Q2 2025 Joby Aviation Inc Earnings Call

August 6, 2025

<unk> you want you require operator assistance. Please press star zero unencumbered phone keypad as.

As a reminder, this conference is being recorded.

It is now my pleasure to introduce Teresa <unk> head of Investor Relations. Please go ahead.

Thank you good afternoon and evening everyone. Thank you for joining us for Dolby Aviation's second quarter 2025 financial results conference call and Theresa <unk> head of Investor Relations.

We will begin the discussion with remarks from Jobin beverage founder and Chief Executive Officer, and Rodrigo <unk> Chief Financial Officer.

Paul <unk>, our executive Chairman will be joining us later for Q&A.

Please note that our discussion today will include statements regarding future events and financial performance as well as statements of belief expectation and intent.

These forward looking statements are based on management's current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied.

For a more detailed discussion of these risks and uncertainties. Please refer to our filings with the SEC and the safe Harbor disclaimer contained in today's shareholder letter.

The forward looking statements included in this call are made only as of the date of this call and the company does not assume any obligation to update or revise them.

Also during the call we will refer both to GAAP and non-GAAP financial measures.

A reconciliation of non-GAAP to GAAP measures is included in our Q2 2025 shareholder letter, which you can find on our Investor Relations website, along with the replay of this call.

And with all of that said I'll now turn the call over to Joe <unk>.

Thank you Teresa and thank you everyone for joining us today.

The last quarter was one of our best yet.

We're delivering at an exceptional level on all fronts on certification on manufacturing and on commercialization.

And we have so much to talk about that I'm going to get straight into it.

The progress we reported this quarter is unparalleled.

Supported by an incredible team years of planning and a wealth of flight testing.

To put our flight testing into context in July alone. We completed 76 separate flights with four different aircrafts in three different locations around the world.

These included both piloted and remotely piloted flights with vertical take off full transitions and vertical landings.

And the amount of flight testing matters, because it's the core of our certification effort.

It's the way you drive maturity into an aircraft program, whether for a commercial or defense use and its the way you ring out technical issues to mitigate expensive changes later in the certification process.

Our team is delivering day in and day out.

And they know that if youre in the business of flying aircraft you have to actually fly aircraft.

In stage four of certification, we're now 70% complete on the job side and more than 50% complete on the FAA side.

Up 10 points from last quarter.

And we're gearing up for stage five.

During this stage Jovi, an FAA pilots will fly our aircraft to validate all of our certification work ahead of receiving a tight certification.

And I'm pleased to say as we announced this morning. The first of five aircraft for TIAA flight testing is headed the final assembly and we remain on track to start flying our TIAA aircraft with Dolby pilots this year and to begin TIAA certification flights with FAA pilots early next year.

For context. This is a milestone you don't reach at the flip of a switch.

There are very few if any certification processes that are as involved as the steps required to reach type inspection authorization.

It's multi variable.

Time intensive and relies on not just your own execution, but also that of the FAA.

We've been at this for more than a decade, developing iterating and collaborating on paper and in practice.

We've taken a concept and turned it into a conforming design with approved test plans and the ability to manufacture under our quality management system.

All in alignment with the FAA.

We're now putting the Keystone in the arch.

Alongside our certification progress the global regulatory momentum is undeniable.

Here in the U S. The White house.

And FAA are setting the pace for next generation aviation.

For EV tall, the executive order on drone dominance directs the FAA and <unk>.

To establish programs for state and local governments to partner with companies like ours on early operations.

Globally, Australia, New Zealand, Canada, the U S and the UK markets with huge long term opportunity for Jody.

Came together to streamline international validation of FAA type certification for aircraft like ours.

This took years of public private collaboration that we expect to pay dividends in the years to come.

I was also particularly excited that the FAA finalize the mosaic and BB loss rules, which opened a world of opportunity for new personal aircraft, new propulsion systems and new ways of fly.

I've been on this mission with Dolby for more than 15 years.

We are witnessing a global sea change and regulatory landscape that I believe will define the next century of aviation and in doing so I believe we are defining the very fabric of how we will live.

Each of the ingredients that have just spoken about the maturity of our platform the rigorous aircraft testing and the progress we're making on certification all contribute to our success on commercialization.

This quarter was pivotal.

We completed flight testing in Dubai, we reached a definitive agreement to acquire blades passenger business, we signed agreements for aircraft with long term partners of dual Latif Jameel and <unk>.

And with L. Three Harris, we're exploring opportunities to leverage our existing technology platform for defense applications.

Let's start with Dubai.

Earlier this summer we achieved another industry first we completed a multi week campaign in the UAE with 'twenty, one piloted flights, including vertical takeoff transitioned to wind-borne flight and vertical landing.

And we did this in challenging real world conditions.

We delivered sustained operations and temperatures nearing 110 degrees Fahrenheit.

We gained invaluable insights about the performance of our aircraft as we prepare to move from flight testing to exhibition flights and onto commercial service.

With the acquisition of blade, we're accelerating our readiness for a commercially VTOL operations globally, including in Dubai.

Over the last decade, Rob and the team at blade have built a scaled VTOL business.

Operational expertise and a premium customer experience.

But the blade acquisition delivers much more than operational experience.

On day, one post certification <unk> will have the infrastructure team and routes to start electrified service in key U S and international markets.

This gives us a defensible first mover advantage and creates a competitive edge that will be difficult to replicate.

We will also have access today to a deep and loyal customer base with a demonstrated high willingness to pay to save time.

Last year alone <unk> moved more than 50000 passengers. The plan is simple.

We take the existing blade operations and we added VTOL.

This will allow us to expand route maps fly higher tempo operations, given the lower nodes profile and increased margins with lower operating costs than helicopters.

And while we're waiting for our EV told to come online, we'll be able to build <unk> market, leading operational software and the blade to drive efficiency and improved customer experience.

We have three paths to commercialization.

In addition to the owned and operated service, we're pursuing direct sales and regional partnerships.

Yesterday, we announced plans to establish a joint venture with our partner <unk>.

The plan is to deploy more than 100 aircraft in the region as well as build in the air taxi service ecosystem.

We need pilot training better ports and maintenance just as much as we need the aircraft.

Through this collaboration we see potential to build a playbook to replicate in other markets.

Similarly, we're making progress on distribution.

With long standing Investor Abdul Latif, Jamil, we announced we're exploring the sale of up to 200 aircraft in Saudi Arabia valued at approximately $1 billion.

