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- **Certification Milestone**: Entered TIA testing with the first aircraft, signaling final certification stage and potential U.S. eIPP operations in 2026.
- **Dubai Expansion**: Secured regulatory approvals for daily flights at the Dubai Airshow, with plans to expand to 5+ takeoff/landing locations in 2026.
- **Autonomous Tech Leap**: Integrated NVIDIA's IGX Thor platform for real-time data processing, advancing autonomous flight capabilities for defense and commercial use.
- **Defense Contract Progress**: Completed 7,000 miles of autonomous testing with Xwing, positioning for $9 billion U.S. defense funding opportunities.
- **Manufacturing Scale**: Produced 15x more FAA-conforming parts in 2025 vs. 2024, expanded Ohio blade production, and added 100+ roles to meet eIPP and international demand.
- **Financial Strength**: $978 million in cash, $576 million raised post-quarter, and Q3 revenue of $23 million driven by Blade and defense contracts.

**【CEO Summary】**
- **TIA Testing Milestone**: Initiated power-on testing of the first aircraft for Type Inspection Authorization (TIA), marking the final stage of certification. Five TIA aircraft are in production, with FAA pilots expected to begin testing in late 2025.
- **Flight Demonstrations**: Conducted 20-minute flights at the California International Air Show and 12-minute commuter flights during the Ryder Cup, showcasing operational consistency and safety.
- **Autonomous Systems**: Partnered with NVIDIA to integrate IGX Thor platform for real-time data processing, enabling autonomous mission management and sensor fusion. Ground testing of the hybrid defense aircraft with Superpilot AI began recently.
- **Defense Contract Progress**: Completed 7,000 miles of autonomous flight testing with Xwing's Superpilot and secured $9 billion in U.S. defense funding opportunities.

**【CFO Financial Commentary】**
- **Cash Position**: $978 million in cash and short-term investments, with an additional $576 million raised post-quarter.
- **Revenue**: Q3 revenue of $23 million, including $14 million from Blade and $9 million from defense contracts.
- **Manufacturing Scale**: Produced 15x more FAA-conforming parts in 2025 vs. 2024, expanded propeller blade production in Ohio, and added 100+ manufacturing roles.
- **Cost Management**: Adjusted EBITDA loss of $133 million, stable compared to Q2, driven by Blade integration and TIA aircraft production.

**【Q&A Highlights】**
- **Dubai Operations**: Secured GCAA and Dubai Civil Aviation Authority approvals for daily flights at the Dubai Airshow, with plans to expand takeoff/landing locations in 2026.
- **eIPP Program**: Filed applications for 5 U.S. test sites, targeting mid-2026 deployment. Focus on passenger, cargo, and medevac use cases with potential revenue opportunities.
- **Hybrid Aircraft**: Ground testing of the L3Harris hybrid variant completed, with flight testing imminent. Dual-use design allows rapid deployment for defense and commercial markets.
- **Manufacturing Bottleneck**: Scaling production with Toyota to meet demand from eIPP and international partnerships, including ANA in Japan and Uber Blade services.
- **FAA Shutdown Impact**: FAA DERs and DARs continue supporting TIA testing, but prolonged shutdowns could delay FAA pilot involvement.


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