Joby Aviation Reports 'Strong' 2021 Financials While Resuming Test Flights

The California-based electric vertical takeoff and landing (eVTOL) air taxi developer reports significant progress toward certification and ends a test flight pause.

Thom Patterson

Thursday, March 24, 2022 at 07:33 PM ET

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Joby Aviation reported $1.3 billion in cash and short-term investments at the end of 2021, as it resumed flight testing of its newest test article. [Courtesy: Joby Aviation]

Key Takeaways:

Joby Aviation has resumed test flights after a temporary pause and announced a strong financial position with $1.3 billion in cash and investments, which it deems sufficient for commercialization.
A February prototype crash, attributed to component failure, is not expected to significantly impact the company's business operations or certification timeline, with manufacturing of the first production-intent aircraft already underway.
Joby is making "great progress" towards FAA certification and commercial operations by 2024, having submitted its first "area-specific" certification plan and received initial FAA approvals for systems and compliance reviews.

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Electric air taxi developer Joby Aviation (NYSE: JOBY) lifted its pause on test flights Thursday, while announcing a strong financial balance sheet in its quarterly earnings report. Joby officials said their balance sheet at the end of 2021 showed $1.3 billion in available cash and investments after a fourth-quarter operating loss of $77.2 million.

Founder and CEO JoeBen Bevirt told investors during a phone presentation that his California-based company continues to make “great progress” across certification, scaling operations, and preparing for commercial operations.