Q1 2025 Eve Holding Inc Earnings Call
Good day and welcome to the <unk> Holdings, Inc. First quarter 2025 earnings Conference call.
Operator: Good day, and welcome to the Eve Holding and First Quarter 2025 Earnings Conference Call. All participants will be in the saloon limit. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero.
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Lucio Aldworth: Now let's turn the conference over to Lucio Aldworth, head of investor relations. Please go ahead. Thank you, operator. Good morning, everyone.
Lucio Aldworth: I would now like to turn the conference over to Lucio Aldworth head of Investor Relations. Please go ahead. Thank you operator, good morning, everyone just as much a waldorf the director of Investor Relations at ease and I wanted to welcome everyone to our first quarter 2025 earnings conference call are CEO Johan de and CFO is a lot of the cold.
Lucio Aldworth: This is Lucio Aldworth, the director of investor relations at EVE, and I wanted to welcome everyone to our first quarter 2025 earnings conference call. Our CEO, Johann Bordais, and CFO, Eduardo Couto, are joining me on the call today. And after their prepared remarks, we're going to open the call for questions, at which point, Luiz Valentini, our chief technology officer, will also join us for more technical questions.
Speaker Change: Joining me on the call today and after their prepared remarks, we'll then open the call for questions at which point, we <unk>, our Chief Technology Officer will also join us for more technical questions. We have a deck with a few slides and additional pictures that show our achievements in the quarter as.
Lucio Aldworth: We have a deck with a few slides and additional pictures that show our achievements in the quad as well as the testing phase of our full-scale prototype. The deck is on our website at ir.evairmobility.com, so please feel free to download it and follow along.
Speaker Change: As well as the testing phase of her full scale prototype the deck is in a is on our website at E. S.
Speaker Change: I thought Ive air mobility Dot com. So please feel free to download and follow along.
Lucio Aldworth: Let me first mention that today's conference call includes statements about events or circumstances that have not yet occurred. These are largely based on our current expectations and projections about future events and financial trends affecting our business and our future financial performance. These forward-looking statements are based on current expectations and involve risks and uncertainties that could cause financial results to differ substantially from those expressed or implied in this conference call, and we undertake no obligations to update publicly or revise any forward-looking statement because of new information, future events, or other factors.
Speaker Change: Let me first mention that todays conference call includes statements about events or circumstances that have not yet occurred. These are largely based on our current expectations and projections about future events and financial trends affecting our business.
Speaker Change: And our future financial performance.
Speaker Change: These forward looking statements are based on current expectations and involve risks and uncertainties that could cause actual results to differ substantially from those expressed or implied in this conference call and we undertake no obligation to update publicly or revise any forward looking statement because of new inflow.
Speaker Change: Nation future events or other factors for a more detailed of these risks and uncertainties. Please refer to our SEC filings are available in our website with that I will now turn the presentation over to our CEO Johan.
Lucio Aldworth: For more details of these risks and uncertainties, please refer to our SEC filings available in our website.
Johann Bordais: With that, I will now turn the presentation over to our CEO, Johann. Thanks, Lucio. Good morning to all and welcome to our first quarter 2025 conference call. We continue to move at a steady pace in the development of our eVTOL, and we have reached important milestones in the quarter. I would like to highlight today a few of those most important recent achievements.
Johan: Thanks, Luis Yeah, good morning to all and welcome to our first quarter 2025 Conference call. You continued to me, but steady pace in development about <unk>, we have reached important milestones in the quarter.
Johan: I would like to highlight to date a few of those most important recent achievements.
Johann Bordais: starting with slide two. We continue to perform several ground tests in our full-scale prototype and prepare it for its debut. As a reminder, this is a full-scale engineering prototype with no cabin or cockpit. It is made of a composite material that will be piloted remotely in our remote pilot station, what we call the RPM. This prototype will be used to validate and improve the accuracy of previous subscale and computer models. It is also an important contribution for the setup of several rigs we are using for different individual components. Early this year, we tested the pusher motor after having installed it in the aft section of the full-scale prototype.
Johan: Starting with slide <unk>.
Johan: We continue to perform several grundfest in our full scale prototype and preparing voice debuted flights as a reminder, this is a.
Johan: We'll scale engineering prototype with no Caribbean or cockpit. It is made.
Johan: What was it material that will be piloted remotely in our remote agitation, what we called the Rps.
Johan: This prototype will be used to validate and improve the accuracy of previous subscale and computer models is also an important contribution for the setup of several rigs.
Johan: We're using four different individual components.
Johan: Early this year, we tested the pusher modern after having instilled in the asset section of the full scale prototype, we published a video of best and that is online for everyone to see and enjoy it.
Johann Bordais: We published a video of the test, and that is online for everyone to see and enjoy. As a reminder, we had already tested the motor in a lab environment and a thermometer to make sure it delivered the expected performance, and the tests after installation were important to make sure that the real-life performance was consistent with lab results and also that the inverters were properly installed. We are now following the same protocol with the lifter motors, testing them in the dynometers before installing them in their respective nacelles in the prototype. With that, we are confident that we will begin flying our prototypes till this year.
Johan: As a reminder, we had already tested the motor in the lab environment.
Johan: The monitor to make sure it delivered the expected performance in the past after installation was important to make sure that the real life performance was consistent with lab.
Johan: And also in burgers were properly installed.
Johan: We are now following the same protocol with the lift or motors.
Johan: And then in the denominators before installing them in their respective nasal Nashville in the prototype without we are confident that we will begin flying hours, but that still this year. We will initially performed other flights and gladly please power and behind.
Johann Bordais: We will initially perform hover flights and gradually increase power and be high. Then we'll move to partial transition. This is when we engage the pusher without fully disengaging the lifters to continue controlling the aircraft vertically. And only then we will move to a full transition.
Johan: Then we'll move to the partial transition. This is when we engaged to pursue without who is engaging the lasers to continue controlling the aircraft's vertical.
Johan: And the only then we will move to a food transition right.
Johan: At the same time, we continued to make important advancements with rigs and what we called the Island Board. This is a.
Johann Bordais: At the same time, we continue to make important advancements with the rigs and what we call the island. This is a constructed eVTOL in which we integrate all the different components of an eVTOL into a physical system to make sure that all systems work together properly. We will get into this in a moment. In parallel, we are highly engaged with our suppliers who are already producing parts for the first of the series of five conforming prototypes we will have for the certification campaign. And lastly, we have already prepared the assembly line in our site of Embraer, San Jose's campus, where they reseal the plant for our conforming vehicle.
