Earnings call transcript Q4 2022

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Operator

Greeting. Welcome to Joby Aviation Fourth Quarter 2022 Conference Call. At this time, all participants are in listen-only mode. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Teresa Thuruthiyil. you. Thank

begin. may You

Teresa Thuruthiyil

welcome financial Aviation's Teresa results Investor Head and fiscal Thuruthiyil, quarter year of XXXX conference Relations. to everyone, fourth Joby and Joby’s Hi, call. I'm

today, Chairman; Didier Head and call On Chief Bevirt, Matt OEM Papadopoulos, have Financial Paul Executive Officer; Officer. of Founder the Sciarra, Chief we and Executive Field, Aircraft JoeBen

belief and and well These actual those After intent. remarks, that risks and we include on from for statements that note management's Please forward-looking today management's will implied. cause will call as prepared our regarding statements financial based of expectation events future and statements current results could involve materially questions. or are as open to differ expectations up performance, and discussion expressed uncertainties the

these detailed contained and our a more refer to SEC of with disclaimer Safe Harbor a letter. please discussion filings shareholder uncertainties, the and today's risks in For

are shareholder website the non-GAAP refer which on in of forward-looking not revise of and call, update we'll during to call statements them. the to included this or Also, reconciliation made financial measures. the The company ‘XX any to only obligation can call, non-GAAP measures you this of included along Relations with and in the as QX our call. FY both of Investor this is find assume our GAAP does GAAP A letter, replay date

to all now With over the JoeBen. I'll of that said, call turn

JoeBen Bevirt

on certification, the manufacturing, demonstrated that what for is operations. on you transition everyone industry on Joby, matter. a that planning in our thank the time of joining but and exactly be for It really things we're we've the and pivotal Already delivery is works. from year, approach Joby a doing. Teresa, you, just to whole. weeks preparing to as to today. not commercial Thank We're few for us XXXX this first delivering year, going that's for On

to the GX having X examples. conforming pilot Register. in Last in And X become worked some we've to in type by to facility aircraft. Federal Stage published Last XXXX, Marina, the hard first basis year, the complete you company hard process. become our complete Stage certification assembly already we eVTOL company company first final already of eVTOL we've process of give worked me become And the we our manufacturing Let of in year, company California. complete first eVTOL of the to start to a XXXX, the sort

hard in-house and That planning powering of capacity, developmental worked we test tests running year, build lab in we're already in testing year. and it exciting that XXXX, then goes our is to delivery, very including Last It our that facility. of going also integrated up pattern our means of to is is be and across streams a present work approach working. same show XXXX all to that executing

the expect fly We of and manufacturing onboard line year. pilot fly our before within a to see plan with the half the to first first year. pilot We aircraft the end off the of roll

FAA ensure our the of the operations end on the We we're areas And specific to the the Phase first facility start and the to plan base certification year. system half be to on Department We're laying the in Defense year, of track expect of announce of will half the the of across with our majority tests location to of year. X we all before in ready XXXX. to conforming manufacturing submitted groundwork the in to area XX the have first our plans of start

with show them commitment ever up, seen to and of one a down Marina is We a back, our them invited one. aircraft we've has of As members fly never families behold. in think few an Their by the industry to we I this not eVTOL execution, sight move weeks been our like largest period along only is into team dedication crowd team X,XXX a real of the turn And we to knocking to delivering first our sign on. had nearly bring before, life. also which what is pride team, people working that it's the but their

making into I supporting met witnessed essential path Toyota incredible level work. of minute, clear manufacturing, focus energy, with on but our phase the moving our will we're And process a the and a certification about testing. in same the face-to-face also in and the phase that manufacturing. certification testing in their ago couple into weeks certification of when where Japan this in is to we to transition a engineers having of Didier talk same commitment as execution I visited of some move more execution and we

