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Sep 30, 2025
Joby Aviation Q3 2025 Earnings Report
Joby Aviation reported its Q3 2025 results, highlighting key certification progress and increased investment in manufacturing and operations.
Key Takeaways
Joby completed power-on testing for its TIA aircraft and first point-to-point flights, while posting a net loss driven by increased certification and acquisition costs. The company also secured significant post-quarter funding.
Joby reported revenue of $22,574,000, primarily from Blade operations and government contracts.
Net loss totaled $401,226,000, including a $229M non-cash loss from warrant and earnout revaluation.
Power-on testing began for TIA aircraft, marking final certification stage.
Ended Q3 with $978,122,000 in cash and short-term investments; raised $576M more in October.
Revenue by Segment
Forward Guidance
Joby expects to continue progressing toward FAA certification and commercial readiness, fueled by recent capital raises and government engagement.
Positive Outlook
- Power-on testing of TIA aircraft underway — final stage before certification.
- FAA credit flight testing with Joby pilots expected to begin later this year.
- Received $576 million in equity funding post-quarter.
- Started propeller blade production in Ohio, validating scalable manufacturing.
- Secured government contracts and expanded global partnerships, including in Dubai and Japan.
Challenges Ahead
- Q3 net loss widened significantly due to non-cash warrant/earnout share revaluation.
- Operating expenses increased to $204.2 million with growing R&D and admin costs.
- No guidance provided on near-term revenue scaling from operations.
- Certification testing only 10% complete in 'Show & Verify' stage.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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