Despite a net loss of around $113 million, electric aircraft developer Joby Aviation said it continued at the end of the first quarter of 2023 (Q1 2023) "to maintain a strong balance sheet with $978 million in cash and short-term marketable securities".
The loss was down to "operating expenses to support continued growth", Joby said. The cash excluded "approximately $180 million of net proceeds from a public offering led by Baillie Gifford, which Joby announced on May 3 ahead of the expected closing on May 5.
"These additional funds are expected to be used to accelerate Joby’s early production, enabling the business to capitalize on near-term revenue opportunities without impacting the funds available to carry the company through to type certification of its electric vertical take-off and landing (eVTOL) aircraft," the company said of the offering.
Among the operational highlights from the period, Joby said,, were the confirmation that its first "company-conforming aircraft" is "on track to roll out, as planned, in the first half of this year".
The quarter also saw Joby sign a $55 million contract extension with the IS Department of Defense "that includes the provision and operation of up to nine aircraft, with the first two to be stationed at Edwards Air Force Base by early 2024".
“Already in 2023 we’ve achieved significant milestones in production, testing and funding, and I’m incredibly excited about our progress as we move towards our goal of launching commercial service in 2025," said JoeBen Bevirt, founder and chief executive.
“The decision by Baillie Gifford to invest further in Joby is a testament to their long-term belief in the electrification of transportation and their track record speaks for itself. We couldn’t be more proud to have their support,” he added.