Joby Aviation, Inc. (JOBY): Business Model Canvas [Dec-2025 Updated]

You're digging into the next big thing in transport, and honestly, mapping out how Joby Aviation, Inc. plans to turn those futuristic eVTOLs into real cash is key. As someone who's spent two decades in the trenches, I can tell you this Business Model Canvas cuts through the hype: they're sitting on $978.1 million in cash as of Q3 2025, pushing hard for FAA certification, and seeing early revenue of $22.6 million while scaling manufacturing with Toyota. If you want the precise blueprint showing how they plan to move from heavy Research and Development spending-like the $136.4 million in Q2 2025-to profitable passenger service, you need to see the nine building blocks laid out below.

Joby Aviation, Inc. (JOBY) - Canvas Business Model: Key Partnerships

You're mapping out the strategic backbone of Joby Aviation, Inc. (JOBY) as we approach the end of 2025. The success of scaling production and achieving commercial service hinges heavily on these external relationships. Honestly, these aren't just handshake deals; they represent significant capital, manufacturing expertise, and access to critical markets and government testing grounds.

Toyota Motor Corporation for Manufacturing and Production Scaling

The relationship with Toyota Motor Corporation is central to Joby Aviation's manufacturing strategy. Toyota's involvement is more than just a financial backstop; it's about embedding proven automotive manufacturing discipline into aerospace production. You see this commitment reflected in the capital deployed and the physical expansion underway.

Joby Aviation closed the first $250 million tranche of the total $500 million strategic investment from Toyota in the second quarter of 2025, which was a powerful endorsement of their production roadmap. This brought Toyota's total investment to $894 million as of mid-2025. This funding is specifically targeted to support certification and commercial production. Joby is leveraging Toyota's manufacturing playbook to drive scale and efficiency across its production network. The company is expanding its Marina, California manufacturing site to 435,000 total square feet, with plans to double capacity there to 24 aircraft per year.

Delta Air Lines for Airline Integration and Strategic Investment

The partnership with Delta Air Lines focuses on creating a premium, integrated home-to-airport travel experience. Delta isn't buying the aircraft; they are buying into the service integration, which is a key distinction in this emerging market. Joby Aviation will operate the flights on behalf of Delta's customers.

Delta made an initial equity investment of $60 million, securing an 11 million share stake, which represented about a 2% stake at the time of the initial announcement. This investment has an upside potential to reach $200 million if Joby Aviation hits certain substantive milestones related to service development and delivery. The agreement establishes exclusivity for Delta as the Part 121 airline partner across the United States and the U.K. for a period of five years following commercial launch. Joby Aviation ended the second quarter of 2025 with a balance sheet holding $991M in cash and short-term investments, partly bolstered by these strategic equity injections.

U.S. Department of Defense (DoD) for Early Aircraft Sales and Testing

Joby Aviation's engagement with the DoD, dating back to 2016 with the Defense Innovation Unit, provides invaluable, real-world testing data that feeds directly back into commercial certification. This partnership is substantial in terms of potential contract value and operational validation.

The current and previously completed work with the DoD represents a total potential contract value of $163 million, the largest in the industry for an eVTOL developer. Specifically, under the AFWERX Agility Prime contract, Joby Aviation is scheduled to deliver two eVTOL aircraft to MacDill Air Force Base in 2025 for testing and training with operational units like USSOCOM and CENTCOM. This contract ultimately includes the provisioning of up to nine total aircraft to the U.S. Air Force and other federal agencies. Joby delivered its first aircraft to Edwards Air Force Base in September 2023.

L3Harris Technologies for Hybrid Defense Aircraft Development

Announced in August 2025, the collaboration with L3Harris Technologies targets a specific, high-value defense niche: a gas turbine hybrid VTOL aircraft. This leverages Joby's platform with L3Harris's missionization expertise for sensors and autonomy. Flight testing for this new platform is slated to begin in the Fall of 2025, with operational demonstrations planned for government exercises in 2026.

This defense variant is positioned as a cost-effective alternative to traditional rotary-wing assets, estimated to be "significantly cheaper than a $30 million [AH-64] Apache." The platform is designed to carry medium payloads, roughly in the 1,000 to 2,000 pound range, for low-altitude missions.

Skyports and RAKTA for International Vertiport Infrastructure

Expanding its global footprint, Joby Aviation partnered with the Ras Al Khaimah Transport Authority (RAKTA) and Skyports Infrastructure to establish a service network in the UAE. This is a full-stack partnership, combining the aircraft, the regulator, and the infrastructure provider.