phase. at the of to made. our positive first in-depth They being shift the the Fontaine, of Paul the Nolen, along and Executive host journey FAA Administrator FAA's discussions for about manufacturing including Service aircraft our multiple for Certification subsequent of the aircraft of be At NextGen. a with team, end on seeing Acting produced facilities parts January, line Administrator toured honored of testing pilot range Acting were We Larry also Liu, to and we stopping our manufacturing Aircraft the Billy the his had our Assistant Director certification into and to look members

opportunity in XXXX. technology test in was to for And moment and Watching on and his delivering things one of really amazing the our to at still of the the facility see, a is fly it remain our team. first flights. Administrator watch and the our and we our time regular that SFAR happens were one most and committed Nolen proud aircraft able they team it Marina for presents this people here are leaning

modern the FAA. companies the to we continuing world is in rest forward standard we're work the the of With to We home have world gold at throughout need and certification, have and and team, flight. our It's world. dedication set forward to to look it's the the aerospace a to largest set first for era committed place U.S. path path the FAA, of for hard the clear the of move and bar the class clear very we our of teams The partners, grateful who on the the certification to flight. home the

you. Didier, over to

Didier Papadopoulos

you, JoeBen. my to add like Thank I'd FAA appreciation the for too. team

and in submit For point every reviewing, with of those every document talented and we hard of percentage dedicated we FAA and professionals work are the the refining make, documents. at approving progress putting

the served the a eVTOL basis they're and whole. for the new We're successes industry. with sets FAA as are of and GX So successes recent our also of FAA bar team which engaging for all industry grateful high for safety Means constructive really way of at Joby’s Compliance publication like of our the completion the our the and that the

do certification. we quarter, towards we outlines progress As published our letter that achieving today a tax every in chart our shareholder

first process. well. last consider publication Certification that complete Basis to requirements we compliance the of the this of be with second we've the will of compliance, G-X the to in In of set we completed as our we With first recently And we mentioned stage, the stages. but announced year, the five stage formally do identified we means stage now what JoeBen demonstrate earlier, the as

not the Means substantially completion that small we category. Compliance transitioned side to the order the FAA minor for It will in don't move road. is for open Joby the latter to expect to see portion the uncommon for three and this XX% on our improvements are in numbers We and completion in the side and allow of remain collaboration onto a at You can those longer largely further a stages. so chart focus on bit point, at now that to changes on design XX% happen has down this

area we from doubled the about specific quarter the in FAA. by have how those really plans show this the are is eight five forward. now In And to we number to step took certification X plans submitted the third to-date. we last We of a FAA. accepted going four to Stage stage, big compliance of

This track objectives. the as an experts also second that satisfy We it our is safety four with on to development FAA to step FAA important demonstrates the is successfully stages completed in the review system their process attendance. of

in accepted XX% to X to accepted. our These progress XX% Stage contributed achievements moving from overall

underway good X, and acceptance In the FAA. make ability aircraft to specific is to with detailed test engage of increasingly and this Stage on Each X test the continue a submit systems. already search focus through stage, we we developed to Testing and analysis. execute plans testing we shifts develop our testing unlocks aspect for the As and analysis progress plan to Stage well design plans every of additional area. across and our and certification

test. [diesel] tests enabling prior Building begin credit accepted, plans composite including quarter, additional for the During on had in our to system some (ph) and a bonding we area. this structural work testing material covering us now X further on

FAA to formal to continue more ahead testing. expand system in-house look beginning testing areas, we As in our we

development the ground. propeller well aircraft of to During structural the more. and of a flying to at can and to want built the want without support Marina. To associated our That for as particular, ring any the production other also actuation tests, and we all requiring it's strike designed battery with successfully our perform replicate real testing, the work, but as tests, In significant that test integrated we testing the much this leave and we birds uses, vibration in-house and I lab systems highlight ran pace quarter, software designed we system faster In perform minimum testing credit aircraft. hardware in an FAA never risk, tests, amount testing facility we've lab, means costs capabilities. at testing

progressively conducting on FAA functional began website the are towards our in further and to and images of and our this today. recently test letter campaign excited published to expand shareholders details our tests We we're integrated facility There flight facility certification. in

