February 27, 2026 5:52 pm
Joby Aviation (NYSE:JOBY) crushed expectations in Q4 2025, posting a revenue of $30.84 million—an eye-popping 90.6% above forecasts—and an EPS loss of -$0.14, beating the projected -$0.23. This beat signals a pivotal transition from prototype to potential commercial disruptor.
Blowing Past Forecasts
JOBY’s Q4 2025 numbers weren’t just good—they were transformative for a company at this stage. The revenue surge, heavily supported by the Blade acquisition ($21 million) and a one-off $8 million from Japan demo flights, nearly doubled Wall Street’s $16.18 million expectation. The EPS beat by $0.09 reflects cost discipline even as the company invests aggressively in scaling.
- Q4 2025 Revenue: $30.84M (vs. $16.18M forecast)
- Q4 2025 EPS: -$0.14 (vs. -$0.23 forecast)
- 2025 vs 2024 revenue: $53.42M vs $0.305M
Why This Beat Matters
JOBY isn’t just an R&D story anymore—it’s demonstrating real, monetized demand. Key drivers:
- Blade acquisition: Instantly boosted revenue base, showing the power of strategic M&A
- Japan flights: Early traction in global markets
- Liquidity runway: Ended Q4 with $1.4B cash, then raised another $1.2B—critical with 2026 cash guidance ($340M–$370M H1 burn)
- FAA progress: First FAA-conforming aircraft ready to fly, with expectations for passenger service in UAE and U.S. in 2026
- Explosive revenue growth—over 39,000% in 2025—fueled by acquisitions and first operational revenues, with a projected 105.9% jump for 2026.
Strategic Shifts & What’s Ahead
- UBER partnership: JOBY’s air taxi can now be booked via Uber; Dubai launch planned for 2026, with the U.S. and Japan on deck.
- Manufacturing scale: New Ohio facility doubles monthly production to four aircraft by 2027.
- Certification runway: Entered final FAA phase, aiming for first U.S. and UAE passenger flights in 2026.
The Risks Under the Hood
- Still deeply unprofitable: (EBITDA margin: -1,271.8%; Net margin: -1,740.5%).
- High cash burn persists, but $2.6B+ in liquidity provides a buffer.
- Execution risk: Certification delays, safety, and manufacturing scale-up are all existential threats
Bottom Line
JOBY’s Q4 2025 earnings mark a milestone: real revenue, strategic partnerships, and a credible path to commercialization. Despite aggressive cash burn (over half a billion in 2025), JOBY’s war chest is expanding—buying crucial time for certification and ramp-up. However, with losses still deep and execution risk sky-high, the journey from “futuristic bet” to “mainstream transport” is only just beginning.