Eve Holding (EVEX) 16 Mar 232022 Q4 Earnings call transcript

Company Profile

Participants

Lucio Aldworth	Director, IR
Gerard DeMuro	Co-CEO
Eduardo Couto	CFO
Andre Stein	Co-CEO
Andres Sheppard	Cantor Fitzgerald
Savi Syth	Raymond James & Associates
Sheila Kahyaoglu	Jefferies
Joshua Milberg	Morgan Stanley
David Zazula	Barclays Bank
Marcelo Motta	JPMorgan Chase & Co.
Marvin Fong	BTIG

Call transcript

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Operator

Greetings. Welcome to the Eve Air Mobility Fourth Quarter 2022 Earnings Call. [Operator Instructions].

I will now turn the conference over to your host, Lucio Aldworth.

You may begin.

Lucio Aldworth

operator. you, Thank everyone. Good morning, Lucio Eve, Aldworth, our Investor is Director quarter the I wanted at and call. to earnings Relations to XXXX This conference of welcome fourth everyone DeMuro have and our I Eduardo Couto. me with co-CEOs, CFO, André as well here Stein as Gerard initial their questions. going remarks, open we're the After for call to

available with Relations Investor website ir.eveairmobility.com. We deck slides additional our a have prepared information, at and few a and this is at

to download it. free feel So

statements about me includes or Let start forward-looking not have that by and presentation this events yet first mentioning that circumstances statements occurred.

and and largely future We trends events about these uncertainties political forward-looking affecting business forward-looking The these have expects to subject economic, assumptions, general forward-looking financial conditions, our in performance. and financial based on intended and continues, things, other statements believe, similar our and are our among words current expectations anticipates, Brazil risks, statements projections our These market. identify statements. and will, in may, estimate, intends, are business to future both and words including,

circumstances might to no and events future in statement any of because In undertake or events revise presentation update information, We other forward-looking and the of this these new factors. uncertainties, not light risks occur. or publicly discussed obligation

differ actual statements. anticipated Our could substantially in results those from our forward-looking

presentation I to that, turn Jerry. the will over With now Jerry?

Gerard DeMuro

the actually well. public for are of being today Thanks, with milestones eventually, know, in very spun introduced Lucio. EmbraerX, Zanite we out merged accelerator, and accomplishing Good and as and last EmbraerX morning, and technology and the were number first many to developed We And the company. had concept Embraer's We, actually went of May as of was a you those then eVTOL year. and call in thank product in we XXXX. you for XXXX, of a joining a the eventful program in

so listed the that New has major the yet experience be can the we start-up, Embraer, a now market. the and feel listed well of York agility along player in included $XXX de-SPAC public, and on symbol United, our Going We under September. as investors last which backing EVEX the proceeds the million and resources net of that came we Eve and from we Exchange later autonomy in PIPE of about as a OEM the investments Stock May, from with

in the lines of million with $XXX Bank. secured Brazilian Development we another National almost credit Later year, the worth

our $XXX is So that our gives major over us well to and XXXX. into sales this as activities enough total a million. believe R&D fund of liquidity support well as We efforts

critical will well that Thus, Brazil, be think and operating You program R&D we'll set again through XXXX. advantages. OpEx the our recall with gives us through we mass, mostly CapEx in tremendous

And program our over has the eVTOL last matured year. significantly

sophisticated simulations. in subsystems We use these and fidelity commercially model-based high refining through our testing not and very advanced been the systems but design representative We're XXXX. tools, validate have to full-scale models also through advancing using final the of we're subscale engineering design, prototypes to eventually and engineering only

This thoroughly components allows flexible to and us validate test approach separately.

