Q1 2022 Archer Aviation Inc Earnings Call

May 12, 2022

Adam D. Goldstein: --whether it is commuting to work or taking time to explore places previously inaccessible because of traffic limitations.

Adam D. Goldstein: From day one, we've anchored our business plan on driving to commercialization and with the support of our key strategic partners, United and Stellantis. The aim of our production aircraft is to balance the performance necessary to be economically viable against the complexity that allows us to achieve certification and scale operations. That's why we chose to build a piloted plus four passenger vehicle that is designed to perform continuous, rapid 25 to 50-mile missions throughout the day, with minimal charging time required on the ground in between trips. This vision has never changed.

Adam D. Goldstein: Whether it is commuting to work or taking time to explore places previously inaccessible because of traffic limitations.

Adam D. Goldstein: From day one, we've anchored our business plan on driving to commercialization, and with the support of our key strategic partners, United and Stellantis.

Speaker 1: The aim of our production aircraft is to balance the performance necessary to be economically viable against the complexity that allows us to achieve certification and scale operations.

Adam D. Goldstein: The aim of our production aircraft is to balance the performance necessary to be economically viable against the complexity that allows us to achieve certification and scale operations. That's why we chose to build a piloted plus four-passenger vehicle that is designed to perform continuous, rapid 25 to 50-mile missions throughout the day, with minimal charging time required on the ground in between trips. This vision has never changed.

Speaker 1: That's why we chose to build a piloted plus four passenger vehicle that is designed to perform continuous, rapid 25 to 50 mile missions throughout the day, with minimal charging time required on the ground in between trips.

Speaker 1: This vision has never changed.

Adam D. Goldstein: To make this vision a reality, our strategic development program uses our full-scaled demonstrator aircraft maker to prove out our 12 tilt six configuration, advances our key enabling technologies, and sets the road map for our production aircraft certification program.

Adam D. Goldstein: To make this vision a reality, our strategic development program uses our full-skilled demonstrator aircraft, Maker, to prove out our 12-tilt six configuration, advances our key enabling technologies, and sets the road map for our production aircraft certification program.

Adam D. Goldstein: Maker has proven that our configuration was the right choice. Our flight test program began in December and we have and will continue to use the data from Maker to inform the design of our production aircraft. In parallel, we are rapidly advancing our production aircraft through the preliminary design phase, while working with the FAA to finalize our G2 compliance to the G1 certification basis we agreed to last year. Our executive team and Board are fully aligned behind this approach, which is about efficiency, effectiveness, and safety as we drive to commercialization.

Speaker 1: Our flight test program began in December and we have and will continue to use the data for maker to inform the design of our production aircraft. In parallel, we are rapidly advancing our production aircraft through the preliminary design phase, while working with the FA to finalize our G two me the compliance to the G one certification basis we agreed to last year.

Speaker 1: Our flight test program began in December and we have and will continue to use the data for maker to inform the design of our production aircraft.

Adam D. Goldstein: In parallel, we are rapidly advancing our production aircraft through the preliminary design phase, while working with the FAA to finalize our G2 [inaudible] compliance to the G1 certification basis we agreed to last year.

Speaker 1: Our executive team and Board are fully aligned behind this approach, which is about efficiency, effectiveness, and safety as we drive to commercialization.

Adam D. Goldstein: Our executive team and Board are fully aligned behind this approach, which is about efficiency, effectiveness, and safety as we drive to commercialization.

Adam D. Goldstein: Since the beginning of the year, we have made significant progress on our production aircraft design. We have finalized key system architectures, advanced the development of our critical propulsion and flight control technologies, and matured our supply base, including the selection of several key suppliers.

Speaker 1: We have finalized key system architectures, advanced the development of our critical propulsion and flight control technologies and matured our supply base, including the selection of several key suppliers.

Adam D. Goldstein: A major technical achievement this quarter was defining our aircraft OML, our outer mold line. This was a critical milestone that involves extensive aerodynamic design optimization using computational fluid dynamics to verify that our performance targets will be met with some margin. Having the OML defined unlocked detailed structural part design and the release of long-lead tooling to build our certification test aircraft.

Speaker 1: This was a critical milestone- that involve extensive aerodynamic design optimization using computational fluidodynamics to verify that our performance targets will be met with some margin.

Adam D. Goldstein: A major technical achievement this quarter was defining our aircraft OML or outer mold line. This was a critical milestone that involved extensive aerodynamic design optimization using computational fluid dynamics to verify that our performance targets will be met with some margin. Having the OML defined unlocked detailed structural part design and the release of long-lead tooling to build our certification test aircraft.

Speaker 1: Having the olmel defined unlocked, detailed structural part design and the release of long-lead tooling to build our certification test aircraft.

Speaker 1: Having the OML defined unlocked detailed structural part design and the release of long-lead tooling to build our certification test aircraft.

Adam D. Goldstein: We also made significant progress on meeting our aircraft structural and system weight targets. This is extremely important, as weight is the most critical factor in meeting our performance requirements. It's the only parameter that shows up in every performance equation, and [inaudible] aircraft are especially unforgiving when it comes to weight creep.

Speaker 1: This is extremely important, as weight is the most critical factor in meeting our performance requirements.

Speaker 1: It's the only parameter that shows up in every performance equation, and ebitl aircraft are especially unforgiving when it comes to weight creep.

Adam D. Goldstein: Our weight stata shows our design closing with sufficient weight margin. This means that we're hitting our payload weight target for a pilot plus four-passenger vehicle. We can also carry enough battery energy to meet our range requirements and maintain sufficient weight margin to absorb the inevitable weight growth that occurs as the program reaches maturity.

Adam D. Goldstein: Our weight status shows our design closing with sufficient weight margin. This means that we're hitting our payload weight target for a pilot plus four- passenger vehicle. We can also carry enough battery energy to meet our range requirements and maintain sufficient weight margin to absorb the inevitable weight growth that occurs as the program reaches maturity.

Adam D. Goldstein: We can also carry enough battery energy to meet our range requirements and maintain sufficient weight margin to absorb the inevitable weight growth that occurs as the program reaches maturity.

Speaker 1: We can also carry enough battery energy to meet our range requirements and maintain sufficient weight margin to absorb the inevitable weight growth that occurs as the program reaches maturity.

Adam D. Goldstein: Since the success of our first hover, Dr. Jeff Bauer, our Chief Engineer, who is the Chief engineer for Air [inaudible], and the engineering team have been analyzing the valuable data from that flight and have been making a number of updates to the aircraft, as well as conducting numerous ground tests. This has included installing and testing the tilt rotor system to ready Maker for our first transition flight this year. We plan to fly it routinely through the remainder of the second quarter and the rest of the year. We will share the results of those flights with the Air Force as part of our deliverables under the agility prime agreement.

Adam D. Goldstein: Since the success of our first Hubbard, Dr. Jeff Bauer, our Chief Engineer, who was the Chief Engineer for [inaudible] and the engineering team have been analyzing the valuable data from that flight and have been making a number of updates to the aircraft, as well as conducting numerous ground tests.

Speaker 2: This has included installing and testing the toiltrotor system to readymaker for our first transition flight this year.

Adam D. Goldstein: This has included installing and testing the tilt rotor system to ready Maker for our first transition flight this year. We plan to fly it routinely through the remainder of the second quarter and the rest of the year. We will share the results of those flights with the Air Force as part of our deliverables under the agility prime agreement.

Speaker 1: We plan to fly it routinely through the remainder of the second quarter and the rest of the year. We will share the results of those flights with the Air Force as part of our deliverables under the agility prime agreement.

Adam D. Goldstein: With respect to overall plan and timing, we remain on track for completing our first transition flight before the end of the year, as we previously announced, which will result in the full flight envelope expansion in less than 12 months. This would be a significant accomplishment for the industry, demonstrating our technical leadership and our team's ability to deliver on our development roadmap.

Speaker 2: This would be a significant accomplishment for the industry, demonstrating our technical leadership and our team's ability to deliver on our development roadmap.

Speaker 1: This would be a significant accomplishment for the industry, demonstrating our technical leadership and our team's ability to deliver on our development road map.

Adam D. Goldstein: Tom Muunez, our COO, who has experience with taking six different aircraft from design concepts all the way through the transition flight, is here today to discuss more in the Q&A section.

Adam D. Goldstein: Tom Muniz, our COO, who has experience with taking six different aircraft from design concepts all the way through the transition flight, is here today to discuss more in the Q&A section.

Adam D. Goldstein: As we mentioned in our shareholder letter, we have established with United Airlines a joint [inaudible] advisory committee. This committee is focused on advising on maintenance and operational concepts to recommend to Archer for its all-electric aircraft, aimed at driving towards best-in-class operational standards. We believe United's outstanding track record in airline operations and their existing collaborations with Archer make them an ideal stakeholder to advise the company about the scope and buildout of maintenance and operational plans.

Adam D. Goldstein: As we mentioned in our shareholder letter, we have established with United airlines a joint [inaudible] advisory committee. This committee is focused on advising on maintenance and operational concepts to recommend to Archer for its all-electric aircraft aimed at driving towards best-in-class operational standards.

Speaker 1: This committee is focused on advising on maintenance and operational concepts to recommend Archer for its all electric aircraft aimed at driving towards best-in-class operational standards.

Adam D. Goldstein: We believe United's outstanding track record in airline operations and their existing collaboration with Archer make them an ideal stakeholder to advise the company about the scope and build-out of maintenance and operational plans.