able vast majority NASA Complex at turn Research down be and the standard in the NFAC the the Center, test testing analysis. of While road just largest Aerodynamic facility. Phase complete gold considered system couldn't widely tunnel the to invitation propeller world's down wind to is we're performance we aircraft the for in-house, aerodynamics National Ames or our to the Full-Scale

generation instrumental an Joint F-XX role shuttle, played V-XX Fighter a a next It the of of number vehicles, space development the including range the Osprey, of Strike in and helicopters. the iconic

to world. we the opportunity to we data NASA, few next change and gather generation rare U.S. our that a genuine a a the our partnership Over months, Air again, aircraft high-fidelity the It's as to extend support will the next of certification privilege deliver range program. Force have with of

for very support. continued grateful their We’re

manufactured assembly. the for all With line. least be the to Moving on now with one to manufacturing, at the every the progress structures celebration a aircraft the of final pilot manufactured main come biggest not it built quarter just to got we the get because previously. and from production our was is key aircraft beginning real the first This us, news were we made of which on separates It's way aircraft part any complete, moment in see this and aircraft we've for together. that we've

PARTXX to key aircraft regulations certificate. required We dimensions. production developed those be complies to the a with achieve we the We forms and locked on that drawings and of system system that management released manufacturing and quality built foundation In our production will Part and and designs. this three according XX FAA line quality our designs XXX our

next first mean the final aircraft and assembly multiple conforming aircraft aircraft for we're parts the that. time, already for These in a three eVTOL that we're and assembling structures major seeing company for after pillars

build aircraft conforming before aircraft. We our to multiple FAA conforming build first expect ready we're to company

aircraft, each Joby to our major iterate system These quickly management incorporate us the for we'll learnings. apply allowing are team. under the and purpose match level right to of process, For inspection defined and the the quality one, of achievements development

lies of lays the it groundwork and tax and the for aircraft pilot us our current exercise be certification allows progress excited production certification. achieving end by the the quality management ahead. to that system flights us this subsequent for Building with couldn't of more onboard ahead year the I

to financial it I'll hand our over to about results. Matt now talk

Matt Field

for thanks joining Didier. today. Good Thanks, us and everyone, afternoon,

for approach with spending at resource the and us in to billion fourth of support disciplined full-year of our XX XXXX has This sheet to methodical it class cash prioritization. serve of the our the and world strong and securities well Our balance resulted end quarter partners results a $X.X short-term XX. marketable financial reflect and approach and continues and

the by X,XXX The reflects more progress now highlighted Joby and globally. work JoeBen that which numbers hard Didier the team, than

XX% initiatives. Over the hiring supporting XX% year, of our we team course last grew approximately engineering of with this and directly manufacturing

$XX.X quarter of net or reflecting in million loss XXXX, Turning a of to our income $XXX.X of partly from fourth by we million other the $XX.X million. incurred results offset loss a $X.XX financial per share, operations

depreciation of expense $X.X stock-based million Our million. and and operating expenses $XX.X compensation included amortization

and to our Other of and liabilities income interest the $X.X income, included revaluation million million. other $XX.X derivative were which rose

loss operating expenses non-recurrence $XX year million our on below was a net lower revaluation quarter in higher of [lost] of largely million, the revaluation million. the of net $XX the derivative (ph) Our a tax liabilities reflecting quarter and favorable of of fourth million one-time in income almost $XX XXXX, $XX

net interest Our of and offset the $X third $XX revaluation derivative with higher of reflecting operating higher million was loss by $XX favorable million of XXXX the liabilities quarter expenses than our million totaling compared more income. lower

was higher our This shareholder is of $XX.X measure a XXXX, greater quarter was non-GAAP we offset to with fourth support than payments to financial flat, the growth $XX.X higher by fourth in expenses R&D XXXX, net the the personnel million negative reflecting reconcile and which earlier QX Our a continued million. income letter earlier. and quarter of compared adjusted our that outlined grant reflecting as in operating EBITDA, nearly expenses reminder, operations referenced

