Joby posts $1.5m profit in third quarter
Joby posted net profit of $1.5m in the third quarter (Q3) this was on the back of higher other income including $116m gain from revaluation on derivative liabilities and $13.6m interest income.
The company was listed two years ago but is yet to book revenue as it continues to invest in research and development. However, the electric aircraft manufacturer already has a $131m contract with the US Air Force and plans to deliver nine aircrafts. In September, the company delivered its first aircraft to the US Air Force and is scheduled to deliver the second one in 2024.
“The company has been laser-focused on the targets announced at the time of listing. On certifications, the FAA has now accepted 84% of our Stage 3 certification plans including the plan that covers our batteries and high-voltage power distribution,” said Joe Ben, founder and CEO at Joby Aviation during the earnings call.
“On our second key goal of scaling manufacturing, we are ramping up production on our pilot manufacturing facility in Marina, California with one aircraft in final assembly and two more coming along behind it. “
The company announced that it finalised Dayton, Ohio as the location of its first scaled manufacturing facility. The 140-acre site in Ohio will be financed under the US Department of Energy’s Title XVII Loan Guarantee Program with the name plate production capacity of 500 aircrafts per annum.
The facility will be developed in partnership with Toyota Japan and will come online in 2025.
The company’s operating loss clocked in at $128.2m during the quarter under review, up $12.2m from the same period last year, on account of $27.6m spending on increased staffing and $100.5m to support certification and manufacturing.
During the third quarter, the company burned through $88.8m of cash to support operations. However, the company has ample liquidity to support operations as it is currently sitting on $1.1bn of cash.
Joby’s share price is up 13.06% to $6.06 today following on from Wednesday’s results.