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Nov 11, 2021

Shareholder Letter Q3 2021


Today we issued our third quarter financial results. You can read our full Letter to Shareholders here.

Third Quarter 2021 Highlights

  • Acoustic Testing with NASA: We became the first company to fly an electric aircraft as part of NASA’s National Campaign, providing a key opportunity for the agency to analyze our aircraft’s low noise profile.
  • 154-Mile Flight: We completed what we believe to be the longest ever eVTOL flight on a single charge, as part of our ongoing flight test campaign.
  • First Steps to Commercial Service: We began the process to receive a Part 135 Air Carrier Certificate, which is required to commence revenue-generating passenger flights.
  • Completion of SPAC Merger: We began trading on the New York Stock Exchange through our merger with Reinvent Technology Partners (“RTP”).

Strong Financial Foundation

At the end of the third quarter, we had $1.4 billion in cash and short-term investments to support our operations.

Net Loss

Third quarter net loss of $78.9 million reflected growth in engineering, certification and early manufacturing activities as well as the revaluation of SPAC-related warrants and earn-out shares.

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 our initial plant capacity and regulatory outlook; our business plan, objectives, goals and market opportunity; and our current expectations relating to our business, financial condition, results of operations, prospects and capital needs. 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 limited operating history and history of losses; our ability to launch our aerial ridesharing service and the growth of the urban air mobility market generally; our plans to operate a commercial passenger 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 a third-party suppliers and service partners; uncertainties related to our estimates of the size of the market for its aircraft 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 other reports we file with or furnish to the Securities and Exchange Commission. 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.