Joby Aviation, Inc.

Greetings and welcome to the Joby Aviation Third Quarter 2024 Financial Results. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, 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 Thibodeau, Joby Aviation's Head of Investor Relations. Thank you. You may begin.

Hi, everyone, and welcome to Joby Aviation's third quarter 2024 financial results conference call. I'm Teresa Thurithial, Joby's head of investor relations. On the call today, we have Joe Ben Bevert, founder and chief executive officer, Paul Sciarra, executive chairman, Didier Papadopoulos, president, Aircraft OEM, Eric Allison, chief product officer, and Matt Field, chief financial officer. After management's prepared remarks, we will open 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'll refer both to GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in our Q3 2024 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 Jobin.

Thanks Teresa, and thanks everyone for joining us today. This has been another excellent quarter at Joby. We've seen exceptional lean in from regulators across the globe. We've continued our great momentum on certification. We've significantly strengthened our fortress balance sheet, which was already the strongest in the sector. We've successfully built our first FAA conforming tail. We've reinforced our partnerships with Toyota, Uber, and Delta through landmark events, and our team has just arrived back from Japan after completing our first international demonstration flights. Those flights were completed using our third production prototype, an aircraft that rolled off our manufacturing line in California just three months ago. The flights were more than just a demonstration of our capabilities. They were a celebration. of our strategic partnership with Toyota and everything we've achieved in nearly seven years of collaboration. We completed the flights at Toyota's Higashi Fuji Technical Center, just a few miles from Mount Fuji, where we were honored to welcome visits from Toyota Chairman Akio Toda, Toyota CTO Hiroki Nakajima, and Toyota North America CEO and JOBE board member Ted Ogawa, along with representatives from JCAB, Japan's aviation regulator. Our relationship with Toyota is the strongest it's ever been, and we're incredibly grateful for their continued support. For many years, Toyota has worked shoulder to shoulder with us on the production line. They've helped us design tools. They've helped lay out our factories. They've provided parts that go on our aircraft, and they've been the very best partners we could wish for. Last month, we took the next step on our journey together, one that is expected to see Toyota increase their position in Joby through two equal investments totaling $500 million. This investment, along with the Strategic Manufacturing Alliance that will accompany it, speaks to our shared vision for the future of mobility, and we look forward to sharing more on that topic next year. Our aircraft is now on its way to Korea, where it will be flying as part of the Korean government's KUAM Grand Challenge, a demonstration program launched by the Ministry of Land, Infrastructure, and Transport to support the commercialization of air taxis in the Korean market. As well as celebrating our relationship with Toyota, this quarter we also had the opportunity to highlight our strong partnerships with Delta Airlines and Uber through events in Los Angeles and New York City. Across 14 days of public events at the Santa Monica Airport, the Grove Shopping Center in Los Angeles, and at New York's Grand Central Terminal, we were able to share the future of transportation with more than community members and other stakeholders, including local policymakers, mayors, real estate partners, transport authorities, and our future customers. These events go a long way to building the foundation required on the local level to deliver the infrastructure for our service. And on that front, we were pleased to welcome news of Atlantic Aviation beginning work to electrify East 34th Street Heliport in New York City, building on last year's announcement that the downtown Manhattan Heliport would also be electrified. Later in the call, we're going to be joined by Eric Allison, our Chief Product Officer, to talk a little bit more about those events and to provide some texture on the Elevate OS operating system we introduced recently. Eric is one of a small handful of folks who has shaped this industry from its earliest days through his work at Zero and his leadership of the Uber Elevate division, and we're lucky to have him at Joby. But before I hand it over to the team, I'd like to call out the remarkable momentum we're seeing from regulators in each of our core markets. In the U.S., the publication of the SFAR, or Special Federal Aviation Regulation, was a key moment for our industry and another great demonstration of U.S. leadership in our sector. Delivered ahead of schedule and with bipartisan support, it lays the final piece of the regulatory puzzle, the commercial operations and pilot qualification requirements for our aircraft. We're particularly grateful to the FAA team members that worked with industry to pull this together in record time. We're also grateful for the leadership of FAA Administrator Mike Whitaker and the support of the House Aviation Subcommittee led by Representatives Sam Graves and Rick Larson. Looking for their field, we also saw great progress in the UAE with the local regulator accepting the full set of qualification plans for our aircraft. And last month, we were honored to welcome representatives from the British, Australian, and Japanese regulatory teams, along with members from the FAA to Marina for a week-long tech familiarization session, a key part of the regulatory process. To talk more about regulatory progress and the great momentum we have going into the final quarter of the year, I'd like to hand it over to Didier. Didier?