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Joby Aviation Q4 2025 Revenue Growth and FAA Certification Progress

Joby Aviation reports $30.8M Q4 2025 revenue led by Blade acquisition and Toyota demo. FAA certification advances with Dubai launch planned for late 2026.

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Photo: Joby Aviation

This article is based on an official press release from Joby Aviation.

Joby Aviation Q4 2025 Results: Revenue Surge and Certification Milestones

Joby Aviation (NYSE: JOBY) has reported its financial results for the fourth quarter of 2025, delivering a performance that significantly exceeded Wall Street expectations. According to the company’s official release, the quarter was marked by a substantial increase in revenue, driven largely by strategic acquisitions and one-time demonstration events, alongside critical progress in its path toward FAA certification.

The company reported revenue of $30.8 million for the quarter, a figure well above analyst estimates of approximately $16.2 million. This surge represents a dramatic shift from the $0.1 million reported in the same period the previous year. Joby management attributed this growth primarily to the integration of Blade Air Mobility’s passenger operations and a successful flight exhibition with Toyota in Japan.

Beyond the financials, Joby highlighted operational achievements, including the completion of its first FAA-conforming aircraft and the solidification of its commercial launch timeline for Dubai in late 2026. With a strengthened balance sheet following a February capital raise, the company positioned 2026 as a “key inflection point” in its transition from development to production.

Financial Performance Breakdown

Joby’s fourth-quarter financial report detailed a mix of organic operational progress and significant inorganic revenue contributions. The company’s ability to generate cash flow prior to the commercial launch of its eVTOL (electric vertical take-off and landing) aircraft has been a focal point for investors.

Revenue Drivers

The reported $30.8 million in revenue was composed of two primary streams, as detailed in the earnings release:

  • Blade Air Mobility: The newly acquired passenger business contributed $21 million to the quarter’s total.
  • Demonstration Operations: Approximately $10 million came from other sources, including an $8 million one-time payment related to demonstration flights performed for Toyota in Japan.

Net Loss and Liquidity

Joby reported a net loss of $121.5 million for Q4 2025, a significant improvement compared to the $246 million loss in Q4 2024. The company noted that this reduction was aided by a favorable non-cash revaluation of warrants and earn-out shares, which totaled approximately $302 million. Adjusted EBITDA, however, reflected a loss of $154.1 million, indicative of the heavy investment required for certification and manufacturing ramp-ups.

In terms of liquidity, Joby ended the quarter with $1.4 billion in cash and short-term investments. A subsequent capital raise in February 2026 added $1.2 billion, bringing the company’s total pro-forma liquidity to approximately $2.6 billion. Management stated that this capital provides the necessary runway to reach commercialization.

Operational and Certification Progress

The company’s press release emphasized that technical milestones remain on track, with specific focus on the Federal Aviation Administration (FAA) certification process.

FAA Certification Status

Joby reported a record pace in its certification efforts. The company stated it is 80% complete with Stage 4 (Testing & Analysis), while the FAA is 73% complete on the same stage. Stage 2 (Means of Compliance) is reported as essentially complete at 97%.

A critical development highlighted in the report is the completion of the first FAA-conforming aircraft. This vehicle is designated for “Type Inspection Authorization” (TIA) testing, which Joby expects to commence in the second half of 2026.

Manufacturing Expansion

To support future production targets, Joby announced an agreement to acquire a facility exceeding 700,000 square feet in Dayton, Ohio. The company aims to utilize this infrastructure to support a production rate of four aircraft per month by 2027.

Strategic Partnerships and Commercialization

Joby continues to leverage high-profile partnerships to build its commercial ecosystem. The integration of its service with Uber was a key highlight of the quarter.

Uber Integration

The company demonstrated a new booking feature in Dubai, allowing users to book a Joby flight directly through the Uber app. According to the release, this integration coordinates a seamless journey involving an Uber Black car pickup, the Joby flight, and a final Uber car ride to the destination.

Blade Acquisition

The acquisition of Blade’s passenger business, valued at up to $125 million, was completed during the quarter. Joby stated that this move provides immediate revenue, an established customer base in New York and Europe, and vital operational infrastructure such as terminals and lounges.

