Joby Aviation(US:JOBY)2022-03-25 21:23Certification and Manufacturing Progress - Joby entered the "implementation phase" of its aircraft type certification program and began manufacturing conformity testing[1,14] - The company completed the build-out of 125,000 sq ft of manufacturing space and started manufacturing its first production-intent aircraft in early 2022[2] - Joby's first pre-production prototype demonstrated the expected operational speed and altitude, reaching speeds over 200 mph and altitudes over 11,000 feet, and completing a 154.6-mile flight in 2021[3,12] - The company has close to 70% of its proposed means of compliance already accepted by the FAA[10] - 80% of Joby's employees directly support the engineering, certifying, and manufacturing of its aircraft[13] Financial Position - Joby had $1.3 billion in cash and short-term investments at the end of 2021[5,24] - Net cash used in operating activities, purchases of property and equipment, and acquisitions totaled $62.3 million in Q4 2021[5,25] - Q4 2021 net income was $5.0 million, reflecting an operating loss of $77.2 million offset by other income of $71.7 million and a $10.5 million tax benefit[6] - Adjusted EBITDA loss for Q4 2021 was $65.2 million, primarily reflecting costs associated with aircraft development, certification, and manufacturing[7,23] Commercial Operations and Partnerships - Joby partnered with ANA Holdings and SK Telecom to explore launching commercial services in Japan and South Korea, respectively[4,17] - The company is on track to receive its Part 135 Air Carrier Certification in the second half of 2022[19]