Joby Aviation (JOBY) Q4 2024 earnings summary

Executive summary

• Achieved sector-leading progress on Stage 4 of FAA type certification and delivered a second aircraft to Edwards Air Force Base, expanding defense partnerships.

• Demonstrated international expansion with flights in Korea, groundwork for Dubai vertiport, and plans to deliver an aircraft to Dubai mid-2025 for passenger demonstration flights.

• Secured over $1 billion in new and existing investor commitments in Q4 2024, including $500 million from Toyota, supporting a strong balance sheet.

• Maintained leadership in eVTOL sector with five aircraft in the test fleet, including a hydrogen-hybrid variant, and ongoing manufacturing expansion.

• Delivered two aircraft to the Department of Defense in 2024.

Financial highlights

• Ended 2024 with $933 million in cash, cash equivalents, and short-term investments, excluding the expected $500 million Toyota investment.

• Raised $350 million through equity offerings in Q4 2024.

• Net loss for Q4 2024 was $246 million, including a $150 million operating loss and $97 million in other losses, mainly from non-cash revaluation of derivative liabilities.

• Adjusted EBITDA loss for Q4 was $119 million, $23 million higher year-over-year due to increased expenses for manufacturing and certification.

• Cash usage for 2024, excluding public offering proceeds, was $450 million, at the lower end of guidance.

Outlook and guidance

• Expect 2025 cash usage between $500 million and $540 million, reflecting increased hiring, R&D, and capital expenditures for facility expansion.

• Anticipate accessing two $250 million investment tranches from Toyota in 2025, with regulatory approvals in place for the first tranche.

• Plan to begin Type Inspection Authorization flight testing in the U.S. within 12 months, the final step before FAA type certification.

• Targeting first passenger flights in Dubai in late 2025 or early 2026, with progressive market ramp-up.