AirPro News Analysis

While the headline revenue figure of $30.8 million is impressive, it is crucial for observers to distinguish between recurring commercial aviation revenue and one-time or acquired revenue. The vast majority of this “beat” stems from the Blade acquisition ($21 million) and the Toyota demonstration ($8 million). These are not yet revenues derived from the commercial operation of Joby’s own eVTOL aircraft.

However, the strategic value of the Blade acquisition should not be understated. By securing an operational footprint and a paying customer base now, Joby is effectively rehearsing its commercial operations before its own aircraft are certified. Furthermore, the massive $2.6 billion liquidity position sets Joby apart in a capital-intensive industry where many competitors face existential cash crunch risks. This financial runway is likely the company’s strongest asset as it navigates the final, costly hurdles of FAA certification.

Future Outlook

Looking ahead, Joby management provided specific guidance for the fiscal year 2026, shifting from traditional financial guidance to operational commitments.

  • Revenue Guidance: The company projects 2026 revenue to fall between $105 million and $115 million, with the majority expected to come from Blade passenger operations.
  • Commercial Launch: Commercial passenger flights are scheduled to begin in Dubai in late 2026, under a six-year exclusive market access agreement.
  • US Operations: Early operations in the United States are targeted for the 2026/2027 timeframe, utilizing the “eVTOL Integration Pilot Program” (eIPP).

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Electric Aircraft

Vertical Aerospace Gains AS9100 Quality Certification From BSI

Vertical Aerospace believes it is the first eVTOL developer with AS9100, awarded by BSI for its design and production quality system.

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Vertical Aerospace Gains AS9100 Quality Certification From BSI
Photo: Vertical Aerospace

Vertical Aerospace has received AS9100 certification for the quality management system that covers its design and production work, and the Bristol-based developer of the Valo electric vertical take-off and landing (eVTOL) aircraft believes it is the first eVTOL developer to achieve the standard. The British Standards Institution (BSI) awarded the certificate after an independent assessment that closed a year-long quality improvement programme at the company.

In a press release dated November 12, 2026, and announced on World Quality Day, Vertical said the certification confirms that its quality management system across design and production meets the standards used by manufacturers such as Airbus and Boeing. The company said it gives airline customers and operating partners independent assurance about its future aircraft production and delivery, and supports opportunities where AS9100 is required. The certificate comes as Vertical prepares to build its first certification-conforming aircraft, and after it announced a review of strategic alternatives on September 24, 2026.

What the AS9100 standard covers

AS9100 was developed by the International Aerospace Quality Group (IAQG) and builds on ISO 9001 with requirements for aviation, space and defence. The IAQG states that the standard can be used “at all levels of the supply chain by organizations around the world,” and that it is intended to improve quality, schedule and cost performance by reducing or eliminating organisation-unique requirements.

For Vertical, the certificate is the result of a year-long quality improvement programme that ended with BSI’s independent assessment. Stuart Simpson, chief executive of Vertical Aerospace, said:

“We are leading the way in electric aviation by holding ourselves to the highest standards in aerospace.”

Simpson said achieving AS9100 means the company’s quality management system is certified against the same standard used by established manufacturers such as Airbus and Boeing. “It is what our customers expect,” he said, adding that this is the discipline Vertical is bringing to Valo and to building a company customers can depend on.

Giancarlo Silvestri, Global Head of Aerospace and Defence (Assurance) at BSI, called the accredited certification “an important step in Vertical’s development as an aerospace manufacturer,” and said it gives airline customers and operating partners greater confidence in the quality management foundations behind the company’s ambitions.

A quality certificate alongside the regulator’s approvals

The AS9100 certificate comes from BSI. Vertical’s design organisation approval comes from the UK Civil Aviation Authority (CAA). In its release of March 30, 2023, Vertical said the CAA had issued it a Design Organisation Approval (DOA), number UK.21J.1001, the first DOA the CAA had issued to an eVTOL manufacturer. The CAA’s assessment for that approval covered Vertical’s procedures, quality management system, technical workforce competence, and facilities and equipment.

The same release said UK and European companies need a DOA to hold a Type Certificate, which Vertical described in July 2024 as a prerequisite for commercial service. On July 10, 2024, the company said the CAA had expanded the scope of the approval so that its own engineers could certify compliance in more technical areas, including further flight control, avionics and electrical systems activities. That release also said the European Union Aviation Safety Agency (EASA) and the CAA had agreed how they would collaborate on certification, setting up common standards and concurrent certification and validation of the VX4. Vertical unveiled Valo, which succeeds the VX4 prototype, on December 10, 2025.

