JOBY - Earnings call 3 2023 | Joby Aviation, Inc.

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Operator

Greetings, and welcome to Joby Aviation's Third Quarter 2023 Conference Call and Webcast. [Operator Instructions] As a reminder, this conference is being recorded.It is now my pleasure to introduce you to our host, Teresa Thuruthiyil. Please proceed.

Teresa Thuruthiyil

Thank you. Hi, everyone, and welcome to Joby Aviation's Third Quarter 2023 Financial Results Conference Call. Head Relations. Joby's Thuruthiyil, Teresa of Investor I'm

management's Chief On and Executive Chief today, open we beliefs, statements up Matt regarding Chairman; we for prepared Bevirt, that Founder performance risks have that JoeBen as expressed statements materially on of financial are our Field, involve future forward-looking and well Executive from These and expectation OEM; Please expectations events Papadopoulos, the of statements the intent. Officer.After will Head and include management's remarks, call could Didier will results Aircraft and and cause Financial those current questions. based to implied. Officer; note as call Paul Sciarra, uncertainties today discussion or actual differ

call all to during that our measures our we'll the to detailed included and to risks are or more this non-GAAP both a any company and disclaimer to is of now uncertainties, SEC the financial does website, these along obligation statements of not filings can assume made over Relations the Also, our as this Investor in JoeBen. the update safe of discussion forward-looking measures. in the refer contained letter.The letter, and of revise call.With date reconciliation said, included and replay refer harbor non-GAAP the to of in with which of call, call them. shareholder this QX A on only XXXX shareholder GAAP you call, GAAP please today's find turn a with For I'll

JoeBen Bevirt

a month, company, quarterly joining X execute us goals we results required our X everyone, years Thank you, call In today. for this plan. Teresa, Joby's business and highlighted on to long-term ago you, first public as thank

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Didier Papadopoulos

for thanks, and JoeBen, today. Thanks, everyone, joining us

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Matt Field

Thanks, Didier.

third we reflected we of quarter EBITDA, about million financial primarily operations $XXX the than metric to of quarter's our third million and quarter income of a operational net from of increased in $XX loss terms was other XXXX, reconcile from revaluation for significant But million. certainly incurred million. profit I'll Other review quarter, in the quarter million.Adjusted primarily million $XX interest reflecting reflecting of income about $XXX a the higher our share and we'll income This our non-GAAP shareholder shortly. as talk about income XXXX, the million, $XXX loss This certification. of results. about include $XX to the first, $X.X net our achievements support liabilities changed a our gain of that of and letter over In cost highlights staffing as derivative delivery, a was price

of the was than adjusted and prior higher DoD specific support manufacturing to million the $XX about expenses EBITDA certification XXXX, the growth loss quarter deliverables reflecting contract quarter. second achieved in non-recurrence our in Our the organization, and in of

in increase the securities. XXXX, million Our The company's third balance capital with cash activities $XX employees continues sheet the June additional in billion offset XXXX. spending we and capital global X,XXX pay and to industry, and with months in than our as higher working staffing Through second property to more ended the partly short-term in by with changes. support favorable in primarily totaled manufacturing X operating quarter first efforts.Our Cash used compared reflect strongest announcements provide excited the want operations. quarter manufacturing of month, reflects to staffing, periods consistent pragmatic marketable compared certification remains discipline. spending fiscal a September Last grow and Dayton, activities operations. of approach in of purchases quarter and in cash totaled the our with the $X.X $XXX to equipment X I X expenditures, line of and in to with at of be million would in to our and Both we of home Ohio and operational with this $XXX We used operating our end the pace we our and property some be our our full this that the $XXX we scaled were purchase remain range.Turning the spending quarter. plans future for will measured to our million expect million. on-base equipment year, manufacturing on announce color that guidance low and of

and JoeBen Didier up totaling million local of an As for million.We for and to and capacity of we planning in mentioned, expect XXX X,XXX provide incentives to to annual state supported and up are we invest buildings $XXX up out Ohio, capital build jobs up as by aircrafts equipment capacity. to to $XXX

