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May 12, 2022

Joby Q1 2022 Shareholder Letter


Santa Cruz, CA, May 12, 2022 — Today we issued our first quarter financial results. You can read our full Letter to Shareholders here.

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. 

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding the development and performance of our aircraft, the growth of our manufacturing capabilities, our regulatory outlook, progress and timing; our business plan, objectives, goals and market opportunity; and our current expectations relating to our business, financial condition, results of operations, prospects, capital needs and growth of our operations. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “will”, “should”, “can have”, “likely” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. All forward looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including: our ability to launch our aerial ridesharing service and the growth of the urban air mobility market generally; our ability to produce aircraft that meet our performance expectations in the volumes and on the timelines that we project, and our ability to launch our commercial passenger service beginning in 2024, as currently projected; the competitive environment in which we operate; our future capital needs; our ability to adequately protect and enforce our intellectual property rights; our ability to effectively respond to evolving regulations and standards relating to our aircraft; our reliance on third-party suppliers and service partners; uncertainties related to our estimates of the size of the market for our service and future revenue opportunities; and other important factors discussed in the section titled “Risk Factors” in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on March 28, 2022, and in future filings and other reports we file with or furnish to the SEC. Any such forward-looking statements represent management’s estimates and beliefs as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.