ATM 2026 to Focus on Growth in Middle East Aviation and Cruise Sectors

Joby Aviation Earnings Highlight Cash Runway Amid Air Taxi Development Financial Performance and Market Expectations Joby Aviation is poised to release its fourth-quarter and full-year 2025 financial results following market close on Wednesday, a critical juncture for the electric air taxi developer as it advances toward commercialization amid persistent cash burn. Analysts anticipate a loss of $0.226 per share on revenues of $16.18 million. While this represents a narrower loss compared to the previous quarter’s $0.48 per share deficit, revenue is expected to decline from $22.57 million. The Santa Cruz-based company’s shares currently trade at $9.72, approximately 20% below the $12.63 consensus price target, implying potential upside of around 30% should Joby meet its strategic milestones. However, Wall Street remains divided on the stock’s prospects. Among 11 analysts, two recommend a Buy, six Hold, and three Sell, reflecting skepticism about whether Joby’s $9.4 billion market capitalization is supported by realistic commercialization potential or driven by speculative enthusiasm. Notably, earnings per share and revenue estimates have remained stable in recent weeks, indicating a cautious investor stance awaiting clearer operational guidance. Key Themes for Investors Investors will focus on three primary areas during the upcoming earnings call. First, Joby’s cash runway and burn rate remain under scrutiny. The company bolstered its liquidity to approximately $2.8 billion in January through a $1.29 billion capital raise combining equity and convertible debt. Market participants will seek confirmation of the company’s estimated $135 million quarterly cash burn and updated projections for achieving positive cash flow, particularly as Joby scales manufacturing operations in Ohio. The sustainability of its financial resources until commercial launch is a central concern. Second, progress on certification and operational milestones will be closely examined. Joby entered the final 30% of the Federal Aviation Administration’s (FAA) certification process in February, a pivotal step toward initiating commercial flights. Investors will look for updates on certification status, involvement in the FAA’s eVTOL Integration Pilot Program, and the construction of its Dubai vertiport, which was reported to be 60% complete as of November. The company aims to inaugurate the world’s first integrated air taxi network in Dubai by 2026, though regulatory and operational challenges remain significant. Third, Joby’s strategic pivot toward medical logistics through a recent partnership with Strata Critical Medical introduces a potential near-term revenue stream via cargo transport. This initiative allows Joby to demonstrate operational capabilities in less complex missions ahead of passenger service launches, potentially mitigating risks and providing a proof of concept to support broader commercialization efforts. Challenges and Competitive Environment Beyond financial metrics, Joby faces substantial challenges in launching its aerial ridesharing service and capturing a share of the emerging urban air mobility market. The company must deliver aircraft that meet stringent performance and safety standards while navigating evolving regulatory frameworks. Securing additional capital and safeguarding intellectual property rights remain ongoing concerns. The competitive landscape is intensifying, with rivals such as Archer Aviation actively contesting Joby’s trade-secret litigation in court. Dependence on third-party suppliers and the possibility of further legal disputes add layers of complexity to Joby’s path forward. Outlook Joby’s third-quarter results underscored deep unprofitability, with losses more than doubling year-over-year and no immediate trajectory toward profitability. Nevertheless, the addressable market for urban air mobility remains substantial if regulatory and technological obstacles can be surmounted. As 2026 approaches—a pivotal year for Joby’s commercial launch—the forthcoming earnings report will provide crucial insight into whether the company’s significant cash reserves can sustain its ambitious plans or if the promise of urban air mobility will continue to elude realization.

