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 became the first eVTOL manufacturer to complete Stage 3 of FAA type certification, now advancing to "for-credit" flight testing in preparation for a targeted 2025 commercial service launch.
The company reported its first revenue of $1 million from Department of Defense services but also a significant net loss of $513 million for 2023, attributed to substantial investments in certification and manufacturing.
Joby secured key strategic achievements, including an exclusive six-year agreement for air taxi service in Dubai, initial manufacturing, and successful test flights in New York City, alongside infrastructure development plans.
For 2024, Joby plans to prioritize further certification and manufacturing ramp-up, aiming to reach a production rate equivalent to one aircraft per month by year-end, while continuing its Department of Defense engagements.

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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.