JOBY - Earnings call transcript Q2 2024

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Operator

Greetings, and welcome to Joby Aviation's Second Quarter 2024 Conference Call and Webcast. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Teresa Thuruthiyil, Joby's Head of Investor Relations.

Teresa Thuruthiyil

Thank you. Good afternoon and evening, everyone. Aviation the to second Joby financial the the for results quarter to conference discuss call company's Welcome of XXXX. results our announced earlier We today. this our website XXXX a ir.jobyaviation.com. at Both letter at Investor call of the of QX online are page our Relations available shareholder webcast and

could as intent. current today discussion that These those differ and are on management's performance forward-looking and to statements statements involve of uncertainties events and regarding statements actual Our as future belief, expectations materially risks or include expressed financial will results well cause expectation, and based from implied.

more of contained of results of note this and call, non-GAAP detailed the on not or as For forward-looking company today's and a SEC our does to date call include are disclaimer harbor any The discussion Please in basis. in uncertainties, revise to please them. included only will refer the safe reported the the shareholder assume call and risks obligation update with a filings today's letter. these this statements that made

shareholder QX between measures. non-GAAP and a provides Our GAAP reconciliation letter XXXX

the On Papadopoulos, JoeBen for OEM; have of with remarks, we Sciarra, and call questions. over Bevirt, of Field, the the joining JoeBen. for call Matt turn President And Financial to Executive And Chief all Officer. Aircraft After Q&A, Executive Officer; said, we today, management's prepared call us we Chief have also Chairman. Didier Paul Founder I'll will open that

JoeBen Bevirt

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Didier Papadopoulos

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Matt Field

good Thanks, afternoon, everybody. Didier, and

highlighted the I'd our recent share Joe progress areas. in X accomplishments and Ben by to addition like Didier, adjacent In to

published progress make actions July, impact year place in shareholders. our showcases sharing second expanded It workforce a our in world waste that and another represents First, reporting, and impact governance core lead report to the information better XXXX for our we This which subjects. industry embodies more. addresses since our matters our reporting the these systems, founding on our we development, safety highlights employees, good management and climate and with enterprise-level XXXX. report, to communities, It's where Joby area in

relates of needs to Another and progress tax opportunities. this our area activities In training programs, incentives, case, loan the capital business. reduce for our to

We for commitment the development are awarded that grateful Joby grant highly application grant. The process competitive, maintenance to the recently to to our was to employees our programs. awarded FDA the and team support was training a a and testament it's and this

California were in We tax XXXX. our incentives equipment, another round manufacturing builds grant first which on also granted received of for

far Lastly, significant our and submitted highlights XX But XXXX $XXX a X Department quarter. cash our to to This loan. across results. we financial evaluate short-term This to remains an second and represents support large commitment build the a our capital We Shifting loan quarter effort Part application totaling investments Energy application business million. ahead the to long fund ended and needs just getting is work our opportunity term, not Substantial this of next multiple sizable accomplishment. a the of scale. the of for quarterly with portion through application Title for application. teams represents our

period loss million track than about quarter remain had and This partly cash full loss of lower of spending as also property net million reflecting well offset as on higher use Our included and incurred $XXX with operations in from to of pay million. quarter $X as on outlook $XXX X $XX contract million, fewer the million deliverables. last of $XX $XXX We spending equipment. about totaled We $XXX QX XXXX other our million, of a interest income million. by a year we cash

deliverables, compared hydrogen Our operating lower than and for revaluation quarter, expenses. increased net than revenue-generating and across earn-out million warrants reflecting were Total effort, X like our the hydrogen-powered million and power areas these resources flight These the our quarter a elements: testing and first was to X activities. $X our by ongoing spending half that things which supporting contract the expenses recorded lower deliverables, as government QX. the mutual loss in which customer were to higher our government this in of nearly Hurf In reduction prioritized of shares. prior which our and increased projects R&D work was we R&D a directly contract $XX as our first of included reflect interest supports of wind through of DoD certification was our Joby first favorable and the to of the year, QX areas time important our work demonstrator, quarter like partners, prioritization staffing offset on-base more