efficient in process years which more by XX certified has and the proven effective an over aircraft any following than are We OEM. aviation years many other last Embraer,

the that that's and eVTOL urban Lift with what lowest of cost safe reliable is ownership, truly of us is Our optimized configuration Cruise the course, + mission. total goal, a air a and to drove for

in event this mock-up cabin and spring. April us introduce last our at reviews, be customer available at had Florida. board our saw advisory our investor great will also Melbourne, also XXXX it We

also Type Brazilian We in which the XXXX, process through Authority. our will Certification initiated done ANAC, be Aviation

more And be in FAA. ANAC Brazil, years. for certification with of a and typically, agreement followed done only had endorsement by FAA it will and additional to final be the much will FAA Certification that testing process a have Type process limited the by ANAC also efficient this many While allows through bilateral

intend similar with a for first and as certification ANAC significant and primary We dialogue with multiple in EASA, began a FAA, instance, we by approach line to using at think there. also with advantage ANAC being follow the all we authority unique our configuration. But have versus, applicants we

plan Our into remains enter service sometime XXXX. in to

us XXXX, was In India. global ecosystem. these UAM in scale Chicago we to with to recently simulations a gather of in most in number critical also simulations goal ran helicopters of The Rio, intelligence and help the

use also urban congested areas. tested the actual cases in We eVTOL of

bit in to to Now about Stein, I'd last slide, advancements a the my little more Andre Co-CEO, quarter. talk the the next program call like to

Andre Stein

this of components. Jerry. Thanks, as of conditions. suppliers our different engagement. progress now under such With and systems and aircraft as We of on. motors performance these to us detailed batteries, certifications fly-by-wire that, critical expected and our supplier development, intensify our and laws, we refine potential more systems, We quarter controllability the made of some have so visibility and real a can sense also fine-tune flight-control envelope, performance much better our It shortlisted gives

rigs and program This us systems. to have reduce under of quickly our part This design, and and components dedicated evolve other different were approach costs. other them and incorporate allows efficiently in our conditions optimizing to design components In the systems and rigs the and motor-propeller we employing parallel, independently test been development test configuration. and for batteries

about in we our are with and steps a few manufacturing the management of be besides we define flow of related that to to But our I'm which we defined size, reaching production model logistics having specifically the talk announced strategy to support other late that year, to process. last Porsche the moments. aircraft. a Brazil, All site have critical point in this concluded maturity in the first going manufacturing mean the

successfully September. our the defined the last version deployed Lastly, simulation Urban Management and Air an we system earlier software in requirement Chicago for Traffic

achieve by the flight optimizing aerospace and integrating system. plans reducing Our vertiports energy can in for goal of aircraft in aircraft these aircraft different enable efficiency times flight controlled by management waiting and and safe a cohesive is to overall improve within of paths flow We consumption. and operations

predelivery the translate have and aircraft industry backlog and the business to regional of X,XXX existing and In intention in into flow Now number smooth operators, these we and Slide platforms companies. as to the different LOIs, intent, believe from into leasing our of visibility, long-term consumption today. countries airlines total, collect letters the end, years known Eve as PDPs. orders firm revenue diversified pipeline nonbinding customers to we offers to cash largest on convert letters customers that will helicopter strong help to XX from ridesharing in different regions the and this of it come for over to X. most start strengths are In payments, by spread XX We and

developing Mobility, creating network ecosystem and whole such of are we Urban which developing energy, Beyond a of the one of strong partners areas, new beyond that, as is ahead in addressing Air largest a aircraft. infrastructure simply challenges

let call to Now talk about me Edu our Edu? financials.

