Joby Aviation(JOBY) - 2024 Q4 - Annual Results

Financial Performance - The net loss for Q4 2024 was $246.3 million, an increase of $131.2 million compared to Q4 2023, primarily due to non-cash losses on revaluation of warrants[33][34]. - Net loss for 2024 was $608,034, compared to a net loss of $513,050 in 2023, representing an increase in losses of about 18.5%[43]. - The adjusted EBITDA loss for Q4 2024 was $118.7 million, reflecting employee-related costs associated with aircraft development and certification[36]. - Adjusted EBITDA for 2024 was $(456,736), worsening from $(347,965) in 2023, indicating a decline of approximately 31.2%[45]. - Cash flows from operating activities showed a net cash used of $436,267 in 2024, compared to $313,831 in 2023, reflecting an increase in cash outflow of approximately 39.1%[43]. Cash and Assets - Joby Aviation ended Q4 2024 with $932.9 million in cash, cash equivalents, and investments, with a cash burn of $450.1 million during 2024[37]. - Total assets decreased from $1,269,435 in 2023 to $1,203,465 in 2024, a decline of approximately 5.2%[42]. - Cash and cash equivalents decreased from $204,017 in 2023 to $199,627 in 2024, a reduction of about 2%[42]. - Total current liabilities increased from $45,136 in 2023 to $48,134 in 2024, an increase of approximately 6.6%[42]. - The company raised $232,300 in gross proceeds from an underwritten public offering in 2024[43]. Certification and Development Progress - Joby Aviation achieved a 12 percentage point increase in certification progress on the Joby side and a 10 percentage point increase on the FAA side, now over 50% complete on the Joby side[6]. - Joby Aviation successfully completed its first FAA 'for-credit' test on a major aerostructure and first Type Inspection Authorization testing, marking significant certification progress[7]. - The company has five aircraft in its flight test fleet, with the fourth production prototype recently rolled out[12]. - The company plans to begin flight testing within the next 12 months and aims to deliver its first aircraft to Dubai in mid-2025[50]. - Joby Aviation expects to carry its first passengers in late 2025 or early 2026[50]. Strategic Partnerships and Future Plans - The company plans to deliver its first aircraft to Dubai and begin in-market testing by mid-2025, targeting first passenger operations in late 2025 or early 2026[24]. - Joby Aviation signed a strategic partnership with Jetex to connect locations across the Middle East using its aircraft[22]. - The company anticipates establishing a manufacturing alliance with Toyota, which is expected to enhance its manufacturing capabilities[50]. - The company is on track to complete its Marina facility expansion, which will more than double its footprint, and begin aircraft component production at its Dayton, OH facility in 2025[38].