payments up these as reminder, expenses. R&D a of a As show reduction

in our and We will operations next late government these of expect to manage year. across continue government-directed our we elements X contracts, on-base and increase engagements an year this

in net expect We contract Edwards our to this the Base in shareholder about million loss lower the Adjusted of the $X Tampa was Air Base was Air Force mentioned EBITDA, letter to million This deliverables second to than reflecting year. $XXX prior earlier. quarter. X second increased metric quarter, our additional we non-GAAP Force aircraft deliver a our next year late income that in reconcile a to and MacDill aircraft

the loss reflecting higher last $XX the growth organization. EBITDA million period adjusted was same year, in our Our than

our the and sheet I'm progress As of you the the that we the that make all sector. JoeBen we of top with from balance business, across heard elements in say pleased call, do at sector-leading continue to to strongest

to technologies track to ask We the this on to side we track on have end equivalent have ensure overseas XX% to stream, we're With this testifying. the having through capitalizing demonstration to month to I'd growth We're long-term like X the flights aircraft on how please capacity of per operator insert and our on behind momentum reaching of to reach goal questions. participants production new certification aircraft well-positioned about that, work Joby We're disciplined year. We're year, real deliver to ask Stage continue X. in deliver by X of investments. on to our by

Andres Sheppard-Slinger

Farmbore quarter. regarding Congratulations seeing share your also commercialization. could you a Didier, on you. wondering with us I'm a weeks JoeBen, at great help few ago. JoeBen, the maybe you question and for it's Teresa, if vision

and Now UAE. with Japan, obviously, into Korea, the the application Australia, the FAA,

kind place you envision commercialization of that Just process the in taking how term. wondering near

curious Just thoughts to your get there.

JoeBen Bevirt

you, Andres. Thank

I beginning think RTA you did summing targeting momentum seen GCA on commercial up we're a launch multiple it there building the the with of Dubai, fantastic next fantastic from as in dimensions of year, job lean infrastructure. in the we've well the as and government, out and including

progress So FAA to then on FAA all with Korea, next And of leverage groundbreaking of team you that there relationships leveraging all first where can you U.K., rightly progress first incredible towards back in the well those and the the as regulators, later the on this expect to the us the commercialization out the local the fantastic we're recent of announcement we're the has half year the announce markets, work flights half doing year. certification is world. making pointed in in of Japan, across the in first the infrastructure the of with the bilateral the Australia able that and as and year

side York at New momentum in the of we're is of seeing operations on and with do Delta our Delta, L.A. tremendous then excited airports international our the here about see So we're and we element, and course, the Uber partnerships infrastructure with And the the really other demand gen home and opportunities.

Andres Sheppard-Slinger

learned question with the And what you in help Matt or Paul of a in one are maybe fourth third I'm operating production potentially. some kind perspective those kind being significant more maybe once these assembly, in of been or automate in has I'm with been But aircraft curious just that now from curious follow-up, lessons international just or what quick the or just shown. the specifically more lessons more And Didier rollout a Just final will prototype that process, you can the the ramp-up have wondering of identified maybe for things learned? are selling a have that that you've on what maybe what these process and accelerate? markets. cost

Matt Field

Andres, that off then Didier hand it's manufacturing. bit about the to to Matt. I'll and part talk of a take

So on And we've think pleased we as I cost, in over past I continue to of it. with about a playing really progress. those. we're reductions talked like kind to the seeing terms see of of know call playing

lessons board incorporate in because to part vertical operations and of the final integration assembly. plant limit kind to, say, our allows at look across the manufacturing just continue We ourselves plane of our let's to every us not

Toyota to dividends Our pay partnership with there. continues

Lessons the pleased with we say, so really bring of planes. early terms progress how And up too that. pleased on with in really go-to-market, to but

plane and operations. So that we're bring learning roll as we into have the off

bit about manufacturing as with off plane that talk each little So incorporating the it seeing hand I'll to Didier shop floor well to the as successive and a well. an increase in pacing cadence there.

