Joby Aviation's Cash Burn Rate Exceeds $200 Million Per Quarter
Joby Aviation (NYSE: JOBY), a developer of electric vertical take-off and landing aircraft, is burning through over $200 million in cash per quarter as it accelerates flight testing, manufacturing setup, and FAA certification. Despite rising free cash flow outflows, the company's total liquidity has more than doubled to nearly $2.3 billion following recent fundraising efforts including a stock offering and convertible debt issuance. Joby’s share count increased by 13% in the past year due to dilution from these offerings, with liabilities surging 156% year-over-year to $985 million. However, management expects its cash runway to last for two to three years — enough time to secure FAA certification and launch commercial flights before mid-2027. Investors are advised not to panic yet due to strong backing from Toyota, Delta, and Uber, as well as a leading position in the eVTOL regulatory process. Concerns would only arise if Joby fails to begin operations before cash is depleted.
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Topics: aircraft development capital raising eVTOL FAA certification liquidity