Joby Aviation closed the third quarter of 2022 with $1.1bn in cash and short-term investments to support operations. Net cash used in operating activities and purchases of property and equipment totaled $207 million in the first nine months of 2022, with $74 million spent in Q3 of 2022. Joby reported a net loss of $79.2 million including total operating expenses of $97.1 million, reflecting continued progress in certifying the aircraft and early manufacturing operations. Operating expenses also included stock-based compensation expenses of $13.0 million. Other expenses included a favorable revaluation of derivative liabilities worth $12.6 million.
“Our costs primarily reflected higher personnel and material spending to support our development and certification activities, early manufacturing operations, initial investments in commercialization, and administrative costs to support scaling as a public company,” Joby Aviation said in a statement.
Joby’s net loss in the third quarter of 2022 was $0.3 million higher than in the third quarter of 2021 and $29.6 million above Q2 of 2022. Operating expenses of $97.1 million in the third quarter of 2022 were $29.4 million higher than the same period of 2021 and $2.3 million lower than the prior quarter.
The research and development costs incurred by Joby were $73.9 million reflecting continued certification activities and early manufacturing operations. Selling, general and administrative expenses were $23.3 million for the quarter while the income of $17.9 million reflected primarily a gain from the change in the fair market valuation of derivative liabilities of $12.6 million and net interest and other income of $5.4 million.
Joby’s Adjusted EBITDA loss was $77.7 million largely reflecting operating expenses excluding depreciation, amortization, and stock-based compensation.
Joby reported its most important investments in October 2022 by Delta, an upfront equity investment of $60 million with the opportunity to expand its total investment to $200 million.