Where the Valo programme stands

Valo is a piloted, four-passenger eVTOL whose cabin can expand to six seats, according to the December 2025 launch release, which gave a range of up to 100 miles at speeds of up to 150 mph. That release targeted certification in 2028, working with the CAA and EASA, and planned seven certification aircraft built in the UK.

The company’s more recent statements give 2029. In a release dated September 25, 2026, announcing the opening of its Aircraft Assembly Centre at Cotswold Airport, Vertical said the £1.5 million facility would build certification-conforming aircraft for compliance and verification testing with the CAA, targeting Type Certification in 2029. Assembly of the first certification-conforming aircraft is expected to begin in the fourth quarter of 2027.

After certification, the centre is expected to support initial customer deliveries, with capacity to assemble more than 25 Valo aircraft a year in the early-production phase. Higher-volume manufacturing will take place at a separate facility, and Vertical said it expected to announce plans for it in the fourth quarter of 2026.

In flight testing, Vertical said in its H1 2026 business update that in April it became the second company globally to complete a piloted transition flight in a full-scale tiltrotor eVTOL, and that it flew five consecutive days of piloted transition demonstrations at the Farnborough International Airshow in front of more than 140,000 visitors. The company has said it remains on track to complete its Critical Design Review by year-end 2026. On October 16, 2026, it announced supplier agreements for seating and inertial reference systems with ANH Structure and Northrop Grumman LITEF.

Financing, customers and the strategic review

On September 24, 2026, Vertical announced a review of strategic alternatives, including potential strategic and financial partnerships, and retained Jefferies LLC as financial advisor. It said operations, the certification programme and commercial commitments would continue during the review, that no timetable had been set, and that there was no assurance the review would result in any transaction or outcome. The company said it would not disclose developments unless its board approves a specific course of action, decides further disclosure is appropriate, or disclosure is required by law.

That announcement followed approximately $100 million of new financing and the appointment of former Airbus Commercial Aircraft chief executive Fabrice Brégier as chair. In its H1 2026 business update, Vertical reported cash and cash equivalents of approximately $134 million (£99 million) as of August 13, 2026, and expected net cash outflows of approximately $150 million (£110 million) over the following 12 months. It said short-term liquidity, remaining financing proceeds and anticipated future draws were expected to provide at least 12 months of runway.

Vertical reports about 1,500 pre-orders for Valo from customers on four continents, including American Airlines, Avolon, Bristow, GOL and Japan Airlines, and says certain customer obligations are expected to be fulfilled through third-party agreements. The company, headquartered in Bristol, UK, works with Honeywell, Syensqo and Sonaca and develops its own battery and propeller technology.

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Electric Aircraft

Archer and Formula 1 to Explore Air Taxi Flights at Grand Prix Races

Archer and Formula 1 announced a multi-year partnership to study Midnight eVTOL transfers for VIPs and fans at select Grand Prix circuits.

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Archer and Formula 1 to Explore Air Taxi Flights at Grand Prix Races
Photo: Archer Aviation

Archer Aviation and Formula 1 have announced a multi-year partnership to explore flying VIPs and fans to and from Grand Prix circuits aboard Archer’s Midnight electric air taxi, including dedicated landing points at circuits and air taxi services within F1’s hospitality and ticketing offerings.

Archer announced the agreement in a press release dated November 12, 2026. The partnership covers select Grands Prix that align with what Archer calls key commercial markets in the US, the Middle East, Asia and Europe. The release gives no financial terms and no date for a first air taxi flight at a race, and it describes the work as something the partners will explore.

What the partners plan to study

According to the release, the two companies will look at dedicated air taxi drop-off and pick-up locations at circuits, and at including air taxi services in F1’s hospitality and ticketing offerings. Once Archer’s commercial electric vertical takeoff and landing (eVTOL) operations launch in F1 markets, fans could skip traffic between major airports, business hubs and other key destinations, Archer said.

Emily Prazer, Chief Commercial Officer of Formula 1, said in the release:

“Innovation is at the heart of Formula 1, and Archer shares our passion for pushing boundaries and exploring what is possible.”

