Good day and welcome to the Eve Air Mobility Third Quarter 2024 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Lucio Aldworth, Head of Investor Relations. Please go ahead.

Thank you, operator. Good morning, everyone. This is Lucio Aldworth, the Director of Investor Relations at Eve, and I wanted to welcome everyone to our third quarter 2024 earnings conference call. Our CEO, Johann Bordais, and CFO, Eduardo Couto, joining me on the call today. And after their prepared remarks, we will open the call for questions, at which point Luiz Valentini, our Chief Technical Officer, will also join us for more technical questions. We have a deck with a few slides and additional features that show our achievements in the quarter, as well as a testing phase of our full-scale prototype. The deck is on our site at IR.eveairmobility.com so please feel free to download it and follow along. Let me just start by saying that this presentation includes forward-looking statements or statements about events or circumstances that have not yet occurred. These are largely based on our current expectations and projections about future events and financial trends affecting our business and our future financial performance. These statements are subject to risks, uncertainties and assumptions, including, among other things, general economic, political and business conditions, both in Brazil and in our market. The words believe, may, will, estimates, continues, anticipates, intends, expects, and similar words are intended to identify forward-looking statements. We undertake no obligation to update publicly or revise any forward-looking statements because of new information, future events, or other factors. With that, the future events and circumstances discussed in this presentation may not occur and actual results could differ substantially from those anticipated in our forward-looking statements. With that, I will now turn the presentation over to our CEO. Johann?

Thanks, Lucio. Good morning, everyone, and thank you for joining the call today. We had an eventful third quarter. We continue to advance the development of our program and reach important milestones. As a reminder, we completed the assembly of the prototype and rolled it out of the hanger for the first time back in July this year. And we have started to test the vehicle ever since. This is a full scale engineering prototype with no cabin and cockpit. It has been made of composite material that will be piloted remotely in the command and control truck. This prototype will be used to validate and improve the accuracy of previous subscale and computer models. And also will serve to build on the several rigs that we have for different individual components. We have installed the batteries and already performed various tests, which we will be talking about later on in this presentation. We are now prepping up for the prototype to start the flight campaign. We expect to start receiving the lift motors by next month in December, so the flight test can start early next year. We will initially perform hover flights tied up to the ground and gradually increase power and height. Then we'll move to the partial transition, this is when we engage the pusher without fully disengaging the lifters to continue controlling the aircraft originally. And only then we will move to the full transition flight. Another important milestone was publishing of the base of certification by ANAC, Civil Aviation Agency, which establishes the standard eVTOL requirements we will have to respect in order to fly commercially. And for [LL] (ph), the FAA published the SFAR in the United States, which we view as a supportive to the industry. And because we're working closely with…

Thanks, Johann. Now move to slide 9. I want to start with our most recent liquidity events. We have been very successful to attract new capital at Eve to continue to fund our development. In total, we raised $236 million since July in a mix of debt and equity. We believe that this balanced capital structure will maximize value for our shareholders. Our pro forma liquidity of $445 million in the third quarter 2024, including the industrialization and bank loans, is equivalent to three years of Eve's current cash consumption, which is above our peers and gives us confidence to advance the program to certification. Now at slide 10, Eve is a pre-operational company with our current financials reflecting mostly the costs associated with our program development. That said, I want to highlight some of our numbers. Eve invested $32 million during the third quarter in our program development as R&D activities continue to speed up with more headcounts and high engagement from suppliers. We also deployed $9 million in SG&A during the quarter and that reflects a bigger workforce. We have been controlling corporate expenses to focus our resources on the eVTOL development. Higher development expenses in the third quarter were partially offset by interest revenues of our invested cash with tier 1 banks and the mark-to-market gains of our warrants resulting in a net loss of $36 million in the third quarter 2024. Moving to cash flow, our operations consumed $34 million in the quarter and $101 million in the first nine months of 2024 that is in-line with our guidance. It's important to highlight that we drew half of our cash consumption or around $50 million from our pre-approved credit in-line with the Brazilian Development Bank, significantly preserving our cash position. We ended up third quarter with $280 million in cash, which is $73 million more than the previous quarter during to the new equity raised in July. We still have approximately $25 million available from our R&D standby loan resulting on a total liquidity of $305 million which adding with both the new industrialization finance and the bank loan recently announced in October would increase our total current resources to $445 million. At Slide 11, we remain on track to deliver our milestones for 2024. We presented our assembled eVTOL in July and started several tests ahead of our first flight. In parallel, ANAC published the basis of certification as Johann already described, and we secured the manufacturing finance for our [Brazilian’s Vector] (ph) in October. We have consumed $101 million so far this year and expect to reach our guidance of $130 million to $170 million in cash in 2024. The higher Brazilian currency versus the US dollar has been helping us to stay at the low-end of our guidance as we have a lot of development expenses in Brazilian currency. With that, we conclude our remarks and I would like to open the call for questions. Operator, please proceed.

