Joby Aviation : Second Quarter 2023 Shareholder Letter
Shareholder
Letter
Q2 2023
JOBYAVIATION.COM
AUGUST 2, 2023
JOBY AVIATION
Q2 2023 Highlights
AT A GLANCE
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 Certification Plans already accepted by FAA
Balance Sheet Further Strengthened
Joby further strengthened its balance sheet with new funding of $280 million from investments by Baillie Gifford and SK Telecom
STRONG FINANCIAL FOUNDATION At the end of the second quarter
of 2023, we 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
Net loss of $286 million reflected the loss on the revaluation of derivative liabilities of $181 million and operating expenses of $116 million, partly offset by interest and other income of
$11 million. Operating expenses primarily reflected our continued progress certifying the aircraft and early manufacturing operations.
ADJUSTED EBITDA
Adjusted EBITDA loss of $83 million largely reflected our operating expenses excluding depreciation, amortization and stock-based compensation.
Q2 2023 Shareholder Letter
August 2, 2023
Joby Aviation
2
Production Launched
WE TOOK A MAJOR STEP on our journey to scaled production with the rollout, and subsequent first flight, of our production prototype aircraft. While we have been flying full size aircraft since 2017 - and have now flown more than 30,000 miles with pre-productionprototypes - this aircraft has been manufactured in accordance with a released design and built according to a complete implementation of a quality management system, marking an important step on the path to achieving the FAA type certification required to begin commercial passenger operations.
The aircraft is expected to become the first-ever eVTOL delivered to a customer when it moves to Edwards Air Force Base in early 2024 to be operated by Joby as part of our Agility Prime contract with the U.S. Air Force, worth up to $131 million.
The next aircraft is now making its way along the production line and parts are in production for the aircraft after that.
"We're proud to have launched production in our home state of California. I'm incredibly grateful to the Joby team for their commitment to ensuring Joby remains a clear leader in this new sector and to Toyota for sharing their knowledge and experience with us over many years. Their support has been indispensable in helping us reach this point."
JoeBen Bevirt, founder and CEO, Joby Aviation
Q2 2023 Shareholder Letter
August 2, 2023
Joby Aviation
3
All Certification Plans Submitted
WE HAVE NOW SUBMITTED ALL of our Certification Plans to the FAA, and have two-thirds of those plans already accepted, marking an important step toward the completion of stage three of the type certification process. Our stage three submissions include thirteen Area-Specific Certification Plans (ASCPs), covering both hardware and software aspects of every system onboard, as well as Certification Plans covering areas such as aircraft cyber- security and systems safety.
Our team is now focused on the fourth stage of the pro- cess, where we use the basis agreed to in stage three to
write, and then execute, test plans that demonstrate our compliance with safety regulations. These tests cover every individual part, subsystem and system in the aircraft and our team dry-runs each test to confirm we are prepared to execute them successfully for credit with the FAA.
We welcomed the publication of the FAA's AAM Roadmap in July, which outlines a clear path to initial commercial operations in 2025 and demonstrates the U.S. govern- ment's continued commitment to adopting aerial ride- sharing in this timeframe.
Joby's Progress to Type Certification
DATA AS OF JULY 25, 2023
STAGE 1
Certification Basis
STAGE 2
Means of Compliance
STAGE 3
Certification Plans
STAGE 4
Testing & Analysis
STAGE 5
Show & Verify
JOBY
100%
FAA
100%
97%
97%
98%
68%
15%
5%
1% 0%
Percentage completion may fluctuate mildly through the course of certification as documents are edited and resubmitted. It is typical for a small portion of the Means of Compliance to remain open in order to address minor design changes and improvements that may occur later in the process. We therefore consider the second stage essentially complete.
Q2 2023 Shareholder Letter
August 2, 2023
Joby Aviation
4
Joby in Focus: Vertical Performance
During our Production Launch event, we released key performance attributes of our production aircraft, focusing particularly on the motors and battery packs we have designed in-house.
MOTORS
Our aircraft delivers nearly twice
the power of a Tesla Model S Plaid - the most powerful production Tesla available - despite being lighter than the car. This power is delivered by best-in-class motors, designed in-house, that offer 236 kilowatts of peak power at a weight of just 28 kgs for the dual-wound motor and inverter, combined.
The way in which that power gets delivered is also innovative: we've designed motors that are incredibly torque-dense, allowing us to spin the propellers slowly and maintain a low noise profile while continuing to generate the thrust required for flight.
Instead of using a gearbox containing many gears, bearings and seals to deliver this torque - which would require constant inspection and up- keep - we designed the Joby Direct Drive architecture. This delivers all the power and torque we need with only one moving part: a single bearing.
BATTERY CELLS
Our in-house designed battery packs deliver a remarkable 235 Wh/kg at the pack level, using pouch cells from the automotive supply chain that deliver 288 Wh/kg of specific energy and more than 10,000 representative cycles on the bench.
Our packs integrate everything from battery management electronics to lightweight, durable casing, and we expect them to allow us to recharge in less time than it takes to deplane and load new passengers in 95% of all trips made today in our initial target markets of New York and Los Angeles.
Q2 2023 Shareholder Letter
August 2, 2023
Joby Aviation
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Joby Aviation Inc. published this content on 02 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 August 2023 21:21:15 UTC.
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