Thank you, operator. Good morning, everyone. This is Lucio Aldworth, the Director of Investor Relations at Eve, and I wanted to welcome everyone to our fourth quarter 2022 earnings conference call. I have here with me co-CEOs, Gerard DeMuro and André Stein, as well as our CFO, Eduardo Couto. After their initial remarks, we're going to open the call for questions. We have prepared a deck with a few slides and additional information, and this is available at our Investor Relations website at ir.eveairmobility.com. So feel free to download it. Let me first start by mentioning that this presentation includes forward-looking statements or statements about events and circumstances that have not yet occurred. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting our business and our future financial performance. These forward-looking statements are subject to risks, uncertainties, and assumptions, including, among other things, general economic, political, and business conditions, both in Brazil and in our market. The words believe, may, will, estimate, continue, anticipates, intends, expects, and similar words are intended to identify these forward-looking statements. We undertake no obligation to update publicly or revise any statement because of new information, future events, or other factors. In light of these risks and uncertainties, the forward-looking 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. Good morning, and thank you to those joining the call today as well. We had a very eventful 2022, accomplishing a number of milestones for the program and for the company. We, as many of you know, are actually a product of Embraer's technology accelerator, EmbraerX, and the first eVTOL concept was actually introduced in and being developed in EmbraerX in 2018. And we were then spun out and eventually, we merged with Zanite and went public in May of last year. Going public, Eve now has the autonomy and agility of a start-up, yet the resources and experience and the backing of Embraer, so that we feel we can be a major player in the OEM market. We listed on the New York Stock Exchange under the symbol EVEX last May, and we listed with net proceeds of about $355 million from the de-SPAC that included investments from our PIPE investors as well as United, which came along later in September. Later in the year, we secured almost another $100 million worth of credit lines with the Brazilian National Development Bank. So that gives us a total liquidity of over $400 million. We believe this is enough to fund our major R&D efforts as well as our sales and support activities well into 2025. You will recall that operating with our critical mass, mostly in Brazil, gives us tremendous OpEx and CapEx advantages. Thus, we think we'll be well set through the R&D program again through 2025. And our eVTOL program has matured significantly over the last year. We have been testing systems and subsystems to validate our design through sophisticated model-based engineering and very high fidelity simulations. We're refining the final design, not only through the use of these advanced engineering tools, but we're also using subscale models and advancing to full-scale commercially representative prototypes eventually in 2024. This flexible approach allows us to thoroughly test and validate components separately. We are following an effective and efficient process proven over many years by Embraer, which has certified more aircraft in the last 25 years than any other aviation OEM. Our goal, of course, is a safe and reliable eVTOL with the lowest total cost of ownership, and that's what drove us to a Lift + Cruise configuration that is truly optimized for the urban air mission. 2022 also saw us introduce our cabin mock-up at our customer advisory board last spring. We had great reviews, and it will also be available at our investor event this April in Melbourne, Florida. We also initiated our Type Certification process in 2022, which will be done through ANAC, the Brazilian Aviation Authority. While the Type Certification will be done through ANAC in Brazil, it will also be followed by the FAA to a bilateral agreement that ANAC and FAA have had for many years. And typically, this allows for a much more efficient process with only limited additional testing and final endorsement of the certification process by the FAA. We also began dialogue with EASA, and we intend to follow a similar approach there. But we think we have a significant advantage by being first in line with ANAC and using ANAC as our primary certification authority versus, for instance, multiple applicants at the FAA, all with unique configurations. Our plan remains to enter into service sometime in 2026. In 2022, we also ran a number of simulations with helicopters in Rio, in Chicago, and most recently in India. The goal of these simulations was to gather critical intelligence to help us scale the global UAM ecosystem. We also tested use cases of the eVTOL in actual congested urban areas. Now to the next slide, I'd like to call my Co-CEO, Andre Stein, to talk a little bit more about the program advancements in the last quarter.

