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 achieved a major milestone by completing Stage 3 of FAA type certification and progressing to Stage 4 (for-credit flight testing) with the regulator, targeting commercial service in 2025.
The company reported its first revenue of $1 million from early Department of Defense flight services in 2023, though it also saw a full-year net loss of $513 million due to significant investments in certification and manufacturing.
Joby secured an exclusive six-year agreement to operate air taxis in Dubai, conducted initial test flights in New York City, and is expanding its manufacturing capabilities and charging infrastructure in key markets.

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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.