Certification Progress
Q: When will the FAA accept all your compliance plans?
A: The FAA has begun approving our certification plans, completing about 12% of the total documentation package so far. We expect an increase in compliance findings as we progress towards type certification, though the exact timeline isn't specified. One remaining item is the emergency landing topic, which the FAA is finalizing for the entire industry. We don't see any risk today; it's more of an administrative process.

2025 Financing Plans
Q: How will you finance costs in 2025, including Stellantis?
A: For 2025, we plan to keep core expenses for engineering and SG&A flat to down. We'll finance material costs through traditional mechanisms like working capital and inventory financing, and we're in discussions for favorable terms. Regarding Stellantis, the details are subject to shareholder approval, and we'll provide more information later.

First Piloted Flight Timing
Q: What's the timing for your first piloted flight?
A: We're working towards the first piloted flight of our type design aircraft—the same design we plan to certify and ramp into production. The aircraft is almost complete, in the system integration testing phase. While we won't give a specific timeline due to safety considerations, we're getting really close to that milestone.

UAE and U.S. Commercialization Plans
Q: How do UAE plans compare to U.S. market readiness?
A: In the UAE, we aim to begin commercial service by the end of next year, leveraging existing infrastructure and partnerships, which minimizes our capital investment. For the U.S., we're engaging early with customers to learn about aircraft deployment and scaling, without heavy capital investment. We believe there's an opportunity to generate revenue and potentially positive cash flow with minimal additional investment.

Production Capacity and Scaling
Q: Any learnings on scaling production from building aircraft?
A: Building our first type design aircraft has provided extensive learnings that inform how we're laying out the initial production line in Georgia. We're producing conforming aircraft for FAA flight testing and additional aircraft intended for early commercial operations in the UAE and elsewhere.

Market for Orders
Q: How are customers ordering aircraft—slots or batches?
A: Customers worldwide are eager for early access to learn deployment and operations. We've secured orders with non-refundable predelivery payments and plan to deliver aircraft for in-market demonstrations, market surveys, and eventual commercial launch. Many customers want aircraft as soon as possible, and we're engaging with strategic partners globally.

Predelivery Payments Size
Q: Do you have a sense of the predelivery payment amounts?
A: We've collected predelivery payments from several customers but haven't detailed the amounts. For the joint venture with Penn Airlines and Sumitomo in Japan, the first payment was $1 million. We haven't broken out additional payments going forward.

SFAR Reserve Requirement Impact
Q: Any restrictions due to SFAR reserve requirements?
A: The FAA's Special Federal Aviation Regulation (SFAR) sets energy reserve requirements, but we're able to satisfy all commercial missions we're interested in. The base requirement aligns with helicopter standards, needing a minimum 20-minute reserve. The FAA also allows alternate means to meet safety standards, providing flexibility for longer-range missions. This outcome was better than expected and supports our intended operations.

Conforming Aircraft Strategy
Q: Advantages of building conforming aircraft over prototypes?
A: Our strategy focuses on designing an aircraft optimized for certification and manufacturing, taking a methodical approach to market. The aircraft we're building now are intended for FAA testing and will be ramped into production next year for early commercial operations. This pragmatic approach avoids unnecessary vertical integration and focuses on achievable goals.

Pilot Training Plans
Q: Thoughts on pilot training following the SFAR?
A: We're pleased with the SFAR's flexibility, especially the allowance to leverage simulators for significant portions of training, aligning with our plans. This supports an efficient pathway for pilot training and is a positive sign for the industry.

Aircraft Capabilities Confirmation
Q: Is the production version meeting performance metrics?
A: Yes, the aircraft design we're producing is capable of carrying a pilot plus four passengers, meeting all intended payload, distance, and performance metrics. This is the same design we'll take into production and commercial launch.

Japan Deliveries Timeline
Q: When will you begin deliveries in Japan?
A: We're developing the infrastructure and pathway to launch in Japan. Based on our manufacturing volume chart, we expect production to ramp up after the initial 10 aircraft in 2025. As plans mature, we'll provide more detailed information.

UAE Aircraft and Service Entry
Q: How many aircraft will you send to UAE and when?
A: We're producing aircraft intended for early commercial operations, including deployment in the UAE. While specific numbers aren't given, our plan is to start operating initial flights in the UAE next year, making step-by-step progress towards commercial service.