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are invited Department Title application working that support and we announced Part the these we Energy X submit also loan to of materials.Turning of We ahead were announcement to actively preparing investment, manufacturing to to I XVII take of on our our around September, our Air Edwards provide the to to want accounting of expected associated first aircraft in related payments with these Force clarity treatment to activities. delivery schedule, opportunity Base some our

of services are completing evaluation accounting fourth report revenue we reminder, expect potential associated operating as in primarily our government was of April government-directed total quarter, flights.Our aircraft we While $XX by presently treatment, with a reflecting the in X our to up expanded to million. the to first contract to million bringing with DoD, contracts date on-base, all to include volume $XXX the received the

we when together X cases be government-directed All As types and eVTOL of benefits we may primary use payment execute DoD taken pilots services by our Joby of pilots payments fourth and this we related All aircraft quarterly on-base paid regularly. government and to with components. in opportunity fee flight with providing as contract for time services fly more a expand footprint our Force operations, initially paid quarter, government-directed at the include Edwards with our our either X X we on-base, upfront to to as flights.In conducted be contract components a to limited over prior capabilities, revenue operational likely they flights fixed calls, hours.On-base An to by revenue operational related variable and recognized expectation is associated the DoD activities more our services the flight as support or hours flight operations. fee of Joby. on-base aircraft as the advance establish for DoD we Air in on-base in will our discussed fee evaluate Base trained related service fundamentally operate from of payments quarterly

for Challenge revolutionary future we We as when the delivered be announcement, service at participation as well our discuss In where please we announced Edwards, remarks. this concludes energy at first we Joby, instruct ask as behind Ohio, and showcased of future in in when we enthusiastic York, participants when with transforming air in most by market the Korean case, questions? passenger excited been our on continue aircraft aircraft the saw, support has in Japan team our show. manufacturing to New role potential internationally, our Grand aircraft, technology we to to bringing for transportation.This our with every our recently, Mobility prepared Operator, the our and the met would our you how

Operator

[Operator Instructions] Sheppard the Fitzgerald. next question Our comes with from Andres line of Cantor

Andres Sheppard-Slinger

Congratulations on over quarter of you. the and was start I achievements Matt, X maybe all months. the to hoping with last the

this little I'm XXXX give to granularity they in gradually some alluded revenue show wondering those in assume QX. if expectations And to to continue You possible revenues more to a bit through there? quarter? up we next should after increase

Matt Field

base So excited early. fourth as I go on said in the quarter, we're really to have plane our

off plane joined We next the line. with year next expect that early to the be

we as would grow we revenues more to fly and expect regularly. I planes have So more as

in prepared services around said the largely DoD I flight are hours. remarks, the As tied the going to provide be we

are directed by so, those And the government.

grow depend expect throughout part, asked I XXXX. us to So it the in on will, to that would do, but government what

Andres Sheppard-Slinger

maybe as have frequent and to you're to that Got sort year? these we for of Didier. piloted you closer closer amend one JoeBen it. or very test commercialization. flights thinking throughout could getting be either thinking how I'm anticipate We're helpful. us and QX do How some to should you Maybe some the That's how of wondering into process, about about give if sense flights? next

that understand better to wanting might maybe entail. process that what and just so like, looks And what

Didier Papadopoulos

flight there flight because had Thank this pilots, program, Yes. this you for really brief, for was went to clear It test will hey, to going and we're to program question. inhabited test wherever want it do I earlier when of which expected, calls. to the need ground to in our and multiple was when to me we an where be I as continue with effective you one go, really from moment get we very keep a come just sense. really is the going judicious makes most says, where programs, really be here. to okay, inhabited was our But definitely an in well exciting as We're fly back I the as pilots want excited to made it comment

integrated also So sense elements and to aspects there the the the of that will where advantage has fly pilot when test real-world and that software, our flight be airplanes where few level environment operational well continue and hardware, in required, accelerate fly operate qualities as next which and and front.But makes of sit we operate all about do take actually because human are also We'll remotely, remotely. ability as task tech. that all inhabited on lab, flights to it a lab it, would that to and a flying will pumped a we the will can really deck factors, have I'm

of advantage the in over investing So of take we really all past few been test the years. assets we've