A dual teacher meal has deep ties in the middle East and we look forward to growing this relationship.

Finally, we announced a new collaboration with L. Three Harris to develop our hybrid variant of our existing aircraft to pursue low altitude defense opportunities.

To be clear defense and dual use technology has always been a core to <unk> strategy appoint demonstrated by our long history with the Dod.

We already set the pace for VTOL and defense being the first and only company to deliver E. VTOL aircrafts to a government customer facility, which we've now done twice.

And we're the only company to have already shown electric VTOL aircrafts can be hybridized for longer range with a record breaking 561 mile hydrogen electric flight last summer.

We're leveraging that history adapting our existing platform with turbine electric propulsion and mission <unk>.

We're now ready to set the pace again with flight tests of this new variant expected to start this fall and operational demonstrations expected in early 2026 with government customers.

With our existing production capability. We're confident we can move quickly from demonstration to deployment a testament to the value of a dual use approach.

We also see this work benefiting our commercial operations. The work, we'll do to mature vehicle level autonomy and turbine electric powertrains can feed back into our commercial business, allowing for our commercial products that are faster and longer range.

This work comes at a critical time in the retooling of U S and Allied defense.

The Dod has requested $9 4 billion in the FY 'twenty six budget to advance on crude and remotely operated aircraft and we see significant opportunity for <unk> and our partners.

As our path to certification and commercialization becomes increasingly clear our next challenge will be scaling production capacity to meet demand.

And as I've said before this is not an easy task, but it is one that we're well placed to tackle.

I'm incredibly proud of the progress we've already made to establish conforming production lines and with our first TIAA aircraft moving to final Assembly I'm confident we're leading the way.

The expansion of our Marina facility is an important step on the road to scale.

It will double our production capacity to two dozen aircraft per year.

In our Dayton facility is now coming online.

This dual site strategy is designed to scale horizontally and eventually produce up to 500 aircraft per year.

<unk> operations.

As an engineer I care very deeply about manufacturing and I love walking the manufacturing floor as to see where we can drive process and efficiency improvements from the current line, including adding automation to reduce cost and increase efficiency and throughput.

The work will do to mature vehicle level autonomy and turbine electric powertrains can feed back into our commercial business, allowing for our commercial products that are faster and longer range.

This work comes at a critical time in the retooling of U S and Allied defense.

We're only at the beginning of the S curve. So while early improvements will be significant they won't be easy.

The Dod has requested $9 4 billion in the FY 'twenty six budget to advance on crude and remotely operated aircraft and we see significant opportunity for <unk> and our partners.

But the base we are building from is strong.

We're leading the way on production conforming lines, we're leading the way on ramping production and of course, we have Toyota the worlds, leading automaker at our side Rodrigo over to you.

As our path to certification and commercialization becomes increasingly clear our next challenge will be scaling production capacity to meet demand.

And as I've said before this is not an easy task, but it is one that we are well placed to tackle.

Thanks, Joe ban and Hello, everyone I'm thrilled to be joining <unk> at such a pivotal time for brought me here is simple. This is a company building a reality that does not exist today.

I'm incredibly proud of the progress we've already made to establish conforming production lines and with our first TIAA aircraft moving to final Assembly I'm confident we're leading the way.

You'll be will make air travel and everyday reality, but thats not an easy task the team you're solving hard problems with regroup from certification to manufacturing to global deployment.

The expansion of our Marina facility is an important step on the road to scale.

It will double our production capacity to two dozen aircraft per year.

In our Dayton facility is now coming online.

What stood out to me is the rare alignment of vision execution and capital.

This dual site strategy is designed to scale horizontally and eventually produce up to 500 aircraft per year.

We have a strong balance sheet long term partners and a team that understands how to turn bold ideas into tangible outcomes.

Every conversation I had before joining whether with engineers test pilots or grating leaders I saw the same thing.

Excellence in relentless focus.

We're only at the beginning of the S curve. So while early improvements will be significant they won't be easy.

In my first few weeks on the job a weakness the team coming together to deliver the historic the biflex with precision in P&C and Pride you showed me what this company is made off.

But the base we are building from is strong.

We're leading the way on production conforming lines, we're leading the way on ramping production and of course, we have Toyota the worlds, leading automaker at our side Rodrigo over to you.

As a newcomer I can see with high conviction. This is the real deal.

Thanks, Joe ban and Hello, everyone I'm thrilled to be joining <unk> be it search a pivotal time.

As CFO my focus is very clear number one ensure we skew methodically number two has stayed disciplined with capital and number three translator with technical and regulatory progress into long term value.

What brought me here is simple pieces a company building a reality that does not exist today.

We'll be we'll make air travel and everyday reality.

Now shifting to our Q2 financial results. We ended the second quarter of 2025 with cash and short term investments totaling $991 million.

That's not an easy task the team you're solving hard problems with regroup from certification to manufacturing to global deployment.

What stood out to me is the rare alignment of vision execution and capital.

We closed our first $250 million tranche from Toyota and received an additional $41 million through our ATM facility.

We have a strong balance sheet long term partners and a team that understands how to turn bold ideas in Q3.

Our Q2 2025 use of cash totaled $112 million $10 million lower than last quarter, primarily due to having one less payroll run in the quarter.

<unk> outcomes.

In every conversation I had before joining whether we have engineers test pilots or operating leaders I saw the same thing.

Quiet excellence in relentless focus.

Partially offset by growth in operating expenses.

In my first few weeks on the job I witness the team coming together to deliver the historic Dubai flights with precision intensity and pride.

These are spending also included about $12 million in property and equipment.

We remain on track with our full year 2025 guidance of 500 million to $540 million in use of cash excluding any potential impact from our proposed acquisition of blades passenger business.

You showed me what this company is made off.

As a newcomer I can see with high conviction. This is the real deal.

On a GAAP basis, we reported a Q2 net loss of $325 million, which includes the 168 million operating loss in the 157 million nonoperating loss, both impacted by non cash items.

Now shifting to our Q2 financial results. We ended the second quarter of 2025 with cash and short term investments totaling $991 million.

The net loss was $242 million higher than the prior quarter, primarily due to an increase in our share price, reflecting unfavorable noncash revaluation of warrants and earn out shares and the Toyota first tranche investment that we received.

We closed our first $250 million tranche from Toyota and received an additional $41 million through our ATM facility.

Our Q2 2025 use of cash totaled $112 million.

