Joby Aviation (JOBY) Q2 2024 earnings summary

Executive summary

• Achieved 37% completion of stage four certification on the company side and 14% on the FAA side for the battery electric aircraft, with significant progress in manufacturing and commercialization.

• Rolled out third production prototype, with the fourth in final assembly and the fifth in proof load testing; expect four aircraft in active flight test next quarter.

• Expanded international commercialization efforts, including certification applications in Australia and partnerships in Saudi Arabia, Japan, Korea, UK, and Dubai.

• Demonstrated a 561-mile hydrogen-electric flight and acquired Xwing's autonomy division to accelerate autonomous capabilities.

• Received FAA authorization for ElevateOS, continued investments in autonomy and future technologies, and delivered first aircraft for U.S. Department of Defense service.

Financial highlights

• Ended Q2 2024 with $825 million in cash and short-term investments.

• Q2 net loss was $123.3 million, a 57% improvement from $286.1 million in Q2 2023; adjusted EBITDA loss was $107 million.

• Cash use for Q2 was $99 million, with $8 million spent on property and equipment; cash used in operating activities for the first half was $205.5 million.

• Operating expenses were nearly $2 million lower than Q1, aided by increased government contract deliverables reducing R&D expenses.

• Revenue for Q2 2024 was $28,000, up from $15,000 in Q2 2023.

Outlook and guidance

• On track to reach production capacity of one aircraft per month by year-end, with plans to ramp up further through expansions in Marina and Ohio.

• Expects four aircraft in active flight test next quarter and demonstration flights overseas this year, with commercial operations in Dubai in the back half of next year.

• Management expects continued losses and negative operating cash flows until commercial operations commence, with sufficient liquidity to fund operations through the planned 2025 launch.

• R&D spending expected to taper as certification nears, with resources shifting to new projects and commercialization.

• Anticipates acceleration in type certification progress in the remainder of 2024.