JOBY

1. Key Historical Highlights

• February 27, 2025: Joby Aviation secures stage 4 G-1 certification basis from the FAA, positioning it as a leader in eVTOL certification.
• February 26, 2025: Joby reports record progress on FAA certification and delivers a second aircraft to Edwards Air Force Base.
• February 26, 2025: Toyota commits an additional $500 million to Joby, bringing total funding commitments to over $1 billion.
• December 20, 2024: Joby enters the final phase of FAA certification, conducting initial Type Inspection Authorization (TIA) flight testing.
• December 17, 2024: Joby completes FAA static load testing on its aircraft's tail structure, marking a major certification milestone.
• December 13, 2024: Joby becomes the first company to fly in Korea's K-UAM Grand Challenge, demonstrating its aircraft in Korea.
• December 10, 2024: Jetex and Joby partner to advance sustainable air mobility, with Joby securing exclusive air taxi rights in Dubai.
• December 5, 2024: Joby completes electric aircraft maintenance training with the U.S. Air Force under its AFWERX Agility Prime contract.
• December 3, 2024: Joby receives FAA approval for its Part 141 Flight Academy, enhancing pilot training capabilities.
• November 12, 2024: Joby begins construction on its first vertiport in Dubai, with plans to launch air taxi services by late 2025.
• November 6, 2024: Joby strengthens partnerships with Toyota, Uber, and Delta, completing its first international demonstration flights in Japan.
• October 25, 2024: Joby announces a public offering of common stock, raising $202 million for certification and manufacturing efforts.
• October 24, 2024: Joby hosts international aviation regulators to discuss certification efforts for electric air taxis.
• October 22, 2024: Joby welcomes new FAA regulations, enabling the operation of its electric air taxis in the U.S.
• October 2, 2024: Toyota announces an additional $500 million investment in Joby, supporting certification and commercial production.
• September 10, 2024: Joby applies for Air Operator Certificate in the UAE, aiming to establish an electric air taxi network.
• August 26, 2024: Joby demonstrates autonomous flight capabilities in partnership with the U.S. Air Force.
• August 6, 2024: Joby applies for aircraft certification in Australia, expanding its international certification efforts.

2. Financial Performance Overview

Revenue Growth

• Joby has not yet generated significant revenue from its air taxi operations, as the company is still in the pre-commercialization phase.
• The company has focused on securing funding and partnerships to support its development and certification efforts.

Profit Margins

• Joby reported a net loss of $608 million for 2024, up from a net loss of $513.1 million in 2023, reflecting increased R&D and operational expenses.
• The company has been investing heavily in R&D and certification processes, impacting short-term profitability.

Expense Management

• Joby ended Q4 2024 with $933 million in cash and short-term investments, expected to exceed $1.4 billion with additional funding.
• The company anticipates cash usage of $500 million to $540 million for 2025, driven by increased hiring and capital expenditures.

Significant Financial Events

• Toyota's additional $500 million investment in Joby underscores strong financial backing and confidence in the company's future.
• Joby raised $202 million through a public offering of common stock, supporting certification and manufacturing efforts.

3. Management Effectiveness

Strategic Decision-Making

• Joby has made significant progress in FAA certification, positioning the company to lead the eVTOL industry.
• The company has formed strategic partnerships with major players like Toyota, Uber, and Delta to enhance its market presence and capabilities.
• Joby's focus on securing exclusive agreements in key markets such as Dubai demonstrates foresight in capturing emerging opportunities.

Capital Allocation

• Joby has strategically allocated capital towards certification, manufacturing, and infrastructure development.
• The acquisition of Xwing's autonomy division supports Joby's vision for autonomous aerial mobility and strengthens its technological capabilities.
• Investments in manufacturing facilities in California and Ohio aim to scale production capacity and meet future demand.

4. Key Quotes from Management

• "Over the last 12 months we have delivered sector leading progress, across each area that is core to our business certification, manufacturing and commercialization." - JoeBen Bevirt, Founder and CEO, Joby Aviation

• "We have an incredible 12 months ahead of us, with goals that will really bring our technology to life." - JoeBen Bevirt, Founder and CEO, Joby Aviation

• "The sector-leading progress we made throughout 2024 puts Joby in a great position to capitalize on the opportunities presented by America’s renewed focus on innovation and manufacturing." - JoeBen Bevirt, Founder and CEO, Joby

• "Today's investment builds on nearly seven years of collaboration between our companies. The knowledge and support shared by Toyota have been instrumental in Joby's success and we look forward to deepening our relationship as we deliver on our shared vision for the future of air travel." - JoeBen Bevirt, Founder and CEO, Joby Aviation

• "We’re pleased to expand our partnership with HHI as we prepare to install our GEACS charging system at Kearny Heliport." - JoeBen Bevirt, Founder and CEO, Joby Aviation

• "The regulation published today will ensure the U.S. continues to play a global leadership role in the development and adoption of clean flight." - JoeBen Bevirt, Founder and CEO, Joby Aviation

• "This approval marks another foundational piece of Joby’s vertically-integrated strategy, including aircraft development, manufacturing, charging systems, commercial flight operations, and now maintenance operations, as we prepare to bring our revolutionary eVTOL aircraft to market." - Bonny Simi, President of Operations, Joby Aviation, Inc.