Joby Reports First Quarter 2024 Results

Joby Aviation, Inc. (NYSE:JOBY), a company developing electric air taxis for commercial passenger service, today issued its First Quarter 2024 Shareholder Letter detailing the Company’s operational and financial results for the period ending March 31, 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.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240507162812/en/

Joby rolled its second production prototype aircraft off the line as the company announced the start of work on an expansion to its manufacturing facilities in Marina, California. Joby Aviation Photo

First Quarter 2024 Highlights:

• Production Ramp-Up. Our second production prototype aircraft rolled off our Pilot Production Line and is expected to join our first production prototype at Edwards Air Force Base later this year, with two further aircraft now in final assembly. We broke ground on an expanded production facility in Marina, CA and acquired an existing facility in Dayton, OH to support initial scaled manufacturing operations.
• Certification and Testing. We became the first - and so far only - electric air taxi company to have their final airworthiness criteria published by the FAA. We submitted our first system-level test plans and began building our first FAA-conforming tail. We completed our pre-production flight test program, having completed more than 1,500 full-scale eVTOL flights.
• Expanded UAE Partnership. We signed a multilateral agreement with three Abu Dhabi government departments to support the development of an electric air taxi ecosystem in the Emirate, building on our recent agreement with the government of Dubai which grants us the exclusive right to operate air taxis in the Emirate.
• Broadened DoD Collaboration. We widened our partnership with the U.S. Air Force through a commitment to deliver two aircraft to MacDill Air Force Base in 2025.
• Strong Financial Foundation. At the end of the first quarter of 2024, we maintained a strong balance sheet with $924 million in cash and short term investments. Our use of cash in the quarter reflected spending to progress aircraft certification and manufacturing operations.

First Quarter Financial Results Webcast Details: