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

Verified

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

Key Takeaways:

Joby Aviation reported a net loss of $286 million in Q2 2023, but maintains a strong liquidity position with $1.2 billion in cash and short-term investments, supporting its goal of a 2025 commercial service launch.
The company achieved significant operational milestones, including rolling out and successfully flying its first production eVTOL aircraft, which is built to FAA certification specs and will be delivered to the U.S. Air Force in early 2024.
Joby has made substantial progress in FAA certification, having submitted all its certification plans—with two-thirds already approved—and is now moving into the critical testing and analysis phase for type design approval.

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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.