Greetings, and welcome to the Eve Air Mobility Third Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Lucio Aldworth, Director of Investor Relations. Thank you, sir. You may begin. Thank you, operator. Good morning, everyone. This is Lucio Aldworth, Director of Investor Relations at Eve, and I wanted to welcome everyone to our Third Quarter 2023 Earnings Conference Call. I have here with me our newly appointed board member, Jerry DeMuro, our new CEO, Johann Bordais, our CFO, Eduardo Couto, as well as our Chief Engineer, Luiz Valentini. After their initial remarks, we're going to open the call for questions, and we do have a deck with a few additional slides and more information on our website at ir.eveairmobility.com. So please feel free to download it and follow along. Let me just start by saying that this presentation includes forward-looking statements or 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, future financial performance. These statements and are subject to risks, uncertainties, and assumptions, including, among other things, general economic, political, and business conditions, both in Brazil and in our markets. The words believe, may, will, estimates, continues, anticipates, intends, expects, a, or any other similar words are intended to identify forward-looking statements, and we undertake no obligation to update publicly or revise any of those forward-looking statements because of new information, future events, or other factors. In light of these risks and uncertainties, the future events and circumstances discussed in this presentation might not occur. Our actual results could differ substantially from those anticipated in our forward-looking statements. With that, I will now turn the presentation over to Jerry. Jerry? Thanks, Lucio, and good morning to everyone. Before we dive into the third quarter results, I want to say that it has been a distinct privilege to have worked with the incredible Eve team for the past two years. From the deal with Zanite, through listing on the New York Stock Exchange and our critical startup phase. With our structure and operating model with our partner, Embraer, well established, the program is now progressing at pace, and we have created irreversible momentum. It is the right time to step aside for someone who is so well-prepared and uniquely qualified to lead Eve through its next phase. As Lucio mentioned, I will be moving to the board of directors, and Andre Stein and myself have passed the baton to Johann Bordais. Johann is a proven senior executive with an incredible record of success, building and operating multi-billion dollar global businesses within the aviation sector. With his proven track record and direct experience with our major partner, Embraer, Johann will be a tremendous asset and leader for Eve. With that, I will now turn it over to our new leader, Johann Bordais. Johann, welcome. Thanks, Jerry. After being on the job for 60 days, let me start by saying how happy I am to host this first earnings conference call and share this moment with such an accomplished team. I'm proud and impressed by all of what they have achieved, and I know that it is much more to go. This is the reason why I'm here, to carry the torch and ensure Eve brings the market the best-in-class aircraft, but also services to transform the urban mobility on the global scale. Having said that, we continue to make progress in the development of our suite of product and service for the UAM market. Last quarter, we announced the definition of our aircraft architecture, and since then, we have taken important steps in the development of our project. We started to build several components of our first full-scale prototype, such as the wings and its many structural parts, the harness, to integrate sensors and systems throughout the aircraft and the fuselage. We also launched what we call the Joint Definition Phase, a JDP. This is important because this is when our engineers interact closely with their counterparts from the suppliers, that we have selected, obviously, and we go over the minute details on how each component will work and interact with each other with a seamless and integrated system. Ultimately, we're developing a lift and cruise aircraft that will be simple to fly and maintain, and this is one of our main differentiator in this market. I have no doubt about this. Going to Slide three, it shows to you some of the components I just mentioned before we started and come together. I'm really thrilled. I mean, it shows, you know, the recent wind tunnel test we conducted with the powered rotors, that we use to validate the flight simulator, the fidelity of our computer models, and the simulation, as we are well expected to look at the envelope of the aircraft. Going to Slide four. Well, we have previously selected Nidec to supply our electric motor, BAE for energy management, and DUC for propellers, and we continue to downselect other suppliers for other critical components of our aircraft. Embraer will supply the Eve flight control computer, the FCC, and systems with its fly-by-wire capabilities. Embraer will also assist in designing, developing, the manufacturing, and also all flight control hardware and system, and provide the support for the certification. You will notice there's Garmin, that we selected to supply the flight deck and the high-resolution display to integrate the aircraft management and flight control system. Garmin device will feature the intuitive touchscreen tailored to reduce the pilot workload, and will have a full suite of avionics capabilities with integrated flight