Joby Reports $1.1 Billion in Hand at Close of Fourth Quarter

The eVTOL manufacturer says 2023 will be a transition from planning to delivering aircraft.

Thursday, February 23, 2023 at 01:05 PM ET

Verified

California-based electric vertical takeoff and landing (eVTOL) developer Joby Aviation announced a "strong financial foundation" Wednesday. [Courtesy: Joby Aviation]

Key Takeaways:

Joby Aviation reported a strong financial foundation with $1.1 billion in cash and short-term investments, affirming its confidence in launching passenger service by 2025.
The company achieved significant FAA certification milestones, becoming the first eVTOL developer to complete both Stage One (Certification Basis) and Stage Two (Means of Compliance), with Stage Three now 53 percent accepted.
Joby has begun final assembly of its first company-conforming aircraft, expects flight testing in the first half of 2023, and conducted extensive testing, flying over 10,800 miles with its pre-production prototype in 2022.

See a mistake? Contact us.

Electric vertical takeoff and landing developer Joby Aviation announced a “strong financial foundation” as the California-based company reported a year-end balance sheet of 1.1 billion in cash and short-term investments, with a fourth quarter net loss of roughly $67 million.

Joby Aviation leaders, including founder and CEO JoeBen Bevirt and CFO Matt Field, spoke about the financial results and touted the progress Joby has made in preparing for commercial operations during a February 22 conference call.