Joby Aviation Reports Fourth Quarter and Full Year 2023 Results
During Q4 2023, Joby completed the first-ever flight of an electric air taxi in New York City. Joby Aviation Photo
SANTA CRUZ, Calif.--(BUSINESS WIRE)--Joby Aviation, Inc. (NYSE:JOBY), a company developing all-electric aircraft for commercial passenger service, today issued its Fourth Quarter and Full Year 2023 Shareholder Letter detailing the company’s operational and financial results for the period ending December 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.
Fourth Quarter 2023 Highlights:
Certification and Testing. With Stage 3 complete and all of our certification plans accepted, our focus is now on completing for-credit testing with the FAA. We successfully completed 30 for-credit pathfinder tests during the quarter. We now have four conforming manufacturing lines established.
Preparing for Operations. We worked with the FAA to complete precision landing tests, worked with NASA to simulate airspace management and received our Part 145 Repair Station Certificate from the FAA.
New York City Piloted Flight. The iconic Downtown Manhattan Heliport served as the base for the first ever electric air taxi flight in New York City. The flight was part of a press conference hosted by Mayor Eric Adams, where he announced the city’s plan to electrify the heliport.
Exclusivity in Dubai. We signed a definitive agreement with the government of Dubai that grants Joby exclusive rights to operate air taxis in the Emirate for six years. The agreement includes financial support and identifies a regulatory pathway to enable early operations.
Strong Financial Foundation. At the end of the fourth quarter of 2023, we had $1.0 billion in cash and short-term investments. Net cash used in operating activities and purchases of property, plant and equipment totaled $91 million in the fourth quarter. For the full year, cash used in operating activities and purchases of property, plant and equipment totaled $344 million.
2024 Outlook. Our priority in 2024 will be progressing the certification and manufacturing of our aircraft. We expect to increase our focus on commercialization as we prepare to enter commercial service in 2025. During the year, we plan to extend our flight exhibition series to additional key markets and expand our engagement with the Department of Defense by committing at least two more aircraft as part of our existing contract. We also expect to begin component manufacturing in Dayton, Ohio, and to break ground on expanding our low-volume manufacturing plant in Marina, California. We estimate that our use of cash, cash equivalents and short-term investments during 2024 will range between $440 – $470 million.
Fourth Quarter and Full Year Financial Results Webcast Details:
What: Joby Fourth Quarter and Full Year 2023 Financial Results Webcast
When: Wednesday, February 21, 2024
Time: 2:00 p.m. PT (5:00 p.m. ET)
Webcast: Upcoming Events (https://ir.jobyaviation.com/news-events/ir-calendar) section of the company website (www.jobyaviation.com).
If unable to attend the webcast, to listen by phone, please dial 1-877-407-9719 or 1-201-378-4906. A replay of the webcast will be available on the company website following the event.