Joby Aviation (JOBY) 21 Feb 242023 Q4 Earnings call transcript

Greetings and welcome to Joby Aviation's Fourth Quarter 2023 Conference Call and Webcast. [Operator Instructions].

As a reminder, this conference is being recorded.

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

Thank you. to conference Fourth call. welcome XXXX Fiscal and results financial everyone Joby Quarter Aviation's Year Hi, My Joby's Relations. Head is of name Teresa Investor Thuruthiyil, and I'm

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

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

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

will you call, our Relations non-GAAP in during this of measures website, QX, with included financial letter, non-GAAP to refer reconciliation on we to GAAP is GAAP the our shareholder the replay XXXX measures. can Also, find The which and of along Investor call.

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

Instructions]. [Operator

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

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as helpful. quick Thanks, a JoeBen follow-up. And just very that's maybe

third very exciting. completing Obviously, FAA of the on congratulations certification So stage process. the type

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comes next Kristine Our question from the of with Stanley. Liwag line Morgan

type process, to this. Congratulations third tool accomplish stages completing being FAA and the EV the also of the of the certification developer X on first of

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be deal. with Great. most Japan. you countries, your this also recent guys especially past including look about of you countries? done seem and exclusive closer in more But have guys years, across you of see Why then got little get attention on certification? you Korea different these does the at you talk as exclusive eVTOL you've to And the partnerships country, rollout, then different also, a as partnerships with Can you these if a to South partnerships could one And few see more? lot bit more

Yes, thanks, Kristine.

interest incredible for have from thank you that So markets. international many highlighting the we

may very partners, incredible to course, and our then, very, here, number to measured take we're UAE. And US. you our we the think the be international of additional execution. going the going as markets have that we're opportunities much here in the we but on but of the Korea, to. markets, incredible as focus we can a to in as on that Japan grateful I partnerships We really in and to already continuing number additional inbound choose see in and significant we we're And select very really mentioned, of committed thoughtful focus are on again,

after the in And capacity Marina to squeeze question. volume have could be for the one Matt, usage $XXX incrementally $XXX At much that you XXXX. free what million place, what of that, manufacturing flow end on that I if expand would last spend? cash wanted you And if capacity the plant your could beyond Great. cost? low in million to how

Yes, Hi, Kristine.

think rate aircraft Marina, year Didier the the month. as mentioned, at we end running it's of will way of one the per this a about be So

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that's we working for groundwork the lay and domestic good as on further starting So there. obviously from operations point feel a for then our we go-to-market expansions international and

you. Thank

Raymond comes Our the Savi next with question of James. from line Syth

just If another I may ask certification question here.

terms based Just we the do Didier FAA And on, the in haven't might a the just And heard side. on GX clarification comments. you think on of, accept when that? much

still Stage items on papers placeholders dependent that the plans in certification that are not or X there are issue are finalized? So yet

Yes, good question.

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you. Thank

the Austin with of from Canaccord Moeller next question Our comes line Genuity.

the about manufacturability question first How my feel and the you with ramp-up you pouch the scalability here. Toyota cells of currently Just as in do partnership production?

about of we've many standpoint, what with able Thanks, standpoint cycle and been We also and dimensions. life battery a performance most feel modules. both from performance years from these We've over standpoint Austin. our importantly incredibly just accomplish, from on, on all but done a extensive very the safety good across pleased to testing

a just And Great. follow-up.

do plus level powered aircraft. current the has the a to expect the that current don't for of but you iteration on component the quarter design mentioned be certified weight make you've understand you XX And certification? major done last I credit the it sure of expect can with under You really any aircraft task, that iteration that sufficient changes

the and power requirements. eVTOL said, the we the as our expect feel relates continues G-X to configuration seen to we it -- seen Yes, don't the lift at which that shared the comprehensive I as we coming, Like all us, so the ones and very understand on associated changes with the design confident we've and the basis, we FAA it the cert least about. has see FAA with any something our have be impact

Thank you.

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

to closer you the to on be that lead said earlier, out start that control, Nice could like that starting try to or end make job more I execution. guess, the closer to on the versus it start And I'd dependent of I.e., a buy end? XXXX look you the with what's I granular guess what operations. thinking the of quarterly guess, And the pretty would on commercial I to Is little of wide, are the the the with is mind, get in it not, when others. to what year? year you like? think, the what's or that maybe would in US, I your what's FAA

you. thank Yes,

we again, that's as partnership are critical Dubai. in dimensions. X we pleased the So And very across with the about talked

on First, regulatory working that and the the with expedient the third, work way. GCA the FAA in your regulatory; comes we've taking infrastructure; that all of with On there ensure right incredible that all down in approach the of done and second, the closely an aircraft. timing, the a the happens to specifically of question, and lot to that leveraging we're that is work piece the the having terms

GCA With partnership that to again, we're so, over very to they're the with providing specific respect continue not at working team with and the within come. our months XXXX, closely And for grateful we're and time. timing, we'll this the to,

And earlier on run just to question on want rate. Okay. follow-up

expansion, a the after the So maybe we about I between you maybe exit Just guess try year XX, over to the is ready how to get exiting what in build ability years, with years. trying should I XXXX a commercially few X you'll run you to think X, XX this make XX be to year out next in what to rate as models at what aircraft. our and somewhere next XX achieve for, sense X ramp? guess we the call it Dayton could

