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JOBY

Joby Aviation, Inc.

JOBY

Joby Aviation, Inc. • NYSE
$14.45 ▲ 2.34% (+0.33)
Market Cap $13.17 B
52w High $20.95
52w Low $4.96
Dividend Yield 0%
P/E -10.7
Volume 273.49K
Outstanding Shares 911.58M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $22.574M ▲ $194.181M ▲ $-401.226M ▼ -1.777K% ▲ $-0.48 ▼ $-390.933M ▼
Q2-2025 $15K ▲ $158.116M ▼ $-324.674M ▼ -2.164M% ▼ $-0.41 ▼ $-314.815M ▼
Q1-2025 $0 ▼ $163.284M ▲ $-82.406M ▲ 0% ▲ $-0.11 ▲ $-154.152M ▼
Q4-2024 $55K ▲ $149.908M ▼ $-246.277M ▼ -447.776K% ▲ $-0.35 ▼ $-140.398M ▲
Q3-2024 $28K $156.708M $-143.878M -513.85K% $-0.21 $-147.792M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $978.122M ▼ $1.366B ▲ $469.857M ▲ $896.452M ▼
Q2-2025 $990.984M ▲ $1.26B ▲ $361.584M ▲ $898.292M ▲
Q1-2025 $812.524M ▼ $1.084B ▼ $224.577M ▼ $859.441M ▼
Q4-2024 $932.851M ▲ $1.203B ▲ $291.102M ▲ $912.363M ▲
Q3-2024 $709.984M $964.257M $183.218M $781.039M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-401.226M ▼ $-140.134M ▼ $-123.058M ▼ $134.652M ▼ $-127.599M ▼ $-153.154M ▼
Q2-2025 $-324.674M ▼ $-106.563M ▲ $24.566M ▼ $295.951M ▲ $214.023M ▲ $-118.7M ▲
Q1-2025 $-82.406M ▲ $-110.97M ▲ $31.59M ▲ $2.043M ▼ $-77.337M ▼ $-125.922M ▲
Q4-2024 $-246.277M ▼ $-120.498M ▼ $-188.631M ▼ $356.464M ▲ $47.335M ▲ $-135.918M ▼
Q3-2024 $-143.878M $-110.298M $88.123M $-633K $-22.808M $-120.156M

Five-Year Company Overview

Income Statement

Income Statement Joby is still a pure development-stage company: it has essentially no revenue yet and is spending heavily on building and certifying its aircraft and service. Losses have grown steadily over the last several years as engineering, testing, staffing, and certification costs scaled up. This pattern is typical for an early-stage hardware and infrastructure company, but it means profitability is not in sight until commercial operations begin and scale. The earnings picture today is driven almost entirely by research, development, and overhead rather than sales.

Balance Sheet

Balance Sheet The balance sheet shows a business funded mainly by equity rather than debt. Joby holds a meaningful base of assets for a young company, including cash and built-up technology and facilities, but its cash position has come down materially from the early SPAC period and has been relatively flat more recently. Debt remains very low, which reduces financial pressure from interest payments but also means the company relies primarily on investors for funding. Shareholders’ equity is still solid but has been eroding gradually as losses accumulate, a normal but important trend to track for any pre-revenue firm.

Cash Flow

Cash Flow Cash flows are consistently negative, reflecting ongoing investment rather than operating strength. Operating cash outflows have grown as Joby ramps engineering, testing, and organizational build-out. Free cash flow is also clearly negative, combining these operating costs with steady, though moderate, capital spending on facilities and equipment. In practical terms, the company is burning cash each year and will likely need periodic external funding until its air taxi service becomes commercial and scales. The key risk is whether it can reach meaningful revenue before its cash cushion becomes too thin.

Competitive Edge

Competitive Edge Joby is one of the clear early leaders in the eVTOL and urban air mobility space. Its strengths include deep vertical integration (building many key components in-house), a head start in the regulatory certification process, and strong strategic partners like Toyota and Delta. These factors create meaningful barriers for newer entrants. At the same time, the market is crowded with well-funded rivals, and success will depend on who reaches safe, certified, and economically viable operations first—and then scales globally. Regulatory complexity, safety expectations, and the need for public acceptance all add uncertainty to how durable any lead will be.

Innovation and R&D

Innovation and R&D Innovation is the core of Joby’s story and also the main driver of its losses. The company is advancing its own aircraft design, electric propulsion, batteries, and flight control software, plus an integrated software platform to run an on-demand air taxi service. It is also exploring next-wave technologies such as hydrogen-electric propulsion and autonomous flight, and it is testing defense and international use cases through partnerships in the Middle East and with U.S. defense-related firms. This broad R&D agenda offers significant upside if even part of it succeeds, but it also raises execution risk: multiple complex programs must be delivered safely, certified by regulators, and scaled at reasonable cost.

Summary

Joby is a high-risk, high-innovation transportation startup still firmly in the development stage. Financially, it has no meaningful revenue, widening losses, negative cash flow, and a shrinking but still meaningful cash and equity base, with very little debt. Strategically, it appears well positioned within the emerging eVTOL industry, with strong technology, vertical integration, and notable industrial and airline partners that support its manufacturing and go-to-market plans. The main questions are timing and execution: how quickly Joby can complete certification, start scaled commercial operations, and convert its technological and regulatory lead into sustainable revenue before its financial resources need to be replenished again. The company’s future will likely be defined less by quarter-to-quarter numbers and more by milestone achievements in testing, certification, infrastructure build-out, and early route launches.

NEWS

November 19, 2025 · 7:00 AM UTC

Joby to Fly in Saudi Arabia

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November 17, 2025 · 8:00 AM UTC

Dubai Air Taxi Network Takes Flight: Joby Completes Landmark Flight and Announces Next Vertiport Locations

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November 13, 2025 · 8:00 AM UTC

Joby Celebrates First Flight of Turbine Electric Demonstrator Aircraft

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November 12, 2025 · 4:05 PM UTC

Joby, Saudi Arabia Announce Plans for Deployment of Electric Air Taxi Service

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November 10, 2025 · 12:10 AM UTC

Tokyo Metropolitan Government Selects Multi-Use Case Implementation Project Featuring SkyDrive and Joby Aviation Aircraft for “eVTOL Implementation Project (Phase I)"

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