We will now begin the question-and-answer session. [Operator Instructions] The first question comes from Savanthi Syth with Raymond James. Please go ahead.

Hey, good morning everyone. I appreciate all the color on what's been accomplished so far. And it looks like maybe kind of the updated outlook in terms of type certification may have slipped a very little bit. You know, maybe from the end of 2026 to 2027, but I was curious, you know, what was driving that and then just any implications for the timing of some of the revenue that could come in, like PDP and other revenue sources that could come in before type certification.

All right, Savy, thank you so much for your question. Johann speaking here. Yeah, as we mentioned during the presentation, we made some significant progress in the eVTOL development this year, including the steady progress of the full-scale prototype, as we showed in several pictures, several design advances with the critical suppliers. We're just also coming out of a phase, which is joint definition phase with our suppliers that seize and test each of the components, but also the integration of those components together. We went through a multiple wind tunnel test, and always a challenging technology as we know. And at the end of the day, we want to bring the best value for our customers. So, our goal is not to be, we're not focused to be the first one. For the last 13 months that I've been on the job, that's what I keep saying. I mean, we're not focused on, you know, to be the first one. We're focused to be the right choice for our customers. And the goal is to introduce a mature and reliable product that will be capable of meeting and exceeding also the expectation from the customer. So, giving all that, the path, you know, to certification, that includes the first flight of our engineering prototype that we've been mentioning since we rolled out last year, this year, sorry, in July in Farnborough. And of course, we'll have to go for the first flight, but it's not to get ready for the first flight only. It would be good for everyone, that's what we want. But we want to be ready also for all the test flight campaigns. And with this, it will be in early 2025, will be the first flight of the engineering prototype. And then of course, we want to gain the knowledge and we're going to start also to assemble the initial conforming vehicle. Once we have the conforming prototype ready, then we will start the flight test campaign of the conforming prototype in 2026, which we know by experience that we've done this at Embraer many, many times. It takes about 12 months to 18 months to be completed, and this will lead us to the certification in 2027. So as you can see, personally, I see as a normal update of a very innovative and challenging program. Given that now we have also a better visibility with the next steps.

In terms of the PDP, Savy, as I mentioned, it's Edu here. We are super engaged with our customers; they remain super supportive of Eve. They are excited, right, because we are advancing, we are bringing them also for this development. We are making sure that we are making the right vehicle, right that the customers really want to operate. Of course, as we advance on those conversations and those negotiations, we expect to start to firm the LOIs, right? We have almost 3,000 LOIs. We have a lot of customers engaged. We believe we're going to start to firm the LOIs very soon. And once we firm the orders, of course, there will be bigger down payments. There is a PDP schedule. So anything, it is all normal, nothing has changed. We remain excited and we are moving forward.

I appreciate the color. And if I might, just on the $80 million to $90 million in the production facility. How should we think about like the timing of that CapEx flowing through? I recognize that you have the financing for it, so that's not a concern. But just curious about the timing of that and what that means for -- I know in the past, you said cash burn steps up next year, but not a big step up. So I was kind of curious if you have any early thoughts into kind of that cash burn as well into '26.

Yes. We secured the finance, right for our Brazilian facility. It's around $90 million, right? It's a very long-term finance. We're talking about 16 years , there is a four-year grace period where we don't pay any interest and no amortization. So that's really the type of finance that fits very well with our company and our profile. The peak of the investments on the facility, they are going to happen in 2026. There will be investments next year, so probably something around $20 million, but the peak is 2026, as we get closer to certification entering into service. So that's kind of the profile, Savy.

Okay. And so we should kind of expect like a similar maybe and a little bit more step-up on maybe R&D as well for next year. So those are the two things that will drive the step up.

Yes. This year, as I mentioned, we are burning around $130 million, $140 million. Next year, it may go up a little. '26 kind of flat versus '25, and that's pretty much where we may end up.

