We collect cookies. Read our privacy policy. Do you accept?

Aug 11, 2022

Joby Q2 2022 Shareholder Letter


Santa Cruz, CA, Aug 11, 2022 — Today we issued our second quarter financial results. You can read our full Letter to Shareholders here.

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.

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 service beginning in 2024; 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 presentation. 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.