Thanks, Jerry. We made some real progress this quarter and intensified our supplier engagement. We shortlisted potential suppliers of critical systems, such as motors and batteries, and now have more detailed visibility as to the certifications of these components. With that, we can fine-tune our development, refine our flight-control laws, performance envelope, fly-by-wire systems, and so on. It also gives us a much better sense of controllability of our aircraft and expected performance under different conditions. In parallel, we have been employing dedicated motor-propeller rigs to test under different conditions and other rigs for batteries and other components and systems. This part of our approach was test systems and components independently and incorporate them in our design, optimizing the configuration. This allows us to quickly and efficiently evolve the design and reduce program development costs. All the steps mean that we are reaching a critical point in the maturity of our aircraft. I'm going to talk about this in a few moments. But besides having defined that the first production site will be in Brazil, which we announced late last year, we have concluded our manufacturing strategy with the support of Porsche to define model size, flow management, and other logistics related specifically to the manufacturing process. Lastly, we defined the system requirement for the Urban Air Traffic Management software and successfully deployed an earlier version in our Chicago simulation last September. Our goal is to enable the safe management of aircraft flow within controlled aerospace and improve efficiency in operations and in vertiports by reducing waiting times and aircraft overall energy consumption. We can achieve these by optimizing flight plans and integrating flight paths of different aircraft for a cohesive system. Now on to Slide 4. In the end, our strengths translate into the largest and most diversified backlog by number of customers and regions in the industry today. In total, we have nonbinding LOIs, that is, letters of intent, for 2,770 aircraft from 26 different customers spread over 12 countries and in different business from regional airlines to helicopter operators, ridesharing platforms, and leasing companies. We believe this pipeline offers strong long-term revenue visibility, and it will help Eve to smooth cash flow consumption in the years to come as we start to convert the existing letters of intention into firm orders and collect predelivery payments, known as PDPs. Beyond that, we are developing a strong network of partners in areas such as infrastructure and energy, addressing one of the largest challenges ahead of Urban Air Mobility, which is creating a whole new ecosystem beyond simply developing aircraft. Now let me call Edu to talk about our financials. Edu?

Thanks, Stein. At Slide 5, Eve is a pre-operational company formed to develop its eVTOL in the Urban Air Mobility ecosystem. We expect to start to generate material revenues outside of predelivery payments once we start to deliver our eVTOLs, currently estimated for 2026. So our financial results for now reflect mostly the costs associated with our program development. I would like to start with the income statement highlights. We invested $18 million during the fourth quarter 2022 in our program development and $52 million in the full year. The majority was invested to develop our eVTOL and a portion for our service and support solutions and the development of our Urban Air Traffic Management System. We are the only eVTOL company with a complete solution, including the aircraft, maintenance, and air traffic control. In addition to R&D, we also deployed $9 million in SG&A during the quarter and $33 million in the year. Keep in mind that the Eve and Embraer teams dedicated to the eVTOL development have been growing as the program matures. Including R&D and SG&A, we reported a net loss of $20 million in the quarter and $174 million in the year. It's important to highlight that our 2022 results include noncash and nonrecurring costs related to warrants issued to partners as well as some listing expenses of our IPO in 2022. This nonrecurring, noncash expense were $111 million, so the recurring loss for the full year of 2022 was $63 million. Now moving to cash flow. Our operations consumed $21 million in the quarter and a total of $60 million in the year. We ended the fourth quarter with $311 million in total liquidity, down from $330 million in the third quarter of 2022 without considering the recent long-term funding from the Brazilian Development Bank. Now moving to Slide 6. Considering our current cash position, investments, including with Embraer and the credit lines from the Brazilian Development Bank currently signing, we have total liquidity of more than $400 million. Again, we feel comfortable that this is enough to carry our operations, development, and certification efforts through 2025. I also want to call your attention to some of our cost competitive advantages. We have full access to 1,500 identified and skilled engineers from Embraer on a first priority and as-needed basis. This means we don't need to bring hundreds of engineers into our P&L, which helps reduce our development costs. On top of that, most of our team is located in Brazil, where we have specialized engineers and a more favorable cost rate. In the end, our R&D dollars last longer in Brazil compared to the U.S. and Europe, where our competitors are located. Lastly, we also have access to Embraer's facilities, reducing investments related to infrastructure and CapEx in general. As Stein mentioned, our R&D efforts are intensifying. This will require an increase in our structure to support the expected development growth in the years ahead. For 2023, we expect Eve's total cash consumption to be between $130 million and $150 million, which, considering our total liquidity above $400 million, gives us good comfort to keep our eVTOL development in the years to come. With that, I conclude our financial highlights, and I would like to call Stein to talk about our development milestones.