Very helpful. Thank you.

The next question comes from Marcelo Motta with JPMorgan. Please go ahead.

Hi everyone. Good morning. iGhiTwo questions on our side as well. Just a follow-up on the Taubaté plant. You comment on the release, you have half a module, 1 module, 2 modules. When we think about the CapEx that you guys comment about $80 million to $90 million, this is like what size exactly is the $120 million? Or can you go up to the $480 million? And then for the additional models, if that is the case what is the additional CapEx there? And then finally, second question on liquidity. I mean, of course, you have a comfortable position for the next three years. But just wondering, given what happened to some peers in the industry, if you think about strength even more your liquidity in the short term, just to have a bigger cushion of cash, if necessary? Or how are you guys thinking about new credit facilities? Or how should we think about that? Thank you.

Thanks, Marcelo. First, regarding Taubaté, right, our eVTOL facility. It is -- this $80 million to $90 million that we got its most of the investment that we're going to be doing that with this $80 million to $90 million, we can get probably half of the capacity, 240 eVTOLs to get that $480 million, right, which would be the full capacity. We may need -- I think we need to add an extra shift and also put some tooling extra machines. There may be another $30 million or $40 million, but the bulk of the investment and half of the capacity, $240 million, we already get with the finance we have, that gives us a lot of comfort, right? So as we said since the beginning, we have this project together with Embraer that's very efficient in terms of capital investment, right? We hired the engineers from Embraer. We only pay for them when they are working for us. Once the work is done, they go back to the Embraer pool. On the industrialization, we are using an existing facility of Embraer. We're just buying the tool in the machines. It's very efficient, right? So that's the reason we spent $80 million, $90 million and some of the competitors are spending hundreds of millions only on the industrialization.

In terms of the liquidity, we are feeling super good, right? As I mentioned in my presentation, we closed the quarter with $450 million in liquidity. It's our highest liquidity ever, right? Eve never had so much cash on its hands. We, as I said, we control costs very seriously, right? And we really focus our resources on the development that gives us these three years -- almost three years of runway, which is the longest runway in terms of cash consumption in the market among all peers. So we're feeling good. We have money for the years ahead. We're not planning new capital raises, but we are always evaluating. But at this point, nothing is on the table. We are not looking new funding in the short-term.

Perfect. Thank you very much.

The next question comes from Andres Sheppard with Cantor Fitzgerald. Please go ahead.

Hi, good morning everyone. Congratulations on the quarter and thanks for taking our questions. I wanted to maybe touch on the SFAR regulations. So you mentioned that, obviously, this is supportive. I'm curious, what did you see as the #1 or #2 most supportive regulation, as it pertains to Eve or the eVTOL industry. What was it that you thought was most significant there? Thank you.

Yes. Good morning, Andres, this is Luiz Valentini. Thank you for the question. I think, first of all, it's important for us to have the rules clear, right? So we were with the draft of the SFAR for around a year, and it's very hard to develop the project, and it's the same for us as for the rest of the industry. It's very hard to move ahead at the pace that we are going without having clarity on what the rules will be. So having the final document out is really good for us to really have the rules in hand and be able to discuss with the authorities as well as setting up our operation, our vehicle operation with the operators that will have them. Specifically, I can mention, for example, the issue about the training that in the original draft of the SFAR was mentioned that would be required to have flight hours with an instructor on board, and that would require the vehicles to have two command positions that an instructor could be occupying at the same time that the pilot that is in training was occupying. And that would be for our vehicle as for others in the industry, a necessity of creating a specific vehicle for training since our vehicle has only one command post per pilot. On the newer version, on the final version of the SFAR, it stated still that you need flight hours for training, but those are not required to be made in dual controls aircraft. The pilot can be trained in the simulator and then can go to the vehicle with an observer on board, but this observer does not necessarily have to have the controls. And so that was a simplification that was made. We believe that it was a correct move. This was something that the industry asked the FAA to evolve to. So we were specifically satisfied with this one. It is now a matter of creating a training program together with the simulation devices that will allow for the proficiency of the pilot, but we believe this is a better path than what is on the draft of the document.

Got it. That's very helpful. I appreciate all that context. And maybe just as a quick follow-up. With certification now expected in 2027, just trying to understand what is driving that move into 2027. Understanding that the test flights will ramp up in 12 to 18 months. But from the regulatory perspective, what are you seeing from ANAC and from the FAA that makes it seem like the certification is more realistic in 2027? Thank you.