Adam Goldstein, Archer’s founder and CEO, pointed to the size of the sport’s audience, saying “With 830 million fans worldwide, Formula 1 gives us a global audience of prospective passengers”. He added that motorsport and aerospace share the same engineering DNA, and that the companies hope to show how innovation on the ground and in the sky could combine for fans at the track.

Archer also drew a technical comparison. It said the power-to-weight demands of eVTOL aircraft are comparable to those of F1, and that, as in an F1 car, its electric propulsion, advanced composites and aerodynamics are engineered as one system.

Where Archer’s planned networks meet the race calendar

Archer said its planned US air taxi networks map closely to F1 race locations, including Miami and Texas, where it has unveiled planned infrastructure networks. Its Texas plan, announced on October 23, 2026, includes an Austin network connecting Austin-Bergstrom International Airport and Austin Executive Airport with the F1 Circuit Helipad at the Circuit of the Americas, which Archer said would put Formula 1 United States Grand Prix races minutes away. The same plan covers Dallas-Fort Worth and Houston, and Archer said Midnight could turn 60 to 90 minute ground trips into 10 to 20 minute flights.

In South Florida, Archer’s Miami network plan of December 2025 named Hard Rock Stadium, home of the Formula 1 Crypto.com Miami Grand Prix, among the sites whose existing helipads will be prepared for electric operations. That network would also link Miami International Airport (MIA), Fort Lauderdale-Hollywood International Airport (FLL) and Palm Beach International Airport (PBI).

The partnership already has a public side. Archer displayed Midnight at the Formula 1 United States Grand Prix in Austin, October 22 to 25, in the Fan Zone and F1 Paddock as an Official Supporter of F1, and the aircraft will be displayed again at the Las Vegas Grand Prix and the Abu Dhabi Grand Prix later in 2026, according to the release. Archer’s third-quarter results release of November 9, 2026, had already said the two companies were forming a multi-year strategic alliance.

Where Midnight stands

Midnight is a piloted electric air taxi that carries up to four passengers and has 12 total engines and propellers, according to Archer. In its third-quarter update and FAA certificate news, Archer said Midnight had received a Market Survey Special Airworthiness Certificate from the FAA, which the company expects to allow operations in Los Angeles. The company said it is preparing to carry passengers under the US Department of Transportation’s eVTOL Integration Pilot Program (eIPP) and for the LA28 Olympic Games.

The eIPP is the framework for Archer’s planned Texas and Florida operations. In March 2026, the Department of Transportation and the FAA selected Archer’s partners in Texas, Florida and New York for the program, and Archer said at the time that it planned early Midnight operations in those states as soon as the second half of 2026. Archer, BETA and Macquarie Capital also launched the ACES charging consortium, which aims to electrify up to 250 air taxi sites across America by 2030 and is working with the Texas Department of Transportation on charging to support eIPP operations in Texas.

Archer reported third-quarter 2026 revenue of $5.1 million and a net loss of $274.6 million, with total liquidity of $1.4 billion. The company said its acquisition of Boeing’s Wisk, Insitu and SkyGrid businesses is nearing close, subject to certain regulatory approvals and other closing conditions.

What the announcement leaves open

The release names no race where air taxi transfers would be offered first, and gives no pricing or start date. It ties services for fans to the launch of Archer’s commercial eVTOL operations in F1 markets.

Archer’s forward-looking statements list aircraft design and specifications, development and certification timing, air taxi network plans including the eIPP, and the expected benefits of collaborations such as the one with Formula 1 among the matters that could differ from its plans.

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Technology & Innovation

Eve Vector Software Handles Over 100 Helicopter Flights at Interlagos

Eve Air Mobility’s Vector software managed helicopter slots for Revo at Interlagos, peaking at more than 100 flights on November 8, 2026.

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Eve Vector Software Handles Over 100 Helicopter Flights at Interlagos
Photo: Eve Air Mobility

Eve Air Mobility’s Vector software managed landing and takeoff slots at the temporary helipad serving São Paulo’s Interlagos Circuit during the motorsport weekend there, with traffic peaking at more than 100 helicopter flights on Sunday, November 8, 2026. Revo, the São Paulo helicopter operator that Eve calls its first electric Vertical Takeoff and Landing (eVTOL) aircraft customer, ran the system at the event for the second year in a row.

