Good morning, everybody. I'm Helane Becker, Managing Director and Senior Airline and Aircraft Leasing Analyst, as well as eVTOL Analyst here at TD, TD Cowen. This morning we're with Sebastien Borel, Lilium's Chief Commercial Officer. Really happy that you're here, Sebastien. And thank you very much, I appreciate your time. Sebastien's coming to us from Switzerland. And, I just wanna let everybody know, I'm gonna be doing the fireside chat, but I'm happy to take questions. If you have any, put them in the chat or email me directly at helane.becker@tdsecurities.com. And, the IR team, Rama Bondada, Folke Rauscher, and James Gibbs are always on hand to answer your questions as well. So, with that aside, those instructions, a lot, Sebastien, has happened at Lilium over the past year, and that's when you last spoke to us in this forum. So before we get started, maybe you can give us some color on your background, your role at Lilium, and then take a few minutes to update us on the company and some of the notable developments over the last quarter, or the last few quarters. So that's, you know, a lot of stuff, so feel free. Well, thank you, Helane, and hello, everyone. Yeah, so I'm Sebastien Borel, Chief Commercial Officer at Lilium. I take care of sales, marketing, but also support and services, government relationship, and, brand and design of Lilium. So quite a bit of activity going on right now. My background, 25 years in aerospace. Recently worked for Honeywell for three years, when I was in charge of M&A and strategic partnerships and licensing, for pretty much the rest of the world outside of the U.S., based in Switzerland. Prior to this, I worked for Airbus for about 10 years, when I was, you know, sending aircraft to Qatar, Australia, but also became the Chief Commercial Officer of a subsidiary of Airbus called NAVBLUE. And, you know, a long time ago I was actually flying aircraft in the U.S., King Airs, having fun. It was a great time. It was back in early 2000, so it was a while ago. But you know, long, long career in aerospace. Started in the U.S., so for me, the U.S. was always a magic place to fly around. And today in charge of Lilium, which is an exciting, you know, venture. I actually wanted to, at Honeywell, leave, you know, eventually aerospace because with the M&A work I was doing. But then when I got called up by Lilium, this is probably the best project you can work on. It's sustainable, it's deep tech. It's absolutely fascinating how I see the market when I talk to customers all around the globe, how this is going to change people's life. I really feel it, and I will be very proud in a few years' timeframe to see the aircraft flying around and transporting passengers between cities. And we'll talk about the regional air mobility aspect of our business. But you asked what has happened since, you know, probably the past year? A lot has happened. We made a lot of progress. Mm ... on all fronts. I would start with the DOA. We received, you know, design approval from EASA back in November last year, which gives us the ability to do a lot of work from a certification point of view in, you know, in relation with our main authority, which is EASA. You know, we have received our G-1 paper from the FAA, so again, progress. We're the only company actually certifying the aircraft, you know, in Europe, and having received certification basis in Europe and in the US, right? When we look at the entire market, since EASA has ruled 10 to the minus nine in terms of safety standard, which means, you know, 1 accident out of a billion flights, we have the highest safety standard. That allows us to go pretty much anywhere in the world because we have the highest one, and the FAA has actually a lower standard to 10^-7- Mm ... 10^-9, eight. So a lot of progress on the certification. We are also making a lot of progress on production, right? We need to produce the aircraft, a conforming aircraft, which means that we need to have the parts and all of the components that we're gonna be delivering to our customers, and we are starting to build what we call in aviation MSN 1 and MSN 2, so the first serial aircraft. MSN 1 would be used on the ground, hooked up to a simulator, we'll call it the Iron Bird, and then we'll do a lot of testing on the ground before we actually do a piloted flight at the end of the year with MSN 2. Then we'll build another, you know, six aircraft, which will be flying in the next few years to get to certification, and then to start delivering the aircraft, which we plan delivery in, in 2026. So if you look at, you know, the eVTOL industry, we have 1,000 employees, right? There are not a lot of people that have that much employees. Half of it is engineers. We're also ramping up on the production side. We're getting ready for first flight, and we are, you know, making progress on commercial deals. We announced a few weeks ago, you