Johan: This constructed Ito and which we integrate all the different components of an EV told them to a physical system to make sure all system work together properly.
Johan: We'll get into this in a moment.
Johan: In parallel we are highly engaged with our suppliers.
Johan: When you're producing parts for the first of the series a fight for me bullets that we will have towards certification campaign.
Johan: Lastly, we have already prepared the assembly line in our site Banbury are so much of it is kind of a boost or general feel that plant sport.
Johan: <unk> vehicle.
Johan: Now slide three lists some of the successful test that we have to perform any aircraft this quarter.
Johann Bordais: Now, slide three lists some of the successful tests that we have performed in the aircraft this quarter. This is to make sure that it is airworthy. Not only we need to make sure that a dedicated radio link between the EVTOL and the RPS has no latency and no interruptions to prevent the loss of control, but also we need to test how well our cabling system insulates the aircraft from the external electromagnetic interference. We also measure how well the in vitro structure holds in the vibration test to simulate some turbulence. but more importantly, the structure integrity of our hull in adverse conditions.
Johan: But just to make sure that it is airworthy.
Johan: Not only we need to make sure that a dedicated radio link between the diesel and the Rps as no latency and no interrupted to prevent the loss of control, but also we need to test how well our cabling system Insulates the aircraft will be external electromagnetic interference.
Johan: We also measure how well do you get those structure holds into vibration test to simulate some turbulence.
Johan: But more importantly, the structural integrity of our holding in adverse conditions and lastly, we also make sure that the old navigated led related equipment, such as such as the G. P. S and also altimeter properly calibrated.
Johann Bordais: And lastly, we also make sure that the all-navigated related equipment, such as the GPS and also altimeter, are properly calibrated.
Johan: Now the <unk>.
Johann Bordais: Now, the next few slides offer a good summary of what we're testing, what we have tested and also accomplished so far this quarter. Slide four shows the lifter test in the dynamometer. As you can imagine, we need to perform several tests with each of the eight motors to make sure they deliver, at least in the lab setting, their intended thrust to support the aircraft in the takeoff and landing phase of the flight, remembering that this is the same protocol we use with a push-air motor, which means that we're getting close to flying. Slide four shows some of the parts of the IronBird.
Johan: Next few slides I'll threaten good summary of what we're we're testing, but we have tested and also accomplished so far this quarter.
Johan: Slide four shows to lift your test indeed dynamometer.
Johan: You can imagine we need to perform several tests with each of the eight motors to make sure they deliver at least in the labs, they're intending for us to support the aircraft in the takeoff and landing phase of the flight remembering that this is the same protocol, we use with a pusher motor which means that we're getting close to flying.
Johan: Slide four shows some of the parts of the Iron Board here on the left you see a picture of the Ivan Bergstein. Later this is the interim phase III, which the pilot will control the entire system. As you can see the simulator has approximately 270 degrees view and it is connected with all the different rigs.
Johann Bordais: Here on the left, you see a picture of the IronBird simulator. This is the interface through which the pilot will control the entire system. As you can see, the simulator has approximately a 270 degrees view, and it is connected with all the different rigs of the flight-critical components. For instance, the inceptor is connected to actuators and motors, and they react physically to all pilot's commands. This, in turn, are connected to the flight computer. with our fly-by-wire system, and I'll be on. The motors are connected to the battery. with its own thermal management system. A curious fact is that all wires and cable replicate the composition, the width, and the length of the actual harness that we will have on the eVTOL.
Johan: Of the flight critical components.
Johan: <unk> spent steep in scepter is connected to actuators and motors and they react physically to old pilots command.
Johan: This in turn are connected to this like on a computer.
Johan: With our fly by wire system and I'll be honest.
Johan: The motors or connected to the battery.
Johan: With its own thermal management system.
Johan: I'm curious fact is that all wires and cables replicates the composition the width and the length of the actual harness that we will have on the Ito.
Yeah.
Johann Bordais: assures a realistic simulation as much as possible. So, not only the Alvin Bird helps us to better integrate and understand all of the systems and how they all work together. and also help us troubleshoot the potential problems on the ground.
Johan: So shares a realistic simulation as much as possible.
Johan: So not only do you have in bird helps us to better integrate and understand all of the system and how they all work together.
Johan: And also help us troubleshoot the potential problems on the ground, but it also on top of this.
Johann Bordais: But it also, on top of this. is important for the aftermarket business. The Irenberg helps us to understand the material and the component fatigue. And these are important input for the efficient maintenance program and also for the reliability of the air.
Johan: It is important for the aftermarket benefit.
Johan: Yeah, I remembered health system to understand the material and component fatigue and these are important input for the efficient maintenance program and also for the reliability of the aircrafts.
Johan: Another important factor is that the island bird helps us expedite and reduced cost related to certification campaign keep in mind that some of this test can be performed on the ground.
Johann Bordais: Another important fact is that the IronBird helps us expedite and reduce costs related to certification campaigns. Keep in mind that some of these tests can be performed on the ground. such as the electrical system, circuit breakers, and the iron bird becomes a very valuable tool.
Johan: Such as the electrical system circuit Breakers, and I remember it becomes a very valuable tool.
The next slides show how the advancement that we've made on the digital and computer system to reduce development time and cost.
Johann Bordais: The next slides show how the advancements that we have made on the digital and computer system to reduce development time and cost. Slide six, it shows a different flight simulator that is used to validate the control law for the fly-by-wire system, and was extensively used to develop the flight control. It is also an important tool to develop the ergonomics for the pilot and window positioning to maximize the visibility.
Johan: Slide six shows a different flight simulator that is used to validate the control law for.
Johan: For the fly by wire system and it was extensively used to develop the fly control.
Johan: And there's also an important tool to develop the ergonomics for the pilots and window positioning to maximize the visibility.
Johan: Slide seven shows the digital rendering of the structure of the cockpit with all its systems structural support and the wiring remembering that this is an aircraft with a pilot plus four passengers in the luggage compartment and it is not only designed to be efficient to operate it to Monday maintained as well.
Johann Bordais: Slide 7 shows the digital rendering of the structure of the cockpit with all its systems, structural support, and the wiring, remembering that this is an aircraft with a pilot plus four passengers and a luggage compartment, and it is not only designed to be efficient to operate, but to maintain as well. With that in mind, components are placed at a strategic place and easy access to facilitate any maintenance.
Johan: Then in mind components are placed as a strategic place and easy access and facilitate any maintenance service.
