Joby Aviation has posted a net loss of US$286m for the second quarter, adding to the $113.5m loss made in Q1. This takes losses for the year to date to just under $400m. The company, which is developing an all-electric aircraft for commercial passenger service, maintained its financial position remains strong with reserves of $1.2bn.
Joby said that the bulk of the quarter’s losses stems from “the unfavourable revaluation of derivative liabilities of $181 million”, and the increase in operating expenses compared with the first quarter reflects the cost of certification and early manufacturing operations, which were partly offset by interest income of $11 million.
