Financial Data and Key Metrics Changes - The company ended Q1 2025 with cash and short-term investments totaling $813 million, excluding the expected Toyota investment [27] - The net loss for Q1 2025 was $82 million, reflecting a loss from operations of about $163 million, partially offset by interest and other income of $81 million [28] - Adjusted EBITDA for Q1 2025 was a loss of $127 million, which was about $8 million higher than in Q4 2024, reflecting increased operating expenses [29] Business Line Data and Key Metrics Changes - The company achieved a record progress in certification, with the FAA side accelerating by 12 percentage points, reaching 62% completion [7] - Five aircraft were produced in the last quarter, marking the busiest period for flight testing with up to eight flights per day [9] - The company is on track to have FAA conforming aircraft ready for flight testing later this year [35] Market Data and Key Metrics Changes - The partnership with Virgin Atlantic was announced, aiming to deliver air taxi services in the UK, starting with hubs at London Heathrow and Manchester [17] - The company is preparing to send an aircraft to Dubai for hot weather testing, which is critical for service launch [42] Company Strategy and Development Direction - The company has three distinct paths to market: direct sales for defense applications, partnerships for air taxi services outside the U.S., and direct-to-consumer air taxi services [21][23] - The company is focused on scaling manufacturing and certification processes, with an expanded facility in Marina set to double manufacturing capacity [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's leadership position in the sector, citing strong government support for advanced air mobility [15] - The company is actively engaging with regulatory authorities in various countries to facilitate near-synchronous certification processes [93] Other Important Information - Rodrigo Bramana will join as Chief Financial Officer, bringing extensive experience in global finance and manufacturing [18] - The company plans to maintain a disciplined approach to investments, aligning them with business opportunities [29] Q&A Session Summary Question: Timing of full-scale aircraft with all fully conforming parts - The company confirmed that all aircraft built have been full-scale and are on track for FAA conforming aircraft to be ready later this year [35] Question: Flight test goals for the year, including Dubai - The company highlighted significant progress in flight testing and plans to conduct tests in Dubai under challenging conditions [42] Question: Transitioning from pilot on board to passengers on board - The critical piece involves component and system-level testing, with FAA-approved test plans being essential for moving forward [51] Question: Addressing safety standards in the UK - The company is working closely with UKCAA to align certification standards with the FAA [55] Question: Balancing near-term cash flow versus long-term margin - The company emphasized the importance of flexibility in prioritizing different market opportunities based on credible prospects [58] Question: Impact of tariffs on operations - The company believes its vertical integration will mitigate the impact of tariffs, allowing for flexible supplier management [66] Question: Commercialization timeline post-U.S. regulatory approval - The company is actively engaging with international regulatory authorities to ensure a seamless transition to certification in other markets [93] Question: Average cost of building a dedicated vertiport - Costs can range from hundreds of thousands to millions of dollars depending on the scale of the vertiport [99]

Financial Data and Key Metrics Changes - The company ended Q1 2025 with cash and short-term investments totaling $813 million, excluding the expected Toyota investment [27] - The net loss for Q1 2025 was $82 million, reflecting a loss from operations of approximately $163 million, partially offset by interest and other income of $81 million [28] - Adjusted EBITDA for Q1 2025 was a loss of $127 million, which was about $8 million higher than in Q4 2024, indicating increased operating expenses [29] Business Line Data and Key Metrics Changes - The company achieved a production target of delivering parts equivalent to one aircraft per month, which supports unprecedented levels of component and subcomponent tests [7] - Five aircraft have rolled off the pilot production line, with ongoing FAA inspections for conforming aircraft [34] Market Data and Key Metrics Changes - The company announced a partnership with Virgin Atlantic to deliver air taxi services in the UK, starting with hubs at London Heathrow and Manchester [17] - The company is preparing to send an aircraft to Dubai for flight testing in hot weather conditions, which is critical for service launch [42] Company Strategy and Development Direction - The company has three distinct paths to market: direct sales for defense applications, partnerships for air taxi services outside the U.S., and direct-to-consumer operations [22] - The company is focused on scaling manufacturing and certification processes to support commercial operations next year [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving type certification and highlighted the importance of recent progress in flight testing and FAA interactions [15][16] - The company is optimistic about the regulatory environment and support from the U.S. government for advanced air mobility [15] Other Important Information - Rodrigo Bramana will join as Chief Financial Officer, bringing extensive experience in global finance and manufacturing [19] - The company is nearing completion of an expanded manufacturing facility in Marina, which will double its manufacturing footprint [14] Q&A Session Summary Question: Timing of full-scale aircraft with fully conforming parts - The company confirmed that all aircraft built have been full-scale and are undergoing FAA inspections for conforming aircraft, with plans to have them in the air later this year [34] Question: Timeline for expanded manufacturing site in Ohio - The company is making great progress on both the Marina and Ohio sites, with parts expected to come out of the Ohio facility in the coming months [38] Question: Flight test goals for the year, including Dubai - The company is preparing to send an aircraft to Dubai for hot weather testing and is pleased with the progress made in flight testing [42] Question: Transitioning from pilot on board to passengers on board - The company emphasized the importance of component and system-level testing for FAA conforming test articles before transitioning to passenger flights [50] Question: Addressing safety standards in the UK - The company is working closely with UKCAA to align certification standards with the FAA, ensuring a smooth path for operations in the UK [53] Question: Balancing near-term cash flow versus long-term margin - The company highlighted the importance of flexibility in choosing between different market strategies based on credible opportunities [57] Question: Impact of tariffs on operations - The company believes its vertical integration will mitigate the impact of tariffs, allowing for more flexible supplier management [65] Question: Commercialization timeline post-U.S. regulatory certification - The company is actively engaging with regulatory authorities in other countries to ensure a seamless transition to certification once U.S. approval is obtained [93] Question: Average cost of building dedicated vertiports - The cost of building vertiports can range from hundreds of thousands to millions of dollars, depending on the scale [99]