U.S. Airforwarders Association Opposes 10% Import Surcharge, Citing Supply Chain and Geopolitical Risks Concerns Over Tariff Impact on Supply Chains The Airforwarders Association has expressed strong opposition to the Administration’s recent decision to impose a temporary 10% surcharge on imports, announced shortly after the President’s State of the Union Address. In a statement issued on February 25, 2026, the Washington D.C.–based trade group cautioned that broad tariff measures risk increasing uncertainty for U.S. businesses, despite recent legal clarifications provided by the Supreme Court. Representing companies involved in air cargo and logistics, the association highlighted that its members are already contending with volatile shipment volumes, pricing pressures, and complex compliance requirements. The introduction of sweeping tariffs without clear implementation guidelines threatens to further disrupt operations within supply chains that are already under significant strain. Air cargo providers, who typically plan capacity and pricing months in advance and operate on narrow margins, face heightened challenges in long-term planning, investment decisions, and demand forecasting as a result of sudden shifts in trade policy. Broader Risks and Geopolitical Challenges The association underscored that the risks facing supply chain and logistics managers extend beyond tariffs alone. Persistent issues such as trade uncertainty, labor shortages, rising material costs, and fluctuations in freight markets continue to exert pressure on the industry, with no immediate resolution in sight. The newly imposed surcharge adds an additional layer of complexity, particularly as businesses grapple with uncertainties surrounding tariff refunds following recent rulings. Geopolitical instability further exacerbates these challenges. The association pointed to escalating cartel violence in Mexico and increasing tensions in the Middle East as factors that intersect with domestic policy uncertainty, creating a difficult operating environment for U.S. importers, exporters, and logistics providers. These overlapping pressures demand adaptive strategies across global trade and logistics operations. In response to these concerns, the Airforwarders Association is calling on the Administration and Congress to establish consistent and transparent trade policies. The group argues that enhanced predictability and stability in trade frameworks are critical to bolstering U.S. economic competitiveness and supporting the long-term planning needs of businesses navigating an increasingly complex global trade environment.

Joby to Offer Air Taxi Rides Through Uber App in Dubai Joby Aviation’s shares experienced a rise in premarket trading on Wednesday following the company’s announcement of plans to introduce air taxi rides in Dubai via the Uber app later this year. This initiative, branded as Uber Air, will enable users to book Joby’s electric vertical takeoff and landing (eVTOL) aircraft as a new mode of transportation. Each air taxi ride will be complemented by an Uber Black vehicle for pickup and drop-off, integrating ground and air travel seamlessly. Regulatory Approvals and Timeline Adjustments Before the service can commence, Joby must obtain regulatory approval for its air taxis from authorities in the United Arab Emirates. Initially, the company anticipated launching passenger flights in Dubai by late 2025 or early 2026. However, this timeline has been revised, with UAE regulators now expecting certification by the third quarter of this year, according to a November report by The National. In the United States, Joby’s progress toward certification has been more measured. The company entered the final phase of the Federal Aviation Administration’s (FAA) certification process last year and is expected to provide an update on its certification timeline during its fourth-quarter earnings report, scheduled for release after market close on Wednesday. Expansion and Industry Challenges The planned Dubai launch represents a significant expansion of Joby’s collaboration with Uber, building on last year’s integration of Joby’s Blade helicopter and seaplane services into the Uber app. Despite this progress, the initiative faces considerable challenges. Regulatory hurdles remain formidable in both the UAE and the US, and Joby’s ability to meet stringent performance and production targets will be crucial as it scales operations. The competitive landscape in the emerging air taxi sector is intensifying. Archer Aviation, a rival startup, is currently embroiled in a trade-secret lawsuit filed by Joby, underscoring the legal and competitive pressures within the industry. Furthermore, market acceptance of air taxi services remains uncertain. Initial offerings in Dubai will focus on airport transfers, resorts, and business districts, but consumer demand at scale has yet to be proven. As Joby advances toward aircraft certification and production ramp-up, the success of its Dubai launch will hinge on navigating regulatory, technical, and market challenges. The deepening partnership with Uber positions Joby as a leading player in urban air mobility, though the journey to commercial service remains complex and uncertain.

