Andres Sheppard-Slinger • Cantor Fitzgerald

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CEO Adam Goldstein described the UAE launch as a low-level, early commercial operation focused on demonstrating capabilities and learning. An executive, Thomas Muniz, detailed the plan: delivering an aircraft in the summer for high-temperature testing, followed by route proving and passenger flights with partner Abu Dhabi Aviation. Regarding the broader Launch Edition program, Goldstein noted strong international interest but stated Archer is balancing customer deliveries with internal testing needs, with more details to come.

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CEO Johann Christian Jean Bordais and CFO Eduardo Couto explained that assembly of the prototypes will begin late this year, with associated costs included in guidance, though R&D remains the primary cash use. The CEO added that the service and maintenance business is being developed in parallel to be ready for the aircraft's entry-into-service, focusing initially on a few key operators to ensure a successful launch.

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CTO Luiz Valentini highlighted that the SFAR provides crucial regulatory clarity. He pointed to the revised pilot training rules, which now allow for simulator training followed by flights with an observer rather than requiring dual-control aircraft, as a significant positive development. He added that the 2027 timeline is a realistic assessment based on the new ANAC certification basis, the SFAR, and the planned flight test program for the conforming prototype.

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CEO Michael Lohscheller reiterated that Europe is the core market but the U.S. remains a key growth area with sufficient capacity, and the strategy is unchanged despite tariff volatility. CFO Jean-François Mady stated the prior cash burn rate is unsustainable and is being addressed through growth and cost cuts. He confirmed the company is actively working on securing new equity financing and is in discussions with potential investors.

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CEO Michael Lohscheller pointed to a 30-35% compound annual growth rate target for 2025-2027, supported by a 37% order intake increase in Q4 2024. Lohscheller and CFO Jean-Francois Mady confirmed funding would be needed until reaching positive free cash flow in 2027, but the primary focus is on reducing the current cash burn of $100-120 million per month. Lohscheller also outlined the company's diversified manufacturing strategy—producing in the US, Korea, and soon Europe for the Polestar 7—to manage tariffs and costs effectively.

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CFO Per Ansgar stated that Polestar expects volume growth to continue through the year, with a particularly strong fourth quarter driven by a mix shift towards the Polestar 3 and 4. He reaffirmed the company's ambition to achieve double-digit gross margins by year-end. On capital, Ansgar noted that with the $950 million club loan and the new $300 million facility, the company has secured funding close to its previously stated $1.3 billion need and has largely undrawn trade financing facilities, seeing no immediate capital requirement.

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CEO Thomas Ingenlath stated that the long-term impact of US tariffs should be 'completely mitigated' by producing the Polestar 3 in South Carolina for North American and European markets. CFO Per Ansgar added that a 'duty drawback' mechanism provides a further hedge. Regarding capital, Per Ansgar highlighted a strong focus on improving cash flow via working capital management and noted that a €470 million financing facility remains largely undrawn, providing flexibility. He also mentioned strong support from major shareholder Geely Holding.

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CEO Chris Urmson outlined the 2025 plan, which focuses on expanding the operating domain (new lanes, night and weather conditions) to increase customer value and prepare for scaling in 2026. CFO David Maday reaffirmed that the 2027 timeframe is expected to bring high gross margins, enabled by the third-generation hardware kit from Continental, line-side OEM installation, and the ability to scale to tens of thousands of trucks.

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CEO Christopher Urmson explained the phased approach is to build stakeholder confidence, starting with one truck and scaling to tens by year-end. CFO David Maday emphasized that the 2025 focus is on product validation and expanding technical capabilities (e.g., night driving) rather than mileage targets. Maday guided to a quarterly cash use of $175M-$185M, driven by modest increases in OpEx and CapEx.

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CEO Peter Beck identified Europe as the primary international growth opportunity, along with continued strength in Japan, which is Electron's second-biggest market. CFO Adam Spice explained that the future revenue mix is hard to predict and will be volatile. A single large constellation win could skew revenue heavily toward Space Systems, while booking Neutron launches at a $50-55M price point could quickly shift the balance back toward Launch.

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CEO Sir Peter Beck expressed high confidence in a 2025 Neutron launch, noting no major blocking issues. CFO Adam Spice projected that Launch's share of revenue will increase with Neutron, but the long-term target mix is roughly two-thirds Space Systems to one-third Launch. Beck added that Space Systems is pursuing significant government programs, including those related to the 'Iron Dome' initiative.

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CEO Peter Beck explained that the planned launch cadence of 1, 3, and then 5 launches in subsequent years dictates slot availability, and the company was highly selective for its first commercial partner. CFO Adam Spice added that the timing aligns with typical 12-18 month customer integration cycles and demonstrates Rocket Lab's ability to command premium pricing from the start. Peter Beck then outlined the three key development pillars to watch: launch infrastructure, vehicle structures, and the Archimedes engine qualification campaign.

