Joby Aviation ends 2023 with first revenue, strong balance sheet

Joby closed out 2023 with a landmark achievement, reporting its first-ever revenue of $1m generated from government-directed flight operations in California with its prototype aircraft.

“Ending 2023 with the strongest balance sheet in the industry, exceeding $1bn in cash and short-term investments, positions us to capitalize on the opportunities ahead,” said JoeBen Bevirt, CEO, Joby Aviation.

“We’ll leverage this financial strength to solidify our leadership in certification and manufacturing, while expanding our reach and investing in early commercialization efforts.”

Despite the net loss of $115m in Q4, driven by investments in certification and staffing, Joby’s adjusted EBITDA loss of $96m remained controlled. The company said its approach to hiring, with a focus on supporting certification and manufacturing, resulted in full-year spending below expectations.

Joby is currently sitting on cash (equivalents) of more than $1bn with nearly $828m parked in short-term instruments with remainder in cash balance. Joby said that it expects cash outflow in the coming quarters on account of certification, manufacturing, and go-to-market activities. The eVTOL aircraft manufacturer has one of the ‘best balance sheet’ amongst its peers with cash balance adequate for more than two years at the current burn rate.

While talking to shareholders during the earnings call, Matt Field, CFO, Joby said the company plans to expand its manufacturing facility in Marina, California to double its footprint in Marina to support flight training, aircraft storage, and expanded manufacturing processes.

“This is expected to provide sufficient space to more than double our annual production capacity at this site, giving us the option to scale up to 25 planes per year to support early market operations while we bring up our Ohio facility,” he added.

“I’d like to thank the State of California who approved a $9.8m CalCompetes grant in November and thank our local community partners who supported our application. This grant will offset a substantial portion of the building cost.”