million. securities totaled $X.X capitalized to growth capital operating for increased of $XX the which billion short-term Santa equipment October. Spending Cash reflecting equity Delta’s the long-term and quarter. and This of for and and fourth property end property well the quarter, with the of purchases in used $XX.X are compared the includes Cruz cash included $XX.X of third Joby’s quarter. in million in at acquisition We facilities investment support in received activities million with expenditures, higher marketable

fourth investment final Summer received the also year. our the to In Bio, we quarter, disbursement from operations equity discontinued last

used cash and be operating operating purchase of net to our last our our we expected that end totaled highlighted guidance. call, $XXX.X low million. of in property and outflow XXXX under full-year quarter's activities cash For spending the we In equipment

than reduced of from spending deliverables our payment reflected and Our expected Department the payments spending across Bio contract lower from earlier for the Summer operations. Defense

our Therefore, the outflow our from merger a quarter, Partners. sum the As cash which we substantial a held in flow shareholder the in letter quarters, of of statement sizable our in investments. our we've in explained invested reflecting cash shows short-term more first proceeds past with referenced XX-K our as Reinvent excludes and be included cash flow our cash investment. Technology this will In

expect we board. phase our and to exciting we as definition shift flying phase with heard, implementation from XXXX have an you type on the pilot As to including of the be year certification, aircraft producing company a conforming

locations our In addition, actively potential plant we are discussing Phase manufacturing states. multiple X for with

to in the the half first year. of expect these conclude discussions We

Defense anticipated As is we to operations. mentioned our on the Department include next on negotiating quarter, also of with contract, which are base last

operational initial is an in training, experience maintenance future share scheduling up to the to We wrap for expect and build forward once in able we step in critical are to like to be it our our months. these coming This more discussions success. presents and that opportunity operations key a XXXX expected areas

and testing spending committed dollar effectively scalable working develop business We great we're to it since of a we production. example maximizing is for to out started That's invest Joby, manufacturing been before processes. of mantra We're the investment effectiveness with early and that our we aircraft volume prove us every refining timing served stress low our At how are approach Toyota scale with and spend. the we line and on A well. pilot higher manufacturing. days of the our

when keep It each in do to seen of model way area our smaller test area allows to. can incurring so need only and approach our outlays. rational iterate, our In we to business more smart spending to us business methodical, each with prior we that and learn the and case, de-risk operations. on things we're investment a each aligned, It's scale cash minimal sizable of be

commitments and in on expenditure delivering to these fall capital In priorities examples. as operations continue areas. Defense ramping Delta to in to priority used continued our million. manufacturing cash key including our To reflects XXXX, assumptions for This expect projection and net partners, we be $XXX progressing the between and efforts, our Department our million support certification, our hiring $XXX of to

Higher certification well activities, to to increase the manufacturing, all. including R&D of non-recurrence in expenditures, lower deliverables expenditures material support from look as DoD-related related an progress and sharing capital cash payments We as R&D Bio. the you forward to Summer with our

lot about. have a you've today, talk As to year we heard this happening

prepared remarks. you would instruct please ask questions? our participants This concludes how Operator, to

Operator

Yes. Thank you.

now conducting [Operator is Sheppard question-and-answer question from Please be session. Fitzgerald. Cantor first will proceed. with We Instructions] Our Andres a

Andres Sheppard

today, everyone, I what We give question is, about and in afternoon, you we know which XXXX, quarter. the been we it, a into that be able like north thinking relationship how strong quick might reiterated DoD, said translate prior As to any just terms on you expect how for have monetize right? of look with Good sense you Thanks. that to to terms get which give congrats any of Hi. to that from commercialization, releases be terms prior to us revenues? us of it? XXXX, you in visibility be or I is quantifying exactly could of to million $XX relationship of some has Can be another now you'll that great. guidance should that enhanced monetizing the of in potentially guess, And in right? sense and certification you relationship will