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Executive Chairman Paul Sciarra responded that Joby's vertical integration provides resilience against tariffs by allowing flexibility at the component level. Founder and CEO JoeBen Bevirt reiterated that the company remains on track for its planned service launch in Dubai, with an aircraft heading there soon for testing.

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Founder and CEO JoeBen Bevirt and Executive Chairman Paul Sciarra detailed their extensive 8-year history with the Department of Defense, highlighting the delivery of two aircraft to Edwards Air Force Base and the training of pilots and mechanics as foundational for future growth. They also noted the strategic importance of their demonstrated hybrid-propulsion capabilities for longer-range defense missions. Regarding Dubai, JoeBen Bevirt expressed excitement about the strong government support and the plan to build out a full ecosystem, starting with in-market testing this year to build momentum for a full-scale service.

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CEO Dustin Olson explained that the company is strategically holding inventory for higher-value branded sales in the second half of the year as customer trials are proceeding faster than expected. Regarding growth, he detailed how learnings from Ironton will enable future plants to be much larger (200-500 million pounds), which will lower both CapEx and OpEx per pound, leading to higher returns and faster growth.

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Executive Dustin Olson expressed high confidence, citing tangible successes in customer trials like the one with Drake Extrusion. Executive Jaime Vasquez confirmed a Q4 ending cash balance of approximately $16 million, a subsequent $33 million capital raise in February, and plans to sell the remaining $118 million in revenue bonds, which he believes is achievable given recent operational and commercial progress.

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CEO Dustin Olson described the Ironton plant as being in a 'great place' with the CP2 constraint resolved, allowing production to be ramped according to commercial demand. He did not provide a specific timeline for reaching the 107 million pound nameplate capacity, noting the focus is on commercialization first. He reiterated that the Augusta project is planned as a two-line, 260 million pound-per-year operation.

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Interim CEO Marc Winterhoff stated that while the Air is selling well, it is not expected to see a drastic sales increase, meaning the balance of the 20,000-unit guidance will come from the Gravity. CFO Taoufiq Boussaid clarified that this mix shift will cause blended ASPs to increase in the second half of the year. Regarding the convertible bonds, Winterhoff noted the company remains opportunistic and will not communicate specific timing, highlighting the success of the recent financing as a sign of confidence.

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SVP of Finance Gagan Dhingra projected significant gross margin improvement in 2025, driven by scale, cost transformation, and supplier leverage, but did not provide a specific ASP or profitability timeline. Interim CEO Marc Winterhoff confirmed the Saudi deal is weighted towards the Midsize and Gravity models but could not disclose a breakdown. Gagan Dhingra reiterated that the company is actively mitigating a potential 7-12% gross margin impact from tariffs through supply chain localization, such as a new U.S. graphite deal.

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CEO & CTO Peter Rawlinson stated that Lucid will launch the high-end Gravity Grand Touring first, anticipating that the company will be 'manufacturing constrained' rather than market constrained in 2025 due to high demand. He confirmed the Gravity is the 'perfect car' for the Middle East and that some early builds will be sent to Saudi Arabia early next year, with the overall vehicle mix for the government contract being determined by price points.

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Executive Thuy Thu Le expressed confidence in doubling 2024's deliveries, noting that while Q1 is typically the slowest, a significant ramp-up is expected in the second half of the year, driven by new 'Green series' models. She projected that international markets like Indonesia, the Philippines, and India would contribute over 10% of total deliveries. CFO Anh Thi Nguyen added that the path to profitability involves scaling volume, optimizing Bill of Materials (BOM), enhancing manufacturing efficiency, and strategic capital deployment to improve margins, building on the progress made in 2024.

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An executive explained the $3.5 billion injection will occur over two years through 2026, with funds allocated to CapEx and debt repayments. They noted Q3-end liquidity stood at approximately $1 billion. Executive Vuong Pham added that this capital ensures a runway to profitability even without external fundraising. Regarding gross margin, an executive confirmed the 2025 positive margin target is maintained, but final guidance awaits the completion of the current budget review.

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CFO Anh Thi Nguyen explained that Q2 gross margin was negatively impacted by a $104 million one-off charge for inventory write-downs (NRV), and that the underlying margin trend improved from Q1. She anticipates margins will continue to improve. Executive Thuy Thu Le reiterated guidance for positive gross margin by 2025 and positive EBITDA by 2026. She also confirmed total liquidity of approximately $2 billion, comprising ~$100M in cash, an undrawn credit facility, and an additional $1 billion gift from the Chairman.

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