JOBY - Earnings call transcript Q3 2024

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Operator

Greetings, and welcome to the Joby Aviation Third Quarter 2024 Financial Results. [Operator Instructions] A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Teresa Thuruthiyil, Joby Aviation's Head of Investor Relations. Thank you.

You may begin.

Teresa Thuruthiyil

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

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

JoeBen Bevirt

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Didier Papadopoulos

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Eric Allison

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Matt Field

good and everybody, us thanks Eric, for joining today. Thanks, afternoon, and

progress, multiple and headway certification totaling strategic the we from third with deepening heard you've quarter the exciting our made partnerships As sheet, we've an premier of where and had ended investments including our building community engagement. We quarter short-term on cash initiatives, balance team, meaningful XXXX $XXX million. strengthening

cash $XXX million, had spending higher Our in increased our additional pay operating million staffing also use of and was than quarter totaled the from about This property expenses which as spending included additional arising equipment. and on one second we quarter. $XX period

know, increase. As and the California, process you of XXXX in are with remain expanding facility sequential Marina, cash spending outlook to towards and We loss on million. explains a our we $XXX and end $XX anticipate testing range. We which capabilities the this incurred of $XXX million of $XXX of our by interest full-year track in income the of that net our of offset will a reflecting million, from about come QX operations loss bottom $XXX other in we partly million, million

contract and a which quarter our R&D included lower when Agility shares. was compared prior for Higher higher from of and Prime earn-out reflecting Xwing our largely prior increased payments net million loss fewer with Our loss $XX favorable higher the operations expenses, quarters. operating reflected deliverables revaluation a expenses with from our full per lower quarter, acquisition quarter contracts. Revenue warrants of a and from consistent personnel was the employees

operations. warrants quarter this EBITDA, revaluation same and of a a expenses in shares in last This in non-recurrence our expenses operating same in higher our about year, of $XX the growth metric third operations. reflecting that Shareholder reflecting growth to million the the than period reflecting the we favorable reflecting a in our year higher earn-out $XX loss XXXX, million higher compares was loss gain period million than the income higher and of the in prior net last and year, of sizable our with Our reconcile in the net the the noted non-GAAP $XXX quarter, our quarter. net was previously the Adjusted Letter

would $XXX took October our approximately to the investment to investments we sheet. of the and like The timing $X.X approximately I'd provide quarter, X color are further balances of the million million or raised in additional filings bring combined our and outlined equal around $XXX and third by to we've year-end SEC. October short-term early end some will the as complete million we strengthen When the with we steps next depending $XXX tranche The million additional support year, in our regulatory to on in in work in the come tranches of Toyota $XXX balance expected Lastly, cash the from the Toyota to as investment underway with hope them streams approvals. total the available billion. potentially well first

the discussions the share With to of we already production strategic course. have commercial and alliance to Toyota we'll more manufacturing due the on are scope starting in for tranche second this our investment,

close We second on tranche to next year. expect the

grateful to and tremendously look years to even are ahead. date the support working in more We closely forward Toyota's for together

capital common to investment believe, of follow-on was, we This sheet balance sector. an operational offering and of important ensure sheet to saw we XX strengthen balance closed Toyota our and the strongest continue shares from executed release of for the October stock. formal in further benefit a XX an the raise we and opportunity SFAR to that our Following opportunity FAA the million on the having procedures,

initiatives us and long-term said participants would to fortress for questions? recent this planning from and as is spending, again within developments a sector. certain our capital-intensive deliver across value a the succeed instruct to outset, industry possible judicious best please us today. how you our shareholders. Thanks and the But on our effective balance position ask by approach As coordination Operator, demonstrated joining sheet in to puts have for we

Operator

Thank you.

comes question-and-answer Genuity. from a with line Austin question the Canaccord Moeller first now session. Instructions] [Operator of Our will be We conducting

Austin Moeller

here. fleet might process the take This your getting would thinking bit Just be and manufacturing have, small a of question you regulatory personnel FBO site certificate? how a it premature, the TC after software given first but about to the momentum aircraft strong have you my started long first and deploy to

JoeBen Bevirt

planning so And probably the for Yes, for much Austin, answer very laying in best plans would your she's thanks person Bonny are be to work. that plan, we a question. doing commercialization detail, absolutely including work the detailed out Dubai. in but that been the

Austin Moeller

follow-up. And Okay. a just

view Given Or the being fostering new very of do in you supportive change technology? do administration, there you budget risk think aviation to funding? Agility Prime is still DoD

