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Joby Aviation lands $500M from Toyota as it races to launch flying taxis. The benchmark S&P 500 is on track to produce a whopping 20% gain for 2024, but companies developing electric vertical take-off and landing (eVTOL) aircraft have floundered. The stocks of the biggest and most visible players in this emerging field of aviation technology have averaged a return of negative 22.2% this year. This stark contrast between the broader market's performance and the struggles of eVTOL companies raises questions f ...

Toyota is adding to its stake in the so-called "flying car" start-up. Toyota Motor (TM 0.73%) is upping its investment in Joby Aviation (JOBY 25.10%), providing additional capital to support the air taxi start-up's push for certification and commercial production. Investors are taking the news as a vote of confidence, sending Joby shares up 21% at the open Wednesday and up 10% as of 10:15 a.m. ET. Cash from an important partner Joby is one of several companies racing to commercialize small electric aircraft ...

Mark leads the investing group Out Fox The Street where he shares stock picks and deep research to help readers uncover potential multibaggers while managing portfolio risk via diversification. Features include various model portfolios, stock picks with identifiable catalysts, daily updates, real-time alerts, and access to community chat and direct chat with Mark for questions. Learn more Analyst's Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but m ...

If estimates are to be believed the global eVTOL or flying car industry holds immense potential. JPMorgan believes that by 2040, the eVTOL industry will be worth $1 trillion. Further, back in 2021, Morgan Stanley opined that the Analyst's Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for ...

Matteo Colombo After the market closed on August 7th, the management team at Joby Aviation (NYSE:JOBY) announced financial results covering the second quarter of the company's 2024 fiscal year. The bright side to the results reported by management was that the company did exceed analysts' forecasts on the bottom line. By considering how significantly negative profits and cash flows are, this is not all that impressive. The fact of the matter is that the company continues to see its cash balance shrink quart ...

Joby Aviation, Inc. (JOBY) came out with a quarterly loss of $0.18 per share in line with the Zacks Consensus Estimate. This compares to loss of $0.17 per share a year ago. These figures are adjusted for non-recurring items. A quarter ago, it was expected that this company would post a loss of $0.16 per share when it actually produced a loss of $0.14, delivering a surprise of 12.50%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Joby Aviation, Inc., which belong ...