Eduardo Couto

eVTOL is formed Mobility Thanks, develop a Urban Slide its company pre-operational the in Stein. ecosystem. Air At Eve to X,

start start predelivery currently material XXXX. to for expect We deliver we to of estimated generate to revenues payments eVTOLs, our outside once

for costs So now development. financial associated program our results the with mostly reflect our

program million our develop service our the $XX in invested our and portion Management System. to in start full million The We and support for the development the year. development our Air income the eVTOL a and invested with like to and would quarter fourth $XX during majority highlights. Traffic solutions statement of I XXXX was Urban

only with We complete the and including maintenance solution, eVTOL are traffic aircraft, air company a the control.

dedicated million and deployed $XX In the program as in SG&A in during the the to the have also addition the to Embraer quarter development million in teams been that matures. mind and eVTOL $X R&D, year. Keep we growing Eve

expenses as quarter of SG&A, the expenses to nonrecurring, year. for partners that XXXX. $XXX million so in IPO the million. of our It's $XXX warrants $XX net year a our reported noncash results This nonrecurring well XXXX were of Including R&D $XX to noncash was as costs important to and loss in in million issued XXXX recurring we include listing million, full some loss related and and the highlight

Now moving flow. to cash

liquidity, and recent XXXX total the quarter Development funding $XX the Bank. long-term consumed with the Brazilian Our third in ended in considering quarter million in total of fourth from million of operations in a the $XXX from down million year. the million $XX without We quarter the $XXX

moving our to development position, currently investments, the Development Brazilian million. we Slide efforts with Again, that from certification and to lines current our credit Considering cash operations, total X. carry Bank the Now liquidity we comfortable through including this have than Embraer enough signing, $XXX and is XXXX. feel more of

our also attention your want to cost competitive to I some call of advantages.

the which helps need top a where is last located. of full of to of Embraer we Europe, our and favorable our We first have to costs. specialized have rate. compared hundreds development Brazil, from engineers identified bring are we This our priority that, and team skilled engineers into P&L, most engineers means Brazil competitors In X,XXX don't on R&D where longer and more end, and as-needed basis. to On in U.S. our our reduce dollars access in located cost

to related to have also Lastly, and facilities, infrastructure Embraer's we access reducing CapEx general. investments in

increase ahead. our our the intensifying. the structure mentioned, will growth R&D years require support an to Stein expected This in efforts development As are in

come. eVTOL us between considering keep $XXX expect cash good liquidity development above be our we which, total and Eve's total XXXX, million the to gives years million, million in to For our to consumption $XXX $XXX comfort

conclude financial and highlights, Stein to to our would I our call development I that, talk milestones. With like about

Andre Stein

Thanks, Edu.

see structures one we products with of X. for program and secured, milestones as funding you fund accelerating Air Slide the put well was program right and market. now on our the the necessary to in Urban development planned focus the aircraft certification our people During Mobility other With as for as the our engage are XXXX, place,

propulsion batteries, of will half The to the critical aircraft, our of in completed the and XXXX. first earlier, the of be suppliers primary selection alluded components such most the systems is as first, as of I which

This the us the architecture more and our as for also critical final a defined detailed to we at specifications is output continue accomplish power also and the plan system refine validate estimates semester suppliers, this will to the result such we much complete weight, aircraft of of selection in which envelope The aircraft define and these Also year. performance first for costs. systems level, in interface. production, operating to dimensions, components,

prototype our to the of as expect fabrication planned With begin design established, XXXX. in final we

plan Urban Last but deploy Management with of most customers. field testing our recent half potential in Air trials to the to start in the Traffic second we least, version not

prepared for for our open conclude and we to that, we'd questions. With Operator? like remarks, the call

Operator

Instructions]. [Operator

Andres Our first with from Fitzgerald. the line Cantor question Sheppard of comes

Andres Sheppard

Can bit in and flights you flights? test give in terms particularly wondering Congratulations on year. the little how you the expected test and if half more expect quarter. sense give the -- a I to as of can maybe is when the up of us begin us flight you of was color a second the this prototype ramping

Gerard DeMuro

Stein, you that want one? Yes. do to take

Andre Stein

Sure, sure.