Andres Sheppard-Slinger

Got Super Maybe one, it. helpful. could. if I last one

the particularly, huge look to struggled process choosing big plus. up next be those going that I'm facility has and great just in as phase in think manufacturing. next the around I I started into I at curious, Ohio incentives as we manufacturing to EV they is head have sector, all in in ramp production. the production year is with realize a

trying tens going When do of manufacturing you that that something make not aiming But are expectation that granted, curious ramping Is just get vehicles or as FAA guys type getting be process. how a is be up? is prior ramping thinking type you'll thinking you'll that certificate that annually, they're those it are then of to with anticipate to here. it begin how you guys Just as of Now on in things soon process. that certificate kind doing you when of kind one sense that conjunction? about thousands of about up? of to -- arrives, maybe the the which to Or

Didier Papadopoulos

in Carlos of our speak ramping is Yes. question. in, us whichever and what's as important now. we We'll that's scale Ohio were Thanks or we really line, really facility of facility But is ramping well we so plant one both second as facility the in -- right? definitely all built Marina. in go one of assembly like the again to now. the up, major here future doing as the what our has and on. we for that we final right pilot after if how San right exactly you be mentioned, execute airplane for in structures The rests the the So up here, on are manufacturing, And the that we're

actively building we're learnings, same that proceed benefit we can we're important so we getting the So really there. is cautiously from here, and at airplanes time.It all multiple the

in continue all relating that XX% faster material I But Marina. one said, -- also process we So second cost do like of first want the built than that is, us and much exciting we're to was and about usage, so terms airplane collect the learnings And to one. And more these of continue is with doing the and to optimizing also in this effectively here on. the the labor, here. scrap tooling, remember, things Toyota

just it not here, that all learnings we're that seeing getting learnings years. over but we're from collecting the the has so Toyota and being getting been on the And site

is off. really paying that partnership so And

Operator

from line Our comes of the Kristine Liwag next with question Stanley. Morgan

Kristine Liwag

milestone. that you up any and they've Edwards feedback the aircraft would aircraft? first that have helpful. And And that congratulations How the so about have could customer doing commentary so your it be used been flights? passenger used Following on on for share far been Base, Force they what they far? Joby delivered you the Air What's to

Didier Papadopoulos

to the for recognizing Christine. ahead again Yes. of Thanks, customer This Thanks Didier. the time. is delivery

the thing site working us past right So now, here So time Force or the here with been the remember is customer that been one with it Marine over have a Air few long DoD, whether important right? with be the for on the working have to we years.

being a development aircraft So that lot been been of sort here flight time to training some implement of feedback after to And has really from through profiles. the positive. them executing really so changes the emotional with curriculum, we've the prior our I feedback got has we on on that in flying have Air another be the others really and those them A with We've positive flight the of used one sort building the space. opportunity We're been the we now we're an initial moment was from during able the lot site flying at them to of feedback of It been one. Force prior here the lot before. do to on flights of excited also opening. up a work and there have and had building airplane.And here. through about

Kristine Liwag

the And helpful. by and certification was letter the progress in you the going way, your very -- helpful. plans that shared to investor really That's

you significant are quarter, certification, you For versus these XX% got Stage pretty XX% X now highlighted, strides. guys last

Stage the So quarters. XX% go few how is deal to that also, And X the there And back acceptance a leftover? of left? I XX%? the been has big has what's been of FAA around Means What's for past Compliance, remaining with on if

Didier Papadopoulos

the for Thanks question. Yes.

