JOBY
TL;DR Overview
Core Insight: Joby is the only eVTOL company pairing sector‑leading FAA progress with a concrete near‑term launch market and infrastructure buildout, combining a vertically integrated operating model with exclusive operating rights in Dubai and a growing global partner network.
Key Opportunity: A 2026 commercial debut in Dubai under a six‑year exclusivity agreement, complemented by pre‑commercial “sandboxes” in Saudi Arabia, a Japan JV with ANA, and committed vertiport development, positions Joby to convert regulatory lead into first‑mover network effects and early revenue.
Primary Risk: Execution risk across certification and manufacturing scale remains material; any slippage in FAA Type Certification, UAE operational approvals, or production ramp could delay service launches and defer cash inflows.
Urgency: Joby has entered the FAA’s final certification stage, powered on its first conforming aircraft, raised ~$591 million of equity, closed Toyota’s latest investment tranche, and completed the UAE’s first piloted point‑to‑point electric air taxi flight—making the next 12 months decisive for de‑risking commercialization.
1. Executive Summary
Joby is transitioning from technology development to commercialization with two reinforcing pillars: regulatory momentum and market access. The company began power‑on testing of its first FAA‑conforming TIA aircraft and entered the FAA’s final Type Certification stage, with FAA pilots expected to take controls for for‑credit testing in 2026. In parallel, Joby secured a six‑year exclusive agreement with Dubai’s Roads and Transport Authority, completed the UAE’s first piloted point‑to‑point eVTOL flight, and confirmed multiple vertiport sites tied to a 2026 launch. These milestones are augmented by Saudi Arabia’s regulator aligning to FAA standards for accelerated approval, an MoU to deliver up to 200 aircraft with Abdul Latif Jameel, and a sandbox for pre‑commercial operations targeted for 1H26.
The strategic scope extends beyond urban air taxi. Joby flew a turbine‑electric autonomous VTOL demonstrator, partnered with L3Harris to missionize the hybrid platform for defense demonstrations in 2026, and deepened autonomy through SuperPilot and a unique launch partnership with NVIDIA’s IGX Thor platform to pursue certifiable autonomy. The acquisition of Blade’s passenger business gives Joby an immediate, cash‑generating operating platform, airport access, and an installed customer base, with planned integration into the Uber app to streamline demand capture. Liquidity strengthened markedly after an October equity raise and Toyota’s investment, supporting certification, manufacturing scale‑up, and early market operations.
2. Trading Analysis
Joby materially enhanced its balance sheet flexibility with an underwritten equity offering priced at $16.85 per share, generating approximately $591 million in gross proceeds, alongside the earlier closing of a $250 million Toyota tranche. The company ended Q3 2025 with $978 million of cash and short‑term investments, and subsequently received ~$576 million in net equity proceeds in October, creating substantial pro‑forma liquidity to fund certification and initial operations. Near‑term stock performance is likely to be influenced by execution milestones—first flight of the conforming TIA aircraft, start of for‑credit FAA testing, Dubai vertiport readiness—and by visibility into manufacturing throughput. While Blade contributed $14 million of revenue within Q3’s $23 million total, Joby remains pre‑profit and the path to positive unit economics hinges on timely Dubai launch, regulatory harmonization abroad, and production scale. Detailed valuation multiples, share count evolution post‑offering, and trading technicals were not provided in the source materials.
3. Team Overview & Governance
Joby’s leadership blends deep engineering with scaled operations and capital markets experience. Founder and CEO JoeBen Bevirt continues to drive the dual‑use technology and multi‑market strategy, supported by Executive Chairman Paul Sciarra. Aircraft certification and manufacturing progress are led by Didier Papadopoulos, President of Aircraft OEM, with Chief Product Officer Eric Allison shaping product and scale‑up, and Chief Policy Officer Greg Bowles advancing regulatory pathways. Bonny Simi, President of Operations, oversees the build‑out of operational capabilities, including FAA‑accepted Safety Management Systems and the Part 141 Flight Academy for pilot training. The addition of CFO Rodrigo Brumana in May 2025 underscores a focus on disciplined cash deployment through certification and ramp. Following the Blade passenger business acquisition, industry veteran Rob Wiesenthal continues to lead the subsidiary, preserving commercial know‑how and customer relationships. Specific board composition and independent governance structures were not included in the documents; however, Joby’s acceptance into the FAA Part 5 Voluntary SMS and its Part 141 certification signal a maturing operational governance framework aligned with regulatory expectations.
