Joby has posted a net loss of USD 929.8 million for 2025 – an increase of more than USD 300 million compared with 2024’s loss of USD 608 million – ending the year with cash or cash equivalent reserves of USD 1.4 billion. The company remains typically bullish, and well they might – beginning 2026 with a further cash raise of USD 1.2 billion in February.
That said, the year-end balance sheet maintained equilibrium as far as assets versus liabilities (USD 1.795 billion), with the addition of USD 170 million worth of intangible assets on the plus side of the equation.
Speaking in the annual results letter to shareholders, company founder and CEO, JoeBen Bevirt, said: “2026 will mark a key inflection point for Joby. After a year full of rigorous full-transition flight testing and meaningful progress across every part of our business, we’ve begun to shift our focus from how and when we’ll go to market, to how many aircraft we can produce and where to deploy them.”
A critical part of that will of course be certification by the US and the UAE’s DGCAA, since the company makes much of its plan to “carry passengers in Dubai in 2026”. How they will achieve that is less clear, since while under construction none of the of the conforming aircraft have begun flight testing yet. Though according to Joby that programme is expected to be under way with the first aircraft flying “shortly”.
Looking forward, the company says it expects its cash burn to be in the range of USD 340 to 370 million in the first half of 2026.
Image: Joby
