American aviation company Joby Aviation released its second quarter (Q2) 2023 shareholder letter, which outlined the company’s operational and financial results for the quarter to 30 June 2023 and highlighted strong production.

At the end of Q2, the aviation company reported $1.2bn in cash and short-term investments. The firm reported net losses of $286m, including operating expenses of $116m, and $181m lost to revaluation of liabilities. Its adjusted EBITDA loss stood at $83m.

According to Joby, a major step was taken on the journey to scaled production with the rollout and subsequent first flight of its production prototype aircraft.

Joby Aviation founder and CEO JoeBen Bevirt said the production of its prototype aircraft will ensure Joby is a leader in the sector: “We’re proud to have launched production in our home state of California.

“I’m incredibly grateful to the Joby team for their commitment to ensuring Joby remains a clear leader in this new sector, and to Toyota for sharing their knowledge and experience with us over many years. Their support has been indispensable in helping us reach this point.”

Joby’s eVTOL aircraft is planned to be the first of this type to be delivered to a customer, when it moves to Edwards Air Force Base in early 2024 as part of a contract worth up to $131m.

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The FAA’s approval of a Special Airworthiness Certificate is a crucial step toward that goal.

Joby said it has submitted all of its certification plans to the FAA and two-thirds of those plans have already been accepted.

According to a GlobalData report, the eVTOL market has become one of the aviation industry’s most fertile growth areas with over 200 companies working on the technology across the globe.