Joby Aviation (JOBY) 3 May 232023 Q1 Earnings call transcript

Greeting and welcome to the Joby Aviation's First Quarter 2023 Conference Call and Webcast. At this time, all participants are in listen-only mode. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Teresa Thuruthiyil. Thank you.

begin. may You

to conference Welcome Head first XXXX quarter Investor Thank and Joby webcast. results call Joby’s I'm financial Relations. you. Aviation's Teresa of Thuruthiyil,

Executive JoeBen On the Head Papadopoulos, call open management's OEM; Chief Founder we prepared call Field, Aircraft Sciarra, have for Matt Officer. the and Chairman; questions. today, of Chief up Financial Officer; and Didier remarks, Paul Executive will Bevirt, After we

well our discussion are and today will statements regarding and statements expectation events from as current based expectations statements that include financial and and future intent. performance, actual cause those involve differ note could results as management's forward-looking materially belief, or of expressed risks Please These that to uncertainties on implied.

these our this date refer uncertainties, call the them. in not revise assume of risks are Shareholder any SEC in and included only For and filings the the Harbor the The as a to to of or disclaimer contained company update Letter. this obligation does call, made Safe and today's detailed please with statements more forward-looking discussion of

during of Also, measures along to refer call, you which included and to on Shareholder the Investor can with is of XXXX our Letter, non-GAAP in QX GAAP replay A measures. find the non-GAAP financial website call. GAAP our we'll reconciliation both Relations this

call JoeBen. to turn over With of the I'll said, all now that

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update now provide Matt I'll pass to to on our over it financials. an

Didier. Thanks

which led As of by announced sheet further the have in short-term This the marketable the close our foundation totaling we strengthened coming we a strong million, providing quarter, operations. today end cash we be within balance $XXX investment to solid $XXX first Gifford of by million approximately securities, days. will the for and Baillie expect

I'd this jumping financial investment. like Before touch quarter's this to quickly just into results, on

comfortable at raise prior are in time. this sheet, calls, we the capital balance our with said of looking not very we've robustness As to and we're

reached balance that an of that ensures we perspective. to investment was with out their Gifford to our looking do with existing thing right in Joby clients, aligned our Baillie their term strengthening closely investor investor mission, since behalf agreed increase further on when our so is XXXX long However, the an sheet long-term

a unfavorable of negative a our the nearly We million, rose by $XXX net million from liabilities, other the now about partly offset XXXX. from from of of net reflected Turning first $X and quarter quarter, our the the financial quarter operations million. as million to million. results incurred of during price derivative $XXX of of warrants income income income loss for the $XX loss $XX our and revaluation shares primarily interest Other reflecting

a payments Adjusted deliverables. contract This from certification, $XX first loss $X reflecting was cost million. offset increased EBITDA of higher about was the staffing than increased of and XXXX by support partly million government quarter to

$X was the than in EBITDA million completed primarily Our less first fourth quarter, the contract adjusted loss increased deliverables quarter. reflecting

certification Cash about employees with property to year million of Company's to efforts. remain million. Our equipment the manufacturing totaled our purchases global target $XX we X,XXX in activities full And continues and used operating to on XXX our and of between quarter XXXX. at grow million of track support staffing in and first XXX

This concludes participants our to instruct prepared you questions? please would remarks. on Operator, how ask

and time, the question Instructions] you. with at Stanley. Thank Kristine line [Operator Our we session. a Morgan Ladies question-and-answer from gentlemen, of will be comes first conducting this Liwag

So Matt, balance lows historical historical and cash on you I at look million still price highlighted you've When the short-term highs. of got to investments today, versus the it's sheet. closer stock $XXX

wait place capital until be a raise potentially, why why at achieved? could milestones need your So when more higher stock don't are you And certification liquidity and today? now not

Sciarra, Paul answer happy question. is This Kristine. Hi, to your

we good our to in prior both about think even and As to certification. really continue of to cash investment, it ourselves ability our opening through the position JB this comments, and and to I sort investigate Matt did felt stated forward

Department the is we week Defense. of to next announcement the about made with last work announcement of that importantly today's our the However, phases related

private transaction, us already go known company, in quite company The a said public and were for of came to both the while a and who investors we've folks we've at sort as Baillie ago a told could that market had They few that directly we open outstanding. to our either sheet balance the through investments, do position. wanted build weeks and Gifford shelf through or our they onto

this pilot we and to that this light of the what sacrificing more we generate that through do sooner, customers. is In prudent with strong need deliver an aircraft it's to sheet to to we add build This and without a necessarily us DoD, that certification. think scale first our growing to potentially revenue of revenue the get deliver investment. we gives balance aircraft, to thought through to And those opportunity opportunity felt and production to set already

was like track with felt has to a us it long-term. right that the we make So for investor of knows call the an and investing record

Thanks, programs, and Paul. historically, Defense you to relationship companies would through it's funding fruit But to with working Is really for program the at the help that the requirements. look would is that have other encouraging that contract? when your seeing Department progress Defense Force cash? defense of with is fund And option see DoD there really Air the generally you and this of give encouraging. to Or internal using Department for growth with bear all an capital you or