management system, radio, transponder, audio management, and other application like the checklist, charts, and detail maps that pilots want to see, right? We also selected Liebherr for the actuators of the flight control, that we have the fifth-generation fly-by-wire capabilities. We all know that Liebherr is well-known for manufacturing precision gears. And these actuators will ensure the high performance and easier maintenance, which is always in the center of our project. The last one is Intergalactic. They will provide the thermal management system, which will maintain an optimal temperature range for equipment, including batteries and other electronic components. The system will also help to ensure the comfortable temperature inside the cabin of the aircraft. So as we move along with the program, we also are in an advanced stage of selecting supplier for the sensor and computer to gather critical data, such as the airspeed, the altitude, and the environmental conditions. The sample will be then relayed to the pilot on the Garmin flight display, that I just talked about, to ensure the safe and efficient flight under different weather conditions. And this is a great example of the importance of the JDP, the Joint Definition Phase, we just launched. This is when we, our solution data provider, and Garmin, will have to work together to make sure that all interface works seamlessly, so that the pilot has the correct readings on their screen. This type of relationship will be replicated among all of our other suppliers that I just mentioned, to optimize how different system work together. Moving on, on Slide five. Besides working on the aircraft itself, we continue to study the impact on the urban environment and just completed a visual and sound perception study. The goal is really to learn how people responds to the eVTOL operations to optimize the aircraft design and flight operation, and minimize also the impact on the communities. In parallel, we held what we call the HMI, the Human-Machine Interface Summit, to collect customer feedback. It was here in Brazil, in São José dos Campos, and this feedback on the flight deck environment on all the interfaces. We hosted around 20 partners, representative, from the fixed wings, the rotary wings, and the drone operators, and discussed the topics that range from flight control, the avionics, electrical system, propulsion, but also, the interior design. The HMI summit that we just had provided a great way to share Eve's approach, so it's really one way, but also the other way to receive the valuable feedback from experienced pilots, whether they're, you know, helicopter or fixed wing, like I said, or even drones, and receive this feedback on the interfaces, all the ergonomics, the capabilities being designed into the Eve aircraft. So this is one of the many events that we've been hosting for many years now, you know, we get the feedback from the customers, the partners, to get better understanding of many components of the UAM ecosystem, because this is what we're talking about here, not only an aircraft, but the full ecosystem on the global scale. Now, going to Slide six. As we mentioned before, I mean, we're replicating elements of the Embraer proven business model, as we will design, manufacture, and sell the aircraft. But on top of this, and I think this is very important, we also will leverage the Embraer global presence to offer local solution to our customers and provide the after-sales eVTOL services on an agnostic basis. So far, as you can see, we have secured contract with different 7 customers for the maintenance, repair, overhaul, what we commonly call MRO. This could bring up to about $540 million in revenues to Eve over a course of 5 years. Importantly, these customers have placed LOIs for 825 aircraft, meaning that we can potentially expand this business within our customer base. Because of this being agnostic, we believe that we could potentially service eVTOL of our competitors. Services revenues could that way precede the aircraft sales. On Slide seven, it shows you that we currently have what we believe to be the largest and the most diversified backlog. Well, diversified by the number of customers, the region, and the whole industry. In total, we have announced LOIs for 2,850 aircraft from 28 different customers, spread over 14 countries and different businesses, from mainline to regional airline to helicopter operators, ride-sharing platform, and the leasing company. We also have LOIs to offer our urban air traffic management system from 11 customers. We believe with this, that that reflects the market-leading value proposition that we bring to our partners and also our clients. We also believe that this pipeline offers a strong long-term revenue visibility and will help Eve to smooth cash flow consumption in the years to come, as we start to convert the existing letters of intent into firm orders and collect what we call the PDPs, the Pre-Delivery Payment. Beyond that, we are developing a strong network of partners in the airspace industry and energy to address one of the largest challenge I had for urban air mobility, which is to create the whole ecosystem. You've heard me saying this many times here, but this is the key. Because besides the simple and simply developing an aircraft, we believe that together with the customers, we can begin to announce, you know, the focus cities, and we've been doing this. We've been accelerating our efforts, especially in San Francisco, with United Airlines in the United States of America, and also in Rio de Janeiro, with Helisul in