Johan: Now the next couple of slides show the level of engagement with our suppliers.
Johann Bordais: Now, the next couple of slides show the level of engagement with our suppliers. We regularly meet them and visit their sites, but in the last couple of months, there was a very noticeable uptick in the activity. As you can see in slide eight and also the slide nine, we already have some of the components ready to go for the first of our series of certification-compliant aircraft. As you can see, the nose of the Fuzzledge, we have the lightning system, actuators, seats, and windshields have already been produced. We can also see some of their tooling to manufacture these components, such as the negative for the carbon fiber structural parts and the autoclave that is used to cure these components and increase its resistance and durability.
Johan: Regal really meet them and visit their sites, but in the last couple of months.
Johan: There was a very nice not just a bull uptick in the activity as you can see in slide eight and also the slide nine we already have some of the component ready to go for the first of our series a certification combined aircraft as you can see that those episodes wage we had the lightning systems actuators seats and windshield.
Johan: <unk> already been produced.
Johan: You can also see some of their tooling to manufacture these components such as the negative for the carbon fiber structural parts and the autoclave that is used to cure this components and increase its resistance and jewelry really again.
Johann Bordais: Again, this increases our confidence level that we will be able to meet our ambitions targets in starting the assembly of the first of these conforming prototypes in the second half of 2025 and initiate the slight portion of the certification campaign early next year.
Johan: Again, this increases our confidence level that we will be able to meet our ambitious targets and starting the assembly of the first of these conforming prototypes in the second half of 2025 and initiate the flight portion of the certification campaign early next year.
Johan: And lastly on last on Slide 10, we can see the sites, where we will assemble the conforming prototype now to avoid any confusion. This is not our site until that day, where we will be manufacturing the commercial aircraft.
Johann Bordais: And lastly, on slide 10, we can see the site where we will assemble this conforming prototype. Now, to avoid any confusion, this is not our site in Tabate, where we will be manufacturing the commercial aircraft. This site is inside of the Embraer main facility in San Jose's campus and will be used exclusively to assemble the conforming prototype for the certification campaign. We plan on deploying five eVTOLs for the certification campaign, with an option for maybe six aircraft, if needed. Needless to say that this site is strategically important for us because of proximity to Embraer Engineering, which we think will be critical for the learning curve in the assembly process of these aircraft.
Beside was inside of the Embraer Memphis Saturday and Sunday This campus and will be used exclusively to assemble the conforming put aside for this certification company.
Johan: We plan on deploying five E V tolls, but its certification campaign with an option or maybe six aircrafts if needed.
Johan: Needless to say that this site is strategically important for us because of proximity to Embraer engineering, which we think will be critical for the learning curve in the assembly process of these aircrafts. The site is ready to be used and we will now start installing the equipment and the tooling to manufacture already beetles and that's.
Johann Bordais: The site is ready to be used, and we will now start installing the equipment and the tooling to manufacture our AV. And as a reminder, these conforming prototypes will be close to the commercial version of EVTOL as much as possible. And they will have all the systems, subsystems, and the redundancy that are necessary for certification for the commercial operation. In the end, advancement in these pre-production aircraft means a leap when we're ready to go for the entry service.
Johan: As a reminder, these confirming prototypes will be close to the commercial version of <unk> as much as possible and they will have all the system subsystem and the redundancy that.
Johan: Our necessary certification for the commercial operation and D N advancement in D. C production aircraft means a leap when we are ready to go for the interest surface.
Johan: And my last slide which is slide 11, it's our total pre order backlog, which stands unchanged as approximately 2800 aircraft.
Johann Bordais: And my last slide, which is the slide 11, it's our total pre-order backlog, which stands unchanged as approximately 2,800 aircraft for a total value close to $14 billion based on the list price.
Johan: For a total value close to 14 billion based on the list price. These are non binding letters of intent form 28 different customers spread over nine countries and different businesses from L. A man liners to the regional airliners, let copter operators right sharing platform in leasing companies and because.
Johann Bordais: These are non-binding letters of intent from 28 different customers spread over nine countries and different businesses, from airmen liners to the regional airliners, helicopter operators, flight sharing platform, and news income. And because maintenance and support guarantees a proper aircraft operation, we are highly focused on providing the best-in-class services and support to EVSOL's operators. Therefore, we have also secured contracts with 14 different customers for our e-tech care suite of aftermarket products, which could bring up to $1.6 billion in revenue to EAVS over the first few years of operation. Importantly, EAVS take care of customers have placed LOI to services for around 1,100 aircraft, which is about 40% of our pre-order.
Johan: Maintenance and support guarantee that proper aircrafts operation, we are highly focused on providing the best in class services and support to <unk> operators.
Johan: Therefore, we have also secured contracts with 14 different customers for our eats take care suites of aftermarket products, which could bring up to $1 $6 billion in.
Johan: Revenue to <unk> over the first few years of operation Importantly, eat steak carriers passengers have placed NN life services for around 1100 aircraft, which is about 40% of our pre order book as you can see we also had 21 different customers for our traffic air traffic management system.
Johann Bordais: As you can see, we also have 21 different customers for our air traffic management system vector. And I believe this reflects the market-leading value proposition that we bring to our customers.
Johan: Victor and I believe this reflects the market leading value proposition that we bring to our customers.
Johann Bordais: Beyond that, together with our customers and authorities, we are also developing a strong network of partners in different areas, such as the infrastructure and energy, to address one of the main challenges ahead of the urban air mobility, which is to create a whole new ecosystem besides simply developing an airport.
Johan: Beyond that together with our customers and the authorities. We also developing a strong network of partners in different areas, such as infrastructure and energy to address one of the many challenges ahead of the urban air mobility, which is to create a whole new ecosystem besides simply developing in aircrafts.
Speaker Change: Now I would like to invite our CFO <unk> <unk>.
Eduardo Couto: Now, I would like to invite our CFO, Edu, to go over our financials along with the checklist for our 2025 milestone. Thanks, Johann. Now moving to slide 12, EVE is a pre-operational company, and our financials reflect mostly the costs associated with our program development. That said, I would like to highlight some of our numbers. EVE invested $45 million during the first quarter in our program development, including our EVTOL, the service and support solutions, and the urban air traffic management software. We continue to accelerate our program development this year with more engineers from EVE and Embraer, as well as higher engagement with suppliers.
Speaker Change: To go over our financials, along with the checklist.
Speaker Change: 2025 milestones.