Paul Sciarra

question, Thanks demonstrative Paul I Look, of Prime, fact, for appreciated the very both. were point a by of the been that. successfully of sides take that's work And the And both of on well happens we historically, America with both lot sort to quite It's Austin. been With Star technology still can of Ohio early. in speaking, mean, in and generally aisle. of to here. able in We kind have this basically the navigate our worked as you new sides of Agility aisle. has North it's ensuring that age respect folks

know that we've government potential scope So, mentioned front. to have we But sort on calls, any with of not of changes that previous it's branches there's hard to be agencies. the as expanded even design steadily been and by working I on going or whether

continue work regardless administration. to to think I through potential rich that of of customers So, a gives us pretty set

Operator

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

Savanthi Syth

with be about to to you that would current of preproduction that be flying prototype? of just the you've think conforming kind prototypes the kind UAE, the of completed? you're Can of currently you that maximum able that X,XXX would kind of in of just certification I as those you remotely? Or operations the same plan pound operations kind rate clarify preproduction you on gross takeoff kind launching kind been launch building need certifying? aircraft And Is this

Didier Papadopoulos

Savi, this is question. Thanks the Didier. for

the So, weight are X those airplanes. of of flying we The airplanes now very preproduction this. representative to have takeoff right that intended parts

bit, we're Some purpose set more of But is intended similar. different the they're has after, configuration. vary for each them very really -- a physics of but that specific the of a a airplane and purpose of going

In them Dubai, And airplanes take terms in carrying have passenger to be of operation in design, by we option not also these and but room of as to be Those of start operations, possibility operating we this intended for time. at you some where is that's able saw, inhabited. Dubai. decided airplanes there an are would some are a on

Savanthi Syth

That's And the that I looking might, be kind just if kind of we kind on operations you any get progressing? can what kind of are to that super for there it's helpful. done start milestones And particular of should all be comfortable to before operations, there? Dubai needs of

Eric Allison

Eric. Thanks, is This Savi.

toward pretty ahead that year. of laying we're going end quarters months and early all working we'll of qualification the one that next march accomplished the on as be the excited over as of that through that our think series as I of out things this the quarter next plans the Dubai. launch for that RTA with were is stages we've we to a that acceptance And operations milestones see is closely in one of the of we

Savanthi Syth

gating major or kind be milestones Any of factors looking spend? should or that for we

Matt Field

Savi, it's Matt.

Just of to add more bit a little texture.

One of on the is them and will we this about quarter's call, -- be last location. takeoff landing on first talked groundbreaking

year. later that this We expect

thing aircraft other is do is some Dubai into to we about talked The testing. bringing an

And next so that be year. will

to being X will the so And milestones up those to leading up major service. be

Operator

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

Xin Yu

the Congrats progress the during on quarter.

with million think we have capital new runway So, my about question much we now? is do how new $XXX like this capital mean, raise, I

JoeBen Bevirt

Yes.

both So the also take of the momentum sheet. the bolster on elements pleased investment, SFAR on we're certification to balance the our the build further some of really publication derisking the to but opportunity of to the Toyota around

considerably. far have not strong how goes, that guidance our really extends such but sheet. providing So to pleased runway to as clearly, We're this specific a fortress balance

Xin Yu

what have a you question improvements this like And in Edwards on more aircraft give And at version the like aircraft our a could on of second we Force about recently recent flew I elaborate little Japan. -- compared Okay. Air made Base? one could about color were you that? to latest bit more

JoeBen Bevirt

Yes.

that is off one the manufacturing come flown third airplane the So, to line. in was our Japan

One of really. manufacturing airplanes the things these performance we're that most airplanes some well aircraft. bringing those airplanes, the of purposes, we of building same improvements into as improvement of as talked thing making about all the of the is intended But these these we're to capable are as for we're

have But a have them additional bit because in of are the that missions. airplanes of for has them. payload other all intended all capabilities, Some instrumentation less capable purposes, similar the of

Operator

Thank come Mahima from of next with Instructions] Our you. JPMorgan. the [Operator line Kakani questions

Mahima Kakani

In that XXXX. soon Is service And begin relative the prior as does slip imply delay could Dubai could prepared chance was this kind it into there any remarks, XXXX? late it that of a expectations? in mentioned to as

JoeBen Bevirt

very So, with end. support. of there on significant and providing we was are very and Dubai pleased leadership, multiple sorry, and that working with we're That closely times. engagement They our amount incredible teams -- and are the is GCAA RTA with a with the on site there. have in been RTA work leadership in Montreal engaged I doing also also said, they the significant also

FAA. certification is this the reminder, the work for same work a we're certification doing a that is As

the work have day. and so board And tests, us we're as in each service execute on points begin every clearance the that putting the UAE. But those and significant do give we passenger we to will still to

Mahima Kakani

additional And plans that this so your expected Okay. to guidance Joby sort requirements any provide I around line the Can time of any would to subassemblies convert submitting also appreciate upon and be? of the what all to do the is test FAA? of to contingent assets conforming you color.

