JOBY

1. Key Historical Highlights

• October 09, 2025: Joby closed an underwritten offering of common stock for approximately $591 million in gross proceeds.
• October 07, 2025: Joby priced an underwritten offering of 30,500,000 shares at $16.85 per share.
• September 30, 2025: Joby conducted public air taxi demonstration flights at Expo 2025 Osaka in partnership with ANA.
• September 29, 2025: Joby signed an MoU with RAKTA and Skyports to launch an air taxi network in Ras Al Khaimah by 2027.
• September 12, 2025: Joby joined the White House eVTOL Integration Pilot Program to initiate limited operations ahead of full certification.
• September 10, 2025: Joby and Uber announced plans to bring Blade’s air mobility services into the Uber app to pave the way for Joby’s aircraft.
• September 03, 2025: Joby completed a U.S. defense exercise demonstrating Superpilot autonomous flight over more than 7,000 miles.
• August 29, 2025: Joby completed the acquisition of Blade’s passenger business to accelerate market entry.
• August 15, 2025: Joby completed the first piloted eVTOL air taxi flight between two public U.S. airports.
• August 06, 2025: Joby began final assembly of its first conforming aircraft for TIA flight testing.
• August 06, 2025: Joby reported $991 million in cash and investments and closed the first $250 million Toyota tranche.
• August 05, 2025: Joby and ANA announced a joint venture to deploy more than 100 air taxis in Japan starting in Tokyo.
• August 01, 2025: Joby and L3Harris launched a collaboration to develop a hybrid VTOL for defense applications.
• July 15, 2025: Joby expanded manufacturing in California and Ohio to double capacity to up to 24 aircraft per year.
• June 30, 2025: Joby completed piloted flights in Dubai and advanced construction of its first commercial vertiport at DXB.
• May 27, 2025: Joby closed a $250 million strategic investment from Toyota to support certification and production.
• May 12, 2025: Joby flew two aircraft simultaneously as its certification test program advanced.
• April 29, 2025: Joby achieved its first full transition flights with a pilot onboard.

2. Financial Performance Overview

• Liquidity was strengthened by multiple capital events, including approximately $591 million of gross proceeds from an October 2025 equity offering, $250 million received from Toyota as the first tranche of a $500 million commitment, and $202 million raised in an October 2024 equity offering.
• Cash and investments ended Q2 2025 at $991 million, up from $813 million at Q1 2025 and $933 million at year-end 2024, aided by strategic investments and equity raises.
• Operating expense intensity remains high, with Q2 2025 R&D at $136.4 million up 21% year over year and total operating expenses at $167.9 million up 16%, driving a Q2 2025 net loss of $324.7 million versus $123.3 million in the prior-year quarter.
• For full-year 2024, net loss was $608.0 million and flight services revenue fell to $136,000, while Q1 2025 reported zero revenue from flight services; Gap: no 2025 revenue guidance disclosed.
• 2025 cash use is guided to $500–$540 million, consistent with ongoing certification, manufacturing ramp, and commercialization investments.
• Manufacturing scale-up is underway to 24 aircraft per year in Marina, CA, supported by state incentives of $9.8 million and $10 million in equipment cost reductions; Gap: capex dollar amounts and unit cost metrics not disclosed.

3. Management Effectiveness

• Management is executing a vertically integrated strategy—owning operations and aircraft—while augmenting market access through the acquisition of Blade’s passenger business and partnerships with ANA, Virgin Atlantic, and Uber.
• Capital deployment has prioritized certification and production readiness, combining strategic investment from Toyota with timely public equity raises to maintain liquidity through pre-revenue phases.
• Execution discipline is evidenced by steady certification milestones, the first piloted transition and airport-to-airport eVTOL flights, and preparation for TIA flight testing with conforming aircraft.
• The team is building durable ecosystem advantages via exclusive Dubai market rights, a JV in Japan, a Saudi distribution MoU, and integration of Blade services into the Uber app.
• Joby is diversifying optionality through dual-use defense initiatives, including autonomous Superpilot demonstrations and a hybrid VTOL collaboration with L3Harris to address government demand.
• Evidence lacking: visibility on unit economics, long-term margin targets, and post-certification ramp cadence required to achieve profitability.

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)
• "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)
• "We’re excited to introduce Uber customers to the magic of seamless urban air travel," — JoeBen Bevirt, Founder and CEO, Joby Aviation (Joby to Bring Blade’s Air Mobility Services to the Uber App, September 10, 2025)
• "By combining Joby’s aircraft with Blade’s established network, we’re creating an unmatched foundation for bringing quiet air travel to market," — JoeBen Bevirt, Founder and CEO, Joby Aviation, Inc. (Joby Completes Acquisition of Blade’s Passenger Business, August 29, 2025)
• "Japan has led the world in transforming ground transportation with its world-class automotive industry and iconic bullet trains. Now, Japan is poised to lead the world again, this time in the air." — JoeBen Bevirt, CEO and founder, Joby (Public flight demonstration of Joby’s air taxi at Expo 2025 Osaka, Kansai, Japan, September 30, 2025)
• "The regulation published today will ensure the U.S. continues to play a global leadership role in the development and adoption of clean flight, and delivering ahead of schedule is a testament to the dedication, coordination and hard work of the rulemaking team." — JoeBen Bevirt, Founder and CEO, Joby Aviation (Publication of New Operating Regulations by FAA, October 22, 2024)
• "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)