Brazil. And I can tell you there is more to come right in front of us. Now, I would like to invite Edu to go over our financial and the next milestone. Thanks, Johann. Now moving to Slide eight. Eve is a pre-operational company, and our financial results reflect mostly the costs associated with the development of our eVTOL and our solutions to the urban air mobility market. Starting with income statement highlights, we invested $28.6 million during the third quarter of 2023 in our program development versus $14 million a year ago. The majority was invested to develop our eVTOL and a portion in service and support solutions and the urban air traffic management system. On top of development expenses, we also spent $5 million in SG&A this quarter, compared to $7 million last year. Keep in mind that we incurred several non-recurring expenses last year, and when those are excluded, SG&A is actually growing, as we now have a bigger corporate structure and a more mature development program. Eve also reported $4 million in financial income during the third quarter, twice as much as last year, mostly due to higher interest rates. We have a very conservative financial policy and invest our cash in short-term deposits with first-grade banks. With that, we reported a net loss of $31 million in the third quarter of 2023. Now moving to cash flow. Our operations consumed $22.4 million in the quarter versus $16.8 million last year, attributed mostly to higher R&D expenses. It's important to say that we are intensifying our tests with different rigs to test systems and components, wind tunnel tests to validate our models for aerodynamic drag and efficiency, and now are assembling our first full-scale prototype, which involves supplier payments, so it's natural our cash consumption increase. Finally, our cash consumption in the first nine months of the year was $70 million. This is almost twice the cash consumed in the same period last year. With that, we ended the second quarter with $256 million in cash, and despite the greater intensity of our operations, cash position dropped just $12.6 million in the quarter as we started to withdraw from the credit lines made available through the Brazilian Development Bank late last year. During the third quarter, we withdrew $12 million, leaving $86 million remaining available to us. With that, our total liquidity position now stands at $343 million and remains sufficient to fund our operations well into 2025. We intend to continue drawing from these credit lines through 2024, and we use these resources to fund our engineering development agreement with Embraer. So this is going to be an important tool for us to manage and retain a solid cash position in 2024. Finally, Slide nine summarizes our milestones, and we want to reaffirm our commitments. As mentioned before, we conclude the first three milestones, selecting primary suppliers for critical components of our aircraft and freezing the configuration of our eVTOL. We have also started to manufacture some of the individual components of our first prototype and have begun to assemble this into a full-scale eVTOL. With that, we plan to initiate the test campaign once we complete the assembly next year. In parallel, we also continue to work on the trial software of our urban ATM system and plan on having a trial run this quarter. As mentioned before, we expect cash consumption to continue accelerating as we intensify our investments in the program. Having said that, we have a strong focus on cost control, and we also enjoying important synergies with Embraer. Lastly, our focus on cash preservation may shift some supplier payments to the right from the fourth quarter of 2023 to the first quarter of 2024 onwards. We anticipate our 2023 total cash consumption to be closer to the low end of the expected range of $130 million-$150 million. With that, we conclude our remarks, and I would like to open the call for questions. Operator, please proceed. Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please, while we poll for questions. Thank you. Our first question comes from the line of Savi Syth with Raymond James. Please proceed with your question. Hey, good morning, everyone. It may be a fresh question for Johann here. You know, the team is clearly executing on the plan, and I was just kind of curious with your kind of leadership, you know, what do you see as your priorities? Oh, well, thanks, Savi. Yes, 60 days on the job, and I can clearly see that the team is passionate about what they're doing, and we're really with a big mission of reimagining the urban mobility, and it takes, you know, a big know-how. And I think it's not only about the... And And I've been mentioning this, it's not about the vehicle, but it's also about the whole ecosystem, the service and support, and I think this is what I'm going to be coming in. And we're at the time where we need to execute the plan. And definitely on the short term, I want to, you know, with the team, continue to develop the focus on the development of eVTOL for certification and also preparing to enter the service, which we're planning for 2026. We'll work also with the UAM ecosystem, as I mentioned early on, because it's all about making the operators a success, right? Not only Eve, by certifying and delivering those aircraft and the solution, but also who's going to be starting, taking deliveries and operate the eVTOL. So I think we need to continue to understand which is going to be our priority and the first operators for 2026, so then afterwards, we can replicate this model, you know, to other cities around the