Joby Aviation Q4 Earnings Call Highlights

• Joby says it will carry its first passengers “this year” in the UAE under six‑year exclusive access to Dubai and is pursuing U.S. demonstrations through the DOT’s eVTOL Integration Pilot Program, with initial Dubai vertiports nearing completion.

• Certification and production are advancing: Joby’s first FAA‑conforming aircraft is “now ready to fly,” the company reported an 18‑point gain in FAA Stage Four and is preparing for Stage Five and FAA pilot flights later this year while scaling manufacturing, including a 728,000 sq ft Dayton facility and a target of 4 aircraft/month by 2027.

• Financially, Joby ended Q4 with about $1.4 billion in cash and completed post‑quarter financing that provided roughly $1.2 billion net proceeds; Q4 GAAP net loss narrowed to $122 million, Blade contributed $21 million of revenue, and full‑year 2026 revenue is guided to $105–150 million, mostly from Blade.

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Joby Aviation (NYSE:JOBY) executives used the company’s fourth-quarter and full-year fiscal 2025 earnings call to emphasize what they described as a transition from proving the technology to preparing for commercial operations and higher-rate manufacturing. Management pointed to progress in FAA certification, growing international interest, and a strengthened balance sheet following significant fundraising activity.

Founder and CEO JoeBen Bevirt said Joby plans to carry its first passengers “this year” in the United Arab Emirates, citing the company’s “six-year exclusive access to the Dubai market.” He also highlighted the U.S. government’s eVTOL Integration Pilot Program (eIPP) as an opportunity to demonstrate services in multiple locations this year, noting that the Department of Transportation was expected to select at least five locations.

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Bevirt said the eIPP program could allow commercial cargo and medical services as well as passenger operations, with passenger service potentially phasing in over time. When asked directly about U.S. passenger flight prospects, he said the company had been hearing “very positive inclinations,” though the timing could evolve.

In Dubai, Joby reported completing its first point-to-point flight and announcing four nodes in its initial network. Two vertiports were described as nearing completion at Dubai International Airport and the American University in Dubai.

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Bevirt said the company’s first FAA-conforming aircraft is “now ready to fly,” and that Joby has all aircraft intended for Type Inspection Authorization (TIA) testing “in production.” He framed this as the product of years of “for-credit” testing at equipment and system levels.

On the FAA certification process, Joby reported what it…