Joby Aviation, Inc., a company developing all-electric aircraft for commercial passenger service, has issued its second quarter 2023 Shareholder Letter detailing the company’s operational and financial results for the period ending June 30, 2023.
Second Quarter 2023 Highlights:
- Production launched. Joby’s first production prototype rolled off the line and has begun flight testing.
- All certification plans submitted. More than two-thirds of these certification plans already accepted by the U.S. Federal Aviation Administration
- Balance sheet further strengthened. Joby further strengthened its balance sheet with new funding of $280 million from investments by Baillie Gifford and SK Telecom.
At the end of the second quarter of 2023, the company had $1.2 billion in cash and short-term investments. Net cash used in operating activities and purchase of property plant and equipment totaled $77 million in the second quarter.
“Net loss of $286 million reflected the unfavorable revaluation of derivative liabilities of $181 million and operating expenses of $116 million, partly offset by interest income of $11 million,” the company said.
“Operating expenses primarily reflected continued progress certifying the aircraft and early manufacturing operations.”