Paul is Kristine. again, This

an of had iterations to contract, already. offset earlier through this opportunity So of we've significant amounts R&D

I and that set a to long-term. of of certainly in of may that's gears with the a important for the shifting aircraft the revenue this the can And company, directly first be think service development an for and to industry aircraft phase set It from a about contract generate about the think these is are that first research observation, as actually customer. potentially as aircraft and over putting us shift customer, what the both we is delivered the whole. U.S., into and here

distinguishes contracts use but that the shift you has things dual for the defense of there's is developed in consumer technology the our inside others, Defense a to to the approached push as than Now, maybe real that's may DoD technology, know, one way of Department. that application the that we've sector

is firmly Our lens. the work DoD with that under

When but really three on through the of alternative think commercialize there's is an aircraft. we an opportunity relationship have about about -- looks delivery So activation pieces. we different. to earlier this it's means, contract, One this fee

the And see. we per annual third cost an is a flight second hour. is The

we've that customers a So that's and a it's Defense. structured both the with relationships. And we as think of for win-win, us our our the for company way Department

of question next Sheppard comes Cantor Fitzgerald. Andres with from line Our the

just could closer just first bit of could have and to to we're certification maybe and that and could a -- agree and better perhaps follow-up more there Thanks. stock wanted question a be to wondering, been I -- perhaps differently, timing thought I'm I'm just is anticipated; this lengthier expensive bring with bit to it And ask the be closer is understand a question. a the I meaningful a equity would the price be little commercialization opportunity. certification initially up, trying equity the here. timing commercialization. to process peculiar Kristine's seems maybe offering better the that or those perhaps than it trying the start might catalysts or since I'm getting just offering? the hence, therefore again,

Andres, again. Hi, is Paul this

that the the customers more revenue mentioned in sure need this opportunistic I sooner, wanted think -- growing DoD. about in the opportunity We and to with of get is through we as steep strong those last already first would answer the one our and to to broader to really production question, that without sort balance to early ramp, a we what we so build added deliver make commercialization. sacrificing an equity of the that As raise aircraft the ability to light in we sooner, have we to runway think sheet,

that. approach itself. kind we This This maximizing We right for opportunity our company timing set about execute to over is for that true we long-term. is we isn't and dynamics. of ability to our back. the presents about the make do going short-term. for want prudent think the decisions I the make that market can't predict But is We this way -- the sure can't predict

what contract get what with that terms how quantify of you for Any when be translate it'll this sense use to idea different certification? Paul. there's wanted it's particularly a looking to to mean, regards terms in of of of an to, and the a extended, monetize as realized I might have revenue? Thanks, prior relationship terms of DoD guess, able might ongoing was to you. And in of follow-up, sense of a I maybe, the to cases when since revenue, it'll Thank in better -- a that it you in sense to relationship. you're have

Thanks Andres. this Matt. joining Hey, for is afternoon. This

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there's and a As upfront piece piece. Paul fixed an variable mentioned, a piece,

And XXXX, together as we comes put so for that will a about that. probably guidance

question the JPMorgan. Peterson of next from Bill comes with line Our

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so I think this million year. XXX you for said you're XXX on target million to

think some about you've to next in we that idea sort how of big accelerated You're maybe to, cash balance there's your give of signal on sheet spend us I of as we raise? step And this use year? about billion you XXXX? trying capital alluded some up think Are guess, programs. Can should close X prior to kind you to a

this So place. quoted This have a have we otherwise us in investment, there's than more the options stack of really investment couple that well. had gives would behind with we pieces Paul capital

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we from build and and into as You there additional early, contracts some focused towards commercialization. early manufacturing, planes as to look engagements at but DoD, of certifications, continuing tailwinds headwinds volume DoD business, grow now We're more 'XX the our and and start like and manufacturing, on more singularly well. stage moving also

I the press evolving know should question I be Toyota, read directional last increase commentators help that actuators, facility. And second and Or release of as additional looking think even use But they you'd are of capital? its the leverage my to some specifically, are cash. guess ahead? related maybe in we powertrain that I their week looking involvement you design potentially How about areas their to the there pilot expertise? manufacturing they

Didier. sure. for is our partnership about Toyota excited Really the This

back the front started a a the you been As powertrain mentioned, throughout really Toyota also partnership investment organizations, manufacturing while our initially the of on across great we're conforming seeing aircraft how partnership of not on but and the just what past in aircraft. It’s us front helped all optimize we're engagement manufacturing here helping the on manufacturing first actuation, design. They also this to rolling through be really out here. all our soon line. And us side, the our airframe been the have sites on of with and

to into if production helping nuts, high products manufacturing support opportunity with that the I understand of future supplying we we quality in for very with us really is talk a for manufacturability. our Obviously, products. soup were how design, for also just reiterate design may but say, we And So it's Toyota we Joby them, this doing saw to to some an we as as components the rates. producing up. get scale their to continue knowledgeable two at ramp hope critical to high about in Toyota these And is participate

line with Deutsche Bank. Edison question of from [Operator Yu comes Instructions] Our the next

anyway. it how way. contract? been even think of but kind to a not to XXX would win Or would -- you billion, phrase should we wanted of raise, to more thought to the incrementally come having context almost amount need win Hate a as through maybe about Should something pretty back comments the a in sort X spend follow million have terms or we on of the to spending but capital I those DoD decent than interpret different having to it’s you because have in more in

way any to to or about reconcile they those it? are there it's not -- is So just think the numbers right not way just

