Joby Aviation(US:JOBY)2024-08-07 22:42Financial 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]