Joby Aviation is a U.S.-based aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft for air taxi services. Founded in 2009, the company aims to revolutionize urban transportation with zero-emission, quiet, and efficient flying vehicles. It is among the frontrunners in the Advanced Air Mobility (AAM) sector, positioning itself as a future leader in aerial ridesharing. Joby’s flagship aircraft can carry four passengers and a pilot, with a range of 100+ miles and top speeds of up to 200 mph. The company is publicly traded and backed by major investors like Toyota and Delta Air Lines.
In its Q4 2024 earnings (reported February 21, 2025), Joby Aviation posted a net loss of $108 million, or -$0.24 per share, slightly better than analyst expectations of -$0.27 per share. The company, pre-revenue, reported $0 in commercial revenue but continued to invest heavily in R&D and aircraft certification. Guidance reaffirmed initial passenger service launch timelines for 2025 and military partnership revenue scaling in 2026. The company ended the quarter with over $1 billion in cash, providing a strong liquidity runway for commercialization.
Background
Joby Aviation was founded by serial entrepreneur JoeBen Bevirt in 2009. Bevirt, an inventor and engineer, had a vision for clean, electric air travel that bypasses traditional infrastructure. The company has raised over $2 billion to date, including funding from Toyota, Intel Capital, JetBlue, Baillie Gifford, and the U.S. Department of Defense via its Agility Prime program. Joby went public via a SPAC merger in August 2021 with Reinvent Technology Partners.
Its flagship product is a piloted, five-seat eVTOL aircraft with a proprietary tilt-rotor design. Joby focuses on integrating aircraft manufacturing with direct-to-consumer ride-hailing operations, setting it apart from suppliers and OEMs. The company is headquartered in Santa Cruz, California, with manufacturing and testing facilities in Marina and San Jose, CA.
Competition
Key competitors include Archer Aviation $ARCH, Vertical Aerospace, Lilium $LILM (bankrupt), and Beta Technologies.
Joby’s closest public competitors include Archer Aviation (ACHR), Vertical Aerospace (EVTL), and Lilium (LILM). Each is pursuing certification and commercialization of electric air taxis, with different technical approaches. Archer, for example, is focused on a shorter-range aircraft optimized for urban use. Lilium employs a ducted fan design for higher-speed regional flights.
Private competitors like Beta Technologies and Wisk Aero (backed by Boeing) are also progressing rapidly, especially in cargo or autonomous segments. Unlike many peers, Joby is targeting vertical integration — controlling both manufacturing and operations.
Market
Joby operates in the Advanced Air Mobility (AAM) market, a subset of the broader Urban Air Mobility (UAM) and electric aviation sectors. The global eVTOL market is projected to exceed $30 billion by 2030, growing at a CAGR of over 30% according to Morgan Stanley and Deloitte forecasts. Use cases span air taxis, airport shuttles, medical transport, and military logistics.
The U.S. Federal Aviation Administration (FAA) and global regulators are working to establish frameworks for AAM certification and airspace integration, with key milestones expected in 2025–2027. First-mover advantage, infrastructure readiness, and regulatory partnerships will be critical to market capture.
Income Statement and Balance Sheet Chart (Q4 2024)
Here’s a simplified chart summarizing key items:
Income Statement (Q4 2024)
| Metric | Value |
|---|---|
| Revenue | $0 |
| Net Loss | -$108M |
| EPS | -$0.24 |
| R&D Expenses | ~$85M |
| Operating Loss | -$102M |
Balance Sheet (Q4 2024)
| Metric | Value |
|---|---|
| Cash & Equivalents | $1.1 Billion |
| Total Assets | ~$1.6 Billion |
| Total Liabilities | <$100 Million |
| Debt | $0 |
| Shareholder Equity | ~$1.5 Billion |
Differentiation
Joby’s biggest differentiator is its full-stack strategy: it designs, builds, and plans to operate its own aircraft in a ridesharing model. This approach mirrors Tesla’s vertically integrated EV model and enables tighter control over safety, cost, and user experience.
Additionally, Joby holds early FAA Part 135 certification for commercial air operations, has flown over 30,000 miles in testing, and maintains deep partnerships with Toyota (for manufacturing) and the U.S. military (for logistics and funding).
Management
JoeBen Bevirt (Founder & CEO): A seasoned inventor and entrepreneur, Bevirt has spent 15+ years in the clean tech and aerospace space. He previously founded Joby Inc., a successful camera accessory company, and holds multiple patents related to eVTOL technology.
Paul Sciarra (Executive Chairman): A co-founder of Pinterest and early investor in Joby, Sciarra provides strategic oversight and has played a key role in fundraising and corporate development.
Didier Papadopoulos (President of Aircraft OEM): Formerly a senior executive at Garmin and Cirrus Aircraft, Didier leads aircraft certification, engineering, and manufacturing at Joby.
Joby has not yet generated commercial revenue but has consistently raised significant capital to support development. Since 2020, it has spent over $1.5 billion in R&D, testing, and certification, positioning itself as a technological and regulatory leader. Its SPAC listing in 2021 injected ~$1.1 billion in fresh capital.
The company’s net losses have averaged around $300 million annually, reflecting heavy upfront investment in engineering, FAA certification, and infrastructure build-out. Operating expenses grew at a CAGR of 27% from 2020 to 2024.
Despite zero revenue, Joby has maintained a strong balance sheet. As of Q4 2024, it had over $1 billion in cash and short-term investments, no debt, and significant backing from strategic investors. Financial sustainability hinges on a successful commercial launch by 2025–2026.
Bull Case for JOBY
- First-mover advantage with FAA certification and advanced flight testing, putting Joby ahead of competitors.
- Deep partnerships with Toyota and the U.S. military offer operational, manufacturing, and financial scale.
- Huge total addressable market ($30B+ by 2030) and long-term potential to disrupt both urban transit and regional aviation.
Bear Case for JOBY
- Regulatory delays or certification hurdles could push back commercialization beyond 2026.
- High cash burn rate and zero current revenue may lead to future equity dilution or funding risks.
- Market adoption for air taxis is still unproven — uncertain consumer demand and infrastructure challenges remain.
The stock is on a stage 4 markdown on the monthly chart, and consolidating stage 1 on the weekly and daily charts. We would not be buyers here.