Total operating expenses for the quarter were $168 million.

$10 million lower than last quarter, primarily due to having one less payroll run in the quarter.

Up about $5 million from the prior quarter the.

The increase was driven by higher staffing and program spend to support key milestones, including progress on the final assembly of our first TIAA aircrafts.

Partially offset by growth in operating expenses.

This spending also included about $12 million on property and equipment.

Adjusted EBITDA in non-GAAP metrics that can be reconciled to our net income in our shareholder letter was a loss of $132 million in the second quarter.

We remain on track with our full year 2025 guidance of 500 million to $540 million in use of cash excluding any potential impact from our proposed acquisition of blades passenger business.

Gives was about $4 million higher than the prior quarter, reflecting the increased spending I mentioned before.

On a GAAP basis, we reported a Q2 net loss of $325 million, which includes the $168 million operating loss in the 157 million nonoperating loss, both impacted by noncash items.

Compared to the same period last year, our adjusted EBITDA loss was $24 million higher reflecting growth in our organization to support the design manufacture in the certification progress of our aircraft in investments related to commercialization.

As <unk> said before 2025 has been and will continue to be a pivotal year for <unk> and for this new industry.

You should expect us to keep flying in diverse conditions and locations.

<unk> new partnerships in laying the groundwork for support across regulations infrastructure and operations.

Total operating expenses for the quarter were $168 million.

Up about $5 million from the prior quarter.

You should see the closing of our blade acquisition and the integration of the year operating Knowhow is a key advantage in preparing for commercial service.

The increase was driven by higher staffing and program spend to support the key milestones, including progress on the final assembly of our first TIAA aircrafts.

You should see us continue maturing our low rate manufacturing efforts, each we scaled production capabilities and leveraging our best in class partner Toyota should do this together.

Adjusted EBITDA in non-GAAP metrics that can be reconciled to our net income in our shareholder letter was a loss of $132 million in the second quarter.

This was about $4 million higher than the prior quarter, reflecting the increased spending imation before.

You should also stay tuned as with available hybrid aircraft for U S defense, combining toby's vitol and autonomy capabilities with <unk> expertise.

Compared to the same period last year, our adjusted EBITDA loss was $24 million higher reflecting growth in our organization to support the design manufacture and this certification progress off our aircraft in early investments related to commercialization.

<unk> remains the only company to deliver EBIT Poles to E. U S Air Force base in flight food transition piloted in blimp piloted missions, our full scale is it though aircraft today.

As <unk> said before 2025 has been in will continue to be a pivotal year for Dolby and for this new industry.

I want to be realistic about the amount of work we have in front of us. It is not going to be as we are building a reality that does not exist today our.

You should expect us to keep flying in diverse conditions and locations.

Forging new partnerships in laying the groundwork for support across regulations infrastructure and operations.

Our Beth will be challenging, but we embrace it and are executing with tangible results as we shape our future lines of revenue.

You should see the closing of our blade acquisition and the integration of the year operating Knowhow is a key advantage in preparing for commercial service.

Now with our three paths to generating revenue mined less recap.

One is the <unk> operator direct to consumer business, we made an exciting acquisition that is expected to accelerate our timeline.

You should see us continue maturing our low rate manufacturing efforts, each we scaled production capabilities and leveraging our best in class partner Toyota should do this together.

We have a strong backing from local and global regulators and we continue to demonstrate our commitment to bring flying to everyday life.

You should also stay tuned as we develop hybrid aircraft for U S defense, combining toby's vitol and autonomy capabilities with <unk> expertise.

Number two for partner service, our relationship with EMEA and Japan provides an opportunity to collaborate on <unk> ecosystem in the key markets.

<unk> remains the only company to deliver EBIT <unk> to a U S Air Force base in fly food transition piloted in pump pilot admissions are full scale is it though aircraft today.

And number three under the banner of aircraft sales look forward to sharing more about our distribution relationship with Abdou <unk>, Neil for electric aircraft and with <unk> III <unk> for autonomously in highway aircrafts.

I want to be realistic about the amount of work we have in front of us. It is not going to be as we are building a reality that does not exist today.

Look forward to continue sharing our progress with you at this time operator, please open the call for questions.

Thank you.

Ladies and gentlemen, if you would like to ask a question. Please press <unk>.

Our Beth will be challenging, but we embrace it and are executing with tangible results as we shape our future lines of revenue.

Star one on your telephone keypad.

The confirmation tone will indicate your line is in the question queue.

Now with our three paths to generate new revenue mined less recap.

You May press star two to remove your question from the queue.

For participants using speaker equipment may be necessary to pick up your handset before pressing the star keys.

Number one is the <unk> operator direct to consumer business, we made an exciting acquisition that is expected to accelerate our timeline.

And the first question comes from the line of Austin Moeller with Canaccord Genuity. Please proceed.

We have a strong backing from local and global regulators and we continue to demonstrate our commitment to bring flying to everyday life.

Hi, good afternoon.

So just my first question here now that you've bought blade are you preparing to or are you planning to provide <unk> to the local charter operators that on those helicopters and have a similar model to bleed or are you still planning to operate on the aircraft yourselves.

Number two for partner service, our relationship with EMEA and Japan provides an opportunity to collaborate on air taxi ecosystem in the key markets.

And number three under the banner of aircraft sales look forward to sharing more about our distribution relationship with Abdou <unk> Neil for electric aircraft and with Al III Harris for autonomously in highway aircrafts.

Thanks, a lot.

Ben.

We are.

We're going to remain flexible on that.

In the U S. We are.

We do have a preference for retaining.

Look forward to continue sharing our progress with you at this time operator, please open the call for questions.

The long term free cash flow in the long term.

Revenues from the passenger service, but.

Thank you.

Ladies and gentlemen, if you would like to ask a question. Please press star one on your telephone keypad and a confirmation tone will indicate your line is in the question queue.

We do see.

<unk> asset light.

The model is as being a valuable one I think.

You May press star two to remove your question from the queue.

Thank <unk>.

As you look at our partnership with with M&A.

For participants using speaker equipment and may be necessary to pick up your handset before pressing the star keys.

We're.

Our our operation in Japan will be.

And the first question comes from the line of Austin Muller with Canaccord Genuity. Please proceed.

<unk>.

That also.

Give us the opportunity to pull forward revenue and then of course.

Hi, good afternoon.

Our.

Distribution partnership with Abdul Latif Jameel.

