Joby Aviation(US:JOBY)2025-11-05 23:45Financial Performance - Total revenue for the three months ended September 30, 2025, was $22,574,000, a significant increase from $28,000 in the same period of 2024[16]. - The net loss for the three months ended September 30, 2025, was $401,226,000, compared to a net loss of $143,878,000 for the same period in 2024, indicating a substantial increase in losses[16]. - The company reported a comprehensive loss of $400,054,000 for the three months ended September 30, 2025, compared to a comprehensive loss of $141,168,000 in the same period of 2024[18]. - Net loss for the nine months ended September 30, 2025, was $808.306 million, compared to a loss of $361.757 million for the same period in 2024[25]. - The net loss for the nine months ended September 30, 2025 was $808.3 million, with significant non-cash adjustments including a $284.4 million loss from changes in fair value of warrants[175]. Expenses - Operating expenses for the three months ended September 30, 2025, totaled $204,241,000, compared to $156,723,000 in the prior year, reflecting a year-over-year increase of 30.3%[16]. - Research and development expenses for the nine months ended September 30, 2025, were $419,837,000, up from $354,771,000 in the prior year, reflecting a 18.3% increase[16]. - Selling, general and administrative expenses rose by $14.4 million, or 47%, to $45.0 million for the three months ended September 30, 2025, mainly due to the Blade acquisition and higher legal and marketing costs[150][154]. - Selling, general and administrative expenses for the nine months ended September 30, 2025, increased by $13.4 million, or 14%, to $105.5 million, driven by the Blade acquisition and increased operational support[156][160]. Cash and Investments - Cash, cash equivalents, and short-term investments as of September 30, 2025, amounted to $978,122,000, up from $932,851,000 at the end of 2024[14]. - Cash and cash equivalents at the end of the period were $208.367 million, compared to $152.292 million at the end of September 2024[25]. - The company had cash, cash equivalents, restricted cash, and investments totaling $979.2 million as of September 30, 2025[186]. - The company expects to utilize a combination of equity and debt financing to fund future capital needs until sufficient operating cash flow is generated[170]. Assets and Liabilities - Total assets increased to $1,366,309,000 as of September 30, 2025, compared to $1,203,465,000 at December 31, 2024, representing a growth of 13.5%[14]. - Total liabilities rose to $469,857,000 as of September 30, 2025, compared to $291,102,000 at December 31, 2024, marking an increase of 61.5%[14]. - The company’s accumulated deficit increased to $2,664,043,000 as of September 30, 2025, from $1,855,737,000 at December 31, 2024[14]. - The total stockholders' equity as of September 30, 2025, was $896,452,000, a slight decrease from $912,363,000 at the end of 2024[14]. Acquisitions and Market Strategy - The Company completed the acquisition of Blade Urban Air Mobility, Inc. for approximately $92.4 million, which included $74.5 million in common stock and $7.6 million in contingent payments based on future EBITDA targets[62][63]. - The acquisition of Blade is expected to enhance market access and infrastructure in key urban corridors, particularly in New York City and Southern Europe[62]. - The company is focused on developing a fully-electric vertical takeoff and landing (eVTOL) aircraft for air transportation services[26]. - The company has identified three potential routes to market: owned air taxi service, aircraft sales, and partnered service/joint ventures[123]. Regulatory and Compliance - The company is currently evaluating the impact of new accounting standards (ASU 2025-04, ASU 2025-05, ASU 2025-06, and ASU 2025-07) on its consolidated financial statements[39][40][41][43]. - Certifications of the principal executive and financial officers were completed in accordance with the Sarbanes-Oxley Act, ensuring compliance and accountability[200]. - The company is committed to transparency and regulatory compliance, as shown by the various certifications filed with the SEC[200]. Future Outlook - The company plans to target initial passenger operations in 2026, following the delivery of its first aircraft for initial service operations with the DOD in September 2023[127]. - The FAA type certification process is in its fourth stage, with significant progress made towards certification, which is crucial for commercial operations[131]. - The company aims to maintain a high daily aircraft utilization rate, which is essential for financial performance, and is impacted by various external factors[138].