Joby Air Taxi Company Posts Significant Loss Amid Certification Progress

MENLO PARK, California — Joby Aviation Inc., an air taxi company, reported a second-quarter financial loss of $0.41 per share on Wednesday, exceeding analysts’ expectations of a $0.19 loss, according to a forecast by FactSet. Following the announcement, shares declined approximately 3% in after-hours trading.

The company, which is working towards FAA certification for its electric aircraft, recently announced plans to acquire Blade Air Mobility for $125 million. In a shareholder letter, Joby disclosed that it is now 70% complete with the fourth stage of its five-stage certification process, a noticeable increase from the 62% completion reported in the first quarter.

Joby ended the second quarter with $991 million in cash and equivalents, marking a 20% rise from the same period last year. This boost was partially attributed to a mid-quarter capital raise. Joby anticipates spending between $500 million and $540 million in cash during the current year, excluding the upcoming Blade acquisition.

In contrast, Joby’s rival, which will report its own second-quarter earnings next week, finished the first quarter with $1.03 billion in cash. Investors remain cautiously optimistic as the industry continues to navigate the challenges of developing new air taxi services amidst evolving market conditions.