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Joby Aviation (JOBY) investor relations material
Joby Aviation Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Entered final stage of FAA certification, initiating power-on testing for Type Inspection Authorization and preparing for 'for credit' flight testing with FAA pilots.
Demonstrated operational maturity with over 600 flights in 2025, including high-profile events in the US and Japan, and first public U.S. airshow participation.
Expanded global operations, notably in Dubai with regulatory approval for daily flights, and commercial readiness with Blade passenger service, transporting 40,000 passengers and integrating with Uber.
Advanced autonomy and hybrid technology, including ground testing of a turbine-electric variant for defense and successful autonomous flights using Super Pilot AI, with over 7,000 miles of autonomous operations.
Strengthened balance sheet with $978.1 million in cash and short-term investments at quarter-end, plus $576 million raised post-quarter.
Financial highlights
Q3 2025 revenue was $23 million, including $14 million from BLADE and $9 million from defense and engineering contracts.
GAAP net loss of $401.2 million in Q3 2025, up from $143.9 million in Q3 2024, driven by higher R&D, SG&A, and significant non-cash losses from warrant and earnout share revaluations.
Adjusted EBITDA loss of $133 million, $1 million higher than Q2, and $12 million higher year-over-year due to team growth and commercialization investments.
R&D expenses for Q3 2025 were $149.2 million, up 18% YoY; SG&A for Q3 2025 was $45 million, up 47% YoY.
Ended Q3 2025 with $978.1 million in cash, cash equivalents, and marketable securities.
Outlook and guidance
Focus remains on disciplined execution, advancing certification, scaling production, and preparing for commercial launch, with initial passenger operations targeted for 2026.
Expect to be operational in Dubai prior to FAA-type certification, with significant demand and regulatory support.
EIPP program in the US expected to start mid-next year, pulling forward early demand and requiring accelerated production.
Management expects continued net losses and negative cash flows until commercial operations scale.
Cash and investments expected to cover working capital and capital requirements for at least the next 12 months.
Next steps for FAA 'for credit' flights
elPP project application strategy
Superpilot TM's path to commercial integration
FAA shutdown impact on TIA flight testing
eIPP program revenue generation potential
Autonomy integration into S4 platform
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Next Joby Aviation earnings date
Q4 20255 Mar, 2026
Next Joby Aviation earnings date
Q4 20255 Mar, 2026
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Frequently asked questions
Joby Aviation Inc develops and manufactures electric vertical takeoff and landing (eVTOL) aircraft designed for aerial ridesharing and urban air mobility services. The company focuses on providing sustainable transportation solutions by advancing electric-powered flight technologies. Its operations include aircraft design, engineering, manufacturing, and future air mobility service planning. The company is headquartered in Santa Cruz, California, and its shares are listed on the NYSE.
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