Andres Sheppard

Napoli distinguished factory readiness (in Lucid's control, on track by year-end) from supplier/infrastructure elements outside its control, declining a firm date.

Winterhoff said M2 construction never stopped, a few equipment-arrival delays were mitigated, with an update due at Q2.

Winterhoff said Midsize start-of-production timing is also under the guidance suspension but the 2027 ramp is unchanged.

Boussaid said the $4.6B liquidity into 1H 2027 approximates cash burn but declined a specific guide, deferring detail to Investor Day.

Winterhoff said Gravity will be the majority of 2026 production/deliveries, with no meaningful Midsize and only small robotaxi numbers this year.

Winterhoff said deliveries to Saudi Arabia are already underway and will rise in 2026 with Gravity, with the big step-up coming with Midsize.

Boussaid clarified the convert maturity and the DDTL are separate; the convert will be refinanced under a plan.

Winterhoff said there is no plan or expectation for Midsize ASP to change, viewing softer EV demand as a temporary phase.

Boussaid said the plan to refinance in coming quarters is unchanged, targeting late 2025 or early 2026 while watching market conditions.

Winterhoff said Air sales stay roughly steady with growth coming from Gravity; Boussaid added ASPs should improve into 2H as Gravity mix rises.

Boussaid declined to specify timing, emphasizing an opportunistic approach after the successful convert transaction.

Dhingra pointed to scale (20,000 vs 9,000 production) and cost transformation for significant margin improvement but gave no precise range or timeline.

Adam laid out a portfolio strategy: the defense side offers faster paths to revenue and cash flow that can fund the larger but slower-to-scale civil air-taxi business, reduce burn and minimize dilution, enhanced by the Wisk, Insitu and SkyGrid capabilities.

Adam said Archer builds the base Halo platform, which Anduril missionizes for defense (Thunder), while Halo also serves civil customers (search and rescue, offshore energy, e.g. Marubeni); the goal is a low-cost, scalable platform reusing Midnight technology.

Benjamin Lyon confirmed the piloted VTOL campaign is expanding rapidly and guided piloted transition and EIPP operations to the second half of the year, noting the hover regime was cleared faster than any prior phase.

Tom Muniz answered directly: Archer is building a clean-sheet hybrid aircraft with Anduril for a distinct dual-use mission with specific payload, speed, range and cost targets, targeting large defense down-selects this year.

Adam framed eIPP success as an industry-wide win, many aircraft flying across multiple cities to build public acceptance, hoping California, Texas and Florida are picked but stressing no single city determines success.

Adam detailed the UAE Launch Edition, initial 7-figure cash payments, and 2026 revenue recognition, with UAE certification targeted as early as Q3 2026.

Adam detailed the UAE ramp: signed agreements, first Midnight delivered in June, hot-weather flight testing, pilot training with Etihad and infrastructure prep. Direct.

Adam confirmed broad international interest but deferred specifics, saying Archer will have more to report in the coming months and quarters.

Adam described a low-level, point-to-point operation with a handful of aircraft; Tom added the GCAA cert pathway overlaps existing FAA work. Substantive.

Adam said first piloted flight is the near-term goal with multiple aircraft entering test later in the year, but gave no dates.

Framed LTV as a $4.5B/10-year, 3-vendor award slowed by the lack of heavy-cargo landers; building a heavier Nova variant. Direct.

Walked through remaining tests (engine hot fire, laser sensor suite) and the October Delta FRR gating a Q1 2027 launch; direct.

Altemus said Goonhilly/COMSAT add up to 44 dishes reaching 2 million kilometers and let the company lead a global ground segment; direct.

Altemus credited combined KinetX precision, the 1300 Series bus and satellite-servicing/robotics for the Andromeda win; direct.

Altemus answered the capabilities half broadly (satellite buses, data-relay reuse, PPE repackaging) and reiterated the LTV award feels imminent.

Anand (on for Andres) asked about SDA/Golden Dome; Steve said the 300 Series fits the proliferated-LEO tracking layer and the combined offering is unique versus other vendors.

Steve said he is most excited about integrating the businesses and building a new space prime that disrupts the sector with commercial, agile, affordable solutions.

Steve said IM is one of three teams developing fission surface power (a 40-kilowatt reactor) and framed it as part of the infrastructure-services pillar and a race with China.

Steve quantified about $14 million of constrained IM-2 success payments, expecting roughly half to close in Q2 and some into Q3.

Steve described Nokia Bell Labs' payload as a full success, validating space-hardened cellular network technology on the lunar surface.

Spice said Neutron was brought to market at a $50-55 million ASP with no significant early discounting, and given the supply-demand backdrop there is more upside to ASPs than downside across Neutron, Electron and HASTE.

Beck said the key visible milestones are large vehicle sections going on test stands; customers already trust Neutron before first flight.

Spice said all SDA contracts, including the unrecognized Tranche III award, sit in backlog, with several Neutron flights also reflected.

Spice confirmed the SDA tranche 2 recognition shape (10/40/40/10) is on track, with tranche 3 timing delayed by the shutdown.

Spice sized SDA tranche 2 contribution at roughly $150 million to $200 million in 2025, with a similar figure in 2026.

Beck sees international benefit primarily from Europe, with Japan already Electron's second-biggest market.

Beck expressed confidence in a 2025 launch; Spice detailed a remix toward launch as Neutron scales in 2026.

RJ said a heavier van mix will lower the blended ASP in the second half, while R1 ASP is trending positively on Quad and Tri-Motor take rates, and R2 variant mix will be managed to preserve a healthy ASP.