Joby Aviation, Inc.

Greetings, and welcome to Joby Aviation's second quarter 2024 conference call and webcast. At this time, all participants are in a listen-only mode. If anyone should require operator assistance during a 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 Tarutio, Joby's Head of Investor Relations.

Thank you. Good afternoon and evening, everyone. Welcome to the Joby Aviation Conference Call to discuss the company's financial results for the second quarter of 2024. We announced our results earlier today. Both our Q2 2024 shareholder letter and a webcast of this call are available online at the Investor Relations page of our website at ir.jobyaviation.com. 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. Please note that today's call will include results reported on a non-GAAP basis. Our Q2 2024 shareholder letter provides a reconciliation between GAAP and non-GAAP measures. On the call today, we have Joe Ben Bevert, Founder and Chief Executive Officer, Didier Papadopoulos, President of Aircraft OEM, Matt Field, Chief Financial Officer, and joining us for Q&A, we also have Paul Sciarra, Executive Chairman. After management's prepared remarks, we will open the call for questions. And with all of that said, I'll turn the call over to Joe Ben.

Thanks, Teresa, and thank you, everyone, for joining us today. I'm pleased to report that we've had another great quarter, making important progress across all three of our core focus areas, certification, manufacturing, and commercialization, while investing in Joby's long-term success. Didier is going to speak to the detail of this in a few moments, but I'd like to call out some of the headlines. On certification, we saw significant momentum during the quarter and we're now at 37% complete on the Joby side of stage four. On manufacturing, our second production prototype aircraft began flying during the quarter. Our third rolled off the pilot assembly line. Our fourth is in final assembly and the fuselage and tail for our fifth are already connected and undergoing proof load testing. That means we will soon be flying four aircraft as part of our test program. On commercialization, we applied for certification in Australia and signed a memorandum of understanding with Makamala, a wholly owned subsidiary of Saudi Aramco and operator of the world's largest fleet of corporate aircraft. Together, we'll be working to introduce Joby to the Kingdom of Saudi Arabia through the direct purchase of our aircraft. As a reminder, the sale of aircraft to customers like McCamala or the U.S. government forms just one pillar of our commercialization strategy, alongside the direct operation of our aircraft in core markets and partnered operations in other markets. We expect sales to be an important pillar of our commercialization strategy, offering the opportunity to generate recurring revenue through the provision of training and maintenance services. Each of these achievements demonstrates Joby's leadership in our sector, and I'm incredibly proud of the team that continues to deliver quarter over quarter. Before I hand it over to Didier, I would like to focus on two other areas that are critical to Joby's long-term success. Our preparation for commercial operations and our investment in future technologies. On operations, we hosted a virtual briefing during the quarter where we introduced our pre-flight checklist, a list of the operational items required to successfully deliver an air taxi service, whether you are operating aircraft yourself or selling them to customers. If you haven't seen the briefing, I'd encourage you to watch it on our YouTube channel. And what I hope you'll take away is that certifying an aircraft is just one piece of the puzzle. To commercialize successfully, you also need simulators, pilot training, maintenance, safety management systems, and much more. With our Part 135 and Part 145 certifications in place, we are making sector-leading progress towards being ready to start commercial operations. And during the quarter, we announced that we have also received FAA authorization to use our Elevate OS operating system. Elevate OS is an airline operating system developed in-house that is designed to enable high tempo on-demand air taxi operations. It includes pilot tools, schedule management software, a mobile first rider app, and an intelligent matching engine. It's built on a software foundation developed by Uber that we brought across as part of our Uber Elevate acquisition in 2021. Uber is the undisputed leader in ride sharing technology. But the team that joined Joby from Uber also brought direct experience of deploying a multimodal ride sharing product through Ubercopter. We knew early on in our journey that to deliver the sort of efficient, even magical experiences our customers would expect, we would need to fundamentally rethink the aviation software stack. And that's exactly what we've done. We've built a remarkable set of tools that goes far beyond anything available today and is designed to connect seamlessly into the services of our partners like Uber and Delta. And we're already testing it in real life so that we'll be ready for day one of operations. Looking beyond our initial service launch, the second area I'd like to focus on is our investment in future technologies. Our goal has always been to broaden access to flight as widely as possible while reducing the environmental impact of travel. Our battery electric aircraft is going to help us take the first step on that journey, but it is also going to act as a platform for us to take the next steps on that journey. Because the vast majority of the design, testing, and certification work we've completed on the aircraft will carry over into future aircraft or future integrations of the same aircraft. In other words, we can build on the investments we've already made to open up new and adjacent markets. We're able to do that because of the vertically integrated way in which we've built our company and our record-breaking 561-mile hydrogen-electric flight is a great example of that. This range would make it possible to connect Baltimore to Boston or San Francisco to San Diego, changing how people think about transportation between cities. We converted our own battery electric aircraft to complete a hydrogen electric flight in a matter of weeks with only a small team. Our X-Wing acquisition tells the same story of small but important investments that leverage our existing technology to make a big difference. We believe autonomy has the potential to widen access to flight on the consumer side and enable a larger set of applications on the government side. And in X-Wing, we've been able to bring it on a team that has demonstrated true leadership in the field. At the Farnborough Air Show back in July, the excitement around our work in automation and hydrogen took me back to 2017, the year we first flew our full-size battery electric prototype aircraft and demonstrated what eVTOL could be. Those flights played an incredibly important role in bringing this sector to life and catalyzing the regulatory work required to commercialize battery electric technology. My hope is that our hydrogen and autonomy work will do the same thing and help lay the groundwork for those technologies to enjoy the broad bipartisan and global support we're seeing for our battery electric aircraft today. It's an honor to be able to share our progress with you each quarter. And I'd like to hand it over to Didier to look in more detail at our future technology and our core work on certifying and manufacturing our battery electric aircraft. Didier, over to you.