JOBY

1. Key Historical Highlights

• November 19, 2025: Signed a memorandum of understanding with Red Sea Global and The Helicopter Company to conduct pre-commercial eVTOL evaluation flights in Saudi Arabia in 2026.
• November 17, 2025: Completed the UAE’s first piloted point-to-point electric air taxi flight and announced vertiports at Dubai Mall, Atlantis the Royal, and American University of Dubai.
• November 07, 2025: Conducted the first flight of a turbine‑electric autonomous VTOL demonstrator integrating a hybrid powertrain and SuperPilot autonomy.
• November 12, 2025: Signed an MOU with Saudi Arabia’s aviation regulator to align approvals with FAA standards and rapidly deploy air taxi service in the Kingdom.
• November 06, 2025: Reported Q3 revenue of $23 million, a GAAP net loss of $401 million, and ended the quarter with $978 million in cash and investments.
• November 06, 2025: Signed a letter of intent to sell up to $250 million of aircraft and services to Alatau Advance Air Group in Kazakhstan including pre‑delivery payments.
• November 05, 2025: Began power‑on testing of the first FAA‑conforming aircraft, entering the final stage of Type Certification under TIA.
• November 05, 2025: Reported scaled production including 15× more conforming parts than in 2024 and began propeller blade production in Dayton, Ohio.
• October 31, 2025: Started manufacturing carbon‑fiber propeller blades in Dayton, Ohio to support certification and future volume production.
• October 28, 2025: Selected as the aviation launch partner for NVIDIA’s IGX Thor platform to pursue certifiable onboard autonomy with SuperPilot.
• October 09, 2025: Closed an underwritten common stock offering for approximately $591 million in gross proceeds following full exercise of the underwriters’ option.
• October 07, 2025: Priced an underwritten offering of 30.5 million shares at $16.85 per share with an option for 4.575 million additional shares.
• September 30, 2025: Began public flight demonstrations at Expo 2025 Osaka with more than 20 flights planned over 13 days in partnership with ANA.
• September 29, 2025: Signed a strategic agreement with RAKTA and Skyports to launch a passenger air taxi network in Ras Al Khaimah by 2027.
• September 12, 2025: Announced participation in the White House eVTOL Integration Pilot Program to begin early operations in select U.S. markets.
• September 10, 2025: Disclosed plans to integrate Blade’s air mobility services into the Uber app following the acquisition of Blade’s passenger business.
• August 29, 2025: Completed the acquisition of Blade Air Mobility’s passenger business to accelerate market entry and retain its leadership.
• August 15, 2025: Completed the first piloted eVTOL flight between two U.S. public airports from Marina to Monterey under FAA‑controlled airspace.
• August 06, 2025: Commenced final assembly of the first conforming aircraft for TIA flight testing with pilot flights expected in 2025.
• July 15, 2025: Expanded manufacturing capacity in California and Ohio, targeting up to 24 aircraft per year in Marina and long‑term volume in Dayton.

2. Financial Performance Overview

• Liquidity strengthened with approximately $591 million gross equity raised on October 09, 2025 and about $576 million net proceeds received in October, plus a $250 million strategic investment from Toyota closed on May 27, 2025, ending Q3 with $978 million in cash and securities.
• Q3 2025 showed early revenue contribution of $23 million, including $14 million from Blade operations, indicating a nascent services revenue stream while core aircraft sales remain pre-revenue; Gap: gross margin profile not disclosed.
• Losses remain substantial as the company invests in certification and manufacturing, with Q3 GAAP net loss of $401 million driven by $262 million noncash items and adjusted EBITDA loss of $133 million, following a Q2 net loss of $324.7 million and a 2024 full-year net loss of $608 million.
• Cash use guidance remains $500–$540 million for 2025, consistent with scale-up in R&D, certification, and manufacturing; Gap: capital expenditures and unit capex per aircraft not separately disclosed.
• Commercial pipeline expanded via agreements valued up to approximately $1 billion with Abdul Latif Jameel in Saudi Arabia and up to $250 million in Kazakhstan, with pre-delivery payments expected to support working capital ahead of certification; Gap: timing of cash receipts and conversion risk not quantified.
• Blade integration added scale with approximately 40,000 passengers transported in Q3 and a planned integration into the Uber app to support demand generation, signaling potential for growing recurring service revenue once eVTOLs enter service.