Thanks, Edu. During 2022, one of our focuses was to put the necessary structures in place, engage the right people and fund the development and certification program for our aircraft as well as other products for the Urban Air Mobility market. With funding now secured, we are accelerating our program as planned with the milestones you see on Slide 7. The first, as I alluded to earlier, is the selection of the primary suppliers of the most critical components of our aircraft, such as propulsion systems and batteries, which will be completed in the first half of 2023. Also defined the suppliers, we continue to refine and validate our estimates for aircraft production, performance envelope, and operating costs. The selection will also result in much more detailed specifications of these components, such as dimensions, weight, power output, and the systems interface. This is critical for us to define the final aircraft architecture at a complete system level, which we plan to also accomplish in the first semester of this year. With the final design established, we expect to begin fabrication of our prototype as planned in 2023. Last but not least, we plan to deploy the most recent version of our Urban Air Traffic Management in the second half to start testing in field trials with potential customers. With that, we conclude our prepared remarks, and we’d like to open for the call for questions. Operator?

Our first question comes from the line of Andres Sheppard with Cantor Fitzgerald.

Congratulations on the quarter. I was wondering if you could provide more details about the flight tests, especially since the prototype is expected in the second half of this year. Can you share when you plan to start ramping up test flights?

Yes. Stein, do you want to take that one?

Sure. As you know, we come from a strong aviation background. As any aviation company, we do not disclose dates for first flights in advance. This is for a couple of reasons. First, it helps ensure that safety remains our top priority, and we don't want to create unnecessary pressure by disclosing dates to the market. Second, our ongoing objective is to certify, develop, and deliver the aircraft. While we are not sharing specific first flight dates, I can confirm that we are on schedule according to our plan. We will begin assembling and manufacturing the prototype this year, as previously mentioned. We will initiate the next steps at the appropriate time, always following our plan to ensure our successful entry into service and into the market. We strongly believe in following a structured approach, as we have done in past programs, to ensure that we are progressing in the right order and continually maturing all components of the project.

Yes, Andre. This is Jerry DeMuro. I want to share a few thoughts. Our goal is to utilize the concept of a commercially represented prototype. We are currently flying subscale models, engaging in extensive model simulations, and conducting proof of concepts. As we select our vendors, as Stein mentioned, we will refine our models. When we do fly what you would refer to as a prototype, it will be as close as possible to the actual vehicle we plan to take into certification. That's our process: starting with subscale models and proof of concept vehicles, and progressing to something that closely represents what we intend to move forward with. Therefore, as we conclude our selection of critical suppliers later this year, as Stein noted, we will refine that design and aim to begin assembling it by the end of the year and proceed to fly next.

Understood. That’s very helpful and comprehensive. I appreciate that. Maybe one last quick follow-up. On the liquidity side, the current amount is $310.6 million as of Q4, and total liquidity is over $400 million. I know you mentioned that you believe this liquidity is enough to support operations, designs, and certifications into 2025. I just wanted to clarify if this is sufficient to fund certification with ANAC and EASA.

Sure. I’ll turn over the liquidity question in total to Edu. But the last part of your question, I think I can answer. We expect ANAC and FAA to be virtually simultaneous through the process that we described. FAA validating essentially the program that we’re working with ANAC because they will have a significant input into that program. EASA will follow sometime subsequent to that. So I would expect that EASA might be after the 2025 time frame. But the R&D efforts through 2025, we should have sufficient funding to get through that. Edu, do you want to add anything?

No. Just to say that in terms of liquidity, we are feeling very good, right? We have more than $400 million in liquidity. And as we mentioned, we expect to consume this year between $130 million to $150 million. So that gives us multiple years of development, right? We already have the cash. So we are not concerned at all about the liquidity, and we feel very good.

Yes, Andre, one thing I would add to that. We have not yet begun to calculate into those liquidity figures, predelivery payments or progress payments, if you will, as we work through the definitization of the LOIs that Stein referred to. That will add to the cash balance. And so again, we feel pretty good about getting through the first steps of certification. EASA will probably follow the first two.

Wonderful. Congrats again on the quarter and all the accomplishments in 2022. I look forward to speaking again soon.

Our next question comes from the line of Savi Syth with Raymond James.

I have a follow-up regarding the earlier question from Andres. How long do you anticipate the testing campaign with the nearly commercial prototype will take before you can assemble the certification-compliant model? I'm curious to know if, considering the extensive testing done with the subscale prototypes, this process might be faster than what we've observed with other competitors.