world. That makes sense. And if I might, on the services and operations deals that are set up with seven customers, could you talk a little bit about how those are set up and you know, what the drivers are? Are those kind of like power by the hour, you know, what's the kind of length of the contract and any kind of high level of clarity on what those deals look like? Sure. Eve is really suggesting and delivering a product that will be at high level of operation. We're not talking only about substituting helicopters for a sightseeing. Obviously, it's going to be one of the applications, but what we're looking for also is the commuting, is the interurban shuttle, and that requires a very high mature operation, and it takes both operators and the OEM and also the rest of the ecosystem, whether it's the energy provider, whether it's you know, the vertiport that we'll be setting up. I think customers are starting to understand this when they start to look at what could it be the first routes that they will operate. have their feet on the ground, and then we make sure they have their feet on the ground also to say: Look, we're going to be using the existing ecosystem, the existing infrastructure, but also we'll have to scale up. We'll have to come up with vertiport, where today there is none. When you understand this, you want to make sure that the operation is well backed up. This is exactly what we're doing based on the Embraer model, and I've been having the pleasure to lead for the last 20 years. There are two things that the operators will always ask Eve: the availability of the aircraft and the optimized operating cost. Those are the two guarantees that the operator wants. Beautiful aircraft, reliable, you know, that will be delivered on time, you know, for the entry into service, yes, but afterwards, it needs to be available and also with the operating cost. This is exactly what the solution that we've been working on and developing and the base, and I agree with you, you mentioned, you know, some power by the hour, you know, a total support package, full executive care program. Whatever we're going to name it, it needs to be guaranteeing the availability and the operating cost, and that's what the operators will want just to ensure they also make money, right, at the end of the day. That's important. So, to clarify, then, that's what the deals offer is just some level of kind of guarantee and then support to kind of get to scalability? Yeah, full solution. Yes, full solution on MRO, on the spare parts solution, also, exchange program on the spare parts, on expendables, the training, a turnkey solution. We want to take it to the next level. I firmly believe that Eve should be an urban solution, a turnkey. It's, it's, it's urban solution as a service, right? As you go, you pay as you use, right? And, and I think this is where we're going, and strong from the experience of Embraer. And by the way, on all the segments, whether it's executive segment, aviation segment, if it's commercial or, you know, even defense, eventually, you know, they're all looking for this, operating cost control. So all our solutions are based on this. Not even, you know, talking about the predictive solution that we've been delivering at Embraer for so many years, predict the unpredictable. So that's also a solution, and the, you know, the suppliers that we just announced, such as Garmin and all the avionics will have this ability to also predict, you know, what's coming up and make sure, again, that operation is at the maximum, at the top. Interesting. All right. Thank you. Thanks. Thanks, Savi. Our next question comes from the line of Conor Walters with Jefferies. Please proceed with your question. Hi, guys. Thanks for taking my question. Having completed the final design configuration in Q2 and initiated the prototype build in Q3, can you just walk us through the next steps on the road towards the EIS and maybe what you see as your largest hurdle, moving towards the initial test campaign next year? Well, thanks for the question. As you said, I mean, we're really focused now on getting the full-scale prototype. We started, as you could see, the pictures, you know, and the first parts and pieces that come together. That's one part of the full-scale prototype that we're building on. In parallel, what we've done, and we're still doing, is selecting down the suppliers. So we have the what we call the G0, the G1 group, the G2, and the three G3 that will come along. So both for the prototype, but also mainly and more important for the series vehicle. And then, yes, we'll have, you know, this full-scale prototype being assembled, and it's happening now. We can start early next year, or during the course of next year, we'll do the testing. Okay? Got it. That's very clear. And maybe, on a similar note, what does the path forward for the ATM software development look like between now and the beginning of customer trials? Maybe just what should we be watching to better understand your progress here? Well, this is, you know, based and strong from the experience that we have on the Atech, part of the company, the part of Embraer group. We've had, you know, a long history. The ATM system in Brazil is, is, you know, based and, and is using the, the, the software that Atech and the Embraer group has been developing strong from this. And also, with the operators and talents that we've hired at Eve, we've been coming up with a few releases, so we're at the second release now that we've been... As a matter of fact, next week we will be starting some tests with operators. Okay? And