know, a firm agreement with UrbanLink- Mm ... a new startup led by Ed Wegel, who's done, you know, three airlines in the past. And so for Florida, this is really important. We now have an operator that can actually look at the network that we had looked at originally, which is connecting Miami to West Palm Beach, and to Fort Lauderdale, even through to Bahamas. So it's starting to really take shape right now. We see a lot of momentum, not only from the operator side, but also the stakeholders, the ground, governments, and the financing of assets. So that's in a nutshell what happened. Still a lot to happen until entering to service- Mm ... but making progress on all fronts. That's a lot. That is a lot, and it's really exciting. And Ed is a big supporter. I know Ed really well. We used to work together back in the day, and I've stayed in touch. I've known him for, I wanna say, 35 or so years. And he's really excited about the space, about UrbanLink, about the product, and he also, I don't know if everybody knows, but he was a founder of Global Crossing Airlines, and they had an agreement with Eve to introduce aircraft into the market as well. So, I think it's really exciting that South Florida is gonna be one of the first areas, because you also have vertiports down there, you have the infrastructure, and I think everything is ready for you. You just have to get the aircraft certified and delivered. So very exciting times ahead, I think. You know, the other thing that I noticed about Lilium, and I've followed the company for, I don't know, three or four years now, the technology and use case is different from other EVTOL companies. I think I don't know that that's well understood, Sebastien, because, when people think about EVTOL, they think about urban air taxis, and they think about the 4+1, right? four passengers and a pilot that, for example, United has been talking about introducing in, I don't know, they keep changing the date, sometime between 2025 and 2027, let's say. But Lilium talks about regional air mobility, and so how is that different in the addressable market, and how is that different versus the urban air taxi? And are you gonna run your own network? So there's, like- Okay. ... three questions in there. Three questions. I'll start with the difference between urban air mobility and regional air mobility. This is critical. This is absolutely very important. Yes, everything started with Uber Elevate. Everything started with an air taxi concept, where you can actually take people around and replace ground taxi with air taxi 'cause you remove the congestion on the ground. Personally, I believe this is very, very difficult, and I give you a few reason why urban air mobility is extremely challenging. Number one, of course, certification and safety. You're gonna have to make safety cases everywhere you go in the cities to make sure you can fly in low altitude. Elevated vertiports, for example, or helipads, are forbidden in New York, right? So how are you gonna land? Mm-hmm. And so, then it comes from a pure economics point of view. If you're trying to find 10 sites in New York or in London, good luck, because every single- Yeah ... piece of land is extremely expensive, right? So from an infrastructure point of view, very difficult. From an airspace point of view, extremely difficult. You're usually under Class Bravo airspace or Class Alpha airspace, so just to make it simple for everyone, those require a lot of approvals before you actually take off, and so it's really complex. On top of this, on top of that complexity, we've done a demand analysis, and we've looked at the entire set of flights today. We've simulated those flight, helicopters, anything. We look at the demand also from a mobility point of view, and we look at the GDP growth, and we looked at the distances you can do. Well, more than 70%, almost 80% of the demand is in regional air mobility, connecting cities with each other. Going back to the point I was just making, you know, when I actually connect two cities, let's say Miami to West Palm Beach, I roughly speaking need only one site on both sides. I don't need 10 sites in Miami. I only need one properly located, one locally located in West Palm Beach, and I can make a connection. If you talk to the airspace owners, the FAA in the United States, well, you can just replace helicopter. You can use the same corridor that the helicopters are using today. You're not changing dramatically the picture of the airspace. So, from a safety point of view, usually you can fly over whether it's a highway or water, you can actually avoid that really dense area. Wherever we go, authorities are super interested in the regional concept simply because it makes more sense from a time-saving point of view. Mm-hmm. That's another element. What we're selling is time saving, right? We're a time-saving machine at the end, and you make a lot more