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Joby Aviation (JOBY) investor relations material
Joby Aviation Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved significant certification, manufacturing, and commercialization milestones, including 76 flights in July, 21 piloted flights in Dubai, and over 50% completion of FAA Stage 4 certification.
Announced definitive agreement to acquire Blade's passenger business, expected to accelerate commercial eVTOL operations and provide immediate market access.
Entered strategic partnerships with L3Harris for defense, Abdul Latif Jameel for Middle East distribution, and ANA for a joint venture in Japan.
Expanded manufacturing capacity, doubling output at Marina, CA, and progressing toward 500 aircraft per year at Dayton, OH.
Focused on developing and certifying eVTOL aircraft for urban air mobility, targeting first passenger operations in 2026 and leveraging a vertically integrated business model.
Financial highlights
Ended Q2 FY25 with $991M in cash and short-term investments, including $250M from Toyota and $41M from ATM facility.
Q2 2025 net loss was $324.7M, up $201.4M year-over-year and $242.3M sequentially, driven by higher operating expenses and revaluation losses.
Adjusted EBITDA loss was $132M in Q2, $24M higher year-over-year, reflecting increased spending for certification and commercialization.
Operating expenses for Q2 2025 were $167.9M, including $26.6M in stock-based compensation and $9.8M in depreciation/amortization.
Revenue for Q2 2025 was $15,000, down 46% from Q2 2024; six-month revenue was $15,000, down 72% year-over-year.
Outlook and guidance
On track with full-year 2025 guidance of $500M–$540M in use of cash, excluding Blade acquisition impact.
Expect to close Blade acquisition before the end of Q3 2025, with integration to accelerate commercial service preparation.
Plans to begin TIA flights with Joby pilots by year-end and with FAA pilots early next year, moving toward type certification.
Targeting first passenger flights in Dubai in 2026 and completion of Dubai International Airport vertiport in Q1 2026.
Cash and investments expected to cover working capital and capital requirements for at least the next twelve months.
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