The Memorandum of Understanding aims to launch the passenger air taxi service network in Ras Al Khaimah (RAK) by 2027. The initial service will feature an inter-emirate corridor connecting Dubai International Airport to Al Marjan Island in RAK, which could reduce a trip of over one hour by car to under 15 minutes by air. Skyports, which raised over $110 million in Series C funding in April 2024, is responsible for developing the vertiport infrastructure, including the first site at Al Marjan Island and four planned sites in Dubai.

Here's a quick look at the quantitative commitments across these key alliances:

Partner	Nature of Partnership	Key Financial/Statistical Metric	Key Timeline/Capacity Metric
Toyota Motor Corporation	Manufacturing & Investment	Total Investment: $894 million (including $250 million tranche closed in Q2 2025)	Target Production Capacity: 24 aircraft per year at Marina facility
Delta Air Lines	Strategic Investment & Service Integration	Upfront Equity Investment: $60 million for a 2% stake	Exclusivity Period: Five years post-commercial launch in US/UK
U.S. Department of Defense (DoD)	Testing & Early Sales	Total Potential Contract Value: $163 million	Delivery of Two aircraft to MacDill AFB in 2025 (part of up to nine total)
L3Harris Technologies	Hybrid Defense Aircraft Development	Cost Comparison: Significantly cheaper than a $30 million Apache	Flight Testing Start: Fall of 2025; Operational Demos: 2026
Skyports & RAKTA	International Vertiport Infrastructure & Service Launch	Skyports Series C Funding: Over $110 million (April 2024)	RAK Service Launch Target: By 2027; Dubai Vertiports: Four sites

The DoD work, for instance, is not just about sales; it's about leveraging the 561-mile hybrid flight demonstrated in June 2024 to inform the optionally piloted defense platform.

Joby Aviation, Inc. (JOBY) - Canvas Business Model: Key Activities

Achieving FAA Type Certification (70% complete on Joby side of Stage 4)

Joby Aviation, Inc. is 70% complete on its side of Stage 4 of the FAA Type Certification process as of the second quarter of 2025. The FAA is reported to be over 50% complete on their side of Stage 4. Joby Aviation, Inc. began power-on testing of the first FAA-conforming aircraft for Type Inspection Authorization (TIA) in November 2025. The company plans to have five electric vertical take-off and landing (eVTOL) aircraft in the final phases of FAA certification by 2026.

Scaling aircraft production at Marina and Dayton, Ohio facilities

Joby Aviation, Inc. has expanded its Marina, California, facility to 435,000 square feet. This expansion allows for a production capacity of up to 24 aircraft per year at the Marina site. The company reached a target of achieving the capacity to build parts equivalent to one aircraft per month. The Dayton, Ohio facility is being implemented for component manufacturing and testing, with a long-term plan for a capacity of up to 500 aircraft per year. Joby Aviation, Inc. has added a sixth aircraft to its flight test program.

Facility	Current Capacity/Status	Future Capacity Target
Marina, California	Capacity to build parts equivalent to one aircraft per month; Initial capacity up to 24 aircraft per year	Up to 24 aircraft per year
Dayton, Ohio	Accelerating implementation; Installing tooling and equipment; Plans to deliver first parts by mid-2025	Up to 500 aircraft per year

Rigorous flight testing and operational validation (over 600 flights in 2025)

The electric vertical take-off and landing aircraft has completed over 600 flights in 2025. Joby Aviation, Inc. successfully flew two aircraft simultaneously for the first time in May 2025. The company completed a 21-flight campaign in Dubai during the summer of 2025.

• Over 600 total flights completed in 2025.
• Two aircraft flown simultaneously in May 2025.
• 21 full-transition flights completed in Dubai in a multi-week campaign.
• Two aircraft undergoing testing at Edwards Air Force Base.

Developing vertiport infrastructure and charging systems

Construction began on the first vertiport in Joby Aviation, Inc.'s planned Dubai air taxi network at Dubai International Airport (DXB). The DXB vertiport is a three-story, 3,100-square-meter facility designed with two take-off and landing stands equipped with the Joby-designed Global Electric Aviation Charging System (GEACS). Joby Aviation, Inc. plans to carry its first passengers in Dubai as soon as late 2025. In New York City, the Downtown Manhattan Heliport operator was announced as 'Downtown Skyport' beginning in early 2025.