Adam D. Goldstein: Finally, I'd like to close by sharing just a little bit about my philosophy as CEO. As we grow, my goal is to ensure we continue to operate as an engineering-led company with a unified goal of commercialization. Critically important to commercialization is that we all work together for progress as an industry. Certainly we compete, but we are really pioneers breaking new ground and blazing new trails in the air together. So industry success also depends on collaboration. As our peers make progress, look for us to congratulate them and champion them. We remain on track to meet our 2022 goals. We are a well-capitalized, growing company with a singular mission to advance the benefits of sustainable air mobility for all. With that, let me turn it over to Mark for an update on our financials, and then we'll take questions.

Speaker 1: As we grow. My goal is to ensure we continue to operate as an engineering-led company with a unified gold commercialization.

Speaker 1: As we grow. My goal is to ensure we continue to operate as an engineering-led company with a unified goal: commercialization.

Speaker 1: Critically important to commercialization is that we all work together for progress. As an industry, certainly we compete, but we are really pioneers breaking new ground, in blazing new trails in the air together.

Speaker 1: Critically important to commercialization is that we all work together for progress as an industry.

Speaker 1: Certainly we compete, but we are really pioneers breaking new ground in blazing new trails in the air together.

Speaker 1: So industry success also depends on collaboration. As our peers make progress, look for us to congratulate them and champion them.

Speaker 2: We remain on track to meet our 2022 goals. We are a well-capitalized, growing company with a singular mission to advance the benefits of sustainable air mobility for all. With that, let me turn it over to Mark for an update on our financials, and then we'll take questions.

Speaker 1: As our peers make progress, look for us to congratulate them in champion them.

Adam D. Goldstein: We remain on track to meet our 2022 goals. We are a well-capitalized, growing company with a singular mission to advance the benefits of sustainable air mobility for all. With that, let me turn it over to Mark for an update on our financials, and then we'll take questions.

Mark Mesler: Thanks Adam, and thanks to everyone participating on the call. As Adam just discussed, and as we have outlined in our shareholder letter, Archer is making significant progress in a number of critical areas that are advancing our efforts to achieve our commercialization goals.

Mark Mesler: Thanks Adam, and thanks to everyone participating on the call.

Mark Mesler: As Adam just discussed and as we have outlined in our shareholder letter, Archer is making significant progress in a number of critical areas that are advancing our efforts to achieve our commercialization goals. While clearly, we are focused on our aircraft technology and certification, we are also maturing the capabilities that we will need to engage in commercial operations, such as with our supply chain manufacturing, as well as operating, and urban air mobility network.

Mark Mesler: While clearly, we are focused on our aircraft technology and certification, we are also maturing the capabilities that we will need to engage in commercial operations, such as with our supply chain manufacturing, as well as operating and urban air mobility network.

Mark Mesler: We are making excellent progress. Externally, it's very compelling to see that the overall EV TOL industry is starting to be recognized as more than just an interesting technology experiment and in fact, is a significant business sector.

Speaker 4: butexternally. It's very compelling to see that the overall EV TOL industry is starting to be recognized as more than just an interesting technology experiment. In fact is a significant business sector.

Speaker 2: Externally, it's very compelling to see that the overall EV TOL industry is starting to be recognized as more than just an interesting technology experiment and in fact is a significant business sector.

Mark Mesler: Since we last convened, there have been a number of events and publications specific to the industry. For example, there have been EV TOL specific financial conferences that have brought many of the EV TOL companies together with other industry players and investors to share ideas and discuss issues common to all companies, and we are scheduled to participate in additional ones later this year. Research analyst coverage is expanding for the industry, with a couple of new industry reports recently initiated. And finally, there was a 60-minute piece on the EV TOL industry highlighting several of our peer companies in the FAA regulatory environment. All of these developments continue to educate stakeholders and investors on the critical drivers for the industry, and that definitely helps each of us, as industry participants, to tell our individual stories better.

Speaker 4: For example, there have been EV TL specific financial conferences that have brought many of the EV TOL companies, together with other industry players and investors, to share ideas and discuss issues common to all companies, and we are scheduled to participate in additional ones later this year.

Mark Mesler: Since we last convened, there have been a number of events in publication specific to the industry. For example, there have been EV TOL specific financial conferences that have brought many of the EV TOL companies together with other industry players and investors to share ideas and discuss issues common to all companies, and we are scheduled to participate in additional ones later this year.

Speaker 2: For example, there have been EV tall specific financial conferences that have brought many of the EV TOL companies together with other industry players and investors to share ideas and discuss issues com to all companies, and we are scheduled to participate in additional ones later this year.

Speaker 4: Research analyst coverage is expanding for the industry, with a couple of new industry reports recently initiated.

Mark Mesler: Research analyst coverage is expanding for the industry, with a couple of new industry reports recently initiated.

Speaker 4: And finally, there was a 60 minutes piece on the EV to industry, highlighting several of our peer companies in the ffaa regulatory environment.

Mark Mesler: And finally, there was a 60-minute piece on the EV TOL industry, highlighting several of our peer companies in the FAA regulatory environment.

Speaker 4: All of these developments continue to educate stakeholders and investors on the critical drivers for the industry, and that definitely helps each of us, as industry participants, to tell our individual stories better.

Mark Mesler: All of these developments continue to educate stakeholders and investors on the critical drivers for the industry, and that definitely helps each of us, as industry participants, to tell our individual stories better.

Mark Mesler: Our market is projected to be very large in the future and that market will be supported by a number of companies, so we need to continue to support and do more on the education front to expand investor and consumer understanding and interest in our space.

Mark Mesler: Our market is projected to be very large in the future and that market will be supported by a number of companies. So we need to continue to support and do more on the education front to expand investor and consumer understanding and interest in our space.

Mark Mesler: As we think about what it will take to support a fast-growing company tackling a large market opportunity, we're also making strides to further build operating infrastructure and financial discipline that will help the company establish an operating rhythm that is married with financial rigor around planning, budgeting, and capital allocation.

Mark Mesler: Since our last call, we've made several key leadership hires across our accounting and finance function. In our accounting team, we have onboarded leaders to support a financial close process, procurement process, and SEC reporting. Additionally, we have hired key financial planning and analysis leaders to drive our five-step planning process to continue to build out our financial and operating model and to help drive the execution of the business to achieve our target business model. We are very pleased with the progress that we are making to build a world-class accounting and finance team and the critical financial process to enable the business.

Speaker 4: In our accounting team. We have onboard leaders to support a financial close process, prourecurement process and SEC reporting.

Speaker 2: In our accounting team we have onboard leaders to support a financial close process, procurement process and SEC reporting.

Speaker 4: Additionally, we have hired key financial planning and analysis leaders to drive our five -step planning process to continue to build out our financial and operating model and to help drive the execution of the business to achieve our targa business model.

Mark Mesler: Additionally, we have hired key financial planning and analysis leaders to drive our five-step planning process to continue to build out our financial and operating model and to help drive the execution of the business to achieve our target business model.

Speaker 4: We are very pleased with the progress that we are making to build a world-class accounting and finance team and the critical financial process to enable the business.

Mark Mesler: We are very pleased with the progress that we are making to build a world-class accounting and finance team and the critical financial process to enable the business.

Mark Mesler: With the buildout of our finance team, we have worked with our engineering and operating teams to continue to align on how to allocate investment across our critical differentiating technology development areas, such as power trained battery software, our technical and production aircraft, the certification process, and our data science capabilities. As we focus on the execution of our 2022 goals, these remain critical areas that we are clearly continuing to invest in throughout the year.

Mark Mesler: With the build-out of our finance team, we have worked with our engineering and operating teams to continue to align on how to allocate investment across our critical differentiating technology development areas, such as power training, battery, software, our technical and production aircraft, the certification process and our data science capabilities.

Speaker 4: As we focus on the execution of our 2022 goals, these remain critical areas that we are clearly continuing to invest in throughout the year.

Mark Mesler: As we focus on the execution of our 2022 goals, these remain critical areas that we are clearly continuing to invest in throughout the year.

Mark Mesler: Pivoting to our financial performance for Q1 2022, non-GAAP total operating expenses were $39.6 million, which was slightly above the upper end of our outlook range of $39 million, primarily due to accelerating some engineering program spending from Q2 2022 into Q1 and 2022.

Mark Mesler: Pivoting to our financial performance for Q1 in 2022, non-GAAP total operating expenses were $39.6 million, which was slightly above the upper end of our outlook range of $39 million dollars, primarily due to accelerating from engineering program spending from Q2 2022 into Q1 2022.

Speaker 4: Primarily due to accelerating some engineering program spending from Q2 22 in the Q1 and 22.

Speaker 2: Primarily due to accelerating some engineering program spending from Q2 22 in into Q1 and 22.

Mark Mesler: Non-GAAP operating expenses increased sequentially by $6.5 million as expected, as we hired more people to staff our engineering programs and build out the requisite infrastructure to support the growth of the business, as well as invested in engineering development materials for both our technical demonstrator and production aircraft programs.

Mark Mesler: Non-GAAP operating expenses increased sequentially by $6.5 million, as expected, as we hired more people to staff our engineering programs and build out the requisite infrastructure to support the growth of the business, as well as invested in engineering development materials for both our technical demonstrator and production aircraft programs.

Mark Mesler: We incurred a loss on adjusted EBITDA of $39.1 million, and the sequential expansion of that loss relative to Q4 2021 of $6.7 million was primarily driven by our increase in non-GAAP operating expenses.

