2025 Use of Cash, Cash Equivalents, and Short-Term Investments

FY 2025

Expected between $500 million and $540 million "

no guidance provided [document 1]

no current guidance

Capital Expenditures

FY 2025

Expected to increase from the $41 million spent in 2024 "

no guidance provided [document 1]

no current guidance

Certification and Regulatory Progress

Q2: Detailed progress on Stage 4 with percentage completions and a target type certificate by late 2025. " " " Q3: Milestones included publication of the Powered-Lift SFAR, international regulator engagement, and progress toward Dubai operations. " " " Q4: Record progress on FAA Stage 4 and preparations for TIA flight testing were emphasized, along with early international demonstrations and renewed focus on parts conformity. " " "

Q1: Continued record progress – FAA certification accelerated by 12 percentage points reaching 62% completion, active engagement on test points, and a new UK partnership (with Virgin Atlantic) improving international certification alignment. Clear timelines for flight testing and Dubai operations were reiterated. " " " " " "

Continued robust progress with improved clarity on timelines and proactive international engagements. The positive advances from earlier quarters have been maintained and built upon.

Manufacturing Expansion and Production Ramp-Up

Q2: Rolled out a third production prototype with aims for one aircraft per month by year‑end; focus on vertical integration and cost efficiency with Toyota collaboration noted for yield improvements. " " Q3: Emphasis on facility expansion in Marina, discussions of Toyota’s strategic alliance, and incremental production capacity enhancements, though unit economics details were deferred. " " Q4: Highlighted conforming manufacturing (e.g., 95% composites conforming) and expansion in Marina and Ohio supporting next-year Dubai operations. " "

Q1: Announced doubled footprint in Marina and strong progress at Dayton, achieving a baseline of one aircraft’s worth of parts per month. Additionally, emerging concerns on optimizing unit economics were introduced while production capacity and certification-aligned manufacturing continue robustly. " "

Expansion remains a core focus, with consistent capacity ramp-up and facility investments; however, there is a heightened awareness toward unit economics that may impact long-term margins.

Strategic Partnerships and Government Contracts

Q2: No explicit mention. Q3: Discussions centered on the manufacturing strategic alliance with Toyota, with details on capital raises and partnership progress; no new DoD collaboration was noted. " Q4: No discussion of strategic partnerships was provided. " "

Q1: Finalized the first half of Toyota’s $500 million commitment and advanced work on the strategic manufacturing alliance. Notably, there was no mention of any new DoD collaboration. "

Strengthening of the Toyota alliance emerged in Q1, reinforcing previously initiated partnerships while maintaining a focus on commercial consistency; no new government contracts were introduced.

International Expansion and Market Entry

Q2: Targeting a Dubai launch next year with significant governmental interest and ongoing discussions on international certifications (including EASA alignment). " " Q3: More detailed expansion plans for Dubai with infrastructure build-out (vertiports with Skyports), regulatory alignment with the GCAA, and multi-market operational strategies. " " " " Q4: Focused on Dubai launch via aircraft deployment, local government enthusiasm, and preparatory infrastructure groundwork, though EASA challenges were not emphasized. " " " "

Q1: Reaffirmed Dubai market entry with preparations for hot weather testing, clear timeline indications for flight testing and service launch, and strong local government backing. Certification alignment efforts continue (e.g., with UKCA). " " " "

Increasing clarity and momentum in international expansion with Dubai as the focal point. Earlier efforts have translated into clearer operations timelines and strengthened regulatory and government engagements.

Technological Diversification and Innovation

Q2: Detailed progress on hydrogen‑electric programs (500+ mile hydrogen‑electric flights, efficient integration via vertical integration, and potential sustainability gains) and steps in autonomy exploration (via Xwing acquisition and over 250 autonomous flights). " " " Q4: Highlighted achievements in hydrogen‑electric VTOL flights (561 miles) as a unique technological milestone; no mention of autonomy was made. " Q3: There was no information provided on these topics [ ] .

Q1: No discussion on technological diversification or innovation, including hydrogen‑electric programs or autonomy exploration, was mentioned in Q1 [ ].

Lack of update in Q1 compared to previous periods, where significant progress was highlighted; this absence may suggest a strategic de‑prioritization or a delay in publicly discussing technological innovation.

Operational and Safety Risk Management

Q2: No coverage. Q3: No explicit mention; focus was on certification and production. Q4: Did not include details on operational risks, focusing more on FAA certification and progress on TIA testing [ ].

Q1: Brought up air traffic control constraints with specific reference to capacity challenges, recent incidents, and the need for improved systems. Flight test progress (pilot onboard transition, failure injection testing) was also emphasized, underpinning safety and operational readiness. " " " "

Emergence of operational risk themes in Q1, which were not discussed in earlier periods, reflecting a growing emphasis on external factors (ATC constraints) as part of ensuring flight safety alongside certification progress.

Supply Chain Resilience and Management

Q2: Emphasis on vertical integration across components and manufacturing processes to enhance cost efficiency and supply flexibility with support from Toyota, with integration benefits highlighted. " " Q3: No specific details were provided. " Q4: Reiterated focus on vertical integration with emphasis on conforming part production (95% composites) and the technology stack supporting DoD work. " "

Q1: Reemphasized vertical integration to counter supply chain disruptions and tariff uncertainties, stressing the ability to switch among numerous component-level suppliers and a commitment to U.S. manufacturing. "

Consistent emphasis on vertical integration across periods; Q1 reinforces this message with an added focus on supplier flexibility in response to geopolitical uncertainties.

Financial Health and Capital Allocation

Q2: Provided detailed financial metrics – ending cash of $825 million, controlled cash usage, clear full‑year spending outlook, net loss, and adjusted EBITDA details, all underscoring a strong balance sheet and capital allocation focus. " " Q3: Detailed the strengthened balance sheet with $710 million cash, additional raises including Toyota’s $500 million commitment, and commentary on a “fortress balance sheet”. " " " Q4: No detailed financial insight was provided. "

Q1: Limited discussion on financial health – primarily a mention of balancing near‑term cash flow, long‑term margin, and flexibility in aircraft allocation; no new detailed balance sheet or runway metrics were shared. "

Reduced financial detail in Q1, despite previously robust financial disclosures. While earlier periods concentrated on capital strength and clear metrics, Q1 signals a shift toward more strategic operational topics with less financial granularity.

Infrastructure Investment and Cost Uncertainty

Q2: No discussion on infrastructure costs. Q3: Discussed Dubai infrastructure plans (vertiports built with Skyports) and dependency on partners, but did not detail cost variability. " " Q4: Focused on Dubai vertiport developments and design features that might indirectly impact costs (low rotor wash), with no explicit cost uncertainty mentioned. " " "

Q1: Specifically addressed the variability in vertiport infrastructure costs, noting that investments can range from hundreds of thousands for basic setups to millions for large-scale facilities, underscoring uncertainty in capital allocation for infrastructure. "

New focus on cost variability in infrastructure investments in Q1. Unlike previous periods, Q1 explicitly discusses how scale and design can substantially affect investment levels, highlighting cost uncertainty in emerging market infrastructure.