we know, background. strong you came aviation As from a

As aviation it's for do the disclose reasons beforehand flights. dates ultimate first to it we There company, One, are safety, assure goal. that that. not a for is any few

the additional to And to continue goal be that develop don't put the want pressure we So to market. and through aircraft. is and will second the dates certify, end deliver our the disclosure is the to goal

we not plan. say to what first flights, can first So are dates are on we track that disclosing or according I but the

the to assembly mentioned. right to will final assure [indiscernible] as manufacturing year, we market time, by sure and prototype of again, goal. We the the plan our entry will and start this -- entry the are the following service at we to the our when our And start

different the the a develop done aspects not necessarily order, of that in in that believe really always and maturing the the things but forward visible several with not to of of programs most the problem, of to problem. the the and bring some moving right ahead been We having parts assure we're lot development, previous parts

Gerard DeMuro

Yes. I A one add thing. Jerry could This to DeMuro. couple Andre, is thoughts that. of if

intend as lot Stein term subscale of we actually, goal here, as kind simulation, models. our fly, are Our into we defining we represented our can And make to of a will flying we proof doing And models, the take -- it. prototype," a had we representative process. We're a our vendors we to said, you've heard close select commercially when as you're possibly or refine concepts. vehicle That's as model as using of it be prototype. of select, the term certification can as we "what the

something then what Subscale representative models, is proof to think we're of and vehicles fairly going concept take that forward. we of

and we'll So make begin as end half to that's the that's through year that what why to, of fly fly after progression our and year of at -- the second we next. refine the we this design, -- alluded we'll critical Stein define assembling the suppliers, intend

Andres Sheppard

one and I Understood. follow-up. that. appreciate comprehensive. very That's very Maybe quick helpful last

lines On the fund liquidity total liquidity so that know -- credit, liquidity expectation today that operations $XXX XXXX. as QX, $XXX.X million I current mentioned side, the and Is certifications of now into of of including designs right, you that, is million. the north sufficient to believe you've

So -- and the sufficient clarify, is is I expectation that, that ANAC, EASA? just certification to fund that include the to wanted then does with is

Gerard DeMuro

Sure. I'll I turn think question But the of part your the Edu. liquidity total to in question, answer. I over can last

follow will and a to ANAC the -- have essentially we're subsequent program. program they that FAA validating with process with through significant simultaneous to virtually that expect into input EASA that. we because will FAA be We that sometime ANAC working the described.

might R&D through EASA XXXX we funding have to XXXX, that. be the through should expect So But that I efforts frame. after get the time sufficient would

want do anything? add you to Edu,

Eduardo Couto

No.

to Just this more very of And in we that between right? $XXX $XXX liquidity, as year to expect We in good, liquidity. $XXX million we than say terms million feeling to we consume million. are mentioned, have

multiple us the right? of We cash. gives development, years have that already So

are and liquidity, all we feel good. very not the about concerned So we at

Gerard DeMuro

that. thing Andre, Yes, one add I to would

the we about two. we so have into will of cash good of We not progress will, steps payments, first or probably through you the those pretty getting begun figures, Stein That work -- liquidity the to referred will And payments as certification. the first EASA yet follow that to. to LOIs add definitization if calculate the balance. again, through feel predelivery

Andres Sheppard

Congrats on to XXXX. forward accomplishments in the again quarter again soon. Wonderful. the all and I look speaking

Operator

James. with Our next question Syth Raymond Savi comes from the line of

Savi Syth

last kind of Just think a commercial follow-up you bit earlier the that the of you're the be of might to to faster close prototype you've what ahead the much of campaign at curious that with ready testing kind what kind of a the given -- long of of so more to prototypes, subscale before certification competitors? will question just How testing that the assemble do Andres with compliant model? of kind I'm other than done kind time seen we've had. if

Gerard DeMuro

that Savi. one? morning, Good do you Stein, get want to

Andre Stein

Sure.

