Today we issued our second quarter financial results. You can read our full Letter to Shareholders here.
Today we issued our second quarter financial results. You can read our full Letter to Shareholders herehere.
Second Quarter 2022 Highlights
Certification Progress: We maintained our momentum on type certification, signing a revised G-1 (Stage 4) with the Federal Aviation Administration ("FAA"). Under the revised "powered lift" framework, we now have nearly three-quarters of our Means of Compliance accepted under the new “powered lift” framework plus three Area-Specific Certification Plans.” We formally applied for concurrent validation of our FAA type certification in the U.K.
Operational Readiness: We received our Part 135 Air Carrier Certificate from the FAA, ahead of schedule.
Manufacturing Progress: We completed the tail section of our first production-intent aircraft, and assembly of the wing and fuselage are well underway.
Avionyx Acquisition: The Costa Rica-based aerospace software engineering firm has a 30-year track record supporting type certification programs and supports the scaling of our software certification efforts.
Strong Financial Foundation
At the end of the second 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 $134 million in the first half of 2022, with $61 million spent in the second quarter.
Net Loss
Our net loss of $49.6 million included total operating expenses of $99.4 million, reflecting continued progress in certifying the aircraft and early manufacturing operations. Operating expenses also included stock-based compensation expenses of $19.4 million. Other expenses included a favorable revaluation of derivative liabilities worth $42.7 million.