And in Saudi Arabia, where we could be potentially selling aircraft.

And again that would be another way to pull forward revenue. So we do see a balance and we see.

Thanks, a lot.

This is jobin.

We are.

The model that blade has.

As giving us flexibility and thank you for highlighting that opportunity.

We're going to remain flexible on that.

Here in the U S. We are.

Okay, and just a follow up on the th TIAA aircraft that you're constructing are you able to discuss what the specs of that ROIC, the maximum takeoff weight or a few stretch the fuselage at all and the six aircrafts that you are building for TIAA testing. They are all expected to have different percentages of <unk>.

We do have a preference for retaining.

The long term free cash flow and in the long term.

Revenues from the passenger service, but we.

We do see.

<unk> asset light.

The model is as being a valuable one I think.

<unk> parts to perform specific tasks correct.

As you look at our partnership with with a N a.

Yes, so a couple a couple of clarifications there one.

We're.

The aircraft is nearly identical to the aircraft that we've.

Our our operation in Japan will be a co own.

Been flying before but I really want to pound the table on how exciting this moment is.

That also.

Gives us the opportunity to pull forward revenue and then of course with our.

This is the culmination.

Distribution partnership with Abdul Latif Jameel.

More than a decade of hard work from the <unk> team and close collaboration with the FAA in order to build this aircraft.

And in Saudi Arabia, where we could be potentially selling aircraft.

And again that would be another way to pull forward revenue. So we do see a balance and we see.

We had.

<unk>.

FAA.

In on the factory floor with us regularly doing inspections and.

The model that blade has as giving us flexibility in and thank you for highlighting that opportunity.

And they are inspecting the build of the aircraft against our quality systems there.

Okay, and just a follow up on the th TIAA aircraft that you're constructing are you able to discuss what the specs of that ROIC, the maximum takeoff weight or a few stretch the fuselage at all and the six aircrafts that you are building for TIAA testing, they're all expected to have different percentages of confer.

And again this has to be this is the final. This is the finish line right.

Our.

The aircraft that we're building.

Is before we can even start building it we had to have a design that Matt.

<unk> parts to perform specific tasks correct.

All of the.

Yes, so a couple a couple of clarifications there one.

Yeah.

The certification standards that we'd agreed to through phase one two.

The aircraft is.

Three and four of the certification program. So all of the progress that we've been reporting to you each quarter.

Nearly identical to the aircraft that we've been flying before but it's I really want to.

Against stage one against age two again, three and four that is all built to this moment all of the work that we've done maturing our manufacturing systems and processes that has built to this moment and so as I said in my prepared remarks. This is this is us putting the Keystone in the arch. This is.

Pound the table on how exciting this moment is.

This is the culmination of more than a decade of hard work from the <unk> team and close collaboration with the FAA in order to build this aircraft.

Preparing for this really magical moment when this aircraft takes to the air and then with Dolby pilots and then we.

We had.

FAA.

Yes.

In on the factory floor with us regularly doing inspections.

We do.

For credit.

And and they're inspecting the build of the aircraft against our quality systems there.

<unk>.

Flight.

Flights for certification credit with the FAA pilots onboard and so we're so proud and I really want to emphasize what a big deal. This is for the whole <unk> team and.

And again this has to be this is the final. This is the finish line right we are.

The aircraft that we're building.

Yes, it really.

Just so so grateful and.

Got it.

As before we can even start building it we had to have a design that Matt.

A huge day for us today.

Yes.

Very exciting thanks for the color John.

All of the Ah <unk>.

Yeah.

Vacation standards that we'd agreed to through phase one two.

The next question comes from the line of Kristine <unk> with Morgan Stanley. Please proceed.

Three and four of the certification program. So all the the progress that we've been reporting to you each quarter.

Hey, good afternoon, guys and you've got a very very jam packed quarter. So congrats on all of these milestones I mean with the with the acquisition of <unk>.

Against stage, one against age two again three and four.

That has all built to this moment all of the work that we've done maturing our manufacturing systems and processes that has built to this moment and so as I said in my prepared remarks. This is this is us putting the Keystone in the arch. This is.

The blade.

<unk> network can you talk about how youre thinking about your first initial commercial service in the U S. How did that change now that you own blade.

And where would you see your first initial.

Citi is the way you're serving in the U S. After this acquisition.

Preparing for this really magical moment.

When this aircraft takes to the air and then with Dolby pilots and then.

Thank you so much Christine.

So we do see incredible demand and incredible opportunities in markets across the country and around the world but.

We do.

For credit.

<unk>.

Flight.

Flights for certification credit with the FAA pilots onboard and so we're so proud and I really want to emphasize what a big deal. This is for the whole <unk> team and.

This acquisition of blade really supercharge is.

Our operations in New York with a.

<unk>, an incredible existing operations team with.

Yes really.

Just so so grateful and.

With amazing Virtu port infrastructure with exclusive lounges.

A huge day for us today.

Yeah.

Very exciting thanks for the color John.

With a loyal customer base.

And we.

Yeah.

We're just absolutely thrilled with.

The next question comes from the line of Kristine <unk> with Morgan Stanley. Please proceed.

The way that we believe this will.

Allow us to really ramp our our operations in New York are much faster than we had previously.

Good afternoon, guys and you've got a very very jam packed quarter. So congrats on all of these milestones I mean.

Planned on.

With the with the acquisition of <unk>.

And being based in New York very excited to see that come to fruition and following up on the.

The blade.

Network can you talk about how youre thinking about your first initial commercial service in the U S. How did that change now that you own blade and where would you see your first initial.

Certification regarding I guess aerospace usage.

Have you started with the municipalities in New York about the ability to use.

Citi is the way you're serving in the U S. After this acquisition.

That youll be aircraft and these reports is that all sorted are you just waiting for the aircraft certification now or are there additional approvals you need before you enter into service there.

Thank you so much Christine.

So we do see incredible demand and incredible opportunities in markets across the country and around the world but.

So we don't expect any.

Any additional work on the aerospace side.

This acquisition of blade really super charges are.

Beyond what.

Our operations in New York with a.

The blade operations.

Currently entail.

<unk>, an incredible existing operations team with.

We work very closely with air traffic controllers.

With amazing.

Support infrastructure with exclusive lounges.

In multiple markets across the country and we've been doing a really groundbreaking planning into for new vertical <unk>.

With a loyal customer base.

And we're.

We're just absolutely thrilled with.

With the.

So love to highlight the incredible work that the FAA is doing and.

