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Joby Aviation(JOBY) - 2024 Q4 - Earnings Call Transcript
JOBYJoby Aviation(JOBY)2025-02-27 09:24
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Financial Data and Key Metrics Changes - For the period ending December 31, 2024, the company reported cash and short-term investments totaling 933million,whichincludesnetproceedsfromanequityofferingof933 million, which includes net proceeds from an equity offering of 222 million and 128millionfromanat−the−marketoffering[22][23]−ThenetlossforQ42024was128 million from an at-the-market offering [22][23] - The net loss for Q4 2024 was 246 million, reflecting a loss from operations of about 150millionandotherlossesof150 million and other losses of 97 million, which is an increase of approximately 102millioncomparedtoQ32024[24]−AdjustedEBITDAforQ42024wasalossof102 million compared to Q3 2024 [24] - Adjusted EBITDA for Q4 2024 was a loss of 119 million, which was approximately 23millionhigherthanthesameperiodlastyear[24]BusinessLineDataandKeyMetricsChanges−ThecompanydelivereditssecondaircrafttoEdwardsAirForceBaseandhasfiveaircraftinitstestfleet,withsignificantprogressintestingandcertification[6][12]−JobyAviationistheonlyairtaxicompanythathasdeliveredmultipleeVTOLaircraftfromaproductionline,withfouraircraftdeliveredfromitsMarinafacilitytodate[10]MarketDataandKeyMetricsChanges−ThecompanyhasmadeimportantinroadsinkeyU.S.marketssuchasNewYorkandLosAngeles,andisworkingcloselywithpartnerslikeDeltaandUbertoshowcaseitsproduct[18]−JobyAviationispreparingtodeliveritsfirstaircrafttoDubaiinthemiddleoftheyear,withplanstobegincarryingpassengerslaterthisyearorearlynextyear[9][28]CompanyStrategyandDevelopmentDirection−Thecompanyistransitioningfromleadershipinaircraftdevelopmentandtestingtoleadershipinservicedelivery,withafocusonscalingmanufacturingandpreparingforcommercialoperations[9][28]−JobyAviationisexpandingitsmanufacturingfacilityinMarina,California,tosupportincreasedproductioncapacityandisalsostartingtobuildaircraftcomponentsinOhio[26][61]Management′sCommentsonOperatingEnvironmentandFutureOutlook−ManagementviewsthecomingyearasaninflectionpointforJobyandtheindustry,withexpectationstobeginTIAflighttestingintheU.S.withinthenext12months[8][13]−ThecompanyisoptimisticabouttheopportunitiespresentedbyhybrideVTOLaircraftandtherenewedinterestinU.S.leadershipininnovation[17][20]OtherImportantInformation−Thecompanyhassecuredover23 million higher than the same period last year [24] Business Line Data and Key Metrics Changes - The company delivered its second aircraft to Edwards Air Force Base and has five aircraft in its test fleet, with significant progress in testing and certification [6][12] - Joby Aviation is the only air taxi company that has delivered multiple eVTOL aircraft from a production line, with four aircraft delivered from its Marina facility to date [10] Market Data and Key Metrics Changes - The company has made important inroads in key U.S. markets such as New York and Los Angeles, and is working closely with partners like Delta and Uber to showcase its product [18] - Joby Aviation is preparing to deliver its first aircraft to Dubai in the middle of the year, with plans to begin carrying passengers later this year or early next year [9][28] Company Strategy and Development Direction - The company is transitioning from leadership in aircraft development and testing to leadership in service delivery, with a focus on scaling manufacturing and preparing for commercial operations [9][28] - Joby Aviation is expanding its manufacturing facility in Marina, California, to support increased production capacity and is also starting to build aircraft components in Ohio [26][61] Management's Comments on Operating Environment and Future Outlook - Management views the coming year as an inflection point for Joby and the industry, with expectations to begin TIA flight testing in the U.S. within the next 12 months [8][13] - The company is optimistic about the opportunities presented by hybrid eVTOL aircraft and the renewed interest in U.S. leadership in innovation [17][20] Other Important Information - The company has secured over 1 billion in additional funding commitments, including a recent $500 million investment from Toyota [8][19] - Joby Aviation has a strong balance sheet, which is seen as a significant signal of confidence from existing investors and partners [18] Q&A Session Summary Question: Opportunities with the military - Management elaborated on the significant expansion of opportunities with the DoD, emphasizing their long-standing relationship and the potential for future technology applications [33][36] Question: Commercialization in Dubai - Management expressed excitement about the Dubai market, highlighting the government's support and the plans for scaling operations and building a valuable service [40][42] Question: FAA certification progress - Management confirmed record progress in FAA certification documentation and emphasized strong engagement from the FAA [46][48] Question: Production guidance for 2025 - Management indicated that the focus for 2025 will be on building FAA conforming aircraft and parts, with a mix of production and prototype builds [59][62] Question: Toyota investment milestones - Management confirmed that there are regulatory and business commitments needed to unlock the first and second tranches of Toyota's investment, with a high probability of both tranches being finalized in 2025 [66][71] Question: Defense applications and market opportunities - Management discussed the modernization opportunities within the DoD and the potential for hybrid aircraft applications, emphasizing their established presence in the government sector [78][80] Question: Timeline for passenger operations - Management noted the change in language regarding passenger operations, indicating strong momentum and a clearer timeline for market testing in Dubai [91][92] Question: Conforming systems and TIA test phase - Management provided details on the progress of conforming systems and the plan to ramp up towards the TIA test phase, ensuring compliance with FAA requirements [94][99]