Mark Mesler: On a GAAP basis, total operating expenses for Q1 2022 were $65.3 million, which included $24.5 million in stock-based compensation and $1.2 million of warrant expenses for our warrants issued to Stellantis.

Mark Mesler: On a GAAP basis, total operating expenses for Q1 2022 were $65.3 million, which included $24.5 million in stock-based compensation and $1.2 million dollars of warrant expenses for our warrants issued to Stellantis.

Mark Mesler: These results were $1.3 million above the high end of our Q1 2022 outlook of $64 million, primarily because of the acceleration of some engineering program spending and stock-based compensation.

Mark Mesler: These results were $1.3 million above the high-end of our Q1 2022 outlook of $64 million, primarily because of the acceleration of some engineering program spending and stock-based compensation.

Mark Mesler: We ended the quarter with $704 million of cash and cash equivalents on our balance sheet. We used $39.8 million of cash in the quarter, in addition to moving $2.6 million to restricted cash to support various letters of credit for commercial leases.

Speaker 4: We used $39.8 million of cash in the quarter, in addition to moving $2.6 million to restricted cash to support various letters of credit for commercial leases.

Speaker 2: We used $39.8 million of cash in the quarter, in addition to moving $2.6 million to restricted cash to support various letters of credit for commercial leases.

Mark Mesler: Annualizing our Q1 2022 burn rate and comparing that to our cash balance, our cash to burn ratio is 4.4X. We continue to lead the sector based on this metric. Clearly, we remain well-capitalized.

Speaker 2: We continue to lead the sector based on this metric. Clearly we remain well capitalized.

Mark Mesler: Finally, let's look at our Q1 2022 outlook estimates. We anticipate total GAAP operating expenses of $80-$86 million and total non-GAAP operating expenses of $47-$53 million. This reflects expected stock-based compensation, warrant expense, and another one-time expenses of approximately $33 million.

Speaker 5: We anticipate total GAAP operating expenses of eight million to $86 million and total non-GAAP operating expenses of $47 million to $53 million.

Mark Mesler: Finally, let's look at our Q1 2022 outlook estimates.

Mark Mesler: We anticipate total GAAP operating expenses of $80 million to $86 million and total non-GAAP operating expenses of $47 million to $53 million. This reflects expected stock-based compensation, warrant expense, and other one-time expenses of approximately $33 million.

Speaker 4: This reflects expected stock-based compensation, worant expense and another onetime expenses of approximately $33 million.

Speaker 2: This reflects expected stock-based compensation, worant expense and other onetime expenses of approximately $33 million.

Mark Mesler: To close out, the business is focused on delivering on our 2022 goals on our path to commercialization, and we are investing in the key areas of engineering, certification, and product development to support those goals. Beyond that, we have a financial and operating team with the experienced financial discipline and processes to efficiently and appropriately allocate capital. Archer continues to be well-positioned to execute on our business plan and achieve the kind of growth that will further solidify our position as a leader in the EV TOL sector. With that operator, let's open it up for questions.

Speaker 8: Beyond that, we have a financial and operating team with the experienced financial discipline and processes to efficiently, appropriately allocate capital.

Mark Mesler: Beyond that, we have a financial and operating team with the experienced financial discipline and processes to efficiently and appropriately allocate capital.

Speaker 4: Archer continues to be well positioned to exceute on our business plan and achieve the kind of growth that will further solidify our position as a leader in the Ed towel sector.

Mark Mesler: Archer continues to be well-positioned to execute on our business plan and achieve the kind of growth that will further solidify our position as a leader in the EV TOL sector.

Speaker 6: With that operator. Let's open it up for questions.

Mark Mesler: With that operator, let's open it up for questions.

Operator: If you would like to ask a question, please press star followed by one on your telephone keypad now. If you change your mind, please press star followed by two. When preparing to ask your question, please ensure [inaudible].

Speaker 10: So we would like to ask a question. Please per ST, follow about one on your telephone keper. Now if you change your on, Please per ST for by two when prepare ask you. Please show you for the mter locally.

Operator: So if you would like to ask a question, please press star followed by one on your telephone keypad now. If you change your mind, please press star followed by two. When preparing to ask a question, please ensure you [inaudible]. Our first question comes from Bill Peterson from JP Morgan. Please go ahead, sir.

Operator: Our first question comes from Bill Peterson from JP Morgan. Please go ahead, sir.

Speaker 6: A first question con med Peter Peterson from JP. Morgan, Please go aheadbill.

Bill Peterson: Yeah, hi, it's Bill Peterson from JP Morgan, thanks for taking my questions. First, on certification, I was hoping you can comment on--there's an article published sort of this week by Air Current. It talks about a potential shift in the certification from small aircraft that powered lift and the article made it appear that the EV TOL companies were kind of caught off guard, I'm wondering if you've had any discussions with the FAA on the shift, and if there is a shift, what are the next steps and how we should think about the potential ramifications if there is a sort of a shift in the certification requirements.

Bill Peterson: Hi, this is Bill Peterson from JP Morgan. Thanks for taking my questions. First, on certification, I was hoping you can comment on-- there was an article published this week by Air Current. It talks about a potential shift in the certification from small aircraft to powered lift, and the article made it appear that the EV TOL companies were kind of caught of guard. I'm wondering if you've had any discussions with the FAA on the shift or if there is a shift, what are the next steps, and how we should think about the potential ramifications if there is a sort of a shift in the certification requirements?

Adam D. Goldstein: Thanks for the question, Bill. This is Adam Goldstein. So we actually support the FAA's effort to put a more comprehensive certification framework in place for the industry. We don't actually believe the rule transition which what you're referring to is the transition from 2117A to 2117B. We don't believe that this will have a material impact on our certification timeline, but this is a complex process so maybe what I can do is just level set here on exactly what happened and try to explain it in a digestible way.

Adam D. Goldstein: Thanks for the question, Bill. This is Adam Goldstein. So we actually support the FAA's effort to put a more comprehensive certification framework in place for the industry. We don't actually believe the rule transition which what you're referring to is the transition from 2117A to 2117B, we don't believe that this will have a material impact on our certification timeline, but this is a complex process, so maybe what I can do is just level that here on exactly what happened and try to explain it in a digestible way.

Adam D. Goldstein: So part 21 contains the overarching procedures for how aircraft are certified. 2117 talks about which regulations are applicable for the vehicle being certified. 2117A handles traditional aircraft and 2117B handles special aircraft for which there are no standard air-worthiness regulations. Therefore, the applicable regulations can just be efficiently pulled together from other rule parts. So the change from 2117A to 2117B was really done in order to more easily tie the vehicle air-worthiness regulations- so like the things you need to do for airplanes to be safe- to the operational regulations, so things like pilot training. So our vehicle and other EV TOLs will now be classified as powered lift aircraft under 2117B and the FAA is going to publish operating rules for powered lift tying the aircraft to the operating regulations. So the rationale for doing this was really to streamline policy framework to support the commercialization of these vehicles.

Adam D. Goldstein: So part 21 contains the overarching procedures for how aircrafts are certified. 2117 talks about which regulations are applicable for the vehicle being certified. 2117A handles traditional aircraft and 2117B handles special aircraft for which there are no standard air-worthiness regulations. Therefore, the applicable regulations can just be efficiently pulled together from other rule parts. So the change from 2117A to 2117B was really done in order to more easily tie the vehicle air-worthiness regulations- so like the things you need to do for airplanes to be safe- to the operational regulations, so things like pilot training. So our vehicle and other EV TOLs will now be classified as powered lift aircraft under 2117B and the FAA is going to publish operating rules for powered lift tying the aircraft to the operating regulations. So the rationale for doing this was really to streamline policy framework to support the commercialization of these vehicles.

Speaker 1: 21 17 talks about which regulations are applicable for the for the vehicle being certified. 21 17 a handles traditional aircraft. In 21 17 B handles special aircraft for which there are no standard air worthiness regulations. Therefore, the applicable regulations can just be efficiently pulled together from other rule parts. So the change from 21 17 a to twent thousand 17 B was really done in order to more easily tie the vehicle air worthiness regulations- So like the things you need to do for airplanes to be safe- to the operational regulations, So things like pilot training.

Speaker 1: 21 17 talks about which regulations are applicable for the for the vehicle being certified. 21 17 a handles traditional aircraft. In two one 17 B handles special aircraft for which there are no standard air worthiness regulations. Therefore, the applable regulations can just be efficiently pulled together from other rule parts. So the change from 21 17 a to two thousand 17 B was really done in order to more easily tie the vehicle air worthiness regulations- So like the things you need to do for airplanes to be safe- to the operational regulations, So things like pilot training.

Adam D. Goldstein: So our vehicle and other EV TOLs will now be classified as powered lift aircraft under 2117B and the FAA is going to publish operating rules for powered lift tying the aircraft to the operating regulations. So the rationale for doing this was really to streamline policy framework to support the commercialization of these vehicles.

Speaker 1: So our vehicle and other EBIT toalls will now be classified as powered lift aircraft under 2001 and 17 B and the FA is going to publish operating rules for powered lift tying the aircraft to the operating regulations. So the rationale for doing this was really to streamline policy framework to support the commercialization of these vehicles.

Adam D. Goldstein: So hopefully that gives you a sense for what's happening. So our strategy has always been to design an aircraft in parallel with establishing and agreeing to our G1 [inaudible] basis and our G2 means of compliance, really ensuring that the regulations that we are designing to are comprehensive and have been pulled from the applicable rule parts for a particular aircraft design. So, based on this change, we actually don't see any material impact on our air worthiness rules or regulations or on our timeline. So we're still working with the FAA to understand the full extent of the change, but in our view today this is largely just an administrative change and in fact we think this could streamline important aspects of the efforts to bring these vehicles into commercial service.