Airbus Balances SAF Expansion and A350 Orders Amid Counterfeit Parts Concerns Advancing Sustainable Aviation Fuel and Fleet Renewal Airbus is currently navigating a multifaceted challenge as it pushes forward with its sustainable aviation fuel (SAF) initiatives while securing significant aircraft orders. The company recently entered into a multi-year agreement with Air bp to supply SAF and related services across Germany and Spain, underscoring its commitment to reducing emissions and supporting the aviation industry's broader decarbonization goals. Concurrently, Air Canada has placed a substantial order for the A350-1000, reinforcing Airbus’s strong position in the widebody aircraft market and aiding the airline’s long-haul fleet renewal strategy. Counterfeit Engine Parts Raise Operational Concerns Despite these positive developments, Airbus faces mounting concerns over counterfeit engine parts discovered in components used on some of its aircraft. This issue has prompted regulators and airlines to conduct thorough safety assessments, leading to industry-wide inspections and, in certain cases, temporary groundings of affected aircraft. The situation highlights the vulnerabilities inherent in Airbus’s extensive supplier and maintenance network, which can impact operational integrity and the company’s reputation, even when Airbus itself is not directly implicated in the fraudulent activities. Market Impact and Competitive Landscape These challenges arrive at a critical juncture for Airbus. The company’s share price (ENXTPA:AIR) currently stands at €182.84, reflecting a 13.9% increase over the past year and a near doubling over five years. However, recent market sentiment has turned cautious, with the stock declining 7.0% in the past week, 11.6% over the last month, and 10.2% year to date. Investors are closely monitoring how Airbus manages the balance between growth opportunities—such as expanding SAF production and fulfilling A350 orders—and the operational risks posed by supply chain vulnerabilities. The market’s reaction may intensify scrutiny of Airbus’s capacity to meet ambitious production targets and deliver on its SAF commitments. The company’s efforts to integrate SAF align with broader airline decarbonization strategies, positioning Airbus in direct competition with Boeing and, increasingly, Embraer on shorter routes. Meanwhile, competitors may seek to capitalize on Airbus’s current difficulties by highlighting their own progress in SAF adoption and aircraft reliability. Adding further complexity, Asia-Pacific airlines continue to drive global growth despite ongoing supply chain constraints. This regional momentum could influence Airbus’s market position as it strives to maintain its competitive edge while managing both production challenges and reputational risks. As Airbus advances, the interplay between sustainable growth, operational integrity, and market perception will be pivotal. Regulatory responses, airline procurement decisions, and competitor strategies will collectively shape how investors and industry stakeholders assess Airbus’s ability to fulfill its commitments in an evolving aviation landscape.

Magnetic Trading Expands Teardown Operations with Acquisition of Two A320-214 Aircraft Magnetic Trading has announced the acquisition of two Airbus A320-214 aircraft from Stratton Aviation, reinforcing its long-term strategy focused on airframe teardown and parts trading. The aircraft, currently located at Brunswick Executive Airport in the United States, are slated for disassembly at Stratton Aviation’s on-site maintenance, repair, and overhaul (MRO) facility. The teardown process is anticipated to take several weeks to complete. Strategic Response to Market Demand and Challenges This acquisition occurs amid a surge in demand for used serviceable material (USM), driven by increased global flight activity and an aging fleet of aircraft worldwide. The aviation industry’s persistent need for cost-effective and reliable component supply has intensified interest in teardown operations. However, the sector faces significant challenges, including constrained MRO capacity and a rising demand for spare engines. These pressures, coupled with potential volatility in engine values, are influencing the strategic approaches of companies engaged in aircraft teardown and parts trading. Airina Kacienaite-Krake, managing director of Magnetic Trading, emphasized the strategic importance of the acquisition, describing it as a pivotal evolution for the company. She noted that while parts trading has long been integral to their business, this initiative represents a shift toward a more advanced trading model. By directly managing teardown projects and overseeing the repair and sale of parts to end customers, Magnetic Trading aims to enhance supply chain control and strengthen its market position. Strengthening Partnerships and Industry Implications The collaboration between Magnetic Trading and Stratton Aviation exemplifies a deepening partnership that leverages Stratton’s local teardown capabilities in the United States alongside Magnetic Trading’s global trading and distribution network. Christian Mejia, sales director of Magnetic Trading USA, highlighted the significance of this cooperation, stating that the project marks a major milestone for the Magnetic Group. He underscored its potential to improve customer support and stimulate growth across the Americas. This development also reflects broader trends within the aviation sector. The recent teardown of some of the youngest A320neo aircraft, aged just 3.5 and 4 years, has highlighted the intensity of the current engine market. This activity has heightened interest in teardown operations and prompted industry players to reassess production rates and future fleet strategies. Nonetheless, experts caution that resolving ongoing technical issues could result in declining engine values and lease rates, adding complexity to market dynamics. As Magnetic Trading advances its teardown initiatives, the company is positioning itself to navigate the evolving aftermarket landscape, where supply chain constraints and shifting market conditions continue to shape strategic decision-making.

