AI Takeaway
Joby Aviation reported FY2025 revenue of $53.4M (up 39,183% YoY from minimal prior-year revenue) while net losses widened to -$929.8M as the company continues heavy pre-commercialization investment in its electric air taxi program.
Revenue
$53.42M
++39183.09% YoY
EPS (Basic)
$-1.13
-29.89% YoY
Operating Income
$-719.59M
-20.58% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
Revenue surged to $53.4M in FY2025 from just $136K in FY2024, a 39,183% increase, reflecting early-stage contract or development revenue as Joby advances toward commercial operations. This remains negligible relative to operating costs, underscoring the pre-revenue nature of the business.
Source: Source: 10-K Income Statement (XBRL Financial Data)
R&D expenses rose 21.8% YoY to $581.1M, representing the largest cost category and reflecting continued investment in aircraft development, FAA certification activities, and manufacturing scale-up. This level of spend signals Joby is in an intensive technology maturation phase.
Source: Source: 10-K Income Statement (XBRL Financial Data)
Operating loss expanded 20.6% YoY to -$719.6M, driven by higher R&D (+$103.9M) and SG&A (+$42.9M) expenses. The operating margin, while still deeply negative at -1,347%, has improved dramatically in percentage terms as revenue begins to materialize.
Source: Source: 10-K Income Statement (XBRL Financial Data)
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Upgrade to unlockJoby's entire business model depends on obtaining FAA type certification for its eVTOL aircraft, a process with no guaranteed timeline. Any delays in certification would push back revenue generation and require additional capital raises to sustain operations. The company has no commercial revenue history to fall back on.
Source: Source: 10-K Risk Factors (inferred from financial data and business stage)
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Upgrade to unlockReported EPS of $-0.14 versus the $-0.22 analyst consensus — a +36.4% beat for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $53.42M | $136,000 | +39183.09% |
Operating Income | $-719.59M | $-596.75M | -20.58% |
Net Income | $-929.84M | $-608.03M | -52.93% |
EPS (Basic) | $-1.13 | $-0.87 | -29.89% |
EPS (Diluted) | $-1.13 | $-0.87 | -29.89% |
R&D Expense | $581.1M | $477.16M | +21.78% |
SG&A Expense | $162.59M | $119.67M | +35.87% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $1.8B | $1.2B | +49.16% |
Current Assets | $1.45B | $969.61M | +49.11% |
Total Liabilities | $385.36M | $291.1M | +32.38% |
Current Liabilities | $60.03M | $48.13M | +24.71% |
Stockholders' Equity | $1.41B | $912.36M | +54.51% |
Cash & Equivalents | $240.81M | $199.63M | +20.63% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $-509.89M | $-436.27M | -16.88% |
Investing Cash Flow | $-475.42M | $70.76M | -771.84% |
Financing Cash Flow | $1.03B | $361.11M | +184.30% |
D&A | $40.16M | $35.57M | +12.89% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Margin | -1346.9% | -438789.7% | +437442.79% |
Net Margin | -1740.5% | — | — |
ROE | -66.0% | — | — |
ROA | -51.8% | — | — |
Current Ratio | $24.085 | — | — |
Debt to Equity | $0.273 | — | — |
Joby Aviation reported $53.4M in revenue for FY2025, up from just $136K in FY2024 — a 39,183% increase. However, this revenue remains minimal relative to the company's $719.6M operating loss, as Joby has not yet launched commercial air taxi operations.
Joby reported a net loss of -$929.8M in FY2025, a 52.9% increase in losses compared to -$608M in FY2024. EPS deteriorated to -$1.13 from -$0.87, reflecting both wider losses and share dilution from capital raises.
Yes, Joby's liquidity position appears strong: the company raised $1.03B in financing during FY2025 and holds a current ratio of 24.1x, meaning it has $24 in current assets for every $1 of near-term obligations. With a monthly cash burn of approximately $42.5M from operations, the balance sheet provides meaningful runway, though continued capital raises will be necessary.
Joby's largest expense is R&D at $581.1M (up 21.8% YoY), reflecting ongoing investment in eVTOL aircraft development, FAA certification activities, and manufacturing preparation. SG&A expenses were $162.6M (up 35.9% YoY), and investing outflows of -$475.4M suggest significant capital expenditure on infrastructure and facilities.
The primary risks include FAA certification timeline uncertainty (the entire business depends on regulatory approval), ongoing cash burn of ~$42.5M per month requiring continued equity raises and dilution, and manufacturing scale-up execution risk as the company transitions from prototypes to certified production aircraft. The net loss widened 52.9% to -$929.8M in FY2025, and profitability remains years away.