3. Management Effectiveness

• Executed a multi-path commercialization strategy by combining exclusive operating rights in Dubai, a JV approach in Japan, and third-party sales in Saudi Arabia and Kazakhstan, showing flexibility across regulatory environments and customer models.
• Strengthened the balance sheet at an opportune time through a well-timed equity raise and strategic Toyota investment, extending runway into planned 2026 launch windows while funding certification and production ramp.
• Advanced certification and industrialization with first conforming aircraft power-on, entry into TIA, a 15× increase in conforming parts versus 2024, and vertical integration of propeller blade manufacturing in Dayton.
• Accelerated market access and demand capture by acquiring Blade’s passenger business, launching new commuter pilots, and planning Uber app integration to seed utilization ahead of eVTOL fleet deployment.
• Demonstrated innovation and optionality through autonomous and hybrid programs with L3Harris and NVIDIA IGX Thor, positioning for dual-use defense and longer-range missions alongside the core all-electric platform.
• Regulatory and operational readiness improved via participation in the White House eIPP and international partnerships, though unit economics, target margins, and route-level profitability remain undisclosed; Evidence lacking: detailed per-route pricing, load factor targets, and cost per available seat-mile.

4. Key Quotes from Management

• "From flight demonstrations to infrastructure, we're making incredible progress on all fronts as we look ahead to launching commercial passenger service in Dubai next year. By working alongside the RTA, other government agencies and infrastructure partners, we’ve been able to streamline development of the world’s first air taxi service and are closer than ever to making urban air transport an everyday reality for residents and visitors across the UAE." — JoeBen Bevirt, Founder and CEO, Joby Aviation, Inc. (Dubai Air Taxi Network Takes Flight, November 17, 2025)
• "It’s imperative that we find ways to deliver new technology into the hands of American troops more quickly and cost-efficiently than we have in the past." — JoeBen Bevirt, CEO and Founder, Joby Aviation (Joby Celebrates First Flight of Turbine Electric Demonstrator Aircraft, November 13, 2025)
• "We have now begun power-on testing of the first of several aircraft we will build for TIA or Type Inspection Authorization." — JoeBen Bevirt, Founder and Chief Executive Officer, Joby Aviation (Q3 2025 Earnings Call Transcript, November 06, 2025)
• "The level of technological and regulatory progress we’re seeing today is unprecedented. It’s matched by an incredible commitment to aerial innovation at both the state and federal level and I’ve never been more excited about the company and technologies we are building." — JoeBen Bevirt, founder and CEO, Joby Aviation, Inc. (Third Quarter 2025 Financial Results, November 05, 2025)
• "This is a pivotal moment. Regulatory progress around the world is unlocking market access, our commercialization strategy is taking hold, and we’re now focused on scaling production to meet real demand—a challenge we’re fully committed to and working hard to deliver on." — JoeBen Bevirt, Founder and CEO, Joby Aviation, Inc. (Second Quarter 2025 Financial Results, August 06, 2025)
• "I’m confident that the incredible progress we have made this quarter – the tangible progress on certification, the demonstrated flight hours and transition flights, and rolling yet another aircraft off our production line - puts Joby firmly in a leadership position in our sector." — JoeBen Bevirt, Founder and CEO, Joby Aviation (First Quarter 2025 Shareholder Letter, May 07, 2025)
• "We’re already seeing the benefit of working with Toyota in streamlining manufacturing processes and optimizing design." — JoeBen Bevirt, Founder and CEO, Joby Aviation (Closing of $250 Million Investment from Toyota Motor Corporation, May 27, 2025)