 Joby 的飛行員先上機並在那些飛機上飛行。接著第三個「凳腳」是：我們需要在第一架符合構型的飛機上擴展飛行包線（flight envelope）。我們先前在上一系列飛機上已經做過這項工作；就各方面而言，那些飛機與我們符合 FAA 的飛機非常相似。因此某種意義上，我們是在重複那些測試。

The other element that we're now working on in parallel is this work on the eIPP. And we see that as an incredible opportunity, but also an additional burden on the team. And so we think that it has the potential -- in the short term, it's additional effort. But as I said earlier, it has the potential to accelerate our overall certification program. But the short term may be some extra load.

我們現在也在並行推進的另一個要素，是 eIPP 的相關工作。我們把它視為一個極佳的機會，但同時也會對團隊帶來額外負擔。因此我們認為它有潛力——短期來看是額外的投入。但如我先前所說，它有潛力加速我們整體的認證計畫。只是短期可能會多一些負荷。

Okay. And can you comment on the incremental $250 million equity investment that's expected from Toyota? Does that go to you now? Or would that go within the JV?

好的。那你能否評論一下預期來自豐田的額外 2.5 億美元股權投資？那筆資金現在會進到你們這邊嗎？還是會進到合資公司（JV）裡？

Austin, Rodrigo here, and I look forward to seeing you in the conference next week. Short answer is it's coming and it's going to go directly to Joby Inc. Should expect that by the end of the year or early next year.

Austin，我是 Rodrigo，也期待下週在會議上見到你。簡短回答是：那筆投資正在進行中，並且會直接進到 Joby Inc.。預期在今年年底或明年年初完成。

Chris Pierce, Needham & Company.

Chris Pierce，Needham & Company。

I just want to -- can you help me sort of level set what to expect in September and through the rest of the year in Texas? Like should this look like the Electric Skies event? Should this look like ONEflight? Or could this be high -- not high frequency, but an aircraft there flying on a semi-regular basis? And are these passengers kind of one-off type passengers?

我想——你能否幫我大致校準一下，9 月以及今年剩餘時間在德州我們應該期待看到什麼？例如，這會像 Electric Skies 活動那樣嗎？會像 ONEflight 那樣嗎？或者會是較高——不是高頻，但會有一架飛機在那裡以半定期的方式飛行？而這些乘客是否屬於一次性的那種乘客？

Are they able to book through the Joby app or the Uber app? Like I just want to kind of know what we should be looking for at the start and how it progresses?

他們能透過 Joby App 或 Uber App 來預訂嗎？我只是想了解，我們在一開始應該看什麼，以及它會如何推進？

Yes. Thank you. Just as a recap, this is staged. So it will begin with Joby pilots on board and then progress to passengers, and then further on down the road, paying passengers. And so that's the progression you should expect.

是的。謝謝。簡要回顧一下，這是分階段進行的。因此一開始會由 Joby 飛行員在機上，接著進展到載客，然後在更往後的階段，才會是付費乘客。所以你應該期待看到的是這樣的進程。

With the flight -- specifically the flights in Texas, we're planning that over a course of a week. And we plan to do a number of flights that allow us to really get comfortable operating in the Dallas-Fort Worth airspace. We see this as a tremendous opportunity and Texas is a really, really exciting market for us and for the industry as a whole.

關於飛行——具體來說是在德州的飛行，我們規劃在一週的時間內完成。我們計畫進行多次飛行，讓我們能真正熟悉在達拉斯—沃斯堡空域的操作。我們視此為一個巨大的機會，而德州對我們以及整個產業而言，都是一個非常、非常令人振奮的市場。

Okay. Perfect. That make sense. So we shouldn't expect -- that's fine. I get it. Okay. Perfect. And then on the talk about ramping production. I guess, how should we think about when you might churn Ohio on, when investors might be able to have boots on the ground, and sort of really see the higher tempo production as you move beyond sort of the cadence you laid out in 2027, the cadence you've laid out towards the end of this year?

好的。完美。這樣就說得通。所以我們不應該期待——沒關係。我懂了。好的。完美。接著談到提升產能。我想問，我們應該如何看待你們何時可能讓俄亥俄那邊全面啟動、投資人何時能到現場實地了解，並且在你們超越你們在2027年所描述的節奏、以及你們今年年底所描述的節奏之後，真正看到更高節拍的生產？

Yes. Thank you. So the ramp in Ohio for the components we're manufacturing there has already gotten going, and the team is doing a spectacular job of producing conforming components out of that facility. And we are also ramping at our facilities in San Carlos and in Marina.

