Joby posts $123m loss in second quarter

Joby Aviation reported a loss of $123m for the second quarter of 2024 owing to higher research and development expenses and lower revaluation of securities. 

“We incurred a Q2 net loss of $123m, reflecting a loss from operations of about $144m, partly offset by interest and other income of $21m. Our net loss was $29m higher, compared to the prior quarter, reflecting a lower favourable revaluation of our warrants and earn out shares,” said Matt Field, Joby Aviation’s chief financial officer during the earnings call.

In addition, the company’s research and development costs jumped to $112.9m from $88.8m in the same period last year.

The company’s cash spend on operations during the quarter stood at $99m, compared to $106.6m in the first quarter of the fiscal year. As of June 30, 2024 Joby’s total cash, cash equivalents and short-term investments were $825m, down from $923.8m at the end of first quarter.

“Our use of cash [in the second quarter] totalled $99m, lower than last quarter as we had one fewer pay period in the quarter, as well as higher contract deliverables. This spending also included about $8m on property and equipment. We remain on track with our full year 2024 cash spending outlook of $440 to $470m,” added Field.

The company also booked flight services revenue of $28,000 compared to $25,000 in the first quarter revenue reflecting services provided to the Department of Defence as part of its $131m contract.