Last week, Joby Aviation posted its Q1 earnings showing a strong cash reserve of $978M USD, not including an additional $180M USD from Baillie Gifford, a Scottish investment firm, with offices in New York and London.

These additional funds are expected to be used to accelerate Joby’s early production, enabling the business to capitalize on near-term revenue opportunities without impacting the funds available to carry the company through to type certification of its electric vertical take-off and landing (eVTOL) aircraft.

“The decision by Baillie Gifford to invest further in Joby is a testament to their long-term belief in the electrification of transportation and their track record speaks for itself. We couldn’t be more proud to have their support,” said Joby CEO and founder, JoeBen Bevirt.

In addition to the investment from Baillie Gifford, Joby also announced it has nearly completed its first production prototype which will conform to certification standards. On the certification front, Joby also announced it has submitted three more Area Specific Certification Plans (ASCPs) to the FAA, bringing the total to 11 of 13 ASCPs submitted. Two additional ASCPs were accepted by the FAA this quarter.

Commenting on the results, JoeBen Bevirt, Founder and CEO, Joby, said: “Already in 2023 we’ve achieved significant milestones in production, testing and funding and I’m incredibly excited about our progress as we move towards our goal of launching commercial service in 2025. 

A copy of this quarter’s letter to investors can be found here.

Why it matters: With an additional $180M in net proceeds in addition to a strong cash reserve, Joby will likely have enough reserves to execute its flight test program and make it to FAA certification. With the Certification Basis and Means of Compliance phases complete with the FAA, Joby now needs to finalize Certification Plans and execute its flight test campaign before deliveries can begin.

Posted by Ross Piscoran