Joby Aviation(US:JOBY)2025-02-27 22:07Financial Performance - As of December 31, 2024, the company had an accumulated deficit of $1,855.7 million, indicating ongoing net operating losses since inception in 2009[222]. - Revenue from flight services decreased by 87% to $136,000 in 2024 from $1,032,000 in 2023[250]. - Total revenue for 2024 was $136,000, compared to $1,032,000 in 2023, representing a decrease of approximately 87.8%[316]. - Net loss for 2024 was $608,034, compared to a net loss of $513,050 in 2023, indicating an increase in loss of approximately 18.5%[316]. - Comprehensive loss for 2024 was $608,137, compared to $504,684 in 2023, indicating an increase of approximately 20.5%[319]. - The company experienced a comprehensive loss of $608,034 thousand in 2024, reflecting ongoing challenges in achieving profitability[324]. Research and Development - The company expects to increase research and development expenses as it hires more staff to support aircraft engineering and software development[239]. - Research and development expenses increased by 30% to $477.2 million in 2024 from $367.0 million in 2023[253]. - Research and development expenses rose to $477,156 in 2024, up from $367,049 in 2023, reflecting a growth of about 30%[316]. - The Company expenses research and development costs as incurred, which include personnel expenses, consulting costs, and overhead allocations[382]. Cash and Financing - As of December 31, 2024, the company had cash, cash equivalents, and restricted cash totaling $200.4 million and short-term investments in marketable securities of $733.2 million[262]. - The company expects to utilize a combination of equity and debt financing to fund future capital needs[264]. - The company raised $221.8 million in net proceeds from an underwritten public offering in October 2024[259]. - The company raised $232,300 thousand from an underwritten public offering in 2024, with net cash provided by financing activities totaling $361,114 thousand[324]. - Net cash provided by financing activities increased by 25% to $361.1 million in 2024 from $288.2 million in 2023[271]. Assets and Liabilities - Total assets decreased to $1,203,465 in 2024 from $1,269,435 in 2023, a reduction of about 5.2%[314]. - Total liabilities increased to $291,102 in 2024, compared to $235,073 in 2023, representing an increase of approximately 23.9%[314]. - Cash and cash equivalents decreased to $199,627 in 2024 from $204,017 in 2023, a decline of approximately 1.9%[314]. - The company reported a weighted-average common shares outstanding of 699,794,747 in 2024, up from 647,907,598 in 2023, an increase of about 8%[316]. Acquisitions and Investments - The company completed the acquisition of certain assets of an aerospace company for $9.5 million, expected to enhance autonomous capabilities and fulfill DOD contract deliverables[243]. - The Company completed the acquisition of an aerospace composite manufacturing company for a total consideration of $1.5 million, allocated primarily to favorable lease assets and acquired machinery[405]. - The acquisition of an aerospace software engineering company was completed for $7.2 million, with $3.3 million allocated to goodwill and $2.5 million to intangible assets[409]. - The Company acquired real property and assets for $25.5 million, which will serve as its corporate headquarters, with allocations including $6.3 million for land and $17.7 million for buildings[410]. Operational Developments - The company delivered its first aircraft for initial service operations with the Department of Defense (DOD) in September 2023, targeting initial passenger operations in 2025 or 2026[224]. - The company signed a revised stage 4 "G-1" certification basis with the FAA in July 2022, marking significant progress towards commercial operations certification[227]. - The company has received its Part 135 operating certificate, allowing it to operate on-demand air services with conventional aircraft[228]. - The company is actively pursuing additional contracts with the DOD and other government agencies, focusing on hybrid aircraft and autonomous flight technologies[232]. Market and Competition - The company expects to face competition from ground-based mobility solutions and other eVTOL developers, which may impact its market entry and competitive advantage[226]. - The company anticipates that high daily aircraft utilization rates will be crucial for financial performance, with reductions in utilization adversely impacting results[235]. Internal Controls and Reporting - The company maintains effective internal control over financial reporting as of December 31, 2024, based on established criteria[306]. - The Company operates as one segment, with financial information reviewed on a consolidated basis by the Chief Operating Decision Maker[341]. Stock and Equity - The Company issued 1,375,245 shares of Holdback Equity as part of the 2024 acquisition, with a total stock-based compensation expense of $8.7 million recognized over the lock-up period[412]. - The Company recognizes stock-based compensation expense over the requisite service period of the individual grant, generally equal to the vesting period[392]. Miscellaneous - The expected dividend yield is currently zero, as the company has no history or expectation of declaring dividends on its common stock[278]. - The company has not recorded any impairment charge to its existing property and equipment during the twelve months ended December 31, 2024, indicating no identified impairment events[283]. - The Company has not recorded any allowance for credit losses during the year ended December 31, 2024[352].