Joby Aviation(US:JOBY)2024-05-08 00:02Financial Performance - Total assets decreased to $1,164,357,000 as of March 31, 2024, down from $1,269,435,000 at December 31, 2023, representing a decline of approximately 8.25%[16] - Revenue from flight services for the three months ended March 31, 2024, was $25,000, compared to $0 for the same period in 2023, indicating the commencement of revenue generation[18] - Total operating expenses increased to $145,922,000 for Q1 2024, up from $99,716,000 in Q1 2023, reflecting a rise of approximately 46.3%[18] - Net loss for the three months ended March 31, 2024, was $94,587,000, an improvement from a net loss of $113,393,000 in the same period of 2023, showing a reduction of about 16.5%[18] - Cash and cash equivalents decreased to $110,548,000 as of March 31, 2024, down from $204,017,000 at December 31, 2023, a decline of approximately 45.9%[16] - The company reported a weighted-average common stock outstanding of 681,749,388 shares for Q1 2024, compared to 605,184,671 shares for Q1 2023, an increase of about 12.6%[18] - The company’s total stockholders' equity decreased to $975,131,000 as of March 31, 2024, down from $1,034,362,000 at December 31, 2023, a decline of about 5.7%[16] - The net cash used in operating activities for Q1 2024 was $106,635,000, compared to $78,568,000 in Q1 2023, indicating an increase in cash outflow of approximately 35.7%[29] Research and Development - Research and development expenses rose to $115,636,000 in Q1 2024, compared to $75,518,000 in Q1 2023, marking an increase of approximately 53.2%[18] - Research and development expenses rose by $40.1 million, or 53%, to $115.6 million for the three months ended March 31, 2024, primarily due to increased personnel and materials for prototype development[124] - Joby Aviation is focused on developing a fully-electric vertical takeoff and landing (eVTOL) aircraft to provide air transportation as a service, indicating ongoing commitment to innovation in air mobility[30] - The company has completed over 1,000 successful test flights of its eVTOL aircraft and aims to be the first manufacturer to earn FAA airworthiness certification[97] Financial Assets and Liabilities - The fair value of total assets as of March 31, 2024, is $918.15 million, with cash equivalents valued at $104.81 million[47] - The fair value of total liabilities as of March 31, 2024, is $119.95 million, including $72.98 million in Earnout Shares Liability[47] - The fair value of Level 3 financial liabilities decreased, with the Earnout Shares Liability dropping from $95.97 million to $72.98 million[49] - The company’s available-for-sale investments totaled $813.34 million as of March 31, 2024, with unrealized losses of $906,000[48] - The company’s cash equivalents and money market funds decreased from $197.54 million on December 31, 2023, to $104.81 million by March 31, 2024[47][48] - The company’s corporate debt securities were valued at $457.47 million as of March 31, 2024[47] Stock and Compensation - The total stock-based compensation expense for the three months ended March 31, 2024, was $27.0 million, up from $17.3 million in the same period in 2023[88] - The company granted 10,064,357 restricted stock units (RSUs) during the three months ended March 31, 2024, with a grant date fair value of $6.07 per share[80] - The total fair value of RSUs vested for the three months ended March 31, 2024, was $37.9 million, compared to $26.7 million for the same period in 2023[80] - As of March 31, 2024, the company had 34,685,486 unvested RSUs, an increase from 23,855,690 unvested RSUs as of March 31, 2023[94] - The company recorded stock-based compensation expense of $7.3 million related to the 2024 Bonus Plan during the three months ended March 31, 2024[83] Future Operations and Strategy - The company plans to target commercial passenger operations in 2025 after delivering its first aircraft for initial service operations with the U.S. Department of Defense in September 2023[98] - The company expects to utilize a combination of equity and debt financing to fund future capital needs until it generates sufficient operating cash flow[128] - The company anticipates sufficient funding to support operations through the initial launch of commercial service operations in 2025[128] - The FAA's operational regulations for eVTOLs are not expected to be finalized until late 2024, which could delay the company's commercial passenger service launch[106] - The company aims to maintain a high daily aircraft utilization rate, as reductions in utilization will adversely impact financial performance[111] - The company operates under a vertically-integrated business model, which relies on developing and certifying its own components rather than sourcing from third-party suppliers[109] Mergers and Financing - The merger with Reinvent Technology Partners (RTP) was completed on August 10, 2021, resulting in Joby Aviation, Inc. as a wholly-owned subsidiary of RTP[31] - The PIPE Financing associated with the merger closed concurrently, involving multiple investors purchasing shares of Common Stock[32] - As of March 31, 2024, the company raised net proceeds of $1,067.9 million from the Merger and $843.3 million from the issuance of redeemable convertible preferred stock and convertible notes prior to the Merger[127] Compliance and Reporting - Certifications of the Principal Executive Officer and Principal Financial Officer were submitted in compliance with the Sarbanes-Oxley Act of 2002[158] - Inline XBRL documents were included to enhance the accessibility of financial data[158] - The quarterly report was signed by CEO JoeBen Bevirt and CFO Matthew Field on May 7, 2024[162]