Blade Integration: The acquired Blade service carried ~40,000 passengers in Q3; Uber partnership will fold Blade’s network into the Uber app, seeding brand awareness ahead of Joby’s launch.
White House eVTOL Support: Executive-order-driven eIPP paves the way for limited commercial ops before certification—potentially accelerating revenue testing.
Joby’s Q3 reads less like a financial print and more like a milestone update.
The cash position bolstered by October’s raise extends its runway well into the expected 2026 certification window. Regulatory progress, especially the move into FAA “for-credit” testing, marks a concrete inflection point.
However, with commercialization still a year out and equity dilution fresh in investors’ minds, shares remain range-bound despite operational wins.
Bottom line
The story is intact, capital is ample, certification is advancing, and the narrative edges closer to monetization. The next catalysts: FAA “for-credit” test data and 2026 launch milestones.
CEO JoeBen Bevirt called current progress “unprecedented,” pointing to both technological momentum and strong federal backing through the new eVTOL Integration Pilot Program (eIPP).
He added that Joby’s work with state and local partners positions the company to demonstrate real-world passenger and cargo missions ahead of full certification—a potential first-mover advantage.
FAA Certification Nears Final Stage: Began power-on testing of the first FAA-conforming aircraft for Type Inspection Authorization (TIA), entering the final stage of certification.
Flight Activity Expands: Over 600 flights in 2025, including the first Marina-to-Monterey route and two weeks of demo flights at World Expo 2025 Osaka.
Manufacturing Scale-Up: Added 100+ roles; began producing propeller blades in Dayton, OH; 15× more conforming parts than in all of 2024.
Defense & Autonomy: Advanced Superpilot™ autonomous platform, completing 7,000 miles of autonomous flight using NVIDIA IGX Thor compute tech.
| Metric | Q3 2025 |
|---|---|
| Revenue | Not disclosed (pre-commercial phase) |
| Net Loss | N/A (shareholder letter not yet detailed) |
| Cash & Equivalents | $978.1 M |
| Equity Raise | $576 M (Oct 2025) |
Joby’s tone remained optimistic but non-specific on revenue guidance, emphasizing 2026 commercial launch readiness. Management noted that proceeds from the $576 M equity raise will fund:
Certification testing and FAA “for-credit” flight trials
Manufacturing scale-up in Dayton, Ohio
Operational prep for the Blade and Uber integration rollout
No explicit EPS or delivery guidance was provided, consistent with prior quarters.
Live coverage has ended. The full story is below.
Joby Aviation (NYSE: JOBY | JOBY Price Prediction) will report third-quarter 2025 earnings after the close today. The company’s shares, up 135% in the past 6 months, have surged on growing optimism that its long-awaited eVTOL aircraft could enter commercial service within the next 18 months.
Following an eventful second quarter marked by the acquisition of Blade’s passenger operations, successful flight testing in Dubai, and rapid certification progress, the upcoming update will give investors a clearer picture of how soon “air taxis” might begin generating real revenue.
| Metric | Q3 2025 (Est.) | Q4 2025 (Est.) | FY 2025 (Est.) | FY 2026 (Est.) |
|---|---|---|---|---|
| Revenue | $3.4M | $5.05M | $12.85M | $51.78M |
| EPS (Normalized) | –$0.19 | –$0.19 | –$0.82 | –$0.71 |
1. Certification Progress and FAA Coordination
Joby’s CEO JoeBen Bevirt confirmed the company has completed roughly 70% of Stage 4 certification on the company side and over 50% on the FAA side, keeping it on track to begin Type Inspection Authorization (TIA) flight tests with FAA pilots early next year. The completion of Stage 5 would mark the final step before type certification, unlocking full-scale commercial operations.
2. Blade Integration and Early U.S. Operations
The Blade acquisition gives Joby instant access to high-value routes and infrastructure across New York and Southern Europe. Bevirt said the deal “supercharges operations in New York with incredible vertiport infrastructure and a loyal customer base,” positioning Joby to launch air taxi services faster than anticipated.
3. Defense Expansion via L3Harris Partnership
Joby’s dual-use strategy continues to gain traction. Its partnership with L3Harris aims to develop a hybrid turbine-electric variant of its eVTOL platform for low-altitude defense applications, with flight tests expected this fall and operational demonstrations in early 2026. The Department of Defense has requested $9.4 billion for uncrewed and remotely operated aircraft, creating a sizable potential market for Joby’s technology.
4. Manufacturing Scale and Toyota Partnership
Joby’s manufacturing strategy hinges on expanding its Marina facility and bringing its Dayton, Ohio plant online, targeting eventual output of up to 500 aircraft per year. The company continues to leverage Toyota’s expertise in process efficiency and automation to lower costs and accelerate production.
5. Financial Position and Cash Discipline
CFO Rodrigo Brumana reported $991 million in cash and short-term investments at quarter-end, bolstered by a $250 million tranche from Toyota. The company’s full-year cash use guidance remains $500–$540 million, excluding Blade’s acquisition impact
Contact [email protected] for any questions or corrections.
Joel South covers large-cap stocks, dividend investing, and major market trends, with a focus on earnings analysis, valuation, and turning complex data into actionable insights for investors.
He brings more than 15 years of experience as an investor and financial journalist, including 12 years at The Motley Fool, where he served as an investment analyst, Bureau Chief, and later led the Fool.com investing news desk. He has also co-hosted an investing podcast and appeared across TV and radio discussing market trends.
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