So previous XX typically, if test our for campaign. months around certification at you look flight programs, it's

Savi Syth

of also you're qualified is Or that prototype for creating Is that's Okay. for certification with then that prototype version this certification, that the building be then testing? of is kind and qualifies right? final will this kind

Andre Stein

mentioned, I you more. referring previous So to so our right, this was previous from as In see. experience, programs are doing that Jerry what case, we typically

have So in earlier we the we flight-control process. subscale brought been have trying and models, we flight been on laws, proof-of-concept, the stimulator a doing

that's steps programs. there, steps in other There there different So but are some here. we've what additional are seen

Savi Syth

Makes sense.

after but need And or just think can trying on -- relation then out PDPs in testing PDP even long like I'm to can the the collection can of And in what figure kind and how front, the campaign, see you do Okay. start where you firming do the the of -- LOIs? when before all then firming be to to start your actual relation you we milestones, that in? coming PDPs, some collecting you

Andre Stein

Sure.

clear this a view the aircraft, costs, that, I the of will do big put suppliers think actually one expressive actual in that is on start much actual milestone. have on to -- the That position orders. we intend more milestone better So cost to when we will firming the That's that us of selection year. of a the very one and is

Savi Syth

helpful. That's very

Gerard DeMuro

customers. now we will as we working data, year, Savi, and -- also what through the refining to we said, supplier identifying in partners final complement some not just that our the will be identifying data launch have but supplier So final only configuration this move has we of be with Stein the

So be we milestones, the revenue to there as time the start to frame. then in would prior certification would delivery. expect And of through some to naturally, payments flow 'XX progress you additional that

Andre Stein

to working an operation, are the on. operation with so important we Jerry. I infrastructure, [indiscernible] necessary Yes. that of of this how just on aspects the will closely portfolio And mean and very will more big last line, and to refine what we be, complement them point That's the customers, be one have aspect. necessary

very us that allow to deployment. that future be So on assertive

Savi Syth

Makes does through to out switch this? in kind And of kind sense. of get need How that engineering, to headcount. that because clarify you terms MSA time can knowledge type I at the you through that the like XXXX flexibility progress peak Are in have we know-how and headcount of of frame? you

Andre Stein

answer I'll a So give that. first on

headcount see expecting for a as are, in majority Embraer [indiscernible] development. using with not are the to know, of we increase the big you We as

that's around we expect we'd Typically, are XXX have people where So increasing to peaks. headcount. at altogether the

Savi Syth

I Perfect. appreciate it. it. Got

Gerard DeMuro

Thank you, Savi.

Andre Stein

Savi. you, Thank

Operator

from question next comes with Jefferies. line Kahyaoglu Our of the Sheila

Sheila Kahyaoglu

about I ask wanted to your cash usage.

million XXXX. in $XXX targeted to You've cash use $XXX million of

that Following to the usage much $XX on how to we past being related million about basis? million And R&D? think million annum in $XXX still per should a $XXX 'XX, in is of

Andre Stein

Yes, the big year, million $XXX R&D, on fully The $XXX increase the is right, $XXX dedicated million to R&D I take can jump R&D. around Sheila. really should is to be majority from this the or million in that,

But that structure $XX [indiscernible]. the in far course, jump chunk team some is areas the million and big big the we the have problem other in the $XX the Of development and Eve R&D by remaining million. to

Sheila Kahyaoglu

XXXX how overlaps percentage already of that I base? of guys And are or what -- be you then sort your -- what much And of wanted about with selected? And How think in you targeting you're how Embraer's base. who where much of may have to what been that to with Okay. supplier understand select parts? you're suppliers

Gerard DeMuro

not I'll moment. you to clarification This what a ask -- vehicle. All little about it the in I Stein a Embraer. I'm turn over would with overlap Well, a sure unique is right.

be major Our will suppliers unique.

