Joby Aviation (NYSE:JOBY) executives used the company’s fourth-quarter and full-year fiscal 2025 earnings call to emphasize what they described as a transition from proving the technology to preparing for commercial operations and higher-rate manufacturing. Management pointed to progress in FAA certification, growing international interest, and a strengthened balance sheet following significant fundraising activity.
Commercial plans center on UAE launch and U.S. pilot program
Founder and CEO JoeBen Bevirt said Joby plans to carry its first passengers “this year” in the United Arab Emirates, citing the company’s “six-year exclusive access to the Dubai market.” He also highlighted the U.S. government’s eVTOL Integration Pilot Program (eIPP) as an opportunity to demonstrate services in multiple locations this year, noting that the Department of Transportation was expected to select at least five locations.
In Dubai, Joby reported completing its first point-to-point flight and announcing four nodes in its initial network. Two vertiports were described as nearing completion at Dubai International Airport and the American University in Dubai.
Certification update: FAA-conforming aircraft ready, Stage Four progress
Bevirt said the company’s first FAA-conforming aircraft is “now ready to fly,” and that Joby has all aircraft intended for Type Inspection Authorization (TIA) testing “in production.” He framed this as the product of years of “for-credit” testing at equipment and system levels.
On the FAA certification process, Joby reported what it called a record “18-point increase” within Stage Four. Bevirt said the improvement reflected both FAA commitment and the maturity of Joby’s design, positioning the company to focus on Stage Five as it looks ahead to FAA pilots flying the aircraft later this year.
In response to questions about remaining means of compliance, Bevirt said those elements were “decoupled” from other milestones and emphasized the importance of component- and system-level ground testing, including the creation of specialized test articles with “designed in defects” built to FAA-agreed test plans.
Manufacturing scale-up and facility expansion
Bevirt said Joby has begun shifting focus from “how and when we’ll go to market” toward “how many aircraft we can produce and where to deploy them.” He said the company decided to scale manufacturing now to be ready for what it described as rising demand, including anticipated eIPP opportunities.
In January, Joby signed an agreement to purchase a 728,000-square-foot production facility in Dayton, Ohio. Management said the site would complement growth in California and support plans to “again double production to 4 aircraft per month in 2027.” Bevirt also said Joby redesigned its California assembly footprint and processes to align with Toyota Production System principles, citing a nearly 50% reduction in movement of people and parts as part of efficiency improvements.
Asked about the status of other aircraft in build, Bevirt said investors should expect “increasing regularity” in aircraft coming off the line over the next few quarters, describing improving maturity in manufacturing and conforming processes.
Partnerships and market activity: Toyota, Uber, Delta, and infrastructure
Joby cited multiple commercial and infrastructure developments during the quarter:
- A demonstration flight alongside Toyota at Mount Fuji and participation in a Nomura-led real estate consortium to bring air taxis to Tokyo.
- An MOU with Red Sea Global and The Helicopter Company to establish a test zone for pre-commercial operations in Saudi Arabia.
- A letter of intent for aircraft and services “valued at up to $250 million” to Kazakhstan.
- An agreement with Metropolis to develop 25 vertiport sites in the U.S.
Bevirt also said Delta Air Lines exercised the first tranche of warrants after Joby met a warrant milestone, describing it as part of a “deepening partnership.”
On the Uber relationship, Joby said it debuted a “Joby Uber in-app experience” in Dubai demonstrating how riders could book a Joby air taxi using the Uber app, and reiterated that Blade service is also planned to be integrated into Uber’s platform. Blade CEO Rob Wiesenthal, who joined the Q&A, said the Blade-Uber integration is expected to be deployed in the first half of the year and would allow customers to book Blade through Uber, including ground transport to a Blade lounge and a short flight to airports such as JFK or Newark in New York. He said the company expects the integration to drive growth for Blade Airport and argued it could become a competitive advantage as the helicopter option is eventually replaced by Joby eVTOL service.
On infrastructure funding, Executive Chairman Paul Sciarra said that in the UAE, infrastructure is being built in conjunction with Dubai’s RTA. Outside the UAE, he said Joby expects to use existing infrastructure, including Blade’s “10 plus locations,” and to lean on partners such as Metropolis. He added Joby may use its own capital for certain sites but plans to rely “far more on the developer ecosystem.”
Financial results: cash, fundraising, Blade revenue, and guidance
CFO Rodrigo Brumana said Joby ended Q4 2025 with $1.4 billion in cash, cash equivalents, and short-term investments, including $586 million raised during the quarter via an equity offering and ATM sales. After quarter end, Joby completed financing providing net proceeds of approximately $1.2 billion.
Cash use in Q4 totaled $157 million versus $147 million in Q3, which Brumana attributed primarily to continued investment in certification and manufacturing readiness, including higher spend supporting TIA-related activity and market development. The quarter included about $40 million of property and equipment investment, plus a $3 million investment in Joby’s first fully conforming FAA-qualified flight simulator developed with CAE. Brumana said the simulator is a mandatory component for Part 135 approval and is directly tied to future revenue because aircraft cannot be sold without an approved pilot training solution. He said Joby plans to add a second full-motion simulator later this year as it expands the Joby Flight Academy.
For the full year 2025, Joby’s cash use totaled $539 million, which Brumana said was within guidance and included the impact of the Blade acquisition and integration costs.
On the income statement, Joby reported Q4 GAAP net loss of $122 million, an improvement from a $401 million net loss in Q3. Brumana said the quarter-over-quarter change was largely driven by $302 million in favorable non-cash warrant and earn-out revaluation, partially offset by $25 million higher loss from operations. Q4 revenue was $31 million, up $8 million from Q3, driven mainly by a full quarter of Blade revenue. Brumana said Blade contributed $21 million, while other revenue was $10 million, including approximately $8 million of one-time, non-recurring revenue related to demonstration flights in Japan for a Toyota event in December. Total operating expenses were $238 million in Q4 versus $204 million in Q3, reflecting higher certification and manufacturing spend, staffing, and a full quarter of Blade operating expenses. Adjusted EBITDA loss was $154 million, compared to a $133 million loss in Q3.
Looking ahead, Joby updated its cash guidance approach. For the first half of 2026, the company expects to use $340 million to $370 million in cash, excluding about $33 million for the one-time purchase of the Ohio building. Brumana said Joby will guide on a half-year basis given uncertainty in early-stage production ramp dynamics as the company transitions from prototype to repeatable manufacturing.
Joby also provided full-year 2026 revenue guidance of $105 million to $150 million, with the “vast majority” expected to come from Blade. Brumana noted Blade’s passenger business is seasonal, with revenue typically peaking in Q3, and said Q2 plus Q3 historically represent about 60% to 65% of the revenue mix.
In closing remarks, executives reiterated priorities of advancing certification, scaling manufacturing responsibly, and preparing for commercial launch, while emphasizing disciplined capital allocation and the role of partnerships and government programs in accelerating advanced air mobility.
About Joby Aviation (NYSE:JOBY)
Joby Aviation Inc is an aerospace company focused on developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. The company’s core mission is to provide zero-emission aerial ridesharing services, combining the speed of helicopters with the cost efficiency and environmental benefits of electric propulsion. Joby’s eVTOL design emphasizes low noise profiles and high reliability, positioning the company to address congestion challenges in major metropolitan areas.
The company’s flagship aircraft is designed to carry a pilot and up to four passengers, offering point-to-point travel at speeds competitive with ground transportation.
