Joby Aviation (JOBY) Raymond James & Associates’ 46th Annual Institutional Investors Conference 2025 summary

Industry context and company evolution

• eVTOL technology is transitioning from development and certification to commercialization this year, marking a pivotal moment for the sector.

• The company has grown from a small team in 2009 to over 1,700 employees, focusing on electric aviation and vertical integration.

• Early investments and technical groundwork in electric motors, lightweight materials, and advanced controls have positioned the company as a leader.

• The vision is to transform transportation from 2D ground-based to 3D aerial mobility, offering faster, quieter, and cost-competitive alternatives.

• Strategic partnerships with Delta, Uber, and Toyota support infrastructure, demand generation, and manufacturing scale.

Business model and commercialization strategy

• Vertical integration in design and manufacturing is key to achieving performance, cost, and scalability goals.

• In the U.S., the company will both build and operate aircraft, while internationally it will pursue sales or leasing with support services.

• The aircraft is designed for speed, passenger throughput, and low noise, validated by over 13,000 flight hours and NASA.

• FAA-conforming aircraft are being built for final certification, with TIA flight tests expected to start within 12 months.

• Manufacturing partnerships, especially with Toyota, are enabling a shift to automotive-scale production processes.

Market opportunity and customer segments

• The long-term opportunity includes urban and rural markets, offering 5x-10x faster travel at costs similar to driving.

• Addressable markets span consumer, government, and defense sectors, with potential for trillions in value over a decade.

• The company is building out pilot training, maintenance, and infrastructure to support commercialization.

• Defense contracts have led to deliveries and pilot training for the DoD, with aircraft variants demonstrating over 550 miles of range using hydrogen fuel cells.

• The platform's flexibility allows for both battery and hydrogen-powered variants, extending its addressable market.