Multiple speakers: So hopefully that gives you sense for what's happening. So our strategy has always been to design an aircraft in parallel with establishing and agreeing to our G1 [inaudible] basis and in our G2 means of compliance, really ensuring that the regulations that we are designing to our comprehensive and have been pulled from the applicable rule parts for a particular aircraft design. So, based on this change, we actually don't see any material impact on our air- worthiness rules or regulations or on our timeline. So we're still working with the FAA to understand the full extent of the change, but in our view today, this is largely just an administrative change and in fact, we think this could streamline important aspects of the efforts to bring these vehicles into commercial service. Thanks for the color there. I appreciate it. The second question is something we haven't really talked about in a while but it's related to the sort of the ecosystem in the infrastructure, things like charging infrastructure, where these things can take off and land. I was kind of hoping you could help us understand what cities are more likely and maybe what parts of the cities, things like airports and downtown that are going to be coming to market first in terms of infrastructure. Frankly, the conversations I have pointed to infrastructure, maybe that should be a gating item as we move into the back half of the decade.

Bill Peterson: Thanks for that color there, I appreciate it. The second question is something we haven't really talked about in a while, but it's related to the sort of the ecosystem and the infrastructure, things like charging infrastructure where do you think things can take off and land. I was kind of hoping you could help us understand what cities are more likely, or maybe what parts of the city, things like airports to downtown- that are going to be come to market first in terms of infrastructure. Frankly, the conversation I have point to infrastructure maybe potentially get a gaining item as we move into the back half of the [inaudible].

Speaker 13: Where do you they things can, can take off in land. It's kind of hope you could help us understand what these are more likely, or maybe what parts of the city, things like airports to downtown- that are going to be come to market first and for structure. Frankly, the conversation I have point to in structure maybe potentially get a gainating, a gaining item as we move into the back half of the Dec.

Speaker 4: You know what vities are more likely or maybe what parts of the cityvities, things like airports, about that- are going to be come to market first terms. frasstructure frankly, the conversation that have points to inasstructure. Maybe as we get a G, a gaining ite as we move into the back out of the day, that's a good question. So there have been a lot, there's been a lot of interest from cities, not just in the? U us, that really all over the world in oneing e tall to come to the market. So I think there is, you know, a real push for sustainable forms of transportation and different forms of transportation that can come help alleviatea traffic in congestion. And so we've seen it really all over the country, just different inquiries from, you know, different local municipalities and different groups reaching out. I do believe the industry will have a big presence, in the beginning with airport routes and then we saw that in the traditional ride share, terrestrial transportation. So I think today that the ride share, you know, on the ground market trips to the airport really still represent 20 to 30% of their total business.

Frankly, the conversations I have pointed to infrastructure, maybe that should be a gating item as we move into the back half of the decade.

Adam D. Goldstein: That's a good question. So there's been a lot of interest from cities, not just in the US, really all over the world in wanting EV TOL to come to the market. So I think there is a real push for sustainable forms of transportation and different forms of transportation that can come help alleviate traffic in congestion. And so we've seen it really all over the country, just different inquiries from different local municipalities and different groups reaching out. I do believe the industry will have a big presence in the beginning with airport routes and then we saw that in the traditional ride-share terrestrial transportation. So I think today the ride-share on the ground market trips to the airport really still represents 20% to 30% of their total business.

Adam D. Goldstein: That's a good question. So there have been a lot of interest from cities, not just in the US but really all over the world in wanting EV TOL to come to their markets. So I think there is a real push for sustainable forms of transportation and different forms of transportation that can come help alleviate traffic and congestion. And so we've seen it really all over the country, just different inquiries from different local municipalities and different groups reaching out. I do believe the industry will have a big presence in the beginning with airport routes and we saw that in the traditional ride share, terrestrial transportation, so I think today the ride share on the ground market trips to the airport really still represent 20 to 30% of their total business. So I think it makes sense that airports will likely represent a good starting place and a decent chunk of the business as we mature the industry. The good news about that is there is already infrastructure at the airports to support these vehicles. There would need to be additional charging infrastructure that would need to be put in place but there's a lot of infrastructure that's already place at airports.

Speaker 1: There have been a lot. There's been a lot of interest from cities, not just in the U's, that really all over the world in one e B tall, to come to the market. So I think there is, you know, a real push for sustainable forms of transportation and different forms of transportation that can come help alleviatea traffic in congestion. And so we've seen it really all over the country, just different inquiries from, you know, different local musicipalities and different groups reaching out. I do believe the industry will have a big presence in the beginning with airp routes and we saw that in the tritional ride share, terrestrial transportation. So I think today the ride share, you know, on the ground market trips to the airp ort really still represent 20 to 30% of their total business. So I think it makes sense that airports will likely represent a good starting place in a decent chunk of the business, as we, you know mature, of the industry. The good news about that is there is already infrastructure at the airports to support, you know, these vehicles. There would need to be additional charging infrastructure that would need to be put in, but there's a lot of infrtructure that's already place at airports.

Adam D. Goldstein: So I think it makes sense that airports will likely represent a good starting place in a decent chunk of the business, as we mature the industry. The good news about that is there is already infrastructure at the airports to support these vehicles. There would need to be additional charging infrastructure, that would need to be put in place, but there's a lot of infrastructure that's already in place at airports. So it is early in the development of the infrastructure market as it relates to urban air mobility, but we do believe that existing helipads, land parcels, and really retrofitted rooftops do make logical places for real estate and infrastructure to be built, and we're having ongoing discussions with different large infrastructure providers as well as looking at infrastructure opportunities on our own.

Adam D. Goldstein: So it is early in the development of the infrastructure market as it relates to urban air mobility, but we do believe that existing helipads, land parcels, and really retrofitted rooftops do make logical places for real estate and infrastructure to be built, and we're having ongoing discussions with different large infrastructure providers, as well as looking at infrastructure opportunities on our own.

Bill Peterson: Thanks for that color. I'll pass it on, but certainly will requeue if there's some more questions that don't get asked.

Multiple speakers: Thanks for that color. I'll pass it on, but certainly will review if there's some more questions that don't get asked. Thanks, Bill. Our next question comes from Edison [inaudible] from [inaudible] Bank, Please go ahead Edison.

Adam D. Goldstein: Thanks, Bill.

Operator: Our next question comes from Edison Lee from [inaudible] Bank. Please go ahead Edison.

Edison Lee: Thank you for taking our questions. First, it seems like there's a lot going on in the second half of the year. I was wondering if you could go into a little bit more detail on the timeline for flight testing and sort of how you define a successful campaign.

Speaker 4: First it seems like there's a lot going on in the second half of the year- was wondering if you could go into a little bit more detail on timeline for flight testing and sort of how you define a successful campaign.

Unknown Speaker: Thank you for taking our questions. First, it seems like there's a lot going on in the second half of the year. I was wondering if you could go into a little bit more detail on the timeline for flight testing and sort of how you define a successful campaign.

Thomas Paul Muniz: Yeah, absolutely. Hey, Edison, this is Tom. Thanks for the question. So, as you know, we had a really successful first hover flights back in December and at that flight we got a lot of really valuable data we used to validate the [inaudible] model and other performance of the aircraft. So since then we have not been flying because we made the strategic decision to upgrade the aircraft in preparation for transition flights later this year. So specifically we've been focused on installing our tilt rotor system which is used to control the vehicle through that transition flight. So the last couple months we've been focused on getting into ground test and we've gotten lots of data and are now in final preparation to return to flight later this quarter into the second half of the year. So right now it's going to go back in the air late this month into early June, and then the second half of the year we'll be working into a much more reallocating the flying up to multiple times per week, just to give you a sense for what to expect. As Adam mentioned earlier, this is actually the sixth aircraft that I have taken from concept through transition flight over the past decade. So I've been super happy with the progress of the team and just want to reiterate that we're on track for our first full transition this year and I'm super confident we'll get it done.

Thomas Paul Muniz: Yes, absolutely. Edison, this is Tom. Thanks for the question. So, as you know, we had a really successful first [inaudible] flight back in December and at that flight, we got a lot of really valuable data we used to validate the [inaudible] model and other performance of the aircraft. So since then, we have not been flying because we made the strategic decision to upgrade the aircraft in preparation for transition flights later this year. So specifically we've been focused on installing our tilt-rotor system which is used to control the vehicle through that transition flight. For the past couple of months, we've been focused on getting through ground tests and we've gotten lots of data and are now in final preparation to return to flight later this quarter into the second half of the year. So right now, we plan to be back in the air later this month into early June, and then the second half of the year we'll be working into a much more reallocating to flying, up to multiple times per week, just to give you a sense for what to expect. As Adam mentioned earlier, this is actually the sixth aircraft that I've taken from concept through transition flight over the past decade. So I've been super happy with the progress of the team and just want to reiterate that we're on track for our first full transition this year and I'm super confident we'll get it done.

Speaker 14: So since then we have not been flying because we made the strategic decision test grade the aircraft in preparation for transition flights later this year. So thespecifically we've been focused on installing our tilt rotor system which is used to control the vehicle through that transition flight. So the last couple months we've been focused on getting into ground test and we've gotten lots of data and are now in final preparation to return to flight later this quarter into the second half of the year. So the right now it's going to do back in the air late this month into early juneand then the second half of the year we'll be working into a much more reallocating the flying, you know, up to multiple times per week. Just to give you a sense for for what to expect. As Adam mentioned earlier, this is actually the sixth aircraft that I have taken from concept through transition flight over the past decade. So I've been super happy with the progress of the team and just want to reiterate that we're on track for our first full transition this year and I'm super conent'll get it done.

