Joby Aviation has posted a $286 million loss for Q2 2023. “This net loss reflected the unfavorable revaluation of derivative liabilities of $181 million and operating expenses of $116 million, partly offset by interest income of $11 million,” Joby said in a statement.
Net cash used in operating activities and purchase of property plant and equipment totaled $77 million in the second quarter.
The net loss posted by Joby reflects the cash spent by the companies in the race to become the first commercially operational eVTOL, with approaching deadlines on testing, certification and mass production.
At the end of the second quarter of 2023, the company had $1.2 billion in cash and short-term investments.
Joby’s cash position has strengthened since last quarter nearly 1.2 billion vs 1.05 billion as it has added $280 in fresh capital from investors Baillie Gifford and Korea’s SK Telecom.
Joby also signed a $131 million deal with the US Department of Defense to develop and test military applications for its eVTOL.
Joby’s first production aircraft from Joby’s site at Marina, California, has received authorization from the Federal Aviation Administration (FAA) to start testing.