Didier Papadopoulos

Andres. end, leading manufacturing. by the right the raw multiple multiple fine-tune you the some way opportunity work materials Yes. we receiving because we and building then hadn't really to automation wanted the helped optimizing the beginning with at the workflows, fronts, And started that of double-digit of X process. month on the side. at really the value see Thanks on the vertical very of yield The past month, question, exciting through It top the us few to on from manufacturing those X we in -- improvements yields, the the sides on seeing Farnborough, of for us that airplanes manufacturing exciting on the have the months instructions way, there. been at understand to gave show the integration of all stream to to airplane, the that, were we're from to terms truly integration Good

yields closer we've producing and efficiencies and those us are As one a our aircraft earlier, month. closer helping to mentioned target of those also get

year, exceeded that middle here the this of this past fronts, multiple in we've already fact, In on year. barely

after All of which which and quality certificate to is system, now translate into direct right a support reductions cost right a improvements, me us correlation TC. mature these helps getting also a management for quality most importantly production

Operator

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

William Peterson

for talk. But the you all thus on if details And longer-term see the aircraft. thanks to elaborate want hydrogen in can I the vision for more far the mid-to

accommodate guess So to the for well a would that how Can in would in guess, version develop a spend it, bit proceeds? guess what down but to do current system? better hydrogen R&D beyond? current you kind XXXX modifications of evolving intend you the you as need terms other you a you of see line? do elaborate as I this on that do vision fuel And you I to alluded is model? And be the models foresee of payload Or I hydrogen what and have then to the the internally,

JoeBen Bevirt

Bill, then JoeBen, piece and it first and is that thanks. This to spending side. Matt take hand on the the of I'll

was confident disruptive of that nascent, on see writ the large. we has on just not dramatically ago, being hydrogen pulling thread that can X do the we massively changer When game more but more change this the the this it, a of that future potential from improve large. much technology is standpoint but more pull electric we become years aviation it program at a sustainability, a really technology as So our began aircraft the the performance to the we

delivered was We begin purpose really to for us and it system. In it. But production U.S. in we to lean took world demonstration. the able the version. And did, around on regulators substantially us work putting with be processes with demonstration get this the to and a in the you in place a to just the more regulatory steps saw, of was here specific to battery-electric to retrofitted aircraft, the and we as certify hydrogen-electric terms of it range our that and the with both

the provide instead services training, on regional in number the us a the The pilot small. across being on number aircraft As prepared just it amount Elevate -- spend take address was software town, same potential system, can incremental people in mentioned allow the that adjacent have OS this new extremely upside we to of provide give to our of exciting that from working of contained quite this now large we're and remarks, we the a operating work on incredibly and vertiport modifying of systems small able TAMs cetera. to where is capabilities amount investments, et of a and same spend but operating is able service of amount small we small, impact outsized the adjacent on same

increased over Now we piece provide all a the financial can then I'm our sorry, hand customers. the massively the sudden, -- Matt. Paul of over And we've value to I'll that to

Matt Field

for Bill, right. the That's thanks question.