then next year we'll go for a third and a fourth release, and hopefully, we'll be able to get one of our operators adopted helicopter customers that could start to operate it, even before the the VTOL comes in. And I don't know, maybe Valentini, if you want to add something. Sure. So good morning. So as Johann mentioned, the next steps that I think everyone can look for is further integration with potential operators of this system. And so we are working together with them to make sure that the solutions that are developed will be valuable to them and help solve problems that are actually faced by them at this time with their current systems. Another point is that the system is comprised of several modules, for example, some that are more specifically towards the infrastructure on the ground, others that are more directed to operators' functions. So we will see also these individual functions be adopted separately if they are valuable to customers. So this is also something that can be looked for in the future. Got it. That's very helpful. Thank you for taking my question. Our next question comes from line of Cai von Rumohr with TD Cowen. Please proceed with your question. Yes, thank you so much, and Johann, welcome. Thank you, Cai. So first question, I guess, for you, Luiz. You know, as you know, the FAA is proposing side-by-side pilot training for in-flight training, which is really, at this point, incompatible with your pilot setup, and the same for Archer and Yo, and Joby. And they also are calling for, at least at this point, relatively stiff diversion requirements, 30 minutes for VFR. What is the position as you understand it, that ANAC is taking, and what kind of resolution do you see coming out of this issue? Okay. Good morning, Kai. So, this is a very important topic of discussion with the authorities, both with the FAA but also with ANAC, as you mentioned. So ANAC is the primary authority for the Eve development. That is, in terms of the certification of the vehicle. But then in terms of the operation, the vehicle will follow local operational rules, right? So for the vehicles operating in the U.S., they will follow what is today published as the SFAR, but then that will be turned in the future into operational part with requirements from the FAA. What ANAC is doing is trying as much as they can, both in terms of certification requirement, but also in terms of operation, to be aligned with the FAA and also with EASA in Europe, so that we can have similar requirements, again, both for certification and operation for all of the vehicles. Not only the one that we, Eve, is developing here in Brazil and will be operated worldwide, but also vehicles developed in other countries that will be operated in Brazil. Both the examples you gave in terms of pilot training and today, the need for flight hours and pilot training, but also the reserves, the requirement, they were very questioned in the process of publishing the requirements made by the FAA. So this is something that I feel is very much under discussion. Today, you know, currently the FAA is in the process of reviewing the industry's comments and publishing the final rule, which is expected in the case of the SFAR by the end of next year, right? So we expect to see evolution on these requirements, and we also see that both ANAC and EASA have contributions to make that are different with respect to what's published by the FAA and the SFAR for public commenting. So, Kai, I believe that there will be significant evolution on these topics that you mentioned, and that the end result will be similar or at least as aligned as the authorities can make them once they are finalized and published as final rule. Terrific. Thank you very much. And Johann, on the service, you know, both, both you and Archer have United as a customer. I think it's your biggest customer. And, and in talking with Archer, they have said, you know, that they might have you do the maintenance of their, of their vehicles. Could you give us some color on this $540 million in seven customers, six or seven customers? Basically, where's that business coming from? What are your, what are your key targets? Is it basically servicing United? You know, is that the biggest one? Or, you know, give us some color in terms of where that business is and who are the key customers we should be looking at. Well, thanks. Thanks for the question, though. Yeah, the fact that United has been asking also, you know, Archer to, you know, get in touch with us, it really proves that United sees, you know, how important and all the other customers, as I was mentioning early on, how, you know, the operation is as much as important as the vehicle that you're developing. And, and, you know, we understand that we have a competitive advantage when it comes to the knowledge, also the footprint that we will have right away. We will have the backup of Embraer and using also the business model that they have been developing, and it will allow us to have multiple MRO services around the world. We've been in talks, yes, with Archer, nothing to mention here, you know, in more details. But I think, again, you know, the whole industry understand that it takes more than the to have an addition of a new type certificate of aircraft, it takes way more than this. And I think this is, you know, what everybody is really come to this consensus, let's say. So, and we position, Eve position ourselves as one of the leader and the one that understand very well what we're get, you know, against in those coming years when it comes to infrastructure. It's gonna be a