Release Date: November 06, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- Joby Aviation Inc (JOBY, Financial) has made significant progress in regulatory approvals, with the FAA publishing operational rules for a new class of civil aircraft.
- The company has strengthened its financial position with a $500 million investment from Toyota, enhancing its balance sheet.
- Joby Aviation Inc (JOBY) has completed its first international demonstration flights in Japan, showcasing its capabilities and strengthening partnerships.
- The company is making strides in manufacturing, with 35% of composite components now intended for FAA conforming builds.
- Joby Aviation Inc (JOBY) has strong partnerships with major companies like Toyota, Uber, and Delta, which are expected to support its future growth and operations.
Negative Points
- Joby Aviation Inc (JOBY) reported a net loss of $144 million for Q3 2024, reflecting higher operating expenses.
- The company's cash usage increased to $115 million in the quarter, partly due to increased staffing and facility expansion costs.
- There is uncertainty regarding the exact timeline for completing all certification steps, which could impact the launch of commercial operations.
- The company faces potential challenges in aligning its aircraft operations with FAA reserve requirements, although it remains optimistic.
- Joby Aviation Inc (JOBY) has not yet provided specific guidance on the timeline for converting all subassemblies to conforming assets.
Q & A Highlights
Q: Given the strong regulatory process momentum, have you started planning how long it would take to deploy a first small fleet of aircraft after getting the TC and manufacturing certificate?
A: Yes, we are actively planning for that. Barney is leading the detailed planning work, including commercialization plans in Dubai. β JoeBen Bevirt, CEO
Q: With the change in administration, is there a budget risk to agility prime funding, or is the DoD still supportive of new aviation technology?
A: Historically, we've worked well with both sides of the aisle. The focus has been on ensuring this new technology happens in America. It's early to know about changes, but we've expanded our scope of potential branches and government agencies to work with. β Paul Sciarra, Executive Chairman
Q: Are the current preproduction prototypes flying remotely the same as the GBP5,300 maximum gross takeoff weight you plan on certifying?
A: The preproduction airplanes are very representative of the intended takeoff weight. For operations in Dubai, we might use these airplanes, but a decision hasn't been made yet. β Didier Papadopoulos, Head of Program Management & Systems Engineering
Q: How much capital runway do you have now with the new $700 million capital?
A: The additional capital significantly extends our runway. We're not providing specific guidance on how far it goes, but we're pleased to have a strong balance sheet. β Matthew Field, CFO
Q: Is there a potential end date for completing all certification steps?
A: We haven't communicated a specific date for the TC due to the involvement of various agencies. We're committed to working with the FAA and executing tests for clearance to begin passenger service in the UAE. β Didier Papadopoulos, Head of Program Management & Systems Engineering
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