Can AI Improve Passenger Flow at Heathrow Airport? Heathrow Airport, Europe’s busiest aviation hub, is undertaking a significant digital transformation aimed at reshaping airport operations for the future. In a strategic move, the airport has appointed Netcompany as its primary digital operations partner, underscoring a commitment to developing resilient, European-led digital infrastructure. The AIRHART Platform and Digital Integration Central to this collaboration is AIRHART, Netcompany’s Airport Operations Orchestration Platform, which will serve as Heathrow’s new digital backbone. This platform is designed to integrate real-time data, operational systems, and AI-driven insights into a cohesive framework. The objective is to facilitate smarter decision-making, enhance proactive situational awareness, and bolster operational resilience across the airport’s complex environment. André Rogaczewski, CEO and Co-Founder of Netcompany, emphasized the significance of the partnership, stating, “As the busiest airport in the European network and a cornerstone of the UK’s critical infrastructure, Heathrow requires a partner and a platform built for resilience, security, and growth. Our platform is designed exactly for this—harnessing AI and real-time data to strengthen operations today while unlocking new opportunities for tomorrow.” Challenges and Industry Context The integration of AI at Heathrow reflects broader trends and challenges within the aviation sector. While AI holds promise for streamlining passenger flow and improving operational efficiency, its deployment faces regulatory and infrastructural hurdles. Heathrow’s CEO, Thomas Woldbye, has highlighted the necessity of a third runway to achieve any significant increase in passenger capacity—a project that remains a long-term prospect. Market responses to AI adoption in critical infrastructure have been varied. Some technology firms have experienced stock declines amid concerns that AI could disrupt established business models. Meanwhile, airports such as Zurich acknowledge the pressures AI may impose over time but do not currently view it as a major threat to their core operations. Complementary Infrastructure Developments Heathrow’s digital initiatives are being pursued alongside substantial investments in physical infrastructure. The airport is constructing a new pier to enhance capacity and operational efficiency, while also deploying advanced security scanning technologies aimed at improving the passenger experience. By integrating AI and real-time data analytics, Heathrow aims to establish a new standard for digital innovation in the airport industry. However, the realization of these benefits will depend on successfully navigating regulatory complexities and ensuring that digital advancements are aligned with ongoing infrastructure development.

China Identifies 2026 as a Pivotal Year for Low-Altitude Air Taxi Industry Demonstrations Signal a New Era in Urban Air Mobility In downtown Wuhan, the capital of Hubei Province, a silent aircraft lifted off before an attentive audience, hovering gracefully above the Hongshan Auditorium. This demonstration featured four distinct electric vertical takeoff and landing (eVTOL) vehicles, designed to transport both passengers and goods. Far from a cinematic spectacle, the event was a highlight of Hubei’s provincial economic agenda meeting, underscoring China’s swift transition from conceptual planning to active implementation of its low-altitude economy. This sector has now been elevated to a national strategic priority, reflecting the country’s commitment to advancing urban air mobility. 2026: A Crucial Milestone for Commercial Deployment Industry leaders and regulators increasingly regard 2026 as a decisive year for the commercial introduction of eVTOL air taxis. Several manufacturers are engaged in a competitive race to obtain regulatory certifications and scale up production, aiming to transform the industry from a conceptual phase into a commercially viable enterprise. Huang Xiaofei, vice-president of strategy at Shanghai-based Volant Aerotech, emphasized the significance of this timeline, stating, “The year 2026 will be the crucial node for the low-altitude industry to ‘cross the chasm.’ eVTOL, as the core technological direction of a billion-yuan market, has moved from concept into a commercial sprint phase.” Hubei Province is positioning itself at the forefront of this emerging industry. Local officials report the development of nine eVTOL models, with four already having completed successful test flights. The region’s low-altitude sector has experienced robust growth, with major companies in Wuhan reporting revenue increases exceeding 30 percent this year. This growth has contributed to an aviation industry output valued at 9.6 billion yuan within Hubei alone. Challenges and Global Competition Despite the promising momentum, the industry faces significant challenges. Regulatory complexities, safety concerns, and the need for technological standardization remain critical obstacles that could impede progress. Authorities are tasked with establishing clear airspace management protocols and rigorous safety standards to foster public trust and ensure operational reliability. Additionally, the commercialization of eVTOL services will require substantial investment in infrastructure and coordinated policy support. The global market is closely monitoring these developments. International competitors, such as Archer Aviation in the United States, are accelerating their own eVTOL programs, positioning themselves as leading providers of urban air transit in cities like Los Angeles. This intensifying competition is expected to drive further innovation and investment, as companies and nations compete for leadership in the nascent air taxi sector. As China’s low-altitude economy moves from blueprint to reality, the year 2026 emerges as a pivotal moment that could shape the future of urban air mobility, not only within China but across the global aviation industry.

