Joby reports $143.3m loss in Q3 2024, strengthens liquidity
Joby reported a net loss of $143.3m in the third quarter of 2024 compared with a profit of $1.5m in the prior year period.
The change is largely due to gain in fair value of warrants and earnout shares as Joby has continued to invest heavily in research and development to advance its aircraft and certification efforts.
The company’s net cash used in operating activities during the quarter stood at $315.7m, driven by $156.7m in total operating expenses. This included $126.1m in R&D costs as Joby works towards achieving type certification from the FAA. Selling, general and administrative expenses were $30.6m during the quarter.
“This has been another excellent quarter at Joby. We’ve seen exceptional lean-in from regulators across the globe. We’ve continued our great momentum on certification. We’ve significantly strengthened our fortress balance sheet, which was already the strongest in the sector,” said JoeBen Bevirt, founder and CEO, Joby during the earnings call.
Despite the quarterly loss, Joby maintained a strong liquidity position, with $710m in cash and short-term investments at the end of Q3 2024. This figure does not include the $222m raised through a follow-on equity offering in October 2024 and the anticipated $500m investment from long-time partner Toyota.
“When combined with the $710m in cash and short-term investments as of the end of the third quarter, the additional approximately $222m we raised in October and the expected additional $500m investment from Toyota would bring our total available balances to approximately $1.4bn,” said Matt Field, chief financial officer, Joby.
The highlight of the quarter was the completion of Joby’s first international demonstration flights at Toyota’s facilities in Japan, using its third production prototype aircraft. This marked an important milestone in Joby’s global expansion plans. Additionally, the company reached a key certification milestone with the FAA by completing its first conforming major sub-assembly.
Looking ahead, Joby expects its operating expenses to remain elevated as it ramps up testing and certification activities with the FAA. The company’s fourth production prototype is nearing completion and will soon join the flight test program.
“As you know, we are in the process of expanding our testing capabilities and our facility in Marina, California, which explains the sequential increase. We remain on track with our full year 2024 cash spending outlook of $440m to $470m and anticipate that we will come in towards the bottom end of this range,” said Field.
To fund these ongoing operations and development initiatives, Joby is well-positioned with its strong cash position, recent equity raise and anticipated $500m investment from Toyota. This provides the company with a solid financial foundation to execute on its ambitious plans for the coming quarters.
