Inquiring whether the cash burn in the second half of 2026 should be expected to be higher than the first half, given the production ramp.

Rodrigo Brumana explained that the company is transitioning to repeatable scaled production, making precise forecasting challenging. They provided H1 guidance due to better visibility and will update on H2 later in the year as more serial production data becomes available. “Well, we're transitioning from a prototype manufacturing into a repeatable scaled production. That's primarily the reason that we are guiding. Let me elaborate. We are entering a production S-curve and productivity improves with each unit we produce. But we are very early in that ramp and forecasting the exact slope is challenging and less precise.”

Addressing concerns about the S4's payload capacity for passengers and luggage, and how testing confirms this.

JoeBen Bevirt stated satisfaction with the aircraft's design for metropolitan service, targeting a pilot and passengers. He noted the first conforming aircraft is ready for TIA flight tests and expressed excitement about its performance, indicating that payload evolution may occur over time. “So the -- we're really pleased with the way the aircraft has come together. Again, the aircraft that we are preparing to fly is the first aircraft that -- in the eVTOL category that has been built and is preparing for TIA flight tests. And we think this is a monster milestone both for Joby and for the industry.”

Discussing Joby's involvement in solving air traffic control issues for higher eVTOL volumes and the progress made versus remaining work.

Paul Sciarra highlighted Joby's excitement about bipartisan efforts to modernize ATC, advocating for next-gen systems that use computers for deconflicting airspace. He emphasized eVTOLs as a perfect test ground for new ATC concepts due to operating from non-traditional airports without legacy equipage. “But the push that we've been making alongside others in the industry is to ensure that there is an opportunity for some of that money to go to next-gen air traffic control, essentially a system that would start with computers deconflicting the airspace and then the human steps in only if there's some sort of issue that's going on.”

JOBY

Joby Aviation (JOBY) Q4 FY25 earnings call: guidance and Q&A

Earnings call· Dec 2025 (Q4 FY25)· Industrials· Feb 25, 2026

Source: earnings call transcript

Executive summary

Joby Aviation Q4 FY25 — Certification Progress and Manufacturing Scale-Up

Joby Aviation is at a key inflection point, transitioning from development to commercialization with significant strides in FAA certification and manufacturing scale-up. The company has bolstered its capital position and expanded its production footprint to meet anticipated demand, preparing for initial passenger flights in Dubai and potential U.S. commercialization through the eIPP program in 2026. Strategic partnerships continue to deepen, reinforcing its market entry strategy.

Highlights

Achieved a record 18-point increase in the FAA's Stage 4 certification process.
Raised approximately $1.8 billion in net proceeds across Q4 FY25 and Q1 FY26, significantly strengthening the balance sheet.
The first FAA conforming aircraft is ready to fly, with all aircraft for TIA testing currently in production.
Acquired a 728,000 sq ft production facility in Dayton, Ohio, to support plans to double production to 4 aircraft per month by 2027.
Signed a letter of intent to sell aircraft and services valued at up to $250 million to Kazakhstan.

Concerns

Adjusted EBITDA loss increased to $154 million in Q4 FY25, up from $133 million in Q3 FY25.
Reported a GAAP net loss of $122 million in Q4 FY25, despite a $302 million non-cash warrant and earn-out revaluation gain.

Guidance & targets

Category	Target	Timeline	Confidence
Production rate	4 aircraft per month high materiality	FY27	High
Cash usage (excluding Ohio building purchase)	$340 million to $370 million high materiality	H1 2026 · FY26	High
Total revenue	$105 million to $150 million high materiality	FY26	High

Segment performance

Segment	Revenue	YoY	QoQ	Margin
Blade Passenger Business The Blade portion of Q4 revenue was $21 million. The business is highly seasonal, with revenue typically peaking in Q3 during summer months, where Q2 and Q3 combined represent 60-65% of annual revenue. Revenue contribution to total Q4: $21 millionHistorical Q2+Q3 revenue mix: 60-65% of total annual revenue	$21 million	—	—	—

Orderbook & backlog

Letter of Intent for Aircraft and Services up to $250 million Q4 2025

Agreement with Kazakhstan for the sale of aircraft and services.

Product announcements

Product	Type	Timeline	Details
Hybrid turbine electric autonomous VTOL aircraft	launch	Q4 2025

Deals & partnerships

Red Sea Global and The Helicopter Company (PIF-backed) Establish a test zone for pre-commercial operations in Saudi Arabia.

Signed an MOU to establish a test zone for pre-commercial operations in Saudi Arabia.

Kazakhstan Letter of intent to sell aircraft and services. up to $250 million

Signed a letter of intent for the sale of aircraft and services.

Metropolis Develop 25 Vertiport sites.

Agreement to develop 25 vertiport sites, leveraging Metropolis's nearly 5,000 parking garages across the U.S., many in eIPP markets.

Delta Airlines Deepening partnership, exercise of warrants.

Met a key warrant milestone on the road to commercialization, after which Delta exercised the first tranche of their warrants as part of the deepening partnership.

