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 made significant progress in FAA type certification, becoming the first eVTOL manufacturer to complete Stage 3 and moving into for-credit flight testing, aiming for commercial service by 2025.
The company reported its first-ever revenue of $1 million from Department of Defense services in Q4 2023 and holds a strong cash position of $1 billion, despite a widening net loss for the full year due to investments in certification and manufacturing.
Joby secured major commercial developments in 2023, including an exclusive six-year agreement to operate air taxis in Dubai, conducting initial test flights in New York City, and expanding charging infrastructure partnerships.
For 2024, Joby plans to accelerate certification and manufacturing, targeting a production rate of one aircraft per month by year-end, alongside expanded flight demonstrations and DoD collaborations.

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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.