Joby Aviation Reports Q3 2023 Financial Results: “Better Than Expected”

Joby Avi­a­tion released its Q3 Results this week (Thurs­day Nov’ 2nd), detail­ing the company’s oper­a­tional and finan­cial out­come for the peri­od end­ing Sep­tem­ber 30th, 2023. Its share price shot up over 20 per­cent dur­ing the morn­ing, on the back of the report, as it was deemed by the stock mar­ket as “bet­ter than expect­ed.” 

investorplace.com explains why: “The earn­ings report starts with flat dilut­ed earn­ings per share. That’s a win for Joby stock next to Wall Street’s ‑18 cents per share esti­mate. It is also bet­ter than the ‑14 cents per share that was report­ed in the same peri­od of the year pri­or.”

The web­site con­tin­ues, “Joby Avi­a­tion also pro­vid­ed an update on its air­craft man­u­fac­tur­ing facil­i­ty plans in a let­ter to share­hold­ers: ‘Fol­low­ing an exten­sive com­pet­i­tive process, we announced plans to locate our first scaled air­craft pro­duc­tion facil­i­ty in Day­ton, Ohio, the birth­place of avi­a­tion and home to Wright-Pat­ter­son Air Force Base. With up to USD325 mil­lion in state and local incen­tives to sup­port the devel­op­ment, we plan to build a facil­i­ty capa­ble of deliv­er­ing up to 500 air­craft per year.’”

Read Share­hold­er Let­ter

https://prismic-io.s3.amazonaws.com/joby-site/398bd747-24ff-4f94-a65d-4973a031c234_Joby-Q3-2023-Shareholder-Letter.pdf

investorplace.com added, “Fol­low­ing this pos­i­tive earn­ings report, Joby’s shares are see­ing heavy trad­ing today. As of this writ­ing, more than 7 mil­lion shares of the stock have changed hands. That’s already above the company’s dai­ly aver­age trad­ing vol­ume of about 5.2 mil­lion shares. The stock is up 20.4 per­cent as of Thurs­day morn­ing. The share is also up 88.9 per­cent year-to-date.”

Q3 Results: 84% of Stage 3 Cer­ti­fi­ca­tion Plans accept­ed by the FAA. Strongest bal­ance sheet in the sec­tor. First elec­tric air taxi deliv­ered to the US Air Force. Three air­craft in pro­duc­tion. Expan­sion of flight test­ing to include pilots on board.

A 🧵of our progress:

— Joby Avi­a­tion (@jobyaviation) Novem­ber 1, 2023

Lis­ten to Investors’ Con­fer­ence Call

https://event.choruscall.com/mediaframe/webcast.html?webcastid=tdCAN6Km

Oth­er pos­i­tive high­lights include:-

: A suc­cess­ful com­ple­tion of a series of flight tests and deliv­er­ing the first elec­tric air taxi to the U.S. Air Force.

: The com­pa­ny is close to com­plet­ing stage three cer­ti­fi­ca­tion, with 84 per­cent of Cer­ti­fi­ca­tion Plans now accept­ed by FAA.

: A strong finan­cial foun­da­tion with USD1.1 bil­lion in cash and short-term invest­ments at end of Q3.

: Three air­craft are now in pro­duc­tion at Joby’s Facil­i­ty in Mari­na.

Joby’s finan­cial results helped the gen­er­al eVTOL sec­tor. Both Archer, Lil­i­um and EHang’s share price, for exam­ple, rose over 8 per­cent Thurs­day, on the back of this pos­i­tive news.

For more infor­ma­tion

https://www.jobyaviation.com/

(Top image: Dur­ing Q3 2023, Joby com­plet­ed a series of flight tests in Mari­na, Cal­i­for­nia, with four dif­fer­ent pilots on board the air­craft, demon­strat­ing the ease of con­duct­ing a num­ber of maneu­vers that pilots will be required to per­form dur­ing nor­mal oper­a­tions. Cred­it: Joby Avi­a­tion)