Joby Q2 Net Loss Widens as eVTOL Manufacturer Gears Up for Certification

The company’s net loss skyrocketed, but its strong cash position and continued certification progress keep it on track for a 2025 launch.

Jack Daleo

Thursday, August 03, 2023 at 12:55 PM ET

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Joby’s production prototype eVTOL, with the preproduction prototype behind it. [Courtesy: Joby Aviation]

Key Takeaways:

Joby Aviation reported a substantial net loss of $286 million in Q2 2023, but maintains a strong liquidity position with $1.2 billion in cash and investments to fund its operations.
The company achieved key operational milestones, including rolling out its first production eVTOL aircraft, completing its maiden flight, and preparing for delivery to Edwards Air Force Base in early 2024.
Joby significantly advanced its FAA certification by submitting all certification plans, with two-thirds already approved, moving it into the testing and analysis phase.
These advancements keep Joby on track for its targeted entry into commercial air taxi service by 2025.

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Electric vertical takeoff and landing (eVTOL) aircraft manufacturer Joby Aviation is still losing millions in its pursuit of the country’s first eVTOL air taxi route, but its investments are beginning to pay off.

The Santa Cruz, California-based firm on Wednesday reported earnings for the second quarter of 2023, reflecting a net loss of $286 million. But the company’s recent milestones, as well as its strong liquidity position of $1.2 billion in cash and short-term investments, hold promise for its planned entry into service in 2025.