Stage both Difficulty] that. reiterate are respect X I just want So XX% numbers. and amazing XX% With [Technical to to

Kristine Liwag

Difficulty] I [Technical guess that... So

Didier Papadopoulos

Perfect.

we no of to X% last or respect with be is mentioned throughout X%, of working process one one that sort separate usually to issue right remaining X% that way they I by process. but And are virtue open. So we there to take us Stage the paper expect in example for X, of or things now. similar they a is, think longer Those will time are processes just a a take, path is those tend concern risk the an

constructively very that XX% very, XX% vast by for we're difference thinking Stage is between So with be going then as of X, a on remaining to back Stage over the FAA and into ahead and forth long been the the the full want has time. part steam about really really you majority it X.And

positive for confidence where really, the that's you team's is now the X. is acceptance, focus. So ball The forward the the focus with really right we're of us. on spending proceed we honestly of continue the Joby, Most and have says, hey, FAA's most high our now exactly And testing. with Stage that path really is XX%

Kristine Liwag

lastly, I could helpful. if Didier, third Matt. a sneak then And that's really one in, maybe for

billion cash XXXX look one that Ohio you a as interest usage from the be you But of balance up loan does and DOE. What get alluded sheet. guys new see XXXX the usage like? $X.X the that got a in CapEx? we Should a greater low ramp You've could flow Dayton, to we on than potential with see in pre-cash facility

Matt Field

Kristine. Yes, thanks for the question,

as on when That's and progress have you our provide Didier and The one pleased us know, such though, and fourth we're to need we'll the talked with quarter about balance thing guidance terms we you I need we're projections. have the typically So quality sheet This provides team that's what of testament forward of when talk manufacturing. as when we we understanding solid and But cash certification into making a in forward. going do really strength mentioned, foundation of spend and highlight our we a we results. want terms work the of about in to visibility is really spend. the spend to to the on our

So sure far XXXX we and mentioned remain dollar to as every year. remarks, discipline can, incredibly discussing very we fiscal as first his making look JoeBen alluded as to and stretches demonstrating in forward directly next or it frugal,

Operator

JPMorgan. Peterson question next from comes of with the Our Bill line

William Peterson

guess ability about few in Nice years, as job next of you to execution alluded your aircraft I increase discipline. financial we think a build throughput. consistent the to in an on

build And in to you're then how intend between build number what build you about you guess Marina, aircraft aircraft should of low can San or per XXXX? think double-digit Marina, Carlos year. and capability. around I So the recall we I your able I intend to think to

trying of more or you this seems to and building building guess on said But, about you're, I you're an Dayton, there, higher assuming get update slowly. by then So in it out like what XXXX, that's now. planning kind this

And think volumes about capability do subsequently how volume Marina? start or start again, when like building to think from should on Dayton, could from then delivering aircraft we and you So when Dayton? about

Didier Papadopoulos

Thanks is the Bill. This question, for Didier.

is again to to and So doing. really consistent we're pilot continue manufacturing, go make both going back Carlos I we that's up the Marina strategy ramp and be in our to want that, we've remain San want which the to that what time to we outlined want exactly sure start and with and we

mentioned from these in We the You that mentioned to sites had be that we able track. right past, and expect on our that.We're expectations now. do to tens That's doing double-digits. of still we'll airplanes that's produce

assets on is Stage that not One important. order add here deliver I highlight, the and just that want the but number equally we in test X to to exercise to have airplanes, through we key produce the things of building are to able of

as the ramp really So things to and is, is the serve in of manufacture all more is opinion, so that a together process, Marina. things which learn to my by we'll about ability manufacturing for of coming our build sort that be able while to strength well vertical that even progressively key and the very cross we in site will Ohio supported up capability integration ability from another customers, one key process the have and we to parts have. Having that certification that practice production as nicely then Ohio, to right so back for to the and now.And one delivering are

fronts. play XXXX. able So producing we airplanes all then, in lastly, to said, expect these And to we're start we on like

that. with consistent remain we So

William Peterson

you plans Okay. I and about of systems. want the talked on follow-up to larger certification some

What's How the of in the I of larger terms mentioned plans? airframe? Is for airframe. about the static we You should parts steps it wings? think of, guess, next the next test the some