Paul, in Department try generate think and to the ramp we to is take happy opportunity have at aircraft, When production, we This Edison. build Hi, think with we of Defense, those so front have us we aircrafts. to the about opportunities this to a is stab from revenue then that of one.

to customer. more had new aircraft that ensure sense as it steepening made we So kind the that than we of flow, When earlier cash curve, building production we like a it think felt opportunity on of to comes we to delivering the sort is about otherwise, those really to think might little otherwise. do capitalize that had of so forward us bit might that than opportunity more This big sooner flexibility we investment a some gives to there. we we buffer, an the what

that subsequent us the the announced both we that contract extensions, week Force of of other Does in with that this can we over this terms either or So and that time. seize front think we the is Air in opportunity branches of version help?

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maybe back here. stepping So

focus areas there, there. parts we've continued be best us where our us allow we product they needs I think on that out that our benefits in whenever what's to ensuring to is our to strategy focusing sourcing integration and meet effort true the important have vertical in on the consistent thing exist out

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supplier, leverage opportunities will find do wherever look to continue we We at that. and best strategy. the partner And to we that definitely

Roberts James. with Next question line of from comes Matt Raymond the

aircraft the to over transitioning Maybe itself.

conforming aerostructures a already aircraft, the lot company the You discussed with have of been that assembled. major

the that a could terms to dimensions on provide XXXX, current from aircraft for then those these in the that be more how weight? would aircraft is candidate aircraft? the flight you’re the DoD iteration you that maybe specification, conforming -- color SX deliveries And there So little testing or in or current of initial type differ just

evolution So with throughout the a I existing I an those one when of to had lessons primarily be multitude important flights continue of think about pyramid in of we regular to this want the We've basis the as about optimization. aircraft, and on learned all of of flying subsystems it's about across and talk the these lessons the aircraft or aircraft the the fall of the aircraft. of all that and pyramid, lot of into up way with thinking fall categories existing components, I'm systems, currently to a aircraft. the think the majority lot we a that's learned into And flying, to

for the saw, of the that half weight, Ethernet increase develop increase aircraft. the So one various that we We the equally launched architect from performing switch, the that where example, videos system that's to the size and systems benefits the recently. within we performance can learned as of to of can you we in

that Overall, aerodynamic standpoint, from changes a a an of not front. on aero standpoint, from lot

the performance proven changes of aircraft. the that very the solid So that's been within from we the of aircraft. evolutionary, feel committed beginning, from inside the to be And and real will the we've

or I sure This we're the second are yes. question, going the that wanted is, that about to make these I is answer producing aircraft And whether be to Paul. got which for same DoD? was your not think I

which really the has important is that's military called process to understand of a importantly, things related DoD from airworthiness, that certification. but FAA is type One to, different

You can which subset sort of superset. about FAA think certification a is a as it type for

delivering we doing for and on make the need to progress So to to FAA and and side. essentially what that really to components, closer increasingly aircraft, just work sense? to certification use increasingly are type continue certifiable Does we aircraft we're improve that DoD the get we both closer to building that and can certifiable production now the certification

added the there. color Appreciate certainly. Yes,

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or lot X the we X about talked where So Stage a Cert is X, Specific and are Area with X Stage really were really about X, nice, those testing. conclude the about all Plan.

smallest layers to is The subsystems the testing the at or from component levels really and aircraft all airplane. way to of subsystems, up the all the the

will these each on serve one test towards levels. really all levels, test of develop an This towards effectively test will these then plans targeted plans you of be and up have type where run certification. then FAA, airplane, they actually the of those and X, run Stage the credit airplane, with used we test same hopefully for planes into dry getting the as that and specific plans, FAA for are aircraft before a when be conforming intended will functions the we So your these

any that, you I to an helpful d that think you provide was try a is mean, obviously if cold terms acquired in field they're just and go the on it be went a I quantification And put right follow-up, and recently balance heard of having to with about ahead then lot on of move equity us that might dividends context of what know your a Avionyx having in sheet? you. But acquisition number doing you the and equity a the Avionyx, in discuss acquisition that can as paying raised why trips, the it

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case? us. should to Matt, then I progressing mentioned, think anytime in -- for it this any be now wanted things I how missed for this, you'd soon last with piloted in finally, just expect that still regards I the test Just to the slightly the is but -- two track be below confirm still had on in guess. I past you to it CapEx the Is that year, year. And are quick for flights? I sorry, spend housekeeping if guess

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again your thank And much very you for questions.

I'd queue. are you, the to back further closing remarks. for There like the JoeBen call questions Bevirt no in hand to

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conclude does this your Thank you participation. gentlemen, and teleconference. Ladies for today's

and at time, may lines day. wonderful your this disconnect a You have