Joby Aviation, Inc. Q3 FY2025 earnings call

Key Points

• Certification Progress: Began power-on testing of the first aircraft for Type Inspection Authorization (TIA), a key step in the certification process. Have 5 TIA aircraft in production.
• Flight Demonstrations: Conducted numerous flights, including in Monterey, California International Air Show, Osaka for World Expo, and transported Ryder Cup fans via Blade.
• Blade Partnership: Expanding routes in New York and Europe, with a pilot commuter route in New York and plans to expand further.
• Vertical Integration: Working with Toyota to scale manufacturing, starting propeller blade production in Ohio. Also developing defense and autonomy variants, with hybrid defense aircraft in ground testing.
• Autonomy: Superpilot AI technology demonstrated, with plans to integrate into Joby aircraft gradually.

In the third quarter of 2025, Joby Aviation reported revenue of $23 million. This included $14 million from Blade (from August 29 to September 30) and $9 million from other revenue, which comprised revenue from the Agility Prime defense contract and other engineering services.

Guidance

• Cash Use: On track to hit upper end of full-year 2025 guidance for use of cash, cash equivalents, and short-term investments at $500 million to $540 million, including Blade acquisition impact.
• Scaling Production: Focus on ramping manufacturing to meet demand from eIPP program and international interest.
• eIPP Program: Anticipate early demand from U.S. government's eIPP program, which could pull forward aircraft demand.

Risks

• Government Shutdown: Uncertainty around how a potential shutdown could impact FAA support for certification and flight testing.
• Manufacturing Scaling: Challenges in rapidly scaling manufacturing to meet increased demand from eIPP and international markets.

Q: Regarding commercialization ahead of FAA certification in the Middle East, is the timeline for passenger flights still on track?

A: JoeBen Bevirt stated progress in Dubai is strong, with aircraft flying there, and ramping operations through 2026, but bottleneck is manufacturing scaling to meet demand.

Q: Can you generate revenue in the eIPP test phase?

A: Paul Sciarra said there are potential revenue-generating opportunities from eIPP, including passenger/cargo transport and medevac, with applications being filed and downselection expected early next year.

Q: How does the shutdown affect TIA testing?

A: Paul Sciarra mentioned FAA airworthiness folks are still on site, but uncertainty exists if the shutdown persists longer, though Joby is ready with aircraft and training for pilots.

Q: What's the timeline for autonomous capabilities integration into S4?

A: Paul Sciarra said the hybrid defense aircraft is a test bed for autonomy, with plans to extend Superpilot capabilities and prove out in mission sets before translating to commercial side.

Q: Best outcome for Blade transaction in a year?

A: Rob Wiesenthal said focus on profitable growth in new routes, expansion of schedules, and gathering data to accelerate air taxi deployment once Joby aircraft are certified.