Joby Aviation reports strong Q3 2024 results 

US-based electric vertical take-off and landing (eVTOL) aircraft manufacturer, Joby Aviation (Joby), recently released its third quarter (Q3) 2024 results. 

At the end of Q3, Joby reported a net loss of $144 million and a loss from operations totalling $157 million. 

Nevertheless, the company closed the quarter with $710 million in cash and short-term investments. 

Furthermore, it registered cash usage of $155 million in Q3 and expects full-year spending to range between $440 million and $470 million, likely settling at the lower end. 

In terms of adjusted earnings, Joby’s earnings before interest, taxes, depreciation and amortisation (EBITDA) for the quarter reflected a loss of $120 million, partially offset by $13 million in interest and other income. 

Additionally, the company strengthened its financial position in October with a follow-on equity offering that raised an extra $222 million.

Meanwhile, its long-term partner, Toyota, committed to an additional $500 million investment, to be delivered in two equal tranches. 

As a result, factoring in these post-quarter gains, Joby’s available cash and short-term investments are projected to reach approximately $1.4 billion. 

Q3 2024 highlights

In addition to its financial performance, the company marked several significant operational milestones in Q3 2024. 

One of the most notable achievements was Joby’s first international demonstration of its eVTOL aircraft. 

Conducted in partnership with Toyota at the Higashi-Fuji Technical Center in Japan, the demonstration featured Joby’s third production prototype, which was manufactured and rolled out in under three months. 

On the regulatory front, the company reached a milestone in its path to type certification by completing its first FAA-conforming sub-assembly, an aircraft tail. 

Joby’s fourth production prototype is nearing completion and will soon join the testing programme. 

Furthermore, the company reported significant progress with regulatory bodies across its targeted markets. 

At the inaugural Advanced Air Mobility Symposium, organised by the International Civil Aviation Organization (ICAO) in Montreal in September, Joby presented a letter of intent (LoI) to the UAE General Civil Aviation Authority (GCAA) to initiate the process for its air operator certification in the country.