in kind X about of think buckets. about you So this right cost program think as specifically, you R&D of now and think I R&D the

so means there'll years. the block what we to point at But that roll upgrades, certification, this this resources projects, on forth. get and off taper the is plane all, of machine factory, And going muscle. other that will, is that in be if as really a that and makes it, certification factory, the First the you real that or expect as call to likes the -- machine. it's is which engineering Didier to that And off closer we'll closer

amazing what's And so that's being integration and here engineering do creating time vertical time beauty around base you're things built is that again. can an the really of

so of will And some those upgrades. block be

eventually Some forth. road so of like or or maps be things autonomous those would hydrogen

the the first that's of factory. part So

the in see test see build cost there of you'll you'll to What see we and build you continued piece is units. second in prototypes to The today cost build as plant articles. more building the use the growth is we or material our

of or ongoing would of will support we factor, but if And a kind expect form will, cost shift manufacturing our you traditional goods operations. to to so it increase, that a cost into different

factory So into over then ebb and to depending evaluate is and see the And we government That's will and pieces, supporting continue evolve. last be probably will the contracts. of which a is it the that commercialization we really engineering in mutual the how a piece but there and kind grow commercialization. of the something always X stabilize production of will there piece, migration and production. on on But the going our opportunities support but to and those time, where growth and on piece the manufacturing you'll growth see flow bigger but of benefit, factory are manufacturing pursue

William Peterson

What standards? lot the have does obviously, mean down European market outlook a big is and I well. but how we ASA. published maybe you light as of something year your Europe by in market around latest higher a guess, ago, impact I despite former's certification is certification I safety in Japan, entering the U.S. but in think, the thinking this discussed, a maybe obviously the standards around validating Australia, line? and with of certification FAA-type statement ASA opportunities the harmonizing FDA the Pivoting your around U.K.

JoeBen Bevirt

Yes. Thanks Bill. for question, the

directly path ASA, on with be So also ASA. in the work continue order we the with the with to certification aligned FAA towards to but

get the focus FAA be continues months Our and closer. points a some seen We'll to Once FAA with we past continue on can of that. that path expanding steps see as the working how where those much with more alignment in been to to we And few more closer to has well. there's get closer through and the key the that after and we've on complete, CAA working front. certification We'll have U.K. we continue EASA expect and

Operator

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

Austin Moeller

Great to at everyone Farnborough. see

first my Just Bill's which is a on follow-up question. question,

established to hydrogen new the require and If this a propulsion certification, presumably, to of a for bases And would flight testing? of kind and FAA this that system, the so bearing of a want certification aircraft submit SAR be objective eVTOL correct? for hydrogen your you doing was

Matt Field

question. Great Yes.

doesn't though on so byproducts of and U.S. much implications. there some are the the question. necessarily general focus the operational aircraft, as aspects upfront the and maybe on This less the that certification the as in So far into more go require on technologies

leverage to that expect the to we able least path the be is or able to So desire -- front. at on be

I certification through technologies are the TCs the a talk In today built after most one amended of call where things we've basis aircraft which of platform, And exciting new of type aircraft about we about that's that terms that right introducing why we lot One, is the a the where technologies on reusable. I'll of certificate, fronts. is now, TC. this initial X hydrogen like think introducing and

So the on the those only. the here focused new and introduction the platform changes foundation will is aircraft be technologies of of

and be focused certification about where may develop whole this element excited that. those basis, was changes machine is and really certify novel only software. certify we're understand Matt That's the develop what that be first critical talking and that built able was That big and machine at something with technology and making FAA a working of the We've it of order other of what's that's technologies. to that we'll start relating understand but this able on the makes leads able like we able would hydrogen. what that's that to said, today, the introduce new as and and to and that to The FAA, where Job machine. for to a the success. one, We're technology the foremost, at on airplanes. here step that sort to to demonstrate really JoeBen We're affect reuse means. infrastructure to capable did have systems hardware really plans is what about that them that the we smaller the we and think What doing and the the to about scale doing. certification us, we that important really In all we applicable with component we to certify be is rules and a Passed of capable develops is And to understand important not demonstrator. technology really

Austin Moeller

my second just question. And

of have is by complete. What with detail stage? timeline what in a late verify FAA to Given you Can is does you go Stage given the and you're aiming look -- process on XXXX? aircraft the XX% on certificate show will into like be that the X the doing type

JoeBen Bevirt

Yes.

