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Feb 22, 2023

Joby Shareholder Letter Q4 2022


Santa Cruz, CA, Feb 22, 2023 — Today we issued our fourth quarter and full year financial results. You can read our full Letter to Shareholders here.

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. 

Forward Looking Statements

This shareholder letter 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 (including related increases in spending), our regulatory outlook, progress and timing; our business plan, objectives, goals and market opportunity; expected headcount growth; plans to operate flights as part of the 2025 World Expo in Osaka; and our current expectations relating to our business, financial condition, results of operations, prospects, capital needs and growth of our operations, including our financial guidance for 2023. 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; 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; our ability to hire at the pace we expect; 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.