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Feb 27 - Joby Aviation (JOBY, Financial) gained about 3% in premarket trading Thursday after posting its fourth-quarter fiscal 2024 results. The electric air taxi developer reported a quarterly loss of 34 cents per share, wider than the analyst consensus of 20 cents, while revenue of US$55,000 exceeded the forecast of US$45,800. However, revenue fell from US$1.03 million in the same period last year. Joby ended the quarter with US$933 million in cash, equivalents, and marketable securities, excluding an expected US$500 million investment from Toyota Motor Corp., to be delivered in two tranches of US$250 million each.
Chief Executive Officer and founder JoeBen Bevirt points to 'sector-leading progress' in 2024, including deliveries to the Department of Defense and the flight of a hybrid, hydrogen-electric variant. It also scaled manufacturing ability to five aircraft. Wait and see if these strides could lead Joby to partner up with defense contractors, seek government contracts, or enter into new markets for air mobility. Moreover, regulatory issues and even the potential effect of Toyota's funding of $500 million on Joby's plans of expansion are also highlighted by management during the call. The consensus at present is still Joby's ability to cut losses and keep pace with rising demand for alternative flight solutions.
This article first appeared on GuruFocus.