time saving when you have more distances, when you have congestion, when you have water and terrain. Those are the perfect mix. When you have, you know, a bit of mountains and then water and stuck highways, that's great for us because we can actually, you know, create a mode of transportation which makes sense. So between the time savings, the complexity, and the demand analysis, everything just pushes for regional air mobility, which then, you know, connects to our design. Why do we have such a different design? But we can talk about that later. But we wanted to have range and capacity in order to, you know, get to the point where we have a low, you know, a low price point. And that, you know, requires higher load factor, higher, higher capacity, and more range, 'cause when you fly longer, actually your cost is, is reducing as well. Yeah. So, you know, you probably know this. I was at university when this happened. A helicopter fell off the Pan Am Building, now the MetLife Building, in New York City. At the time, it was a long time ago. But like I said, I was at university at the time, and when that happened, there were about 100,000 trips a year in New York City on helicopters, and they were all ground to a halt. And that's when you had the helipads on the Lower Manhattan, and then the East Side and the West Side. Those are good locations, but to your point, right, you're not gonna have a whole bunch of eVTOLs landing on top of buildings in Manhattan, where you have water tanks on the top, and there's just no place for them to go. So I like the idea of AAM versus, you know, the air taxi concept, A, and B, the distances are longer, I think. You can fly, to your point, Miami to West Palm. I know, I know, I should know that distance because I used to do it a lot. But I feel like it's what, about 2.5 hours in a car, and it would be about what, 40 minutes or so? And, and- Probably it would be about 20 minutes, yeah. ... 20 minutes. Okay, so yeah, I mean, that, that's time, and that's money. So that's, that's pretty exciting, for you. And then obviously in London, when you look at that, I think there's only one, helipad in all of London, and, Correct ... there's no place else. Well, which, which leads, if you don't mind, which leads to another point, which is the noise of our aircraft, which is very low with our ducted fan, and of course, electric. And so now you can actually approach cities that are that have forbidden helicopters in the past because of the noise, and they are open to re-looking through it and, and find other sites because of our, our noise footprint is much, is much lower. Yeah. Yeah. Can you also use airports that are underutilized? Absolutely. Like, if you think about small towns, in, like in the U.S., like especially out in the mountain West and the West, where you have big distances, and you don't have enough pilots to do commercial air right now, can these fill in the gap? Absolutely. You're absolutely right. We're looking at assets, existing assets we can reuse. So whether it's a helipad, or a municipal airport or underutilized regional airport, those are actually reaching out to us very often, say: "Hey, can we do something with you?" So if it's close enough, we have a vertical takeoff and landing aircraft, right? So the point is to get the closest possible to the point of destination. So if it makes sense, we will do agreement with airports to introduce our aircraft. Usually at the other end, you will have a vertical landing, otherwise it doesn't make sense, right? But we do, we have a lot of demand from those airports are underutilized, to either put our MRO facility or to do a landing site at a small terminal and to connect it, and they're very welcoming to us. I would say not only U.S., in Europe, we have a lot of people that are reaching out to us that are looking also at, you know, eventually banning private jets or helicopters, but allowing our jets to come over and take over. And so that's really interesting as well. We see a big shift, mostly in Europe right now. And from a sustainable point of view, there's a lot of, a lot of activity going on in regards to the planning. You know, they are talking about repositioning flight for private jets being eventually banned or helicopter flight being banned, and so the other airports are asking for our aircraft. Got it. What, why electric jets instead of electric prop like everyone else in the sector? What are the pros and cons of this strategy and jet technology? Then, maybe as part of that, why airlines want to use your product, like, what's their economic case? Okay, so our difference of architecture is driven by our mission, right? We define the mission, which is regional air mobility. We want to go further and faster. And so if you look at, you know, purely, an aero, you know, aerodynamic point of view, when you have your engines mounted on the flap close to the