Didier Papadopoulos

to we've large the maybe think and so Yes, mechanical the structures best about of that. various airframe got it that is with come sort way the systems

So into wing, fuse, proceed you'd and landing tail, so then gear like and things the the be able the to on. see

back proceed So back. things all of these to to are

earlier of for one us approach. the very key It the the to about that, statements of things is made build we is the important pathfinder. pathfinder One upon

going tackle one tackle the enables we're to we're going once ones at going to and think the efficiently tackle a piece fine us If tune we more about that software, airframe proceed then so to to follow. with that we're these, much other then pyramid, you equipment, to time,

William Peterson

and lastly, I it's sneak one about opportunities. Okay, more in more, can if overseas

expecting it and in flight with testing So you in signed SK 'XX.

Japan, about also a mentioned year, a show ANA, announced you with partnership there. recent this and earlier you think I

globally? recognized some to ASSA? or get that'd CAA other if mean we it's should Again, Europe lot been thinking in is outside FAA. far. been in that, of this a A has about having relates And we've So about several discussion I -- the have overseas on certification. of the be what it's guess, you the including to about quarters been U.S. heard certification, your and talked since parts of regards start prioritization, latest adoption of as Wondering market these U.S., new lastly, placements to anything but how ability it aircraft on the we the I maybe while, thus the of opportunities there's

Paul Sciarra

Paul. and want cover Bill, here. a the different let perhaps this take pieces broader I'll There probably to sets. customer Didier on few strategy international sort CAA, is the are but I of

the FAA customer So, Joby One not requirement of sets, a And broader we had the has sort the go-to-market. to here multi-pronged always of in U.S. like FAA, commercial is approach other instead airworthiness. the of certification, also but terms have in DoD, sort through is where service military

we of we're success would opportunity course with those seen execute Japan, those with obviously really The So the to and want sure of set on us across quickly right in you've successfully. right to be how seen of of -- the that's AAA to do. and us assess services what we the there, to able who to able you've that DoD and groundwork the international right this that's side we that insofar partnership as work of the to be service, partner markets, might ANA do scale regulator ensure revenue recognize the this we're and that on we about soon the execute as sort last sort as now, to think near make both quarter, quarter.When over prioritizing additional

in You've Korea. obviously seen the same, South us do

U.S. with Maybe them as off the And SK place Maybe Maybe the the is sort manufacturing the our is have Telecom go critical that to as is go line. places participation for feel is sure for on to we Our really in upcoming forward them make right few of the execute best different partner Challenge market go place front.And to place to outside is we they in acceptance. U.S. the service for to goal them like aircraft move DoD. of the of that is the in Grand a roll best broader we a place here piece best to

So those that we on sort optimize right for make have got we a depending want to places pots to setup it's sure boiling, so go, for, of broader aircraft make we're whether to Does number commercialization. of of we've the to comes that that what and whether want it that's long-term we trying profitability the revenue, we it's early that to sense? have sure sort make that when

William Peterson

a lot makes then I on actually that And can it No, guess of sense. that. makes Yes. That certification, understand Didier perfectly that. I address clear. just the if

Didier Papadopoulos

Thank Yes. you.

a here. on certification facts remain the consistent with we So, few

had a we've fundamental as can progress. And of the with we've here, our our see, long certification and the that for you the first most lays for foundation it behind with forward, focus remains path and progress stages here with us. So, our the FAA started to X time

we've you that know, some places. have also been of being agencies, front, progress Japan to As we engaging CAA with as continue we various on been other one engaging them. But incrementally and

to our progressively to that strategy continue and along make to of be we TC continue here. sort PC collaborations as We expect and the do debriefs And with coming I progress with FAA, them thereafter. so to think I up

Operator

Savi Our line question [Operator Instructions] the of Raymond comes Syth next with James. from

Savanthi Syth

operations to is first up is things, that of going just just question of both kind that ne the components with funding kind SK kind that be any of flight more Joby? SKT on international Just do xt outflow is from plan you on to to -- the follow there year, side from off, Bill's cash and that? Or of maybe and