Yes. So as Johann mentioned earlier, we believe that this is a timeline that fits our development. This, together with the publishing of the certification basis last week by AMAC and the flight test program as Johann mentioned, so the first flight of the engineering prototype in the beginning of next year and then our conforming prototypes in 2026. We believe that, that's a robust timeline that we can follow considering all the challenges and the novelties that there are in this project, right? So Johann mentioned, we build very much on the experience of Embraer in creating these timelines and creating the process for development of the vehicle. But we also have new technology that's being brought in new requirements we just mentioned, right, the SFAR in addition to the certification basis. So all of these together make for this timeline that we just published a more realistic timeline in our view.

Got it. Thanks again, congrats on the quarter. I’ll pass it on. Thank you.

The next question comes from Sheila Kahyaoglu with Jefferies. Please go ahead.

Hi, how are you? Congrats on the quarter guys. And just maybe I just wanted to fine-tune this a little bit because there's been a lot thrown out there and appreciate the additional funding. When we think about the flight test program and the final development kicking off in 2026, does that mean with another 12 months to 18 months to complete it, does that mean EIS has pushed out about 1.5 years? Is that fair to say? And that's what's driving the additional funding?

Sheila, thank you for the question and the comment. But no, no, it's not 12 to 18 months, no push out. No, it's really from '26 to '27. We're not giving a quarter at this stage, but we have to count the 27, and it's not again, it's up to 12 months, right pushback, right? That's what we're looking at.

Okay. And then just on the LOIs, obviously, we don't expect that to really move until you get closer to EIS, but they're flat from last quarter at 2,900 aircraft, but services revenue is picking up, up 30% Q-over-Q to $1.6 billion in the backlog. So maybe if you could just talk about how you're selling that to your customers and how we should think about that shift in customer conversations as you build a lifetime revenue model.

Sheila, sorry, we had just a little problem I'm back here just to cut for 10 seconds.

Sure. LOIs are basically flat at 2,900 aircraft in the backlog of $14 billion, but you've seen revenue momentum in the services side of the business up 30% Q-over-Q. Just curious how you're selling that. Are you going to -- or should we see services backlog start picking up more so?

Yes. Okay. Thank you. Sorry. Okay. No, in fact, right, we are 2,900 aircraft under the LOI. This is a strategy that we've been having for the last four years is really going around in the world and showing our solution. Our solution is not only in since the very beginning, we said this is not only the vehicle, but we know that guaranteeing the availability of the aircraft, but also the most optimized operating cost will be the key of success, especially at the beginning, right? We really want to focus on increase the service, a few cities make it work, make it work for the operator, and then we can replicate as much as possible. And then of course, our portfolio that we're creating, that we've been creating is the biggest one and again, there's an LOI, of course, but the customers are telling us look, you got a good solution. I know you're not thinking about only the vehicle, but also the service support, which is very paramount for the customers. They understand it is a new aircraft. It's a new ecosystem that we are working on, and they want to make sure they're backed up by not any service provider, but definitely by the OEM who's got what we call the skin in the game. They really want everyone wants to make sure that the operation will be working. So yes, LOI and plus the service and support is a big component of our solution, and this is the reason why. Now one thing that we've been working hard, that we announced recently, is the launch of the TechCare, which is really the all-in-one services platform, which exactly the customer have been asking us for, strongly based on the Embraer experience. One flat hour program or whatever is going to be designed, but with a la carte services that fits the operation of the customers. And also, we keep working hard just on the ecosystem side, and we launched Vector, as you know, our UATM. And last week, we were in Sao Paulo with Revo, and we were shadowing their operation with the helicopter more than 45 flights that we've done in a couple of days. And the intent was to demonstrate that our software made for the operator, not only for the eVTOL, but also the helicopter operation will allow to save the organizational time, be more optimized, weather condition can impact the operation and how you anticipate as much as possible. So this is going to be also very important for the operation of the eVTOL and when we launch them.

Thank you.

The next question comes from Cai von Rumohr with TD Cowen. Please go ahead.

Yes. Thank you so much and so congratulations on the SFAR. So I've read the thing. Can you go through the diversion requirements, flight diversion requirements, whether those are totally in line because they looked a little confusing. And any vertiport requirements that are spelled out there?

