Company Overview - Joby Aviation (JOBY) specializes in electric air taxis, specifically eVTOLs designed for urban transportation, capable of carrying four passengers and a pilot for distances up to 150 miles at speeds of 200 mph, with zero emissions [1] - Founded in 2009 and headquartered in Santa Cruz, California, Joby operates primarily in the U.S. but has partnerships in Dubai, Australia, Japan, and the UK [2] Stock Performance - Joby Aviation's stock has decreased approximately 4% recently and is currently 36% below its 52-week high of $20.95 reached in April 2025, while being up 172% from its 52-week low of around $5 in early July last year [3] - Over the past five days, the stock has declined nearly 13% and 25% over the last six months, but it has increased by 54% in the past 52 weeks [3] - The company's market capitalization stands at $12.9 billion, trading below its 50-day moving average of $14.57, indicating bearish market sentiment [4] Financial Results - In Q3, Joby reported revenue of $23 million, derived from urban air mobility (Blade) at $14 million and defense/engineering contracts at $9 million, with an EPS of -$0.48, missing expectations by 152% due to significant R&D investments and non-cash warrant revaluations [5] - The net loss for the quarter was $401 million, an increase from $144 million year-over-year, with an operating loss of $182 million [6] - R&D expenses rose by 18% to $149 million, while SG&A expenses increased by 47% to $45 million, attributed to team growth and Blade integration [6] - Adjusted EBITDA loss was reported at $133 million, with a cash reserve of $978 million, supported by a $576 million equity raise in October [6] Future Outlook - Joby did not provide specific guidance for Q4 but emphasized progress in flight testing with over 600 flights year-to-date, Blade carrying 40,000 passengers, and demonstrations of autonomous technology [7] - Funds are allocated to support FAA certification, ramping up manufacturing, and targeting a commercial launch in 2026 [7]

Core Viewpoint - Joby Aviation is expanding its focus beyond commercial electric air taxis to include defense applications through a partnership with L3Harris Technologies to develop a gas-turbine hybrid vertical take-off and landing aircraft for military use [1][2]. Group 1: Partnership and Development - Joby Aviation has signed an agreement with L3Harris Technologies to explore the development of a new aircraft class, specifically a gas-turbine hybrid VTOL that can operate autonomously for defense applications [2]. - The new VTOL will be based on Joby's existing S4 aircraft platform, which has primarily been developed with an all-electric powertrain [3]. - Joby previously demonstrated a hydrogen-electric hybrid version of the S4 that achieved a flight range of 521 miles, significantly exceeding the range of its battery electric prototype [3]. Group 2: Testing and Certification - The agreement with L3Harris is currently exploratory, with hopes that upcoming flight tests and operational demonstrations will lead to a military contract with the U.S. Department of Defense (DoD) [4]. - Flight testing is scheduled to begin this fall, with operational demonstrations expected in 2026 [4]. - Joby has been working towards obtaining Type 1 certification from the Federal Aviation Administration for its all-electric VTOL aircraft, aimed at urban passenger transport [4]. Group 3: Strategic Insights - Joby has collaborated with the DoD for nearly a decade, focusing on understanding the requirements necessary to meet military needs, particularly emphasizing the importance of range [5]. - The company aims to demonstrate the "missionization of its platform," integrating sensors, autonomy, communications, and payload capabilities to provide clear use cases for the DoD [7]. - L3Harris is expected to contribute its expertise in long-range, crewed-uncrewed teaming for various missions, including low-altitude support operations [8][9].