Financial Performance - Total revenue for the three months ended June 30, 2024, was $28,000, compared to $0 for the same period in 2023[9] - Net loss for the three months ended June 30, 2024, was $123,292, compared to a net loss of $286,079 for the same period in 2023[10] - The net loss for the six months ended June 30, 2024, was $217,879,000, compared to a net loss of $399,472,000 for the same period in 2023[18] - The company reported a net loss attributable to common stockholders of $123.3 million for the three months ended June 30, 2024, compared to a net loss of $286.1 million for the same period in 2023[62] - Total other income, net increased by $191.1 million, or 112%, to a gain of $21.0 million during the three months ended June 30, 2024, from a loss of $170.1 million in the same period in 2023[90] - Total other income, net for the six months ended June 30, 2024, was a gain of $72.4 million, an increase of $256.0 million from a loss of $183.7 million in the same period in 2023[94] Operating Expenses - Total operating expenses for the three months ended June 30, 2024, were $144,315, an increase of 24.5% from $115,969 in the same period of 2023[10] - Research and development expenses for the three months ended June 30, 2024, were $112,996, up from $88,849 in the same period of 2023[10] - Selling, general and administrative expenses rose by $4.2 million, or 15%, to $31.3 million during the three months ended June 30, 2024, compared to $27.1 million in the prior year[88] - Research and development expenses for the six months ended June 30, 2024, increased by $64.3 million, or 39%, to $228.6 million from $164.4 million in the same period in 2023[92] - Selling, general and administrative expenses for the six months ended June 30, 2024, increased by $10.3 million, or 20%, to $61.6 million from $51.3 million in the same period in 2023[93] Cash and Assets - Cash and cash equivalents decreased to $175,100 as of June 30, 2024, from $204,017 as of December 31, 2023[6] - Joby Aviation's cash and cash equivalents at the end of the period were $175,100,000, a decrease from $382,673,000 at the beginning of the period[18] - As of June 30, 2024, the company had cash, cash equivalents, and restricted cash totaling $175.9 million, along with short-term investments in marketable securities of $649.9 million[95] - Total assets decreased to $1,077,814 as of June 30, 2024, from $1,269,435 as of December 31, 2023[6] - The company’s accumulated deficit increased to $(1,465,582) as of June 30, 2024, from $(1,247,703) as of December 31, 2023[6] Stock and Equity - The company reported a weighted-average common stock outstanding of 689,324,227 for the three months ended June 30, 2024[10] - Joby Aviation's total common shares increased from 698,262,025 at January 1, 2024, to 713,879,586 by June 30, 2024[14] - The number of shares available for issuance under the 2021 Equity Incentive Plan increased by 27,930,481 shares on January 1, 2024[52] - The 2021 Employee Stock Purchase Plan saw an increase of 3,491,310 shares available for issuance on January 1, 2024[56] Investments and Acquisitions - The company completed the acquisition of aerospace assets for $9.5 million, issuing 1,944,990 shares of common stock[32] - The acquisition is expected to enhance the company's autonomous capabilities and fulfill U.S. Department of Defense contracts[32] - The company completed the acquisition of certain assets of an aerospace company for $9.5 million, expected to enhance autonomous capabilities and accelerate contract deliverables with the U.S. Department of Defense[80] Future Outlook - The company anticipates continued investment in research and development to support future product innovations and market expansion[5] - The company expects to utilize a combination of equity and debt financing to fund future capital needs until sufficient operating cash flow is generated[96] - The company anticipates that cash and cash equivalents will support operations through the initial launch of commercial service operations in 2025[96] - The FAA is expected to finalize operational regulations for eVTOLs by late 2024, which is critical for the company's commercial service launch[71] Fair Value Measurements - As of June 30, 2024, the total fair value of the company's assets measured at fair value is $817.644 million, with $167.711 million classified as Level 1 and $649.933 million as Level 2[27] - The total fair value of the company's liabilities measured at fair value is $110.152 million, including $9.833 million in Public Warrants and $69.281 million in Earnout Shares Liability[27] - The fair value of Earnout Shares Liability decreased to $69,281 thousand from $95,969 thousand, a change of $(26,688) thousand[31] - The fair value of Private Placement Warrants was remeasured, resulting in a gain of $7.5 million for the six months ended June 30, 2024[44] - Public Warrants also saw a remeasurement gain of $11.3 million for the same period[44] Operational Highlights - The company delivered its first aircraft for initial service operations with the U.S. Department of Defense in September 2023, targeting commercial passenger operations in 2025[66] - The total potential value of contracts with the U.S. government and DOD exceeds $131 million through 2026, following expansions in July 2022 and April 2023[72] - The company completed over 1,000 successful test flights of its eVTOL aircraft, positioning itself to be the first manufacturer to earn FAA airworthiness certification[66] Miscellaneous - The company incurred expenses of $0.2 million and $0.3 million for services from related party vendors during the three and six months ended June 30, 2024, consistent with the same periods in 2023[59] - Payments to Toyota for parts and materials totaled $0.2 million and $0.3 million during the three and six months ended June 30, 2024, compared to $0.8 million in the same periods of 2023[61] - A hypothetical 10% change in interest rates would not have a material impact on the value of the company's cash, cash equivalents, or short-term investments[105] - The company does not have significant foreign currency risks related to its operating expenses as foreign operations are not material[106]

Joby Aviation Inc. JOBY stock is catching the market's attention with a 3.64% rise by 2:30 p.m. ET and was trading at $5.14 per share at last check Tuesday. This surge comes on the back of exciting news that the company has formally applied for its revolutionary electric air taxi to be certified for use in Australia. This move represents a significant step in Joby's global expansion efforts, which also include ongoing certification processes with Japan's Civil Aviation Bureau and the UK's Civil Aviation Aut ...

Add to Watchlist There is a bull case for Joby Aviation NYSE: JOBY that has nothing to do with the June CPI report, but that report made it stronger. The case is stronger because the CPI was cooler than expected, affirming the outlook for interest rate cuts. The outlook for interest rate cuts means an economic pivot will begin later this year, as early as September, which means better times lie ahead. Get Joby Aviation alerts: The third development is a successful test flight of Joby's hydrogen fuel-cell eV ...