have that list, are the in be as are major propellers has avionics. basis, on power we aviation, but Thales the in suppliers motors, our unique. Stein things management, and that in a the includes dealing partners partner you're typical battery typical seen would like like may daily you've you Rolls-Royce been Given right the we suppliers, here with intricately that suppliers, call the partners and in even like equipment to select moving down They the BAE. aviation, involved then now technology and systems, And and for and

on to you Stein, that? do expand want

Andre Stein

No, think it. mentioned I you

That is you leverage a there So no are the relations. lot direct overlap. Also, there course, to electrification of said, when and talking on. so existing can of you're newcomers about Embraer market

players that of this needs are but a year but field. place the over. other So of the market, flight-controls, have like we the in as are well new portion selection we majors, it's we be a very also very, as aspects, to throughout everything great, all there can the technical we aerospace more selecting in are with And on Jerry -- of interiors, the creates as product moving cost said, level like significant this even both aspects so the of year,

Sheila Kahyaoglu

That's comfortable them. are the are some are with where just in suppliers of and helpful. of you how I them with understanding Okay. who process and an get to wanted the you

Operator

comes the with from next Our Marcelo JPMorgan. of line question Motta

Marcelo Motta

First related to question sales is the campaign.

purchase. book a you of already of sizable orders, wondering intention have guys just very So

to there if just is come. wondering more So still

So could a be you is should chain more think new do have delivery you clients eVTOL, let's ramp-up say, related are X happen we your product mean are see to to who forecasted the milestone, questions. or this new going question or on your there this easiest mean, the through for as the bottlenecks, say, the that maybe actively to also, mean reach need -- IPO. anticipated is, demand? about us those supply see I orders think are And marketing to the the, If related you to like just you will ramp-up faster I get if the I on that of is let's production? book. what to faster guys the

Andre Stein

Sure. I'll on that. start

help to with concept will to operations continuing to on to your on existing So be. and we campaign. we Also, customers how the needs. All really strongly are with understanding this engaged yes, of our be us will exercise understand point, simulations sales we concept of are so done backlog the related deep the on, operations, our have dive to

can but we are perspective, energy bring the and customers, infrastructure to from have So only the we market we table that the providers and partners to discussion to deployment. the that can not the assure --

So these the market ready airplanes. receive to being

So existing strong is to we Yes, of acquired, customers continuing plan. tracks. beyond with talk focus also we we diverse there and X already of engaging developing portfolio the these the on a have are but ones this customers

year, On how the in rational top we've a you how together can up Porsche of can worked with that, requirements manufacturing, the that ramp to as last understand way we we for know, production, well. do as

IPO. So very fair up for much are it's to be there, good are you our there serve ramp aircrafts way. still is a you very shape these able up There to complete I that optimum ramp in on want support that how and to that think we that an professional, and -- say saw in we

the existing leverage for [indiscernible]. We infrastructure

being in don't for around that to the beyond will present globe. operation. that from scratch That don't ramp-up and XX and existing But we infrastructure, to on countries we or over you be ramp sensible. earlier we're a overpromise overly need believe lot want So up reinvest helps what

Operator

line comes with the from David of question Our Zazula Barclays. next

David Zazula

Just had I the earlier questions on on some a clarification guess of we've testing.

that going you from that building? and you'd be with for are prototype the credit components the ANAC are now -- process, is to less familiar the to that? prototypes you planning come testing building do For Or you're any of those

Gerard DeMuro

answer But expand on Stein the short can no. is The Stein? process.

Andre Stein

question. I sure I'm the whole got if not

mind If repeat to you wouldn't it?

David Zazula

you to credit certification? amount do expect to be of guess, start when -- I able credit ANAC testing about for will the Just give you that

Andre Stein

don't we've time of campaign, explained. tell ANAC you with we Okay. disclose I've dates I all of with I year. said ahead the There that for process before, as for that can already flight to the What this in start engaged ANAC reasons test formal terms is, earlier

that Sorry? to go was So saying -- I ahead.

