Joby Aviation, Inc. ((JOBY)) has held its Q3 earnings call. Read on for the main highlights of the call.
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Joby Aviation’s recent earnings call painted a picture of a company making significant strides in its operational and financial endeavors, despite facing some challenges. The overall sentiment was positive, with notable achievements in certification and international expansion, although concerns about potential delays and increased net losses were also acknowledged.
Type Inspection Authorization Milestone
Joby Aviation has reached a critical juncture in its certification journey by initiating power-on testing of the first aircraft built for Type Inspection Authorization (TIA). This milestone marks the final stage of the certification process, underscoring Joby’s progress towards achieving Type Certification, a pivotal step for the company’s future operations.
International Operational Progress
The company is making headway internationally, particularly in Dubai, where its aircraft have been cleared to fly at the Dubai Airshow. This clearance by the General Civil Aviation Authority and the Dubai Civil Aviation Authority signifies Joby’s readiness to operate in Dubai even before obtaining FAA Type Certification, highlighting its commitment to global expansion.
Scaling Manufacturing Capacity
Joby has significantly ramped up its manufacturing capabilities, producing 15 times more FAA-conforming parts in 2025 compared to 2024. The company has also commenced the production of propeller blades at its Dayton, Ohio facility, showcasing its preparedness to meet future demand.
Strategic Partnership with Toyota
In a strategic move to scale manufacturing, Joby is collaborating closely with Toyota. This partnership leverages Toyota’s manufacturing expertise, positioning Joby to efficiently meet the increasing demand for its aircraft.
Financial Position Strengthened
Joby ended the quarter with a robust financial position, holding approximately $978 million in cash and short-term investments. The company further bolstered its finances by raising an additional $576 million in October, ensuring it has the resources needed for future growth.
Blade Acquisition and Revenue Growth
The acquisition of Blade has contributed significantly to Joby’s revenue, adding $14 million in Q3 2025. This acquisition not only enhances Joby’s market reach but also expands its service offerings, positioning the company for future growth.
Government Shutdown Concerns
Joby expressed concerns about potential delays in FAA pilots’ participation in TIA flight testing due to the ongoing U.S. government shutdown. While no immediate delays are anticipated, this remains a point of concern for the company.
Increased Net Loss
The company reported a Q3 net loss of $401 million, an increase of $77 million from Q2. This was primarily driven by $262 million in noncash items, including a $229 million noncash charge related to warrants and earn-out revaluation.
High Cash Usage
Joby’s cash usage was high in Q3, with $147 million used in cash, cash equivalents, and short-term investments, $35 million more than the previous quarter. This increase was driven by growth in operating expenses and acquisition-related costs.
Forward-Looking Guidance
Looking ahead, Joby Aviation provided extensive guidance on its future plans. The company is advancing its manufacturing capabilities, having already produced significantly more FAA-conforming parts in 2025 than in all of 2024. With over 100 new manufacturing roles added and increased production of propeller blades, Joby is preparing for commercial service in Dubai next year. The company is also exploring advancements in autonomy and hydrogen technologies, planning to integrate these innovations into their aircraft in the future.
In summary, Joby Aviation’s earnings call highlighted a company on the move, making significant progress in certification, international expansion, and manufacturing scaling. While challenges such as potential government shutdown delays and increased net losses exist, the company’s strengthened financial position and strategic partnerships provide a solid foundation for future growth.