Results exceeded expectations, primarily driven by selection for the eIPP (Early Integration Pilot Program), completion of the FAA certification audit, and increased manufacturing capacity.

Q1 revenue of $24 million (mainly from Blade), net loss of $110 million (improved year-over-year), cash and short-term investments of approximately $2.5 billion.

In terms of business progress, the company was selected for the eIPP program covering 11 states, a White House-supported pre-commercial deployment initiative. The FAA SR3 audit was completed, confirming that test results meet the requirements for the final certification stage. The company completed an eVTOL demonstration flight between New York's JFK and Manhattan, showcasing low-noise characteristics. On the manufacturing side, composite component production increased 2.5 times year-over-year, and the ninth conforming aircraft has entered production. On the infrastructure side, the company announced vertiport development agreements with Century Plaza in Los Angeles, the SAP Center in San Jose, and Dubai International Airport.

Management reiterated the 2026 revenue guidance of $105 million to $115 million, expects the eIPP agreement to be signed in Q3, and commercial operations to begin in the second half of the year.

Positive signals: Management's tone was confident, emphasizing "truly opening a new chapter of the next golden age of aviation" and noting that "despite the challenging macro environment, progress is encouraging."