Joby Reports $1.1 Billion in Hand at Close of Fourth Quarter

The eVTOL manufacturer says 2023 will be a transition from planning to delivering aircraft.

Thursday, February 23, 2023 at 01:05 PM ET

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California-based electric vertical takeoff and landing (eVTOL) developer Joby Aviation announced a "strong financial foundation" Wednesday. [Courtesy: Joby Aviation]

Key Takeaways:

Joby Aviation reported a "strong financial foundation" with $1.1 billion in cash and short-term investments, reaffirming its confidence to launch passenger service by 2025.
The company achieved significant FAA certification milestones, becoming the first eVTOL developer to complete Stage 1 and Stage 2 of the certification process, and is now 53% accepted for Stage 3.
Joby has commenced final assembly of its first company-conforming aircraft and plans to begin flight testing in the first half of 2023, building on over 10,800 miles flown by pre-production prototypes in 2022.

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Electric vertical takeoff and landing developer Joby Aviation announced a “strong financial foundation” as the California-based company reported a year-end balance sheet of 1.1 billion in cash and short-term investments, with a fourth quarter net loss of roughly $67 million.

Joby Aviation leaders, including founder and CEO JoeBen Bevirt and CFO Matt Field, spoke about the financial results and touted the progress Joby has made in preparing for commercial operations during a February 22 conference call.