Cutting-edge Flying Cars are Stepping Out of Sci-fi and Becoming a Reality. This Entity is Taking the Lead in eVTOL Technology – and Indeed, it's a Publicly Listed Corporation.

Pioneering Aerial Mobility: One Company Acknowledged as Key Player in Electric Vertical Takeoff and Landing Vehicles, and Notably Listed on the Stock Exchange.

Joby Aviation, a company developing electric vertical takeoff and landing (eVTOL) aircraft, has released its financial results for the first quarter of 2025. The company posted a net loss of approximately $596 million, with a loss of $82 million, or $0.11 per share, driven largely by spending in research and development.

Despite the significant loss, Joby Aviation continues to attract investments from prominent strategic and financial investors. Toyota Motor Corporation, Intel Capital, BlackRock, and Delta Air Lines are among the investors that have participated in the company’s development of eVTOL aircraft. Toyota, notably, invested approximately $894 million in 2020 and has also contributed to product development collaboration.

Joby's eVTOL aircraft are designed to carry passengers over congested cities at speeds upwards of 200 mph. They are quieter than a helicopter and have zero emissions, making them an attractive solution for urban air mobility. The company has already demonstrated eVTOLs in New York and Dubai and is moving through the Federal Aviation Administration's (FAA's) certification process.

In a notable partnership, Joby has signed an exclusive six-year agreement with the Roads and Transport Authority (RTA) in Dubai to launch aerial taxi services there in 2026. The company also plans to acquire Blade Air Mobility, which would help it gain access to central terminals in New York, Southern California, and Europe.

Joby holds FAA Part 135 certification, which means it's cleared to operate as an air carrier with approved aircraft. The company also holds about $813 million in cash and short-term investments, providing a solid financial foundation for its continued development.

However, Joby's biggest challenge is obtaining full FAA certification, as every month that slips by without it pushes profitability further into the future. Urban airspace regulation could keep eVTOL traffic on a tight leash, potentially affecting Joby's flight schedule.

In terms of financial metrics, Joby's stock's price-per-book (P/B) ratio is around 20, which is steep compared to the S&P 500's median of about 3. Over the last 12 months, Joby generated just $110,000 in revenue.

Joby is also partnering with L3Harris to develop hybrid eVTOLs for defense applications, with demonstrations planned in 2026. The company is also working with Delta Air Lines, with the expectation that Joby would eventually create a premium service for Delta customers.

Archer Aviation, Joby's primary competitor, is trading at roughly 5.6 times book value. As Joby continues to develop its technology and moves closer to commercial deployment, investors will be watching closely to see how the company performs in the competitive urban air mobility market.