Joby Says It’s Making Progress Toward Certification

With Q3 net losses totaling nearly $79M, air taxi-maker promises certification, manufacturing, and commercial operations.

Michael Wildes

Friday, November 12, 2021 at 03:39 PM ET

Verified

In July, Joby's prototype successfully completed a 154-mile flight on a single battery charge. [Courtesy: Bradley Wentzel]

Key Takeaways:

Joby Aviation reported a Q3 net loss of $78.9 million, attributed to significant investments in engineering, certification, and early manufacturing activities following its public listing.
Despite the loss, the company has made substantial technical progress, including successfully completing a 154-mile flight and securing the FAA G-1 Certification Basis for its eVTOL aircraft.
Joby remains focused on its long-term goals of achieving FAA certification by 2023 and launching commercial air taxi service by 2024, leveraging partnerships like Uber to tap into a potentially multi-trillion dollar market.

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Air taxi developer Joby Aviation reported a third-quarter net loss of $78.9 million during its first earnings call as a publicly traded company on Thursday, but said it is a sign of progress and that it remains focused on the future.

The company, based in Santa Cruz, California, attributed the loss to “growth in engineering, certification and early manufacturing activities, as well as the revaluation of SPAC-related warrants and earn-out shares” related to its reverse merger with special purpose acquisition company Reinvent Technology Partners this summer.