Joby has revealed in its Q4 letter to shareholders that the company has cash and short-term investment reserves totalling US$ 1.1bn despite posting a net loss for 2022 of just over US$ 258m, which compares with a loss of US$ 180.3m in 2021. The company said the result reflects its “one-time” investment in property acquisition for its manufacturing facility in Santa Cruz as well as the increased pace of research and development as the certification programme gets underway.

The company also told shareholders that the final assembly of the first production prototype is underway at Joby’s pilot production facility in Marina, California. The aircraft is expected to make its first flight before June and will join the company’s certification flight test programme. On the certification front, Joby said that progress remains strong, with the FAA already signing off on 53% of its certification plans.

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