Rachel Warren

You've got this kind of traditional idea where

Some of these eVTOL developers could act as the original equipment manufacturer, and they could sell their aircraft to various customers, airlines, charter companies, and so forth.

There could be this blended approach where maybe they sell aircraft but retain an ownership stake.

Obviously, you've got companies that are looking at operating their own fleet of eVTOLs as public air taxi services.

That's where the Ubers and Lyfts of the world could come in, similar to how modern helicopter services operate.

The big issue here, as Lou noted as well, I mean, this is a model which is currently very unprofitable and companies are trying to figure out how exactly they're going to generate revenue in a sustainable way.

It's very expensive to operate these models.

Many of these developers are banking on future profitability.

They're hoping that they can, you know, enact aggressive cost reduction as production scales up.

And I will say, I think that one of the more profitable areas that we

cargo delivery, government defense contracts, beyond passenger air taxis.

As exciting as it is to think of more and more consumers ordering their passenger air taxi to get from point A to point B, I don't necessarily see that being adopted as quickly as some of the more industrial use cases.

But I think we're really very much at the beginning of where this market could go.

One final thing I'll note, what's really, really key for adoption here is also having the regulatory guardrails in place.

And we've seen some movement where that's concerned even in the U.S.

specifically.

So earlier this year, the FAA, they finalized new rules for the first new civil aircraft category since the 1940s.

This is for powered lift aircraft.

And that provides a clear regulatory path for pilot training and certification for F-TAL aircraft.

They've established an F-TAL integration pilot program to accelerate the deployment of these aircrafts.