是的。謝謝。所以，我們在俄亥俄製造的零組件，其產能爬坡其實已經開始了，團隊在該廠區生產符合規格的零組件方面做得非常出色。同時，我們也正在聖卡洛斯（San Carlos）與瑪麗娜（Marina）的設施提升產能。

We expect to continue to ramp each of those facilities in parallel as we increase our manufacturing volume over the quarters to come. So if you're interested in seeing our manufacturing operations, we would love to have you. We think we're doing a really remarkable job, and it's really fun to come see.

我們預期在接下來的幾個季度，隨著製造量提升，會讓這些設施同步、並行地持續爬坡。所以如果你有興趣參觀我們的製造營運，我們非常歡迎你來。我們認為我們做得非常出色，而且來看一看真的很有趣。

Okay. And then just flipping back to Austin -- to Andres' question. I believe you talked about -- sorry if this came up on the call, but Dubai, you're still anticipating passenger flight there this year? Or that's sort of -- because of the conflict that's sort of not lower priority, but just that's a lower likelihood event? Or has anything changed in that regard?

好的。那再回到奧斯汀——回到Andres的問題。我記得你提到——如果這在電話會議中已經談過先抱歉——杜拜那邊你們仍預期今年會有載客飛行嗎？還是因為衝突的關係，這件事並非優先順序降低，但只是發生的可能性變低？或是在這方面有任何變化嗎？

So our partners there are as leaned in as ever, the RTA and the GCA (sic - "GCAA") as well as our infrastructure partners. The first vertiport is done. The second one is close to completion. The third is progressing well. And that is really significant because the degree to which the government there is leaned in on making this new mode of transportation a reality.

我們在那邊的合作夥伴一如既往地全力投入，包括RTA與GCA（原文誤植為「GCAA」）以及我們的基礎設施合作夥伴。第一座垂直起降場（vertiport）已經完工。第二座接近完工。第三座進展也很順利。這非常重要，因為這顯示當地政府投入的程度，正致力讓這種全新的運輸模式成為現實。

I was over there about a month ago, and it is -- we think that Dubai, the UAE, and the region as a whole is a really remarkable and exciting opportunity, and we can't wait to get back to flying there. As a reminder, we have an aircraft over there, and we're really -- we can't wait to get going.

我大約一個月前才去過那裡，我們認為杜拜、阿聯酋以及整個區域都是非常卓越且令人興奮的機會，我們迫不及待想回去飛行。提醒一下，我們有一架飛機已經在那邊了，我們真的——迫不及待要開始。

Kristine Liwag, Morgan Stanley.

Kristine Liwag，摩根士丹利。

By the way, it was great to fly Blade at Farnborough last month. Our roughly 15-hour flights certainly beat -- 15-minute flight, excuse me, beat the two-hour drive back to Central London. So I guess pivoting to Blade then, can you provide an update in terms of how you're viewing that business strategically?

順帶一提，上個月在范堡羅搭乘Blade飛行很棒。我們大約15小時的飛行當然勝過——抱歉，是15分鐘的飛行——勝過開車兩小時回到倫敦市中心。所以我想把話題轉到Blade，你能否就你們如何從策略面看待這項業務提供最新進展？

Specifically, how much of Blade's current operations are focused on retaining and servicing the existing customer base versus potentially expanding that customer base ahead of the Joby eVTOL aircraft certification? And how do you think about balancing that near-term operating discipline versus accelerating Blade as a demand generation platform?

具體來說，在Joby的eVTOL飛機取得認證之前，Blade目前的營運有多少是著重於維持並服務既有客戶群， versus 可能提前擴大客戶群？以及你們如何在短期的營運紀律與把Blade加速作為需求生成平台之間取得平衡？

Thanks a lot, Kristine. This is Paul. So I mean, as you saw from the numbers and as you saw from the guide, we're feeling really good about the existing Blade footprint and really the demand signal that we're getting from those core markets. The principal issue that we've had in terms of scaling it beyond that existing demand is aircraft availability, which is obviously something that we hope to solve with a better, quieter aircraft in relatively short order. Blade has had tons of opportunity to sort of potentially expand its overall footprint, and we're evaluating those on a pretty regular basis.

非常感謝你，Kristine。我是Paul。如你從數字以及指引中看到的，我們對Blade既有的版圖，以及我們從那些核心市場收到的需求訊號感到非常樂觀。就把規模擴大到超出既有需求而言，我們遇到的主要問題是飛機供給量，這顯然是我們希望在相對短的時間內，透過更好、更安靜的飛機來解決的。Blade其實有很多機會可以擴大整體版圖，我們也相當定期地在評估這些機會。

Obviously, some of that work is happening in the eIPP markets that will be Joby launch sites as well. So we're kind of taking each of them in turn and evaluating the core merits about whether or not it makes sense to do or not.

