Joby posts a deeper-than-expected Q3 loss but its cash pile holds steady

Air taxi maker Joby Aviation reported earnings after the bell on Wednesday, and its shares were roughly flat after the report.

Joby posted a loss per share of $0.48, deeper than the $0.19 loss expected by analysts polled by FactSet.

The company also:

Ended the third quarter with $978.1 million in cash (and cash equivalents), down about 1% from Q2.
Said it’s now 77% complete with the fourth stage of its five-stage certification process, up from 70% in the second quarter.

Earlier this week, reports of a possible delay in Joby’s UAE commercial flight timeline and an IPO by rival Beta Technologies sent its shares lower. In August, Joby announced that it would buy helicopter ride-share business Blade. About 40,000 passengers flew with Blade in Q3, according to Joby.

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