Joby Aviation performs better than forecasted in Q4

Joby’s loss in the fourth quarter (Q4) 2022 came in lower than forecasted as expenses were offset by contract-based revenues from the US Department of Defense (DoD).

The OEM, which recently completed the second of five stages of FAA type certification, posted a net loss of $66.9m, which, it said, reflects operating expenses of $101.4m. Expenses incurred largely on continued progress certifying the aircraft and preparing early manufacturing operations.

At the end of the Q4 2022, Joby had $1.1bn in cash and short-term investments, including Delta’s of $60 million which came in Q4. Net cash used in operating activities and purchases of property and equipment came to $291m in 2022, with $84m spent in Q4. Joby also acquired land and facilities in Santa Cruz for $25.5m in Q4 to support long-term growth. 

Joby has now begun final assembly of its commercial-conforming aircraft design.“We began final assembly of the first aircraft to be manufactured on our pilot production line. Having built the major aerostructures – the wing, tail, and fuselage – we are now mating the structures together and installing wiring, electronics, and other systems,” the OEM said.

Looking towards 2023, Joby said the primary focus will remain on certification. The firm will also concentrate on manufacturing and continuing with its DoD contract obligations. “We will continue to grow our team as required, reflecting certification efforts and manufacturing. Building more aircraft and test articles also will require increased spending on material,” it said.

Overall capital expenditure is expected to be below 2022, primarily reflecting the outlay on the Santa Cruz facility. Total 2023 net cash used in operating activities and purchases of property and equipment is forecasted to range from $360m to $380m.

The firm is currently testing its propellors at NASA Ames Research Center in California’s Silicon Valley.  The results from the National Full-Scale Aerodynamic Complex (NFAC), the world’s largest wind tunnel facility, are considered among the best globally and have been used in developing projects like the space shuttle and V-12 Osprey.