Joby Rolls Third Aircraft Off Production Line, Reports Second Quarter 2024 Financial Results
August 07 2024 - 4:05PM
Business Wire
Joby Aviation, Inc. (NYSE:JOBY), a next-generation aviation
company, today announced it has rolled its third production
prototype aircraft off the company’s pilot production line in
Marina, CA, with four aircraft expected to be in active flight test
during the next quarter. The news came as the company issued its
Second Quarter 2024 Shareholder Letter, detailing the Company’s
operational and financial results for the period ending June 30,
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.
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the full release here:
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Two of Joby’s battery-electric production
prototype aircraft in Marina, California, with the company’s
hydrogen-electric technology demonstrator in flight above. Joby
Aviation Photo
Second Quarter 2024 Highlights:
- Production Ramp-Up. We expect to have four aircraft in
active flight test during the next quarter, with the second
production prototype now in flight test and the third having rolled
off the production line.
- Certification Progress. The fourth of five stages of
type certification is now 37% complete on the Joby side, with
numerous test plans submitted and accepted during the quarter. We
expect progress in the fourth stage to accelerate in the remainder
of 2024.
- International Expansion. We applied for certification in
Australia and signed a memorandum of understanding with Mukamalah,
a wholly owned subsidiary of Saudi Aramco and operator of the
world’s largest fleet of corporate aircraft, to introduce our
aircraft to the Kingdom of Saudi Arabia via direct sales.
- Future Technologies. We flew a first-of-its-kind,
hydrogen-electric air taxi demonstrator 561 miles and acquired the
autonomy division of Xwing, an industry leader in the development
of autonomous technology for aviation.
- Strong Financial Foundation. We maintained a strong
balance sheet with $825 million in cash and short-term investments
at the end of the second quarter.
Second Quarter Financial Results Webcast Details:
What: Joby Second Quarter 2024 Financial Results Webcast
When: Wednesday, August 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 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, our
regulatory outlook, progress and timing, including expected
certification progress, manufacturing and flight test capabilities
and timing; our plans to sell aircraft into the Saudi Arabian
market; 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 air taxi 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; complexities related to obtaining
certification and operating in foreign markets, including the need
to negotiate additional definitive agreements related to such
operations; 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 shareholder letter. 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.
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Joby Aviation Investors: investors@jobyaviation.com
Media: press@jobyaviation.com
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