wing, you have a higher Bernoulli's effect, which is really a lift-to-drag ratio effect, and therefore, you have a high fineness, which, which helps you, you know, using less power when you're cruising. So roughly speaking, when we're cruising, we only use 10% of the available power, and we go to 135 knots, which is the higher, the fastest of all eVTOL. And so that's really helpful. Of course, the constraint that we have is that we require more power on takeoff and landing, but that really takes 25-40 seconds. And then for the rest of the flight, you actually are using a lot less power to cruise. And just imagine when battery, you know, density will increase, 'cause we know by 2029 we're gonna have probably a bump to 400 watt-hours per kilogram, and today we're at 300, and we'll get to 500. All of that energy gain is gonna go into the cruise phase, 'cause you have the same reserve, you have the same takeoff and landing. Right. And so you can have a major effect on range as soon as you have a bit of density improvement on the battery side, because we have the right architecture. So not only we're seeing the advantage today, but we're gonna see it even more by 2030 once we have those new batteries, and we'll probably increase our range by 50%. That's absolutely phenomenal to have that great aerodynamic. The last point is also in regards to what I'd mentioned earlier, the certification aspect, right? We want to certify 10^-9. Mm-hmm ... higher safety standard. Having ducted fan helps containing any type of motor or blades issues, right? If you have a blade, a problem, if you have a bird strike, having something contained helps tremendously. In the aviation industry, everyone knows that open rotor is a lot more difficult in regards to safety, to safety standard. And we also think, and that also helps, and I know it sounds a bit ridiculous, but the look of our aircraft is really attractive to the people. Mm-hmm. Not only we have a very large cabin, the longest and highest cabin of all, but also the look of it is very distinctive. A lot of people are not happy with open rotor technology. A lot of people are not flying helicopters today. I've learned through selling that some life insurance forbid people to do this. So it's like there is that element of safety as well, which is really important. Got it. That's really helpful. So what's your timeline for EASA certification, and then will you do FAA simultaneously? But, you know, I know the paths between certification for one versus the other are diverging. Some is similar, some is different. To your earlier point, you mentioned FAA is less... I don't wanna say it's less safe, but it's not 10^-9, which intuitively makes it a little less safe. And we'll start with the latter, if you don't mind. I wanna go back to the timing, but I think what's important to understand is they, they wanna certify a safe product, right? They're not- Right ... I'm not saying that they don't want to, but what they're gonna do is, if your airworthiness, you know, safety standard is lower, you're gonna put more burden on the operational approval for the operator. And therefore, your reserve policy may be higher, because now, you know, you may have some more issues. And so- Got it. That really helps us, and this is why EASA, who, you know, honestly speaking, they were very, very mature very quickly on that, on that subject, have a performance-based approach on the ops approval side, so making it easier for the operator to, to then, you know, make it, you know, economically viable. If you have, you know, the first. I'll just give you a concrete example. The first reserve policy that the FAA had come up with was a 30 minutes, three zero, 30 minutes reserve on, on the flights that most of the time it could take less than half an hour, so meaning that you have 100% reserve compared to what you're flying. Well, EASA has a different approach. They're gonna have a percentage of the cruise and a performance-based approach where you can lower that to, roughly speaking, 15 minutes. That helps tremendously the operator, making sure you can fly longer and have more possibilities with that aircraft. And so, again, it's a different approach, more on the airworthiness in Europe, more on the ops side in the United States. But the issue, as you just mentioned, there is not everything is aligned today. Having that said, I think there is next month, a summit in the U.S. between the EASA and the FAA that Lilium will attend. We're working heavily with them to make sure that they not only they align, but they also take into consideration our enhanced design so we can actually have better conditions for the operator in the U.S. So again, I feel very confident that having that certification basis ready for the past four years now in Europe, and having a set rule of regulations and ops approval, is going to help us tremendously, globally speaking, not