In a shareholder letter released Wednesday, Joby said it has used its cash to move forward in aircraft certification and manufacturing operations, but the company has experienced a net loss of $123 million, reflecting a loss from operations of $144 million. That loss was partly offset by interest and other income of $21 million, the company also said.
Joby Aviation also announced Wednesday that it has rolled its third production prototype aircraft off its pilot production line in Marina, Calf. — with four six-propeller aircraft expected to be actively tested this time next quarter, with more aircraft being assembled behind those craft.
“We will soon be flying four aircraft as part of our test program,” JoeBen Bevirt, Joby’s founder and chief executive, said in a conference call Wednesday afternoon, after the market’s close.
“I’m incredibly proud of the team that continues to deliver quarter after quarter,” he added.
Joby said it is on track to reach its goal of having capacity to build the equivalent of one battery electric aircraft a month by the end of the year “and to ramp up beyond that with our expansions in Marina (Calif.) and Ohio,” Didier Papadopoulos, Joby’s president of aircraft original equipment manufacturing, said on the company’s call.
Matt Field, Joby’s chief financial officer, said the company is learning more about plane production and is “seeing an increase in pace and cadence” in manufacturing.
In September last year, Joby said it planned to build a facility capable of delivering up to 500 aircraft per year at the Dayton International Airport, supporting up to 2,000 jobs.
In a March 2024 announcement, Joby said Dayton manufacturing operations are expected to begin “later this year.” Asked about progress in Dayton so far, a spokeswoman for Joby had no new information Wednesday.
Earlier this week, Joby said it has formally applied for its aircraft to be certified for use in Australia. “We do see tremendous international opportunities,” Bevirt said Wednesday.
Joby has said its craft can fly up to 200 mph, with no emissions and much less noise than helicopters.
Shares of Joby Aviation (NYSE: JOBY) closed Wednesday at $4.91, down 23 cents or 4.47%.
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