Joby posts $94.6m loss in first quarter

Joby Aviation reported a smaller net loss of $94.6m in the first quarter of 2024 compared to $113.4m in the same period last year, according to data shared by the company in its latest shareholder letter.

The narrowing of loss can be attributed to a gain on the revaluation of financial instruments, even though the company’s core business expenses actually increased.

Revenue for the quarter came from a $131m contract with the Department of Defense.

Joby Aviation’s operating expenses totalled $145.9m, reflecting increased investment in certification, employee stock options, and prototype parts. This increase in expenses was partially offset by a $39m gain on the revaluation of warrants and earnout shares.

Other income was $38.2m higher than the prior quarter primarily reflecting a higher favourable revaluation gain on our warrants and earnout shares compared with the fourth quarter of 2023.

The company used $106.6m in cash for operations during the quarter, with an additional $6.9m spent on property and equipment. Joby Aviation ended the quarter with $923.9m in cash and equivalents.

Adjusted EBITDA, which excludes certain expenses, showed a loss of $110.4m. This loss reflects the company’s employee costs and ongoing development efforts.

First Quarter 2024 Highlights

• Joby became the first – and so far only – electric air taxi company to have their final airworthiness criteria published by the FAA.
• The company signed a multilateral agreement with three Abu Dhabi government departments to support the development of an electric air taxi ecosystem in the Emirate.
• The company reported $924m in cash and short term investments at the end of the first quarter of 2024.