Integrating acquired Blade passenger services and technology

Joby Aviation, Inc. signed a definitive agreement to acquire Blade Air Mobility, Inc.'s urban passenger transport business for up to US$125 million. This valuation includes $35 million in holdbacks contingent on performance milestones. Blade transported over 50,000 passengers in 2024. During the third quarter of 2025, the acquired Blade passenger service transported approximately 40,000 passengers. Blade operates 12 urban air terminals across the US and Southern Europe.

Joby Aviation, Inc. (JOBY) - Canvas Business Model: Key Resources

You're looking at the hard assets and core capabilities Joby Aviation, Inc. is relying on to move from development to commercial service. It's all about the tech, the money to fund the runway, and the physical capacity to build the product.

Proprietary eVTOL aircraft design and electric powertrain technology.

• Adoption of the NVIDIA IGX Thor platform for autonomous flight technology.
• Completed over 600 flights in 2025, alongside thousands of ground-based tests.
• Completed first point-to-point flight from Marina to Monterey.
• Acquired Blade passenger service transported approximately 40,000 passengers during Q3 2025.

Strong cash position of $978.1 million as of Q3 2025.

Here's the quick math on the balance sheet strength as of the end of the third quarter of 2025:

Financial Metric	Amount	Date/Period
Cash, Cash Equivalents, and Investments	$978.1 million	As of September 30, 2025 (Q3 2025 End)
Net Proceeds from October 2025 Equity Offering	Approximately $576 million	October 2025
Anticipated Full Year 2025 Cash Use (Upper End)	$540 million	Full Year 2025 Guidance

Manufacturing facilities in California and Ohio for production scale-up.

Joby Aviation, Inc. is methodically scaling production, leveraging two key US sites. They have produced 15 times more type design conforming parts in the period leading up to Q3 2025 than they did in all of 2024.

Facility Location	Primary Function/Status	Capacity/Size
Marina, California	Final aircraft assembly, testing, pilot training	Expanded to 435,500 square feet
Marina, California (Expected)	Initial commercial production rate	Up to 24 aircraft per year
Dayton, Ohio	Component manufacturing and testing, ramping up production	Long-term plan up to 500 aircraft per year

FAA certification progress and intellectual property (IP).

• Began power-on testing of the first FAA-conforming aircraft for Type Inspection Authorization (TIA).
• Joby pilots expected to start flight testing later in 2025.
• FAA pilots are scheduled to conduct their own "for credit" flight testing in 2026.
• FAA acceptance of more than half of Joby Aviation, Inc.'s test plans.
• Collaboration with L3Harris for a hybrid variant with flight testing planned for Fall 2025.
• The Department of Defense requested $9.4 billion in its FY26 budget to advance autonomous and hybrid aircraft.

Experienced engineering and regulatory compliance teams.

This is evidenced by the progress in the final stages of certification, which required over a decade of focused engineering and certification refinements. The team is managing the complex TIA process, which converges design, manufacturing process, and certification strategy into a physical asset.

Joby Aviation, Inc. (JOBY) - Canvas Business Model: Value Propositions

You're looking at the core promises Joby Aviation, Inc. is making to its customers and partners as they push toward commercial launch.

Time-saving urban and regional air travel, bypassing congestion

Joby Aviation, Inc. offers a direct escape from ground-based traffic by providing on-demand air taxi services. The core value here is the time reclaimed for the passenger. For instance, the recently acquired Blade Air Mobility, Inc. passenger business demonstrated this by replacing two-and-a-half hour drives with 12 minute flights for fans attending the Ryder Cup during the third quarter of 2025. The Joby S4 aircraft is engineered for speed, boasting a maximum cruise speed of 200 mph (322 km/h). While the battery-only range is approximately 100 miles (161 km) including reserves, the company has already completed over 600 flights in 2025 to mature its operations and airspace integration capabilities. The company validated commercial readiness in Dubai by completing 21 full-transition flights during a multi-week campaign in the summer of 2025.

Zero-emission, sustainable, and significantly quieter mobility

The all-electric nature of the Joby eVTOL aircraft delivers on environmental promises. The aircraft is designed to operate with no emissions during flight. Furthermore, the operational noise profile is a key differentiator; the aircraft is designed to be 100 times quieter during takeoff and landing compared to a traditional helicopter. This quiet operation is critical for urban acceptance. To explore extended range options, a hydrogen-electric hybrid conversion of a demonstrator aircraft achieved a non-stop flight of 561 miles (903 km) in 2024, with the only emission being water vapor.

