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 to its 2024 service entry target despite the FAA's modified "special class" approach for eVTOL type certification, having "close to 80 percent" of its means of compliance already accepted.
The company reported an increased Q1 2022 net loss of $62.3 million, attributed to certification and manufacturing spending, but maintains a strong financial foundation with $1.2 billion in cash and investments.
Joby is progressing with both type certification and Part 135 operational certification (expected in Q2), is building its first production-intent aircraft, and has confirmed its eVTOL achieves "revolutionary" low noise targets through NASA collaboration.

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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.