Investor Dmitry Balyasny Increases Stake in Flying-Taxi Company Dmitry Balyasny, founder of Balyasny Asset Management (BAM), has expanded his investment in a leading flying-taxi company, drawing renewed focus to the rapidly evolving air taxi industry. Having immigrated to the United States from the Soviet Union as a child, Balyasny launched his fund in 2001 and now manages approximately $32 billion in assets with a global team exceeding 2,000 professionals. Renowned for his pragmatic approach to market challenges—recently noting, “You could just exit a position”—Balyasny’s investment decisions are closely monitored by both institutional and retail investors. His latest investments target companies developing electric vertical takeoff and landing (eVTOL) aircraft, a technology poised to revolutionize urban transportation. Among the prominent contenders in this sector are Archer Aviation (NYSE: ACHR) and Joby Aviation (NYSE: JOBY), both aggressively pursuing the commercialization of flying taxis. Archer Aviation: Pioneering Urban Air Mobility Founded in 2018, Archer Aviation is focused on creating an all-electric air taxi tailored for short urban routes. Its flagship prototype, the ‘Midnight,’ is designed to carry a pilot and four passengers up to 50 miles at speeds of up to 150 miles per hour. Featuring a 12-rotor configuration, the aircraft offers redundancy to enhance safety. Archer is currently navigating the Federal Aviation Administration (FAA) certification process with the objective of launching commercial operations in the near future. The company has announced ambitious plans to establish air taxi networks in major metropolitan regions. Notably, Archer recently unveiled an initiative to connect Miami, West Palm Beach, Boca Raton, and Fort Lauderdale, including their international airports. These efforts reflect the company’s vision to transform urban mobility by significantly reducing travel times between key city hubs. Competitive Dynamics and Legal Challenges The air taxi market is becoming increasingly competitive, with Archer and Joby Aviation engaged in a legal dispute over alleged trade secret violations. Archer is seeking to dismiss Joby’s lawsuit, describing it as without merit. This legal confrontation underscores the high stakes and intense rivalry as companies compete for technological innovation and regulatory approval. Beyond the air taxi sector, the broader mobility landscape is undergoing significant shifts. Alphabet’s autonomous vehicle division, Waymo, recently secured $16 billion to expand its robotaxi operations worldwide, signaling strong investor confidence in autonomous transportation. Additionally, Uber’s acquisition of SpotHero represents a strategic effort to diversify beyond traditional ride-hailing services, potentially altering competitive dynamics within urban mobility markets. Market Response and Industry Outlook These developments occur amid heightened scrutiny of the transportation sector. A recent white paper highlighting the challenges associated with transitioning to electric vehicles triggered a sell-off in global transport stocks, reflecting investor caution as the industry confronts regulatory, technological, and competitive obstacles. Balyasny’s increased stake in the flying-taxi sector highlights both the promise and complexity of this emerging market. As regulatory approvals, legal disputes, and strategic investments continue to shape the industry, investors and observers remain attentive to which companies will ultimately succeed in bringing flying taxis to commercial reality.

