Joby Aviation ( NYSE: JOBY ) shares flew about 10% higher on Thursday after highlighting the company’s strides towards its eVTOLs coming into use in the near future.
For the fourth quarter, the eVTOL company posted a lighter than expected loss for the fourth quarter and touted cash and cash equivalents of $1.1B to support ambitious spending plans. Total 2023 net cash used in operating activities and purchases of property and equipment is expected to range from $360M to $380M.
Management also pointed to key certifications as a sign that the company is a leader in the emerging eVTOL space.
“Last year, we worked hard to become the first eVTOL company to complete Stage 1 of the process by having our G1 certification basis published in the Federal Register. And already in 2023, we've become the first eVTOL company to complete Stage 2 of the process,” CEO JoeBen Bevirt told analysts. “Last year, we worked hard to complete our pilot manufacturing facility in Marina, California. And already in 2023, we've become the first eVTOL company to start final assembly of a company conforming aircraft.”
He added that he expects the first aircraft to roll off the assembly line and fly “within the first half of the year” and flights with pilots onboard to take place by the end of the year. Bevirt anticipates base operations with the Department of Defense will commence in 2024. Commercial operations are slated to begin in 2025.
Shares of the California-based aviation company rose over 16% at an intraday high before pulling back and stabilizing at about a 9% gain in afternoon trading.
Read the earnings call transcript .
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Joby stock jumps 10% as takeoff for eVTOLs comes into view