Joby Aviation, Inc. Q4 FY2025 earnings call

• 2026 is a key inflection point for Joby with focus shifting to production and deployment. First FAA - conforming aircraft ready to fly, and all TIA testing aircraft in production. Certification progress with 18 - point increase on FAA side of stage four. Completed demo flight with Toyota at Mount Fuji, participated in real estate consortia for air taxis in Tokyo and Saudi Arabia, signed MOU for aircraft and services to Kazakhstan, and made progress in Dubai and US with vertiport development. Raised nearly $1.8 billion, signed agreement to purchase production facility in Dayton, Ohio. Streamlined assembly and production processes with Toyota. Flew turbine electric autonomous VTOL aircraft for the first time. US government support for aviation innovation and air traffic control modernization. Demonstrated advanced air mobility in home market.

For the fourth quarter of 2025, revenue was $31 million, an $8 million increase from Q3, mostly driven by recognizing a full quarter of blade revenue. The Blade portion of Q4 revenue was $21 million, and other revenue was $10 million. Total operating expenses for the fourth quarter, which include Blade, were $238 million compared to $204 million in Q3. Adjusted EBITDA was a loss of $154 million in Q4 compared to a loss of $133 million in Q3. For full year 2025, use of cash totaled $539 million. In 2026, expected total revenue is in the range of $105 to $115 million, with the vast majority generated by Blade, and blade revenue peaks in summer months, particularly in Q3.

• For 2026, guiding cash usage for first half at $340 to $370 million, excluding approximately $33 million for one - time purchase of Ohio building. Expect total revenue in 2026 in range of $105 to $115 million, mostly from Blade. Transitioning from early stage production to repeatable manufacturing, so guiding first half cash usage with less precision on second half as serial production data accumulates.

Q: Regarding revenue guidance for 2026, how is it comprised and seasonality?

A: Mostly from Blade, peaks in summer months, particularly Q3, with Q2 plus Q3 typically around 60% to 65% of revenue mix.

Q: Guiding cash use for first half, what about second half?

A: Transitioning from prototype manufacturing to repeatable scale production, early in ramp, forecasting second half less precise, will update later with serial production data.

Q: Comment on S4 payload concerns and EIPP passenger flight in US?

A: Aircraft designed for metropolitan service, payload target is pilot and passengers, evolving over time. Positive inclinations on EIPP, news expected shortly from FAA.

Q: Role in helping FAA with air traffic control?

A: Working with industry partners on next - gen air traffic control, pushing for better system to increase safety and volume.

Q: Update on conforming aircraft assembly phases and FAA pilots testing?

A: Manufacturing team building momentum, cadence of aircraft coming off line increasing. Component and system ground testing vital, 18 - point increase on FAA stage four.

Q: Timelines and milestones for Dubai commercial operations?

A: Work in Dubai going well, integration with Uber app announced, partnership with RTA and regulatory bodies.

Q: UAE passenger flight certification requirements and infrastructure CapEx?

A: Work layers on FAA certification, relationship with UAE regulators strong. Infrastructure in UAE built with RTA, in other markets leverage existing infrastructure and partners like Metropolis.

Q: Aircraft deployment plan and Uber integration on Blade front?

A: Focus on manufacturing ramp for test articles, then aircraft for Dubai and IPP. Uber integration on Blade front is seamless, expected to grow Blade and lead to Joby VTOL integration, competitive advantage.

Q: Military and medical applications?

A: EIPP has cargo, medical, and passenger components. Developing hybrid autonomous variant for defense, making progress with L3Harris, medical opportunity has community impact.