Paul Sciarra

have other companies begin you consumer happen We've Paul to second, having the that, been into service opportunities think we for well But opportunity is with very DoD of on of to about in from Joby So One, which to the I the the the FAA and question, space. put thanks through expected as lot has moving launch. the excited revenue, FAA to a sets noted paths focus is This two is we've obviously Andres. always many Sciarra. aircraft to that that an broader certification certification. ahead apart

on work large execute a right last over the few under path that quarters. number contracts DoD existing We've to is now. the working test ongoing So able been on flights of the

partners, the service the now. both what like Marines Force look And are right happening would the is Air DoD our about potential with that conversations and

I probably in going provide I like. But think about exactly say conversations. can both have content that's optimistic we to the guidance to those premature around the pace of that look been it's any very what

something that's hear about may shortly. you So that more

Andres Sheppard

Got Matt. maybe for quick it. Fair enough. Thanks, And follow-up Paul. a

utilized So I the just equity necessary? in So for might it areas. in can Is number current whatever and deem cash that QX, investment Any that the some given from be that $XX there, you want in now right? be to understand Delta. only equity this is perhaps Thanks. cash that an restricted can correctly, utilized investment Or is million that Matt? liquidity includes color

Matt Field

Yes. the Hi, for question. Andres. Thanks

statement the capital usually operations equity cite, into cash investment the metric, flows. activities which investment expenditure. is I in it's net operating so financing just and It's cash reflected our the and excluded So That on our focuses is Delta on from really direct of company. unrestricted, the a cash

the to and $XX as So $X.X million operating use is expenses available need. for reflected we the for us in billion

Andres Sheppard

clear. Got Matt. Thanks, it. Very

this maybe last squeeze want one correctly. And sure I I to one I got it make in. if sorry, could just

And that in has test So conforming started? the the first-half Is that flights already correct? piloted the of begin to this of expectation aircraft year. is

Matt Field

Just so pilot the said we to be in conforming company the year-end. by test in the would aircraft flight call what clarify, was and

Andres Sheppard

on. Congrats I'll it. got it on Thanks Matt. Okay, quarter. the pass

Matt Field

Thanks, Andres.

Operator

Stanley. with is proceed. next Liwag Kristine from Our question Morgan Please

Kristine Liwag

good Hey, afternoon, guys.

JoeBen Bevirt

Kristine. Hi,

Kristine Liwag

the your question you're all And for for on you pace. -- mean, regarding at I the Hey, you've like way, looks at and you by thank a when you. things here, you're you're so mean, for and when already. X done at basis, -- for the at, and certification. guys XX% you've your timeline certification pretty this we Didier, finished It of I progress Means you Stage that are color type are giving well progressing maybe where look the Compliance look

pace an have like buffer get XXXX. announced understanding your that quarter commercial prudence? possible your So of to more I to Because In just wanted you it decision decision service a or based seems XXXX seems delay that instead like here, still? on of your hindsight, to XXXX last to was

Didier Papadopoulos

appreciate progress the our is Hey, on X the the of and the talked and really to airplane Kristine, to about in feel excited year. really we into meet deliver and achieving Stage FAA on with for plan first quarter to Stage focus then thank team of of Really work remain we've and this timelines and going it, the build generally committed the we've out to for yes, to flight about test progress progressively in us onboard is X, sort all set the Really at and really you and truly the end that the towards continuing support the the to-date what allow now here. X the right year us getting us shared focusing This deliver through pilot X. We're question. the to that. about behind positive

Kristine Liwag

I see.