challenge, and we're up for it, and yes, the market understand that. Thank you very much. Thank you. Thank you, Kai. Our next question comes from the line of Andres Sheppard with Cantor Fitzgerald. Please proceed with your question. Hi, good morning, everyone. Thank you for taking our question, and Johann, welcome aboard. Excited to work with you. Hi, Andres. Maybe just as our first question, was hoping to get maybe a little more detail regarding the test flight campaign beginning in 2024. Curious if you can maybe give us a little more detail as kinda how you expect that to ramp up, and particularly as you continue to ramp up into a piloted test flight. Just curious if you can maybe give us a little more granularity there. Thank you. Okay. Well, if you don't mind, then I'll, Andre, I will pass on, you know, to Valentini, 'cause I, you know, I'm sure I'm gonna give you the same information I gave you, and then you're looking for a little bit more insight. So Valentini will give you more detail there. Sure. So, so the vehicle is an unmanned vehicle, so we will, we will not progress to a manned flights with this vehicle. And it's a vehicle that has some simplifications with respect to the systems when it's compared to what we will put out as the commercial vehicle. So with these two characteristics, it will help us to speed up what we think as a test campaign that helps us understand the flight characteristics of this vehicle, the noise characteristics of the vehicle in flight, and also the transition from hover to cruise, and then, of course, from cruise to hover flight, right? So these characteristics we can explore with simplified systems. Again, since the vehicle is a full-scale vehicle and is representative in terms of the configuration. But simplifying the flight test campaign with the fact that we don't have a person on board, which again requires us to have more care as we progress the flight test campaign, and also we have a simpler vehicle in terms of systems, we can progress that more, you know, the flights more easily. So the idea is that this flight test campaign will contribute to the development of flight control laws, to us understanding flight dynamics, and contribute that with the maturity of the vehicle as it goes into flight test campaign with the commercial representative prototypes in 2025. Got it. That's super helpful. Thank you. I appreciate that. And maybe just as a quick follow-up, you know, in the past, you've talked about ramping up the service and support revenue stream, maybe prior to certification. I'm just curious, you know, with EHang's certification in China and some of the other OEMs targeting 2025, what are kind of some of the efforts or things being put in place to ramp up the service and support revenue stream? Is that something that continues to be a priority and a way to potentially produce some revenues prior to certification? Just curious on any updates on that front. Thank you. Thanks, Andre. Yes, well, the priority is definitely just to get the prototype, you know, next year and getting the test ground as Valentini has been talking about and get the entry into service in 2026. Yes, the possibility, especially on the UTM, you know, there could be agnostic. That's also a possibility. I think we'll do it opportunistically based and not just going after it because of the bandwidth, because of the resources. And we really want to make sure that our solution is the one. You know, it might not be the first one, but it'll be the right one. So, you know, I think it was mentioned before, you know, there's other eVTOL OEMs are looking and getting in touch with us also when it comes to service and support. But as you could see, the $540 million, you know, we put it aside because we understand that this will be, and it's representing seven customers within, you know, all the customers that we have. It is an opportunity that customers want. Big agnostic for the moment. No opportunities. We're focused on our solution. Wonderful. Thanks again. Appreciate you taking my question. I'll pass it on. Thank you. Thanks, Andres. Thank you. As a reminder, if you would like to ask a question, press star one on your telephone keypad. Our next question comes from the line of Austin Moeller with Canaccord Genuity. Please proceed with your question. Hi. Good morning. Morning. Good morning. Can you discuss the safety rating that you're certifying to both with ANAC and the FAA? I know the FAA has specifically gone with a 10 to the negative seventh safety rating, and EASA and the Civil Aviation Authority are going with 10 to the negative ninth, like other commercial aircraft. So how do you expect the safety certification for your aircraft to impact the portability of it as an asset internationally with both airlines and the aircraft lessors? Thanks, Austin. I'll defer to Valentini. Sure. So what we have in mind is that the vehicle will be operated worldwide. So we have to be able to certify with all of the certification authorities where the vehicle will be operated. And we would like to have, as much as possible, a vehicle that is common within all of these certification authorities. So just making that more clear, we want to avoid having a version that is for operation in the U.S. and then another version that is for operation in Europe and other version, you know, somewhere else. So the idea is that as much as we can, we are making one vehicle that will be certified and operated in all these places. So with the safety level, as an example, we are designing a vehicle that we will be able to operate and certify before that in all of