Joby Aviation, Inc. Q2 FY2025 earnings call

• Certification Progress: Stage 4 is 70% complete on Joby's side and over 50% on FAA's side. First of 5 aircraft for TIA flight testing is headed to final assembly. • Flight Testing: In July, 76 flights with 4 aircraft in 3 locations; completed multiweek campaign in UAE with 21 piloted flights. • Acquisitions: Acquired Blade's passenger business to accelerate commercial eVTOL operations; announced joint venture with ANA to deploy over 100 aircraft and build air taxi ecosystem; exploring sale of up to 200 aircraft in Saudi Arabia with Abdul Latif Jameel. • Collaboration: Collaborating with L3Harris on hybrid variant for defense; already set pace for VTOL and Defense with DoD. • Manufacturing: Marina facility expansion to double production capacity; Dayton facility coming online; manufactured 18,000 components in July.

No detailed product segment financial performance with revenue contribution % provided in the transcript.

• 2025 use of cash guidance: $500 million to $540 million, excluding impact from Blade acquisition. • Plan to close Blade acquisition and integrate its operations. • Mature low-rate manufacturing into scaled production with Toyota's partnership. • Develop hybrid aircraft for U.S. defense with L3Harris, with flight tests starting fall and demonstrations with customers early 2026.

• Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from expressed or implied. Detailed specific risks not extensively discussed in the transcript.

Q: Now that you've bought Blade, are you preparing to provide S4 eVTOLS to local charter operators or plan to operate and own the aircraft yourselves?

A: We're flexible; prefer retaining long-term free cash flow and revenues from passenger service, but Blade's asset-light model is valuable. Have partnerships with ANA and Abdul Latif Jameel for different revenue paths.

Q: Can you discuss specs of TIA aircraft and the 6 aircraft for TIA testing?

A: Aircraft is nearly identical to previous ones; culmination of over a decade of work with FAA. Each of the 6 aircraft has specific test plans.

Q: How is the first initial commercial service in the U.S. changing with Blade acquisition, and about New York municipalities?

A: Acquisition supercharges operations in New York; work closely with air traffic controllers; need type certification, Part 135 operating certificate, and possibly air tours prior to passenger service.

Q: What's the opportunity for Joby from DoD's $9.4 billion budget request?

A: R&D funding opportunities and missionizing aircraft for defense contracts with L3Harris; working on flight demonstrations and customer demonstrations for DoD commercialization.

Q: When will we hear more about Ohio facility and scaled production?

A: Thrilled with Ohio facility acquisition; building team there; parts to start coming out; supported by Dayton and State of Ohio.

Q: Specific programs of record for defense?

A: Opportunities in contested Logistics, counter-UAS, electronic warfare; leveraging dual-use approach for quick demonstration to deployment.

Q: Certification timeline?

A: On schedule to begin TIA flights with Joby pilots later this year and with FAA pilots early next year; then final stretch of Stage 5 and type certification.

Q: Is Blade deal closed? When will Blade operations contribute to financials?

A: Deal signed, taking a few weeks to close; more guidance when closed.