Speaker Change: Thanks, Johan now moving to slide 12, EBIT pre operational company in our financials reflect mostly the costs associated with our program developed.
Speaker Change: That said I would like to highlight some of our numbers Ive invested 45 million during the first quarter.
Speaker Change: Program development, including our EBITA and servicing support solutions and be available in air traffic management software, we continue to accelerate our program development. This year with more engineers from east and Embraer.
Speaker Change: Well as higher engagement with suppliers that explains the higher R&D expenses in the quarter also deployed Oh.
Eduardo Couto: That explains the higher R&D expenses in the quarter. We also deployed almost $8 million in SG&E during the first including R&D and SG&A, we've reported a net loss of 49 million in the first quarter 2025. Now, moving to cash flow, our operations consumed 25 million in the quarter, which is lower than previous quarters, as it included a temporary working capital gain as one of our invoices of 15 million from Embraer related to the engineering development services that are typically paid at the end of the quarter is linked to the beginning of the second quarter. We're comfortable with our guidance for the full year, which reflects our financial discipline, advantages of using Embraer's engineering team, as well as our increased efforts in the program development.
Speaker Change: Almost $8 million in SG&A during the first quarter.
Speaker Change: Including R&D and SG&A, you've reported a net loss of 49 million in the first quarter 2025 now.
Speaker Change: Now moving to cash flow, our operations consumed 25 million in the quarter, which is lower than previous quarters. As it included a temporary working capital game is one of our invoices off $50 million from Embraer related to engineering development services. There are typically paid at the end of the quarter slipped.
Speaker Change: So the beginning of the second quarter.
Speaker Change: We're comfortable we've only guidance for the full year, which reflects in our financial discipline and advantages of using Embraer engineering team as well as our increased efforts in the program development.
Eduardo Couto: Finally, on liquidity, we ended the first quarter with $288 million in cash, this is down $15 million from the end of 2024, and also reflects an additional disbursement of the credit lines from the Brazilian Development Bank of $9 million. These standby facilities continue to help Yves to preserve a solid cash position throughout the year.
Speaker Change: Finally on liquidity, we ended the first quarter with 288 million in cash this is down $50 million from the end of 'twenty 'twenty four and also reflects an additional disbursement of the credit lines from the Brazilian development Bank of 90 million.
Speaker Change: The standby facilities continue to help EEP to preserve our solid cash position throughout the year.
Eduardo Couto: The total liquidity of $411 million at the end of the quarter includes our cash and all undrawn standby facilities and is sufficient to sustain our operations through 2026.
Speaker Change: Total liquidity of $411 million at the end of the quarter includes our cash in all undrawn standby facilities and is sufficient to sustain our operations through 2026.
Speaker Change: Now going to slide 13, we remain on track to deliver our milestones this year as Johan detailed earlier, our first full scale prototype is concluding the final test installations to start to perform these initial flights in 'twenty two and five in parallel we continually talks with <unk>.
Eduardo Couto: Now going to slide 13. We remain on track to deliver our milestones this year.
Eduardo Couto: As Johan detailed earlier, our first full-scale prototype is concluding the final tests and installations to start to perform its initial flights in 2025. In parallel, we continue in talks with AMAC to detail the needs of compliance, which are the specific tests that need to be conducted during the certification campaign. We also continue highly engaged with the suppliers, working on the initial parts of our conforming prototypes. In parallel, the site to assemble these aircraft is starting to receive the necessary equipment and tooling.
Speaker Change: Back to the day of the use of compliance returned to specific tasks that need to be conducted during the certification campaign.
We also continue highly engaged with the suppliers working on the initial parts of nonconforming prototypes in parallel decides to assemble these aircraft as you're starting to receive the necessary equipment and tooling.
Eduardo Couto: Lastly, our cash consumption in the year, despite the better first quarter, should stay in the guidance of $200 million to $250 million, probably closer to the low end of the range.
Speaker Change: Lastly, our cash consumption the year, despite the better first quarter should stay in the guidance of 200 million to $250 million.
Speaker Change: Really closer to the low end of the range with that we conclude our remarks and I would like to open the call for questions. Operator. Please proceed.
Lucio Aldworth: With that, we conclude our remarks and I would like to open the call for questions. Operator, please proceed. Thank you.
Speaker Change: Thank you. Thank you everybody for.
Operator: If you would like to ask a question, please press star then 1 on your telephone keypad. If your question has already been addressed, we'd like to remove yourself from the...
Speaker Change: To ask a question. Please press Star then one on your telephone keypad.
Speaker Change: If a question has already been addressed and hard to remember so the team recorded this meeting is being transcribed.
Operator: This meeting is being recorded. This meeting is being transcribed. If your question has already been addressed and you'd like to remove yourself from queue, please press star then 2.
Speaker Change: If your question has already been addressed anybody to remove yourself from Hugh Please first star then two.
Operator: At this time, we'll pause for just a moment to assemble our roster.
Speaker Change: At this time, we'll pause for just a moment to assemble our roster.
Speaker Change: And today's first question comes from solving Science Raymond James. Please go ahead.
Savi Seif: And today's first question comes from Savi Seif and Raymond James. Please go ahead. Hey, good morning, everyone. And maybe first, you know, the R&D spend was a little bit higher than I would have expected. But obviously, you're kind of within, you know, how you're thinking about the cash flow. Do you still expect that pace to kind of step up? Or is this kind of the right level of spend for the rest of the year on R&D and not the G&A as well? Yeah, I believe we should be around this level, Savi. You're right, we had a lot of engagement, not only in Briar Eve, but also with suppliers.
Speaker Change: Hey, good morning, everyone.
Speaker Change: And maybe.
Speaker Change: <unk> here.
Speaker Change: The R&D spend is a little bit higher than I would have expected, but obviously your kind of with him.
How are you thinking about the cash then do you still expect that pace to kind of step up or is this kind of the right level of spend.
Speaker Change: For the rest of the year.
Speaker Change: On the R&D, and and and not the G&A SG&A as well.
Speaker Change: Yes, I believe we should be around this level savvy youre right, we had a lot of engagement.
Speaker Change: Not only Embraer eve, but also with suppliers.
Speaker Change: R&D was 44 million in the quarter I believe it should stay at this level I'm, probably not the accelerate further.
Eduardo Couto: R&D was $44 million in the quarter. I believe it should stay at this level, probably not accelerate. That's helpful.
Speaker Change: That's helpful. And then just on that certification aircraft built I. Thank Johan you mentioned.
