Joby Aviation, Inc. Q4 FY2024 earnings call

• JoeBen Bevirt highlighted sector-leading progress in certification, manufacturing, and commercialization, including record progress on Stage 4 of type certification, delivery of the second aircraft to Edwards Air Force Base, flight in Korea, partners breaking ground on the first Vertiport in Dubai network, and securing over $1 billion in additional funding. Plan to have an aircraft in Dubai by mid-2025 for passenger demonstrations later in 2025 or early 2026. Scaled manufacturing with four aircraft delivered from Marina facility, hitting one aircraft's parts per month target. Completed first ground-based TIA testing with conforming flight deck. Work with DoD for 8 years, delivered aircraft to government, and demonstrated hybrid-hydrogen eVTOL with 561-mile flight.
• Paul Sciarra discussed cash position, with $933 million in cash and short-term investments, expecting to access Toyota's first $250 million investment tranche this year. Mentioned 2025 cash use guidance of $500 million to $540 million for hiring, R&D, and capital expenditures. Expansion of Marina manufacturing facility with Cal Competes grant to double production capacity.

As of December 31, 2024, Joby Aviation had cash and short-term investments totaling $933 million. In the fourth quarter of 2024, the company incurred a net loss of $246 million, with a loss from operations of about $150 million and other losses of $97 million. Adjusted EBITDA (non-GAAP) was a loss of $119 million in Q4 2024. Cash used in 2024 excluding public offerings was $450 million, within the guidance range of $440 million to $470 million. Paul Sciarra also noted the company is working to access Toyota's first $250 million investment tranche, with regulatory approvals in place for the first tranche, which when added to existing cash would exceed $1.4 billion.

Paul Sciarra stated that 2025 use of cash, cash equivalents, and short-term investments is expected to be between $500 million and $540 million. Expecting to access Toyota's first $250 million investment tranche this year, with all regulatory approvals in place. Focus on advancing testing, certification, and first passenger operations, with plan to begin TIA flight testing in the U.S. within the next 12 months.

The transcript mentions forward-looking statements involve risks and uncertainties, referring to SEC filings for detailed discussion. No specific operational failures discussed in detail during the Q&A.

Q: Andres Sheppard asked about military opportunities A: JoeBen Bevirt and Paul Sciarra elaborated on long-term and near-term military opportunities, including work with DoD for 8 years, delivery of aircraft to Edwards, training pilots, and hybrid capabilities.

Q: Chris Pierce asked about FAA certification and production guidance A: Paul and Didier discussed focus on conforming parts for certification, 95% composite parts conforming, and mix of production and certification aircraft.

Q: Savi Syth asked about 2025 aircraft builds and Dubai aircraft A: Didier and Paul discussed focus on conforming parts, Toyota investment tranches, and high probability of both tranches in 2025.

Q: Bill Peterson asked about defense applications, hybrid opportunities, and TIA flight testing A: Paul and JoeBen discussed government opportunities, Agility Prime as a stepping stone, and TIA flight testing leading to service entry.

Q: David Zazula asked about passenger operations timeline and rotor wash A: JoeBen discussed TIA flight testing progress and low rotor wash design.

Q: Edison Yu asked about DoD competition and high altitude flying A: Paul and JoeBen discussed DoD visibility and high altitude flight capabilities.

Q: Austin Moeller asked about Dubai operations and FAA approval A: JoeBen and Paul discussed in-market testing and conforming parts.

Q: Amit Dayal asked about Toyota investment type and Dubai operations revenue A: Paul clarified Toyota investment is straight equity and Dubai operations are Joby owned and operated.