The conference call on the business results of Joby Aviation ($JOBY ) for the fourth quarter of 2024 impressively demonstrated how the company continues to move towards commercialization.
CEO JoeBen Bevirt emphasized that Joby is making progress in the areas of certification, production and strategic partnerships has made enormous progress. Particularly noteworthy were the record progress in stage 4 of the type certificatethe delivery of a second aircraft to Edwards Air Force Basesuccessful test flights in Korea and the launch of the first vertiport in Dubai - a clear sign that Joby is making great strides towards commercial operation towards commercial operation.
Another highlight of the conference was the financial strengthening of the company. Over 1 billion US dollars in fresh capital and commitmentsincluding 500 million US dollars from Toyotaprovide Joby with the necessary financial flexibility to further ramp up certification and production. Bevirt emphasized that Joby is currently the only only eVTOL company to have delivered multiple aircraft from a production line.
In recent months, Joby has delivered four aircraft from its production facility in Marina, California facility. This capacity will be further expanded in order to meet the increasing demand. At the same time, the successful completion of the ground-based TIA test with a compliant flight deckdeck, which is a decisive step towards certification by the FAA (Federal Aviation Administration) certification.
Within the next 12 months, Joby plans to start the TIA flight tests in the USA. To prepare for this process, a delegation from the FAA delegation completed test flights in the simulatorwhich are identical to the upcoming flight tests. In addition, manned test flights were carried out to test the optimize pilot training and safety processes.
An important growth area for Joby remains the military sector. Cooperation with the US Department of Defense has intensified over the past eight years. Joby is currently the only eVTOL company to have delivered aircraft to a US government agencywhich has already happened twice. In addition pilots and mechanics from the US Air Force have been trained to operate and maintain the aircraft - a clear sign of the military's confidence in the technology. Particularly in demand are long-haul solutionswhich is why Joby has developed a hybrid hydrogen-electric flight over 561 miles to meet the range requirements of potential government customers.
The expansion to Dubai is also picking up speed. In the coming months, Joby will fly an aircraft to Dubai to Dubai in order to operational readiness for passenger transportation. for passenger transportation. The Dubai government is highly motivated to establish itself as a leading location for air taxis for air taxis. Construction of the first vertiports has already begunand Joby is working in parallel on developing the infrastructure infrastructure, the app and the entire service chainto create a fully integrated mobility service for the region.
Financially, Toyota remains Toyota remains an important strategic partner. The first 250 million US dollars of the investment have already been approvedand there is a high probabilitythat the second tranche will also flow in 2025. It is interesting to note that none of these investments come with options or further conditions is linked to options or further conditions - a strong sign of Toyota's long-term confidence in Joby.
In 2025, Joby is increasingly focusing on expanding its production capacities. In Marina the production facility will be ramped up further, while in Ohio first aircraft aircraft components are already are already being manufactured in Ohio. The production strategy follows a step-by-step approachWhile the first aircraft are already in operation, more and more parts and systems are to be parts and systems to conform to FAA specifications. specifications. Over 95% of the composite materials are already compliantand the next steps include the safety and quality assurance and quality testing of the electronics, software and other subcomponents.
The first aircraft that will be delivered to Dubaifrom the current test fleet and will be prepared to the highest standards for commercial operation. commercial operation. The TIA flight tests with the FAA are another important element in this process. FAA pilots have already performed the first simulator flights to prepareto prepare for the start of the official test campaign the official test campaign.
CFO Paul Sciarra presented the company's key financial figures. At the end of 2024, Joby had at its disposal 933 million US dollars in cash and short-term investmentswhich was supported by an underwritten equity offering of 222 million US dollars and 128 million US dollars from an at-the-market offering was further strengthened. Net loss in the fourth quarter of 2024 was USD 246 million, with operating loss of USD 150 million and other losses of USD 97 million. Adjusted EBITDA loss amounted to USD 119 million.
For 2025, Joby expects cash consumption to be between USD 500 million and USD 540 million, largely due to the scaling of production and the certification process. Despite the high level of investment, the company remains financially solid, particularly due to the expected Toyota payments and further financing opportunities.
The conference call made it clear that Joby Aviation is consistently implementing the next steps towards commercialization. Investors who focus on electric air mobility as a future market should follow the next developments closely - because Joby could be the first company to commercialize air cabs onto the market on a global scale. However, we can also see from the example of Lilium that it can quickly come to an end if the partners and investors stop injecting money.