Good morning, Savi. Stein, do you want to get that one?

Sure. So if you look at our previous programs, typically, it’s around 18 months for certification flight test campaign.

Okay. Is that with this kind of prototype and then also then creating the final version that qualifies for certification, is that right? Or is this kind of prototype that you’re building will be qualified for certification testing?

So I was referring to our previous experience, right, so from previous programs that typically what you see. In this case, as Jerry mentioned, we are doing more. So we have been trying proof-of-concept, we have been doing subscale models, and we brought the flight-control laws, flight stimulator earlier on in the process. So there are different steps there, but that’s what we’ve seen in other programs. There are some additional steps here.

Makes sense. Okay. On the PDP collection front, where do you need to be in the testing campaign before you can start firming the LOIs? Also, how long after that do you think you can start collecting PDPs, in relation to all your milestones? I'm trying to figure out when we can expect to see some of the firming and the actual PDPs coming in.

One important milestone is the selection of the suppliers we plan to work with this year. This will give us a clearer understanding of the actual costs of the aircraft, which will enable us to start firming orders. That is the significant milestone.

That’s very helpful.

So Savi, to add to what Stein has mentioned, as we progress through this year, we will be refining the final configuration now that we have complete supplier data. Additionally, we will be collaborating with some of our partners to identify the launch customers. Consequently, we anticipate that some of that revenue will begin to come in around 2024. Furthermore, as we move through the certification milestones, there will be further payments prior to delivery.

Yes. And one more point just to complement on that last line, Jerry. That’s an important aspect. I mean we have this big portfolio of customers, and we are working very closely with them to refine how the operation will be, what will be the necessary aspects of the operation, necessary infrastructure, and so on. So that allows us to be very assertive on that future deployment.

Makes sense. And can I clarify in terms of headcount? How does that progress through that 2025 timeframe? Are we at like peak headcount because you have that flexibility in the MSA to kind of switch out the type of engineering, kind of know-how and knowledge you need to get you through this?

So I’ll give a first answer on that. We are not expecting to see a big increase in headcount as we are, as you know, using Embraer for the majority of the development. So that’s where we are increasing the headcount. Typically, we’d expect to have around 800 people altogether at peaks.

Got it. Perfect. I appreciate it.

Thank you, Savi.

Thank you, Savi.

Our next question comes from the line of Sheila Kahyaoglu with Jefferies.

I wanted to ask about your cash usage. You’ve targeted $130 million to $150 million of cash use in 2023. Following $50 million in '22, how much of that is related to R&D? And should we still think about past usage being in the $100 million to $150 million on a per annum basis?

Yes, I can take that, Sheila. The big jump is really on R&D, right, or the increase is the majority in R&D from the $130 million to $150 million this year, around $100 million should be fully dedicated to R&D. Of course, we have the Eve structure and the development team in some other areas that the remaining $30 million to $40 million. But the big jump and the big chunk by far is R&D in the problem.

Okay. I wanted to understand your progress with your supplier base. What percentage of suppliers have you selected so far? How much are you aiming to select in 2023, and what specific parts are included? Additionally, how much of this overlaps with Embraer’s base?

All right. I’ll hand it over to Stein shortly. I would like some clarification regarding the overlap with Embraer. This is a unique vehicle, and our major suppliers will be distinct. While you might encounter typical suppliers in aviation, as seen in our partner list such as Thales, Rolls-Royce, and BAE, the equipment for this project will be distinctive. We are currently in the process of selecting our major suppliers, and Stein has been closely involved in this daily. This selection includes aspects like power management, battery systems, motors, propellers, and avionics. Stein, would you like to elaborate on this?

No, there's no direct overlap. However, you can take advantage of many existing relationships with Embraer. Additionally, there are new entrants in the market, particularly regarding electrification, which is exciting but also levels the playing field. Throughout the year, we are selecting the major suppliers, as Jerry mentioned, and we are also progressing with the selection of other components, such as flight controls and even interiors. Everything needs to be organized this year so that we can secure a significant portion of both the product costs and the technical requirements.

Our next question comes from the line of Marcelo Motta with JPMorgan.

My first question is about the sales campaign. You already have a substantial number of orders and intentions to purchase, so I'm curious if there are still more orders anticipated. Are you actively marketing the product as you reach new milestones? Additionally, who do you think are the easiest clients to target for the eVTOL, considering the ramp-up you have projected for your IPO? Could an increase in demand be expected? I'm also interested in the supply chain bottlenecks and what needs to occur for us to potentially see faster delivery or a quicker ramp-up of production. Those are my two questions.

