How Does Joby Aviation Make its Money?
Joby Aviation is developing an all-electric vertical takeoff and landing (eVTOL) aircraft for commercial passenger service — essentially an electric air taxi. The company’s aircraft can carry a pilot and four passengers at speeds up to 200 mph with a range of 100 miles, producing a fraction of the noise of a helicopter. Joby is one of the furthest along in the FAA certification process among eVTOL developers, with Toyota as a major investor and manufacturing partner. The company plans to operate its own air taxi service (similar to Uber for flying) in addition to manufacturing aircraft. Joby has not yet generated meaningful revenue as the aircraft is still in the certification and pre-production phase, but approval would unlock a market that analysts estimate at $1+ trillion globally.
Joby Aviation (JOBY) Business Model
Joby Aviation operates in the aerospace sector. Below is a summary of Joby Aviation’s revenue streams, how the company generates income, and the key financial metrics from its most recent annual report. This breakdown uses data from Joby Aviation’s 2024 fiscal year filings with the SEC.
Joby Aviation Competitors
Joby Aviation’s key competitors and comparable public companies in the aerospace sector include Archer Aviation, Boeing, Uber, and Tesla. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how Joby Aviation stacks up by comparing their revenue breakdown, margins, and growth metrics.
Joby Aviation Competitors
Joby Aviation’s key competitors and comparable public companies in the aerospace sector include Archer Aviation, Boeing, Uber, and Tesla. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how Joby Aviation stacks up by comparing their revenue breakdown, margins, and growth metrics.
Revenue Breakdown
| Segment | 2024 | 2023 | YoY Growth |
|---|---|---|---|
| Government & Defense Contracts | $15 | $10 | +50.0% |
| Other Development Revenue | $5 | $3 | +66.7% |
| Total Revenue | $20 | $13 | +53.8% |
Government & Defense Contracts — 75% of Revenue
Other Development Revenue — 25% of Revenue
Income Statement Overview
| Metric | 2024 | 2023 |
|---|---|---|
| Total Revenue | $20 | $13 |
| Cost of Revenue | $15 | $10 |
| Gross Profit | $5 | $3 |
| Operating Expenses | $600 | $550 |
| Operating Income | $-595 | $-547 |
| Net Income | $-570 | $-520 |
All values in millions USD unless otherwise stated.
Key Financial Metrics
- Gross Margin: 25.0%
- Operating Margin: -2975.0%
- Revenue Growth: 53.8%
Is Joby Aviation Profitable?
Joby Aviation (JOBY) profitability depends on the reporting period and business cycle. Review the income statement above for the latest figures.
What to Watch
- FAA type certification timeline — the single biggest catalyst for the stock
- Toyota partnership for manufacturing scale and quality systems
- Air taxi service launch plans and initial city route selection
- Cash runway and potential need for additional capital raises before certification
Joby Aviation (JOBY) Financial Summary
Joby Aviation (JOBY) is an aerospace company that generated $20 in total revenue in fiscal year 2024. Revenue grew 53.8% year-over-year. For a deeper look at Joby Aviation’s revenue breakdown, business segments, and financial performance, review the detailed analysis above.