Didier Papadopoulos

Great Yes. questions.

talked basis is along of certification into making pyramid the we we're the aircraft. the components, sort all up the and you major about progress move where as subsystems and So, all way the then then to substructures

about test, on. we those talked test and the want how the As the things through X focus the you test X of and collect are progress you sort we design, execute Once you that's the so points. those setup, we plans complete to

up along is trying to all we areas; test on conversion, doing test to then parts, the So, of plans those now delivering execute in setting and are mature. X about terms building the thinking setups conforming everything right

As ever the FAA. progress able on in both acceptance test submittals terms great report, our in you to better than and plans making see before, are on we're of

well. So that's progressing

continue terms conformity, these of levels. also to progress all we at make In

here to for most of One to talk about now intended exciting test for And able culminating FAA we composite builds, to that things as real both airplanes. are of all to XX% of FAA that's complete fact going conforming for that conformity. the is tail go as our assets fact were is out into a complete go structures the of well that the

systems you airplanes, So, what year. continuation expect from here should particularly that next as is, a again, to of components to progress from all us we into

Operator

you. Thank

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

David Zazula

David. In the not terms like for the the industry looking everything reserve from in This is broadly were of did FAA. SFAR, it the requirements seemed they get

operations? aircraft your operational printed you and speak Just on requirements as impacts to the could

Didier Papadopoulos

the about Yes. I say excited of I'll the reserve won't JoeBen be. se, as The content industry but to came about we're out well speak SFAR. earlier, as where mentioned per timing, as we wanted exactly extremely the both the

So I'm ecstatic, honestly, one. about that

So, with happy the really outcome.

David Zazula

requirements, as feel guess, you limit I will way specifically don't that's rollout in reserve you with operationally like any the in your operational So plan? it

Didier Papadopoulos

VFR definitely particularly design. the It's our called the that XX-minute referring that very beginning. from honestly is and within No, planned on something reserve broadly we've to the

expected. it's So, what had we

David Zazula

your the with to was you and you what little wondering some a I then mean pathways intend forward? going partner on Didier, more you if I about approach there And could guess, mention optimizing how FAA. you elaborate flexible had and bit

Didier Papadopoulos

Yes.

eVTOL. room of missions ways operations landings, operate them, left is is emission to you're the specific tailored profile, airplane. intending think where takeoffs, that in not talking as how same one the some of each eVTOL SFAR and that I you're and are for one flying of things the Like other about the every fly the crews, particularly every to and

be the around enough discussions left with SFAR. how understand intended and rounded needs and make sure really alignment SFAR the think aircraft I the that. room need the think regulation to use it well that And the is because the following for I to of you FAA that's

Operator

comes Amit Wainwright. of Our from with H.C. Dayal next line the question

Amit Dayal

on, can that's certification all Congrats on think end going et steps to potential respect certification, progress. the the a which all be is cetera, completed? these you all within With there date

Paul Sciarra

Yes, I'll take that question.

on it things, well well well working TC as communicated Joby their date is with because specifically a as But along itself of lot FAA we So, the the haven't as as both certification SFAR. TC what the powered-lift the cert agencies. specific committed the on involves path, a as as the to both we remain

pretty with deliver and lines cert the in news quickly that. path So, the working we're is which optionality FAA effectively a now on with good multiple those. executing that same us allows as possible we're is of the markets on parallel as clear Along that, and each of to the Dubai, mimic on path operations

Amit Dayal

respect that And what build is coming to then Dubai, the color of need there? out? infrastructure on for Any to over in Understood. with helpful. be Who you up potential would operations building do out kind that responsible

JoeBen Bevirt

Yes. Thanks for the question.

refresher with -- X-year taxi to governs the there. is as the a service which so RTA, a just exclusive agreement working Dubai, an are air operate taxi the on Emirates. We our have within agreement flights with we air This in

partnership will that, -- we X with for And out vertiport. in have where groundbreaking building part as a first vertiports As be earlier, they on that highlighted to Skyports, there the of Matt up look news Dubai. of

bring and element and that they're the mentioned execute able and infrastructure that begin to operationalize validate to Eric at ability then features that to as Dubai which take we we've was so the of all is speed that really highlight on really fantastic. And infrastructure what and that been out to another And building the a build U.S. for on around the ElevateOS And doing for other muscle as and follow-on the as this both the us us important markets -- live. service the begin with we've and launches, DoD again, we start prepare experience is we to muscle in we as work been in will plan this here operating and to operating on the world.

