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Mar 31, 2023
Joby Aviation Q1 2023 Earnings Report
Joby Aviation reported financial results for Q1 2023.
Key Takeaways
Joby Aviation reported a strong balance sheet with $978 million in cash and short-term marketable securities. They signed a $55 million contract extension with the Department of Defense and submitted additional Area Specific Certification Plans to the FAA.
Maintained a strong balance sheet with $978 million in cash and short-term marketable securities.
First company-conforming aircraft is nearing completion and is on track to roll out in the first half of this year.
Signed a $55 million contract extension with the Department of Defense for up to nine aircraft.
Submitted a further three Area Specific Certification Plans to the FAA, bringing the total to 11 of 13 ASCPs submitted.
Joby Aviation
Joby Aviation
Forward Guidance
The company expects to use the net proceeds from its public offering to accelerate Joby’s early production, enabling the business to capitalize on near-term revenue opportunities without impacting the funds available to carry the company through to type certification of its electric vertical take-off and landing (eVTOL) aircraft.
Positive Outlook
- Accelerate Joby’s early production
- Capitalize on near-term revenue opportunities
- Funds available to carry the company through to type certification of its electric vertical take-off and landing (eVTOL) aircraft
- Company-conforming aircraft is nearing completion
- Signed a $55 million contract extension with the Department of Defense
Challenges Ahead
- Ability to launch aerial ridesharing service and the growth of the urban air mobility market generally
- Ability to produce aircraft that meet performance expectations in projected volumes and timelines
- Demand from the U.S. Air Force and other government agencies for our aircraft
- Competitive environment
- Future capital needs