Joby Aviation, Inc. (NYSE: JOBY), a leading developer of electric aircraft for commercial passenger services, has issued its Fourth Quarter and Full Year 2023 Shareholder Letter, outlining the company’s operational and financial performance for the period ending December 31, 2023. 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.
Fourth Quarter 2023 Highlights:
Certification and Testing: Joby Aviation has completed Stage 3 of its certification process, with all certification plans approved. The focus is now on completing for-credit testing with the FAA. The company successfully completed 30 for-credit pathfinder tests during the quarter and established four conforming manufacturing lines.
Preparing for Operations: Joby Aviation has completed precision landing tests and airspace management simulations with the FAA and NASA, respectively. It has also received its Part 145 Repair Station Certificate from the FAA.
New York City Piloted Flight: Joby Aviation made history by conducting the first-ever electric air taxi flight in New York City, using the Downtown Manhattan Heliport as its base. Mayor Eric Adams announced the city’s plan to electrify the heliport during the flight.
Exclusivity in Dubai: Joby Aviation has secured a definitive agreement with the Dubai government, granting it exclusive rights to operate air taxis in the Emirate for six years. The agreement includes financial support and outlines a regulatory pathway for early operations.
Strong Financial Foundation: As of the end of the fourth quarter of 2023, Joby Aviation had $1.0 billion in cash and short-term investments. The company used $91 million in net cash for operating activities and property, plant, and equipment purchases during the quarter. For the full year, the company used $344 million.
2024 Outlook: In 2024, Joby Aviation plans to focus on aircraft certification and manufacturing. The company anticipates an increased focus on commercialization, as it prepares for commercial service in 2025. Joby Aviation plans to extend its flight exhibition series to key markets, expand its engagement with the Department of Defense, and begin component manufacturing in Dayton, Ohio. The company also plans to break ground on expanding its low-volume manufacturing plant in Marina, California. Joby Aviation estimates its cash usage in 2024 to be between $440 – $470 million.
Fourth Quarter and Full Year Financial Results Webcast Details:
What: Joby Fourth Quarter and Full Year 2023 Financial Results Webcast
When: Wednesday, February 21, 2024
Time: 2:00 p.m. PT (5:00 p.m. ET)
Webcast: Upcoming Events (https://ir.jobyaviation.com/news-events/ir-calendar) section of the company website (www.jobyaviation.com).
For those unable to attend the webcast, there is an option to listen by phone by dialing 1-877-407-9719 or 1-201-378-4906. A replay of the webcast will be available on the company website following the event.