In a press release distributed on November 13, 2026, Eve, an Embraer Group company, said Revo’s team used Vector at the helipad set up at the Ayrton Senna Kart Track, next to the circuit, for scheduling and slot management of landings and takeoffs. Eve described the event as the largest international motorsport event, and said the software had been tested at the same event in 2025.

What Vector did at Interlagos

Vector is Eve’s urban air traffic management software. According to the release, it is built on a modular architecture, with Helipad and Vertiport (Aerodrome) and Ground Operations modules that let operators manage high-volume activity across vertiports and helipads. Eve said the software is designed to provide safe and efficient low-altitude air traffic management through automation and data-driven services, and said it represents a new step toward automated, scalable traffic management for Advanced Air Mobility (AAM) in Brazil and worldwide.

Eve said its team supported Revo’s operational staff throughout the weekend so that operations ran smoothly, effectively and “100% safely” across all three days of the event. The release does not give a total number of flights for the weekend or the number of helicopters involved; the only traffic figure is the peak of more than 100 flights on the Sunday.

Johann Bordais, chief executive of Eve Air Mobility, tied the result to the weekend’s traffic:

“The efficient use of Vector over a weekend that concentrates one of the highest volumes of helicopter traffic in Brazil throughout the year demonstrates the full maturity of our solutions for the urban mobility ecosystem.”

Bordais added that Revo will be Eve’s first eVTOL customer in Brazil and globally. João Welsh, chief executive of Revo, said the partnership with Eve “represents a major step in this direction,” both for bringing eVTOLs into Revo’s operations and for developing urban air traffic management solutions.

How the 2026 deployment compares with 2025

This was not Vector’s first outing at the circuit. On November 10, 2025, Eve announced the software’s first real-world deployment, with Revo, during the 2025 São Paulo Grand Prix. Revo’s team used Vector from November 7 to 9 that year to manage helicopter operations at the Interlagos racetrack, after training by Eve’s TechCare and Vector teams. Eve said at the time that future Vector operations were planned at other sites, including residential and commercial hubs.

The product description has moved since then. In November 2025, Eve listed a Vertiport and Ground Operations Module and said a Fleet Operations Module for helicopter and eVTOL operators was planned for 2026. The November 2026 release lists separate Helipad and Vertiport (Aerodrome) and Ground Operations modules and gives 2027 for the Fleet Operations Module. The release does not explain the change in timing. Eve says the fleet module will address the needs of helicopter and eVTOL operators as Urban Air Mobility networks expand.

The Revo contract behind the partnership

Revo is part of Omni Helicopters International (OHI), which, according to the November 2026 release, manages a fleet of approximately 90 helicopters and operates over 1,500 weekly flights. In a release dated June 15, 2025, Eve announced its first binding framework agreement with Revo and OHI, covering up to 50 eVTOLs, entry-into-service support and aftermarket services, including Eve’s TechCare package. Eve’s release for that deal was headed as a $250M contract, and the earlier work between the companies had included simulations of urban air traffic management using Vector.

The June 2025 release named Revo as launch operator for Eve’s eVTOLs in São Paulo, with first delivery planned for Q4 2027, and said the city has over 400 registered helicopters and nearly 2,000 daily takeoffs and landings. The November 2026 release says Revo is positioned to operate the technology in Brazil starting in 2028.

Where Eve’s eVTOL program stands

Eve reports a backlog of over 2,700 aircraft, including firm orders and letters of intent, across 28 customers in 10 countries. It has completed more than 73 flights since its flight test campaign began in 2025, after more than 10,000 hours of integrated ground testing. On August 3, 2026, Eve announced its first partial transition flight, in which the prototype’s rear pusher propeller was activated in the air for the first time and the aircraft reached a stabilized speed of 27 knots.

Eve plans to build six certification prototypes for a certification campaign starting in 2027, working with Brazil’s National Civil Aviation Agency (ANAC) and the FAA. Once the aircraft is certified, and through the end of 2028, it will be built at a facility under development in Taubaté, São Paulo, with initial capacity of up to 120 aircraft per year and room to expand to up to 480 aircraft annually.

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