Joby Q4 2021 Shareholder Letter

Mar 24, 2022 — excerpts from Letter to Shareholders here.

Fourth Quarter 2021 Highlights

• Certification Progress: We entered the “implementation phase” of our aircraft type certification program, as our first manufacturing conformity testing got underway. We also completed our first Systems and Compliance Reviews with the Federal Aviation Administration (“FAA”) and entered the fourth of five stages towards gaining Part 135 Certification. We continue to make excellent progress on finalizing our means of compliance and have submitted our first area-specific certification plan.

• Manufacturing Progress: We completed the build-out of 125,000 sq. ft. of manufacturing space and, in early 2022, we began the manufacture of our first production-intent aircraft in our pilot manufacturing facility.

Firm Financial Footing

At the end of 2021, we had $1.3 billion in cash and short-term investments to support operations. Net cash used in operating activities, purchases of property and equipment and acquisitions totaled $62.3 million in the fourth quarter.

Net Income

Fourth quarter net income of $5.0 million reflected an operating loss of $77.2 million more than offset by other income of $71.7 million as well as a $10.5 million tax benefit related to accounting adjustments for our acquisition of Uber Elevate within the measurement period.