Yes. Good morning Cai. So on the energy reserves, we believe that it's clear a path that the FAA has been putting out, which is to be very in-line with what is in operation today. So we see the FAA very careful on building what is today valid and what's working, of course adapting where it's necessary for the eVTOLs, but very much trying to build on the basis that is operational today. And I mentioned this because it specifically says that if the eVTOLs can land vertically at any moment during the route, then they can use the reserves that are today in use for helicopters. So 20 minutes for our VFR flights and 30 minutes for IFR. It also states that if you have the operators has a 135 permit, then you can have, they can have approved routes and not necessarily use the 20 minutes, but use whatever is necessary to land at the predetermined landing zones on that specifically approved route. So we believe that this was a good arrangement in the sense that it builds on something that already exists and works today in aviation, but also leaves a door open for operators to not use the general 20-minute rule and use something specific if they have the approved route. So that's what we believe that is the best way to go. So you don't have to have excess energy left in the battery for the general 20-minute reserve, you can really have a more tailored and more adjusted reserve for the routes that you'll be operating. So this is something that the operators will have to do. Of course, we can support them in approving the routes, and we have the experience of Embraer in doing that, but this is going to be something that they can do. And again, that will make them more fit in terms of their energy use to the routes where they will be operating. With respect to the vertiports, I don't see any major points in the SFAR at this moment that changes our point-of-view in the infrastructure on the ground. So we believe that the energy reserve as it is stated, will work with the type of vertiports that we are expecting to see.

Terrific. And then on the issue of service, at one point, you were going to make available service to eVTOLs of your competitors, particularly, I believe, Archer. So where are you in that process? And secondly, as you think about the service opportunity, who are the people who you view as potential competitors if any?

Cai, thanks for the question. Yes, indeed, we've been discussing with other eVTOL, but through the customers. Really, the focus here is to make sure that we have the first operation going with our customers and working on the inter-service. We also understand that a particular customer can elect various OEM, right, for their operation to be complementary, right, depending on the performance of the eVTOL. And so that's something that we entertain and that we are always willing to discuss. That's what we've been doing indeed with Archer. But we've been also doing, requested by our customers with other customers, but with other OEM. We fully understand that we're creating an industry. This is the novelty. So we understand also that the market that will be big enough so then we have several OEMs. And we want to create this industry and especially on the charging base, for example, we're very in favor of having a common standard when it comes to recharging device, for example, and just to give as much a capillarity of our power grid and the possibility to really get the eVTOL launch and ramp up as much as possible. So this is something that we're looking at, and we keep having discussion with other OEMs indeed.

And lastly, I mean, are you the only guy kind of with this major focus on service? Obviously, other guys are going to support their own vehicles, but are you the only one who is sort of taking this broader approach toward looking at servicing competitor vehicles?

I think we are the only one that's been talking about it since the very beginning. As the whole industry is moving forward and eventually, we'll get the certification and we pass that hype about the prototype flying around. I think it's natural. And now customers are the one also asking, well, how is the readiness of the ecosystem. So more and more, the industry but also the market or anyone involved in the AAM is thinking about what's going to be look the entering into service. And this is why we're ready. We're at the back of, obviously, of Embraer and all the customer support and services experience for the last 55 years. So I mean, it got to the point where we also have agreements with our suppliers, which is not only for the production of prototype or the conforming prototype or the production, but it's also to ensure that we have the service and support operation ready. So this is something that we believe it's in our DNA. One thing is to talk about it. The other is to get ready for it and know what it takes to really have a reliable operation on a day-to-day. So I understand that Eve has the DNA for the customer support and services, and it's going to make a difference very soon, very soon at the Internet service.

Terrific. Thank you very much.

Thank you Cai.

The next question comes from Austin Moeller with Canaccord. Please go ahead.

Good morning Johann and Edu. Just my first question here on the SFAR. Does the 20 minutes of battery reserve for flight required by the FAA, which was less than the 30 minutes expected, benefit the TAM and potential routes for your aircraft in the US.

