Joby Reports First Quarter 2024 Results
May 07 2024 - 4:05PM
Business Wire
Joby Aviation, Inc. (NYSE:JOBY), a company developing electric
air taxis for commercial passenger service, today issued its First
Quarter 2024 Shareholder Letter detailing the Company’s operational
and financial results for the period ending March 31, 2024. The
company will host a live audio webcast of its conference call to
discuss the results at 2:00 p.m. PT (5:00 p.m. ET) today.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240507162812/en/
Joby rolled its second production
prototype aircraft off the line as the company announced the start
of work on an expansion to its manufacturing facilities in Marina,
California. Joby Aviation Photo
First Quarter 2024 Highlights:
- Production Ramp-Up. Our second production prototype
aircraft rolled off our Pilot Production Line and is expected to
join our first production prototype at Edwards Air Force Base later
this year, with two further aircraft now in final assembly. We
broke ground on an expanded production facility in Marina, CA and
acquired an existing facility in Dayton, OH to support initial
scaled manufacturing operations.
- Certification and Testing. We became the first - and so
far only - electric air taxi company to have their final
airworthiness criteria published by the FAA. We submitted our first
system-level test plans and began building our first FAA-conforming
tail. We completed our pre-production flight test program, having
completed more than 1,500 full-scale eVTOL flights.
- Expanded UAE Partnership. We signed a multilateral
agreement with three Abu Dhabi government departments to support
the development of an electric air taxi ecosystem in the Emirate,
building on our recent agreement with the government of Dubai which
grants us the exclusive right to operate air taxis in the
Emirate.
- Broadened DoD Collaboration. We widened our partnership
with the U.S. Air Force through a commitment to deliver two
aircraft to MacDill Air Force Base in 2025.
- Strong Financial Foundation. At the end of the first
quarter of 2024, we maintained a strong balance sheet with $924
million in cash and short term investments. Our use of cash in the
quarter reflected spending to progress aircraft certification and
manufacturing operations.
First Quarter Financial Results Webcast Details:
What: Joby First Quarter 2024 Financial Results Webcast
When: Tuesday, May 7, 2024
Time: 2:00 PM PT (5:00 PM ET)
Webcast: Upcoming Events
(https://ir.jobyaviation.com/news-events/ir-calendar) section of
the company website (www.jobyaviation.com).
If unable to attend the webcast, to listen by phone, please dial
1-877-407-9719 or 1-201-378-4906. A replay of the webcast will be
available on the company website following the event.
About Joby
Joby Aviation, Inc. (NYSE:JOBY) is a California-based
transportation company developing an all-electric, vertical
take-off and landing air taxi which it intends to operate as part
of a fast, quiet, and convenient service in cities around the
world. To learn more, visit www.jobyaviation.com.
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; 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 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
February 27, 2024, 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
release. 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240507162812/en/
Joby Aviation Investors: investors@jobyaviation.com
Media: press@jobyaviation.com
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