Speaker 8: So since then we have not been flying because we made the strategic decision test grade the aircraft in preparation for transition flights later this year. So specifically we've been focused on installing our tilt rotor system which is used to control the vehicle through that transition flight. For the lastp couple of months we've been focused on getting into ground test and we've gotten lots of data and are now in final preparation to return to flight later this quarter into the second half of the year. So right now we plan to do back in the air late this month into early juneand then the second half of the year we'll be working into a much more reallocating to flying, you know, up to multiple times per week. Just to give you a sense for for what to expect. As Adam mentioned earlier, this is actually the sixth aircraft that I' have taken from concept through transition flight over the past decade. So I've been super happy with the progress of the team and just want to reiterate that we're on track for our first full transition this year and I'm super confent we'll get it done.

Edison Lee: Understood. And then, on the more production side, could you maybe update us on the progress of the pilot line and also how you're thinking about components of systems procurement and assembly?

Multiple speakers: Understood. And then on the more production side, could you maybe update us on the progress of the pilot line and also how you're thinking about components that are being procured for that assembly. Yes, so one of the goals that we laid out for this year was to announce our site selection for our manufacturing facility and so we have been in extensive talks and going through that process. We've been working with Stellantis in terms of everything from manufacturing site selection through to the setup of the factory itself and really trying to make that as efficient as possible. We started with hundreds of different locations across the country and then narrowed that down to just a few and so we are still on track to announce that, and so we're making really kind of the final selections here as we're down to the last couple sites that we've been looking at. So that's what's on track from the manufacturing side.

Adam D. Goldstein: Yeah, so one of the goals that we laid out for this year was to announce our site selection for our manufacturing facility, and so we have been in extensive talks and going through that process. We've been working with Stellantis in terms of everything from manufacturing site selection through the set up of the factory itself and really trying to make that as efficient as possible. We started with hundreds of different locations across the country and then narrowed that down to just a few, and so we are still on track to announce that and so we're making really kind of the final selections here as we're down to the last couple of sites that we're looking at. So that's what's on track from the manufacturing side. On the pilot line side, we are building out a new lab base here in North San Jose and in that last base, we will be manufacturing our low rate additional production facility there where we will produce 10 vehicles to really start to be used in the certification process. So that lab will be built out through this year and we will start the production of those vehicles next year. So, as it relates to just overall supply chain, I think just sort of maybe reading your question a little bit- we are at the stage of our development cycle where we're not really a mass consumer of parts today. We're building technical demonstrators, we're designing the production aircraft and we're negotiating long term agreements with the supply base, so today we're not really seeing material impacts on the business that I think you're hearing across really kind of the rest of the the world and other industries with big supply chain delays, but what we're doing is getting ahead of any of the long lead time items just to reduce risk. So as we look at our manufacturing operations, our goal is to really lock in quantities and pricing through our effects process but at this point we're not seeing any major delays with any of the foundational suppliers that we're speaking with.

Adam D. Goldstein: On the pilot line side, we are building out a new lab space here in North San Jose and in that lab space we will be manufacturing our low rate initial production facility there where we will produce 10 vehicles to really start to be used in the certification process. So that lab will be built out through this year and we will start the production of those vehicles next year. So as it relates to just overall supply chain- I think just sort of maybe reading into your question a little bit- we are at the stage of our development cycle where we're not really a mass consumer of parts today, we're building technical demonstrators, we're designing the production aircraft, and we're negotiating long term agreements with the supply base. So today we're not really seeing material impacts on the business that I think you're hearing across really kind of the rest of the world and other industries with big supply chain delays. But what we're doing is getting ahead of any of the long lead time items just to reduce risk. So, as we look at our manufacturing operations, our goal is to really lock in quantities and pricing through the RFX process, but at this point, we're not seeing any major delays, any of the foundational suppliers that we're speaking with.

Speaker 1: But what we're doing is getting ahead of any of the long lead time items just to reduce risk. So, as we look at our manufacturing operations, our goal is to really lock in quantities and pricing through the RFX process, but at this point, we're not seeing any major delays, any of the foundational suppliers that we're speaking with.

Edison Lee: Understood. I appreciate the insight.

Multiple speakers: Understood. I appreciate the advice. The next question comes from Andres Shepherd from [inaudible]. Please go ahead, Andres.

Operator: The next question comes from Andres Shepphard from [inaudible]. Please go ahead Andres.

Andres Juan Sheppard-Slinger: Hi, good morning guys, and congrats on another great quarter. I just wanted to follow up on that last question regarding kind of the timeline for the test flights. I just want to make sure I understood that correctly. So in the past, you had referenced the second half of the year, now it sounds like the first cruise flight is expected next month. I just want to make sure I got that right and then kind of going forward, Tom I think you alluded to the frequency which you expect to kind of keep conducting test flights for the remainder of the year and for early next year. I'm just wondering if you can maybe add a little more color there if you don't mind.

Andres Juan Sheppard-Slinger: Hi, good morning guys and congrats on another great quarter. I just wanted to follow-up on that last question regarding kind of the timeline for the test flights. I just want to make sure I understood that correctly. So in the past you had referenced the second half of the year, now it sounds like the first cruise flight is expected next month. I just want to make sure I got that right. And then kind of going forward, Tom, I think you alluded to the frequency at which you expect to kind of keep conducting test flights for the remainder of the year and for early next year. I'm just wondering if you can, may be add a little more color there, if you don't mind.

Speaker 16: The frequency which you expect, to kind of keep conducting test flights for the remainder of the year and for early next year. I'm just wondering if you can be. Add a little more color there, if you don't mind.

Multiple speakers: [Thomas Muniz] Sure, happy to clarify, Andres. So we are planning to continue our flight test campaign, resuming in hover but then going into flights where we translate and fly around working up towards a complete transition flight, meaning taking off vertically, accelerating forward, then flying with lift only generated by the wing. That's what we consider a full transition flight forward into this year, as we previously said. So in the coming weeks here we'll get back to our flight test campaign and then it will be a progressive ramp-up where we do expect to be flying very regularly with the [inaudible] to several flights per week, again working up to that first full transition flight end of the year. So a little context right, flight test is a very step-by-step rigorous approach. We take the [inaudible] expansion is what it's called- in very small increments, increasing speed and other capabilities, working towards that full transition flight. [Adam Goldstein] And hey Andres, this is Adam just kind of adding it in here. If you took a step back and looked at the industry over the past 10 years, we've seen several groups transition vehicles and my understanding from some of those groups, it's taken between 18 and 24 months for most groups to be able to transition in aircraft, and some groups have been for years and still are trying to transition aircraft. Our stated goal to transition the aircraft this year would put us at a transition timeline at 12 months, and so I think that will be probably the fastest anyone has done it in the retail industry, and so it's quite a technical feat. So sort of the zoomed-out version of what we're stating here is actually a very aggressive [inaudible] campaign that we feel really confident in being able to achieve this year that we will show our really technical capabilities off which we're very excited to do.

Thomas Paul Muniz: Yes sure, happy to clarify, Andres. So we are planning to continue our flight test campaign, resuming in hover but then going into flights where we translate and fly around working up towards a complete transition flight, meaning taking off vertically, accelerating forward, then flying with lift only generated by the wing. That's what we consider full transition flight before the end of this year, as we previously said. So in the coming weeks here we'll get back to our flight test campaign and then it will be a progressive ramp up where we do expect to be flying very regularly with the [inaudible] of several flights per week, again working up to that first full transition flight at the end of the year. So a little context, flight test is a very step by step, rigorous approach. We take the [inaudible] expansion is what it's called in various small increments increasing speed and other capabilities, working towards that full transition flight.

Adam D. Goldstein: Hey, Andres, this is Adam, just kind of adding it in here. If you took a step back and looked at the industry over the past 10 years, we've seen several groups transition vehicles, and my understanding from some of those groups, it's taken between 18 and 24 months for most groups to be able to transition an aircraft and some groups have been added for years and still are trying to transition aircraft.

Speaker 1: Our stated goal to transition the aircraft this year would put us at a transition timeline at 12 months, and so I think that will be probably the fastest anyone has done it in the retail industry, and so it's quite a technical feat. So sort of the zoomed-out version of what we're stating here is actually a very aggressive [inaudible] campaign that we feel really confident in being able to achieve this year that we will show our really technical capabilities off which we're very excited to do.

Multiple speakers: Our stated goal to transition the aircraft this year would put us at a transition timeline at 12 months and so I think that will be probably the fastest anyone's done it in the EV TOL industry, and so it's quite a technical feat. So sort of the zoomed-out version of what we're stating here is actually a very aggressive, like that campaign that we feel really confident in really being able to achieve this year that will show our really technical capabilities off which we're very excited to do. Got it. Thanks, guys. That's very helpful and thorough. A quick follow-up, can you just remind us what are some of the key KPIs from the advisory committee that you announced with United last month? Like what are some many things that we can look for or what are some of the things that you kind of expect from that joint committee?

Andres Juan Sheppard-Slinger: Got it, thanks, guys. No, that's very helpful and thorough. A quick follow-up, can you just remind us what are some of the key KPIs from the advisory committee that you announced with United last month? Like what are some maybe things that we can look for or what are some of the things that you kind of expect from that joint committee?

