Joby Aviation Reports First Quarter 2023 Financial Results

May 3, 2023 Matthew Swinnerton

SANTA CRUZ, Calif.--(BUSINESS WIRE) — Joby Aviation, Inc. (NYSE:JOBY), a company developing all-electric aircraft for commercial passenger service, today issued its First Quarter 2023 Shareholder Letter detailing the company’s operating and financial results for the period ended March 31, 2023. The company will host a live audio webcast of its conference call to discuss the results at 2:00 p.m. PT (5:00 p.m. ET) today.

Key financial highlights from the quarter

Joby continues to maintain a strong balance sheet with $978 million in cash and short-term marketable securities at the end of the quarter, excluding approximately $180 million of net proceeds from its public offering, led by Baillie Gifford, which was announced earlier today and is expected to close on May 5, 2023. These additional funds are expected to be used to accelerate Joby’s early production, enabling the business to capitalize on near-term revenue opportunities without impacting the funds available to carry the company through to type certification of its electric vertical take-off and landing (eVTOL) aircraft.

Key operating highlights from the quarter

First company-conforming aircraft is nearing completion and is on track to roll out, as planned, in the first half of this year
Signed a $55 million contract extension with the Department of Defense that includes the provision and operation of up to nine aircraft, with the first two to be stationed at Edwards Air Force Base by early 2024
A further three Area Specific Certification Plans (ASCPs) were submitted to the FAA, bringing the total to 11 of 13 ASCPs submitted. Two additional ASCPs were accepted by the FAA
Four U.S. Air Force pilots learned to fly the Joby aircraft, becoming the first uniformed personnel to fly an eVTOL aircraft through transition as sole pilot-in-command

Commenting on the results, JoeBen Bevirt, Founder and CEO, Joby, said: “Already in 2023 we’ve achieved significant milestones in production, testing and funding, and I’m incredibly excited about our progress as we move towards our goal of launching commercial service in 2025”.

“The decision by Baillie Gifford to invest further in Joby is a testament to their long-term belief in the electrification of transportation and their track record speaks for itself. We couldn’t be more proud to have their support,” he added.