Joby Aviation ( NYSE: JOBY ) traded higher on Friday morning after the company highlighted the certification progress it made during Q2 .
Notably, Joby Aviation ( JOBY ) said it became the first eVTOL company to apply for foreign validation of an FAA type certificate, having formally requested that its U.S.-based type certification be concurrently validated by the United Kingdom’s Civil Aviation Authority.
On the financial front, Joby's adjusted EBITDA loss of $74.1M for the quarter largely reflected operating expenses excluding depreciation, amortization and stock-based compensation.
The company said it has a strong financial foundation with $1.2B held in cash at the end of the quarter to support operations. For the full year, Joby Aviation ( JOBY ) expects net cash spending on operating activities and purchases of property and equipment to be between $320M and $340M vs. a prior outlook for $340M to $360M. The reduced spending forecast reflects efforts to moderate spending, including operational efficiencies identified through close coordination across teams.
Shares of JOBY rose 3.41% premarket to $6.37.
Read the JOBY earnings call transcript.
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Joby Aviation gains after highlighting eVTOL milestones