Joby Aviation, Inc. (NYSE:JOBY) shares are trading higher after the company reported its second-quarter financial results Wednesday. Here's a look at the details from the report.
The Details: Joby Aviation reported quarterly GAAP losses of 18 cents per share, which met the analyst consensus estimate. The company reported a net loss of $123.3 million which reflects a net operating loss of $144.3 million, partly offset by net income of $21 million.
Joby noted its net operating loss is fully explained by operating expenses which primarily reflect cost to support certification and manufacturing of aircraft, partly offset by payments received under government contracts.
Joby ended the second quarter of 2024 with $825 million in cash, cash equivalents and investments in marketable securities, a reduction of $98.9 million.
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The company highlighted the completion of four out of five stages of certification with numerous test plans submitted and accepted during the quarter and said it expects progress in the next stage to accelerate in the remainder of 2024.
Joby also noted it flew a first-of-its-kind, hydrogen-electric air taxi demonstrator 561 miles and acquired the autonomy division of Xwing, an industry leader in the development of autonomous technology for aviation.
JOBY Price Action: According to Benzinga Pro, Joby Aviation shares are up 2.04% after-hours at $5.01 at the time of publication Wednesday.
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Image: Courtesy of Joby Aviation, Inc.