Today we issued our fourth quarter and full year financial results. You can read our full Letter to Shareholders here.
Today we issued our fourth quarter and full year financial results. You can read our full Letter to Shareholders herehere.
Fourth Quarter 2022 Highlights
Means of Compliance Complete: We effectively completed the second of five stages required by the Federal Aviation Administration (FAA) to certify our aircraft for commercial passenger use, in what we believe is a first for the eVTOL industry.
FAA Administrator Visit: We hosted Acting FAA Administrator Billy Nolen and members of his team at our production facility where they were able to see our pilot manufacturing line and observe one of our regular test flights.
Certification Progress: We also made substantial progress in the later stages of the type certification process, with an additional four Area Specific Certification Plans (ASCPs) submitted to the FAA, a total of five ASCPs now accepted, and the successful completion of the second of four System Review stages.
Final Assembly Begins: We began final assembly of the first aircraft to be manufactured on our pilot production line. Having built the major aerostructures – the wing, tail, and fuselage – we are now mating the structures together and installing wiring, electronics, and other systems.
Strong Financial Foundation
At the end of the fourth quarter of 2022, we had $1.1 billion in cash and short-term investments, including Delta’s upfront equity investment of $60 million received in the quarter. Net cash used in operating activities and purchases of property and equipment totaled $291 million in 2022, with $84 million spent in the fourth quarter. In the quarter, we acquired land and facilities in Santa Cruz for $25.5 million to support Joby’s long-term growth.
Net Loss
Our net loss of $66.9 million reflected operating expenses of $101.4 million partially offset by other income of $34.5 million. Operating expenses reflected primarily our continued progress certifying the aircraft and early manufacturing operations and included stock-based compensation expenses of $17.2 million. Other income included a favorable revaluation of derivative liabilities worth $25.9 million and interest income on our investments.
