Joby Aviation, Inc.

Greetings and welcome to Joby Aviation's fourth 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 Thruthill, Joby's Head of Investor Relations. Thank you. You may begin.

Thank you. Good afternoon and evening, everyone. Thank you for joining us for Joby Aviation's fourth quarter and full year 2024 financial results conference call. I'm Teresa Thurithio, Joby's head of investor relations. Today, we have remarks from Jobin Bevert, founder and chief executive officer, and Paul Sciarra, executive chairman. Didier Papadopoulos, our president of Aircraft OEM, will join us for the Q&A portion of the call. 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. A reconciliation of non-GAAP to GAAP measures is included in our Q4 2024 shareholder letter, which you can find on our investor relations website, along with the replay of this call. And with all of that said, I'll now turn the call over to Joe Ben.

Thank you, Teresa, and thanks everyone for joining us today as we discuss our full year 2024 results. Over the last 12 months, we have delivered sector-leading progress across each area that is core to our business, certification, manufacturing, and commercialization. In the last quarter alone, we've made record progress on stage four of type certification. We've delivered our second aircraft to Edwards Air Force Base. We've flown in Korea. Our partners have broken ground on the first port-a-port in our Dubai network, and investors new and old have committed more than a billion dollars of additional funding and commitments, including the recently announced $500 million from Toyota. Looking ahead, we see the coming year as an inflection point for Joby and for our industry. We're moving from leadership on aircraft development and testing to leadership on the delivery of service. By the middle of this year, we plan to have an aircraft in Dubai where it will be used to demonstrate our readiness to begin carrying our first passengers, which we target for later this year or early next year. This will mark one of the most important milestones in our sector's history, and I'm so proud that Joby continues to lead the way. We are also leading the way on scaled manufacturing. Joby is the only air taxi company that has delivered multiple eVTOL aircraft from a production line. with four aircraft delivered from our marina facility to date, including one this past quarter. At the end of last year, we hit our target of delivering parts equivalent to one aircraft per month, and we continue to ramp up that capacity. That means we have the parts and the aircraft to complete unprecedented levels of component and subcomponent tests alongside an increasing cadence of flights. In a very significant moment for Joby, we used these parts to complete four credit testing on a major aerostructure for the first time this quarter. And we completed our first ground-based TIA testing using a conforming flight deck. This was the first time that either of those achievements have been made in our sector, once again demonstrating Joby's leadership. In terms of aircraft, we now have five in our test fleet, with a second aircraft delivered to the DOD at Edwards Air Force Base this quarter. We also deployed one of our aircraft to Korea to become the first eVTOL to fly as part of their KUAM Grand Challenge, building on our recent demonstration in Japan. The progress we have made with testing, both on the ground and in the air, means that we're now able to confirm that we expect to begin TIA flight testing in the U.S., the final step of the FAA certification process within the next 12 months. And we laid the groundwork for that effort by welcoming FAA pilots and technical staff assigned to our certification program to Marina this quarter. They flew a series of tests in our simulator that are exactly the same as those we intend to complete as part of our TIA flight testing. They also witnessed our pilots perform those same tests as part of our ongoing inhabited flight testing campaign. Turning to our work with the DoD, there has been a lot of talk in recent weeks from other companies about how much opportunity there is for VTOL aircraft in the defense space. And I want to be clear that we share that view, but it's nothing new for Joby. We have been talking about defense tech for more than eight years, and not just talking about it, but actually delivering on it. We have already trained U.S. Air Force pilots to fly our aircraft. We've already trained DoD mechanics to maintain them. And we're the only electric air taxi company to have delivered an aircraft to a government customer on base, which we've now done twice. We also understand the opportunity presented by hybrid VTOL aircraft. And as we demonstrated in 2024, our vertically integrated approach enables us to rapidly adapt our platform with a hybrid powertrain to suit an expanded mission set. In July last year, we flew a hybrid hydrogen-electric VTOL aircraft 561 miles, and we remain the only air taxi company to have demonstrated that capability, completing multiple 500-plus mile full transition vertical takeoff and landing flights. The leading progress we have made on our core program continues to ensure that Joby is in the best possible position to capitalize on wider opportunities. and with the renewed interest in US leadership on innovation, we're excited about the opportunities ahead. The next 12 months are going to be incredibly exciting for Joby as we look to bring our service to life. And I'm pleased that our partners and our investors share that excitement. Over the last quarter, we've worked closely with Delta and Uber to showcase our product, and we continue to make important inroads across key US markets, such as New York and LA. We also continue to have one of the strongest balance sheets in the sector. And I believe it's a very significant signal that our existing investors and partners like Toyota and Bailey Gifford, those who know us best, keep deepening their investments and partnership in Joby. In the case of Toyota, their previous investments and the additional commitments made recently far exceed the amount invested by any other strategic investor in the industry. And we're excited to be working together to form a strategic manufacturing alliance as we look towards scaled production. Toyota is backed by stable management and a deep balance sheet. and they have a track record of long-term commitments to solving tough challenges, something that cannot be said for all auto manufacturers these days. We have an incredible 12 months ahead of us with goals that will really bring our technology to life. We have the team to deliver on those goals. We have the balance sheet to support them. We have the best possible partners alongside us, and we have supportive ecosystems here in the U.S. and overseas. This is our moment as an industry, and I'm proud that Jovi continues to lead the way. Paul, over to you.