Joby Aviation Inc. (NYSE: JOBY) reported its fourth‑quarter 2025 financial results, posting revenue of $30.84 million and a net loss of $121.5 million. The company’s earnings per share were –$0.14, a $0.08 improvement over the consensus estimate of –$0.22.
Revenue rose 81.8% from the $16.96 million consensus estimate, driven largely by the addition of Blade passenger‑service revenue and defense‑engineering contracts that were not included in prior periods. The sharp increase reflects the company’s expanding commercial footprint and the start of revenue recognition from its new Blade platform.
The net loss narrowed from $246.3 million in Q4 2024 to $121.5 million in Q4 2025, a reduction of $124.8 million. The improvement is attributable to a favorable non‑cash warrant and earn‑out revaluation, as well as disciplined cost management amid continued investment in flight‑testing and certification activities.
Management highlighted that the quarter’s performance reflects “rigorous full‑transition flight testing and meaningful progress across every part of our business.” CEO JoeBen Bevirt added, “After a year full of rigorous full‑transition flight testing and meaningful progress across every part of our business, we've begun to shift our focus from how and when we'll go to market, to how many aircraft we can produce and where to deploy them.”
The company also confirmed plans to carry its first passengers in the UAE later in 2026 and to participate in the White House‑backed eIPP program. Bevirt said, “As we look ahead to carrying our first passengers in the UAE this year and participating in the White House‑backed eIPP program, we're confident now is the right time to scale production so that we're ready to serve the incredible demand ahead.” He added, “We plan to carry our first passengers this year in the UAE as part of our six‑year exclusive access to the Dubai market.” The first FAA‑conforming aircraft for Type Inspection Authorization (TIA) testing is now ready to fly.
Joby ended Q4 2025 with approximately $1.4 billion in cash and short‑term investments. Management projected an annual burn of $500‑$540 million for 2025 and expects to use $340‑$370 million of cash in the first half of 2026. The company reiterated a 2026 revenue target of $105 million to $150 million, primarily from Blade operations.
Investors responded positively to the earnings beat and the company’s progress toward FAA certification, the launch of its Uber‑integrated booking platform, and its expansion into the UAE market. The results reinforced confidence in Joby’s ability to scale production and achieve commercial operations in 2026.
The earnings release underscores Joby’s continued trajectory toward profitability, with stronger revenue growth, improved loss margins, and a clear roadmap for commercial deployment. The company’s cash position and forward guidance suggest it is well positioned to sustain its investment in technology and regulatory milestones while preparing for the first passenger flights in the UAE later this year.
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