Executive Summary

Q3 2025 revenue was $22.6M, driven by Blade passenger service and defense/engineering work; GAAP net loss widened to $401.2M largely on a $229.1M non-cash warrants/earnout revaluation; cash and short-term investments were $978.1M, with another ~$576M raised in October .
Entered the final stage of FAA Type Certification: first TIA-ready, FAA-conforming aircraft began power-on testing; over 600 flights conducted YTD; five TIA aircraft are in production, preparing for Joby- then FAA-piloted “for-credit” testing in 2026 .
Commercialization path advanced: Blade transported ~40,000 customers in the quarter; Dubai operations expected to ramp through 2026 prior to FAA certification; expanded Uber partnership integrates Blade services in-app .
Technology stack accelerated: Superpilot autonomy logged 7,000+ miles in military exercise; named NVIDIA IGX Thor launch partner; hybrid turbine-electric demonstrator achieved first flight three months after concept announcement (L3Harris partnership) .
Near-term stock catalysts: clear certification milestones (FAA pilots for-credit testing), Dubai flight ops build-out, autonomy/hybrid demonstrations, and incremental aircraft sales/MOUs (e.g., up to $250M LOI in Kazakhstan) .

What Went Well and What Went Wrong

What Went Well

Final-stage certification progression: “power-on” of first FAA-conforming TIA aircraft; five TIA aircraft in production; 600+ flights YTD demonstrating maturity and readiness for Stage 5 show-and-verify .
Commercial readiness momentum: Blade carried ~40,000 passengers; Uber partnership expanded; first simulator accepted with CAE to enable pilot training at scale .
Autonomy and hybrid platform execution: Superpilot exercised 7,000+ autonomous miles; selected by NVIDIA as aviation launch partner; hybrid turbine-electric demonstrator flew within three months, positioning Joby for defense opportunities .
Quote: “I’ve never been more excited about the company and technologies we are building.” — JoeBen Bevirt, CEO .

What Went Wrong

EPS and EBITDA missed consensus: primary EPS was slightly below Street; Adjusted EBITDA loss deepened on higher OpEx and acquisition-related costs; EBITDA vs consensus notably weaker .
Non-cash volatility drove GAAP loss: $229.1M unfavorable warrants/earnout revaluation tied to share price increase; other non-cash charges also elevated .
OpEx stepped up: total operating expenses rose to $204.2M, up ~$36M Q/Q with Blade inclusion and program spend; cash use trending to upper end of 2025 guidance .
Analyst concern: blade seasonality into Q4 and lack of near-term revenue guidance; management reiterated low-season dynamic and deferred specific Blade guidance .

Financial Results

Metric	Q1 2025	Q2 2025	Q3 2025
Revenue ($USD Millions)	N/A	$0.02	$22.57
Diluted EPS ($USD)	-0.107	-0.407	-0.48
Net Income ($USD Millions)	-$82.0	-$324.67	-$401.23
Total Operating Expenses ($USD Millions)	$163.28	$167.88	$204.24
Adjusted EBITDA ($USD Millions)	-$127.0	-$132.0	-$132.77

Notes: N/A indicates data not disclosed in documents. Adjusted EBITDA is non-GAAP reconciled in the shareholder letters/calls .

Segment/Revenue Composition (Q3 2025)

Component	Q3 2025 Amount ($USD Millions)
Blade Passenger Service	~$14
Defense & Engineering (incl. Agility Prime deliverables completed)	~$9
Total Revenue (GAAP)	$22.57

KPIs and Balance Sheet

KPI	Q3 2025	Detail
Flights Conducted (YTD)	600+	Demonstrated full flight envelope and point-to-point ops
Stage 1/2/3/4 Completion (Joby/FAA)	100% / 97% / 77% / 10% (Joby); 100% / 97% / 55% / 4% (FAA)	As of Oct 31, 2025
Cash, Cash Equivalents & Short-term Investments	$978.1M	As of quarter-end
Additional Net Equity Proceeds (Oct 2025)	~$576M	Underwritten offering

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Use of Cash, Cash Equivalents & Short-term Investments	FY 2025	$500–$540M	Upper end of $500–$540M	Maintained; tracking upper end
Blade Revenue/Margins	Q4 2025 / FY 2026	Not provided	Not providing specific quarterly/annual guidance; notes Q4 low seasonality	Maintained “no guidance”; seasonal caution
Certification Milestones	2025–2026	Joby-piloted TIA flights in 2025; FAA “for-credit” in 2026	Reaffirmed timing	Maintained
Dubai Operations	2026	Ramp through 2026 ahead of FAA TC	Reaffirmed ramp prior to FAA TC	Maintained

