Joby Aviation reports Q1 EPS (14c), consensus (17c)

The company states: “FOLLOWING THE LAUNCH of production at our Marina, CA facility last year, we have continued to increase our manufacturing rate, with a goal of reaching a production run-rate equivalent to one aircraft a month by the end of the year. Our second production prototype aircraft has now rolled off the line and we have two additional aircraft in final assembly. In support of our increased manufacturing rate, we broke ground on an expanded production facility in Marina. The new building will more than double our footprint, providing space for us to increase annual production capacity at the site to 25 aircraft per year. The facility will also house a range of key operational facilities, including an expanded pilot training and flight simulation center as well as aircraft maintenance facilities that are designed to support the scaling of Joby‘s commercial operations. The growth is supported by a $9.8 million CalCompetes grant, awarded last year, that will offset a portion of the building cost. We also began hiring at our newly acquired facility in Dayton, OH. The existing building, located at Dayton International Airport, is the first step in our plan to develop facilities that will support us in our goal of producing up to 500 aircraft per year, and is being outfitted to manufacture parts in support of our Pilot Production Line in California. We expect the facility to come online later this year.”