Inside Joby's Quiet Aviation Breakout

  • Joby reported a Q1 2025 adjusted EBITDA loss of $127 million and negative free cash flow of $139 million, with $813 million in cash on hand. Bank of America forecasts a 62% CAGR in eVTOL deliveries through 2030, exceeding 250,000 aircraft in service by 2045. Joby's model spans direct sales, capital-light JVs with ANA and Virgin Atlantic, and full-stack U.S. operations in cities like NYC and LA.