XXXX, So is commercial still you Didier -- it could possible in service really XXXX? then about is or it see

Didier Papadopoulos

quarter whether that that we're far it looking factor. an shared this the into the the consistent the think in important with point, we I progress that be remain remains -- as previous at factors FAA the

we need So that see one. on to will and wait

Kristine Liwag

timing your when And puts the you of beyond about about in XXXX? XXXX think flow, But XXXX and to because on takes flow give cash payment usage, the should Great, and place, I now how cash you an free Can your now Matt, peak facility. we we idea cadence free got of seems the us beyond, have cutting XXXX land in free and your XXXX the thanks. below cash it cost and in like should you be mean, usage. of manufacturing flow think

Matt Field

Yes.

that's non-recurrence the recruiting is We our takes million prior facility. $XXX so biggest year, couple one-timers, XX% than we hiring of increasing ‘XX the Summer that the Santa So to sides, will year, more have flow to we million contributor XXXX Cruz One, flow through couple guided the both that the versus there made Bio to of or really purchase on $XXX cash in and a things. did of XXXX. whether reflects is and of puts a what this and

will The ramp we you be we planes. as build other more production is see thing to will spending more

as So then more, more and well. up ramp we we'll build as spend

factors So that's ’XX kind the of the constituent behind ’XX. to

XXXX, look growth we're you Phase have really We'll our lastly that be cash then flow capacity, out in will add in years. looking build on adding planes. continued those start certainly, because to But any won't meaningful As about simply, manufacturing talking of beyond out business. And the the we we X of into affect will XXXX we'll the need then side to building commercialization way.

there's offsets the into. it. of if One, think to a you we're of the come those, of relevant buckets, leaning and number opportunities Now kind in they

to us through side, manufacturing support state and Title that things XX capital help significant on its opportunities incentives like one defray the present government So expenditure.

the out up. for the side, shape and in evaluating broader businesses opportunity that's aircraft building equate other On basically And together. they would the leasing then structure other the to parts that those an tools mechanisms industry, comes it's if that alternatives aircraft

be foreign affiliates, where DoD, our early things opportunities. lastly, long-term which I may about whether before, then And like vehicles by that's joint markets forth. there a vary own we but in revenue to venture the pull present go-to-market market so opportunities, and will only they're the would And not as whether that will we cash, those add, put company approaches sales talked because partner or as a ahead another

forward we levers as looking lot pull So be will there a are we the into business. to go of

Kristine Liwag

they'll you squeeze the November, a we could Thank for I operations like for think in operate proposed is should it's carrier the they your commercial it rule operations tours one, by this different saw once that? Paul for through definition, that same fixed FAA into negative Great. change rule performance? airlines and Thanks, or had so this we good if to powered rule And about Does Joby color. powered things like and positive rule could that air And just if Matt. sure the that In is the the certification? be Didier. lift or update regulations a on service operational stayed I charters covered trying third not do I'm the it question Joby Like going goes guess, lift. forward? make easier a to it aircraft would Air technically I'm understand and how is operations as wing side, for it add for

Paul Sciarra

but So broadly to was across certification of that to indicative sort and We areas Didier some think areas felt like the to relates FAA trade-off effort documentation, and not just of positive say continuing he I that are we're the build good these about operations. includes and on the pilot progress, referencing was JB I also that would lenient that of when alluding what the training talks of at really about front the the the sort of, momentum call. of

folks continue need we they it's make at going right way. to making. getting that progress that us be the it's upon the making that to And incumbent FAA. to progress just to right think attention And we they're So make be need from to along the the the

Kristine Liwag

Great. Thanks guys.

Paul Sciarra

Thanks, Kristine.

Operator

[Operator Instructions] Our from next Savi Raymond with proceed. comes question Please James. Syth

Savi Syth

everyone. Hey, afternoon, good

that Just Does burn question be Agility of cash prior cash to just view? kind if like Prime burn kind from on that guide. Or contributions the that you could upside a partnerships? type clarification many, the XXXX on of,

JoeBen Bevirt

the projections our factor does in Agility That Savi. contracts. Prime Thanks, for

Savi Syth

And of, the through that curious as production any process were process? of company then went this if building on Got expanding -- it. when and kind notable there consider the conforming surprises just assembling kind as of the aircraft, was I you, you kind