Matt Field

have do arrangements on we so Savi, Telecom with that. SK

support Challenge. that So, the expect to don't be we Grand a significant to outflow cash

Savanthi Syth

of with for things happening need wondering there's Got And just of from But in kind of I ] side operations there? up set you're what you beyond learnings kind time other of to with of steps gating lately know terms kind things, taken in maybe that. to And need of wanting then, like the are on might what -- to operations. doing you Agility Prime lot what a of just it. the major that what training factors do and certification what progress meter the for just terms [ you've understanding line,

Didier Papadopoulos

This Didier, Savi. Maybe is hit a to on few points here.

-- we're many things delivered of on learnings operations there our -- had hit of the effective. an the of example. our things about a we're that quite these be a on been into understanding now that flights of understanding those learning sort some really how to which that focusing bit missions few sort here back can they the of the learnings associated with type maintainability, on maintainability we like the operation the with expecting cost on from we've also a how we've DoD are of were into we've is talked But certification. We've One airplane, operations. lot airplane able the of but And your to that and as improve tie here actually key feeds

things of a component certification. to into you that's So critical feed need

after in them Sometimes in when TC time. and to fix a those things back you're and the later of come it's you bit too field, late only find

this know base the we're to and that's done that forward. moving been say, for outside be terms the bit of of a those out we've will learnings how so in that of Joby, going New growing now scale in on I and to terms infrastructure, so York having foundational time in able us we So, some knowledge getting from of a the are also learned great we're TC standpoint. quite laying charging first

Savanthi Syth

production But then, what some about helpful. just of million know is XXXX. this That's that long-term and kind to -- just the maybe on And on CapEx -- is of waiting I for -- $XXX spend. to Matt, -- alluded follow-up Any earlier, curious the you a facility.

type kind CapEx early kind to set need of stage up of the that Phase to kind you what's the here? X of Just of operations

Matt Field

tranche with us something great is When Yes, the we as less and it, one tied can it's together, comes about million, discussions come incentives. But particularly that closer. things talk where the that our Phase that with we Ohio X, and $XXX relative is together. with any it production. It over about worked more exactly. million to initial is of look And [X:XX:XX] partner play excludes at that very those significantly Ohio. That how And we particularly call could think out capacity. was expand a was of the as how would for, that incentives be to $XXX and time

lower So, in but it the to those it well. we will about as talk get talking we think is closer we dates we'll startup? that frugal, as more about that as be is, methodical, get really more approach, And closer to that's our which how is dates, those about to significantly

Savanthi Syth

just quick And one follow-up for Didier.

you of pilot change of with board, consistent the you on anything to what causing anything tweaks that come of kind that's that on kind like to software expected? or out that's Or either Just make pretty that? is

Didier Papadopoulos

team. And feedback the what's really news Pretty of consistent, is pilots. from multiple the by part is it which very, this good great again, was is very about conducted

bit also have were we all deck terms quite and great, feedback really results really of efforts So, across in but they of flight to we excited consistent pilots, of test Not just really, lab that a the the had been like and correlated the flight that. some simulation doing. we're integrated about

very I'm very, we really have the test excited assets a that foundation in well. For that me, as we have that strong that developed, means and about

Operator

Genuity. of the Moeller comes Austin line Our Canaccord from next with question

Austin Moeller

the cell in and a relative talk cell My in to first can battery the question and what selecting of cell design here, about testing you over of to on confidence cylindrical to regards terms volume to the amount a the just design in that that with of aircraft design that's of in cycles done, your thermal terms been runaway ground systems? and relative competing and safety the both verify pouch

JoeBen Bevirt

This JoeBen. New great was is see it the Austin, to at you event. York

our really we've scale than know, of that our metrics this have The important life, the for that operating area As -- incredibly so at you as performance including are the the on about, we continuing been about plan. for comes design a cycle battery aircraft been talked pack to pack many battery ensuring of portion you incredibly FAA to something that we've a performance, which, the been it working and impact with economics now. XXXX, number more battery passionate critical many, flying years. X the batteries safety. refine deliver had We've an environmental batteries certification years I'm it's is important across full there that before, lowest to to milestone our And and since spectacular approval is a mentioned, incredibly huge pack for can. design area-specific possibly we've for the crucial the when And also quarter, we by the