thanks We're previous It's accelerate having more on had to excited we've to at we Stage any progress progress the expect the to this year. about be latter than that. -- been this And continue think of other for X more complete I highlighting really in point. able quarter this X/X than So quarter. part

branches remarks In I the that's FAA certification as fact as unique addition we're now is trying to to also in prepared in thing of the one on multiple the on percentage, really think highlight touching systems. well fronts the multiple that

whereas want year example, or for toward qualifications. breadth we a equipment progress ago, on materials You to then moved and see made of working, that exposure, were on

talking factors, and about like endurance more on. testing, Now propulsion, X complex we're human so control, systems

that So we're on very excited to have a front. broader exposure

way and the aircraft moving into to the about pyramid naturally from with think you component if the you aircraft we aircraft, where to start Now start expect systems there. all can the move progressing us

future. into here expect So the progress that's direction the you us near should to in

Operator

of Savanthi Syth James. Our line Raymond next question comes the from with

Savanthi Syth

done But you've of of type if you production-conforming aircraft. with flights test curious kind that curious was process. I was challenging. doing yet What you've flight transition and I share you're through of kind what is where flying or you could gone if in the kind the extremely trussborn of are

JoeBen Bevirt

the question. Yes. for Thank you

again, that to few past the really in flying and flying, remember, we've to aircraft. airplane. important a XXXX. step over years, aircraft back started So flying And consistently then a I it's with And XXXX, respect continued we in full-scale full-scale think preproduction prototype

What's to aerostructures, a days much as as few as been the the that we've during flight your fact, want fly mature it early is program, you propulsion gain stages to confidence flying even recently the really order a In as it ago in here. to units. of as the controls, possible about design and relates important

the you to of lock understand, to elements, you All properly those really need need in design.

a also with you to design these evolve model You build need might so around be can as confidence. high proper the need

this this All of is point. us behind at

spending on right quarter of our it to part progress of the time is making priority though aircraft, the for is should particularly is us, plan. here spending we'll systems progress flying building not across do X the which Most necessarily the a and the of And things be, continue focus and forward. lot on pyramids, in One, highest where something now it moving is is time Stage so software the make the past a to equipment, leading hardware. so been continuing certified so of all we've X to that

to then to acceptance need into these. of continuing two, on actually and for the assets getting these plans on you sort builds the And test submitting FAA equipment. progress the these number take conforming these assets because Number credit FAA. three, development what that's make test converting to So

making on and So about XX% on having front. progress to this continuing here, obviously to that we're on that and pace strategy sure is our making excited be gotten submitted

direction next quarter we expect in You of said in and flying the and airplanes. to start as the not-too-distant continue that progress to future. continue the airplanes seeing those here make should all we us in And on should earlier,

Savanthi Syth

Just clarify Didier. that to on

scale, version. are these differences So I -- I with know think full production but are I the think there

there how have you to kind to flying any of kind you more Or or want lot more productivity of through test is haven't a flights. have reason that? do of reason some just around you kind So gone those

Didier Papadopoulos

sure why conformity confidence soon flight see Yes, next get because FAA is that working there's from basis. for them and regular no then the that every FAA We of we're high really points design submit We and time the you make we're going when the sure sort something reason of getting -- seeing energy part some engagement and on that a FAA about of that we here, on we see want directly available. them to as every the with executions to here most testing. want of as through invite we're these aspect, this to confident test of is is towards we importantly, conformity want those towards make what spending evolution us is that can credit. Savanthi, here That's FAA goes it's and so the

Savanthi Syth

imagine building expensive. ties question, which my with kind well is Actually, I really of aircraft is that in these second