Didier Papadopoulos

surprises beginning all of of about of is combination each we for Journey, I'd been And changes you really all to-date this together. That's to it's hadn't that testing able development now the really here no components, the the in positive really here. is really and general, see on planned for speaking, most accounted be the going process of about seeing been subsystems positive or development all progress This of the and are years systems these. yes, to-date. in-house from were and Didier. exciting nature. In the This part this, and Thank progress miners come many say accommodate planned the really, question. to the to they happening us for I've sort really, of really through that remain we're for the

Savi Syth

process, clarification off obviously of, more, hear. a of, -- factor that than a built, Does testing testing clear Or just create kind process? good shelf? the kind testing parts internally And the Joby doing That's really, not just on of, has kind just does the to if requirements more advantage. I because using into that is that

Didier Papadopoulos

testing be that. the appropriately about system we’d is it think the be It's about but really all suppliers. the aircraft In Effectively the we who's it the OEM executing majority same. Joe actually really also or equipment, it testing, executing from you the and will for when testing, scale this case, whether be vast of

of and all co-located here a does it just really any all make think to So to But about big the of testing, really here. lot ways changes and is also in on. adapt aircraft We're in-house. picture, infrastructures the an advantage we're supporting the give the not findings in address able have the that but and development, manufacturing all the it you manufacturer, so quickly

positive a So I is really, really, this do thing. really think

work building as feeding on testing any the feedback, instructions, of we're is the manufacturing next quickly for coming back line. building now very the series to the this the of we're already these through to which here the design, we're seeing and the and aircraft integration we're team getting final that airplanes, And it's quickly adapting to

Savi Syth

Got Thanks, Didier. it.

Operator

is Our Bill JPMorgan. proceed. question with next from Please Peterson

Mahima Kakani

is This afternoon. Kakani on Bill. for good Mahima Hi,

how chance selecting is wondering, is Just of production in could running? jointly this so how the going site capital the this partner? with there process site that a U.S. And be a be a funded to intensive could and get it up And far?

Didier Papadopoulos

joining for Hi, Mahima and thanks today.

going process So discussions a in number We're our of is really states. with well.

really site think selection, As looking off basic about requirements. -- with we starts we're the for

like at not Then days] aviation. labor flying is availability, which ability (ph). days, airport any obviously look on to critical really So for [five manufacturing unique we decision,

encouraged those in next think terms then We've also the and rates that capital about labor the in how the sites, cost are is available forth. it and of you state you in packages compare those and the by total of our support but really so and forth. whether each there, packages so on what incentive in incentives expenditures across And states, hit engagement be do of been how terms

total cost our process looking So manufacturing this the facility. But with announce I have any to work to specifics -- to of overall don't we're through today. reduce

factory more We're on talk specific But outlays this would to not guidance about later we'll be our providing year, capital what cost. any we it. more of future happy the announce have to once

Mahima Kakani

you. looks any from Thank it. what production Got of it certification of like can here? And or legwork then on in also Like it? with of elaborate be done can you ahead the conjunction types

Didier Papadopoulos

you. This again. Thank Yes. is Didier

that in the communicated we on really our So recently. conjunction got really certificate things trying purpose the of And some that can certificate. we work our so see is production way we've effectively can have we're tax to you after right with it this doing

So for system. having example, development completed first quality our of

an it And first really build actually use optimizing third it. fine through so second that's build, we're the it build, us so exercise always tuning that and and that and opportunity to for

the certificate right production can that then get the PC, the So we when after. PC, we get

Mahima Kakani

much. Thank Okay. so you

Operator

And Bank. our comes Yu with final Deutsche from question Please proceed. Edison

Edison Yu

sort changes questions. conforming or and a conforming move second as demonstrator Hey, meaning or follow-up after that, in Wanted also, quarter you've you And fully any then that the you'll conforming to on do let's by thanks make interpret relative you of pilot aircraft. of say, potentially half, made comments the the we provide to any that for taking our company you flight the have about aircraft to differences should Can next aircraft. your year? you the fully first

Didier Papadopoulos

for the question. Thanks

lot Let of me -- a over questions here.