And the way that we believe this will.

<unk>.

Allow us to really ramp our.

That secretary Shawn Duffy as spoken about on.

Our operations in New York are much faster than we had previously.

Enhancing.

Planned on.

And and modernizing our air traffic control framework. So we think that's really fantastic and exciting.

And being based in New York very excited to see that come to fruition.

And following up on the <unk>.

I want to remind folks that.

Certification regarding I guess aerospace usage. So have you started with the municipalities in New York about the ability to use.

Once we get type certification.

We also need to take.

<unk> put our Jovi aircraft onto a part 135 operating certificate.

But youll be aircraft and these reports is that all sorted are you just waiting for the aircraft certification now or are there additional approvals you need before you enter into service there.

Before we begin passenger service we.

We do have the opportunity to do airtours prior to the one the aircraft going on 135, but that is that is an.

So we don't expect any.

Any additional work on the aerospace side.

An additional step in.

On top of.

Beyond what.

The type certification.

The blade operations.

Currently entail.

Great that's wonderful.

We work very closely with air traffic controllers.

Just following up lastly on the type certification you said, you're 75% of the way through for stage. Four can you talk about the remaining 25% what is there left to do and what would the stage five process look like.

In multiple markets across the country and we've been doing a really groundbreaking.

Planning into FERC for new <unk>.

Yes, just one correction on the jewelry side, where 70% complete.

Would also love to highlight the incredible work that the FAA is doing and that.

And so the.

Remaining 30% will.

Secretary Shawn Duffy has spoken about on.

We will come in over.

Enhancing.

Over the next year or so as we progress.

And and modernizing our air traffic control framework. So we think that's really fantastic and exciting.

The final the final pieces there.

I want to remind folks that once we get type certification.

But.

I want to be really clear that we do not need to be at a 100% on stage four.

We also need to take and put our Jovi aircraft onto a part 135 operating certificate.

Prior to beginning the TIAA work so some of those stage four pieces.

Before we begin passenger service.

<unk> are not required for for the TIAA flight test. So we do we are at a very very strong.

We do have the opportunity to do airtours prior to the one the aircraft going on 135, but that is that is an.

Place both on the job side and on the FAA side to deliver on our goals of beginning the Ta flight test with FAA pilots on board early next year. So the momentum is.

An additional step in.

On top of.

The type certification.

Great that's wonderful.

Just absolutely phenomenal and we're so grateful to the FAA for the incredible.

Just following up lastly on the type certification you said, you're 75% of the length or for stage. Four can you talk about the remaining 25% what is there left to do and what would the stage five process look like.

Lean in.

That they've shown.

For many quarters in a row here, just really going above and beyond.

Yeah, just one correction Dolby side, where 70% complete.

Wonderful. Thank you very much and congratulations again on your progress.

And so the.

Remaining 30% will.

Thank you.

We will come in over.

Thank you thank.

Over the next year or so as we progress.

Thank you.

Again, ladies and gentlemen.

I would like to ask a question. Please press star one on your telephone keypad.

The final the final pieces there.

But the I want to be really clear that we do not need to be at 100% on stage for.

And the next question comes from the line of Bill Peterson with Jpmorgan. Please proceed.

Prior to beginning.

The TIAA work so some of those stage four pieces.

Yeah.

Are not required for for the TIAA flight test. So we do we are at a very very strong.

Hi, good afternoon, everyone.

Really a lot of terrific progress in the last quarter I'd like to start off with the first question on blade and maybe expanded from some of the prior questions. So I guess what is the specific plans for expanding the passenger business currently in New York and Southern Europe.

Place both on the job side and on the FAA side to deliver on our goals of beginning the Ta flight test with FAA pilots on board early next year. So the momentum is.

Do you see any additional opportunities for passenger to expand in other parts of the world or other cities in the U S and again this is assuming with helicopters first.

Just absolutely phenomenal and we're so grateful to the FAA for the incredible.

Where does the team plan to do with the blades jet and other business.

Lean in that they've.

Seems like on face value, maybe maybe has a little bit less synergies.

That they've shown.

For many quarters in a row here, just really going above and beyond.

Thanks, Rob I'll this is Paul.

So we do actually see opportunities to continue to expand <unk> existing business. Even ahead of certification of our aircraft.

Wonderful. Thank you very much on congratulations again on your progress.

Thank you.

But look that wasn't the reason for the acquisition the reason for the acquisition does that.

Thank you thank.

Thank you.

Again, ladies and gentlemen.

The big limitation of that business has been essentially the sort of vehicles that we're using we think we've got an opportunity to both expand the route map.

I would like to ask a question. Please press star one on your telephone keypad.

Lower cost or sort of increased margin.

And the next question comes from the line of Bill Peterson with Jpmorgan. Please proceed.

And in turn fly higher temporary operations, given the lower noise profile of our vehicle. So those I think are really the pieces that are going to be important to kind of more rapidly.

Yeah.

Hi, good afternoon, everyone.

I'm, taking full advantage of the important groundwork that Rob and the team a blade of late.

Okay, yes, thanks for that.

And then for my second question.

Given the call around the Dod's budget request for $9 4 billion for autonomous hybrid aircrafts.

Do you see any additional opportunities for passenger to expand in other parts of the world or other cities in the U S and again this is assuming with helicopters first.

What do you think this can translate in terms of opportunity for <unk>.

I guess could this help fund R&D work or specific contracts or something else, we should be looking at.

Where does the team is trying to do with the blade shut in other businesses.

Seems like on face value, maybe maybe is a little bit less synergies.

Thanks, a lot Bill this is Paul again.

Thanks, Rob I'll this is Paul.

So.

Two pieces to your question.

So we do actually see opportunities to continue to expand <unk> existing business. Even ahead of certification of our aircraft.

Look along the way, there's always opportunities for R&D funding to essentially offset some of the work that's necessary to deliver on the vehicles that we're talking about that's been a strategy that we've used very effectively over the course of our engagements with Doj over the last six or seven years.

But look that wasn't the reason for the acquisition the reason for the acquisition does that.

The big limitation of that business has been essentially the sort of vehicles that we're using we think we've got an opportunity to both expand the route map.

But most importantly, and I think what you should see in the announcement with L. Three is that we're sort of taking the next step in terms of Missionize Ing. This aircraft for the right use cases kind of against key contracts with our existing or future.

Lower cost or sort of increased margin.

