Significant Flight-Test Progress
Engineering prototype completed 59 flights, logged nearly 2.5 hours of flight time, validated 130 distinct performance points, reached 215 ft altitude and 30 knots forward speed, introduced complex on‑air maneuvers and fully validated Autoland and consistent 4‑axis control behavior.
Envelope Expansion and Systems Performance
Progressed from stationary climbs (40 ft) to higher/longer/faster flights; predictive models validated as reliable and precise; motor thrust and battery performance were better than expected; noise and vibration metrics met expectations.
Clear Transition Plan Toward Full Transition Flights
Detailed plan to upload refined flight software, complete structural ground tests and perform gradual transition testing up to full wing‑borne flight (>85 knots) with controlled failure testing thereafter; target to begin transition flights in Q2–Q3 timeframe for envelope expansion.
Regulatory Engagement and Certification Milestones
Active engagement with ANAC, FAA, JCAB and EASA; formally applied for EASA type certificate; reported ~90% of means-of-compliance agreed with ANAC, increasing confidence that certification and entry into service are more likely in 2028 (requires 12 months of conforming vehicle flights).
Strong Preorder Backlog and Customer Interest
Preorder backlog of ~2,700 aircraft at approximately $13.5 billion list price across 27 customers; LOIs for aftermarket services with 14 customers and interest in Vector from 21 potential customers; 2 binding orders already (including Revo firm for up to 50 aircraft).
Record Liquidity and Financing
Record cash balance of $441 million and total liquidity of $578 million (including ~$136 million undrawn credit facility); raised a new 5‑year $150 million loan in January and stated liquidity should support operations through 2028 without new funding.
Planned Synergies with Embraer to Reduce Cash Burn
Identified $100–$150 million of potential incremental synergies to capture between 2026–2028 (from organizational, supplier, industrialization and services optimization); these actions are expected to reduce forecasted cash burn and extend runway.