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Welcome back. As we noted earlier, the government shutdown is now taking its toll on air travel with the government announcing potential cuts to air traffic at 40 major US airports starting tomorrow. Transportation Secretary Shawn Duffy says the cuts will help alleviate the additional pressure placed on air traffic controllers who continue to work without pay during this shutdown.there is going to be a 10% reduction in capacity at 40 of our locations. Uh the administrator is going to tell you that it's been ...

Air Traffic Control Crisis - FAA to cut flights by 10% at the nation's 40 busiest airports due to air traffic controllers fatigue and sick calls [1] - Air traffic controllers are stressed and fatigued due to the government shutdown and uncertainty about pay [2] - The shutdown is expected to delay controllers receiving owed pay for months, even after it ends [3] - Reducing airspace capacity is necessary to manage increased risk in the aviation system [5] Safety and Workforce Concerns - It is absolutely safe to fly [6] - The current situation is discouraging potential air traffic controllers from pursuing the profession [9] - There is a shortage of 3,800 air traffic controllers, with 10,800 certified controllers operating a system designed for 14,633 [10] - Air traffic controllers are resigning due to the shutdown, exacerbating the existing shortage [11]

‘Hundreds’ More Air Traffic Controllers Could Quit Starting Friday—As Major Hubs Brace For Thousands Of Cancelled Flightshttps://t.co/DUWsAs5IBc https://t.co/qnTo8VlQiQ ...

Core Insights - Joby Aviation reported a wider-than-expected loss of 26 cents per share for Q3 2025, compared to the Zacks Consensus Estimate of 19 cents and a loss of 21 cents in the prior year [2][5] - The company achieved revenues of $22.6 million, significantly exceeding the Zacks Consensus Estimate by 140.2%, and up from just $0.03 million in the same quarter last year [3][9] - Joby is focusing on commercial operations, having acquired Blade Air Mobility's urban air mobility passenger business, which is expected to expedite its entry into commercial service [6][7] Financial Performance - Total operating expenses increased by 30.3% year-over-year, driven by higher research and development costs (up 18.2%) and selling, general, and administrative costs (up 47%) [3] - Adjusted EBITDA for Q3 2025 was a loss of $132.8 million, which included costs related to employee expenses for aircraft development and the Blade acquisition [4] - Joby ended the quarter with cash and cash equivalents of $208.4 million, an increase from $199.6 million at the end of 2024, and anticipates cash and short-term investments to be at the upper end of the $500-$540 million range for 2025 [4] Strategic Developments - The acquisition of Blade provides Joby access to an established network of terminals and a loyal customer base in key markets, which may give it a competitive edge over rivals like Archer Aviation [7] - Joby and Uber Technologies plan to integrate Blade's air mobility services into the Uber app by 2026, building on their collaboration since 2019 [8] - Joby is expanding its production facility in Marina, CA, which will double its aircraft production capacity to support its commercialization efforts [9] Market Outlook - The global eVTOL market is projected to grow from $0.76 billion in 2024 to $4.67 billion by 2030, reflecting a compound annual growth rate of 35.3% [19] - Despite the promising market outlook, Joby faces challenges related to profitability and public acceptance of eVTOLs as a viable transportation alternative [13][14]

Core Point - The Federal Aviation Administration (FAA) has mandated a 10% reduction in traffic at 40 airports due to the government shutdown [1] Group 1 - The FAA's order affects 40 airports, indicating a significant impact on air traffic management [1] - The 10% reduction in traffic is a direct response to the operational challenges posed by the government shutdown [1]

Aviation Industry Impact - FAA to cut 10% of flights at 40 major US airports due to staffing shortages related to the government shutdown [1][5][7] - The flight cuts are expected to impact thousands of flights a day and will begin Friday morning [7] - UPS suspended package delivery operations at its Louisville hub, potentially delaying shipments including medications and online shopping, after a cargo plane crash [15] - UPS's Louisville hub typically handles 2 million packages per day [15] Political and Economic Implications - President Trump blamed the government shutdown for Republican losses in recent elections [3][22] - The Supreme Court is questioning President Trump's tariffs, which could cost the average consumer approximately $1,200 by the end of the year [17] - If the tariffs are struck down, the Treasury Department estimates a potential reimbursement effort of up to $1 trillion [19] Security and Crime - The FBI and NYPD arrested two men in New Jersey and charged three more in Detroit in connection with an ISIS-inspired Halloween plot [28][29] - Law enforcement is concerned about ISIS's continued support among lone-wolf attackers and potential direct communication with followers [29] - Mexico's president is pressing charges against a man who groped her in public, highlighting the issue of sexual harassment [35][37] International Affairs - A typhoon in the Philippines caused dozens of deaths and widespread destruction [3][46] - Chinese astronauts are stranded in space due to suspected space debris hitting their return capsule [47] - The report includes a rare look inside Gaza, showing the scale of destruction since the ceasefire, with both sides accusing each other of violating the peace deal [30][32][33] Other News - New York City elected a Democratic socialist, Ziran Mamani, as mayor [22][23] - The search continues for a missing 9-year-old girl, with investigators focusing on surveillance images showing her in disguise [39][40] - NFL star Tom Brady cloned his dog, costing tens of thousands of dollars [47][48]