And in turn fly higher temporary operations, given the lower noise profile of our vehicle. So those I think are really the pieces that are going to be important to kind of more rapidly.

That are matched against the capability gaps for different branches.

And we're really pleased to be working with all three on that front because of the depth of their engagement with many of these customers. They have a very strong understanding of kind of where those gaps are and.

I'm, taking full advantage of the important groundwork that Rob and the team a blade of late.

Over the course of both a flight demonstration for the fall and even more importantly, the demonstrations with customers early next year, that's going to I think be the opportunity to sort of open up the commercialization effort in a very significant way with the duty.

Okay, Yes.

For that and then for my second question.

Given the call around the Dod's budget request for $9 4 billion for autonomous hybrid aircraft. What do you think this can translate in terms of opportunity for <unk>.

I guess could this help fund R&D work or specific contracts or something else, we should be looking at.

Perfect.

Progress I'll pass it on and you can talk a lot more questions, but I want to be mindful for the rest of the analysts.

Thanks, a lot Bill this is Paul again.

So.

Two pieces to your question.

The next question comes from the line of Chris Pierce with Needham <unk> Company. Please proceed.

Hey, you guys recently updated us on the Marina facility I was wondering and sorry, if I missed this but when might we hear more about the Ohio facility in more scaled production I understand you don't want to produce these things at scale until you know you're further down the road with certification. So this is a sort of a factor we had asked about certification timing, but.

I guess when might we hear about Ohio manufacturing cadence margin on the OEM side of the business just kind of details around that would be helpful for modeling.

That are matched against the capability gaps for different branches.

We're really pleased to be working with all three on that front because of the depth of their engagement with many of these customers. They have a very strong understanding of kind of where those gaps are and.

Thank you Chris.

So as I mentioned.

Previously the we're really trying to think about this.

Multi site.

The horizontal scaled approach.

First with with Marina.

We are thrilled with with the.

A very significant way with beauty.

Timeline.

Yes.

We were able to build and begin to populate.

Perfect again, great progress I'll pass it on and controller for a lot more questions, but I want to be mindful for the rest of the analysts.

Our manufacturing our larger manufacturing facility, there doubling or more than doubling our our manufacturing footprint and Marina.

The next question comes from the line of Chris <unk> with Needham <unk> Company. Please proceed.

And also really pleased with the work that the team is doing too.

Hey, you guys recently updated us on the Marina facility I was wondering and sorry, if I missed this but when might we hear more about the Ohio facility and more scaled production I understand you don't want to produce these things at scale until you know your <unk>.

Mature and accelerate.

The build rate of both the components and.

The aircraft.

Just today.

Got to report that we had.

Further down the road with certification. So this is a sort of a factor we had asked about certification timing, but I guess when might we hear about Ohio manufacturing cadence margin on the OEM side of the business just kind of details around that would be helpful for modeling.

Manufactured 18000 components.

In July alone so it shows that.

We're.

Jody manufacturing glue.

Thank you Chris.

Globally is just.

So as I mentioned.

Hitting its stride and becoming more and more efficient and more and more productive.

Previously the.

We're really trying to think about this.

With with regards to your question about Ohio, we're thrilled with the acquisition.

Multi site.

Horizontal scaled approach.

Of our first building there and the build out of that we're thrilled to be building our team in Ohio doing training.

First with with Marina.

We are thrilled with with the.

Timeline.

And I can't wait for parts to start coming out of that facility.

We were able to build and begin to populate.

And also extremely excited about opportunities to continue to expand.

Our manufacturing our larger manufacturing facility, they are doubling or more than doubling our our manufacturing footprint and marina.

Ohio footprint and the incredible support we've received from.

And also really pleased with the work that the team is doing too.

Both.

Dayton and.

Mature and accelerate.

<unk>.

The state of Ohio and jobs, Ohio.

The build rate of both the components and.

They've been absolutely spectacular partners for us.

The aircraft.

Okay I appreciate the detail on slide eight when you talked about Dubai.

Just today.

Got a report that that we had.

Youre talking about this one vertical in the first quarter of 'twenty six does that get back to part 135, and touring where it might be a kind of a something you can do with passengers in the first quarter of 2016, you need for the build out.

Manufactured 18000 components.

In July alone so it shows that.

We're.

Jody manufacturing glue.

In hotels or things like that or is there already infrastructure to land. These things with passengers like I just wanted to get a sense of what needs to be done beyond what's in the letter to kind of start high tempo passenger flight in Dubai.

<unk> globally is just.

Hitting its stride and becoming more and more efficient and more and more productive.

With with regards to your question about Ohio, we're thrilled with the acquisition.

It's a great question.

Of of our first building there and the build out of that we're thrilled to be building our team in Ohio doing training.

I think one of the amazing things about our.

The flights that we did over there is that some of our key partners and potential partners, we're able to come and see flights and.

And I can't wait for parts to start coming out of that facility.

And also extremely excited about opportunities to continue to expand our R. O a.

Including.

Many folks on the real estate and real estate development side.

Ohio footprint and the the incredible support we've received from.

And the Zip.

Amount of interest and excitement from real estate developers, both in Dubai and around the world has never been greater.

Both.

Dayton and.

<unk>.

The state of Ohio and jobs, Ohio.

They've been absolutely spectacular partners for us.

The ability to.

Okay I appreciate the detail on slide eight when you talked about Dubai.

Have a quiet electric aircraft land at your development and deliver deliver folks for example from from the airport to the palm and a matter of minutes rather than nearly an hour.

Youre talking about this one very report in the first quarter of 'twenty does that get back to part 135, and touring where it might be a kind of a something you can do with passengers in the first quarter of 'twenty six, but then you need for the build out.

That's a game changer, and so we do see really significant momentum.

And like hotels or things like that or is there already infrastructure to land. These things with passengers like I just wanted to get a sense of what needs to be done beyond what's in the letter to kind of start high tempo passenger flight in Dubai.

And opening up additional takeoff and landing locations.

Yeah.

Additionally.

As I believe Youre aware our partner <unk>.

Yes.

It's a great question.

For building divert ports in into by a sky ports and Theyre, making fantastic progress.

I think one of the amazing things about our.

The flights that we did over there is that some of our our key partners.

Alongside <unk>.

<unk>, the roads and transport authority.

Potential partners, we're able to come and see flights and.

And planning and building out the network of a.

Including.

Berta ports.

Many folks on the real estate and real estate development side.

<unk>.

In Dubai and so.

