Joby Aviation recently released its financial results for the second quarter, with quarterly GAAP losses amounting to 18 cents per share, in line with the analyst consensus. The reported net loss for the quarter was $123.3 million, reflecting a net operating loss of $144.3 million with a partial offset from net income of $21 million. This net operating loss was primarily attributed to operating expenses incurred to fulfill certification requirements and manufacture aircraft, partially balanced by payments received from government contracts.
As of the end of the second quarter in 2024, Joby Aviation had a total of $825 million in cash, cash equivalents, and investments in marketable securities, showing a decrease of $98.9 million. The company emphasized achievements in certification stages, revealing the completion of four out of five stages with multiple test plans submitted and accepted during the quarter. Joby anticipates further progress with the next stage of certification expected to accelerate throughout the remainder of 2024. Additionally, Joby conducted a remarkable 561-mile flight demonstration of a hydrogen-electric air taxi demonstrator, showcasing its advanced technology and capabilities in the aviation sector.
Furthermore, Joby Aviation announced the acquisition of Xwing's autonomy division, a prominent player in autonomous technology development for aviation. This strategic move is indicative of Joby's commitment to enhancing its technological capabilities and solidifying its position as an industry leader. As a result of these developments, Joby Aviation's shares experienced a 2.04% increase in after-hours trading, reaching $5.01 at the time of the report's publication.