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- **Strategic Asset Acquisition**: Secured Hawthorne Airport as a central hub for L.A. air taxi operations and AI testing, with $126 million purchase funded by $650 million equity raise.
- **Asian Expansion**: Won exclusive eVTOL partnerships with Korean Air (10 aircraft) and Japan Airlines, positioning for 2028 Olympics deployments.
- **Aircraft Milestones**: Midnight achieves 55-mile range, 30-minute flight time, and successful CTOL testing; VTOL phase begins.
- **Defense Innovation**: Acquired Lilium IP for hybrid/eVTOL designs; defense program integrates Overair tech for next-gen military VTOL systems.
- **Financial Strength**: $2 billion liquidity; Q3 net loss $130 million (down 37% YoQ); Q4 EBITDA loss guidance $110-140 million.

**【CEO Summary Section】**
- Acquired control of Hawthorne Airport, a strategic hub near LAX, to serve as a testbed for AI-driven air traffic management and a commercial anchor for Los Angeles air taxi operations ahead of the 2028 Olympics.
- Expanded partnerships in Asia-Pacific, including a deal with Korean Air for up to 10 Midnight aircraft and selection by Japan Airlines as its exclusive eVTOL partner for Osaka and Tokyo.
- Midnight aircraft achieved key milestones: 55-mile range, 30-minute flight time, 150+ mph speed, and successful CTOL testing, with VTOL phase nearing completion.
- Raised $650 million in equity, bringing total liquidity to $2 billion, to fund Hawthorne acquisition and strategic growth.

**【CTO Flight Testing & Defense Update】**
- Midnight aircraft completed CTOL testing, with VTOL phase beginning; aircraft now flying faster, higher, and longer to simulate real-world missions.
- Acquired Lilium's 300+ electric aviation patents, enhancing hybrid/eVTOL design capabilities and MOSAIC rule compliance for defense and commercial variants.
- Defense program integrates Overair's composite manufacturing and hybrid propulsion tech, targeting next-gen military VTOL solutions.

**【CFO Financial Summary】**
- Q3 2025 net loss: $130 million (down $76 million YoQ due to warrant revaluation); GAAP operating expenses: $175 million (flat YoQ).
- Adjusted EBITDA loss: $116 million (within $110-130 million guidance).
- Cash used in operations: $126 million (flat YoQ); ended quarter with $1.64 billion in liquidity.
- Q4 2025 guidance: Adjusted EBITDA loss of $110-140 million, excluding $126 million Hawthorne purchase.

**【Q&A Highlights】**
- Hawthorne Airport: EBITDA-positive with potential for tens of millions in revenue; prioritized as a strategic testbed over short-term monetization.
- FAA certification: TIA testing expected to begin late 2025; policy delays caused by government shutdown may delay final certification.
- Manufacturing ramp: Targeting 50 aircraft/year; demand exceeds capacity, with focus on UAE, eIPP, and defense programs.
- Defense program: Hybrid VTOL design for complex missions; potential for multi-billion-dollar contracts with allied nations.

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