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SANTA CRUZ, Calif. - Joby Aviation , Inc. (NYSE:JOBY), a developer of electric air taxis, saw its stock rise 3.7% after reporting fourth quarter and full year 2024 results that highlighted certification progress and plans to carry its first passengers by early 2026.
The company reported a fourth quarter adjusted loss of $0.34 per share, which was $0.15 worse than analyst estimates of a $0.19 loss per share.
Joby said it made "record progress" on the fourth of five stages required to certify its aircraft for commercial passenger use in the U.S. The company expects to begin Type Inspection Authorization flight testing within the next 12 months.
"The sector-leading progress we made throughout 2024 puts Joby in a great position to capitalize on the opportunities presented by America’s renewed focus on innovation and manufacturing," said JoeBen Bevirt, founder and CEO of Joby Aviation.
The air taxi maker delivered a second aircraft to Edwards Air Force Base as part of its work with the U.S. Department of Defense. Joby now has five aircraft in its flight test fleet, including a hydrogen-hybrid aircraft.
Looking ahead, Joby plans to deliver an aircraft to Dubai in mid-2025 for flight testing before carrying its first passengers in late 2025 or early 2026.
The company ended the fourth quarter with $933 million in cash and investments. Joby said it received over $1 billion in additional funding and commitments during the quarter.
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