X is testing and of that everything. to It the have you So the of build of kind continue aircraft to aircraft. switching to of kind of certification-conforming thumb like kind versus or so X rule build of hours seems conforming aircraft flight curious kind and why enough production-conforming

there is. what the strategy curious So

Didier Papadopoulos

this it with pass start and Matt. to I'll a bit Yes, on

I building think it's have we're and axes. remember the to important airplanes of today it's kind that multiple X purposes,

really The system. quality is maturing management first our axis

able terms nail to path quality PC scale so to product scale, getting we're able cost-effectively to it's down when scale have toward to of in a We that quickly. this and time and we're

this learn to learn airplanes, on So right? you can learning you build paper, to the best can is how is -- And now. right but we're way

other verification some purpose, fortunate are So used axis, that these directly a of On to one right? airplanes are of airplanes for has mentioned do TC intended DoD and we're international is like And applications. Others order earlier airplanes group then for we mature demonstrations. the in activities the in for every of the side these program and intended, engineering purposes. of these for third these of the

way. and PC. use also So one for important then It a dual has has short-term us a for that end fortunate airplanes purpose, every goal it extremely has we're of an these utilization, TC and that's and

Matt Field

Didier mean, add, what I program, in absolutely a you're aviation think just have I Yes. traditional covered right. just kind of that, to I but I want would on said

show need these only capable conforming because just aircraft aircraft you to your don't probably build You of. what are

With engagements much of DoD and or they the or how what international want the where the areas possible demand, novel we so the people is art that's with to whether explore have new aircraft, a aerospace in operate bring us fortunate to the has been that these very are want helicopter use where we're people might helicopters limited had position to aircraft. to restricted and traditionally in asking

talked that muscle you X that great important I so and kind a to three, so bring be kind be have then a more public, And about; in or program is to welcomed routine to we to cases us processes think, for conforming the know manufacturing going for two, of of our might so they're X unlike, only service, paid to traditional the doing one in where that aviation which refine opportunity building because get we're aircraft, there's for into educate really many those communities. And scalable. Didier

Operator

Barclays. with the last of our from line And comes question David Zazula

David Zazula

us when to autonomy. FAA. thinking JoeBen or guys guess best covering of have possible scope the of of I a had thinking For I with of years what aircraft an the intense picking focus me hydrogen, Paul certifying was opportunities a on think number struck the ago, Joby, internationally, I couple great you started expand maybe kind even, focus, singular

you're any have I'd your mitigation And risk high-level the you of So extent to or straying you've just that from assess what of in considered company-wide? assessment that, that efforts risk interested be kind a focus. from put in the

JoeBen Bevirt

you. Yes. Thank

layer I electric incredible we're do platform before, we think battery expand we aircraft extremely substantially we spoke focused battery technologies, making Didier the really of -- progress of and as build aircraft said the opportunity are certification the on opportunities on us. the We as about, and these incremental to the before on fantastic very electric as there. see

expand extremely next-generation are a as company. progression optimistic our aviation we so And about into we

David Zazula

could one Okay. more. And just then have I if

potentially I define couple you term that You as versus a used wonder could possibility what noncore defined markets. in there releases U.S. and kind is a market you the a if core even by noncore of of the within markets market? a recently core mean be

Paul Sciarra

this mean I'm talked are Paul, not we've you of all sorry, might point, sure markets that is which press core. this -- and releases about But David, to. be the referring potentially I at

here of into potential read phrasing. mentioned are across are shouldn't the in in opportunity also you service Dubai a commercialization his U.S. we mode on in that with for the But particular J.B. in prior sort on Uber. and Delta, anything conjunction that actively we working full there. with So conjunction lean-in answer,

whether some other that long time. regulatory quarter markets short, we and markets to any U.S. about the calls that both Australia, there's work previous I a around arrangements magic to core. on bilateral of bodies think U.K., these the or to early should and FAA of between and don't some continually Japan, us the allow world, not over and highlighted, that's from set JCAB, But And this of broader expand core activating

that markets very are are about. markets these we of All excited

Operator

And Thank and teleconference. concludes we question-and-answer also this the today's session, you. of the end have reached

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

Joby Aviation (JOBY) 7 Aug 242024 Q2 Earnings call transcript