Financial Data and Key Metrics Changes - The company reported a cash position of $123.4 million at the end of Q3 2025, which has slightly decreased to $117 million as of the current date [17] - Full-year guidance for spending is maintained at $110 million to $125 million, which is 75% below main competitors [17] - Anticipated spending over the next 12 months is projected to be $235 million [17] Business Line Data and Key Metrics Changes - The company is focused on the piloted transition flight as a critical milestone in the VX4 development and certification program [6][7] - The VX4 aircraft design features a passenger cabin that is 70% larger than competitors, with a cockpit that is 50% larger and a luggage compartment that is 200% larger [11] - The ability to scale from four to six passengers allows operators to increase revenue by 50% and significantly improve margins [12] Market Data and Key Metrics Changes - The company has one of the industry's largest and globally diversified order books, with a unique competitive advantage due to partnerships with tier-one global lessors [21] - The defense market in Europe is expected to see increased budgets, with the company in direct dialogue with major governments regarding potential aircraft procurement [29] Company Strategy and Development Direction - The company aims to conclude a partnership with a global strategic player and significantly grow its order book [21] - Manufacturing strategy includes a phased approach with plans for facilities in the U.S., Europe, and Asia to meet increasing demand [35][38] - The company is focused on maintaining a lean and cost-effective model by sourcing parts from tier-one aerospace manufacturers [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving certification by the second half of 2028, emphasizing a transparent and rigorous certification process [56][60] - The company is actively engaging with potential strategic partners to support its ramp from certification to commercialization [23][24] - Management highlighted the importance of passenger comfort and operator profitability as key drivers for long-term commercial success [10] Other Important Information - The company received design organization approval in 2023, affirming regulatory confidence in its engineering and development processes [9] - The piloted transition flight is expected to be completed within weeks, marking a significant step in the certification timeline [18] Q&A Session Summary Question: Status of aircraft three production and hybrid powertrain development - Management confirmed that aircraft three production is on track for completion in early December and that hybrid powertrain development is also progressing as planned [26] Question: Manufacturing strategy and potential partnerships - The company is pursuing a prudent approach to manufacturing, with plans for three facilities by the middle of the next decade and discussions with the U.K. government regarding major facilities [34][38] Question: Opportunities in the defense market - Management indicated strong interest from European governments in the aircraft, with expectations of securing the first order in 2026 [29] Question: Clarification on funding from the U.K. government - The company is part of a government initiative to link Oxford and Cambridge, with plans to demonstrate capabilities over the next 12 months [46] Question: Non-dilutive funding opportunities - Management confirmed that there are opportunities for non-dilutive funding in the defense sector, particularly as negotiations with governments progress [76] Question: Aircraft capabilities for defense customers - The aircraft's silent takeoff and landing capabilities, along with low noise and thermal signatures, are expected to be highly attractive to military customers [78]