Today we issued our first quarter financial results. You can read our full Letter to Shareholders here.
Today we issued our first quarter financial results. You can read our full Letter to Shareholders herehere.
First Quarter 2022 Highlights
Certification Progress: Close to 80% of our means of compliance have now been accepted by the Federal Aviation Administration (“FAA”). Our first area specific certification plan (“ASCP”) has been accepted by the FAA while two further ASCPs have been submitted for review.
Revolutionary Acoustic Profile: NASA testing confirmed the expected acoustic performance of our aircraft, following our participation in the Grand Challenge program last year.
Production Progress: The majority of the large composite parts for our first production-intent aircraft have been manufactured and work has begun on the tail and wing structural assemblies. Our first design-intent Electric Propulsion Unit (“EPU”) has been manufactured and is undergoing durability and performance testing.
Strong Financial Foundation
At the end of the first quarter of 2022, we had $1.2 billion in cash and short-term investments to support operations. Net cash used in operating activities and purchases of property and equipment totaled $72.3 million in the first quarter.
Net Loss
Our net loss of $62.3 million included total operating expenses of $94.3 million, reflecting continued progress in certifying the aircraft and early manufacturing operations. Operating expenses also included stock-based compensation expenses of $19.4 million.