Johann Bordais: And then just on the certification aircraft build, I think, Johann, you mentioned, you know, maybe we can do test flights as early as 2026. And I know you called out, you know, the Embraer site being prepared and partners building parts. Just could you talk about, you know, what the, what items you're still waiting on to start building that? I'm just trying to think about how much kind of early preparation and what might delay the start of that program if something does. Sure. Thanks, Savi.
Speaker Change: And maybe he can do test flights as early as 2026, and I know you called out.
Speaker Change: You know the Empress I think they're paired and partners building parts just could you talk about you know what the what items you're still waiting on to start building that I'm just trying to think about how much kind of early preparation and what might delay at the start of that program is if something does.
Speaker Change: Sure. Thanks savvy.
Johann Bordais: Well, a reminder that we have two prototypes, let's call it, right? We have the engineering prototype, the one that we rolled out last year at the Farnborough Air Show, and this is the one that we've been showing, right, in videos. And then we have the first conforming prototype, the one that, you know, one of the series of five aircraft that we will use to certify the aircraft. And this is the one that I showed one slide about, you know, where the plant is going to be. It's going to be in the, what we call the Zero Silva plant in the Friar Lima in San Jose's campus.
Speaker Change: Well reminder, reminder, that we have two prototype let's call. It right. We have the engineering prototype the one that we rolled out the end of last year.
Speaker Change: At the Farnborough Air show and this is the one that we've been showing Ryan and videos and and then we have the first.
Speaker Change: Conforming prototypes of the ones that you know one of the series of five aircraft that we will use to certify the aircraft and this is the one that I showed one slide about you know where the plant is going to be it's going to be in the what we call. The silver plant in the front of Lima and soldiers are the scum puskas not talked about today and as you can.
Savi Seif: It's now Tabate. And as you can see, the floor is now ready to receive the tooling, I mean, to start to build the prototype. So when it comes to the prototype, everything is on schedule, right, for the conforming prototype. I think this is what you asked for. Yes. Okay. Sounds good. Thank you.
Speaker Change: See the floor is now ready to receive the tooling I mean to start to built the prototypes. So when it comes to the prototype. We're everything is on schedule right for the confirming prototype I think this is what you asked for it.
Speaker Change: Yeah, Okay sounds good.
Savi Seif: I appreciate the call.
Speaker Change: Yet the color.
Speaker Change: Thank you.
Austin Moeller: And our next question today comes from Austin Moeller in Cantercourt. Please go ahead. Hi, good morning, Johann and Edu. So just my first question here, the $1.6 billion in services contract backlog, does that reflect any expectation of a battery upgrade in the future into existing aircraft with an STC? Or does that only assume replacements of existing battery types and main Thanks, Austin. Indeed, this is this is including the replacement and the repair of the batteries, right, as it is a replacement a little bit more than a year, you know, on a yearly basis, right?
Speaker Change: And our next question today comes from Austin Moeller of Canaccord. Please go ahead.
Austin Moeller: Hi, Good morning, Johan you too. So just my first question here the $1 $6 billion in services contract backlog does that reflect any expectation of a battery upgrade in the future into existing aircraft with an S. T C or does that only assume replacements.
Speaker Change: Existing battery types and maintenance.
Speaker Change: Thanks Austin.
Indeed this is a this is including the replacement of nerve repair to the batteries right as it is in replacement a little bit more and I know you're on a yearly basis. It doesn't have inside the upgrade right.
Austin Moeller: It doesn't have inside the upgrade. Okay, and on the certification prototype, so the prototype that you're building now, are you planning to fly that specific aircraft with a pilot or would that be on feature aircraft since you're planning to build five as part of The conforming prototype we're starting to build this year and we'll fly it next year will have a pilot, it will be man, yes. This is part of the certification process. Great, I'll pass it back there. Thank you.
Speaker Change: Okay and on the certification prototypes of the prototyping you're building now are you planning to fly that specific.
Speaker Change: Aircraft with a pilot or would that be on on feature aircrafts since you're planning to build five as part of T. C.
Speaker Change: The confirming prototype Hollywood were starting to build this year and will fly next year, we'll have a pilot it will be it would be man yes.
Speaker Change: This is part of the certification process.
Speaker Change: Great I'll pass it back there. Thank you.
Speaker Change: Thank you.
Sheila Kahyaoglu: And our question today comes from Sheila Kahyaoglu with Jeffries. Please go ahead. Good morning, guys, and thank you for the time. You know, maybe one on the order book and one on free cash flow. So the order book, can you talk to us about discussions there? Just what's the latest on the customer engagement front? How should we expect the order book and backlog to move forward as we think about timing with your first flight as well?
Speaker Change: Next question today comes from Sheila <unk>.
Speaker Change: With Jefferies. Please go ahead.
Sheila: Good morning, guys and thank you for the time.
Speaker Change:
Speaker Change: Maybe one on the order book and one on free cash flow as the order book can you talk to us about discussions there just.
Speaker Change: On the customer engagement front, how should we expect that order book and backlog to print.
Speaker Change: And this forward as we think about timing with first line as well.
Sheila: Thanks Sheila.
Johann Bordais: Thanks, Sheila. The order book is, you know, something that we've worked since the very beginning when we start to visit the customers before four years ago. And I think, you know, the vote of confidence of the solution that we're developing is really right there. And that's three, you know, twenty eight hundred vehicle under LOI. Obviously, it is evolving. I mean, it's been, you know, some couple of years. Sometimes, you know, the customers are signed and it's evolving on the corporate level, nothing to do with the product. But, you know, we have few customers like either zero, for example, they got purchased by Norwegian and they changed their strategy.
The order book as you know are something that we've worked since the very beginning when we start to visit the customers before four years ago, and I think you know the vote of confidence of the solution that we're developing is really right. There does three meal.
Sheila: One 800.
Speaker Change: Hey, cool under LOI.
Speaker Change: Obviously it is evolving I mean, it's been you know of some couple of years, sometimes they know the customers are signed and it's.
Speaker Change: It's evolving on a corporate level nothing to do with the product, but you know we have few customers like have either zero for example, they've got versus by Norwegian and they changed their strategy and it's not the priority right now for the veto, but at the same time and we have you know others like those that weren't actually bankrupt.
Johann Bordais: And it's not the priority right now for the eVTOL. But at the same time, and we have, you know, others like this that went actually bankrupt. But we're also, you know, bringing some some other customers. And I think the strategy is really to keep a footprint around the world where we have customers in Japan, Australia, Middle East, India, U.S. and the primary market, of course, of Brazil and the U.S. So so this this is really, you know, we're keeping at the same level. We're not chasing, you know, more LOI just because we want to get numbers.