Uber Integration of Joby air taxi booking into Uber app.

Debuted the Joby Uber in-app experience, showcasing how riders will be able to seamlessly book a Joby air taxi using the Uber app, building on last year's announcement that Blade service will also be integrated.

Toyota Strategic manufacturing alliance.

Continuing to plan for a strategic manufacturing alliance with Toyota as the company looks ahead to scaling production, redesigning facilities based on Toyota Production System principles.

L3Harris Development of hybrid turbine autonomous VTOL aircraft for defense customers.

Announced the concept and partnership, leading to the first flight of the demonstrator aircraft just three months later, integrating a hybrid turbine powertrain and Superpilot autonomy stack.

Nomura-led real estate consortium Working to bring air taxis to Tokyo.

Confirmed participation in a Nomura-led real estate consortium that is working to bring air taxis to Tokyo.

Capital programs

Dayton Production Facility acquired

Period spend: $33 million

Start: January 2026

Benefit:728,000 square foot production facility; support plans to double production to 4 aircraft per month in 2027

Agreement to purchase a 728,000 square foot production facility in Dayton, Ohio, to complement California growth and scale production.

FAA Qualified Flight Simulator developed

Period spend: $3 million

Start: 2022

Benefit:First fully conforming FAA qualified flight simulator; mandatory component of certification in Part 135 approval; enables pilot training and future revenue generation.

Investment in the first FAA qualified flight simulator, developed in partnership with CAE, which is mandatory for certification and revenue generation. A second full motion simulator is planned for later in 2026.

What to watch in Q1 FY26

FAA pilot flight testing

later this year

Current first FAA conforming aircraft is now ready to fly

Target FAA pilots flying our aircraft

Why it matters

This is a critical step in the final stage of type certification, directly impacting the timeline for commercial operations.

It sets us up to focus on the fifth and final stage of the type certification process as we look ahead to FAA pilots flying our aircraft later this year.

Find out whether JOBY delivers this. Inve re-checks your case every morning.

Q&A highlights

Seeking clarification on the breakdown of the FY26 revenue guidance, specifically the contribution from Blade and expected quarterly seasonality.

Rodrigo Brumana confirmed that the majority of the FY26 revenue guidance is from Blade, and the business is highly seasonal, with Q2 and Q3 historically accounting for 60-65% of annual revenue.

“Yes, mostly Blade, like I said in the prepared remarks. And in terms of seasonality, it will peak during the summer months, particularly in Q3. One way to think about it, when you look at historically, Q2 plus Q3 together will be typically around 60% to 65% of the revenue mix.”

asked by Anand Balaji (Cantor Fitzgerald) · answered by Rodrigo Brumana

2 min read 5 chapters

Detailed narrative

Certification and Flight Testing Momentum

Joby Aviation achieved a record 18-point increase in the FAA's Stage 4 certification process, demonstrating the maturity of its design and the FAA's commitment to eVTOLs. The first FAA conforming aircraft is ready for flight, and all aircraft for TIA testing are in production, marking a significant milestone towards the final Stage 5 and FAA pilot flights later in 2026.

This progress is underpinned by extensive component and system-level ground testing, which is crucial for certification.

Global Market Entry and Demand

The company is preparing for initial passenger operations in Dubai in 2026, leveraging its 6-year exclusive access and a network of four initial vertiport nodes, two of which are nearing completion. In the U.S., the eVTOL Integrated Pilot Program (eIPP) championed by the White House is expected to select up to five locations for commercial cargo, medical, and potentially passenger operations in 2026, generating significant interest in key markets like Ohio, Florida, and Texas.

Manufacturing Scale-Up and Expansion

To meet anticipated demand, Joby is scaling manufacturing, acquiring a 728,000 square foot production facility in Dayton, Ohio. This facility will complement existing California operations and support plans to double production to four aircraft per month by 2027. The company is redesigning its assembly footprint and production processes to align with Toyota Production System principles, aiming for a nearly 50% reduction in the movement of people and parts to improve efficiency.

Strategic Partnerships and Capital Strength

Joby raised approximately $1.8 billion in net proceeds across Q4 FY25 and Q1 FY26, bolstering its balance sheet with support from existing and new investors, including Baillie Gifford and Morgan Stanley Investment Management. Key partnerships with Delta Airlines (exercising warrants), Uber (integrating Joby air taxi booking), and Toyota (manufacturing alliance) continue to deepen, reinforcing the company's commercialization strategy and market reach.

Air Traffic Control Modernization and Dual-Use Technology

The company is actively involved in advocating for next-generation air traffic control systems, leveraging bipartisan support and a $12.5 billion allocation to maximize airspace utility and safety. eVTOLs are seen as ideal test grounds for these new ATC concepts. Additionally, Joby is developing a hybrid autonomous variant of its S4 aircraft for defense customers, with flight testing underway and on-site demonstrations planned for 2026, highlighting the dual-use potential of its technology for military and medical applications.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.