JOBY

1. Key Historical Highlights

• September 12, 2025: Joby joined the White House eVTOL Integration Pilot Program to begin early U.S. operations ahead of full FAA certification.
• September 10, 2025: Joby and Uber announced plans to integrate Blade’s air mobility services into the Uber app next year.
• September 03, 2025: Joby completed a U.S. defense exercise demonstrating its Superpilot autonomous tech over more than 7,000 miles of operations.
• August 29, 2025: Joby completed the acquisition of Blade Air Mobility’s passenger business.
• August 15, 2025: Joby flew the first piloted eVTOL air taxi flight between two public U.S. airports.
• August 10, 2025: Joby reported a Q2 2025 net loss of $324.7 million with higher research and development expenses.
• August 06, 2025: Joby began final assembly of its first conforming aircraft for TIA flight tests.
• August 06, 2025: Joby ended Q2 2025 with $991 million in cash and received the first $250 million tranche from Toyota.
• August 05, 2025: Joby and ANA announced a joint venture to deploy more than 100 aircraft in Japan starting in Tokyo.
• August 04, 2025: Joby signed a definitive agreement to acquire Blade’s passenger business for up to $125 million.
• August 01, 2025: Joby and L3Harris disclosed a collaboration to develop a hybrid VTOL for defense missions with testing planned in 2025.
• July 15, 2025: Joby expanded manufacturing in California and Ohio to double capacity to up to 24 aircraft per year.
• June 30, 2025: Joby advanced commercial readiness in Dubai with exclusive operating rights and vertiport construction underway.
• June 03, 2025: Joby signed an MoU to explore delivering up to 200 aircraft and services in Saudi Arabia with Abdul Latif Jameel.
• May 27, 2025: Joby closed a $250 million investment from Toyota Motor Corporation.
• May 12, 2025: Joby flew two of its aircraft simultaneously during a milestone test in Marina, California.
• April 29, 2025: Joby completed its first full transition flights with a pilot onboard.
• March 15, 2025: Joby partnered with Virgin Atlantic to launch electric air taxi services in the United Kingdom.
• February 27, 2025: Joby reported a 2024 net loss of $608.0 million and a 30% increase in R&D to $477.2 million.
• December 20, 2024: Joby initiated FAA testing under TIA and targeted 2025 for flight testing with a conforming aircraft.

2. Financial Performance Overview

• Losses widened in Q2 2025 with a net loss of $324.7 million versus $123.3 million a year ago, driven by a 21% rise in R&D to $136.4 million and total operating expenses up 16% to $167.9 million.
• Liquidity remains substantial with $991 million in cash and short-term investments at Q2 2025, supported by the first $250 million tranche from Toyota and expected 2025 cash use of $500–$540 million.
• 2024 results showed a net loss of $608.0 million and R&D of $477.2 million, underscoring heavy investment ahead of commercial launch, with minimal revenue reported.
• Significant external funding and balance sheet actions include Toyota’s $500 million strategic commitment and a $202 million public equity raise in October 2024.
• Manufacturing scale-up is underway with capacity targeted at up to 24 aircraft per year in Marina, CA, and component production in Dayton, OH, indicating rising capex needs; Gap: specific capex breakdown and unit cost data not disclosed.
• Gap: No detailed revenue guidance or margin structure was provided for initial commercial operations.

3. Management Effectiveness

• Strategy appears focused and diversified across three routes to market—owned air taxi service, aircraft sales, and partnered services—while maintaining vertical integration to control certification, manufacturing, and operations.
• Capital deployment has been proactive, using strategic acquisitions (Blade passenger business and Xwing’s autonomy division) and partnerships (Toyota, ANA, Virgin, Uber, DOD) to accelerate commercialization and de-risk go-to-market.
• Regulatory execution remains a core strength, with progress into stage four of FAA type certification, TIA testing underway, and alignment with new FAA operating rules enabling near-term operations.
• Operational readiness is evidenced by the first piloted eVTOL flight between two public airports, simultaneous multi-aircraft testing, and entry into the White House eIPP for early operations.
• Defense and dual-use adaptability is advancing via L3Harris collaboration on a hybrid VTOL and successful autonomous demonstrations, potentially opening incremental revenue streams.
• Evidence lacking: Clear unit economics, target operating margins, and payback periods for air taxi services have not been substantiated publicly.

4. Key Quotes from Management

• "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)
• "Integrating Blade into the Uber app is the natural next step in our global partnership with Uber and will lay the foundation for the introduction of our quiet, zero-emissions aircraft in the years ahead. Together with Uber’s global platform and Blade’s proven network, we’re setting the stage for a new era of air travel worldwide." — JoeBen Bevirt, Founder and CEO, Joby Aviation (Joby to Bring Blade’s Air Mobility Services to the Uber App, September 10, 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)
• "The United Arab Emirates is a launchpad for a global revolution in how we move." — JoeBen Bevirt, Founder and CEO, Joby Aviation (Announcement of Commercial Market Readiness and Milestone Flights in Dubai, June 30, 2025)
• "Over the last 12 months we have delivered sector leading progress, across each area that is core to our business certification, manufacturing and commercialization." — JoeBen Bevirt, Founder and Chief Executive Officer, Joby Aviation (Q4 2024 Earnings Call Transcript, February 26, 2025)
• "This milestone demonstrates Joby’s continued industry leadership and is a reflection of the maturity of our test program and the rigorous company testing we’ve already completed." — JoeBen Bevirt, CEO and Founder, Joby Aviation (FAA Testing and Final Phase of Certification Program for Electric Air Taxi, December 20, 2024)
• "The regulation published today will ensure the U.S. continues to play a global leadership role in the development and adoption of clean flight." — JoeBen Bevirt, Founder and CEO, Joby Aviation (Publication of New Operating Regulations by FAA, October 22, 2024)