High safety standards via rigorous FAA certification process

Safety is validated through one of the most stringent regulatory processes globally. As of the third quarter of 2025, Joby Aviation, Inc. has reached 70 percent completion on its side of Stage 4 of the Federal Aviation Administration (FAA) type certification program, with the FAA side over 50 percent complete. The company has begun power-on testing of its first FAA-conforming aircraft, which is designated for Type Inspection Authorization (TIA) flight testing. Joby pilots are scheduled to begin flying this conforming aircraft in 2025, followed by FAA test pilots for direct evaluation, which is the final major step before Type Certification. Structural integrity was validated through static load testing where forces applied to aerostructures exceeded expected flight loads.

Vertical takeoff/landing capability for urban operations

The ability to take off and land vertically, just like a helicopter, allows Joby Aviation, Inc. to access dense urban environments without needing long runways. The S4 aircraft is configured to carry 1 pilot and 4 passengers. The maximum payload capacity is approximately 1,000 lb (453 kg). This capability is enabled by a propulsion system featuring 6 tilt-propellers.

Dual-use technology for both commercial and defense markets

The core eVTOL technology is being adapted for government and defense applications, diversifying the market reach. Joby Aviation, Inc. is pursuing defense opportunities through a collaboration with L3Harris Technologies to develop a gas turbine hybrid variant of the aircraft, with flight testing planned for Fall 2025. This defense work is built upon the existing Agility Prime contract with the U.S. Air Force, which has a total potential value up to $131 million. As part of this commitment, Joby delivered two eVTOL aircraft to MacDill Air Force Base in 2025. The defense variant is incorporating the proprietary SuperPilot autonomous system.

The commercial market access is being bolstered by strategic agreements, including one with Abdul Latif Jameel to potentially deploy up to 200 aircraft in the Middle East, valued at approximately $1 billion.

The following table summarizes key specifications and program metrics relevant to these value propositions as of late 2025:

Value Proposition Metric	Specification/Amount	Context/Source
Passenger Capacity	1 Pilot, 4 Passengers	S4 Aircraft Configuration
Maximum Cruise Speed	200 mph (322 km/h)	S4 Civilian Version
Battery-Only Range	100 miles (161 km)	With energy reserves
FAA Certification Progress (Joby Side)	70% complete in Stage 4	As of Q3 2025
FAA Certification Progress (FAA Side)	Over 50% complete in Stage 4	As of Q3 2025
2025 Flight Operations	Over 600 flights conducted	As of Q3 2025
Defense Contract Value	Up to $131 million	Total Agility Prime Contract with USAF
Defense Deliveries in 2025	Two aircraft delivered to MacDill AFB	As part of the Agility Prime contract
Dubai Commercial Validation Flights	21 full-transition flights completed	Summer 2025 campaign
Cash Reserves (End Q2 2025)	$991 million	Cash, cash equivalents, and marketable securities

Joby Aviation, Inc. (JOBY) - Canvas Business Model: Customer Relationships

You're looking at how Joby Aviation, Inc. (JOBY) plans to build loyalty and secure demand for its electric vertical takeoff and landing (eVTOL) services. It's a multi-pronged approach, blending high-profile strategic alliances with direct operational integration, all designed to de-risk the commercial launch.

Co-development and deep strategic partnering with key investors

Joby Aviation, Inc. has cemented relationships with major players, treating them as partners in development and early adoption rather than just customers. This strategy is key to securing both capital and future demand. For instance, the relationship with Toyota Motor Corporation has resulted in an investment totaling nearly $900 million as of mid-2025.

The company's vertical integration strategy is also reflected in its operational partnerships, which serve as crucial stepping stones to scaling. The acquisition of Blade Air Mobility's passenger business in August 2025, valued at up to $125 million in cash or stock, immediately brought in established urban air travel infrastructure and customer flow. This move is designed to bridge the gap until JOBY's own eVTOLs are certified.

Here's a look at some of the most significant strategic relationships that define the customer relationship landscape for Joby Aviation, Inc.:

Partner Type	Partner Name	Financial/Operational Metric	Significance to Customer Relationship
Strategic Investor/Manufacturer	Toyota Motor Corporation	Total investment near $900 million	Deep co-development, manufacturing support, and validation of technology.
Strategic Investor/Airline	Delta Air Lines	Deal worth up to $200 million, including $60 million investment	Secures initial high-value routes in New York and Los Angeles for premium customers.
Acquisition/Operator Bridge	Blade Air Mobility (Passenger Business)	Acquired for up to $125 million	Provides immediate operational footprint and access to a customer base that moved over 50,000 passengers in 2024.
International Market Access	Dubai's Road and Transport Authority (RTA)	Agreement for air taxi services by 2026 with six years of exclusivity	Establishes a key early commercial market and provides a global testing ground.