only in the U.S., but also in the Middle East, in Brazil, and in Asia. So going back to your question, yes, we are, you know, absolutely looking at a you know, concurrent validation of our type certification. Of course, we need that alignment to happen, but we see a bit of more progress recently. And again, having a I think, more redundant design is helping us making the case for the means of compliance in the FAA as well. In terms of timing, we're starting production of our aircraft, MSN 1, MSN 2, first flight at the end of the year, and then we'll, you know, do, you know, roughly speaking, you know, 2,000 hours, 1,500-2,000 hours of flight to demonstrate everything with, with you know- Got it ... documented in the means of compliance. In your manufacturing process, are there EASA representatives on site watching what you're doing? Like, I know that exists in some aerospace companies, like Boeing, they have FAA representatives on- Yep, yep ... on site. Does that happen for you as well? We have a DOA, right? So the DOA allows us to do a lot of steps that EASA doesn't have to do because they have recognized... Okay ... the process that we have in-house. So we have regular touch point with EASA, daily basis, but we can do a lot of it in-house. As far as production, we need so we have a DOA in Europe. We're also gonna have to have a POA, a production organization approval, which will come later on. Usually, it's delivered just before the TC, and so we're already working with them in regards to the design of our facilities, making sure that, and the processes and, and everything that needs to be happening, to make sure we get the POA, pretty much, you know, just before TC. Got it. Okay. Let's see. What, so what are the key milestones that we should be looking for over the next 18 months? Because you just mentioned you're gonna have the second aircraft to do the test flights. I think you just said 1,500-2,000 flight hours. Yep. So what are the milestones that we should be looking for over the next, say, 15 months? So, selfishly, I will talk about commercial first, and then I will go into the production- That's fine ... and the certification. But I think we made a lot of progress on the support and services side of our business. We have announced. I've actually announced Lilium Power On, which is our support organization back in the Singapore Airshow. And we have a nose-to-tail agreement now we can put in place with our operators. That's quite important. People don't talk about the aftermarket, right? Everyone is focused on- Mm-hmm ... certification, certification, certification. Well, it's fine to have a certified aircraft, but you need to be able to produce it at mass, and you need to build, be able to support that mass. Okay. That means that you have to actually have parts, materials ready, available, globally speaking, with authorized MRO partners that can actually do the work. And so we have agreement with AJW Group, which is the entity managing easyJet, for example, material services, and they're gonna be doing our material services, globally speaking. And we've also put in place a licensing agreement for MRO partners, which we'll be announcing, you know, pretty much by the end of the year, we think we'll have several MRO partners lined up. And so that's pretty important. And why is that important commercially? Because I have this ready, and therefore, when I sign an agreement with a firm agreement with a customer, I can actually guarantee things, right? When you buy an aircraft, it's not only about the price and the delivery slot, it's about how much is that going to cost to operate from an hourly basis? What kind of guarantee are you giving me? What kind of, you know, SLA are you giving me on the support side? We have everything ready. That allows us to transform MOUs into firm sales agreement, and to sign deals like UrbanLink, when we actually didn't do the MOU, we went straight to a deal with 20 firm aircraft and 20 options. So you're gonna see, I think, in the next 18 months, I'll stop there on the commercial side, but a lot of activity on the commercial side- Mm-hmm ... because we are very mature in our approach, and we are seeing a lot of traction right now, and I think we, by the end of the year, will be definitely leading the pack in regards to firm orders. Then we go back to the company side.... of course, ramping up in production. We'll probably talk about what we're doing with France right now, but we are also looking at, you know, building a footprint, so expanding our production facilities. We have the maiden flight, the first flight, coming up end of the year, and then, of course, so we need to get a permit to fly, and then we'll do the first flight, and from that point on, you'll see 1, 2, 3, up to 6, 7 aircraft, Lilium aircraft, flying either in Germany, either in Spain, where we have two test sites. And you're accumulating