Joby Aviation, Inc.
Joby Aviation is an aerospace company developing and operating electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. It is building a vertically integrated business that combines aircraft design, manufacturing, certification, and eventual passenger service, with additional pathways through government contracts, direct aircraft sales, and partnerships.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueDesign, prototyping, testing, certification, and manufacturing of Joby's electric aircraft platform.
App-based passenger transportation service operated by Joby or through partners.
Customer-directed flights and on-base operations for U.S. defense agencies.
Potential direct sales of aircraft and support services to commercial or government customers.
Engineering work, demonstrations, and exhibition activities tied to commercialization.
Products
Reported · share of revenue- Passenger65.2 %
- Other34.8 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Joby's near-term paying customers are primarily U.S. government agencies, especially the Department of Defense, through flight services and related operations. Its future commercial customers are individual passengers using aerial ridesharing, plus enterprise and public-sector partners such as airlines, local operators, and foreign strategic partners that may buy aircraft or operate services with Joby. The company is also targeting defense and infrastructure-related use cases as a separate demand stream.
They buy flight services, on-base operations, and test/operational support for eVTOL and related missions.
Individual riders will book short-distance aerial trips through an app once commercial service launches.
Partners such as Delta and Uber help acquire customers, integrate booking, and support airport-to-city journeys.
Regional partners may operate Joby aircraft in markets where local expertise or ownership structures matter.
These customers may purchase aircraft directly for commercial, government, or defense applications.
Strategy
Joby's strategy is to build a vertically integrated eVTOL transportation company rather than only selling aircraft. It is pursuing three routes to market—owned-and-operated service, aircraft sales, and partnered service/JVs—while using alliances with Uber, Delta, and regional partners to reduce customer acquisition and market-entry friction. The company is also investing ahead of launch in certification, manufacturing scale, software, and operational systems to support first passenger service targeted for 2026.
Commercial value depends on regulatory approval and safe service entry.
Lower unit costs and higher utilization are needed for viable economics.
Partnerships can accelerate demand creation and reduce market-entry costs.
Aircraft sales and defense work can provide earlier or complementary revenue streams.
Geography
Q1/2026Joby is headquartered in Santa Cruz, California and is building its first commercial service in the United States, with Dubai also named as an initial operating market. The company is pursuing a global rollout through partner-operated markets and app integrations, including the UAE, Saudi Arabia, and Kazakhstan, while defense work remains anchored in the U.S. Geography matters because certification, local regulation, airport access, and partner structure will determine how quickly each market can launch.
Share of the revenue the company reports by geography.
Risks
Joby's biggest risks are regulatory approval, commercialization timing, and the need to scale manufacturing before demand is proven. As an early-stage eVTOL company, it also faces execution risk around safety, reliability, partner dependence, and the possibility that the UAM market develops more slowly than expected. Trade policy, reputational issues from third-party operators, and continued losses add further pressure.
- Regulatory certification failure or delayImpact: CriticalLikelihood: High
Commercialization depends on approvals in the U.S. and foreign markets.
Exposure: Aircraft certification and mobility service operations
- Undeveloped UAM market demandImpact: HighLikelihood: High
Revenue depends on passenger adoption of a new transportation mode.
Exposure: Passenger service utilization and pricing
- Manufacturing and scale-up executionImpact: HighLikelihood: High
The model requires efficient production and reliable aircraft at scale.
Exposure - Financing and dilution riskImpact: High
The company has a long history of losses and negative operating cash flow.
Exposure - Partner and third-party operator reputation riskImpact: MediumLikelihood: Medium
Non-exclusive operators can create brand damage through poor conduct or safety issues.
Exposure: Blade-branded or partner-operated flights
- Trade policy and tariff exposureImpact: MediumLikelihood: Low
Global sourcing and international expansion can be affected by tariffs and policy shifts.
Exposure: Supply chain and international operations
Accounting
Judgemental itemsPassenger and contract revenue are recognized at different points in time depending on performance obligations.
Impact: Affects quarterly revenue timing and comparability
Equity awards are a significant compensation tool for a pre-profit company.
Impact: Raises operating expenses without cash outflow
Non-operating gains/losses can materially affect net income.
Impact: Creates volatility below operating income
Most development and certification spending is expensed as incurred.
Impact: Keeps earnings deeply negative until commercialization
Some government and engineering work depends on estimated progress and milestones.
Impact: Can shift revenue between periods
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Last updated: 24/09/2026