Joby Aviation reports expense-related loss after announcing public offering

Despite a net loss of around $113 million, electric aircraft developer Joby Aviation said it continued at the end of the first quarter of 2023 (Q1 2023) “to maintain a strong balance sheet with $978 million in cash and short-term marketable securities”. The loss was down to “operating expenses to support continued growth”, Joby said. The cash excluded “approximately $180 million of net proceeds from a public offering led by Baillie Gifford, which Joby announced on May 3 ahead of the expected closing on May 5. “These additional funds are expected to be used to accelerate Joby’s early production, enabling