Digital, app-based booking for air taxi services via Uber integration

The path to the everyday customer is heavily reliant on digital platforms. Joby Aviation, Inc. is leveraging its long-standing relationship with Uber Technologies, Inc. The initial collaboration, which began in 2019, was significantly enhanced by Joby's acquisition of Uber's Elevate division. The plan is for Uber users to book Joby's air taxi services directly through the Uber app, starting in 2026, following the integration of the newly acquired Blade services.

Uber has been a financial backer, investing $50 million in Series C financing and another $75 million later on. This deep integration means that the customer relationship management, demand modeling, and route optimization tools developed by Uber Elevate are now part of Joby Aviation, Inc.'s operational backbone. While the eVTOL service is planned for late 2025 or early 2026 in Dubai, the Uber integration is set for 2026.

High-touch, premium service for initial commercial passengers

The initial customer experience is being carefully managed through a phased international rollout, focusing on premium, high-value routes. Joby Aviation, Inc. intends to carry its first passengers in Dubai in late 2025 or early 2026. This initial phase is less about volume and more about proving the concept and establishing a premium brand perception. The aircraft itself is designed to carry four passengers plus a pilot.

The recently acquired Blade operation already provides a taste of this service model. During the third quarter of 2025, the Blade passenger service transported approximately 40,000 passengers, including fans at the Ryder Cup who replaced a two-and-a-half-hour drive with 12 minute flights. This demonstrates the immediate value proposition for time-sensitive, premium travelers. Joby Aviation, Inc. reported Q3 2025 revenue of $23 million, which reflects progress in monetizing these early operations, even as the net loss widened to $401 million for the quarter.

Long-term, performance-based contracts with government entities

The relationship with the U.S. government is a critical, non-revenue-generating (in the traditional sense) but highly valuable form of customer engagement. Joby Aviation, Inc. has a significant contract with the U.S. Air Force under the Agility Prime program. The total potential value of Joby Aviation, Inc.'s current contract with the Air Force is up to $131 million. Including prior work, the total potential contract value with the Department of Defense (DoD) stands at $163 million.

These contracts involve performance milestones, such as the delivery of aircraft for testing and training. Joby Aviation, Inc. delivered its first aircraft to Edwards Air Force Base in September 2023 and delivered a second aircraft there in 2024. Furthermore, Joby Aviation, Inc. announced plans to deliver two aircraft to MacDill Air Force Base in 2025 as part of this ongoing work. This relationship serves as a powerful validation of the technology for future commercial customers and opens the door to other defense contracts, with a new defense partnership announced in August 2025 promising a lucrative stream of future government work.

Direct sales and support for third-party aircraft operators

While Joby Aviation, Inc. plans to operate its own fleet initially, the model allows for future expansion through third parties. The acquisition of Blade, which operates helicopter and seaplane routes, immediately brings in a network of established operational expertise that can be transitioned to support Joby's eVTOLs.

Beyond the Blade integration, Joby Aviation, Inc. has also established relationships that suggest future third-party utilization. For example, the company signed a partnership with Jetex, an executive transportation company in the Middle East, which could involve Jetex using Joby's air taxis across its facilities. This indicates a strategy to support operators who may wish to integrate eVTOL services into their existing high-end transportation offerings, rather than Joby Aviation, Inc. exclusively owning and operating every aircraft.

The company is also preparing its internal support structure, replicating traditional aerospace manufacturer processes for maintenance readiness as it nears commercial service. Joby Aviation, Inc. ended Q3 2025 with $978.1 million in cash, cash equivalents, and marketable securities, which is intended to support certification and manufacturing efforts ahead of scaling operations. Finance: draft 13-week cash view by Friday.

Joby Aviation, Inc. (JOBY) - Canvas Business Model: Channels

You're looking at how Joby Aviation, Inc. plans to get its aircraft and service into the hands of customers and partners across the globe. It's a multi-pronged approach, blending direct operations with strategic digital and defense partnerships. Honestly, the channel strategy is as complex as the aircraft itself.

Direct-Operated Air Taxi Service Network

Joby Aviation, Inc. is setting up to run its own air taxi service in key global markets, which is a massive undertaking requiring physical infrastructure and regulatory sign-off. You know the big one is Dubai.

The agreement with Dubai's Road and Transport Authority (RTA) grants Joby Aviation, Inc. the exclusive right to operate air taxis in the Emirate for six years. Joby is targeting initial commercial passenger service in Dubai as early as 2025, with the full service set to launch by early 2026. This network is being built out with physical locations in mind.