Rapita Systems and Avionyx Announce Strategic Avionics Partnership Rapita Systems, a leading provider of qualifiable software verification tools for the aerospace and defence industries, has entered into a strategic partnership with Avionyx, an aerospace engineering firm owned by Joby Aviation. The collaboration aims to accelerate the development and certification of complex avionics programmes across the Americas, with a particular focus on meeting the Federal Aviation Administration’s (FAA) DO-178C Design Assurance Level A (DAL A) standard—the most rigorous safety requirement for flight-critical systems. Addressing Software Compliance Challenges in Aerospace Software compliance remains a critical challenge for new aircraft programmes, including next-generation electric aircraft and unmanned aerial systems. The certification process demands exhaustive testing and verification of every line of code, traditionally requiring years of effort, substantial financial investment, and specialised expertise. By integrating Rapita’s advanced verification tools with Avionyx’s extensive aerospace engineering experience, the partnership seeks to streamline certification workflows. This approach promises to deliver faster and more efficient compliance, even for the most demanding DAL A and multi-core processor projects. Tom Ferrell, General Manager at Avionyx, emphasised the benefits of the collaboration, stating that it offers customers an accelerated and more efficient path to certification. Jamie Ayre, Chief Commercial Officer at Rapita Systems, highlighted the natural alignment between the two companies, noting their shared commitment to supporting high-criticality aerospace projects and addressing the industry’s most complex challenges. Market Context and Competitive Landscape The partnership is expected to significantly enhance the efficiency and reliability of software verification processes. By enabling the identification and resolution of software defects within hours rather than weeks, and increasing automation to reduce dependence on manual testing, the alliance aims to lower development costs for both emerging entrants and established aerospace manufacturers. This will be achieved while maintaining the highest standards of safety and reliability. However, the collaboration enters a competitive market environment marked by evolving dynamics. Established European players such as UARX Space have positioned themselves as leaders in high-reliability avionics, potentially challenging Rapita and Avionyx’s market share. Industry observers are likely to monitor the partnership’s impact closely, as competitors respond with differentiated offerings. For instance, Embention has recently launched a production hub in Los Angeles to enhance support for UAV and eVTOL avionics, while partnerships like that of OGMA and Axiscades aim to strengthen maintenance, repair, and overhaul (MRO) capabilities in India, potentially shifting industry focus and resources. As the avionics sector continues to evolve, the Rapita Systems and Avionyx partnership is strategically positioned to meet the increasing demand for efficient and reliable software certification. Their success will depend on both technological innovation and their ability to navigate a rapidly changing competitive landscape.

Duncan Aviation Appoints Scott Stoki as Vice President of Engine Operations Duncan Aviation has announced the promotion of Scott Stoki to Vice President of Engine Operations, marking a significant leadership transition within the company’s maintenance, repair, and overhaul (MRO) division. Stoki succeeds Doug Alleman, who will retire at the end of the year after a distinguished 38-year tenure. This change is intended to ensure continuity in leadership and maintain the company’s commitment to delivering advanced engine services and expert support to aircraft operators worldwide. Extensive Experience and Strategic Vision Scott Stoki brings over 20 years of industry experience to his new role, having joined Duncan Aviation in 2005 as an Engine Line Technician. His career trajectory has encompassed a broad range of responsibilities, including technical roles in the hangar, Quality Assurance, and management positions. This diverse background has equipped him with a deep understanding of engine maintenance processes and the ability to develop practical solutions that align with the strategic objectives of flight departments. As Vice President, Stoki will focus on expanding Duncan Aviation’s engine services division, which has seen rapid growth over the past five years. His strategic priorities include enhancing maintenance capabilities across multiple engine platforms to meet evolving market demands, optimizing the company’s 36,000-square-foot Designated Overhaul Facility by streamlining in-house backshop operations such as paint, inspection, and test cell functions, and strengthening parts sourcing strategies to improve efficiency and cost-effectiveness. Additionally, he aims to increase in-house component repair capacity and refine procurement processes in collaboration with Duncan Manufacturing Solutions. These initiatives are designed to improve engine reliability and reduce aircraft downtime, reinforcing the company’s reputation for customer-centric service. Navigating a Competitive and Evolving Market Stoki’s appointment comes amid a period of intensified competition and shifting dynamics within the aviation engine MRO sector. The industry is witnessing a surge in mergers and acquisitions, driven by rapid technological advancements and changing market requirements. Major competitors, including RTX, ST Engineering, and Honeywell, are making substantial investments to enhance their MRO capabilities, thereby heightening competitive pressures. The sector also faces ongoing challenges such as production delays and increased regulatory scrutiny from FAA quality reviews, factors that could affect operational efficiency and market positioning across the industry. Despite these challenges, Duncan Aviation’s leadership expresses strong confidence in Stoki’s ability to steer the engine operations division through this complex environment. Mike Minchow, President of Duncan Aviation, emphasized Stoki’s unique combination of technical expertise and strategic insight, stating that his leadership will be crucial as the company continues to expand its capabilities and uphold its high standards of customer service. Under Stoki’s guidance, Duncan Aviation aims to solidify its standing in a rapidly evolving and increasingly competitive MRO market by prioritizing innovation, operational excellence, and customer satisfaction.