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1 2025, Q2 2025)	Current Period (Q3 2025)	Trend
Certification Progress	Q1: Record Stage 4 progress; pilot-onboard transitions; FAA alignment in UK/others . Q2: 70% Joby/50% FAA on Stage 4; first TIA aircraft to final assembly .	Entered final stage: first FAA-conforming TIA aircraft power-on; five TIA aircraft in production; plan Joby-piloted flights in 2025 and FAA for-credit in 2026 .	Accelerating, entering Stage 5 groundwork
AI/Autonomy	Q1: Superpilot vision; failure injection tests; FAA pilots in simulators . Q2: Autonomy stack progress; X-Wing team; longer-range concepts .	Superpilot logged 7,000+ miles; named NVIDIA IGX Thor launch partner to supercharge autonomy .	Strengthening capability and partnerships
Supply Chain/Tariffs/Macro	Q1: Vertical integration mitigates tariff risk; US manufacturing priority .	No material change; manufacturing scale-up in CA/OH, Toyota engagement emphasized .	Stable; insulation via vertical integration
Product Performance	Q1/Q2: Routine piloted transitions; Dubai hot-weather testing; multi-site ops .	First point-to-point flights; public airshow demo; Osaka scheduled flights; full transition flights cleared for Dubai Airshow .	Operational maturity improving
Regional Trends	Q1: UK (Virgin); UAE (Dubai) planning; bilateral alignment . Q2: Dubai flight test campaign; ANA JV in Japan .	Dubai ramp in 2026; Osaka demos; Uber integration for awareness; Saudi framework announced post-Q3 .	Expanding pipeline
Regulatory/Legal	Q1: Government lean-in; Mosaic/BBL rules; bilateral pathways . Q2: White House directive on early ops; IPP/EIPP framing .	eIPP (White House) enables pre-TC ops; advanced state/local engagement for projects .	Support increasing
R&D Execution	Q1: Fifth aircraft powered-on; simulator coming; manufacturing doubling . Q2: Final assembly of first TIA aircraft; Marina expansion; Dayton ramp .	Hybrid turbine-electric first flight; propeller blade production started in Dayton; 15x more conforming parts vs 2024 .	Rapid iteration and scale-up

Management Commentary

“This is the moment when our certification strategy, our intended type design, and our manufacturing processes all converge into one physical asset.” — Joby Bevirt (prepared remarks) .
“Adjusted EBITDA… was a loss of $133 million… reflecting the revenue booked in Q3, offset by the increase in spending… inclusion of Blade operating expenses and acquisition-related costs.” — Rodrigo Brumana (CFO) .
“We continue to expect to be operational in Dubai prior to FAA-type certification.” — Joby Bevirt (Q&A) .
“We do think there are going to be interesting revenue-generating opportunities that come out of the IPP program.” — Paul Sciarra (Exec Chair) .
“Joby will be the aviation launch partner for NVIDIA's IGX Thor platform… enabling real-time, on-board capabilities.” — Prepared remarks ; NVIDIA release .

Q&A Highlights

Timeline and commercialization ahead of FAA TC: Management reaffirmed Dubai operations will ramp through 2026; expects early US pre-TC operations under eIPP mid-2026 pending downselect .
Revenue mix and seasonality: Q3 revenue ~$23M included ~$14M Blade and ~$9M other; caution that Q4 is a low season; no specific Blade guidance offered .
Certification cadence: Five TIA aircraft in parallel to speed Stage 5; synchronization with FAA test pilot availability emphasized; FAA engagement continued despite shutdown risks .
Defense hybrid aircraft: Variant leverages existing airframe and manufacturing lines, enabling faster demo-to-deployment; targets contested logistics, loyal wingman, EW missions with L3Harris .
IPP/eIPP revenue potential: Management expects “commercial bent” for some IPP projects; exploring JV pre-orders/prepayments internationally (e.g., ANA) .

Estimates Context

Q3 2025 Actual vs S&P Global Consensus

Metric	Consensus	Actual
Revenue ($USD)	$10.15M	$22.57M
Primary EPS ($USD)	-0.188	-0.204
EBITDA ($USD)	-$125.8M	-$171.5M

Interpretation:

Revenue beat driven by Blade consolidation and completion of defense/engineering deliverables; EBITDA and EPS missed as OpEx rose with Blade inclusion, program spend, and non-cash charges impacting GAAP results .

Values retrieved from S&P Global.

Key Takeaways for Investors

Certification is in the final stage with TIA aircraft now powered-on; five aircraft in production set up Joby/FAA “for-credit” flights through 2026 — a clear milestone timeline for de-risking .
Commercial ramp is multi-pronged: Blade operational base (~40k quarterly passengers), Uber integration, Dubai ramp ahead of FAA TC — expect awareness, route testing, and infrastructure build-out to support initial demand .
Autonomy and hybrid platform create optionality: NVIDIA partnership and L3Harris collaboration open defense and longer-range missions while back-feeding commercial autonomy readiness — incremental contract opportunities likely .
Financial profile: Revenue inflects with Blade; GAAP losses will remain volatile given derivative revaluation; Adjusted EBITDA loss modestly larger Q/Q; cash runway extended by $576M equity raise post-quarter .
Watch estimate revisions: Street likely raises near-term revenue on Blade consolidation, but may trim EBITDA/EPS on higher OpEx until certification/operations scale; seasonal Q4 dynamics could temper near-term Blade run-rate .
Trading implications: Near-term catalysts include FAA flight-test commencement, Dubai Airshow flight demonstrations, additional aircraft sales/MOUs (e.g., Kazakhstan LOI up to $250M), and autonomy/hybrid demonstrations; progress against these likely drives narrative and multiple .
Medium-term thesis: Vertically integrated manufacturing with Toyota, regulatory tailwinds (eIPP, bilateral validation), and an ecosystem approach (Blade/Uber/ANA) position Joby to lead initial urban air mobility deployment at scale .

Cross-References and Reconciliation Notes

Q3 GAAP revenue in the shareholder letter is $22.57M; management rounded to ~~$23M on the call when discussing composition (~~$14M Blade, ~$9M other) .
GAAP net loss widened primarily due to non-cash warrants/earnout revaluation ($229.1M), not underlying ops; Adjusted EBITDA loss (-$132.8M) reflects core development/commercialization spend .
Stage 5 progress reporting depends on test report submissions; much of the “points on the board” may occur near completion; five aircraft parallelization aims to compress timeline .

Joby Aviation, Inc. (JOBY)·Q3 2025 Earnings Summary