Joby Rolls Third Aircraft Off Production Line, Reports Second Quarter 2024 Financial Results

Rhea-AI Summary

Joby Aviation, a next-gen aviation firm (NYSE: JOBY), rolled its third production prototype aircraft off its Marina, CA production line. Four aircraft are expected to be in active flight test next quarter. This announcement coincides with the release of their Q2 2024 financial results.

Second Quarter 2024 Highlights:

• Production Ramp-Up: Four aircraft are expected in active flight tests next quarter.
• Certification Progress: Fourth of five stages of type certification is 37% complete.
• International Expansion: Applied for certification in Australia and signed MOU with Mukamalah.
• Future Technologies: Flew a hydrogen-electric air taxi 561 miles and acquired Xwing's autonomy division.
• Financials: $825 million in cash and short-term investments.

The company will host a live webcast today at 2:00 PM PT (5:00 PM ET) to discuss the results.

Positive

• Third production prototype aircraft rolled off the line.
• Four aircraft expected in active flight tests next quarter.
• Fourth stage of type certification is 37% complete.
• Signed MOU with Mukamalah for aircraft introduction in Saudi Arabia.
• Successful hydrogen-electric air taxi flight of 561 miles.
• $825 million in cash and short-term investments.

Negative

• None.

Insights

Financial Analyst

Joby Aviation's Q2 2024 update reveals significant progress in production and certification, but lacks detailed financial figures. The company's $825 million cash position indicates a strong financial foundation, important for the capital-intensive eVTOL industry. However, without specific revenue or profit data, it's challenging to assess financial performance.

The production ramp-up, with four aircraft expected in active flight testing, suggests Joby is moving closer to commercialization. The 37% completion of the fourth certification stage is a positive indicator, though the timeline for full certification remains unclear. International expansion efforts, particularly in Saudi Arabia, could open significant market opportunities.

Investors should note the strategic acquisition of Xwing's autonomy division, potentially accelerating Joby's autonomous flight capabilities. While promising, the lack of concrete financial metrics makes it difficult to fully evaluate Joby's progress against its cash burn rate and path to profitability.

Aerospace Engineer

Joby's progress in aircraft production and certification is noteworthy. Rolling out the third production prototype demonstrates manufacturing capability scaling. The 37% completion of the fourth certification stage indicates steady progress, though the remaining 63% could still present challenges.

The hydrogen-electric demonstrator's 561-mile flight is a significant technical achievement, showcasing Joby's innovation beyond battery-electric propulsion. This dual-track approach in propulsion technology could provide a competitive edge and mitigate risks associated with battery limitations.

The Xwing autonomy division acquisition is strategically sound, potentially accelerating the development of autonomous flight systems important for future air taxi operations. However, integrating this technology into the certification process could add complexity and time to the overall development timeline.

Market Research Analyst

Joby's international expansion efforts, particularly the MoU with Mukamalah in Saudi Arabia, signal a proactive approach to market development. The Middle East, with its high-net-worth population and interest in cutting-edge transportation, could be a lucrative early adopter market for eVTOLs.

The application for certification in Australia further demonstrates Joby's global ambitions. Australia's vast distances and concentrated urban centers make it an ideal market for air taxi services. However, success will depend on navigating complex regulatory environments across different jurisdictions.

The hydrogen-electric demonstrator flight is not just a technical achievement but also a market positioning strategy. It shows Joby's adaptability to different market needs and energy infrastructures, potentially broadening its addressable market. This dual-technology approach could appeal to a wider range of customers and regulators, enhancing Joby's market potential.

SANTA CRUZ, Calif.--(BUSINESS WIRE)-- Joby Aviation, Inc. (NYSE:JOBY), a next-generation aviation company, today announced it has rolled its third production prototype aircraft off the company’s pilot production line in Marina, CA, with four aircraft expected to be in active flight test during the next quarter. The news came as the company issued its Second Quarter 2024 Shareholder Letter, detailing the Company’s operational and financial results for the period ending June 30, 2024. 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.

Two of Joby’s battery-electric production prototype aircraft in Marina, California, with the company’s hydrogen-electric technology demonstrator in flight above. Joby Aviation Photo

Second Quarter 2024 Highlights:

• Production Ramp-Up. We expect to have four aircraft in active flight test during the next quarter, with the second production prototype now in flight test and the third having rolled off the production line.
• Certification Progress. The fourth of five stages of type certification is now 37% complete on the Joby side, with numerous test plans submitted and accepted during the quarter. We expect progress in the fourth stage to accelerate in the remainder of 2024.
• International Expansion. We applied for certification in Australia and signed a memorandum of understanding with Mukamalah, a wholly owned subsidiary of Saudi Aramco and operator of the world’s largest fleet of corporate aircraft, to introduce our aircraft to the Kingdom of Saudi Arabia via direct sales.
• Future Technologies. We flew a first-of-its-kind, hydrogen-electric air taxi demonstrator 561 miles and acquired the autonomy division of Xwing, an industry leader in the development of autonomous technology for aviation.
• Strong Financial Foundation. We maintained a strong balance sheet with $825 million in cash and short-term investments at the end of the second quarter.

Second Quarter Financial Results Webcast Details:

What: Joby Second Quarter 2024 Financial Results Webcast

When: Wednesday, August 7, 2024

Time: 2:00 PM PT (5:00 PM 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.

About Joby

Joby Aviation, Inc. (NYSE:JOBY) is a California-based transportation company developing an all-electric, vertical take-off and landing air taxi which it intends to operate as part of a fast, quiet, and convenient service in cities around the world. To learn more, visit www.jobyaviation.com.

Forward Looking Statements

This shareholder letter 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, the growth of our manufacturing capabilities, our regulatory outlook, progress and timing, including expected certification progress, manufacturing and flight test capabilities and timing; our plans to sell aircraft into the Saudi Arabian market; our business plan, objectives, goals and market opportunity; 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 air taxi 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; complexities related to obtaining certification and operating in foreign markets, including the need to negotiate additional definitive agreements related to such operations; 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 February 27, 2024, 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 shareholder letter. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240807397531/en/

Joby Aviation

Investors:

investors@jobyaviation.com

Media:

press@jobyaviation.com

Source: Joby Aviation, Inc.

FAQ

What are the key highlights from Joby Aviation's Q2 2024 financial results?

Key highlights include rolling off the third production prototype aircraft, expecting four aircraft in flight tests next quarter, 37% progress in the fourth stage of type certification, signing an MOU with Mukamalah, flying a hydrogen-electric air taxi 561 miles, and maintaining $825 million in cash and short-term investments.

What stage is Joby Aviation's type certification at?

Joby Aviation's type certification is in the fourth of five stages, with 37% completion reported.

What financial position did Joby Aviation report for Q2 2024?

Joby Aviation reported having $825 million in cash and short-term investments at the end of Q2 2024.

What are Joby Aviation's plans for international expansion?

Joby Aviation has applied for certification in Australia and signed an MOU with Mukamalah to introduce aircraft in Saudi Arabia.

What technological advancements did Joby Aviation achieve this quarter?

Joby flew a hydrogen-electric air taxi 561 miles and acquired the autonomy division of Xwing.

When is Joby Aviation's Q2 2024 financial results webcast?

The webcast is scheduled for Wednesday, August 7, 2024, at 2:00 PM PT (5:00 PM ET).