Joby Aviation: No Type Certification Delays Expected from FAA’s Modified Approach

Uber-backed electric air taxi developer Joby Aviation told investors Thursday it expects no delays as a result of the FAA’s modified regulatory approach to type certification. In the company’s quarterly earnings conference call, Joby reported a $62.3 million net loss in Q1 2022, an increased loss of $20.8 million compared to the same period last year.

Thom Patterson

Thursday, May 12, 2022 at 07:23 PM ET

Verified

Joby Aviation said Thursday it was “making excellent progress” in the build of its first production-intent air taxi. [Courtesy: Joby Aviation]

Key Takeaways:

Joby Aviation expects no delays from the FAA's modified regulatory approach for eVTOL certification, assuring investors that their development work remains valid and they are on track for 2024 service entry with nearly 80% of compliance means accepted.
The company reported a $62.3 million net loss in Q1 2022 due to increased spending on type certification and manufacturing, yet maintains a strong financial foundation with $1.2 billion in cash.
Joby highlighted achieving "revolutionary" low noise targets in collaboration with NASA, demonstrating its eVTOL's sound levels are barely perceptible during overhead flight and comparable to normal conversation during take-off and landing.

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Uber-backed electric air taxi developer Joby Aviation (NYSE: JOBY) told investors Thursday it expects no delays as a result of the FAA’s modified regulatory approach to type certification. In the company’s quarterly earnings conference call, Joby reported a $62.3 million net loss in Q1 2022, an increased loss of $20.8 million compared to the same period last year.

“We remain on track to meet our operational goals and spending guidance for the year,” said founder and CEO JoeBen Bevirt during a quarterly investors conference call.