4. Business Model
Joby’s model spans three routes to market—owned and operated air taxi services, aircraft sales, and partnered services—allowing it to match regulatory maturity and demand readiness by region. In Dubai, Joby intends to own and operate services under a six‑year RTA exclusivity, leveraging partners like Skyports and major property developers to speed vertiport deployment at locations including Dubai Mall, Atlantis the Royal, American University of Dubai, and Dubai International Airport (targeted completion Q1 2026). In Saudi Arabia, Joby is pursuing a dual approach: a services sandbox with Red Sea Global and The Helicopter Company for pre‑commercial operations in 1H26, and a distribution collaboration with Abdul Latif Jameel exploring delivery of up to 200 aircraft valued at approximately $1 billion, with GACA harmonizing approvals to FAA standards. Adjacent markets reinforce this approach: a letter of intent in Kazakhstan for up to $250 million of aircraft and services, coupled with regulatory and infrastructure support and sourcing of critical materials; a joint venture with ANA to deploy more than 100 aircraft in Japan; and a UK partnership with Virgin Atlantic to integrate premium, zero‑emission short‑haul services.
The Blade acquisition adds immediate operating scale, premium terminals and lounges, airport access, and a loyal flier base across New York and Southern Europe, with routes and activations (e.g., Ryder Cup, commuter pilot in the New York metro) serving as a proving ground for pricing, demand, and operations ahead of eVTOL transition. Planned integration of Blade services into the Uber app as soon as next year lowers customer acquisition friction and builds a demand funnel for Joby’s aircraft. Defense is a complementary vector: government demonstration programs and missionized hybrid VTOL with L3Harris are expected to open near‑term revenue opportunities and amortize R&D across civil and defense use cases. Pricing, per‑aircraft economics, and long‑term margin profiles were not disclosed; however, recent agreements include pre‑delivery payments and services components, indicating a blended revenue mix spanning ticketing, aircraft and services sales, infrastructure partnerships, and government contracts.
5. Financial Strategy
Liquidity is positioned to carry the company through certification milestones and the initial commercial ramp. Joby ended Q3 2025 with approximately $978 million in cash and short‑term investments and subsequently received about $576 million in net proceeds from an October equity raise, with $591 million in gross proceeds at $16.85 per share. Earlier in 2025, Joby closed a $250 million Toyota investment as part of a $500 million strategic commitment, reinforcing the manufacturing alliance and balance sheet. Q3 GAAP net loss was $401 million, primarily driven by non‑cash items including warrant and earn‑out revaluations; adjusted EBITDA loss was $133 million, and revenue was $23 million, of which $14 million came from Blade. Management reiterated 2025 cash use of $500–$540 million (ex‑Blade impacts in earlier commentary), directing funds to certification, manufacturing scale, Dubai market entry, and working capital.
On the capital formation side, Joby is layering strategic and public equity capital, non‑dilutive support programs (e.g., California grant and equipment cost reductions), and customer cash advances such as pre‑delivery payments in Kazakhstan. Commercial agreements in Saudi Arabia and Kazakhstan, and potential U.S. eIPP participation, are designed to pull forward cash inflows ahead of full FAA certification. The company acknowledges continued operating losses until scale is achieved. Specific unit economics, aircraft ASPs by configuration, and long‑term margin targets were not provided; dilution from recent equity issuance is a consideration, partially offset by reduced execution risk as milestones are met.
6. Technology & Innovation
Joby’s all‑electric S4 platform has completed over 50,000 miles of flight testing and achieved first full transition flights with a pilot onboard, evidencing maturity in handling qualities and workload. The technology roadmap now extends in two powerful directions. First, autonomy: the SuperPilot system—accelerated via the acquisition of Xwing’s autonomy division—demonstrated 7,342 miles of autonomous operations over 43.7 flight hours in the REFORPAC Department‑Level Exercise, including operations under both VFR and IFR across all airspace classes. The exclusive launch partnership with NVIDIA’s IGX Thor brings safety‑certifiable, high‑throughput compute to enable onboard perception, sensor fusion, autonomous mission management, predictive health monitoring, and digital twin capabilities for both defense and future civil applications.
Second, range and payload expansion: Joby flew a turbine‑electric autonomous VTOL demonstrator and partnered with L3Harris to missionize the hybrid for defense use cases like contested logistics and “loyal wingman” roles, with mission demonstrations targeted in 2026. This hybrid lineage can extend hold times and range for multi‑role missions and, over time, unlock longer‑range civil services. On the infrastructure side, Joby’s Global Electric Aviation Charging System (GEACS) is planned for deployment at Jetex terminals, underscoring an end‑to‑end approach from vehicle to charging to vertiport integration. Notably, the platform is designed to carry a pilot and up to four passengers at speeds up to 200 mph with a markedly lower acoustic footprint than helicopters—an essential enabler of urban acceptance.