We as you mentioned the first report that that broke ground at DXP. The airport there is.

And the <unk>.

Amount of interest in.

And the excitement.

From real estate developers, both in Dubai and around the World has never been greater.

He is making great progress and we're really excited to bring additional.

The ability to have.

Nodes on online in the Dubai network and thrilled with the momentum we're seeing in Dubai overall.

Have a quiet electric aircraft land at your development and deliver deliver folks for example from from the airport to the Palm.

Okay and then just lastly on blade is it fair to say that the blade didn't have any exclusive property, but you gained a potential first mover advantage or is there more to it than that.

In a matter of minutes rather than nearly an hour.

That's a game changer, and so we do see really significant momentum.

So blade one.

As.

A number of exclusive lounges.

And opening up additional takeoff and landing locations.

Two they.

<unk>.

Additionally.

The.

The real estate.

As I believe you are aware our partner.

Available at many of these <unk> is quite limited.

For building divert ports in into by a sky ports and Theyre, making fantastic progress.

And so.

It's it's valuable to have a place for passengers to to wait.

Alongside.

RTA, the roads and transport authority in.

Out of the sand out of the rain.

In planning and building out the network of our.

While they're getting.

We're getting ready to board their flight. So so we do feel like the although many of these.

Berta ports in.

In Dubai and so.

We as you mentioned the first report that that broke ground at DXP. The airport there is.

These sites are public access.

Having our allowance.

And our facility at those locations is extraordinarily valuable.

Is making great progress and we're really excited to bring additional.

<unk> two.

The.

But it also has a.

Nodes on online in the Dubai network and thrilled with the momentum we're seeing in Dubai overall.

Yeah.

A large network of takeoff and landing locations in Europe.

Okay and then just lastly on blade is it fair to say that the blade didn't have any exclusive property, but you gained a potential first mover advantage or is there more to it than that.

And as well as the greater New York area.

<unk>.

We think that that that network of takeoff and landing locations is oh.

And incredibly valuable and.

So blade one.

Underappreciated asset and were we couldnt be more thrilled.

As.

A number of exclusive lounges.

Two they are.

To.

To be able to count that as is.

The.

The real estate.

Adobe asset now.

Available at many of these <unk> is quite limited.

Okay. Appreciate the time and good luck.

Thank you.

And so.

It's it's valuable to have a place for passengers to to wait.

As a reminder, if you'd like to ask a question. Please press star one on your telephone keypad.

And the next question comes from the line of Savi Smith with Raymond James. Please proceed.

Out of the Sun out of the rain.

While there.

Getting ready to board their flight. So so we do feel like the although many of these <unk>.

Hello, Good afternoon, corporate action packed quarter here and if.

If I can go back to the SAR aircrafts.

Sites are public access.

Can I clarify this cannot if you olive policy completely.

Having our allowance.

At our facility at those locations is extraordinarily valuable.

And this is just the kind of the execution side.

And the third plant that proved without placeholders in or is this kind of being built that risk a little bit.

Two.

The.

But it also has a.

A large network of takeoff and landing locations in Europe.

I would say that that we are.

And as well as the greater New York area.

Very much in.

And we.

We think that that that network of takeoff and landing locations is.

In.

The final.

Yes, I would I would say that we're substantially out of policy if not completely out of policy.

Oh.

And incredibly valuable and.

Underappreciated asset and were we couldnt be more thrilled.

The.

The real focus right now with the FAA is on finalizing all of our TIAA.

Two.

Be able to count that as is.

Adobe asset now.

Okay I appreciate the time and good luck.

<unk> flight test plans.

And.

Thank you.

And really really thrilled with with the lean in from the FAA on that front of course there is.

As a reminder, if you'd like to ask a question. Please press star one on your telephone keypad.

There is still the 50% of stage four that the FAA has to approve but again the progress that and.

And the next question comes from the line of Savi Smith with Raymond James. Please proceed.

Oh, good afternoon, Jeffery action packed quarter here.

They're just putting points on the board day after day so were.

If I can go back to the SAR aircrafts.

<unk>.

Can I clarify us cannot if you're out of policy completely.

Yeah, we feel extraordinary good about.

And this is just the kind of the execution side.

Where we are.

With the FAA and as well as where we are in terms of.

The MSA type plans that proved without placeholder isn't or is this kind of being built that risk a little bit.

The design and manufacturer of this aircraft we think this is.

Huge huge milestone that we announced today.

I would say that that we are.

And just thrilled with the execution of the testing team.

Very much in.

No that I emphasize emphasize that enough. We didnt just finished building. This airframe. We finished testing this airframe so its like its going into the final assembly and it's.

In the the final yes, I would I would say that we're substantially out of policy if not completely out of policy.

It's got lots of Green check marks.

That's great.

The real focus right now with the FAA is on finalizing all of our TIAA flight test plans.

And then maybe along those lines can I as we kind of look forward to the costing I know kind of its aircraft. I think you said <unk> five will be designed to test something different I wondering if you can kind of talk a little bit about like maybe what the first aircraft will be designed to test and what we can kind of look forward.

And.

And really really thrilled with with the lean in from the FAA on that front of course there is.

Yes, so there are.

There is still the 50% of stage four that the FAA has to approve but again the progress that and.

Multiple TIAA.

Tests that were working on getting the test plans that we're working on getting approval with the FAA.

They're just putting points on the board day after day so were.

And each one of those each of the test plants has a specific one of those five aircraft debt.

<unk>.

Yeah, we feel extraordinary good about.

That it's going to get we plan to test it against.

Where we are.

With the FAA and as well as where we are in terms of.

There is some flexibility but.

We were.

We're targeting it.

The design and manufacturer of this aircraft we think this is.

And.

The other thing I should.

Huge huge milestone that we announced today.

Besides that we've started building parts for for all five of those aircrafts. So some of them are this one for example has has now completed the testing we.

And just thrilled with the execution of the testing team.

No that I emphasize emphasize that enough. We didnt just finished building. This airframe. We finished testing this airframe so it's like.

We have multiple others, where the airframes are.

It's going into the final assembly and it's.

Undergoing.

Going through the air frame Assembly process.

It's got lots of Green check marks.

And we're building components and insist.

That's great.

And then maybe along those lines can I as we kind of look forward to the costing I know kind of its aircraft. I think you said <unk> five will be designed to test something different I wonder if you can kind of talk a little bit about like maybe what the first aircraft will be designed to test them and what we can kind of look forward too.

