Joby Aviation, Inc. (NYSE:JOBY) Q4 2023 Earnings Conference Call February 21, 2024 5:00 PM ET Company Participants Teresa Thuruthiyil - Head of Investor Relations JoeBen Bevirt - Founder and Chief Executive Officer Didier Papadopoulos - President of Aircraft OEM Matt Field - Chief Financial Officer Conference Call Participants Andres Sheppard - Cantor Fitzgerald Kristine Liwag - Morgan Stanley Savanthi Syth - Raymond James Austin Moeller - Canaccord Genuity Bill Peterson - JPMorgan Edison Yu - Deutsche Bank ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Date of Report (Date of earliest event reported): February 21, 2024 ________________________________________________ Joby Aviation, Inc. (Exact name of registrant as specified in its charter) ________________________________________________ Delaware 001-39524 98-1548118 (State or other jurisdiction of incorporation) 333 Encinal Street Santa Cruz , California 95060 (Address of principal executive offices) (Zip Code) Washington, D.C. 20549 _____________________ ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 _____________________________________________ FORM 10-Q _____________________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to ____________ Commission File Num ...

Financial Data and Key Metrics Changes - In Q3 2023, the company reported a net profit of $1.5 million, with other income of approximately $130 million and an operational loss of about $128 million [42] - Adjusted EBITDA was a loss of $93 million, which was $15 million higher than Q3 2022, primarily due to increased staffing and costs for certification [43] - The company ended the quarter with $1.1 billion in cash and short-term marketable securities, maintaining the strongest balance sheet in the industry [44] Business Line Data and Key Metrics Changes - The company is ramping up production at its pilot manufacturing facility in California, with one aircraft in final assembly and two more in progress [13] - The selection of Dayton, Ohio, for the first scaled manufacturing facility is expected to support an annual capacity of up to 500 aircraft [46] Market Data and Key Metrics Changes - The company has received significant state and local incentives totaling up to $325 million to support the development of the Ohio facility [14] - The company is actively engaging in international markets, including participation in the Korean Grand Challenge and showcasing its aircraft at the Japan Mobility Show [59] Company Strategy and Development Direction - The company has set three key goals: certifying its aircraft, scaling manufacturing, and preparing for commercial operations, with consistent progress reported in each area [25][60] - The partnership with Toyota is highlighted as a significant advantage in manufacturing and operational efficiency [89] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future of aviation and the company's role in transforming urban transportation, citing strong government support and partnerships [18][54] - The company anticipates gradual revenue growth in 2024 as more aircraft are delivered and operational activities increase [68] Other Important Information - The company has made significant progress in certification, with 84% of Stage 3 certification plans accepted by the FAA [75] - The pilot on board test campaign has provided positive feedback, indicating readiness to proceed with further testing and development [126] Q&A Session Summary Question: Can you provide more granularity on revenue expectations for Q4? - Management expects revenues to grow as more planes are delivered and operational activities increase, with services tied to government-directed flight hours [68] Question: How do you plan to ramp up manufacturing? - The company is actively ramping up production in its pilot plants and expects to produce tens of aircraft per year, with a focus on refining processes before scaling [116] Question: What is the status of international market opportunities? - The company is engaging with various certification agencies and exploring partnerships to ensure successful market entry, particularly in Japan and South Korea [119][135] Question: What are the next steps for certification? - The company is focused on completing the remaining components of Stage 2 and progressing into Stage 4 testing, with high confidence in the path forward [111][112] Question: What is the expected cash flow usage in 2024? - The company anticipates increased cash usage in 2024 due to ramping up capital expenditures associated with the new facility in Ohio [82]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 _____________________________________________ FORM 10-Q _____________________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to ____________ Commission File Number: ...

Joby Aviation, Inc. (NYSE:JOBY) Q2 2023 Earnings Call August 2, 2023 5:00 PM ET Company Participants Teresa Thuruthiyil - Head of Investor Relations JoeBen Bevirt - Founder and Chief Executive Officer Paul Sciarra - Executive Chairman Didier Papadopoulos - Head of Aircraft OEM Matt Field - Chief Financial Officer Conference Call Participants Andres Sheppard - Cantor Fitzgerald Austin Moeller - Canaccord Genuity Mahima Kakani - JPMorgan Edison Yu - Deutsche Bank Operator Greetings, and welcome to Joby Aviati ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q _____________________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 incorporation or organization) 333 Encinal Street, Santa Cruz, CA 95060 (I.R.S. Employer Identification No.) (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (831) 20 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ____________________________ (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to __________ Commission file number 001-39463 ____________________________ Joby Aviation, Inc. (Exact name of registrant ...

