On February 26, 2025, advanced air mobility developer Joby Aviation posted its fourth quarter and full year financial results for 2024.
The California-based startup, which is still working on the development and certification of its future eVTOL aircraft, posted a $608 million net loss for the full year, with $246.3 million of this corresponding to Q4.
These larger losses reflect both an increase in operational costs related to the certification process and the company’s industrial roll-out, as well as a number of non-cash expenses, such as a $106.9 million revaluation of warrants and earnout shares. As of early 2025, Joby still generates minimal revenue, mostly from financial activities.
Quite remarkably at a time where parts of the eVTOL industry face financial distress, Joby’s results show a relatively strong cash position. The company ended 2024 with $932.9 million in cash, cash equivalents and liquid securities, remaining little changed from the $1.03 billion it had in the bank at the turn of 2023.
The fact that Joby has been able to keep a solid balance sheet despite continuing to burn cash is due, in great part, to more than $350 million in fresh funds raised in 2024 through public share offerings. This figure does not include, apparently, the second tranche of the $500 million investment committed by Toyota Ventures, a deal which was announced in October 2024.
Joby estimates that its cash burn during 2025 will be in the $500 to $540 million range. This burn rate, coupled with the recent funding commitments would, in principle, provide a solid financial cushion for Joby to advance past a number of important milestones in 2025.