Financial Data and Key Metrics Changes - Joby Aviation ended Q3 2025 with approximately $978 million in cash and short-term investments, with an additional net proceeds of about $576 million raised in October, strengthening its financial position [21][22] - The company reported a Q3 net loss of $401 million, an increase of $77 million from Q2, primarily due to $262 million in non-cash items [25][26] - Revenue for the quarter was $23 million, including $14 million from BLADE and $9 million from other sources, with total operating expenses of $204 million, up $36 million from the prior quarter [26][27] Business Line Data and Key Metrics Changes - Joby has begun power-on testing of its first aircraft for Type Inspection Authorization (TIA), marking a significant milestone in its certification process [5][9] - The company has produced 15 times more FAA-conforming parts in 2025 compared to all of 2024, indicating a ramp-up in production capabilities [13] - Joby is leveraging its Ohio facility to ramp up production of propeller blades, a critical component of its aircraft [22] Market Data and Key Metrics Changes - Joby is in advanced discussions with various state and local government entities for the U.S. government's EIPP program, which aims to allow mature eVTOL aircraft to begin operations in select markets ahead of full FAA certification [12] - The company is expanding its global operations, including high-frequency routes in New York and Europe, and has accepted its first flight simulator for pilot training [23][24] Company Strategy and Development Direction - Joby's core focus remains on the development of its S4 platform, with a vertically integrated approach that allows for rapid adaptation to various use cases and technologies [13][14] - The company is preparing for commercial service and aims to capitalize on the U.S. government's EIPP program to accelerate demand for its aircraft [12][28] - Joby is also working with L3Harris to develop a turbine-electric variant for defense applications, with flight testing set to begin imminently [15][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet increasing demand for its aircraft, emphasizing the importance of scaling production [12][28] - The company is optimistic about the future of aviation, particularly with advancements in autonomy and the integration of NVIDIA's technology to enhance its aircraft's capabilities [18][19] - Management highlighted the unprecedented level of technological and regulatory progress, positioning Joby to take advantage of emerging opportunities in the aviation industry [19] Other Important Information - Joby has completed several successful flight demonstrations, including participation in the California International Air Show and flights during the World Expo in Japan [10][11] - The company is focused on building a robust balance sheet to support its long-term growth strategy [21][22] Q&A Session Summary Question: Progress with international partners and commercial service before FAA certification - Joby is making significant progress in Dubai and expects to be operational there prior to FAA-type certification [31] Question: Integration of autonomous systems into Joby aircraft - The integration of Super Pilot will be a step-by-step process, with significant benefits anticipated for safety and operational efficiency [32][33] Question: Revenue generation during the EIPP test phase - There may be revenue-generating opportunities from the EIPP program, including passenger and cargo transport [38][39] Question: Timeline for commercialization in the Middle East - Joby expects to ramp operations in Dubai throughout the next year, with manufacturing speed being a critical factor [46] Question: BLADE's revenue expectations for Q4 and next year - Specific guidance for BLADE's revenues was not provided, but Q4 is typically a low season [47][48] Question: Certification process and TIA testing - Joby is excited about the progress on TIA testing and is building five aircraft for this purpose [40][41] Question: Pace of certification progress after TIA testing starts - The pace of progress will depend on the submission of test results, with significant work already underway [59][60] Question: Hybrid aircraft design for defense applications - The hybrid aircraft will be a variant of the existing vehicle, leveraging proven designs and manufacturing lines [66] Question: Success metrics for the BLADE transaction - Success will be measured by profitable growth, expansion of routes, and increased customer engagement [70] Question: Timeline for EIPP operations - Joby anticipates starting operations under the EIPP initiative by mid-next year [72][75]

The U.S. transportation secretary says the move is an effort to relieve unpaid air-traffic controllers. ...

Spirit Aviation Holdings is cutting 150 roles in both corporate and operational positions as it seeks to emerge from its second bankruptcy filing in less than a year https://t.co/W2yUv0dl7J ...