Speaker Change: But we're also bringing some some other customers and I think the strategy is really to keep a footprint around the world, where we have customers in Japan, Australia, Middle East Asia and U S. In the primary market of course of Brazil, and the U S. So so this this is really you know we're keeping at the same level, we're not chasing.
Speaker Change: Thank.
Speaker Change: You know a more LOI is just because we want to get numbers.
Johann Bordais: We really want to make sure now that we're starting to work on where it's going to be the first customer and the first operation, the first CD at the CD level. So we engage with the customer on the ecosystem development. So we're already doing this with our customers. And naturally, we will get into this negotiation of the firm and the firm orders. Got it. No, makes sense.
Speaker Change: We are really really want to make sure now that we're starting to work on where it's going to be the first customer and the first operation. The first C. D. A C D level. So we engage with the customer on the ecosystem development. So we'll really doing this with our customers and naturally we will get into any of this negotiation of the firm.
Speaker Change: And then a firm orders.
Speaker Change: Got it that makes sense and then maybe just on free cash flow.
Eduardo Couto: And then maybe just on free cash flow, you know, as we think about $425 million of usage in the quarter versus total cash consumption guide of $2 to $2.50, can you provide a little color on the cadence of the burn as we progress throughout the year and how you're thinking about the $410 million of liquidity? As you mentioned, we consumed $25 million in the quarter. There was one invoice that is kept to the beginning of the second quarter of $15 million. If you adjust that, the consumption would have been around $40 million. If you annualize that, it would be around $160 million.
Speaker Change: As we think about 423 $25 million in the quarter a.
Speaker Change: Firstly, a total cash consumption data.
Speaker Change: Paul.
Speaker Change: Can you provide a little color on the cadence of the burn as we progress throughout the year and how youre thinking about the $410 million of liquidity.
Speaker Change: Mhm.
Speaker Change: No. Thanks, Sheila for the question do you as you mentioned, we consumed 25 million in the quarter.
There was funny voice right there just keep to the beginning of the second quarter of 15 million so issue or just that the consumption would have been around 40 million. So if you annualize that it's would be around 160, we believe the the quarters ahead in terms of cash they may be a little higher than.
Eduardo Couto: We believe the quarters ahead in terms of cash may be a little higher than the adjusted $40 million we should have had in the first quarter. That's the reason we believe we may be closer to the low end of the $200 million to $250 million. I think we are on track on that. Our total liquidity is $411 million, which is around $290 million, almost $300 million cash. There are the standby facilities a little bit more than $100 million. If we consume $200 million and we have a little bit more than $400 million, that gives us enough cash for 2025 and 2026.
Speaker Change: The adjusted 40 million, we should have had indeed in the first quarter. So that's the reason we believe we may be at.
Speaker Change: Closer at the low end of the two.
Speaker Change: 200, 200 to 250 and I'm more close to the 200.
Speaker Change: So I think we are on track on that.
Speaker Change: The liquidity our total liquidity is 411, right, which is around 290, almost 300 million in cash and there's the standby facilities.
Speaker Change: A bit more than 100. So if we consume 200, then we have a little bit more than 400 that gives us enough cash for 'twenty to 'twenty, five and 'twenty to 'twenty six.
Eduardo Couto: The certification is 2027. We still have plenty of cash, but at some point we need to work on this liquidity for 2027. We have multiple options, so I don't think funding is a problem at all. We have plenty of funding, but that's how we view coverage for 2025 and 2026. The pace of burn is accelerating a little bit around $40 million. That sounds great.
Speaker Change: The certifications twenties 27, so you know we still have plenty.
Speaker Change: Length of cash, but at some point to be neutral work on this like we did for 2027, we have multiple options. So I don't think funding is a problem at all we have plan for funding, but that's how we view covered for 'twenty five 'twenty six and.
Speaker Change: The pace of burn are accelerating a little bit from this around 40%.
Speaker Change: Okay.
Eduardo Couto: Perfect. Thank you.
Speaker Change: Thank you.
Speaker Change: Thank you Shannon excellent. Thank you and as a reminder to ask a question. Please press Star then one.
Operator: And as a reminder, to ask a question, please press star then 1.
Andres Sheppard: Our next question comes from Andres Sheppard with Canterfish Herald. Please go ahead. Hey everyone, good morning and congratulations on the quarter. Thank you for taking our questions.
Speaker Change: Our next question comes from Andres Sheppard with Cantor Fitzgerald. Please go ahead.
Andres Sheppard: Hey, everyone. Good morning, and congratulations on the quarter. Thank you for taking our questions.
Andres Sheppard: I wanted to touch on maybe just the the five prototypes that you expect to to build again for certification campaign do we have a sense on roughly what the timing of that might be in and is that embedded into the cash consumption guidance for for this year, just trying to figure out how and when we should think of.
Andres Sheppard: I want to touch on maybe just the five prototypes that you expect to build, again, for certification campaign. Do we have a sense on roughly what the timing of that might be, and is that embedded into the cash consumption guidance for this year? Just trying to figure out how and when we should think about maybe CapEx and cash consumption for these five aircraft. Thank you. Thanks, Andres. I mean, I see that, you know, you guys are focused on the prototype, obviously, the conforming one, which I think is important. And this is also why, you know, we showed you in this quarter how we're progressing.
Speaker Change: Maybe capex and cash consumption for these five aircraft. Thank you.
Speaker Change: Thanks Andreas.
Speaker Change: I see that you know you guys are focused on the prototypes, obviously, confirming one which I think it's important and this is also why you know we showed you in this quarter, how we're progressing them, they're actually part is coming from the suppliers. There's the you know the the.
Johann Bordais: There are actually parts coming from the suppliers. There's the, you know, the facility that is being prepared and ready to receive the first tooling so we can build up those five prototypes. So, yeah, it's really towards the end of this year now that we're going to be starting, you know, to assemble the parts.
Speaker Change: Silly to either as being a prepared and ready to receive the first tooling. So we can build up those five prototype.
Speaker Change: So yeah, it's really towards the end of this year now that we gotta be starting.
Speaker Change: Those to assemble the parts are most more probably you're not going to see a full aircraft already this year right being assembled but definitely parts of it okay.
Eduardo Couto: More probably, you're not going to see a full aircraft already this year, right, being assembled, but definitely parts of it. Okay. The focus is that most of our cash goes to R&D for the development, for paying the engineers. We have around 800-900 engineers engaged. So yes, the cost of the prototypes, the parts, the initial assemble is there, but the majority is not related to that. Got it.
