Joby Aviation (JOBY) Q4 2025 earnings summary

Executive summary

• Achieved record progress in FAA certification, with an 18-point increase in the fourth stage and the first FAA-conforming aircraft ready for flight; all TIA testing aircraft are in production.

• Focus shifted from market entry timing to scaling aircraft production and deployment in response to strong global demand.

• Exclusive six-year access to the Dubai market, with first passenger flights planned in the UAE in 2026 and early U.S. operations under the White House-backed eVTOL Integration Pilot Program.

• Strategic partnerships expanded, including agreements with Toyota, Delta, Uber (for air taxi booking integration), Metropolis, and new MOUs/LOIs in Japan, Saudi Arabia, and Kazakhstan.

Financial highlights

• Ended Q4 2025 with $1.4 billion in cash, equivalents, and short-term investments, including $586 million raised in the quarter.

• Additional $1.2 billion raised after quarter-end, bringing total recent fundraising to nearly $1.8 billion and further strengthening the balance sheet.

• Q4 net loss of $122 million, a $280 million improvement from Q3, mainly due to a $302 million favorable non-cash warrant and earn-out revaluation.

• Q4 revenue was $31 million, up $8 million from Q3, with $21 million from Blade and $10 million from other sources, including a one-time $8 million from Japan demo flights.

• Q4 operating expenses were $238 million, up $34 million sequentially, driven by certification, manufacturing, and Blade integration.

Outlook and guidance

• 2026 revenue guidance is $105 million–$150 million, with the majority from Blade's passenger business.

• First half 2026 cash usage expected to be $340 million–$370 million, excluding a $33 million one-time Ohio facility purchase.

• Production ramp to double output to 4 aircraft per month by 2027, supported by new Ohio facility and expanded California operations.

• Commercial operations targeted in Dubai and up to five U.S. states in 2026, with continued focus on certification, manufacturing, and commercial readiness.