US advanced air mobility company Joby Aviation says it has completed the third of the Federal Aviation Administration’s (FAA’s) five-stage type certification process as it reports a 2023 full-year loss of $513 million.
The Santa Cruz-based start-up on 21 February said it had submitted plans to the FAA that cover all of the aircraft’s structural, mechanical, and electrical systems, as well as the company’s intended certification approach to cybersecurity, human factors, and noise. In the past months it hass also begun for-credit certification flights.
“With stage 3 of the FAA certification process complete, we now have an approved path to certifying every aspect of our aircraft programme,” Joby says in a letter to shareholders.
The company also says its financial situation is stable. At the end of 2023 it held $1 billion in cash and short term investments. The company’s fourth-quarter loss was $115 million, reflecting a loss on operations of $128 million, partly offset by interest and other income of $13 million.
The operating expenses “primarily reflected costs to support certification and manufacturing of prototype aircraft, parts and test articles”.
Its loss from operations for the full year was $472 million, Joby says.
That said, during the fourth quarter Joby earned its first revenue ever, $1 million, “for flight services provided to the [US] Department of Defense”.
Other highlights during the quarter included the first-ever electric air taxi flight in New York City and signing an agreement with the government of Dubai that grants Joby exclusive rights to operate air taxis in the Emirate for six years, the company adds.
The company says its 2024 priorities will include progressing on its certification journey and beginning to manufacture the aircraft.
“We expect to increase our focus on commercialisation as we prepare to enter commercial service in 2025,” Joby says. “During the year, we plan to extend our flight exhibition series to additional key markets and expand our engagement with the Department of Defense by committing at least two more aircraft as part of our existing contract.”
Last September, Joby delivered the first of nine aircraft it plans to hand to the US Air Force under its $131 million Agility Prime contract.
The company also aims to begin component manufacturing and to break ground on expanding its plant in Marina, California. Its expenses in 2024 are expected to be in the $440-470 million range.