Adam D. Goldstein: Yeah, sure. So United has been a really great partner to Archer and it really goes beyond just being an investor and buying planes, they're helping us with all the operational side too. So the most important area of focus for Archer will always be safety, but we also want to consider cost [inaudible] inability. So we set up this committee really to leverage the expertise of the United's really deep history in maintenance and operating strategies. So I believe direct operating cost is going to be a major factor in an EV TOL and maintenance will be basically the driver of direct operating cost. So one aspect of the committee will be focusing on reviewing the production aircraft designed for maintainability. So we're going to look at things like anything from access panel, charge port locations or commonly placed components, things like that, and United is participating in our design reviews to help us focus on improving in areas.

Adam D. Goldstein: Yes, sure. So United has been a really great partner to Archer and it really goes beyond just being an investor and buying planes. They're helping us with all the operational side too. So the most important area of focus for Archer will always be safety, but we also want to consider cost of maintainability. So we set up this committee really to leverage the expertise of United's really deep history and maintenance and operating strategies. So I believe a direct operating cost is going to be a major factor in an EV TOL and maintenance will be basically the driver of direct operating costs. So one aspect of the committee will be focusing on reviewing the direction aircraft designed for maintainability. So we're going to look at things like anything from access panel, charge port locations, or commonly placed components, things like that. And United is participating in our design reviews to help us focus on improving these areas. So if we think about just stepping back, we have a big direct operating cost that we're going to be heavily focused on.

Adam D. Goldstein: So if we think about just stepping back, we have a big direct operating cost that we're going to be heavily focused on. Direct maintenance cost will be a large component of our direct operating cost, so that's really kind of one of the areas of focus for us is to make sure that we can drive a long-term profitable business, and this committee is really set up to help and guide us through best practices.

Multiple speakers: Direct maintenance cost will be a large component of our direct operating cost. So that's really kind of one of the areas of focus for us is to make sure that we can drive a long-term profitable business. And this committee is really set up to help and guide us through best practices. Wonderful, thanks Adam. Maybe one last one if I may. You guided [inaudible] for next quarter of $80 to $86 million on a GAAP basis and most of that is due to what the stock-based compensation look like. It looks like there are some one-time expenses. I'm just wondering if maybe you can elaborate on what those are. Hey Andres, this is Mark. It's primarily a one-time expense and that has to do with the separation of bread from the company. It reflects the [inaudible] that was issued.

Andres Juan Sheppard-Slinger: Wonderful. Thanks, Adam. Maybe one last one, if I may. You guided OpEx for next quarter of 80 to 86 million on a GAAP basis. Now, most of that is due to stock-based compensation it looks like, but there are some one-time expenses, so I'm just wondering if maybe you can elaborate on what those are.

Speaker 19: You guided OpEx for next quarter of 80 to 86 million on a GAAP basis. Now, most of that is due to the stock-based compensation. Look like, it looks like, but there are some onetime expenses, So I'm just wondering if maybe you can elaborate on what those are.

Mark Mesler: Hey, Andres, this is Mark. It's primarily a one-time expansion that has to do with the separation of [inaudible] from the company. It reflects the 8-K that was issued.

Speaker 1: It reflects the 8-K that was issued.

Andres Juan Sheppard-Slinger: Got it, understood. Great, thanks so much guys, congrats again. I'll pass it on.

Andres Juan Sheppard-Slinger: Got it, understood. Great, thanks so much guys. Congrats again, I'll pass it on.

Operator: Our next question comes from David Zazula from Barkley's. Please go ahead, David.

Operator: Our next question comes from David Zazula from Barclays. Please go ahead, David.

Speaker 9: Connext' question comes from David gangea from Barkley'. Please go ahead, David.

David Michael Zazula: Hey, thanks for taking my question. Just following up on that, you did have a Board member resign recently and you put out a statement saying that the vision of the Board was different from his vision. Can you comment on the current state of the vision of the Board and how it's progressed and how any kind of Delta might have developed there?

David Michael Zazula: Hey, thanks for taking my question. Following up on that, you did have a Board member resign recently and you put out a statement saying that the vision of the Board was different from his vision. Can you comment on the current state of the vision of the Board and how it's progressed and how any kind of Delta might have developed there?

Adam D. Goldstein: Hey, David, this is Adam. So the vision of the company really has always been intact and unwavering since day one, and so I tried to make that really clear in the remarks today and really in the opening here. The goal was really to build a vehicle, take it to commercialization, that's safe, that's quiet, and that's affordable really to the masses. And so we are on track to complete that vision and the goal is to get a vehicle certified by the end of 2024. The Board supports that, the executive team supports that, so there's really been no change there to that at all. So hopefully that really clarifies that.

Adam D. Goldstein: Hey David, this is Adam. So the vision of the company really has always been intact and unwavering since day one. And so I tried to make that really clear in the remarks today and really in the opening here. The goal was really to build a vehicle, take it to commercialization, that's safe, that's quiet and that's affordable really to the masses. And so, we are on track to complete that vision and the goal is to get a vehicle into service, to get certified by the end of 2024. The Board supports that, the executive team supports that, so there's really been no change there to that at all. So hopefully that really clarifies that.

Speaker 23: a vehicle, take it to commercialization, that's safe, that's quiet, and that's affordable really to the masses. And so we are on track to complete that vision and the goal is to get a vehicle certified by the end of 2024. The Board supports that, the executive team supports that, so there's really been no change there to that at all. So hopefully that really clarifies that.

Speaker 1: A vehicle, take its commercialization, that's safe, that's quiet and that's affordable really to the masses. And so we are on track to complete that vision and the goal is to get a vehicle to service by the right to get certified by the end of 2024. the Board supports that that, the executive team supports that, So there's really been no change there to that at all. So hopefully that really clarifies that.

David Michael Zazula: Thanks. And then for Tom, you had worked really hard towards having the first flight in December and it seems like it's going to be probably about six months between then and the next flight. Can you help us out what data you were trying to achieve that's helped you in the follow-on tests in between such a gap in between the first and the follow-on flight? Like why was it important to get that flight then and then not fly again until now?

Speaker 24: Make you.

Multiple speakers: Thanks. And then for Tom you worked really hard towards having the first flight in December and it seems like it's going to be probably about six months between that and the next flight. Can you help us know what data you were trying to achieve that's helped you with the follow on test in between such a a gap in between the first of the follow on flight? Like why was it important to get that flight and then not fly again until now? Yes, sure, happy to add more context there. So the flight we did in December was a hover and basically gave us enough information to validate that the aircraft was performing as expected in that flight condition. But at that point we did not have the aircraft in a physical state and with the software where it was capable of flying the full mission envelope through transition. So when we looked at the data from that first flight, we could have chosen to keep doing more hover flights in that configuration, but we were confident enough that we just decided to move through the next phase of the program, which was installing the tilt-rotor system, as I mentioned earlier, along with some software upgrades that make the vehicle capable of the full transition envelope. So there was a process getting all of that hardware and software completed and installed, and then the last couple of months have been all about testing and preparation for more flying. So, like I mentioned earlier, we're really close to continuing the flight test campaign end of this month, early June, that's what it's looking like today and then, based on where we stand in the maturity vehicle, we're in great shape to get through first transition before the end of the year. Right, thanks Tom.

Speaker 25: You'd worked really hard towards, you know, having the the first flight in December and it seems like it's going to be probably about six months between then and the next flight. You can you help us out what data you were trying to achieve that that's helped you in the, the follow on tests? You know, in between such a a, a gap in between the the the first and the follow on flight, like what? Why was it important to get that flight and you know then and then not fly again until now?

Speaker 11: You'd worked really hard towards. You know, have the first flight in December and seems like it's going to be probably about six months between the next flight. You us out what data you were trying to achieve. That helped you. The follow on test- you know it. Between such a a gap in between the first of the follow on flight, like what? Why was it important to get that flight? You know that, not flight again to tell that. Yes, you're happy to add omore context there. So the F we did in December was a hover and basically gave us enough information to validate that the aircraft was before me as expected in that flight condition. But at that point we did not have the aircraft in a physical state and with the software where it was capable of flying the full mission envelope, you know, through transition. So when we looked at the data from that first flight, we could have chosen to keep doing more har flights in that configuration. But we were confident enough that we just decided to move through the next phase of the program, which was installing the sililt rotor system, as I mentioned earlier, along with some software upgrades.

Thomas Paul Muniz: Yes sure, happy add more context there. So the flight we did in December was a hover and basically gave us enough information to validate that the aircraft was performing as expected in that flight condition. But at that point, we did not have the aircraft in a physical state and with the software where it was capable of flying the full mission envelope through transition. So when we looked at the data from that first flight, we could have chosen to keep doing more hover flights in that configuration, but we were confident enough that we just decided to move to the next phase of the program, which was installing the tilt rotor system, as I mentioned earlier, along with some software upgrades that make the vehicle capable of a full transition envelope. So there was a process getting all of that hardware and software completed and installed, and then the last couple of months have been all about testing in preparation for more flying. So, like I mentioned earlier, we're really close to continuing the flight test campaign end of this month, early June - that's what it's looking like today-and then, based on where we stand in the maturity vehicle, we're in great shape to get through first transition before the end of the year.

