Joby Aviation has made measurable strides towards FAA certification, achieving G-1 certification basis in late 2023 and completing more than 400 test flights of its five-seat electric VTOL prototype. The company has submitted over 20,000 pages of documentation to U.S. regulators and expects a Part 135 air carrier certificate by mid-2025. European certification through EASA is targeted for late 2026, positioning Joby as one of the first eVTOL manufacturers to secure multi-region approval.

The company continues to expand its global footprint through partnerships with Delta Air Lines and Toyota, which secured a combined order backlog exceeding 1,000 aircraft. Joby plans to launch commercial air taxi services in Los Angeles and San Francisco in 2025, with operational trials in New York City scheduled for 2026. A memorandum of understanding with an unnamed European airport operator aims to establish vertiport infrastructure across five major European cities by 2027, underscoring Joby’s ambition to achieve global scale within two years of initial launch.

As a pre-revenue company, Joby reported a cash burn of approximately $180 million in Q4 2023, yet maintains a cash runway through early 2026 thanks to the $1.5 billion raised via its 2021 SPAC merger and subsequent equity offerings. Analysts note that breakeven EBITDA is unlikely before 2028, with revenue generation dependent on regulatory approvals and vertiport rollout. At a current enterprise valuation exceeding $9 billion, Joby trades at a steep multiple of potential forward revenues, suggesting that speculative investors should weigh the upside of being first-to-market against execution risks and continued cash requirements.