Joby Aviation, Inc.

Greetings and welcome to the Joby Aviation's first quarter 2023 conference call and webcast. At this time, all participants are in listen-only mode. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Teresa Thurwithio. Thank you. You may begin.

Thank you. Welcome to Jovi Aviation's First Quarter 2023 Financial Results Conference Call and Webcast. I'm Theresa Fairfield, Jovi's Head of Investor Relations. On the call today, we have Jovan Bezbert, Founder and Chief Executive Officer, Paul Sciarra, Executive Chairman, Didier Papadopoulos, Head of Aircraft OEM, and Matt Field, Chief Financial Officer. After management's prepared remarks, we will open up the call for questions. Please note that our discussion today will include statements regarding future events and financial performance, as well as statements of belief, expectation, and intent. These forward-looking statements are based on management's current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied. For a more detailed discussion of these risks and uncertainties, please refer to our filings with the SEC and the Safe Harbor disclaimer contained in today's shareholder letter. The forward-looking statements included in this call are made only as of the date of this call, and the company does not assume any obligation to update or revise them. Also, during the call, we will refer both to GAAP and non-GAAP financial measures. The reconciliation of non-GAAP to GAAP measures is included in our Q1 2023 shareholder letter. which you can find on our investor relations website, along with the replay of this call. With all of that said, I'll now turn the call over to Joe Benz.

Thank you, Teresa, and thank you, everyone, for joining us today. I'm pleased to report that we had a very successful quarter, and we remain on track to deliver on the goals we highlighted in our last call. Before we get into the details and our recent news announcements, I wanted to give you a sense of the remarkable energy there is at Joby right now. For example, at our site in Marina, California, on one side of the airport, the team at our pilot production line is knocking it out of the park as we prepare our first company-conforming aircraft to be rolled out as planned in the first half of this year. While on the other side of the airport, we have members of the United States Marine Corps working with our flight test team today assessing how our aircraft might be used for logistics and personnel movement. This is on top of the incredible work being done by our manufacturing team, also at Marina, who are delivering parts for the next aircraft on our production line. In other words, we've started 2023 as we promised we would, with energy, with pace, and most importantly, with delivery. And that delivery is really at the heart of one of the most exciting announcements of this quarter. our extended partnership with the Department of Defense. Our relationship with the DoD stems back to 2016, and at several points along the way, we've had the opportunity to extend our relationship based on our track record of delivery. What began as a $970,000 project award from the Defense Innovation Unit in 2017 has, over the course of six years, turned into a range of contracts and extensions across multiple government agencies worth more than $150 million in total, including, of course, our most recent announcement, which added an additional $55 million to a contract with Agility Prime that is now worth up to $131 million in total. The DOD's early interest in Joby and our ability to deliver on their goals has played a key role in advancing electric flight, With access to government testing facilities, we were able to conduct more than 1,000 test flights across multiple subscale and full-scale prototypes. In many ways, that was an incubation phase in which the DOD supported us as we rapidly validated our design and tested our aircraft. And in return, they got a front-row seat to the development of our technology. But now, today, we're moving beyond research and development into delivery and execution. That's why the Marines are here this week with us studying how to use the aircraft. And it's why we had the Air Force pilots here a few weeks ago becoming the first non-JOVI pilot ever to fly an EVTOL aircraft remotely as sole pilot in command through a full flight profile, including the transition from vertical to wingboard flight. This is about real aircraft in real-life environments. As part of the contract extension, we'll be delivering and operating up to nine aircraft, the first two of which are set to be stationed at Edwards Air Force Base in California by early 2024. Those aircraft will not only be the first of our aircraft to go into service, but we expect them also to be the first eVTOL aircraft to be operated for a customer anywhere in the world. They'll be the first eVTOL aircraft to be stationed at a U.S. military base, and we believe they will become the first eVTOL aircraft to generate revenue in the U.S. and perhaps the world. With these and subsequent aircraft, we aim to provide the Air Force and other federal agencies with firsthand experience of our technology and its potential application, opening the door to it being used in a wide range of missions. And while the aircraft will be performing DOD operations, those operations will also provide the opportunity for us to generate invaluable learning for our future commercial service. Just as the Department of Defense has been leaning in, so too have the U.S. government policymakers. In March, the White House issued its National Aeronautics Science and Technologies Priorities Document, which outlines activities it recommends to, quote, maintain the nation's edge in the global aeronautics industry. That's a vision we can absolutely get behind, and it was humbling to see that of the three priorities identified by the White House in this document, two of them relate directly to the work we're doing. Achieving sustainable aviation through a 2050 net zero commitment and the integration of modern and emerging technologies, including advanced air mobility aircraft into the national airspace system. Congress has also been playing its part in pushing positive messaging around AAM, including during a recent session of the House Transportation and Infrastructure Subcommittee on Aviation, at which I was honored to testify. The hearing happened at a pivotal moment with the committee focused on the FAA reauthorization bill, which will play a key role in the future of the FAA and how it integrates AAM. The session was focused on ensuring U.S. leadership in AAM And throughout the hearing, we heard many examples of bipartisan collaboration, especially from House Aviation Subcommittee Chairman Garrett Graves and Ranking Member Rick Larson. I also had the opportunity to thank the committee for ensuring the passage of the Advanced Aviation Infrastructure Modernization Act, which authorizes planning grants to facilitate investment in AAM infrastructure. In addition to the progress we are seeing on the policy front, we were honored to host Secretary of Transportation Pete Buttigieg at our offices in Washington, D.C. last month. As well as speaking with our board members, the Secretary had the opportunity to fly the Jobe simulator and experience what it might be like to fly with us. The positivity we're seeing in Washington isn't unique, though. Over the last quarter, I've experienced firsthand the wave of belief in our technology that is building at the city and state level across the U.S. and in cities worldwide. That belief is driving a lot of exciting conversations around infrastructure. And during the quarter, I was able to visit New York, where we're working hand-in-hand with Delta to identify exactly where and how we will deliver our service. I would like to think that belief also played a role in Michael Guerta's decision to join the Jobe board. As a current Delta board member and a former FAA administrator, he brings a wealth of experience and insight to the table, and we're honored to have him on our team. That belief was further underscored by the announcement we made earlier today that Bailey Gifford, who first invested in Jobe more than three years ago, has agreed to lead an additional equity investment of approximately $180 million. Bailey is known for their track record of investing early in high-impact technology companies and has a reputation of being a patient, long-term investor with a vision for sustainable transportation that matches ours. The additional funds will allow us to steepen the curve on early production, enabling us to capitalize on opportunities like the DOD contract extension without impacting the runway we already have available to see us through the certification process. It's a great vote of confidence in what our team is delivering day in and day out. And we're excited to maintain that momentum and build on that belief as we look ahead to starting commercial operations in 2025. I'll now hand it over to Didier to talk in more detail about the progress we've made and what comes next. Didier?