hours, doing a lot of testing. We'll do battery packs drop, we'll do an airframe drop. We'll have to do all of those testing, the famous bird strike test as well. You're gonna see all of those happening in the next year and a half, two years. So very exciting time to follow us, to see the progress commercially, but also on the certification and on the production side, because we are, you know, we're selecting France for the next production facility, but we'll also have to select, you know, the next production site for the U.S. and for Asia Pacific. Got it. I was actually gonna ask about the support, the MRO, but you already answered that. Well, it's important, Because to your point, you need to have, with all the facilities, and since you're a worldwide... Yeah, you need to have that support and available on-site. You can't, you can't have an aircraft go down, you know, because it needs a part, and have to fly it in from somewhere. So you, you front-ran that question. You already addressed it. Let's see, I know my information is probably a little old, but are you accepting PDPs, pre-delivery deposits, from customers? The last I saw, you had 56 firm orders and 26 options, plus MOUs for another 700. But it's probably changed by now, or has it changed by now? No. I mean, I don't have the latest numbers after the UrbanLink deal, but we're pretty much in the 60s, I would say 60s in the firm orders. And yes- Okay ... all of our deals are. You know, it's a very typical aircraft, you know, aerospace contract where we, you know, we have delivery slots, we have deposits, pre-delivery payment schedule, performance guarantee, warranty, and unit economics guarantee. So this is the whole nine yards. And yes, we do get PDPs. Certain milestones are different. If you're a high-net-worth individual buying an aircraft, one aircraft, it's different than if you're buying, you know, 20 aircraft. Some are, like, more milestones related, some are just timing related. The usual schedule, where you're paying, you know, 24 months, 18 months, 12 months in advance, you're starting to pay for the aircraft delivery. Got it. I think last week there was an announcement. Every week, I think there's an announcement from Lilium, but last week there was the specific one about the German government and the Free State of Bavaria doing some due diligence on the company. Is that implicit in that? Will there be an investment? And I guess as part of it, I know you're Chief Commercial Officer, not Chief Financial Officer, but still, do you have enough capital to get from here to, say, 2026 when, or 2027, when the first aircraft go into commercial service? I think starting with the great news, you know, we are finally getting traction from governments to understanding that doing everything from an equity capital point of view is not necessarily the right thing to do, and it's putting a lot of stress on a pre-revenue company. So that's great because just to answer your question, this is a loan. This is a government-backed loan that we would get, and we publicly announced that we expect at least EUR 100 million out of that support from Germany. We also, you know, we attended the Choose France summit, where we also, you know, made some news in regards to bringing a production facility into France. Obviously- Mm-hmm ... getting the support as well from the French government, not only for the production facility itself, but for the mothership and the funding of the company. So we need more cash in terms... You know, until we are free cash flow positive. But, you know, between the activity that we just mentioned, which is the French government, the German government, and some other activities that are currently going on with our friends and family, you know, I have no doubt that we'll get, you know, to be able to bridge the gap to free cash flow positive. And as soon as you see, really, the aircraft flying, which everyone has been questioning our architecture, you know, we do have a prototype flying in Spain, but we're gonna have the actual conforming serial aircraft flying, you know, getting really close to certification. I have no doubt that if we need more bandwidth and runway, we'll get it. Got it. Will you guys be at Farnborough this year? We'll be at EBACE next week and- The Farnborough Airshow? Yeah, we'll be at EBACE next week, and- Oh, you'll be at EBACE next week. Yeah, we'll be at ILA Berlin, and we'll be at Farnborough, and we'll be at Zhuhai in China, and in between, we'll be at NBAA in Las Vegas as well. Okay. Wow, that's exciting. That's really exciting. I should be able to get to one of those locations- You should. ... to check it out. What about... so you mentioned UrbanLink. Is Florida the launch market for Lilium? Well, we are so- In the U.S.? I the U.S.? I mean, in the U.S., not worldwide- In the- ... just in the U.S. In the US, most likely. It's not something that we have