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Joby Aviation Reports Second Quarter 2023 Results

Joby’s production prototype eVTOL aircraft at the company’s pilot manufacturing facility in Marina, California, with the company’s pre-production prototype behind it. Joby Aviation image
Joby’s production prototype eVTOL aircraft at the company’s pilot manufacturing facility in Marina, California, with the company’s pre-production prototype behind it. Joby Aviation image

Joby Aviation, Inc. (NYSE:JOBY), a company developing all-electric aircraft for commercial passenger service, today issued its Second Quarter 2023 Shareholder Letter detailing the company’s operational and financial results for the period ending June 30, 2023.

Second Quarter 2023 Highlights:

  •  Production Launched. Joby’s first production prototype rolled off the line and has begun flight testing.
  • All Certification Plans Submitted. More than two-thirds of these certification plans already accepted by the FAA.
  • Indust ry-Leading Balance Sheet Further Strengthened. Joby further strengthened its balance sheet with new funding of $280 million from investments by Baillie Gifford and SK Telecom.

Strong Financial Foundation 

At the end of the second quarter of 2023, the company had $1.2 billion in cash and short-term investments. Net cash used in operating activities and purchase of property plant and equipment totaled $77 million in the second quarter. 

Net Loss 

Net loss of $286 million reflected the unfavorable revaluation of derivative liabilities of $181 million and operating expenses of $116 million, partly offset by interest income of $11 million. Operating expenses primarily reflected continued progress certifying the aircraft and early manufacturing operations.

Forward-Looking Statements ​

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding the development and performance of our aircraft, our regulatory outlook, progress and timing; our business plan, objectives, goals and market opportunity in the U.S. and foreign markets;and our current expectations relating to our business, financial condition, results of operations, prospects, capital needs and growth of our operations. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “will”, “should”, “can have”, “likely” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. All forward looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including: our ability to launch our aerial ridesharing service and the growth of the urban air mobility market generally; our ability to produce aircraft that meet our performance expectations in the volumes and on the timelines that we project, and our ability to launch our service; the competitive environment in which we operate; our future capital needs; our ability to adequately protect and enforce our intellectual property rights; our ability to effectively respond to evolving regulations and standards relating to our aircraft; our reliance on third-party suppliers and service partners; uncertainties related to our estimates of the size of the market for our service and future revenue opportunities; and other important factors discussed in the section titled “Risk Factors” in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on March 1, 2023, and in future filings and other reports we file with or furnish to the SEC. Any such forward-looking statements represent management’s estimates and beliefs as of the date of this presentation. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. 

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