Joby Aviation Advances eVTOL Tech with 2025 Dubai Launch

Good afternoon!

Today Joby announced 2024 Q4 and full year financial results, highlighting
sector-leading progress for the eVTOL industry, as well as an outlook for
the year ahead. The highlights:


-

2025 is an inflection point for Joby and the industry: We are on track
to deliver an aircraft to Dubai by the middle of this year, where we will
demonstrate readiness to start carrying our first passengers in Dubai. This
will mark one of the most important milestones in our sector’s history.
-

We’re continuing to scale manufacturing and expand our flight test
program: Joby is the only air taxi company that has delivered multiple
eVTOL aircraft from a production line. We now have 5 aircraft in our flight
test fleet, and we recently delivered a second aircraft to our Department
of Defense partners at Edwards Air Force Base.
-

We’re continuing to lead the industry on certification: We’ve made
record progress
on stage four of type certification; and we expect to begin TIA flight
testing in the US – the final step of the FAA certification process -
within the next 12 months.
-

We have one of the strongest balance sheets in the sector: We closed the
quarter with more than a billion dollars of additional funding and
commitments, including the $500M investment from Toyota.


You can find our release attached and our shareholder letter here
<https://joby-site.cdn.prismic.io/joby-site/Z75z057c43Q3gO6b_Joby-Aviation_2024-Q4-Shareholder-Letter.pdf>,
and we’re holding an investor call at 2pm PT that you’re welcome to join
here: https://ir.jobyaviation.com/news-events/ir-calendar

Let me know if you have any questions!

Best,

Katie


Joby Aviation

+1 703-869-4563

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Good afternoon!
Today Joby announced 2024 Q4 and full year financial results, highlighting sector-leading progress for the eVTOL industry, as well as an outlook for the year ahead. The highlights:Â
2025 is an inflection point for Joby and the industry:Â We are on track to deliver an aircraft to Dubai by the middle of this year, where we will demonstrate readiness to start carrying our first passengers in Dubai. This will mark one of the most important milestones in our sectorâs history.
Weâre continuing to scale manufacturing and expand our flight test program: Joby is the only air taxi company that has delivered multiple eVTOL aircraft from a production line. We now have 5 aircraft in our flight test fleet, and we recently delivered a second aircraft to our Department of Defense partners at Edwards Air Force Base.Â
Weâre continuing to lead the industry on certification: Weâve made record progress on stage four of type certification; and we expect to begin TIA flight testing in the US â the final step of the FAA certification process - within the next 12 months.
We have one of the strongest balance sheets in the sector:Â We closed the quarter with more than a billion dollars of additional funding and commitments, including the $500M investment from Toyota.
You can find our release attached and our shareholder letter here, and weâre holding an investor call at 2pm PT that youâre welcome to join here: https://ir.jobyaviation.com/news-events/ir-calendarÂ
Let me know if you have any questions!
Best,
Katie
Joby Aviation
+1 703-869-4563
Joby Reports Record Certification Progress and Delivery
of Second Aircraft to US Air Force at Edwards Air Force Base


• Joby reports Fourth Quarter and Full Year 2024 results
• Record progress on stage four of FAA certification
• Delivery of second aircraft to U.S. Air Force
• Plans to carry first passengers in late 2025 or early 2026
• More than $1B of additional funding and commitments made in the fourth quarter



Joby delivered a second electric air taxi to Edwards Air Force Base during the quarter, pictured
here. Joby Aviation photo

Santa Cruz, CA, February 26 , 2025 — Joby Aviation, Inc. (NYSE:JOBY), a company
developing electric air taxis for commercial passenger service, today issued its Fourth Quarter
and Full Year 2024 Shareholder Letter detailing the company’s operational and financial results
for the period ending December 31, 2024. The company will host a live audio webcast of its
conference call to discuss the results at 2:00 p.m. PT (5:00 p.m. ET) today.

