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Mar 24, 2022

Joby Q4 2021 Shareholder Letter


Mar 24, 2022 — Today we issued our fourth quarter financial results. You can read our full Letter to Shareholders here.

Fourth Quarter 2021 Highlights

  • Certification Progress: We entered the “implementation phase” of our aircraft type certification program, as our first manufacturing conformity testing got underway. We also completed our first Systems and Compliance Reviews with the Federal Aviation Administration (“FAA”) and entered the fourth of five stages towards gaining Part 135 Certification. We continue to make excellent progress on finalizing our means of compliance and have submitted our first area-specific certification plan.
  • Manufacturing Progress: We completed the build-out of 125,000 sq. ft. of manufacturing space and, in early 2022, we began the manufacture of our first production-intent aircraft in our pilot manufacturing facility.

Firm Financial Footing

At the end of 2021, we had $1.3 billion in cash and short-term investments to support operations. Net cash used in operating activities, purchases of property and equipment and acquisitions totaled $62.3 million in the fourth quarter.

Net Income

Fourth quarter net income of $5.0 million reflected an operating loss of $77.2 million more than offset by other income of $71.7 million as well as a $10.5 million tax benefit related to accounting adjustments for our acquisition of Uber Elevate within the measurement period.

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, including the effects of an accident involving our first pre-production 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 Registration Statement on Form S-1 (File No. 333-260608), filed with the Securities and Exchange Commission on October 29, 2021, and in future filings and other reports we file with or furnish to the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2021. Any such forward-looking statements represent management’s estimates and beliefs as of the date of this press release. While Joby may elect to update such forward-looking statements at some point in the future, it disclaims any obligation to do so, even if subsequent events cause its views to change.