Joby Aviation Inc

For the period ended Dec 31, 2023. Filed Feb 27, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 27, 2024

JOBY$5.92-4.2%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

(In thousands)

	Year Ended December 31,
	2023	2022	2021
Cash flows from operating activities
Net loss	$(513,050)	$(258,043)	$(180,324)
Reconciliation of net loss to net cash used in operating activities:
Depreciation and amortization expense	30,493	23,995	15,943
Non-cash interest expense and amortization of debt costs	—	—	2,893
Stock-based compensation expense	93,636	69,072	26,932
Other non-cash compensation expense	—	—	5,046
(Gain)/loss from change in the fair value of warrants and earnout shares	86,378	(98,002)	(49,853)
Loss from transaction costs related to merger	—	—	9,087
Write-off of in-process research and development project	—	—	5,030
Income from equity method investment	—	(19,463)	(29,405)
Net accretion and amortization of investments in marketable debt securities	(20,202)	(5,237)	4,335
Deferred income taxes	—	—	(10,544)
Changes in operating assets and liabilities
Other receivables and prepaid expenses and other current assets	(573)	(1,823)	(11,807)
Other non-current assets	309	20,016	10,480
Accounts payable and accrued and other liabilities	6,442	10,884	6,438
Non-current liabilities	2,736	22,676	—
Net cash used in operating activities	(313,831)	(235,925)	(195,749)
Cash flows from investing activities
Purchase of marketable securities	(809,978)	(1,358,953)	(401,626)
Proceeds from sales and maturities of marketable securities	920,879	788,761	422,084
Purchases of property and equipment	(30,597)	(54,890)	(32,340)
Acquisitions, net of cash	—	(5,707)	(6,854)
Net cash provided by (used in) investing activities	80,304	(630,789)	(18,736)
Cash flows from financing activities
Proceeds from merger	—	—	1,067,922
Payments for offering costs	—	—	(50,391)
Proceeds from issuance of convertible notes and convertible preferred stock, net	—	—	74,972
Proceeds from issuance of common stock in private placement, net	280,110	60,060	—
Proceeds from the issuance of common stock under the Employee Stock Purchase Plan	6,918	—	—
Proceeds from the exercise of stock options and warrants issuance	2,055	1,437	1,456
Repayments of tenant improvement loan and obligations under finance lease	(844)	(1,041)	(1,179)
Net cash provided by financing activities	288,239	60,456	1,092,780
Net change in cash, cash equivalents and restricted cash	54,712	(806,258)	878,295
Cash, cash equivalents and restricted cash, at the beginning of the year	150,067	956,325	78,030
Cash, cash equivalents and restricted cash, at the end of the year	$204,779	$150,067	$956,325
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets
Cash and cash equivalents	$204,017	$146,101	$955,563
Restricted cash	762	3,966	762
Cash, cash equivalents and restricted cash in consolidated balance sheets	$204,779	$150,067	$956,325
Non-cash investing and financing activities
Unpaid property and equipment purchases	$1,769	$3,553	$654
Property and equipment purchased through finacing leases	$5,221	$694	$926
Right-of-use assets acquired through operating leases	$5,652	$29,202	$—
Uber Elevate acquisition in exchange for Series C redeemable convertible preferred stock	$—	$—	$77,154
Conversion of Uber note payable to Series C preferred stock	$—	$—	$77,399
Conversion of preferred stock	$—	$—	$846,622
Net non-cash assets acquired in merger	$—	$—	$1,159

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