Fourth Quarter 2024 Highlights include:

● Record Certification Progress: We made record progress on the fourth of five stages
required to certify our aircraft for commercial passenger use in the US. We expect Type
Inspection Authorization (“TIA”) flight testing to begin in the next 12 months.
● Defense Partnerships: We delivered a second aircraft to Edwards Air Force Base as
part of our work with the U.S. Department of Defense. We now have five aircraft in our
flight test fleet, including a hydrogen -hybrid aircraft.
● First Passenger Operations: We plan to deliver an aircraft to Dubai in the middle of
2025 to complete flight testing ahead of carrying our first passengers in late 2025 or
early 2026.
● Strong Balance Sheet: We received more than $1B of additional funding and
commitments in the fourth quarter.
● Successful demonstration flights in Korea: We became the first company to fly an
electric air taxi as part of Korea’s K -UAM Grand Challenge.


Commenting on Joby’s full year results, 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 manuf acturing.

“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 next 12 months mark a critical inflection point, not just for Joby, but for our entire industry,
as we look ahead to carrying our first passengers, and I’m proud that Joby continues to lead the
way towards this new era of flight.”

Joby ended the fourth quarter of 2024 with $933 million in cash, cash equivalents, and
investments in marketable securities. This balance does not include expected Toyota
investments totaling $500 million, to be made in two equal tranches of $250 million. All
regulatory approvals are now in place for the first tranche of this investment to be made.


Fourth Quarter and Full Year Financial Results Webcast Details:

What: Joby Fourth Quarter and Full Year 2024 Financial Results Webcast

When: Wednesday, February 26, 2025

Time: 2:00 p.m. PT (5:00 p.m. ET)

Webcast: Upcoming Events ( https://ir.jobyaviation.com/news -events/ir -calendar ) section of the
company website ( www.jobyaviation.com ).
If unable to attend the webcast, to listen by phone, please dial 1 -877-407-9719 or 1 -201-378-
4906. A replay of the webcast will be available on the company website following the event.

About Joby

Joby Aviation, Inc. (NYSE:JOBY) is a California -based transportation company developing an
all-electric, vertical take -off and landing air taxi which it intends to operate as part of a fast,
quiet, and convenient service in cities around the world. To lear n more, visit
www.jobyaviation.com .

Forward Looking Statements

This release contains “forward -looking statements” within the meaning of the “safe harbor”
provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to,
statements regarding the development and performance of our aircraf t, the growth of our
manufacturing capabilities, our regulatory outlook, progress and timing, including our plans to
begin Type Inspection Authorization flight testing in the next 12 months; our planned operations
with the Department of Defense; plans and timing related to certification and operation of our
aircraft in the United Arab Emirates, including our plans to deliver our first aircraft to Dubai and
being in -market testing in mid -2025 and plans to carry our first passengers in late 2025 or early
2026; the expected timing of the Toyota investment; our business plan, objectives, goals and
market opportunity; and our current expectations relating to our business, financial condition,
results of operations, prospects, capital needs and growth of our oper ations. You can identify
forward -looking statements by the fact that they do not relate strictly to historical or current facts.
These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan”,
“intend”, “believe”, “may”, “ will”, “should”, “can have”, “likely” and other words and terms of
similar meaning in connection with any discussion of the timing or nature of future operating or
financial performance or other events. All forward looking statements are subject to risks a nd
uncertainties that may cause actual results to differ materially, including: our ability to launch our
air taxi service and the growth of the urban air mobility market generally; our ability to produce
aircraft that meet our performance expectations in the volumes and on the timelines that we
project; complexities related to obtaining certification and operating in foreign markets; the
competitive environment in which we operate; our future capital needs; our ability to adequately
protect and enforce our intellectual property rights; our ability to effectively respond to evolving
regulations and standards relating to our aircraft; our reliance on third -party suppliers and
service partners; uncertainties related to our estimates of the size of the market f or our service
and future revenue opportunities; and other important factors discussed in the section titled
“Risk Factors” in our Annual Report on Form 10 -K, filed with the Securities and Exchange
Commission (the “SEC”) on February 27, 2024, our Quarterly Report on Form 10 -Q, filed with
the SEC on November 6, 2024, and in future filings and other reports we file with or furnish to
the SEC. Any such forward -looking statements represent management’s estimates and beliefs
as of the date of this release. While we may elect to update such forward -looking statements at
some point in the future, we disclaim any obligation to do so, even if subsequent events cause
our views to change.
Contact Details

Investors:

investors@jobyaviation.com

Media:

press@jobyaviation.com