David Zazula

And related I any there's ask to in Air that's Management XXXX? development, about and that the expenses can to how going if then progressing, Traffic just Urban just be

Andre Stein

on development Yes, that? the on want the are well, said. if bit as guidance cost versions included that for expenses have this are that's already more customers a to software. Eduardo we've with around planning good today we as we deploy But the to actually year question. Yes, a Edu, earlier you on said comment potential the customers, and X

series this keep again, to Chicago, So software trials can in year software But during have version earlier development. it we We've -- planned. interactions the the in going to our September of it's on development. the as fine-tune last deployed

aircraft with where the lot of using Embraer we're what like doing are to resources. the we We a

the of With and the software are aerospace, only Brazilian that Group software Embraer not type engaging but we so for develop that basically which other for whole the been using software that development, as for well has with is of the the aerospace, developed countries. they ATAC, Brazilian part here

it So planned. going on And year. Edu, the is bit. as sure, predicted last our it's for you're expense yes, to included comment if this not going in

Eduardo Couto

of $XXX million. it. think I that's It's the part

the focus [indiscernible]. biggest have a We small an chunk the It's The -- is portion. R&D.

Operator

Our next Milberg the Stanley. comes Josh of question with Morgan line from

Joshua Milberg

that either possibility on United of the eVTOL the the I contemplating you all like shareholders, You of environment. broader are to additional then if in my crystal question or existing nature your just guys But and comfortable PDP liquidity at collection, ones? of the And made equity ask your wanted investments spite position second new just by is clear.

the on the the multiple advantage, the your process about FAA. certification at talked relative You applicants to advantage

wondered with additional not the other And of environment interest on recent issue Obviously, could of just somewhat Thank gotten much you some also has you terms challenging. to having very maybe design, I'm how the industry in terms if certification, on elaborate concept provide only competitors some higher you whole respect rates sure and individually. but and point manufacturing more much. in also your in evolved the and not say can of on months I how of that perspective proof you respects, strategies. see

Gerard DeMuro

All right.

Let the kick turn off, and to it team. we'll me it over then

do the have That's we investments? available to us. On certainly equity question an additional first about, that contemplate option we

in have We know. of there. number much PIPE. pretty There included that That's as the you potentials a was are all strategic partners,

see us. and what wait advantageous for most course is action the will We of

know, look you is out cost-effective we're required. clean opportunistic very, a sheet, balance that came get and and most listing, As able when our ways we the capital the be of to had at very we to

we And So have time and that will to and situations allow is an option mature consider. that we luxury again, the of opportunistic. the significant be

resource-limited, some the or comment to they being time. the is take we ANAC the and that that were comment a a With of The resource to will about ANAC. they find really there's regulations whether That's a parts bit respect applicants, they processing. these that areas, of have be constraint expert ANAC focus There's advantageous it's develop is existing as or what alluding we that you because multiple in have right? really in may certain make we're only whether FAA, number the FAA, today singular all to or really combine FAA of an requirements different there. And from

some In phases as industry the industry you better where do are in maturing, capitalized you have others. than terms any of early

Some think I that regard. effective in others, designs natural than will you're just be evolution and a seeing more

on pick further. those of see if it turn want any to Edu over Stein topics up to and they I'll any to

Andre Stein

Just one comment overall. things the on

this the was a you think hype. beyond industry, point passing lot of there I stage a are of hype. there And was in realistically,

already. curve through point the of We that are or beyond that passing

potential At were And number So we for now are different point, it's of when projects and consolidations about and so way. on. XXX you are certain really a a this on. the future so seeing seeing smaller talking eVTOLs you

all are it's a curve that's and starting believe we I hype beyond But already. we about the handful the moving when Now see already, are to results, do right? final

Gerard DeMuro

we any side, anticipating are liquidity equity. the new On not

Operator

Fong Marvin BTIG. our question with And next the of line comes from

Marvin Fong

Just building previous a couple questions. for me, on of kind

if more should more PDP in have So payments, think just visibility? -- that discuss might we that, do Or first Edu, a could is XXXX? one, of terms Do any in, come you of in event? you XXXX even that XXXX,