confirmed yet, but definitely they're getting, you know, delivery slots in 2026, so they are a good candidate to be the launch customer in the United States. And of course, globally speaking, most likely it's gonna be in Europe. And therefore, we haven't announced yet the launch customer for the Lilium Jet. We are still working on this. We have several candidates, and hopefully we'll be able to announce it this year. As for Florida... I do believe it's gonna happen there, whether it's UrbanLink or someone else, I don't know, but that will come probably also this year. Okay, and then I think we only have a minute or two left. I know that I was thinking, and you mentioned China, you'll be in China in a few weeks, and then there's Brazil, there's India. These seem like big countries, places where having a Lilium Jet would make a lot of sense, and I know that I saw, I think, a week or so ago, PhilJets ordered 10 Lilium Jets, to establish an operation in the Philippines and other Southeast Asia countries. So, you know, any opportunities there or Oceania that makes sense for you guys? It does. So we do prioritize a bit, you know, because the world is big, and we have to make sure, again, from a support point of view, we're thinking support. We're not gonna be spreading ourselves with engineers to support the entrance of service all over the place. That's right. So we really want to start Europe, U.S., ideally Brazil. You mentioned earlier the thousands of aircraft, helicopters in New York. Just so you know, today in São Paulo, 750 flights a day, people being, you know, dropped in São Paulo City. So that's a great vertical market. Middle East, and then I would say Philippines is a very interesting place right now because they are getting a lot of investment on resorts and new type of vacation destinations, where... And there's a lot of GDP growth, so we think Philippines is a great- And there is 7,000 islands, so we love, like I said earlier, terrain and water. Our aircraft can do a lot of time saving in the Philippines. So we also see Asia, specifically the Philippines, Indonesia, and Thailand, are being big market. Of course, China is a major one, but we do expect, of course, for China from a type certification point of view, with the CAAC, we put it in number 3, right? First, Europe and U.S., and eventually China. Okay, got it. Is there, I don't know, is there anything else I should ask you about? It looks like we have about two minutes. You know, I think when I was reading some of the stuff, I try to keep up every quarter, even if I don't always get a chance to listen to the earnings calls live, I do try to read the transcripts and so on. How does the outlook you have, like, let's look ahead to 2035, which is about a decade from now. I think your guidance is $5 billion a year in operations and sales. How does what's happening now on the supply chain side with vertical integration versus outside suppliers tie into that guidance level? Well, that's why we decided to go with Tier 1 suppliers that can actually, you know, I see ... match our capacity. Number one, they have certified parts existing on other aircraft. For example, like I take Honeywell. Honeywell avionics system called Anthem comes from the Epic system you can actually find on Dassault aircraft and Pilatus aircraft, and even on the A350. So those have been certified before. They need to be reduced in weight and size, but at least it's been certified before. So all of those parts, whether it's a seat from Expli seat, which was, you know, titanium and carbon fiber, has been certified. Diehl for the fabrics, Aciturri for the fuselage. All of those entities can actually produce, you know, aviation-grade parts and components. So this is absolutely phenomenal to have their support to get to certification makes things a lot easier. And then from a demand point of view, to make sure that we get the supply as we are growing up and ramping up our production facilities, we're working. I'll take the engine, Denso. Denso are producing our motors. They are, they're a $36 billion revenue company, subsidiary of Toyota. They are producing thousands today of motors for the EV industry. There is no doubt they can actually produce the motors for us in the future. So we wanted to establish our aircraft with very strong suppliers in order to match certification and production requirement. That's great, Sébastien. So unfortunately for us, we're out of time. I could talk to you forever and spend the whole day, but sadly, we're at time. So, for those of you, I checked to see if there were more questions on my email. Again, for those of you who are interested in more information on Lilium, it's Rama Bondada, Folke Rauscher, and James Gibbs in IR that can help you out. Have a great rest of your day, and Sébastien, thanks for taking time out of your day-to-day to talk to us. Thank you, Helane. Thank you, everyone.