Joby Aviation(US:JOBY)2025-05-07 22:53Financial Performance - Net loss for the three months ended March 31, 2025, was $82,406 thousand, compared to a net loss of $94,587 thousand for the same period in 2024, indicating an improvement of about 12.4%[16] - The company reported a comprehensive loss of $82,495 thousand for the three months ended March 31, 2025, compared to a comprehensive loss of $95,688 thousand for the same period in 2024, indicating an improvement of about 13.8%[18] - Revenue from flight services was $0 for the three months ended March 31, 2025, a decrease of 100% compared to $25,000 in the same period in 2024[127] - Net loss for the three months ended March 31, 2025 was $82.4 million, a decrease of 13% from a net loss of $94.6 million in the same period in 2024[127] Assets and Liabilities - Total assets decreased from $1,203,465 thousand as of December 31, 2024, to $1,084,018 thousand as of March 31, 2025, representing a decline of approximately 9.9%[14] - The company had total liabilities of $224,577 thousand as of March 31, 2025, down from $291,102 thousand at the end of 2024, a decrease of approximately 22.8%[14] - The company’s total stockholders' equity decreased from $912,363 thousand at the end of 2024 to $859,441 thousand as of March 31, 2025, a decline of approximately 5.8%[14] - Cash and cash equivalents decreased from $199,627 thousand at the end of 2024 to $122,290 thousand by March 31, 2025, a reduction of approximately 38.8%[14] Operating Expenses - Total operating expenses rose to $163,284 thousand in Q1 2025, compared to $145,922 thousand in Q1 2024, marking an increase of about 11.9%[16] - Research and development expenses increased to $134,287 thousand for the three months ended March 31, 2025, up from $115,636 thousand in the prior year, reflecting a rise of approximately 16.1%[16] - Total other income, net increased by $29.6 million, or 58%, to $80.9 million for the three months ended March 31, 2025, compared to a loss of $51.3 million in 2024[133] Stock and Equity - The company reported a weighted-average common stock outstanding of 766,908,858 shares for Q1 2025, compared to 681,749,388 shares for Q1 2024, an increase of about 12.5%[16] - The weighted-average shares outstanding increased to 766,908,858 for the three months ended March 31, 2025, from 681,749,388 in 2024[94] - The Company granted 3,617,968 Restricted Stock Units (RSUs) during the three months ended March 31, 2025, with a weighted-average grant date fair value of $7.51 per share[76] - The total fair value of RSUs vested for the three months ended March 31, 2025, was $24.5 million, down from $37.9 million in 2024[76] Cash Flow - Net cash used in operating activities was $111.0 million for the three months ended March 31, 2025, compared to $106.6 million in 2024, reflecting a 4% increase[144] - Net cash provided by investing activities was $31.6 million for the three months ended March 31, 2025, a significant increase of 150% from $12.6 million in 2024[146] - Cash, cash equivalents, and restricted cash totaled $123.1 million as of March 31, 2025, with short-term investments in marketable securities amounting to $690.2 million[139] Legal and Regulatory - The company is subject to various legal claims, but management believes these will not materially impact financial position or results of operations[160] - Global trade policies, including recent tariffs, could potentially increase costs of raw materials and impact the company's financial condition as manufacturing scales up[163] - The FAA has published a revised stage 4 "G-1" certification basis for the company's aircraft, marking significant progress towards commercial operations certification[108] Strategic Initiatives - Joby Aviation completed the merger with Reinvent Technology Partners on August 10, 2021, marking the transition to a publicly traded company[29] - The merger and PIPE Financing are part of a Reverse Recapitalization strategy to enhance capital structure and market presence[31] - The company delivered its first aircraft for initial service operations with the Department of Defense (DOD) in September 2023 and is targeting initial passenger operations in 2026[104] - The company is actively pursuing additional contracts with the DOD and other government agencies, particularly in hybrid aircraft and autonomous flight technologies[113] Future Outlook - The company anticipates an increase in research and development expenses as it hires more staff to support aircraft engineering and software development[121] - The company expects the adoption of new accounting standards to have a disclosure-only impact on its consolidated financial statements[38] - The company plans to maintain a high daily aircraft utilization rate, which is crucial for financial performance[116] - The company believes its high level of vertical integration will provide a competitive advantage as it scales manufacturing operations[115]