Joby’s Q4 2025: More Progress, More Cash, and a Very Real 2026 Launch Clock
Joby Aviation’s fourth quarter 2025 update reads like a company moving from “can we prove this works?” to “how fast can we scale it without breaking anything important.” The Santa Cruz-based eVTOL (electric vertical takeoff and landing) developer reported a major step-up in FAA certification momentum, laid out concrete early-operations plans for 2026, and reinforced its balance sheet with a war chest that most startups can only hallucinate about.
On certification, Joby said it logged a record 18-point increase in FAA progress within Stage 4 (Testing & Analysis), a meaningful signal that review work is moving, not just engineering slides. The company also noted its first FAA-conforming aircraft for Type Inspection Authorization (TIA) is expected to fly soon, and that all aircraft required for TIA are now in production. In plain English: the hardware and the paperwork are starting to converge.
Commercially, Joby continues to point to 2026 as the year passengers get on board. The company expects its first passenger operations in Dubai in 2026 and also anticipates early U.S. operations through the White House-backed eVTOL Integration Pilot Program. Joby also highlighted integration work that will let riders book trips through the Uber app, aiming for a frictionless “walk out your door, fly, finish the trip” experience.
Manufacturing scale is the other loud theme. Joby signed an agreement to acquire a manufacturing facility near Dayton, Ohio, described as 700,000+ square feet, to support a plan to double production capacity to four aircraft per month in 2027 (up from two per month). They also said hiring is underway to support round-the-clock operations.
Financially, Joby reported Q4 revenue of $30.8 million and a net loss of $121.5 million (with operating expenses of $237.6 million and adjusted EBITDA loss of $154.1 million). For the full year 2025, revenue totaled $53.4 million and net loss was $929.8 million, reflecting the heavy lift of certification, manufacturing buildout, and operating the acquired Blade passenger business.
Joby ended Q4 with $1.41B in cash, cash equivalents, and marketable securities, and then added approximately $1.2B in net proceeds from equity and convertible debt offerings completed after quarter-end. The company also guided to full-year 2026 revenue of $105M-$115M and projected first-half 2026 cash use of $340M-$370M (excluding a one-time Ohio building purchase).
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