"At its core, Joby is a pre-revenue company. Its Q3 2025 revenue was $15,000. Not $15 million; $15,000. That is not a business generating income. That is a company spending its way toward a future product that does not yet commercially exist. What Joby is actually selling right now is the promise of FAA certification and the eVTOL market that comes with it."
"At the end of Q3, Joby had $978.1 million in cash and investments. At current burn, that is roughly two years of runway. Two years to certify an aircraft, stand up commercial operations, and begin generating real revenue before the lights go out."
"The question tonight is simple: did the cash balance hold, grow (via another equity raise), or shrink faster than expected? Each answer tells a very different story. If cash has held steady or increased, Joby likely tapped capital markets again. That is not necessarily bad news. The company raised approximately $576 million via equity offering in 2025, proving institutional investors are still willing to fund the vision."
Joby Aviation is a pre-revenue company with Q3 2025 revenue of only $15,000, operating as a cash-burning venture dependent on FAA certification and future eVTOL market development. The company burns approximately $475 million annually based on Q3 free cash flow of -$118.7 million. With $978.1 million in cash and investments at Q3 end, Joby has roughly two years of runway to achieve aircraft certification, establish commercial operations, and generate real revenue. Q4 2025 results are critical because the cash balance determines whether the company maintained funding, secured additional capital through equity raises, or experienced accelerated cash depletion. Each scenario carries different implications for shareholder dilution and timeline viability.
Read at 24/7 Wall St.
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