當然，其中一部分工作也正在eIPP市場進行，而那些也將是Joby的啟動據點。所以我們會逐一檢視並評估每個市場的核心優勢，判斷是否值得去做。

But as I said, in terms of the core of the business, we couldn't be more pleased with both the signal that we are getting directly from customers, the operational experience that Rob and the broader team sort of bring, given their work on this for years and years. And finally, the insight on the kinds of journeys, not just airport to airport, but airport to non-airport that really make this whole thing work.

但如我所說，就業務核心而言，我們對於直接從客戶端收到的訊號、Rob與更大團隊多年累積的營運經驗，以及最後對於各種旅程型態的洞察——不只是機場到機場，還包括機場到非機場——這些真正讓整個模式得以運作的旅程，我們都再滿意不過。

Perfect, thank you and thank you to all the analysts who asked questions today. Earlier this week, we invited members of our community to submit questions as well. And I think we have time for at least one of those now. The first question actually is about modernizing ATC.

太好了，謝謝，也謝謝今天所有提問的分析師。本週稍早，我們也邀請社群成員提交問題。我想我們現在至少有時間回答其中一題。第一個問題其實是關於現代化空中交通管制（ATC）。

The question is, will Joby have any involvement with ASI's FAA contract to modernize the air traffic control system? Paul?

問題是：Joby是否會參與ASI與FAA簽訂的、用於現代化空中交通管制系統的合約？Paul？

Yes. So we started our partnership with ASI earlier this year, and we were very excited that they were selected by the FAA for one important component of the broader ATC modernization, the sort of smart program. We will be working with ASI in short order to essentially trial their tools in the existing airspace, both with Blade operations and with Joby eVTOL operations.

會的。我們今年稍早開始與ASI合作，也非常興奮他們被FAA選中，負責更廣泛ATC現代化中的一個重要組成部分，也就是所謂的智慧化計畫。我們將在不久後與ASI合作，基本上會在既有空域中試行他們的工具，涵蓋Blade的營運以及Joby的eVTOL營運。

We see it as a very important sandbox with a small number of aircraft and a limited geography to essentially prove out the additional performance that we can bring in terms of flight frequency from sort of key locations. And that's really the role that we're going to play in conjunction with ASI on that effort.

我們把它視為一個非常重要的沙盒：以少量飛機與有限地理範圍，來驗證我們能帶來的額外效能，特別是在從一些關鍵地點提升飛行頻率方面。這就是我們與ASI在該項工作中將扮演的角色。

But look, more broadly, when you think about the ATC modernization and there are other pieces of that, that are coming, including [caps], ground infrastructure, all of it is really in service, I think, of allowing us to increase the frequency of both existing and future operations beyond what is possible in existing ATC. So it has very real benefit, revenue benefit and profitability benefit for Joby over time.

但更廣泛來看，當你思考ATC現代化，以及接下來還會有其他部分，包括[caps]、地面基礎設施等等，這一切我認為都是為了讓我們能把既有與未來的營運頻率提升到超越現行ATC所能達到的水準。因此，這會隨時間推移為Joby帶來非常實質的效益，包括營收效益與獲利能力效益。

And then even more importantly, it's really the steppingstone for fully autonomous commercial operation, which we're progressing well with our Superpilot autonomy stack that we acquired via the Xwing acquisition. So the ATC modernization is an opportunity to both increase the revenue opportunity of current and future piloted operations, and then over time, really expand the scope and scale of autonomous operations, which are both super exciting for the long-term business.

而且更重要的是，這其實是邁向完全自主商業營運的踏腳石；我們透過收購Xwing取得的Superpilot自主飛行技術堆疊，在這方面進展良好。因此，ATC現代化既是提升目前與未來有人駕駛營運營收機會的契機，也能隨時間推移真正擴大自主營運的範圍與規模，而這對長期業務而言都非常令人振奮。

Great. Thank you. Thank you everyone for joining us today. We greatly appreciate your support. We'll talk to you soon.

很好。謝謝。謝謝各位今天加入我們。我們非常感謝你們的支持。我們很快再聊。

Operator, please go ahead.

接線員，請繼續。

Thank you. And this does conclude today's conference, and you may disconnect your lines at this time. We thank you for your participation.

謝謝。今天的電話會議到此結束，您現在可以掛斷電話線。感謝各位的參與。