Joby Aviation Press Release

Santa Cruz, CA, Nov 02, 2022 — Today we issued our third quarter financial results. You can read our full Letter to Shareholders here.

Third Quarter 2022 Highlights

• Delta Partnership: We announced a multi-year, multi-market commercial and operational partnership with Delta Air Lines, the world’s leading airline. Delta also made an upfront equity investment of $60 million in Joby, with the opportunity to expand their total investment to $200 million.

• Certification Progress: Acceptance of our Means of Compliance rose from 74% to 84% and our first equipment-level qualification plan was accepted by the FAA for the Flight Control Computer. We remain confident in our ability to substantially complete Stage 2 of the type certification process by the end of 2022.

• Japan Certification: We became the first eVTOL company to apply for validation of an FAA type certificate by the Japan Civil Aviation Bureau (JCAB), supporting the planned launch of our service in Japan.

• Field Trip: We welcomed analysts, investors, and other key stakeholders to our pilot manufacturing facilities in Marina, CA, where we demonstrated the progress we are making on the build of our production prototype aircraft, and participants saw – and heard – a live flight test.

Strong Financial Foundation

At the end of the third quarter of 2022, we had $1.1 billion in cash and short-term investments to support operations. Net cash used in operating activities and purchases of property and equipment totaled $207 million in the first nine months of 2022, with $74 million spent in the third quarter. 

Net Loss

Our net loss of $79.2 million included total operating expenses of $97.1 million, reflecting continued progress in certifying the aircraft and early manufacturing operations. Operating expenses also included stock-based compensation expenses of $13.0 million. Other expenses included a favorable revaluation of derivative liabilities worth $12.6 million.