• Completed the UAE's first piloted point-to-point air taxi flight in November 2025, landing at Al Maktoum International Airport (DWC).
• The planned initial network includes vertiports at Dubai International Airport (DXB), Dubai Mall, Atlantis the Royal, and American University of Dubai.
• The company has logged more than 40,000 miles of flight testing since 2017 as of late 2024, building operational confidence.

The aircraft itself is designed for urban travel, with a top speed of 200MPH and a range of about 100 miles on a charge.

Integrated Booking via the Uber and Blade Digital Platforms

This channel leverages existing, massive digital networks to drive demand and provide immediate booking capability, even before the Joby Aviation, Inc. eVTOLs are fully certified for passenger service. It's smart to use a platform that already has millions of users.

Joby Aviation, Inc. acquired Blade Air Mobility, Inc.'s passenger business for up to $125 million. This acquisition gives Joby Aviation, Inc. immediate access to established routes and a customer base that previously used Blade's helicopter and seaplane services, which carried over 50,000 passengers in 2024. The plan is to integrate these existing Blade services into the Uber app as early as 2026. Uber Technologies, Inc. boasts over 150 million monthly active users globally.

Here's the quick math on the integration:

Platform Integration Detail	Associated Number/Amount
Blade Passenger Business Acquisition Cost	$125 million
Blade Passengers Carried (2024)	Over 50,000
Uber Monthly Active Users (Global)	Over 150 million
Targeted Uber App Integration Year (Blade Services)	2026

What this estimate hides is the immediate revenue Joby Aviation, Inc. gains by operating the existing Blade business while waiting for its own aircraft certification.

Direct Sales Channel to the U.S. Department of Defense

The U.S. Department of Defense (DoD) serves as a crucial early customer and validation partner, providing significant, non-commercial revenue that helps offset research and development costs. This is a direct-to-government sales channel.

Joby Aviation, Inc.'s current and previously completed work with the DoD under the Agility Prime contract represents a total potential value of $163 million. The maximum value of the contract with the U.S. Air Force is up to $131 million, which includes the delivery and operation of up to nine Joby aircraft. As part of this, Joby Aviation, Inc. is set to deliver two aircraft to MacDill Air Force Base in 2025. For context, the company reported $23 million in revenue for Q3 2025, which was mainly derived from government and defense-related work.

Aircraft Sales to International Commercial Operators

Beyond operating its own service, Joby Aviation, Inc. intends to sell its aircraft to other commercial partners globally. This is a pure manufacturing sales channel.

New agreements Joby Aviation, Inc. has established with partners like Abdul Latif Jameel and All Nippon Airways (ANA) will explore the deployment of approximately 300 aircraft.

Dedicated Vertiport Infrastructure (Vertiports) in Key Markets

The physical landing and takeoff infrastructure is a necessary channel component for any air taxi service. Joby Aviation, Inc. is working with partners to secure these sites.

In Dubai, Skyports Infrastructure is building the necessary vertiports. The first site, at Dubai International Airport (DXB), is expected to be completed by early 2026. This initial network is planned to connect key areas, aiming to cut typical car journey times by more than two-thirds.

To support its planned production scale, Joby Aviation, Inc. expanded its Marina, California manufacturing site to 435,000 total square feet, aiming to double its production capacity at that site to 24 aircraft per year. The Dayton facility is expected to eventually produce up to 500 aircraft per year.

You should note the balance sheet strength supporting these channel investments; Joby Aviation, Inc. ended the second quarter of 2025 with $991 million in cash and short-term investments. Finance: draft 13-week cash view by Friday.

Joby Aviation, Inc. (JOBY) - Canvas Business Model: Customer Segments

You're looking at the specific groups Joby Aviation, Inc. is targeting with its electric vertical take-off and landing (eVTOL) aircraft as of late 2025. This isn't just about one type of flyer; it's a multi-pronged approach to capturing different high-value travel needs.

Time-sensitive urban commuters and business travelers

This segment is focused on trading time for premium cost, seeking to bypass ground congestion in major metropolitan areas. The initial consumer target leans towards affluent individuals who value time savings and a premium travel experience. For example, following the acquisition of Blade Air Mobility, Inc.'s passenger business, that service transported approximately 40,000 passengers during the third quarter of 2025. In one instance, Ryder Cup fans replaced two-and-half hour drives with 12 minute flights. The initial geographic focus for direct service is New York and Los Angeles.