Amit Dayal

come then Dubai potentially to And the will in line Or launch the side, sync in that it future? in from that, down on with Uber Understood. relation up app the just the will launch? the Elevate

Eric Allison

important question Skyports actually they that to working think is We the where Thanks a is to our they to service really of that. from customers the important this This we where from piece way on for multimodal. and that. is get want the envision to future are really Eric. It's go. And

committed roll as in part and we more that So, a we service part having thinking on future, solutions the to it's key our the come but out when think of experience. we're of to our multimodal really

Amit Dayal

Understood.

Just perspective? are should of today? last And one. around These now, they how think of flying in prototypes from kind what that sort range line with be you they right performing they are a are distances covering

Didier Papadopoulos

Yes. of to XX Most XX-plus regular to what really The on of more here right focus see. are representative expect basis doing airplanes demonstrate fly in missions. I with take now. of been That's to much of the we continue to percent a is missions in we the to the like we optimize we've That the to right market. we're and able the missions earlier, we're now, miles. Obviously, the XX those to said using we terms around intend market what see about that

Operator

Thank you.

of Cantor last question, line Sheppard with have Andres As our the we Fitzgerald.

Anand Balaji

Middle within confirm expecting on the This just you're first enter more months? economics, wanted on if jumping so, track My quarter. say, on of on some disclose unit wondering And Middle the is is XX we're Congrats into commentary service to or I next, when you're Andres. just East Anand a pricing potentially cost some some breakdown? back question the to in if East. behalf to on the

JoeBen Bevirt

part This Matt. hand is Maybe I'll take it JoeBen. to the first then and

place. to put continuing are we in So, all the pieces

did the significant presence also sites with strong. they've very California. there and recently, had I our leadership GCAA, application formal met is The engagement the a at the we As mentioned, here with in

So progress. we're on think making that path, good I

I technology and vertiport this with partnership leaning promising number as that's grateful Emirate Matt. that Skyports partnership. the Dubai think infrastructure, dependent upon very momentum around a with We're more forward our very over say is of then strong, hand the Eric as world. would looking And whole their to is and on with are on key as I then we're highlighted the it his we're again, broadly well. the build-out and remarks. And seeing of very, there. our in RTA very the that, region with as ever before, other a relationship of than for But I'll enthusiasm markets

Matt Field

experience-based that to an many about be it market. first service. talk entry we'll market there interesting activities will is one much through and economics, Unit so as so because visitors mean a into closer I

So, it's in stronger our market great a mind.

And to closer so that we'll talk more service. about

Anand Balaji

planning a And follow follow that building And to was I up FAA-conforming confirm, do service and as the aircraft into might you wondering up where able you. to next UAE well, were if deliver be without to from to scenario that the foresee the question Got you to aircraft? you're enter full year? same currently I to guess ones you're Savi's

Didier Papadopoulos

for the Thanks question. Yes.

first. part first the take I'll So

are said I to like go earlier into option So we're now an in the right commentary, airplanes potentially building Dubai. the

decision there. of the airplanes on of which not coming line manufacturing have one a these made will go We out

follow that. coming discussed, there's and here decide opportunistic one we've We'll to be we airplane up which As more got there. the after take fourth about to

In terms FAA of conformity.

much that with an qualification to -- necessarily technically important we plan conformity. it's It recognize plan FAA have the So, GCAA require FAA. that accepted conformity the with the or very the aligns doesn't

different a it's Just cert agency.

be to from of But want supporting I that So, manufacturing standpoint. documentation and that. on expect similar you and material the is clear what to crystal very type build would

Anand Balaji

tranche capital conditions And from XXXX of Toyota you regarding wondering if to raise, receive for very it? roughly and helpful. we're -- in some to the expect the recent second you're able the might when was That share finally,

Matt Field

Yes, Anand.

we're discussion today So closer us still that. The starting pulls together, growing in manufacturing terms we're on on. much going alliance. a basis it upon that, strategic with Toyota of But guidance not provide which on We're we to basically in to conditions, shoulder really basis. the a the from have working daily shoulder timing of where really, specific it's

Operator

participation. your you the for this today's time teleconference. have thank conclude We you. all That does today. Thank we And is

may time. disconnect at this lines your You

Joby Aviation (JOBY) 6 Nov 242024 Q3 Earnings call transcript