- Joby Aviation Inc (NYSE:JOBY) reported fourth-quarter operating expenses of $77.19 million, an increase from $40.18 million in 4Q20.
- Net income improved to $5.05 million from a loss of $33.9 million a year ago.
- Joby’s cash used in operating activities totaled $195.75 million for FY21, compared to $105.9 million in FY20.
- Adjusted EBITDA loss increased to $65.2 million for the quarter versus a loss of $35.39 million in 4Q20. The increase reflects employee costs associated with the development, certification, and manufacturing of the aircraft.
- JOBY ended the quarter with $1.3 billion in cash, cash equivalents, restricted cash, and investments in marketable securities.
- Also Read: eVTOL Company Joby Submits Area-Specific Certification Plan To FAA.
- The company states it made good progress towards securing Part 135 Air Carrier Certification during the quarter and recently entered the fourth of five application stages and is on track to receive the certificate in the second half of 2022.
- FY22 Outlook: Joby expects total net cash used in operating activities and purchases of property and equipment to range from $340 to $360 million. It expects capital expenditure to be moderately higher than 2021.
- Price Action: JOBY shares are trading higher by 3.56% at $5.52 during the post-market session on Thursday.
