Joby Aviation(US:JOBY)2023-02-22 22:18Certification Progress - Joby effectively completed the second of five FAA stages for aircraft certification, believed to be a first for the eVTOL industry[6] - The company has 94% of its Means of Compliance accepted by the FAA, considering Stage 2 essentially complete[10] - Stage 3 certification plans increased from 37% to 53% accepted by the FAA[38] - The company submitted a total of five Area Specific Certification Plans (ASCPs) to the FAA[33] Financial Highlights - Joby had $1.1 billion in cash and short-term investments at the end of Q4 2022, including a $60 million equity investment from Delta[4] - Net cash used in operating activities and purchases of property and equipment totaled $291 million in 2022, with $84 million spent in Q4[4] - The net loss for Q4 2022 was $66.9 million, reflecting operating expenses of $101.4 million partially offset by other income of $34.5 million[17] - Adjusted EBITDA loss in Q4 2022 was $77.6 million[18] Operational Developments - Final assembly began on the first company-conforming aircraft to be produced on the pilot manufacturing line[8] - The company acquired land and facilities in Santa Cruz for $25.5 million to support long-term growth[4] - Total 2023 net cash used in operating activities and purchases of property and equipment is expected to range from $360 to $380 million[48]