And systems for for many of them. So we're in full swing.

And.

I couldnt be more proud of the work that the.

There are incredible manufacturing team is doing across the sites in San Carlos Marina.

Yes, so there are.

And soon soon Ohio, so absolutely thrilled and grateful to everybody on.

Multiple TIAA.

Tests that were working on getting the test plans that we're working on getting approval with the FAA.

On the jewelry manufacturing team.

I appreciate that and then if I might ask a quick follow up on.

And each one of those each of the test plants has a specific one of those five aircraft debt.

On a previous question on the defense side.

Can you kind of identified any specific programs of record and I'm just kind of curious how meaningful that can be I know you called it a big number but was curious.

<unk>.

That it is going to get we plan to test it against.

There is some flexibility but.

We were.

How much realistically what kind of opportunity that could be pursued here.

We're targeting it.

And the other thing I should.

Thanks Savi this is Paul.

Besides that we've started building parts for for all five of those aircrafts. So some of them are this one for example has has now completed the testing we.

So I mean scoping.

This is a big moment I think for a rethink in terms of what the future of military aviation looks like.

We have multiple others, where the airframes are.

Recent conflicts have certainly shown that.

Undergoing.

The sort of paradigm of large expensive crude helicopters for a wide variety of missions may not be the right more than on a go forward basis. So.

Through the airframe assembly process.

And we're building components and.

In systems for for many of them. So we're in full swing.

So we think we've got an opportunity in conjunction with L. Three to essentially essentially built something that is cheaper quieter.

And I couldnt be more proud of the work that the.

Autonomous and essentially flexible for a wide range of use cases, so we called out a few I think in the announcements including contest of logistics.

There are incredible manufacturing team is doing across the sites in San Carlos Marina.

And soon soon Ohio, so absolutely thrilled and grateful to everybody.

Counter UAS counter drone.

And in turn electronic warfare.

On the jewelry manufacturing team.

Unfortunately, we are partnered with someone that has incredible payloads across each of those sort of functions.

I appreciate that Joe.

If I might ask a quick follow up on.

To answer your question there are core existing programs that we're going after but some of this is also about shaping programs in light of that big rethink that I mentioned at the firm.

Previous kind of question on the defense side.

Have you identified any specific programs of record and I'm, just kind of curious how meaningful that can be I know you called it a big number but was curious how much realistic kind of opportunity that could be pursued here.

And what I think is very important in this sort of moment is being able to translate very quickly from demonstration into deployment.

Thanks Savi this is Paul.

And that's where I think this dual use approach essentially leveraging the same technologies in the same manufacturing lines that were using for the commercial side really pays dividends spoke to us as a company and in turn to our customers in defense.

Sure.

So I mean scoping up.

This is a big moment I think for a rethink in terms of what the future of military aviation looks like recent.

Recent conflicts have certainly shown that.

The sort of paradigm of large expensive crude helicopters for a wide variety of missions may not be the right war on on a go forward basis.

Thank you.

Yeah.

The next question comes from the line of Amit Dayal with H C. Wainwright. Please proceed.

So we think we've got an opportunity in conjunction with L. Three to a central essentially built something that is cheaper quieter.

Thank you good afternoon, everyone and congrats on the progress this quarter.

<unk>.

With respect to the certification timeline.

Thomas and essentially flexible for a wide range of use cases, so we called out a few I think in the announcements including contest of logistics.

Do you have a sense of whether its like kidney.

Next two or three quarters or is it a little bit longer before.

Counter UAS counter drone.

And in turn electronic warfare.

You are completely sold out.

Unfortunately, we are partnered with someone that has incredible payloads across each of those sort of functions.

<unk>.

Get into operations.

Yes. Thank you for the question.

Just to be clear, what we're guiding to is that we're on schedule to begin.

To answer your question there are core existing programs that we are going after but some of this is also about shaping programs in light of that big rethink that I mentioned at the firm.

Yes.

Following the <unk> aircraft with Dolby pilots by later this year and to begin.

What I think is very important in this sort of moment is being able to translate very quickly from demonstration into deployment.

Flying with FAA pilots onboard by early next year.

So that's the.

And that's where I think this dual use approach essentially leveraging the same technologies in the same manufacturing lines that were using for the commercial side.

Those are the that the.

The flights that.

The FAA pilots fly to confirm.

Really pays dividends spoke to us as a company and in turn to our customers in defense.

<unk>.

That we are compliant.

And that's what gives us points on the board for stage five and.

Okay. Thank you.

Yeah.

Once those are complete.

The next question comes from the line of Amit Dayal with H C. Wainwright. Please proceed.

Then we're in the final stretch of Staples stage five in type certification.

Understood. Thank you for that and then.

Thank you good afternoon, everyone and congrats on the progress this quarter.

Yes.

Is the blade deal closed two days I just wanted to see when we can.

With respect to the certification timeline.

Do you have a sense of whether its like kidney.

Potentially see contribution from.

Next two or three quarters or is it a little bit longer.

The blade operations in your financials is a full Q, maybe we can see that.

Sure.

You are completely set up to get into operations.

Yes Rodrigo here.

Look we just signed and then we will take a few weeks to close so more guidance when we get there but right now we are just like in the process of announcing and then there is in those very cheap go we'll take a few weeks to close.

Yes. Thank you for the question.

Just to be clear, what we're guiding to is that we're on schedule to begin.

Yeah.

Buying the <unk> aircraft with Dolby pilots by later this year and to begin.

Understood.

Those are the questions I had some I'll take my questions offline. Thank you.

Flying with FAA pilots on board by early next year and so that's the.

Thank you.

Those are the that the.

Ladies and gentlemen that is all the time, we have for <unk>.

Flights that.

Today.

We thank you for your participation in today's conference call. You May now disconnect your lines. Thank you.

The FAA pilots fly to confirm.

That we are compliant and.

And that's what gives us points on the board for stage five and.

Once those are complete.

Then we're in the final stretch of stable stage five in type certification.

Understood.

Thank you for that and then.

Is the blade deal closed two days I just wanted to see when we can potentially see contribution from.

The blade operations in your financials is it <unk>, maybe we can see that.

Yes Roger.

<unk> here.

Understood Yes.

The questions I had for taking my questions offline. Thank you.

Thank you.

Ladies and gentlemen that is all the time, we have for today.

We thank you for your participation in today's conference call. You May now disconnect your lines. Thank you.

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