California-based eVTOL developer Joby Aviation has posted a $286 million loss for Q2 2023.
Companies in the race to become the first commercially available eVTOL are burning cash, as they approach the decisive testing, certification and serial production stages of their respective programs.
As such, it’s not surprising that some of the leading companies in the eVTOL race, including Joby, have been closing additional funding rounds in the first half of the year.
In fact, Joby’s cash position has strengthened since last quarter (nearly 1.2 billion vs 1.05 billion), as it has added $280 in fresh capital from investors Baillie Gifford and Korea’s SK Telecom.
The startup has also signed a $131 million deal with the US Department of Defense to develop and test military applications for its eVTOL.
On the technical side, the first production aircraft to come out of Joby’s site at Marina, California, has received authorization from the Federal Aviation Administration (FAA) to start testing.