Joby forecasts $500m-plus spend in 2025

Joby Aviation is set to spend equivalent to Toyota’s incoming $500m investment as it forecasts 2025 outgoings as high as $540m, highlighting the costs of eVTOL aircraft development. 

The California-based OEM reported its fourth-quarter (Q4) 2024 financial results on February 26th. It saw a net loss of $246.3m, up $131.2m  from Q4 2023. Additionally, adjusted EBITDA in Q4 2024 saw a loss of $118.7m.

However, the company raised more than $1bn of additional funding and commitments in Q4 2024. Meaning it ended the year with $933m in cash, equivalents and securities investments. This balance does not include the $500m Toyota investment, set to be paid in two tranches of $250m. According to Joby, all regulatory approvals are now in place for the first tranche to be made.

JoeBen Bevirt, founder and CEO, said: “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.

“As well as delivering record progress on certification, we scaled our manufacturing, delivered two aircraft to the Department of Defense and flew 561 miles with a hybrid, hydrogen-electric variant of our aircraft, bringing the flight test fleet to a total of five aircraft.”

The company is furthest along out of any US eVTOL developer in the FAA certification process. It is working on the fourth of five stages required to certify the aircraft for commercial passenger use. Joby said it expects Type Inspection Authorization flight testing to begin in the next 12 months.

It also delivered a second aircraft to Edwards Air Force Base as part of its work with the US Department of Defense. 

As for the UAE, Joby said it plans to deliver an aircraft to Dubai in the middle of the year to begin flight testing ahead of carrying first passengers in late 2025 or early 2026.