Speaker 1: So when we looked at the data from that first slight, we could have chosen to keep doing more har flights in that configuration, but we were confident enough that we just decidide to move to the next phase of the program, which was installing the tilt rotor system, as I mentioned earlier, along with some software upgrades that make the vehicle capable of full transition envelope. So you know, there was a process getting all of that hardware and software completed and installed, and then the last couple of months have been all about testing in preparation for more flying. So, like I mentioned earlier, we're really close to continuing. The flight test campaign ended this month, early June - that's what it's looking like today- and then, based on where we stand in the maturity vehicle, we in great shapees to get through first transition before the end of the year.

Speaker 10: That make the vehicle capable of the full transition envelope. So there was a process getting all of that hardware and software completed and installed, and then the last couple of months have been all about testing in preparation for more flying. So, like I mentioned earlier, we're really close to continuing. The flighttest campaign ended this month, early June . That's what it's looking like today and then, based on where we stand in the maturity vehicle, we're in great shape to get through first transition before the end of the year.

David Michael Zazula: Thanks, Tom.

Operator: As a reminder, if you have any further questions, please per star followed by one on your telephone keypad now.

Operator: As a reminder, if you have any further questions, please per star followed by one on your telephone keypad now. The next question comes from Josh Sullivan from Benchmark Company. Please go ahead, Josh.

Operator: The next question comes from Josh Sullivan from the Benchmark company. Please go ahead, Josh.

Multiple speakers: [Josh Sullivan] Hey, good morning. [Adam Goldstein] Good morning, Josh. [Josh Sullivan] Just on the manufacturing site selection, how has your view evolved? You've got Airbus, they've announced they're going to do some contract manufacturing with Spirit and it's a traditional aerospace sort of relationship. Now EV TOLs are going to be more automotive in volumes, but curious on what Stellantis is saying or what they're advising, what needs to be more automotive, what needs to be more traditional aero manufacturing, and then just kind of your thoughts on some contract manufacturing in general.

Speaker 2: Well Josh, just on the manufacturing site selection. You know how is your view of olve. Your needs evolve. You've got Airbus. They've announced they're going to do some contract manufacturing with spirit and you know it's a traditional aerospace sort of relationship. Now e V calls are going to be more automotive, lacen volumes, but curious on what the delan is saying or what they're advising. You know what needs to be more automotive, what needs to be more traditional a manufacturing. And then just kind of your thoughts on some contract manufacturing in general.

Joshua Ward Sullivan: Good morning. Just on the manufacturing site selection, how has your view evolved or your needs evolved? You've got Airbus, they've announced they're going to do some contract manufacturing with Spirit and it's a traditional aerospace sort of relationship. Now EV TOLs are going to be more automotive like in volumes. But I'm curious on what Stellantis is saying or what they're advising, what needs to be more automotive, what needs to be more traditional aero manufacturing. And then just kind of your thoughts on some contract manufacturing in general.

Adam D. Goldstein: Now that's a good question. So a big part of the site selection really goes down to our broader strategy of our volumes, when, where, how much, how do we move these vehicles around? Because the range of the vehicles are less than a hundred miles. It's not like we're going to fly them to their final locations, so we'll typically transport them through some of the modes. So lots of considerations in terms of how that rolls up to our site selection for manufacturing. So a lot of the core focus though that we have was based around the volume that we're trying to build. So we put out there the volumes which will start in the low hundreds and scale up to a few thousand here by the end of the decade.

Speaker 1: So a big part of the, the site selection, really goes down to our broader strategy of our volumes. When where, how much? How do we move these vehicles around? Because the range of the vehicles are you, a hundred milesit's not like we're going to fly them to. You know their final locations, will typically know transport them through some of the modes. So lots of considerations in terms of how that rolls up to our site selection for manufacturing. So a lot of the core, focusused though you know that we have was, was based around the volume that we're trying to build. So you, we put out there, you know the volu, which will start in the MO hundreds and scale up to you, you know, a few thousand here by the end of the decade.

Adam D. Goldstein: That's a good question. So a big part of the site selection really goes down to our broader strategy of our volumes; when, where, how much, how do we move these vehicles around? Because the range of the vehicles are you than 100 miles. It's not like we're going to fly them to their final locations. We will typically transport them through some other their modes. So lots of considerations in terms of how that rolls up to our site selection for manufacturing. So a lot of the core focus though that we have was based around the volume that we're trying to build. So we put out there the volume which will start in the low hundreds and scale up to a few thousand here by the end of the decade. So we are finding a factory that we can build and design around those data volumes and then shift our focus also to thinking about the different components we want to manufacture and house versus a couple we want to do out of house.

Adam D. Goldstein: So we are finding a factory that we can build and design around those data volumes and then shift our focus also to thinking about the different components we want to manufacture in-house versus what we want to do out-house. So have been working with Stellantis to leverage some of the automotive capabilities that don't traditionally find in aerospace. So a good example of that could be things like paint. So it might take you five to seven days to paint general aviation aircraft of a similar size but the autos can paint a vehicle in closer to seven hours. And so we have spent time with Stellantis, gone out to their factories see how they do it, see the type of automation that they have and really try to figure out what makes sense for investment in automation that will be economical for us and not overspend in areas that don't make sense for automation. And so that's really been a lot of the focus for us. So there are other things like high scale composite manufacturing where the autos do a great job and they manufacture a lot of vehicles, and so it's another kind of area that we've looked at. So we'll do a lot of the assembly of the vehicles in-house and we'll focus on manufacturing just some of the kind of key piece of IP, so parts of our power train or different kind of key in-house stuff that we'd like to focus on.

Multiple speakers: So we have been working with Stellantis to leverage some of the automotive capability that you don't traditionally find in aerospace. So a good example of that could be things like paint. So it might take you five to seven days to paint a general aviation aircraft of a similar size, but the autos can paint a vehicle in closer to seven hours. And so we have spent time with Stellantis, gone out to their factories, see how they do it, see the types of automation that they have, and really try to figure out where it makes sense for investment in automation that will be economical for us and not overspend in areas that don't make sense for automation. And so that's really been a lot of the focus for us. So there are other things like high scale composite manufacturing where the autos do a great job and they manufacture a lot of vehicles. And so it's another kind of area that we've looked at. So we'll do a lot of the assembly of the vehicles in house and we'll focus on manufacturing just some of the kind of really key piece of IP, so parts of our power train or different kind of key stuff that we'd like to focus on. Got it. And then just on the rule transition from 2117A and B, what are your broader thoughts on the readiness of the FAA for passing your EV TOL transport? Maybe, if you could put it in the baseball kind of context, just where you think the regulatory environment is at this point. A part of Archer's strategy really since the beginning, was to design a vehicle that could be certified in a time frame that made sense and we really tied our capital strategy to that as well. So we raised enough capital that could get us through the timeline that we thought was estimated that that would take. So I don't think anybody thought it would be a clear, straight line that this would be an easy process, but at the same time we are certifying the vehicle that I don't think is so outrageous that there's going to be gigantic twists and turns.

Speaker 1: You know parts of our power train or you know different, different kind of keepy in how stuff that we'd like to, youknow wed like to focus on of, and that's just done. The rule transition from 20 w and 17, eight be. You know what are your broader thoughts on the readiness of the F? A for passenger tall transport? You know maybe, if you could you know put it, the baseball, any kind of context, just just where you think the regulatory environment is at this point. Part of Archer strategy really, since the beginning, was to design a vehicle that could be certified in a time frame that made sense and we really tied our capital strategy to that as well. So we raised enough capital that to get us through the timeline that we thought was estimated that that would take. So I don't think anybody thought it would be a clear, straight line that this would be an easy process. But at the same time we are certifying the vehicle. That you know, I don't think is so. In outrageous stuff there's going to be gigantic twists in turns.

Joshua Ward Sullivan: Got it. And then, just on the real transition from 2117A to B, what are your broader thoughts on the readiness of the FAA for passenger EV TOLs transport? Maybe if you could put it the baseball, any kind of context, just where you think the regulatory environment is at this point.

Adam D. Goldstein: Part of Archer's strategy, really since the beginning, was to design a vehicle that could be certified in a time frame that made sense and we really tied our capital strategy to that as well. So we raised enough capital that could get us through the timeline that was estimated that it would take. So I don't think anybody thought it would be a clear, straight line and that this would be an easy process, but at the same time, we are certifying the vehicle that I don't think is so outrageous that there's going to be gigantic twists and turns. So for us, this change from 2117A to 2117B is one of those I would say, not necessarily expected because you don't know what you don't know, but in the sense a minor change like this in our view there's going to be a bunch of them. So the whole goal in Archer's strategy from the very beginning was making sure that we designed an aircraft in parallel establishing our G1 versus G2 and really making sure that we could design around the existing regulations and not do things that would make the FAA uncomfortable. And so to date, that strategy I think has been very effective and changes like this we don't think impact us and there likely could be more changes down the road. I mean, I think that would be probably expected, but given our strategy, I think will be able to continue to navigate those changes and stay within our timeline.

Multiple speakers: So for us, this change from 2117A to 2117B is one of those I would say, not necessarily expected, because you don't know what you don't know, but in the sense a minor change like this in our view, there's going to be a bunch of them. So the whole goal in our strategy from the very beginning was making sure that we designed the aircraft in parallel establishing our G1 or basis and G2 and really making sure that we could design around these existing regulations and not do things that would make the FAA uncomfortable. And so to date that strategy I think has been very effective and changes like this we don't think impact us and there're likely could be more changes down the road. I mean, I think that would be probably expected, but given our strategy, I think we'll be able to continue to navigate those changes and stay within our timeline. [inaudible] And now a follow-up question from Bill Peterson from JP Morgan, please go ahead.

Joshua Ward Sullivan: Got it. Thanks for the time.