Sure. I’ll start on that. Yes, we are continuing with our sales campaign. We are also actively engaging with our existing customers to better understand their operational needs. This includes conducting exercises related to concept of operations and simulations to gain insights that will allow us to involve customers, infrastructure partners, and energy providers in discussions to ensure successful market deployment. We are focused on two tracks: maintaining conversations with a diverse range of clients beyond our current ones, while also developing plans with existing customers. Furthermore, last year, we collaborated with Porsche to identify manufacturing requirements and establish an efficient production ramp-up. We believe we are well-prepared for the ramp-up highlighted in our IPO. It’s important to find the right balance in how much we increase production while still providing professional and comprehensive support for the aircraft. We utilize the existing infrastructure, which means we won't need to start from scratch, and our presence in over 80 countries globally greatly supports our operations. However, we want to avoid overextending ourselves or making unrealistic promises regarding our ramp-up.

Our next question comes from the line of David Zazula with Barclays.

I would like to clarify some of the earlier questions regarding testing. For those who are less familiar with the ANAC process, are you planning to conduct any credit testing on the current prototype and its components, or will that testing come from prototypes you will be developing later?

Stein? The short answer is no. But Stein can expand on the process.

I’m not sure if I got the whole question. If you wouldn’t mind to repeat it?

When do you expect to be able to start credit testing that ANAC will give you credit for certification?

There is, as I mentioned earlier, regarding the timing of flight-test campaigns, we don’t share that information in advance for various reasons. However, I can confirm that we have already started the formal process with ANAC earlier this year.

And then can I just ask about the Urban Air Traffic Management development, just how that’s progressing, and if there’s any expenses going to be related to that in 2023?

Yes, that's a great question. The development expenses are included in the cost guidance that Eduardo mentioned. If you want to add anything, Edu, feel free. As we’ve mentioned, we plan to deploy earlier versions this year with potential customers, and we currently have around six customers for the software. This allows us to engage in a series of interactions to advance the software development. We deployed earlier versions last year in September during our trials in Chicago to further refine the software development. Everything is progressing as planned. We are pleased with what we’re doing with the aircraft, utilizing many of Embraer's resources. For the software development, we are collaborating with ATAC, which is part of the Embraer Group and has been developing similar software not only for Brazil but also for other countries. So far, everything is on track, and these expenses are included in our forecast for this year. Edu, do you want to add anything on that last point?

I think that's it. It's part of the $100 million. We have an R&D budget, which is a small portion. The main focus is the biggest chunk.

Our next question comes from the line of Josh Milberg with Morgan Stanley.

You guys made the comfortable nature of your liquidity position crystal clear. But in spite of that and the PDP collection, I just wanted to ask if you are contemplating at all the possibility of additional equity investments by either your existing shareholders, like United or new ones? And then my second question is just on the broader eVTOL environment. You talked about the advantage, your advantage on the certification process relative to the multiple applicants at the FAA. And I wondered if you could elaborate on that point and also just provide some additional perspective on how you see the industry having evolved in recent months with respect not only to the whole issue of certification, but also in terms of design, maybe proof of concept and manufacturing strategies. Obviously, in terms of higher interest rates and some other respects, the environment has gotten somewhat more challenging. I’m not sure how much you can say on your competitors individually. Thank you very much.

All right. Let me kick it off, and then we’ll turn it over to the team. On the first question about, do we contemplate additional equity investments? That’s certainly an option that we have available to us. We have a number of strategic partners, as you know. That’s pretty much all that was included in the PIPE. There are potentials there. We will wait and see what is the most advantageous course of action for us. As you know, when we came out of our listing, we had a very, very clean balance sheet, and we’re able to be opportunistic and look at the most cost-effective ways to get the capital that is required. So that is an option that we will consider. And again, we have the luxury of significant time to allow the situations to mature and be opportunistic. With respect to the FAA, the comment really is that whether it’s ANAC or FAA, they have to develop or combine existing requirements from different parts of the regulations today, and that will take some time. The comment that we make about being really the singular focus of ANAC is a bit advantageous because we’re all resource-limited, right? There’s only a certain number of experts in these areas, whether they be in FAA or ANAC. And as you have multiple applicants, they may find that there’s a resource constraint in processing. That’s really what we were alluding to there. In terms of the industry maturing, you have early phases as you do in any industry where some are better capitalized than others. Some designs will be more effective than others, and I think you’re just seeing a natural evolution in that regard. I’ll turn it over to Edu and Stein to see if they want to pick up on any of those topics any further.

