Joby posts 2025 results with strong liquidity despite increased capital outflows

Joby Aviation posted its 2025 full year financial results on February 25, 2026. 

The Californian advanced air mobility developer is continuing to pour funds into its eVTOL development program, which is advancing towards the final stages of its certification process with the Federal Aviation Administration (FAA). 

As expected in such a capital-demanding phase of its development, Joby’s net losses widened, from $608M in 2024 to $929.8M in 2025. 

However, unlike the preceding year, Joby registered the first somewhat meaningful revenue stream, $53 million, although this is in great part attributable to the acquisition of Blade, a helicopter operator with an already established business, primarily in New York City. This income was dwarfed by the ongoing research and development spend, which stood at $581 million. 

Joby’s cash position, however, appears to be solid at $1.41 billion, up from $933 million the previous year. Joby’s liquidity position has improved thanks to a new equity and convertible debt offering underwritten by existing investors such as Baillie Gifford and funds and Counterpoint Global (Morgan Stanley Investment Management). 

Although it took place in January 2026, hence outside of the scope of the 2025 accounts, it is also worth noting that Joby raised an additional $1.2 billion through the issuance of equity and convertible senior notes. 

In a shareholder letter accompanying the financial report, Joby highlighted several key milestones that have been reached during the year on the product development side. Joby expressed its aim to start passenger operations in Dubai before the end of 2026, as well as its participation in the eVTOL Integration Pilot Program (eIPP), an initiative launched by the Trump Administration to accelerate the rollout of advanced air mobility in the United States.  

Joby also announced an intention to double the planned production rate at its new Dayton, Ohio-plant from 2027, and unveiled a hybrid-electric demonstrator.

As part of its go-to-market preparations, on February 24, 2026, Joby also unveiled the user interface of the ride booking functionality it has developed together with Uber. The eVTOL developer has partnered with Uber in order to integrate air taxi booking requests into the latter’s popular ride-hailing app. 

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