So this is Luiz Valentini. So about the 20 minutes, it's -- first, it's only applicable in the US, right? So other authorities, for example, EASA and even ANAC in Brazil are looking at different requirements. But we believe that for the urban mobility mission, which is our focus, the 20 minutes are not necessary. I think that the 20 minutes in my opinion and our opinion here at Eve is that the 20 minutes and the concept of having a general number of time for reserves is more applicable when you have, let's say, a less structured operation when you're flying in distant areas, for example, where you don't know where landing sites will be available. In our case, with the urban mobility missions or site seeing missions, for example, that we are prioritizing, you will have a more well-known environment where you'll be flying. And that's why I mentioned the possibility of approving routes, the operators doing that, which then will make you use predetermined landing zones and not use the 20 minutes. So you don't have to keep that much energy on the battery. So for you to have a reference, our whole missions today are expected to last approximately 20 minutes, right? So it's not necessary to have another full mission of energy in the battery, you can use these predetermined areas. And I'm giving just a reference of the time, the duration of each mission, right? So of course, each one will have a different duration, but just to have a feel for how much 20 minutes means. So that's why we think that, again for the urban mobility mission, which is our focus, it's more reasonable to use the preapproved routes and the predetermined landing zones 10 minutes to 20 minutes. We think that makes more sense.

Great. And just a follow-up. Have you had any new conversations with potential customers in the last couple of weeks about their orders coming over to your book now that there's been a recent shakeout among competitors?

Thanks, Austin. We're always discussing -- we're flushing out our pipeline on a regular basis. We announced also the arrival of a new CCO, and she's coming with a lot of energy and definitely eager to talk to our customer base, which we've been doing with our team of BDs. This has been a natural. I mean, I wouldn't be weird for a BD team of hunters -- as I call them, not just going after every single opportunity and being in touch with the customer base, the broader one and even the one that is closed for OEM -- other OEM for the moment or eVTOL. So I can tell you that, yes, we're on a hunting base. We do talk to all of the eVTOL, let's say, prospects, right including the one of OEM that, yes, that might not be in the market for long or happen to go bankrupt or file for insolvency. So yes, this is part of the DNA. We want to be present, especially on the urban mobility, right? This is what we're focusing on, on the shuttle from point-to-point sightseeing. And this is what the team has been doing differently.

Fantastic, thanks for all the details.

The next question comes from Amit Dayal with H.C. Wainwright. Please go ahead.

Thank you. Good morning everyone. Good to see the liquidity position continue to be strengthened. I just want to touch on the TechCare offering again. I know you've already provided some color on it, but what is the significance of launching this offering almost three years ahead? Is there any monetization that we can expect to take place? If you could just lay out what the milestones for the TechCare offering are from here over the next 2, 3 years as you get ready for operational launch, it would be helpful to just understand what you're trying to achieve with this today. Thank you.

Great. Thank you so much. Thank you. I think it's super important. It's all about the ecosystem, right? And one important part of this ecosystem is definitely the support and services. What will make this eVTOL operation work, as I mentioned before, it is to make sure that we have the availability, the reliability. This is what we've been building, which is what we're developing, making sure that's the right aircraft for our customers, right? So -- and I think building on this, the Internet service, preparing the Internet service to be a success is the key. And you don't do this, whether it's the ecosystem, but also part of the customer support and services, you don't do this the day before. You don't even do this on a normal entry into service for an aircraft, you do it 12 months prior the first arrival of the aircraft at the operator's space. So you can imagine that the eVTOL, we're going to be ready now to engage the customer, to engage the stakeholders, and that's why we've been launching this platform to tell the customers that we are preparing the operation. This is all about the Eve TechCare is the whole solution. It's the customer support. You want to make sure you have your train and your technician around the world or at least at the first operation with a start-up team when the operator will start operation, whether it's going to be in Brazil, it's going to be the US, you want to have deployed your team. You want to make sure you have the technical solution. This is not trivial, but you have to have a 24-hour customer care center. I mean, with trained people, with a process, IT system that works I know it sounds obvious, but…

That makes a lot of sense. Good to see you so far ahead. My other have been asked. I’ll step-up the queue, and follow-up offline. Thank you so much.

Excellent, thank you Amit.

This concludes our question-and-answer session. I would like to turn the conference back over to Lucio Aldworth for any closing remarks.

Thanks, Leslie, and I wanted to thank everyone who joined the call today. As you can see, we accomplished several important milestones this past quarter. We’re fully engaged, and we continue to progress on our suite of products and services for the UAM market, and there is a whole lot more to come in the next few quarters. So we’re going to continue updating you on our progress throughout the next few quarters, and we look forward to meeting all of you in the upcoming events; we’re going to participate in the next few months. As always, if you have any questions, don’t hesitate to reach out to our team. Thanks, and have a good day.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.