Just one comment on the things overall. I think you are passing beyond the stage of hype. And realistically, there was a point in this industry, there was a lot of hype. We are beyond that or passing through that point of the curve already. So now it’s when you are really seeing the potential future consolidations and so on. And we are seeing a smaller number of this way. At a certain point, you were talking about 200 different projects for eVTOLs and so on. Now it’s all about a handful already, and that’s when we are starting to see the final results, right? But I do believe we are moving beyond the hype curve already.

On the liquidity side, we are not anticipating any new equity.

And our next question comes from the line of Marvin Fong with BTIG.

I have a couple of follow-up questions. First, Edu, could you provide an update on PDP payments? Do you have any insight on whether these might be expected in 2024, or are we looking more towards 2025 or even 2026? Secondly, regarding the overall demand environment, I noticed you've added about 700 orders to your book in the past six months. Could you describe the current demand? Do you think that bringing in new orders will be as robust as it was in 2022, or have many potential customers already placed their orders, indicating that order activity might slow down?

Thank you, Marvin. Regarding the PDPs, we are actively working with all our customers to determine the potential delivery timeline and refine the orders. It’s challenging to pinpoint when we will begin to see an increase in higher PDPs. We anticipate that this could start in 2024, with a noticeable rise in 2025 and 2026. We are fully committed to collaborating with our partners and customers, and we believe this could lead to a significant cash inflow for the company that we are not currently factoring in.

Well, on the second piece, Marvin, yes, we expect to add some strategic customers, but if you look at our backlog and our business plan, we really have enough coverage there in the LOIs for the first several years of production. So the issue isn’t so much for us in building backlog at this particular time. It’s what are the right regions and strategic customers to add. And as Stein talked about, we want to be able to support and service not only the aircraft, but support operations on a global basis, and we’re recognizing, again, that there’s likely to be dispersed implementation and adoption and that has to be resourced properly. So simply adding backlog is not our focus right now. It’s about strategy and now defining, as Stein talked about, launch customers, launch cities, and what is the total plan to support launch in those cities. Stein, do you want to add anything to that?

No, I think you covered it. Yes, we might expect to see additional customers, but our main focus is on being in a comfortable position regarding our pipeline and backlog, which allows us to concentrate on ensuring how the deployment will be.

The next question we have is coming from the line of Savi Syth with Raymond James.

Just a quick clarification on the UATM side of things. As that develops and when do you expect that, that could start generating revenue? Like when can that segment get stood up?

Stein, do you want to talk about the 6 customers we have and the plan for implementation?

Yes, there are a few points to address. Firstly, we are already engaged in consulting related to Management and the concept of operations, which is generating some initial revenue prior to actual software development. While this revenue is currently small, it reflects the outcomes of our efforts in creating this operational blueprint. We anticipate growth in this area over the coming years as we continue collaborating with partners to develop the Air Traffic Management ecosystem. Furthermore, the software will be ready a few years ahead of the aircraft's entry into service, and it's important to note that the software is agnostic. Therefore, we don’t have to wait for the aircraft's service entry to start generating revenue from this software. Although the revenue won't match that of aircraft services and sales, it holds significant strategic value. Overall, it plays a crucial role in enabling eVTOLs to operate more efficiently and at scale.

When do you think that, that could be meaningful in terms of revenue? Does that depend on when the industry gets some certified eVTOL?

Yes, it is applicable even before eVTOLs are introduced because there is already some form of urban integration happening with helicopters. It doesn’t need to wait. However, in terms of scale, it’s really when the industry begins to grow that we can expect to see more significant revenue from it.

And we have reached the end of the question-and-answer session. And I’ll now turn the call back over to Lucio Aldworth for closing remarks.

Thank you, Shamali, and thanks, everyone, who joined the call today. We look forward to updating you on our continued progress throughout the next few quarters as we achieve the operating milestones we just talked about. And we also look forward to meeting you in the upcoming events we're going to attend. If you have any questions, as always, please don’t hesitate to reach out to us. And thanks, and have a good day.

And this concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.