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

Nov 02, 2022

Joby Q3 2022 Shareholder Letter


Santa Cruz, CA, Nov 02, 2022 — Today we issued our third quarter financial results. You can read our full Letter to Shareholders here.

Third Quarter 2022 Highlights

  • Delta Partnership: We announced a multi-year, multi-market commercial and operational partnership with Delta Air Lines, the world’s leading airline. Delta also made an upfront equity investment of $60 million in Joby, with the opportunity to expand their total investment to $200 million. 
  • Certification Progress: Acceptance of our Means of Compliance rose from 74% to 84% and our first equipment-level qualification plan was accepted by the FAA for the Flight Control Computer. We remain confident in our ability to substantially complete Stage 2 of the type certification process by the end of 2022. 
  • Japan Certification: We became the first eVTOL company to apply for validation of an FAA type certificate by the Japan Civil Aviation Bureau (JCAB), supporting the planned launch of our service in Japan. 
  • Field Trip: We welcomed analysts, investors, and other key stakeholders to our pilot manufacturing facilities in Marina, CA, where we demonstrated the progress we are making on the build of our production prototype aircraft, and participants saw – and heard – a live flight test. 

Strong Financial Foundation

At the end of the third quarter of 2022, we had $1.1 billion in cash and short-term investments to support operations. Net cash used in operating activities and purchases of property and equipment totaled $207 million in the first nine months of 2022, with $74 million spent in the third quarter. 

Net Loss

Our net loss of $79.2 million included total operating expenses of $97.1 million, reflecting continued progress in certifying the aircraft and early manufacturing operations. Operating expenses also included stock-based compensation expenses of $13.0 million. Other expenses included a favorable revaluation of derivative liabilities worth $12.6 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, including our expectation to start commercial passenger service in 2025, the expected timing of type certification and our plan to begin initial service operations with the Department of Defense in 2024; our business plan, objectives, goals and market opportunity; plans for, and potential benefits of, our strategic partnerships; and our current expectations relating to our business, financial condition, results of operations, prospects, capital needs and growth of our operations, including the expected benefits of our vertically-integrated business model. You can identify forwardlooking 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; 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.  ​