Joby reports second consecutive Quarter of Record Certification Progress, appoints CFO

Joby Aviation, Inc., a company developing electric air taxis for commercial passenger service, today issued its First Quarter 2025 Shareholder Letter detailing the company’s operational and financial results for the period ending March 31, 2025. The company will host a live audio webcast of its conference call to discuss the results today.

Joby also announced today the appointment of Rodrigo Brumana as Chief Financial Officer, effective May 29, 2025. Brumana is a seasoned Silicon Valley CFO, with experience scaling complex global finance operations at HP, Amazon, eBay and, most recently, Poshmark. Earlier in his career, Brumana worked in complex manufacturing at Fairchild Semiconductor and Palm, Inc.

First Quarter 2025 Highlights include:

- Record Certification Progress: We made record progress on the certification of our aircraft for a second quarter in a row, reinforcing Joby’s leadership position in our sector.

- Pilot-on-Board Transition Flights: We became the first electric air taxi company to move to routine transition flights with a pilot onboard the aircraft, marking a critical step towards starting FAA flight testing.

- Partnership with Virgin Atlantic: We formed a partnership with Virgin Atlantic to launch air taxi services in the UK, starting with their hubs at London Heathrow and Manchester.

- Strong Balance Sheet: We ended the quarter with $813 million in cash and short-term investments, not including the additional $500 million commitment from Toyota.

- Fifth Aircraft from Pilot Production Line: The fifth aircraft to be produced on our Pilot Production Line in Marina, CA has been powered on for the first time.

- Expanded Manufacturing Facility: Our expanded manufacturing facility, which more than doubles our existing footprint in Marina, CA, is nearing completion and is set to be handed over next month.

Commenting on Joby’s first quarter results, JoeBen Bevirt, founder and CEO, said: “I’m confident that the incredible progress we have made this quarter – the tangible progress on certification, the demonstrated flight hours and transition flights, and rolling yet another aircraft off our production line - puts Joby firmly in a leadership position in our sector.

“With the US government leaning in on both the state and the federal level and the Joby team not just delivering, but accelerating, we are securing America’s leadership role in the adoption of this important new technology.

“This quarter’s move to routine inhabited transition flight was a key moment on that journey, marking a critical unlock toward beginning TIA flights with the FAA, and I’m proud of the dedication and professionalism of the Joby team behind this achievement.”

Commenting on the appointment of Rodrigo Brumana as CFO, Bevirt added, “We’re excited to welcome Rodrigo back to his roots in hardware. We were impressed by his strong track record of driving growth at global companies and his focus on efficient operations. I’m confident his pragmatic and tactical approach will serve Joby well as we scale our manufacturing and prepare for commercial operations.”

Joby ended the first quarter of 2025 with $813 million in cash, cash equivalents, and investments in marketable securities. This balance does not include expected Toyota investments totaling $500 million, to be made in two equal tranches of $250 million. Joby and Toyota have finalized the agreements necessary to close the first tranche of the investment from Toyota, which is expected to be reflected in the company’s Q2 cash balance.