And with for so, and path as means this the have on testing. more well-defined mentioned, we've where something that and been is X is a Didier FAA are we clear than X working like this we through -- years this And now. the from very Stage

the this level. lays milestone huge cell, pack need this we've at to doing is for as we exactly been about testing years and and at a the so, also Didier the and path what And the definitive mentioned, And years that module, aircraft gives at at the do. clarity

of in confidence cycle of the the incredible performance the have batteries. the the of batteries life and safety we so, And batteries,

the so, delivered industry the their really and certification really, new in which forward. the engaged to -- carry to of this FA grateful they've And degree for

Austin Moeller

[Technical is question for My exciting. Excellent. probably Matt. really That's next Difficulty]

JoeBen Bevirt

did Austin, there? lose you we

Operator

Yes.

that. about Sorry

JoeBen Bevirt

them Austin second think asking a question, I and Alicia, put can you through. back was if

Operator

to you the again? press if question could X Austin, ask

JoeBen Bevirt

technology you question great. That unintentional answer can glitch that. that the if Austin, about Happy question. would to Austin, there. was be ask the again, sorry

Austin Moeller

potentially to the an company-owned company-operated My go is opted operating U.S., next do model. question you've service the know in the vertically model potential the Overseas, discussed a with OEM-type for providing in and to aircraft. I integrated you Matt.

draw to do to I'm a Or just you other could considering collect so, from more potential investment get cash? OEM might pursuing some where potentially you which you And are PDPs sales partners? equity wondering, looking JVs, overseas are

Matt Field

question. Austin, the for thanks

as see arrangements that model, like a could similar do the something be forth, model. from because vertically about So, anything where joint integrated It which something or we something result a we've model, calls, length PDP. arm's OEM or of do envision a have in spectrum approaches in very it again approach and talked you while U.S., be we a a on internationally, like could be could could so venture of wholly-owned could prior

and So, entity spectrum by all a of evaluated by those legal basis. entity on are case legal being alternatives of case

Operator

line Edison Yu the comes of line Bank. from next with Our Deutsche

Xin Yu

you wondering on will be the was update I for in FAA? beginning an Or credit when if fully when First, can give other with could start ready? testing the we aircraft conforming words,

Didier Papadopoulos

Edison, this is Didier.

take moving the X So, now. focus for testing we're and starting credit Stage That's the of with into the really FAA here to X. efforts

And the way your a to needs conforming so, about to a conformity passing think onion about and really pyramid into as that a progressive its maybe a on earlier. airplane. more. aircraft tests its on important an It's to aircraft peeling component getting in here Every that I an the way conforming bit step builds talked to build earn

be actually production the equipment, going the in line excited the I'm on where running we parts why manufacturing credit that's get testing. certificate. So, for to We're for actually where so to FAA-conforming are our now building we're stage

but of equivalent component level. your at that's So, TIA a

so, for talked And build example, conforming to that. we're lab to tail. a kind test be stage plan do test able how loop you moving sequence into controls recently. for Progressively, a the about I we submitting tail, how where at it's exciting complete to a been have flight integrated That's where closed we're the for having that. test That's us the of

need doing to should you exactly pyramid, that's stage that is what the way into airplane. progressively building us expect we So, next really is right our of the focus on and on. the where it, to for efficient focus now. That's This be moving

Xin Yu

a Just follow-up on that.

aircraft? it lines is transition safe when company transition?[X:XX:XX] to when conforming what aircraft, So, or fully a say have Do labeled we time you I one -- the conforming versus from a that delivered, was distinguish you we maybe is think know can will that which

Didier Papadopoulos

We on what's us foundational to those important towards Right for elements. move remains building know focus when is really is. that This now, on the timeline forward TC.