And then on question overall environment. just the a

I to XXX the months. orders you X in book think about your added last

Just of think potential of orders expect be ability do should already characterize lot XXXX, in you the slowing bring order active the players, environment. could current they or the and activity sort you was kind to we Do kind have about a as new if of as it demand down? of orders, in wondering made the to their

Eduardo Couto

Okay. Marvin. Thanks,

in But and to company In we with course, define deliveries engaged when our customers, and all PDPs, are potential 'XX. could 'XX we're start see start we all may refine to the to to We of our something customers' PDPs. define an We skyline it's the of we engaged are not in definitely today to higher we exactly [indiscernible] XXXX,, collect right, difficult partners, going inflow rights considering to the believe are orders. these terms fully that highly cash that [indiscernible]. interesting with know going of our higher and be believe

Gerard DeMuro

have strategic Well, expect second really years our backlog on LOIs piece, there the at production. business the some for and if look several you to yes, coverage of the we our we add plan, first customers, Marvin, but enough in

but to aircraft, and support right global to resourced able Stein be service It's has to want talked and adoption implementation recognizing, in basis, that particular are to this regions only much be to so strategic properly. there's us we're what operations the again, likely not So issue that and on for dispersed we be and and about, at building as add. support the the a backlog isn't And time. customers

and now. customers, backlog focus is right launch cities. adding simply support those It's is not what So Stein our defining, to launch about talked as total in plan cities, strategy now about, and the launch

anything want Stein, to do you to add that?

Andre Stein

be. will on it. main how are the customers, that backlog our in can covered to you focus think is position Yes, might assuring I terms we a see put and we No, pipeline we of a in lot of but deployment additional -- expect focus comfortable

Operator

question from line coming The James. we with have Savi next of the Raymond is Syth

Savi Syth

side on Just things. UATM clarification a of quick the

generating expect get up? you As that do when can revenue? when develops could segment that that, Like that and start stood

Gerard DeMuro

you about have plan the for Stein, customers the to we want X talk and do implementation?

Andre Stein

we're on it and are One, there about concept operations. is there. consulting doing points of already even Management few actually, Yes, the that a

revenue at of So done already even of the the actually before revenue, but blueprint on all really creating already in of terms really that's in already outcome work it's outcome still we've development. software developing, we there. small generating this small point, this -- already are But -- the That's operations. some on it's concept an that, an actual

the down software And but in whole. aircraft, that the few itself entry with the keep partners in ecosystem can We terms as Management work -- with that do a years years the expect of to Traffic of together a have continues that to in increase the the agnostic. mind the come, even to before to software into developing Air road before, service is

to So it's into for entry having not this wait need our we service -- from software. to revenue necessarily start don't

the that It's but aircraft particularly strategic strategic, about It's at would very scale that's fly and of aircraft allow the and puzzle it. not efficiently it sales, the more service as how part you're at and eVTOL to a more is scale. the seeing being same

Savi Syth

that that gets industry When eVTOL? when meaningful do revenue? in like you of the think depend Does be some on that, certified could terms

Andre Stein

urban Yes, yes. in -- of on is with it helicopters. because even a form It agnostic. [indiscernible] are -- red It before is again, there's applicable place going eVTOLs some

So starts it more revenue yes, industry it's out in could of doesn't that scale, when expect terms need of it. to sizable the to wait. really grow, But

Operator

And And closing reached the call Lucio turn remarks. end the for now over back have I'll to Aldworth question-and-answer session. the we of

Lucio Aldworth

to Shamali, call talked you, also upcoming achieve attend. thanks, quarters everyone, and meeting the who We continued the the throughout And we as progress updating milestones few we to we events about. joined the on today. forward Thank look operating next we're going forward our look in to you just you

have as always, any have out good hesitate And thanks, to please questions, a us. If don't to you reach day. and

Operator

you and may conference, today's your at time. you participation. concludes for lines this this And disconnect your Thank

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