Joby Aviation has reported a net loss of almost $67 million after ending 2022 with $1.1bn in cash and short-term investments, including an up-front equity investment of $60 million by Delta Air Lines.
The loss, which was $72 million lower than in 2021, stemmed mostly from "operating expenses", Joby said, in particular its efforts in getting official certification for its electric vertical take-off and landing (eVTOL) aircraft, a process it reported recently as having reached the second stage at the Federal Aviation Administration.
Net cash for operating activities and purchases of property and equipment came to $291 million, with $84 million spent in the fourth quarter of 2022 (Q4 2022), including over $25 million on land and facilities in Santa Cruz.
"The reduction in other income primarily reflected a lower favourable revaluation of derivative liabilities partly offset by higher interest
income on our short-term investments. Compared with the third quarter, our net loss was $12.3 million lower, reflecting higher operating expense of $4.2 million offset by higher other income of $16.6 million," it added.
"In 2023, our primary focus will remain on certification, manufacturing and our support for Department of Defense contract obligations. We will continue to grow our team as required, reflecting certification efforts and manufacturing," the company said, projecting a cash outlay ranging from $360 to $380 million.