A day after announcing expansion of partnership with the U.S. Department of Defense, Joby Aviation updated Shareholders with impressive Q2 2022 results.

Second Quarter 2022 Highlights

• Certification Progress: signed a revised G-1 (Stage 4) with the Federal Aviation Administration ("FAA"). Under the revised "powered lift" framework, Joby now has nearly three-quarters of the Means of Compliance accepted under the new “powered lift” framework plus three Area-Specific Certification Plans.” Joby formally applied for concurrent validation of their FAA type certification in the U.K.

• Operational Readiness: received Part 135 Air Carrier Certificate from the FAA, ahead of schedule.

• Manufacturing Progress: completed the tail section of our first production-intent aircraft, and assembly of the wing and fuselage are well underway.

• Avionyx Acquisition: the Costa Rica-based aerospace software engineering firm has a 30-year track record supporting type certification programs and supports the scaling of software certification efforts.

Strong Financial Foundation

At the end of the second quarter of 2022, Joby had $1.2 billion in cash and short-term investments to support operations. Net cash used in operating activities and purchases of property and equipment totaled $134 million in the first half of 2022, with $61 million spent in the second quarter.

Net Loss

Joby had a net loss of $49.6 million included total operating expenses of $99.4 million, reflecting continued progress in certifying the aircraft and early manufacturing operations. Operating expenses also included stock-based compensation expenses of $19.4 million. Other expenses included a favorable revaluation of derivative liabilities worth $42.7 million.