Speaker Change: Got it got it okay I do yes, although the cash you know its a the focus is still most of our cash goes to two R&D right for the development for being the engineers rights, we have around eight or 900 engineers engage it so the yes the cost of the prototypes.
Speaker Change: Parts of the initial assemble use there, but the but the majority of them are related to that to just do the development.
Speaker Change: Got it that's super helpful. I appreciate that.
Andres Sheppard: That's super helpful. I appreciate that.
Johann Bordais: And just as a quick follow-up, can you maybe just remind us, in terms of your service and maintenance business segment, you know, when, how do you expect to maybe commercialize? What's the latest there? You know, that's something that is maybe differentiated to EAVS, so just curious on the timing on the maintenance and service business segment. Thank you. Thank you for that question.
Speaker Change: Just as a quick follow up can you, maybe just remind us in terms of your services.
Speaker Change: Service and maintenance.
Speaker Change: Our business segment.
Speaker Change: And how do you expect to maybe commercialize what's the latest there you know that's something that is maybe differentiate it to eat so just curious on the timing on the maintenance and service our business segment. Thank you.
Speaker Change: Yeah. Thank you for that question I'll take this one.
Johann Bordais: I'll take this one. It's important and dear to my heart. This is something that since the very beginning in the whole project, I mean, we thought about, you know, the customer support and services, because we know that it's not only about certification, but it's also about operating. This is going to be the success of this vehicle. And customers are asking two things, reliability, availability of the aircraft, and also the optimized operating costs. So this is what we build up in our solution. I think this is a step forward. What Embraer and the industry has done so far is that we're guaranteeing the face to the customer.
Speaker Change: Corn and Dear to my heart. This is something that since the very beginning and the whole project I mean, we thought about the customer support and services because we know that it's not only about certification, but it's also about operating this is going to be the success of this vehicle and customers are asking two things.
Speaker Change: Reliability availability of the aircraft and also the optimized operating cost. So this is where we build up into our solution.
Speaker Change: I think this is a really a step forward to what embraer and the industry has done so far is that we're guaranteeing the face to the customer and this also guarantees the operation and we're involved with the operation definitely involved with the operation of the of the aircraft that the customers. So what we've been doing now it's focus.
Johann Bordais: And this also guarantees the operation. And we're involved with the operation, directly involved with the operation of the aircraft at the customer. So what we've been doing now is focus on the first aircraft. What we want is we want to make sure that we have entered the service, they're well prepared. That also involves the service and support, the maintenance, the right maintenance with the right training, remembering that, you know, we already signed the contract with ECTS, which John ventured between CAE and Embraer for the training of the pilot and the mechanic to make sure that we'll be ready at the internet service.
Speaker Change: On the the first aircraft what we want is we want to make sure that we have introduced serviced or well prepared that also involves the service and support the maintenance the right maintenance with the right training remembering that you know we already signed the.
Speaker Change: The contract with E C T S, which joint venture between CAE and Embraer for the training of the pilot and the mechanics to make sure there will be a radio to introduce service and we're already as a matter of fact this quarter gave you know the first data package to a T E. C. T. S. So they can start building up the training solution. So as you can see I mean, we're all in all fronts.
Johann Bordais: And we already, as a matter of fact, this quarter gave, you know, the first data package to ECTS, so they can start building up the training solution. So as you can see, I mean, we're all front making sure that the operation will be seamless and with few operators and cities, because we want to make it a success. It will be a vitrine. And then we'll be able to replicate, you know, with aircraft plus service and support, complete solution to the operator and make it a success. Wonderful. Thank you so much, Johann, and thank you, Edu.
Making sure that the operation will be seamless and and with few operators and Cds, because we want to make it a success it would be of the train and then we'll be able to replicate.
Speaker Change: Aircraft plus service and support complete solution.
Speaker Change: To the operator and make it a success.
Speaker Change: Wonderful. Thank you so much Johan and think you would do okay I'll pass it on thank you.
Andres Sheppard: I'll pass it on. Thank you.
Speaker Change: Thank you and our next question today comes from Amit Dayal with H C. Wainwright. Please go ahead. Thank you.
Amit Dayal: And our next question today comes from Amit Dayal with H.G. Wainwright. Please go ahead. Thank you. Good morning, everyone. Thanks for taking my questions.
Speaker Change: Good morning, everyone and thanks for taking my questions guys and what's the progress on the software side for the services side of the business any update on you know how some of those obligations are coming along.
Amit Dayal: Guys, what's the progress on the software side for the services, you know, side of the business? Any update on, you know, how some of those applications are coming along?
Speaker Change: Yeah, I'll I'll take advantage that will also have the lewisville and Genie, our CTO and he will give you more.
Luiz Valentini: Yeah, I'll take advantage that we also have a Luiz Valentini, our CTO, that will give you more. Good morning, Amit. Thank you for the question. The software side for the services is a really important basis for how we will provide the services that Johann mentioned on the previous question. So we are focusing on engaging with the potential operators to understand what their use will be and how they will manage the aircraft to make sure that the software not only performs the functions that it needs to, but it's also, for example, user friendly, easy to maintain and operate in all of the bases where the vehicles will be operated.
Speaker Change: More color about this.
Genie: Alright, so good morning, Amit. Thank you for for the question.
Genie: The software side for the services is a really important basis for how we will provide the services that Johan mentioned on the previous question right. So we are focusing on engaging with the potential operators to understand what their use will be and how they will manage the aircraft to make sure that the.
Genie: Software not only performs the functions that he needs to but it's also for example user friendly.
Genie: Easy to maintain.
Genie: And operate in all of the basis, where the vehicles will be operated so this is.
Luiz Valentini: So this is a very active effort that we have ongoing to make sure that as we have the vehicle progressing, like Johann mentioned, that we also have these tools evolving and ready to go into service when the vehicle does.
Genie: A very active effort that we have ongoing to make sure that as we have the vehicle progressing like you're.
Johan: Johan mentioned, but we also have these tools are evolving and ready to go into service a window vehicle dose.
Speaker Change: Understood. Thank you for that and this one last one for me.
Amit Dayal: Thank you for that.