• Target passenger yield: $4-5/mile.
• Target fleet utilization: 6-8 hours/day.
• Initial load factor target: 65%.

U.S. Department of Defense and other government agencies

Joby Aviation, Inc. has a deep, ongoing relationship with the U.S. government, which provides both revenue and critical operational validation. Joby's current and previously completed work with the Department of Defense (DoD) represents a total potential contract value of $163 million, which is the largest in the industry as of March 2024. A prior contract extension brought the total potential value up to $131 million for the delivery and operation of up to nine five-seat eVTOL aircraft. As part of the AFWERX Agility Prime contract, Joby Aviation, Inc. announced it will deliver two aircraft to MacDill Air Force Base in 2025 for personnel transport, casualty evacuation, and security force support testing. Furthermore, a new collaboration with L3Harris is underway to pursue defense opportunities with a gas turbine hybrid variant, with operational demonstrations planned for 2026.

Commercial aviation operators and airlines (e.g., Delta)

This is a crucial B2B segment where Joby Aviation, Inc. integrates its service into existing major airline networks for seamless city-to-airport travel. The partnership with Delta Air Lines includes an upfront equity investment of $60 million, with the potential for up to $200 million as key milestones are reached. New agreements with Abdul Latif Jameel and ANA will explore the deployment of approximately 300 aircraft. Joby Aviation, Inc. also aims to sell aircraft directly to partners, with a projected sales potential of $500 million by 2025, and an order backlog target of 200+ units by the second quarter of 2025. Joby ended the third quarter of 2025 with $978.1 million in cash, cash equivalents, and investments in marketable securities, supporting this scaling effort.

Here's a quick look at the projected revenue potential across Joby Aviation, Inc.'s business segments for 2025:

Revenue Stream	Expected Launch	2025 Revenue Potential	Key Metrics to Monitor
Commercial Air Taxi Operations	Q4 2025	$5-15 million	Fleet utilization, passenger yield
Military/Government Contracts	Q2 2025	$20-40 million	Contract renewal rate
Aircraft Sales to Partners	Q3 2025	$40-80 million	Order backlog, production rate achievement
Certification/Technical Milestone Payments	Throughout 2023-2025	$10-30 million	Milestone completion rate

High-net-worth individuals and executive transport services

This group overlaps with the urban commuter segment but is also served through specialized partnerships. Joby Aviation, Inc. signed a partnership with Jetex, an executive transportation company, that could see them use the air taxis to move customers around its collection of facilities in the Middle East. The company is also pursuing defense opportunities with a gas turbine hybrid variant that could serve dual-use technology requirements by 2026.

Regenerative tourism and inter-emirate travel markets

The Middle East is a key international market for Joby Aviation, Inc. Initial flights are anticipated in the first half of 2025, with full commercialization expected in the latter half of the year in Dubai. Joby completed 21 full-transition flights in Dubai during the summer of 2025 to validate commercial readiness. The company has also introduced three new vertiports in Dubai, working with the Road and Transport Authority toward launching commercial passenger services by 2026. Joby Aviation, Inc. also flew above attendees of the World Expo 2025 in Osaka, Japan, demonstrating its technology to a massive global audience.

• Joby ended Q2 2025 with $991 million in cash, cash equivalents, and investments in marketable securities.
• Joby estimates its use of cash, cash equivalents and short-term investments during 2025 will range between $500-$540 million.

Finance: draft 13-week cash view by Friday.

Joby Aviation, Inc. (JOBY) - Canvas Business Model: Cost Structure

You're looking at the core expenditures that keep Joby Aviation, Inc. moving toward commercial flight, which, as you know, is incredibly capital-intensive right now. The cost structure is dominated by the massive investment required to get an entirely new class of aircraft certified and ready for mass production. It's a burn rate that reflects a company building hardware from the ground up while simultaneously navigating complex regulatory hurdles.

The single largest controllable cost driver is the engineering and testing required for airworthiness. Joby Aviation, Inc. reported $136.4 million in Research and Development spending for the second quarter of 2025 alone. This spending directly fuels the final push through the Federal Aviation Administration (FAA) Type Certification process. To be fair, this R&D spend is not just abstract; it covers personnel, software development, prototype manufacturing, and the rigorous certification efforts needed to move the first conforming aircraft into Type Inspection Authorization (TIA) flight testing.

Scaling up production is the next huge cost center. Joby Aviation, Inc. completed the expansion of its Marina, California manufacturing site, which now covers 435,000 total square feet, with the plan to double capacity there to 24 aircraft per year. Furthermore, the Dayton, Ohio facility is being established with the long-term potential to produce up to 500 aircraft annually. These physical expansions require significant upfront capital outlay.

