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Joby reports USD286 million Q2 loss but USD1.2 billion in cash and investments

Joby Aviation issued its Second Quarter 2023 Shareholder Letter detailing the company’s operational and financial results for the period ending June 30, 2023. The company reported: “Net loss of USD286 million reflected the unfavorable revaluation of derivative liabilities of USD181 million and operating expenses of USD116 million, partly offset by interest income of USD11 million. Operating expenses primarily reflected continued progress certifying the aircraft and early manufacturing operations….Joby further strengthened its balance sheet with new funding of USD280 million from investments by Baillie Gifford and SK Telecom.

“At the end of the second quarter of 2023, the company had USD1.2 billion in cash and short-term investments. Net cash used in operating activities and purchase of property plant and equipment totaled USD77 million in the second quarter.

Second quarter 2023 highlights included the start of production, the first production prototype rolling off line and the start of flight testing. More than two-thirds of the company’s certification plans have been accepted by the FAA, said the company.

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