these certification authorities. So we are following what EASA is putting out as requirements, but also discussing the other aspects of the safety level. In general, one of them is, as you mentioned, the probability of failures for catastrophic events, but there are many other aspects about the architecture, the similarities, the redundancies and things like that, that we are working together with the authorities to make sure that whatever we design and we certify as having ANAC as primary certification authorities will also be accepted by other authorities in the world. Okay, that's helpful. Do you expect the 60-mile range on your eVTOL to be sufficient to meet most urban air mobility use cases, despite the FAA battery reserve requirements of 30 minutes? So, yeah, so Kai mentioned about the reserves requirement. This is something that it's still under discussion, so we don't have today a final rule on what will be, even though the SFAR currently states the same regulation for the Part 23 airplane, right? So Part 135 airplane—Operation Part 20, Part 135. We at the same time that we discuss the regulation, we are also studying what the missions will be for the urban air mobility. We believe that typically the missions will be much shorter, so we don't expect to be executing the 60-mile missions all the time. And we expect to be mostly around the 30-mile distance mission that we think covers the urban air mobility function that our vehicle is being designed to and, and that our business case is based on, right? So we are designing the vehicle very much for this mission and making all of the technical decisions that are directed towards this urban mobility mission, which again, is comprised mostly of the shorter missions than if we were, for example, target regional air mobility or something like that. So we believe that the longer missions will be possible, but again, the actual reserve requirement is still under discussion with the authorities. Great. Thanks for all the details. Thanks, Austin. Our next question comes from the line of Marvin Fong with BTIG. Please proceed with your question. Good morning. Thanks for taking my question, and welcome, Johann. Just one from me, and I apologize I missed the prepared remarks, but I did want to follow up again on the $540 million of solution potential solution revenue. So my question was, you know, should we expect the margin profile for this revenue to be kind of similar to the maintenance and service revenue that Embraer was, is able to generate? Or could you kind of speak to the economics of that and just sort of like what the contractual terms are like? Are these multiyear agreements, or how long do they run? Thanks so much. Yeah. Thanks, Marvin, for the question. Edu, do you wanna answer when it comes to the margin side? Yeah, sure. Hi, Marvin. Yeah, in general, you know, as you said, right, service and support business, they tend to have better profitability, higher margins. The agreements that we have been closing with all these suppliers that we announced recently, they're also going in that direction, right? Eve is gonna be the face to the customer, so we're gonna be providing service and support. We're gonna be providing the parts and our expectations. Of course, we're still few years from entering to service, but given these binding agreements, right, we are closing long-term binding agreements with suppliers, which sometimes is a little bit different from some other players that have more short-term agreements. Our agreements are really long term. Those contracts, they indicate that we're gonna have good profitability on the service and support side, and, and to believe that our profitability is gonna be similar to what we see on Embraer, for me, seems a reasonable assumption at this point. Yes. Thanks, Edu. Okay. Thanks, Edu, for this. Yeah, and the way those contracts, obviously, they're conditioned on the fact that we'll have to deliver and certify and deliver also, you know, the vehicle, but definitely looks at the entry into service, so that's what we struck with them. They focus on the extra support at the beginning and the ramp up of experience on the operation, and then afterwards, it gets, you know, really focused on depending on what the operators got also his own in-house capabilities. So we have this flexibility to adapt. It's almost à la carte, okay? You know, it's usually based, you know, with the spare parts. That's the backbone of the support and service that we offer. And just to guarantee the availability of the parts along with the suppliers, and I think Edu really spot on when he mentioned that, you know, the contract that we're signing with the suppliers include a lifetime cycle of the operation, not only just the prototype development or until the first entry into service. It's really about the whole operation. And yes, this is what the customers have been looking at and seeing a lot of value on this, right? And this is why the customers are engaging right away. Thanks, Marvin. Thanks so much, guys. Appreciate it. We have no further questions at this time. I would like to turn the floor back over to management for closing comments. Thank you, Christine, and I wanted to thank everyone who joined the call today and for your questions. We look forward to updating you all on our upcoming milestones in the upcoming quarters. In the meantime, if you do have any questions, please don't hesitate to reach out via email or phone, and we'll be more than glad to to talk to all of you. Thank you so much. Have a good day. Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.