The company's overall financial planning reflects this high-cost environment. Joby Aviation, Inc. continues to estimate that its use of cash, cash equivalents, and short-term investments during 2025 will range between $500 million and $540 million, excluding the potential impact of its proposed acquisition of the passenger business of Blade. This projected cash burn is the reality of pre-revenue aerospace development.

Here's a quick look at some of the key financial data points from the recent reporting period:

• R&D expenses for the twelve months ending September 30, 2025, reached $0.542B.
• Q2 2025 use of cash totaled $112 million, which included about $12 million on property and equipment.
• Q3 2025 cash flow for capital expenditures was reported at $-13.02 Mil.
• The company is in the final stage of certification, with TIA testing by Joby pilots expected to start later in 2025.

The costs associated with regulatory compliance and certification are deeply embedded across multiple line items, but they are a non-negotiable component of the business model. Joby Aviation, Inc. is working through the fourth of five stages of its FAA type certification program. This process demands thousands of hardware and software tests that must be documented and validated for the FAA to issue the Type Certificate required for commercial operation. Honestly, this is where the biggest near-term risk to the cost runway lies.

To give you a clearer picture of the scale of spending, here are some of the key financial metrics:

Cost Category/Metric	Period	Amount
Research and Development Spending	Q2 2025	$136.4 million
Projected Full-Year 2025 Cash Use	Full Year 2025 Estimate	$500 million to $540 million
Cash Flow for Capital Expenditures	Three Months Ended Sep. 2025	$-13.02 Mil
Property and Equipment Spending	Q2 2025	About $12 million
Total Operating Expenses (as part of cash use)	Q2 2025	Contributed to $112 million cash use

Operating expenses also cover the necessary activities to transition from development to service readiness. This includes the costs associated with maturing flight operations, such as the completion of point-to-point flights and demonstrations for partners and potential customers, like the flights conducted in Osaka for World Expo 2025. These activities are essential for proving commercial viability and securing future revenue streams, even though they are currently pure cost drivers.

Joby Aviation, Inc. (JOBY) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Joby Aviation, Inc. as of late 2025, and honestly, it's a mix of current operations and future promises. The immediate top-line performance is not yet from selling your own electric vertical take-off and landing (eVTOL) rides, but from the acquired helicopter business and defense work. The company reported third quarter 2025 revenue of $22.6 million. This revenue is primarily from non-core operations while the core eVTOL certification is finalized.

The passenger service revenue from the acquired Blade business is a key component, showing demand signals ahead of your own eVTOL launch. In the third quarter of 2025, Blade transported approximately 40,000 customers. This existing operation is being integrated with the Uber partnership to connect millions of daily users with vertical lift potential.

To be fair, the Q3 2025 revenue of $22.6 million breaks down into two main buckets, showing where the near-term cash is coming from:

Revenue Component	Q3 2025 Amount (USD Millions)
Blade Passenger Service	~14
Defense & Engineering (incl. Agility Prime)	~9
Total GAAP Revenue	22.6

Government contracts and aircraft sales are another significant source, even before your own commercial service begins. You are seeing revenue from defense/engineering work. The U.S. Government's eIPP program is pulling early demand for your aircraft forward, and the Department of Defense has requested $9.4 billion in its FY26 budget to advance autonomous and hybrid aircraft.

Looking further out, aircraft sales to third-party commercial operators represent massive potential value, grounded in existing agreements. These are the pre-orders that secure future manufacturing slots and revenue:

• Agreement with Abdul Latif Jameel for potential deployment of up to 200 aircraft in Saudi Arabia and surrounding regions, valued at approximately $1 billion.
• Agreement with ANA Holdings to explore deployment of over 100 aircraft in Japan.

This positions Joby Aviation, Inc. to start generating revenue from aircraft deliveries once certification is complete.

Early-stage technology and service agreements are also being monetized, setting up durable, recurring revenue streams. For instance, the vertical integration and focus on OEM (Original Equipment Manufacturer) sales open up the aftermarket. Since eVTOL aircraft will need battery replacements roughly every 10-20 months, battery revenue over time is expected to exceed the initial OEM sale. Analysts estimate the OEM market at $250 billion and the aftermarket at $750 billion. Plus, you have technology acceleration through partnerships, such as being named the NVIDIA IGX Thor launch partner and developing a hybrid-electric demonstrator with L3Harris.

Finance: draft 13-week cash view by Friday.