Joby Aviation (JOBY) Q2 2024 earnings summary

Executive summary

• Achieved significant progress in certification, manufacturing, and commercialization, with 37% completion of stage four certification on the company side and 14% on the FAA side for the battery electric aircraft.

• Rolled out third production prototype, with four expected in active flight test next quarter, and advanced international commercialization with certification applications in Australia and partnerships in Saudi Arabia, Japan, Korea, the UK, and Dubai, targeting first commercial launch in Dubai in 2025.

• Advanced future technology initiatives, including a record-breaking 561-mile hydrogen-electric flight and the integration of autonomy through the Xwing acquisition.

• Maintained strong focus on operational readiness, including FAA authorization for the ElevateOS operating system and ongoing development of pilot training and maintenance programs.

• Delivered first aircraft for U.S. Department of Defense service in September 2023 and continues to expand its government contract portfolio.

Financial highlights

• Ended Q2 2024 with $825.8 million in cash and short-term investments.

• Q2 net loss was $123.3 million, a 57% improvement from $286.1 million in Q2 2023, with a loss from operations of $144 million, partly offset by $21 million in interest and other income.

• Adjusted EBITDA loss was $107 million, $3 million lower than the prior quarter but $24 million higher year-over-year due to organizational growth.

• Research and development expenses rose 27% year-over-year to $113.0 million for Q2.

• Cash usage for the quarter was $99 million, with full-year cash spending outlook of $440–$470 million.

Outlook and guidance

• On track to achieve production capacity of one aircraft per month by year-end, with plans to ramp up further through expansions in Marina and Ohio.

• Expects four aircraft in active flight test during the next quarter and demonstration flights overseas this year, with commercial operations in Dubai in 2025.

• Anticipates increased government-directed operations and aircraft deliveries to U.S. Air Force bases late this year and next year.

• Management expects continued losses and negative operating cash flows until commercial operations commence, with sufficient liquidity to fund operations through the planned 2025 launch.