Joby Aviation Reports 2023 Earnings, Achieves Key Air Taxi Certification Milestone

The company is now ramping up to for-credit FAA testing and expects to produce 12 aircraft this year, among other projections.

Jack Daleo

Friday, February 23, 2024 at 04:36 PM ET

Verified

Joby in November completed the first eVTOL air taxi test flights in New York City, one of its planned U.S. launch markets. [Courtesy: Joby Aviation]

Key Takeaways:

Joby Aviation has become the first eVTOL manufacturer to complete Stage 3 of FAA type certification, moving to for-credit flight testing as it targets commercial service by 2025.
The company reported its first revenue of $1 million in Q4 2023 from Department of Defense services, though its full-year net loss nearly doubled to $513 million due to significant investments in certification and manufacturing.
Major 2023 achievements include securing an exclusive six-year air taxi deal in Dubai, initiating aircraft manufacturing and deliveries, and conducting initial test flights and infrastructure partnerships in New York City.
For 2024, Joby's priority is to accelerate certification and manufacturing, aiming to achieve a production rate of one aircraft per month by year-end, supported by substantial cash reserves.

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It’s full steam ahead for electric vertical takeoff and landing (eVTOL) air taxi manufacturer Joby Aviation.

The company this week reported fourth-quarter and full-year 2023 earnings, revealing that it recorded revenue for the first time and announcing plans to ramp up testing, certification, and manufacturing activities. Joby also said it became the first eVTOL manufacturer to complete the third of five stages in FAA type certification, and the firm is now turning to stage four: for-credit flight testing with the regulator.