Eduardo Couto: And this one, last one for me, you know, it looks like you're good with financing for, you know, maybe till the end of 2026. But beyond that, I just wanted to see what options you may be entertaining, you know, and if any of those options include any strategic investors from the value chain that may not be Embraer, but you know, somebody else, just any color on how we should think about, you know, future financing options for you guys. We have several funding options. As I said, we are fully funded for 2025 and 2026. I think it is probably one of the best companies within the sector in terms of runaway funding.
Speaker Change: It looks like you're good with financing for maybe till the end of the thing during six but beyond that.
Speaker Change: Just wanted to see what options you may be entertaining you know and if any of those options include any strategic investors.
Speaker Change: From the value chain that may not be embraer, but you know somebody else just any color on how we should think about you know our future financing options are for you Jason.
Speaker Change: Mhm.
Speaker Change: Yeah, we have several funding options. So as I said, we are fully funded for 2025 and 2026 I think probably is one of the best.
Speaker Change: Companies within the sector right in terms of a runaway of funding.
Eduardo Couto: In terms of options, we have several. Even for the services and support softwares, we have some grants that we are discussing. We have a lot of different fundings. We have that that comes from local ECAs to support payments to suppliers. We have additional discussions with the Brazilian Development Bank for some long-term facilities for development. There are several sources of funding that we can bring on top of the funding we already have. As I said, we already have plenty of funding for the upcoming quarters and years, but we have other options to put on top of the liquidity we already have.
Speaker Change: In terms of options, we have we have several even.
Speaker Change: For the for instance, the service and support software as we have some grants that weird discussion or not even loans or grants that we are in discussion with.
Speaker Change: You know.
Speaker Change: Some some authorities.
Speaker Change: But you know we have a lot of a different fund as we have that that comes from.
Speaker Change: Local we see ace to support payments to suppliers, we have our additional discussions for with the present development Bank for also.
Speaker Change: Some longterm fulfill it is for the development.
Speaker Change: You know there are several sources of funding that we can bring on top of the.
Speaker Change: Funding, we already have so as I said, we already have plaintiff funding for the upcoming quarters and years, but we have other options to put on top of the liquidity we already have.
Speaker Change: Understood. Thank you guys. That's all I have.
Amit Dayal: Understood. Thank you guys, that's all I have. Thank you.
Speaker Change: Thank you and our final question today, there's a follow up from solving size of Raymond James. Please go ahead.
Savi Seif: And our final question today is a follow-up from Savi Seif and Raymond James. Please go ahead. Hey, thanks for taking the follow up.
Speaker Change: Hey, Thanks for taking the follow up I just want a clarification on the battery side is is it that or that you're using in that kind of a prototype that's kind of annoying test under testing right now is that going to be the same as as a battery thing is for the certification of aircraft. That's being built later this year.
Luiz Valentini: I just had a clarification on the battery side is, is the battery that you're using and the kind of the prototype that's kind of going test under testing right now, is that going to be the same as the batteries being used for the certification aircraft that's being built later this year? Yeah, Seve, this is Luiz Valentini. The battery is not exactly the same, so it will be a different design, and therefore a different part number, we call it. But it builds very much on the same technology and very similar cells to the ones that we will use for the commercial vehicle.
Savi: Yeah Savi. This is let me spell Anthony.
Speaker Change: The battery is not exactly the same so it would be a different design and therefore, a different part number or we call it but it builds very much on the same technology and in very similar cells to the ones that we will use for the commercial vehicle. So we believe that.
Luiz Valentini: So we believe that we are taking advantage of the fact that the engineering prototype doesn't have to have the maturity and the redundancies, and that applies to the battery too, so that's why the battery is a little bit different than the one that will be on the commercial vehicle. But it allows us to apply the learnings from it and even work with the same supplier to build the development that we have with this battery and the engineering prototype test into what will be the battery for the commercial vehicle. Okay, so the sample supplier, so you'll have confidence on on kind of the production and Right.
Speaker Change: We are taking advantage of the fact that the engineering prototype doesn't have to have the maturity and the redundancies and that applies to the batteries too. So that's why the batteries are little bit different than the one that it would be on the commercial vehicle, but it allows us to apply the learnings from it and even work with the same supplier.
Speaker Change: To build.
Speaker Change: The development that we have with this battery and the engineering prototype test into what will be the battery for the commercial vehicle.
Speaker Change: Okay. So the same suppliers. So you you'll have confidence on kind of the production and everything.
Speaker Change: Right and so as as we progressed with the tests. We also evaluate the for example, the manufacture ability of the solutions and things like that with like you said the supplier that will supply the commercial vehicle battery. So we believe that even though we're not using the same part.
Luiz Valentini: And so as as we progress with the test, we also evaluate, for example, the manufacturability of the solutions and things like that with, like you said, the supplier that will supply the commercial vehicle battery. So we believe that even though we're not using the same part, you know, the same component, as was your question, we are still building very much a path towards the maturity of the commercial component.
Speaker Change: The same component as it was your question we are still building very much a path towards the maturity of the commercial component.
Speaker Change: Sounds good I appreciate that context.
Savi Seif: I appreciate that. Thank you.
Speaker Change: Mhm.
Speaker Change: Thank you and this concludes our question and answer session I would like to turn the conference back over to management for any closing remarks.
Lucio Aldworth: This concludes our question and answer session.
Lucio Aldworth: I'd like to turn the conference back over to management for any closing remarks. Thank you, Rocco, and thanks to everyone who joined the call today. As you can see, we accomplished several important milestones this past quarter. We're full.
Speaker Change: Thank you Rocco and thanks, everyone, who joined the call today as you can see we accomplished several important milestones this past quarter, where food. This meeting is no longer being transcribed this meeting.
Operator: This meeting is no longer being transcribed.
Lucio Aldworth: This meeting is no longer being recorded. So we're going to continue updating you all on our progress throughout the next few quarters, and we look forward to meeting you all in the upcoming events we're going to attend. As always, if you have any questions, please don't hesitate to reach out to me or to my team.
Speaker Change: All on our progress throughout the next few quarters and we look forward to meeting you all in the upcoming events, we're going to attend as always if you have any questions. Please don't hesitate to reach out to me or to my team. Thanks and have a great day. Thank you.
Lucio Aldworth: Thanks, and have a great day.
Operator: Thank you. Thank you, sir.
Speaker Change: Thank you Sir This concludes today's conference call. We thank you all for attending today's presentation.
Operator: This concludes today's conference call. We thank you all for attending today's presentation.
Operator: You may now disconnect your lines and have a wonderful day. © BF-WATCH TV 2021
Speaker Change: You may now disconnect your lines and have a wonderful day.
Speaker Change: Okay.
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