Joby Aviation(JOBY) - 2025 Q3 - Quarterly Results

Financial Performance - Joby Aviation reported a net loss of $401.2 million for Q3 2025, which includes a net operating loss of $181.7 million and other losses of $219.5 million[37]. - Revenue for the quarter totaled $22.6 million, driven by the acquisition of the Blade passenger business and engineering services[37]. - Operating expenses reached $204.2 million, reflecting costs associated with certification, manufacturing, and the acquisition of Blade[38]. - Net loss for the nine months ended September 30, 2025, was $808,306 thousand, compared to a net loss of $361,757 thousand for the same period in 2024, indicating an increase in losses of approximately 123.5%[47]. - Adjusted EBITDA for the nine months ended September 30, 2025, was $(391,451) thousand, compared to $(338,004) thousand for the same period in 2024, reflecting a decline of approximately 15.8%[49]. - Cash, cash equivalents, and restricted cash at the end of the period totaled $209,407 thousand, up from $153,054 thousand at the end of September 2024, marking an increase of approximately 36.8%[47]. - Stockholders' equity decreased to $896,452 thousand as of September 30, 2025, down from $912,363 thousand at December 31, 2024, indicating a decline of approximately 1.7%[46]. Operational Developments - Joby Aviation completed its first point-to-point flights, demonstrating commercial market readiness with successful operations between Marina and Monterey airports[10]. - The company has produced 15 times more type design conforming parts in 2025 compared to all of 2024, and has added over 100 manufacturing roles in California[17]. - Joby Aviation ended Q3 2025 with $978 million in cash and short-term investments, with an estimated cash use of $500-$540 million for the year[41]. - The company expects to begin flight testing with FAA pilots and carry its first passengers in 2026, indicating significant progress in regulatory outlook[52]. - Joby Aviation anticipates that its Dayton facilities will eventually support the production of up to 500 aircraft per year, highlighting future manufacturing capabilities[52]. - The company reported a significant increase in accounts payable, which rose to $13,415 thousand as of September 30, 2025, compared to $4,261 thousand at December 31, 2024, reflecting increased operational activities[46]. Strategic Initiatives - In October 2025, Joby completed an equity offering, raising approximately $576 million to support certification and manufacturing efforts[42]. - The company is actively engaged in the White House eVTOL Integration Pilot Program, which aims to demonstrate eVTOL use cases across the U.S.[11]. - Joby has begun ground testing an autonomous hybrid aircraft for defense applications, with flight testing expected to start soon[31]. - The construction of Joby's first vertiport at Dubai International Airport is on track for completion by the end of Q1 2026, supporting future operations in the UAE[24]. - Joby Aviation plans to complete the vertiport at Dubai International Airport by the end of Q1 2026, facilitating market expansion in the UAE[52]. - The company secured a $17 million contract with AFWERX for planned operations with the Department of War, showcasing strategic partnerships and government contracts[52].