Joby Aviation, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, highlighting significant developments in revenue, expenses, and strategic initiatives. The company, focused on developing electric vertical takeoff and landing (eVTOL) aircraft, generated revenue of $28,000 for the third quarter, a notable increase from $0 in the same period of 2023. For the nine months ended September 30, 2024, revenue reached $81,000, also up from $0 in the prior year.
Despite the revenue growth, Joby Aviation experienced substantial losses. The net loss for the third quarter was $(143.9 million), a stark contrast to a net income of $1.5 million in the same quarter of 2023. For the nine-month period, the net loss was $(361.8 million), a decrease from $(397.9 million) in the previous year. The loss from operations for the third quarter increased to $(156.7 million), up from $(128.2 million) in the same quarter of 2023.
Research and development expenses surged to $126.1 million for the third quarter, a 25% increase from $100.6 million in the same period last year. For the nine months, R&D expenses totaled $354.8 million, reflecting a 34% increase from $264.9 million in 2023. Selling, general, and administrative expenses also rose, totaling $30.6 million for the third quarter, up 11% from $27.6 million in 2023.
Joby Aviation's total operating expenses for the third quarter reached $156.7 million, a 22% increase from $128.2 million in the prior year. The company reported total assets of $964.3 million as of September 30, 2024, down from $1.3 billion at the end of 2023, while total liabilities decreased to $183.2 million from $235.1 million.
In terms of strategic developments, Joby Aviation acquired certain assets from an aerospace company on May 31, 2024, for $9.5 million, aimed at enhancing its autonomous capabilities. The acquisition involved issuing 1,944,990 shares of common stock and included a contingent issuance of additional shares based on employee retention.
Joby Aviation's cash, cash equivalents, and restricted cash totaled $153.1 million as of September 30, 2024, down from $481.1 million a year earlier. The company has entered into a stock purchase agreement with Toyota Motor Corporation for a potential investment of $500 million, structured in two tranches, subject to various conditions. Additionally, Joby raised approximately $221.8 million in net proceeds from a public offering on October 28, 2024.
Overall, Joby Aviation continues to navigate a challenging financial landscape while pursuing its goal of becoming a leader in the eVTOL market.
About Joby Aviation, Inc.
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