Certification ChallengesThere is a lack of clarity around certification timing in major markets like the US, which could push out revenue generation and extend cash burn.
Financial PerformanceJoby reported a Q4/24 FCF use of ~$136M and an Adj. EBITDA loss of ~$119M, with an operating loss of ~$150M, 17% greater year-over-year due to increased R&D costs.
Production UncertaintyThe lack of longer-term guidance, especially around aircraft production, creates an elevated level of imprecision in the Joby Aviation model.