Air taxi developer Joby Aviation reported its first quarter results on May 7, 2025. The company also appointed its new CFO on the same day.
The company ended the quarter with $813 million in cash and short-term investments, not including its additional $500 million commitment from Toyota. The investments are to be made in two equal tranches of $250 million and is expected to be reflected in the second quarter balance sheet.
“I'm confident that the incredible progress we made this quarter… puts Joby firmly in a leadership position in our sector,” commented Joby founder and CEO JoeBen Bevirt.
During the quarter, the company moved to pilot-on-board transition flights as it progresses towards FAA flight testing. The company's fifth aircraft was produced on its production line in Marina, California and was powered for the first time in the period.
During the company's earnings call, Bevirt said: “All of our aircraft that we've been building for the past eight years now have been full-scale aircraft and all had very similar operating specifications, including these five aircraft that have come off the preproduction line in which we've now done all of our failure testing on and taken through transition.”
He added that the five aircraft are “company conforming” air taxis. “We then layer on additional FAA inspections during the build process for the FAA conforming aircraft,” he added. “We have multiple of those that are moving through the production process in our California manufacturing facilities currently. We remain on track to have those aircraft in the air later this year in preparation for our TIA flight testing.”
Additionally, the company is its manufacturing facility in Marina, which more than doubles the facility's existing footprint, Joby said. The expansion is expected to be complete in June.
The company's total operating expenses were $163.3 million, up from $145.9 million. This largely consisted of research and develop costs that totalled $134.3 million. Net losses totalled $82.4 million, down from $94.6 million a year prior.
The company's executive chairman Paul Sciarra said during the call it is “still too early to know” the impact of tariffs. He added: “This is a moment where the vertical integration that Joby has really been building over the last decade shows its value. Although we have a large number of suppliers, those suppliers are generally at the component level as opposed to the bigger assembly or subsystem level. And therefore, we’ve got the ability to sort of flex that supplier set, far more flexibly than if you’re reliant on tier one suppliers for big complicated parts in the aircraft.”
Joby appointed Rodrigo Brumana as its CFO, effective May 29, 2025. Joby said Brumana is a “seasoned Silicon Valley CFO”, bringing experience from HP, Amazon, eBay and, most recently, Poshmark.
“We were impressed by [Brumuna's] strong track record of driving growth at global companies and his focus on efficient operations,” commented Befirt. “I’m confident his pragmatic and tactical approach will serve Joby well as we scale our manufacturing and prepare for commercial operations.”
As of the end of the quarter, the company's assets totalled $1.1bn.