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, having nearly 80% of its type certification means of compliance accepted and progressing towards Part 135 operator approval for a 2024 service launch.
The company reported a Q1 2022 net loss of $62.3 million, primarily due to spending on certification, development, and manufacturing, but maintains a strong financial foundation with $1.2 billion in cash.
Joby announced its pre-production prototype achieved "revolutionary" low noise targets in NASA tests, with overhead flights registering 45.2 dBA (barely perceptible) and takeoffs/landings below 65 dBA (comparable to normal conversation).

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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.