Hi, Yes, Bill.

running, lines now, So and we our manufacturing would we're focused certified thing the company getting as in, how talked a worst really to could do. last you think about referring be Dayton scaling back really our process an Right processes it quarter. about because getting up efficient on dialed

followed starting But And on the to as allows small time which scale manufacturing starting building us really that's just by small, to culture over most over way that the XX. getting approach out XX a measured way, will of approach the employees that small a gives to XXX plant. scale, it. and do us more gradual then a talk focused eventually methodical in and [indiscernible] the prudent But time. we're ready, as to to operation, it the ramp-up aircraft case way because be with and for to it's about right Ohio, seen a manufacturing so scaling, this said, in methodical you've that doing you before, And us this very

think to first and guess, CapEx hirings, government much cash you can mean? spend? year, this what commercial offset substantially can may use makes your versus, additional up. does get OpEx a guess sense. is, the Yes, basically go-to-market, just the slated little software it, hired as manufacturing about incentives we that trying of I more OpEx? guess much us I I aircraft, efforts bit the How a development, And [indiscernible] on I growth versus but give of said how granularity to certification app And and sense missed You for commercialization have engineers,

building Yes, building think we driven we XXXX, out expect roughly about in about the by I across that out take out both year, year. And will the this to in spent $XX would XXXX, also next here really the double but in and facility more Ohio. so equipment facility million as CapEx. that's California, and which building

a in to people be to the our bulk growing lumpy because down folks, that's there. OpEx so function and CapEx. We'll operations. big to early of certification The is that's sending going of step manufacturing be start And rest it primarily Dubai and our We'll is that largely organization. start

be certification those some have we'll of the so But growth around are like buying there. manufacturing all will operational right. in there, of our and things our And parts and bulk aircraft, growth

be clear, mean next XXXX… year, million? you to Just $XX year said this You

think [indiscernible] it I right signed the with have checks year, to my about twice. still I but

Instructions]. [Operator

next from Edison with Our of line question Deutsche Bank. comes Yu the

from design the taking our on follow-up report. topic believe I Want the latest for earlier? in Thanks questions. NTSB to

at production, a X,XXX X,XXX also you the talking is on are weight. aircraft your You Obviously, sense give are per as And X,XXX us vehicle about what guys disclosure. the drove maximum takeoff Can the already? production latest that we increase.

we're systems the the across we're And they stay Didier designs -- that the Austin. with that to all expect weight aircraft to talked the Thanks, pleased X,XXX performance where as on the of through is taking different certification. about are. the aircraft and very we're the that Yes, achieving

And in of weight? drivers the for share in can drivers Anything terms of the increase what would on the that? you

development speed beginning think way. XXXX signature, and and across prioritize mile most and want achieve think hour the And really with others in the top go. we with designed underappreciated we've something our mile different again, the market It this was the an acoustic aircraft focused been incredible in XXX the to is early we it's performing or critical in range, to began the that an performance XXXX. we in X,XXX dimensions. which No, XXX able since markets vehicle to or have the pound really a and customers XXXX all don't Again, delivering showed aircraft has them which incredible that and that's something where right in the we I on is operations to think flying

Thank you.

Our last comes with question James. Syth Savi from today for Raymond

have plan? I thinking that and bit are this curious, announced Delta. you several plan, Could including just you you of am a partnerships you're how operation, commercialization with all the for your initial how closely about and of this follow-up. little infrastructure thanks talk working launch Dubai fits about Hey, kind within

Yes. Thank Savi. you,

grateful part, business in and an and the we Delta to of where to and of and Delta terminals, those for airports JFK flights. Joby be our and onto On closely is experiences LAX, into area to the flights they they coupled partnership made able build deliver the piece are LaGuardia, important very infrastructure with have very, investments to this an and off best-in-class infrastructure, seamless customer the as get

with again, to delivering opportunity And in in deliver Dubai. looking world, our build markets as partner infrastructure the opportunities then out we this around is to customer customer then incredible we're experiences Sky experience the also incredible an that And for. Ports

more is going conversation. of part be we significant more as forward, and so infrastructure And to go a the

but first? because tent, you charging airports, my things various figure not the long how where see to Is this the understanding the that comes Delta wait going are I'm tied to I together you you all how just operation? in the launch in progressed, figure also trying appreciate operations that infrastructure to out or to out to have pole is

of I Yes, US. a in different partnerships airports, we markets think different bunch out in the in rolled you saw, as

momentum out And just fantastic. that engagement infrastructure and there, the we're absolutely seeing so, is there the rolling

would comments. the for Aviation's over Bevirt I like to closing turn you. Joby to Thank now conference JoeBen back

so you thank much. Yes,

positioned today away is amazing than market. things I our call I think ever the of capitalize the was to before. you'll, team on this one from more hope is that tangible been took you And incredibly well this it's

is consistently with that at team had Joby have our us on express and Thank world here you on have today park work with commercialization. like have and you just, to And I of the amazing on the to opportunity the out I a fantastic it's to and it say incredibly that the certification, partners that, Aviation around delivering feel to heard afternoon my spectacular also you the that team we I knocking think privileged manufacturing, have for much so after quarter hope joining for just quarter. sincere I gratitude the evening. or all I

concludes This today's teleconference.

participation. at time. for may disconnect You lines you your Thank this your