Financial Data and Key Metrics - Q4 2022 adjusted EBITDA was negative $77.6 million, $12.4 million higher than Q4 2021, reflecting increased operating expenses and nearly flat compared to Q3 2022 [7] - Net loss in Q4 2022 was $66.9 million or $0.11 per share, with operating expenses including $17.2 million in stock-based compensation and $6.6 million in depreciation and amortization [52] - Cash and short-term marketable securities totaled $1.1 billion at the end of Q4 2022, including a $60 million equity investment from Delta [53] - Net cash used in operating activities and capital expenditures is projected to be between $360 million to $380 million in 2023, reflecting continued hiring in priority areas [9] Business Line Data and Key Metrics - The company has made significant progress in manufacturing, with the first aircraft on the pilot production line nearing final assembly [4] - The team has grown by approximately 30% over the past year, with 90% of new hires supporting engineering and manufacturing initiatives [6] - The company is actively discussing potential locations for its Phase 1 manufacturing plant, with decisions expected in the first half of 2023 [8] Market Data and Key Metrics - The company is progressing towards FAA type certification, with Stage 3 completion at 93% and plans to submit all 13 area-specific certification plans in the first half of 2023 [44] - Discussions with the Department of Defense are ongoing, with expectations to begin on-base operations in 2024 [54] Company Strategy and Industry Competition - The company is transitioning from the definition phase to the implementation phase of type certification, focusing on producing conforming aircraft and conducting pilot-onboard flights [8] - The company is leveraging its vertically integrated strategy, with significant in-house testing capabilities and a focus on rapid iteration and learning [49][70] - The company is exploring opportunities for state incentives and government support to defray capital expenditures, as well as evaluating aircraft leasing structures [18] Management Commentary on Operating Environment and Future Outlook - Management expects 2023 to be a pivotal year, with significant progress in certification, manufacturing, and preparing for commercial operations [58] - The company is optimistic about its relationship with the FAA and the progress being made in certification, testing, and operations [20][62] - Management remains committed to delivering on its commitments to partners, including the Department of Defense and Delta [9] Other Important Information - The company has completed Stage 2 of the type certification process and is making progress on Stage 3, with a focus on testing and analysis [2][64] - The company has built significant in-house testing capabilities, including an integrated test lab that replicates all hardware and software systems used in the real aircraft [49] - The company is working on developing a quality management system that complies with FAA regulations, which will be critical for achieving production certification [50] Q&A Session Summary Question: Delta's $60 million equity investment and its usage [12] - The $60 million equity investment from Delta is unrestricted and can be used for operating expenses as needed [74] Question: Timeline for commercial service and potential delay to 2025 [15] - The decision to delay commercial service to 2025 was based on prudence and the need to ensure progress with the FAA, though 2024 remains a possibility [16] Question: Testing requirements for internally built parts [84] - Internally built parts do not create additional testing requirements, as the testing process is the same regardless of who executes it [22] Question: Production certification and its alignment with type certification [87] - The company is working on production certification in conjunction with type certification, using the first build to exercise and optimize its quality management system [25] Question: Battery strategy and safety features [27] - The company is pleased with the performance and safety features of its battery systems, which have demonstrated over 10,000 representative flight cycles in the lab [36] Question: FAA's proposed rule on air carrier definition and its impact on operations [19] - The proposed rule is seen as positive, as it aligns with the company's progress in certification and operations, and reflects the FAA's constructive engagement with the eVTOL industry [20] Question: Capital intensity and potential joint funding for the Phase 1 manufacturing plant [32] - The company is in discussions with multiple states and is encouraged by the engagement and incentive packages available, though no specifics were announced [24] Question: Progress on the Means of Compliance (MOC) and remaining small pieces [118] - The company expects to reach close to 100% completion on the MOC this year, with the remaining small pieces being inconsequential to the overall progress [129]

Certification Progress - Joby effectively completed the second of five FAA stages for aircraft certification, believed to be a first for the eVTOL industry[6] - The company has 94% of its Means of Compliance accepted by the FAA, considering Stage 2 essentially complete[10] - Stage 3 certification plans increased from 37% to 53% accepted by the FAA[38] - The company submitted a total of five Area Specific Certification Plans (ASCPs) to the FAA[33] Financial Highlights - Joby had $1.1 billion in cash and short-term investments at the end of Q4 2022, including a $60 million equity investment from Delta[4] - Net cash used in operating activities and purchases of property and equipment totaled $291 million in 2022, with $84 million spent in Q4[4] - The net loss for Q4 2022 was $66.9 million, reflecting operating expenses of $101.4 million partially offset by other income of $34.5 million[17] - Adjusted EBITDA loss in Q4 2022 was $77.6 million[18] Operational Developments - Final assembly began on the first company-conforming aircraft to be produced on the pilot manufacturing line[8] - The company acquired land and facilities in Santa Cruz for $25.5 million to support long-term growth[4] - Total 2023 net cash used in operating activities and purchases of property and equipment is expected to range from $360 to $380 million[48]