Joby Reports Record Certification Progress and Delivery of Second Aircraft to US Air Force at Edwards Air Force Base

Rhea-AI Summary

Joby Aviation (NYSE:JOBY) reported significant achievements in Q4 and Full Year 2024, marking record progress in FAA certification's fourth stage. The company delivered its second electric air taxi to Edwards Air Force Base, expanding its flight test fleet to five aircraft, including a hydrogen-hybrid variant.

Key developments include plans to deliver an aircraft to Dubai mid-2025 for flight testing, with first passenger operations targeted for late 2025 or early 2026. The company secured over $1 billion in additional funding and commitments in Q4, ending the quarter with $933 million in cash and equivalents. This excludes pending Toyota investments totaling $500 million in two $250 million tranches.

Joby achieved a milestone as the first company to fly an electric air taxi in Korea's K-UAM Grand Challenge. The company's flight test fleet demonstrated capabilities with a hydrogen-hybrid aircraft covering 561 miles.

Positive

• Record progress in FAA certification stage 4 of 5
• Secured over $1B in funding and commitments in Q4
• Expanded test fleet to 5 aircraft
• Successfully delivered second aircraft to US Air Force
• First company to fly electric air taxi in Korea's K-UAM Challenge
• Demonstrated 561-mile flight with hydrogen-hybrid variant

Negative

• Commercial passenger operations still 1-2 years away
• Significant cash burn continuing with $933M balance

Insights

Financial Analyst

Joby Aviation's Q4 and full-year 2024 results showcase substantial certification progress that differentiates them in the competitive eVTOL landscape. Reaching the fourth of five FAA certification stages represents a significant regulatory milestone, as this phase involves comprehensive compliance verification before moving to final flight testing. This achievement places Joby ahead of most competitors in the certification pathway, though the expected 12-month timeline to Type Inspection Authorization suggests commercial operations remain a complex, multi-year process.

The company's $933 million cash position, bolstered by over $1 billion in new funding and commitments, provides substantial runway but requires careful analysis. With Toyota's additional $500 million investment (in two $250 million tranches) now cleared for first disbursement, Joby has secured important industrial validation from an automotive manufacturing leader. This capital infusion is strategically timed as Joby transitions from development to pre-production, a capital-intensive phase requiring significant manufacturing infrastructure investment.

The delivery of a second aircraft to the U.S. Air Force expands Joby's defense revenue opportunities while providing valuable operational validation before commercial service. This military relationship offers potential for additional contracts while reducing dependence on commercial certification timelines for revenue generation.

Joby's timeline for carrying first passengers in "late 2025 or early 2026" appears largely consistent with previous guidance, though the range suggests some flexibility in their commercial launch schedule. The Dubai deployment represents a strategic move to leverage a progressive regulatory environment for initial passenger operations while U.S. certification continues.

While the release omits specific financial losses or revenue figures, investors should focus on certification milestone achievement, manufacturing capability development, and operational readiness metrics as more relevant indicators at this pre-commercial stage. The expansion to a five-aircraft test fleet, including hydrogen-hybrid technology, demonstrates manufacturing scalability progress and technological optionality that could prove valuable as the market evolves.

Aerospace Engineer

Joby Aviation's progress through the fourth stage of FAA certification represents a critical technical milestone that few eVTOL competitors have achieved. This phase involves comprehensive systems verification and compliance demonstration across thousands of requirements - from structural loading to software validation. The anticipated timeline to Type Inspection Authorization (TIA) within 12 months suggests Joby has successfully navigated the most complex technical validation phases, though significant challenges remain in proving repeatable performance under FAA observation during TIA testing.

The expansion to a five-aircraft test fleet demonstrates manufacturing maturation beyond simple prototyping. However, the transition from producing test aircraft to establishing the high-volume production necessary for commercial operations will require significant process refinement and supply chain scaling. The delivery of aircraft to military customers indicates Joby's systems have achieved reliability levels sufficient for defense applications, which typically demand more rigorous environmental tolerance than commercial standards.

The 561-mile flight with their hydrogen-hybrid variant represents a significant technical achievement addressing the fundamental range limitations of battery-electric propulsion. This hybrid approach likely combines hydrogen fuel cells with battery systems, potentially offering 3-4× the range of pure electric configurations while maintaining zero-emission operation. This technical pathway provides Joby strategic optionality for longer-range services while their core battery-electric system addresses urban mobility needs.

Joby's planned Dubai deployment presents unique technical challenges, including operation in extreme heat (affecting battery performance and cooling systems) and dust environments (impacting motor longevity and maintenance intervals). These environmental factors will stress-test systems beyond typical test conditions, providing valuable validation before wider commercial deployment.

Competing with companies like Archer (who recently completed their first crewed transition flight) and Lilium (pursuing a different ducted fan architecture), Joby's six-rotor tilt design offers advantages in redundancy and noise profile. Their successful Korean demonstration flights validate their system architecture in diverse operational environments, while their military deliveries provide revenue-generating opportunities to refine systems before commercial passenger service.

The next technical hurdles include scaling manufacturing processes to maintain quality across higher production volumes, finalizing commercial battery supply chains with sufficient energy density for operational requirements, and completing the comprehensive safety case documentation necessary for passenger operations.