here group back maybe this. talk step me Let how and through we

the will FAA we're about think the is terms manufacture and of of rerun One So The effectively in really conforming to airplanes, is the quality a to to which again we we eventually airplanes to applicable do demonstrate groups. to in part series going under airplanes. the second airplanes, purpose the FAA group with that that is build the really, build management We next our of conforming. the airplane a testing around in can conforming company of first conformity, of one and is order and contended dry system. level the design two

Each generally and more a one build of of on airplane build we one set some specific the features on features. in one. first as we to focused conforming look of continue company and on build the is at in the airplanes group the of speaking, that critical stage out. the And tend Each is progressively of progressively to essential these previous to

the So for it's about execute starting firmed systems be aircraft lighting in through on that environmental to be against design there we'll testing address things purposes, these up control on. is that follow-on our the may all here not as or building design first But work may and and from here to in critical and like builds. really intended interior our

Edison Yu

do terms of a of conforming that version, ready? the have fully target a in or then when be you And have you do will sense

Didier Papadopoulos

communicating front, piloted. of the the I on pilot onboard updates onboard. the here build and is to all not airplanes We're flight, deliver really having the say flight is that been pilot have of pilot or This about should our on course, be to focuses

Edison Yu

pretty you're do question out updates have or using using doing you what come up separate few are then of planning and And cell. competitors kind [Indiscernible] think strategy, evolved? has them Understood. of I I publicly you're the any there that two what how on battery think a cylindrical, Do have just on to of the

JoeBen Bevirt

Thanks, Edison. is This JoeBen.

our our performance to previously, stated very think the demonstrated been cycles the like So highlight the we've more batteries remarkable it. system we've the we've battery, the how And continue And performance service around as economics lifecycle on replacing of operating flight I'd the the to we of lab. safety with battery and pleased pack. the important features to our is battery including and of environmental impact with in deliver that systems, the of we the battery be representative to than again, able XX,XXX

our Safety of of also go of is during then just one them. tests And fantastic the to our prototype question system. in priority life done to seen the back and we've we've our inherent your that it's everything out aircraft, heart really battery flight again. on safety number And design to

Edison Yu

I I if just And one in. got it. the could Got know effectively more MOC. you sneak

XXX% that next what XXX%? do we year, about timing does -- later just Just a officially remaining do but piece. curious. When become think know up small Is small piece, wondering wise? on it's just that I tied how just that a

Didier Papadopoulos

Yes. Thank you.

that to for the really So percentage get to is and XXX% But there's that mentioned into -- the XXX% most the earlier, this small very that those -- evolve part, over there time. plans. our may a expectation close Like not will is to what is inconsequential year. are I here matters if this plans test we've certification been and the proceed really able we

program the been the forward. that really critical is have those unlocked fact moving So in here

Edison Yu

questions. for taking the Thanks you. Got

Didier Papadopoulos

you. Thank

Operator

CEO, to turn now closing the you. I to Bevirt like Thank JoeBen over comments. for would Joby's back floor

JoeBen Bevirt

XXXX. forward incredible out We're performance each whole. company and I And what year. as the looking a the We've is all. on we're as to pleased want systems with emphasize again a really and the a the demonstrated in team you aircraft seeing aircraft of very thank to momentum Well, of that incredible the

see of in Didier a across And about flight in that the moving pilot the onboard year conforming the the so coming excited first-half year. into to test and then talked later the into And aircraft aircraft as we're flight line.

important integrated think vertically we can't our investments to paying base going to of capability as metric testing the of a as It's at of time call on we're the the be be for with And where again are are our And year have. evening momentum to touch And we more grateful gauge wait in dividends. our is example our look company, we this we for the all really strength in-house this to not is the that shortly. the another I most stand progress testing. a could to strategy. thrilled you listen and very made taking

Operator

conference. conclude Thank today's does you. This

for this time at disconnect your lines and thank your you You may participation.

Joby Aviation (JOBY) 22 Feb 232022 Q4 Earnings call transcript