Xin Yu

me. more And just one Okay. then, for

the provide you On much just how to the fast, distance pushed in can plane, provide piloted to terms are sort of you much testing sort so next the of around and the able -- you X aircraft, that any you how many months? far, how any of metrics be around how how -- what ultimately would targeting metrics do in to high, X

Didier Papadopoulos

Yes.

be next. is but So, metrics expect and to to us as operated. stages, should the to then That's se, think expectation wing. flight right, important Again, really is where per it haven't basic about be hovers Others you starting progressively on will what throughout build will test envelope, -- with some provided and inhibited. then the into remotely the moving we continue transition though, this and doing in be to the

elements us pilot are have Others to Some on important a for really board. are inconsequential.

asset we because faster. diligent proceed multiple us going effective. execute We make And most use to this what's to assets where sure about so, be to we're and to really to it's allow really, continue and that's want every to smart going how

Operator

of Zazula Our next with Barclays. question comes the from line David

David Zazula

you milestone. or of financing prerequisites big and Can little about CapEx. for plan I the expect the the talked for extent discuss Congratulations What on the a you facility? for pace on the be to getting you whiteboard Matt, guess, Ohio the total testing contingencies to incentives It's battery have this? plans. would the you it a any

Matt Field

Yes.

So, obviously way we progressive think time. the Ohio is about and over

of so, our critical. California wrong the And the how why is is to think that's scale financing plan we also which so in processes, don't want we because work

energy ], of support expenditures, the occasions is about purpose Title so, loans, with the of which is. we incentives, $XXX talked from program is really supported I clean Ohio think that, XVII supportive Ohio. loans, and we've And at then, also JobsOhio Ohio million incentive and [ what a which is us looking a as obviously, capital And which know great on that as about of manufacturing supporting multiple really has

ramping this about we're very, capacity. our this time methodical at spending and approach that's a time. thinking think So, about again, very through up to practical how staged over as But in it

David Zazula

you one or prepared if made additional a start Great. that Was you reference happens? think, potential remarks is facility questions up possibility a during moved there up. getting And earlier ramping I Or facility that ends the the of to then, this comment, about answering a something whatever facilities?

Matt Field

No.

we intend if your -- not think we that, that. implied I did

That supporting And initial is of we Ohio. so, the really, California build kernel and footprint the the which up from an ramp California then it way to we ramping in think Ohio initial scale. is

have think been you And might I what so, were that hearing.

David Zazula

dialogue the change you you've a FAA? given just one. administrator gotten had with they then, office? the And what their FAA have from And any any Have priorities from or you new Great. last or previously

JoeBen Bevirt

this JoeBen. is David,

We are sector. Senate the we our have moment This nation, and for is for now industry administrator. incredibly a a pleased FAA that for the spectacular aviation confirmed

very for we're so, And grateful that.

and aviation confirmed think the the We administrator, very have not spoken fully industry the we to in grateful has new for is that this we but place, FAA are large. somebody fantastic at

Operator

to JoeBen, like for turn Joby Thank remarks. CEO, conference over you. back would closing Aviation's the I now to

JoeBen Bevirt

announcement work Well, reiterate huge everyone from also just going the knock out call We to to shout quarter, a plan, team Ohio, continue that's out the spectacular to continues continues who certification grateful quarter piloted whether a flight in the the how facility the of just the Edwards, had on I'll to just I battery to we're what it to want do. of today that's The out, Joby our spectacular joined to team am test And park. delivery quarter. our entire give in who day after and the to and campaign. deliver day

conforming to and pleased building wait on talk the and the our about for Stage with and joining focused you certification from laser day. the next X, this and around components, momentum really to and the for in really across new are components, again -- of technology.And all vital wonderful to testing meat really, progress and a We the thrilled Have thank again the of be you nation world quarter. countries can't all communities to support transportation excited

Operator

This today's teleconference. concludes

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

Joby Aviation (JOBY) 1 Nov 232023 Q3 Earnings call transcript