• Joby reports Fourth Quarter and Full Year 2024 results
• Record progress on stage four of FAA certification
• Delivery of second aircraft to U.S. Air Force
• Plans to carry first passengers in late 2025 or early 2026
• More than $1B of additional funding and commitments made in the fourth quarter

SANTA CRUZ, Calif.--(BUSINESS WIRE)-- Joby Aviation, Inc. (NYSE:JOBY), a company developing electric air taxis for commercial passenger service, today issued its Fourth Quarter and Full Year 2024 Shareholder Letter detailing the company’s operational and financial results for the period ending December 31, 2024. The company will host a live audio webcast of its conference call to discuss the results at 2:00 p.m. PT (5:00 p.m. ET) today.

Joby delivered a second electric air taxi to Edwards Air Force Base during the quarter, pictured here. Joby Aviation photo

Fourth Quarter 2024 Highlights include:

• Record Certification Progress: We made record progress on the fourth of five stages required to certify our aircraft for commercial passenger use in the US. We expect Type Inspection Authorization (“TIA”) flight testing to begin in the next 12 months.
• Defense Partnerships: We delivered a second aircraft to Edwards Air Force Base as part of our work with the U.S. Department of Defense. We now have five aircraft in our flight test fleet, including a hydrogen-hybrid aircraft.
• First Passenger Operations: We plan to deliver an aircraft to Dubai in the middle of 2025 to complete flight testing ahead of carrying our first passengers in late 2025 or early 2026.
• Strong Balance Sheet: We received more than $1B of additional funding and commitments in the fourth quarter.
• Successful demonstration flights in Korea: We became the first company to fly an electric air taxi as part of Korea’s K-UAM Grand Challenge.

Commenting on Joby’s full year results, JoeBen Bevirt, founder and CEO, said: “The sector-leading progress we made throughout 2024 puts Joby in a great position to capitalize on the opportunities presented by America’s renewed focus on innovation and manufacturing.

“As well as delivering record progress on certification, we scaled our manufacturing, delivered two aircraft to the Department of Defense and flew 561 miles with a hybrid, hydrogen-electric variant of our aircraft, bringing the flight test fleet to a total of five aircraft.

“The next 12 months mark a critical inflection point, not just for Joby, but for our entire industry, as we look ahead to carrying our first passengers, and I’m proud that Joby continues to lead the way towards this new era of flight.”

Joby ended the fourth quarter of 2024 with $933 million in cash, cash equivalents, and investments in marketable securities. This balance does not include expected Toyota investments totaling $500 million, to be made in two equal tranches of $250 million. All regulatory approvals are now in place for the first tranche of this investment to be made.

Fourth Quarter and Full Year Financial Results Webcast Details:

What: Joby Fourth Quarter and Full Year 2024 Financial Results Webcast

When: Wednesday, February 26, 2025

Time: 2:00 p.m. PT (5:00 p.m. ET)

Webcast: Upcoming Events (https://ir.jobyaviation.com/news-events/ir-calendar) section of the company website (www.jobyaviation.com).

If unable to attend the webcast, to listen by phone, please dial 1-877-407-9719 or 1-201-378-4906. A replay of the webcast will be available on the company website following the event.

About Joby

Joby Aviation, Inc. (NYSE:JOBY) is a California-based transportation company developing an all-electric, vertical take-off and landing air taxi which it intends to operate as part of a fast, quiet, and convenient service in cities around the world. To learn more, visit www.jobyaviation.com.

Forward Looking Statements

This release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding the development and performance of our aircraft, the growth of our manufacturing capabilities, our regulatory outlook, progress and timing, including our plans to begin Type Inspection Authorization flight testing in the next 12 months; our planned operations with the Department of Defense; plans and timing related to certification and operation of our aircraft in the United Arab Emirates, including our plans to deliver our first aircraft to Dubai and begin in-market testing in mid-2025 and plans to carry our first passengers in late 2025 or early 2026; the expected timing of the Toyota investment; our business plan, objectives, goals and market opportunity; and our current expectations relating to our business, financial condition, results of operations, prospects, capital needs and growth of our operations. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “will”, “should”, “can have”, “likely” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. All forward looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including: our ability to launch our air taxi service and the growth of the urban air mobility market generally; our ability to produce aircraft that meet our performance expectations in the volumes and on the timelines that we project; complexities related to obtaining certification and operating in foreign markets; the competitive environment in which we operate; our future capital needs; our ability to adequately protect and enforce our intellectual property rights; our ability to effectively respond to evolving regulations and standards relating to our aircraft; our reliance on third-party suppliers and service partners; uncertainties related to our estimates of the size of the market for our service and future revenue opportunities; and other important factors discussed in the section titled “Risk Factors” in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2024, our Quarterly Report on Form 10-Q, filed with the SEC on November 6, 2024, and in future filings and other reports we file with or furnish to the SEC. Any such forward-looking statements represent management’s estimates and beliefs as of the date of this release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250226939533/en/

Investors:

investors@jobyaviation.com

Media:

press@jobyaviation.com

Source: Joby Aviation, Inc.

FAQ

What major certification milestone did Joby Aviation achieve in Q4 2024?

Joby made record progress on stage four of five FAA certification stages, with Type Inspection Authorization flight testing expected to begin within 12 months.

When does Joby plan to begin its first passenger operations?

Joby plans to commence first passenger operations in late 2025 or early 2026, following aircraft delivery and flight testing in Dubai mid-2025.

How many aircraft are in Joby's current flight test fleet?

Joby has five aircraft in its flight test fleet, including a hydrogen-hybrid aircraft and two delivered to Edwards Air Force Base.

What is Joby's current financial position as of Q4 2024?

Joby ended Q4 2024 with $933 million in cash and equivalents, plus pending Toyota investments of $500 million to be received in two $250 million tranches.