Operator: I have a follow-up question from Bill Peterson from JP Morgan. Please go ahead, Bill.

Bill Peterson: Yeah, thanks for taking the follow-up question. I think you spoke to it a bit in the [inaudible] letter, but in terms of the preliminary designer review you mentioned the OML being the major achievement, one of the longer lead time things. But what other milestones were accomplished and then I guess, can you share any more specifics on what's left to be done in the second half?

Thomas Paul Muniz: Yeah, absolutely. So just to give a little context, we're following a very traditional aerospace development process that involves these phase gates right: conceptual designer review, CDR, preliminary design review, CDR. The next one after that will be a critical design review- CDR. At each of these milestones, the vehicle's maturity, the maturity of the design, and the production system around it is continuing to increase. So there's just a really good markers in time to assess holistically how the program is developing. So the OML is a really great accomplishment. As you mentioned earlier, that unlocks our ability to kick off tooling and support of manufacturing our first production aircraft next year. But in addition to that, like Adam mentioned in his opener, we've also just made a lot of progress in maturing the design to the point where we're now shifting after PDR, coming up in a couple months, we're now shifting into the detailed design phase, actually producing the drawing and detailed engineering definition that we will build off of.

Speaker 10: Support of manufacturing our first aircraft for production aircraft next year. But in addition to that, like Adam mentioned in his opener, we've also just made a lot of progress on maturing the design to the point where we're now shifting or, after P D R is coming up in a couple of months, we're shifting into the detailed design phase, actually producing the drawings and detailed engineering definition that will build off of.

Thomas Paul Muniz: So the great news at this point is the design has come together really well and we're on track, actually in a better spot than we hope even, for key performance metrics like the vehicle weight, payload range. So overall the design is coming together great with sufficient margin and we're really happy with all the work the team's done.

Speaker 10: So the great news at this point is the design has come together really well and we're on track, actually in a better spot than we hope, even for key performance metrics like to be a late payload range. So overall the design is coming to have a great with sufficient margin, and just are really happy with all the work team's done.

Bill Peterson: Thanks for the additional color. Maybe this last one, more housekeeping, but in terms of spend, OpEx and CapEx, I wonder how we should think about the trajectory beyond the quarter, I know you guide one quarter at a time, but how to think about the trajectory I guess maybe within that OpEx side, what's related to personnel versus tooling materials? Really in this market environment, investors are really keen to understand the cash where I provided like a snapshot of what you based off the first quarter but any additional color you can provide would be helpful.

Speaker 4: Thanks for the additional color. Maybe let this last one more housekeeping. But in terms of spend, OpEx and CapEx wonderred how we should think about the trajectory beyond the court. I know you gu one quarter at a time, but how to think about the traject? ory, I guess maybe within that what OpEx I, what's related, the personnel versus to ING or materials. Really, in this market environment you know investtors are reallykeen to understand, know the cash where. I know you provided like a snapshot of what you based off the first quarter, but any additional color you can provide would be helpfulthank bill. This is Mark. So with respect to, I think your first question was thinking about how, how the trajectory of OpEx for the rest of the year correct.

Mark Mesler: Bill, this is Mark. So with respect to, I think your first question was thinking about how the trajectory of OpEx for the rest of the year, is that correct?

Bill Peterson: Well, I mean, on OpEx and CapEx I mean the cash burn but then the OpEx, how to think about bar one-off, one-time nature versus fixed OpEx, and personnel and personal growth and things like that?

Speaker 3: Well mean CapEx, I mean I the cashburn, but then you know that OpEx, how to think about, you know bar, one off, one time nature versus it's called fixed O PEX personnel, personal growth and things like that yes, sure. So I think that we, while we where we would see some OpEx being lumpy, for the most part we we've gone through a very detailed bottoms up budget for the year and I don't, I think, I don't think there's going to be a significant one off items. However, they could be lumpy from quarter to quarter, depending on if we're doing a big buy for, for some know, parts for engineering or something like that. So I would, I would continue just to model you the payroll and OpEx Don more in a linear fashion.

Mark Mesler: Yeah, sure. So I think that while we would see some OpEx being lumpy, for the most part we've gone through a very detailed bottoms up budget for the year and I don't think there's going to be a significant one-off items. However, they could be lumpy from quarter-to-quarter, depending on if we're doing a big buy for some parts for engineering or something like that. So I would continue just to model the payroll and OpEx more in a linear fashion.

Mark Mesler: With respect to CapEx, the CapEx that we've had for the first quarter was pretty light. You can see with [inaudible] million bucks. You should expect something more significant than that in the second half of the year especially when we start thinking about the breaking ground on a factory for putting CapEx into that. So I'm happy to talk a little bit more detail around that, but that's how I'd think about it.

Speaker 2: With respect to CapEx, the CapEx that we've had for the first first quarter was pretty light. You can see with what's in a million bucks. You should expect something more significant that in the second half of the year, especially especially when we start thinking about the breaking ground on a factory for putting CapEx into that. So happy to happy to talk a little bit more detail around that, but that's how I'd think about it. They should additional color. We'll look forward to all in the progress.

Speaker 31: You should expect something more significant than that in the second half of the year especially when we start thinking about the breaking ground on a factory for putting CapEx into that. So I'm happy to talk a little bit more detail around that, but that's how I'd think about it.

Bill Peterson: Okay, thanks for additional color. We'll look forward to following the progress.

Speaker 6: Final question comes from under a shepherred from councsel. Please go ahead and brass.

Operator: Our final question comes from Andres Sheppard from [inaudible]. Please go ahead Andres.

Andres Juan Sheppard-Slinger: Hey guys, thanks again for taking my follow-up as well. Adam, I'm just wondering if you could maybe comment on what are some of the kind of the best practices that you guys are putting in place to try to help mitigate some of the increasing cost of batteries as a result of supply chain disruptions. I know we've addressed in the past, but maybe just kind of remind us your thoughts on kind of the macro there.

Speaker 10: Hey guys, thanks again for taking my follow-up as well. I don't know. I M just wondering if you may be comment on what are some of the kind of the best practices that you guys are putting in place to try to help mitigate.

Speaker 11: Some of the increasing cost of batteries as a result of supply chain disruption. So I I know we've addressed in the past, but maybe just kind of remind us your thoughts on kind of the macro there.

Speaker 15: Some of the increasing cost of batteries as a result of supply chain, the disruption So I know we've addressed in the past, but maybe just kind of remind us your thoughts on kind of the macro there.

Adam D. Goldstein: Yeah, so our goal really, I guess from a big picture inflation perspective-our goal is really to have the majority of the suppliers that we need for the aircraft under contract this year. So we started the our [inaudible] process early in the year and have been getting our feedback in the supply base and we've actually seen a lot of interest from suppliers, as really many of them view urban mobility as this big potential market. But, that being said, we are seeing cost come back higher than expected in many areas. We do have a strong market position and we do have a strong capital position and that's really enabled us to still negotiate, I think, pretty favorable terms both on the upside case and on the downside kind of protection case. So, for example, in many of the negotiations that we're seeing now, we are able to put in [inaudible] not to exceed prices but at the same time we're able to tie the price of what's say like raw materials to [inaudible]. So when prices eventually do come back down, we can see the benefit from that as well. So it gives us both the upside protection and the downside protection. And then, as it relates to batteries, this partnership with Stellantis you've probably seen in the news- very active on the battery sell side, and so they give us a very large potential to help us mitigate cost. The buying power of a top OEM in the world has the ability to significantly move the needle in price negotiations.

Speaker 1: Yes So our goal really, you know, I guess, from a big picture inflation perspective no, our goal is really to have the majority of the suppliers that we need for the aircraft under contract this year. So we started the our FX process early in the year and have've been getting our P back in the supply base and we've actually seen a lot of interest from suppliers, as really many of them view earban mobility as this big potential market. But, that being said, we are seeing costs come back higher than expected in many areas. We do have a strong market position and we do a strong capital position and that's really enabled us to still negotiate, I think, pretty favorable terms both on the upside case and on the downside kind of protection case. So, for example, and in many of the negotiations that we're seeing now, we are able to put in n T ES are not to exceed prices but at the same time we're able to tie the price of what's say like raw materials to in industsee.

Speaker 15: So when prices eventually do come back down, we can see the benefit from that as well. So ves us both the upside protection and the downside protection. And then, as it relates to batteries, we have A. this partnership has tounus and probably seen in the news- are very active in on the battery cell, the battery sell side, and so they give us a very large potential to help us mitigate costs. The buying power of a top auto OEM in the world have the ability to significantly move the needle in price negotiations got it that super helpful. Thanks again, guys. Can grhaps in the quarter.

Andres Juan Sheppard-Slinger: Got it. That's super helpful. Thanks again, guys. Congrats on the quarter.

Operator: Today's [inaudible], I will hand over Adam Goldstein, CEO, for any final remarks.

Speaker 7: Thank youtoday's communization has came to, and I will hand Adam golf in CEO for any final remarks.

Adam D. Goldstein: Okay well, thanks again for joining us today and I really want to just reiterate the principles of Archer delivering on our 2022 goals, and I look forward to speaking with everybody again on our next quarterly update.

Speaker 15: Okay well, thanks again for joining us today and I really want to just reiterate the principles of archer- delivering on our 2022 goals, and I look forward to speaking with everybody again on our next quarterly updatethis conclude today school. Thank you for joining. You may now disconnect your lines.

Operator: This concludes today's call. Thank you for joining. You may now disconnect your lines.

Speaker 9: Pro.

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