Joby Reports Mixed Q4 Results, 2024 Commercialization In Focus

Joby Aviation, Inc. JOBY reported its fourth-quarter financial results after the bell Wednesday. Here's a look at the highlights.

Joby Aviation reported quarterly losses of 17 cents per share which beat the analyst consensus estimate of 19 cents by 10.53%.

The company reported quarterly sales of $1.03 million, missing the analyst consensus estimate of $1.05 million by 1.71%.

Joby highlighted its 2023 achievements including a definitive agreement with the government of Dubai that grants Joby exclusive rights to operate air taxis in the Emirate for six years, and a piloted-flight over New York City at a press conference hosted by Mayor Eric Adams.

Outlook: Joby said its priority in 2024 will be progressing the certification and manufacturing of aircraft and expects to increase our focus on commercialization as the company prepares to enter commercial service in 2025.

Joby estimates that its use of cash, cash equivalents and short-term investments during 2024 will range between $440 million and $470 million.

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JOBY Price Action: According to Benzinga Pro, Joby Aviation shares are trading up 0.41% after-hours at $6.10 at the time of publication.

Image: Dimitris Vetsikas from Pixabay