Joby Aviation (JOBY) Q4 2025 earnings summary

Executive summary

• 2026 is positioned as a pivotal year, with focus shifting from market entry timing to scaling aircraft production and deployment in response to strong global demand.

• Achieved record progress in FAA certification, with an 18-point increase in the fourth stage of type certification for eVTOL aircraft.

• Exclusive six-year access to the Dubai market, with first passenger flights planned this year, and anticipated U.S. service demonstrations via the eIPP program.

• Strategic partnerships and integration with Uber, Delta, Toyota, Blade, and L3Harris Technologies are advancing commercialization and operational readiness.

• Raised nearly $1.8 billion over six months, ensuring capital for certification, manufacturing ramp, and commercial launch.

Financial highlights

• Ended Q4 2025 with $1.4 billion in cash, equivalents, and short-term investments, bolstered by $586 million raised in the quarter and $1.2 billion post-quarter.

• 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 $8 million in one-time revenue from Japan demo flights.

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

• Adjusted EBITDA loss of $154 million in Q4, compared to $133 million loss in Q3.

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 at $340 million–$370 million, excluding $33 million for the Ohio facility purchase.

• Commercial operations in Dubai and up to five U.S. states anticipated in 2026, pending regulatory milestones.

• Expects to double production capacity to four aircraft per month in 2027, supported by acquisition of a new manufacturing facility in Dayton, Ohio.