7. Manufacturing & Operations
Joby is executing a dual‑site manufacturing strategy anchored in Marina, California and Dayton, Ohio. The Marina expansion doubles near‑term aircraft production capacity to up to 24 aircraft per year across a 435,000 square‑foot footprint and has already supported five TIA aircraft in production and a 15× increase in FAA‑conforming parts versus 2024. The Dayton facility has begun manufacturing propeller blades using carbon fiber processes, with nearly every component sourced within a 30‑minute radius, and is envisioned as a long‑term hub capable of supporting up to 500 aircraft per year and up to 15,000 blades annually. The first FAA‑conforming aircraft has begun power‑on testing; thousands of hardware and software integration tests precede for‑credit flight testing with FAA pilots in 2026.
Operationally, Joby is building muscle memory ahead of certification. The company completed two weeks of scheduled flights in Osaka for Expo 2025, executed the first piloted eVTOL point‑to‑point flight between U.S. public airports (Marina to Monterey), and is conducting daily flight demonstrations at the Dubai Airshow, including the UAE’s first piloted point‑to‑point electric air taxi flight. The Blade subsidiary transported approximately 40,000 passengers in Q3, launched new commuter services in the New York metro, ran large‑scale event operations (e.g., Ryder Cup), and is integrating with the Uber app to broaden reach. Supply chain resilience is being addressed through new collaborations, including sourcing titanium and rare earth metals from Kazakhstan to support aircraft production. Details on per‑aircraft cycle times, learning‑curve assumptions, and supplier long‑lead constraints were not disclosed in the materials.
8. Regulatory & Market Access
Joby is in the final stage of FAA Type Certification, with Joby pilots flying conforming aircraft ahead of FAA for‑credit testing expected in 2026. The company’s certification strategy is complemented by the White House eVTOL Integration Pilot Program (eIPP), which is intended to enable early U.S. operations ahead of full certification, potentially pulling forward revenue and community engagement. Internationally, Dubai has granted Joby six years of exclusivity, and the RTA is progressing toward a 2026 commercial launch with vertiports at Dubai International Airport (targeted Q1 2026 completion) and at high‑demand destinations such as Dubai Mall and Atlantis the Royal. In Saudi Arabia, the General Authority of Civil Aviation signed an MoU to align approvals with FAA standards and to collaborate on airworthiness, pilot licensing, maintenance, and airspace integration; a sandbox for pre‑commercial operations in 1H26 will evaluate charging, airspace integration, and ground communications, while partnerships with Abdul Latif Jameel and Aloula Aviation are being formed to support deployment and services.
Japan is advancing through a JV with ANA and active collaboration with the JCAB, supported by extensive demonstrations at Expo 2025 in Osaka and a planned phased rollout beginning in Tokyo; the UK partnership with Virgin Atlantic targets integration at major hubs like Heathrow and Manchester. Ras Al Khaimah intends to launch an inter‑emirate corridor connected to Dubai by 2027. Kazakhstan’s Ministry has committed to building the regulatory and infrastructure framework to enable adoption, and the agreement with Alatau Advance Air Group includes pre‑delivery payments. Domestically, Joby’s acceptance into the FAA Part 5 Voluntary Safety Management System and Part 141 Flight Academy certification underpin pilot training and safety culture. Specific timelines for UAE Air Operator certification were not provided, but Joby reiterated plans to be operational in Dubai prior to FAA Type Certification, subject to manufacturing ramp and local approvals.
9. Historical Context
Joby’s recent trajectory shows rapid convergence of certification, operations, manufacturing, and partnerships. In late 2024, Joby entered the final phase of certification with FAA TIA testing commenced in simulators and completed for‑credit structural tests, while also securing Part 141 flight school approval and completing U.S. Air Force maintenance training. Through early 2025, the company achieved first pilot‑on‑board transition flights, recorded record certification progress, expanded manufacturing capacity in California and Ohio, and closed a $250 million Toyota investment tranche. Summer 2025 marked a pivot to commercialization: a public eVTOL airport‑to‑airport flight in the U.S., a multi‑week Dubai test campaign with piloted flights, the acquisition of Blade’s passenger business, and the announcement of a JV with ANA in Japan.
By autumn 2025, Joby participated in the REFORPAC exercise showcasing autonomy, joined the White House eIPP to jumpstart early U.S. operations, announced Uber app integration for Blade services, produced conforming parts at scale, and priced an underwritten equity offering. In November, Joby powered on its first conforming aircraft, confirmed new Dubai vertiports and performed the UAE’s first piloted point‑to‑point eVTOL flight, flew its turbine‑electric hybrid demonstrator, and deepened Middle East expansion with Saudi Arabian regulatory alignment and a sandbox for 1H26. The company also signed a letter of intent with Kazakhstan for up to $250 million of aircraft and services while aligning regulatory and supply chain foundations. Across this period, stated targets converged on a 2026 commercial launch in Dubai, followed by regional expansions and pre‑commercial operations in Saudi Arabia.