Q3 2025 Joby Aviation Inc Earnings Call

As a reminder, this conference is being recorded.

It's now my pleasure to introduce your host Theresa for Ruth you head of Investor Relations for Dolby Aviation three Sir Please go ahead.

JoeBen Bevirt: As I've said many times before, this vertically integrated approach is our superpower. Because now that our platform is mature, we're able to move with incredible pace to adapt it to a wide range of use cases and technologies. Last year, we adapted it to fly with liquid hydrogen, completing a 561mi flight with water as the only byproduct. I'm confident that hydrogen will play a very significant role in the future of aviation, supporting a wide range of new applications and aircraft types. The experience we've already built in this field puts Joby at the very forefront of innovation. This year, we announced we would work with L3Harris to develop a turbine electric variant for defense use cases.

Thank you.

Good evening, everyone. Thank you for joining us for Dolby Aviation third quarter 2025 financial results Conference call.

I'm curious if there are deal job as head of Investor Relations.

We will begin the discussion with comments from Jobin beverage founder and Chief Executive Officer, and Rodrigo <unk> Chief Financial Officer.

For the Q&A portion of today's call will also be joined by our executive Chairman, Paul Ciara and late CEO, Rob Weisenthal.

Please note that our discussion today will include statements regarding future events and financial performance as well as statements of belief expectation and intent.

JoeBen Bevirt: I'm pleased to say, just three months after that announcement, we're already ground testing this aircraft with the hybrid system in the loop, and flight testing is set to begin imminently. In fact, just yesterday, we had the FAA on site working with us to grant airworthiness for this vehicle. L3Harris has been a great partner on this journey, and we remain on track to demonstrate the full capabilities of this aircraft in the coming quarters and compete for some of the $9 billion the US Department of War has requested for the acquisition of resilient, autonomous, and hybrid aircraft in the FY26 budget. Joby's approach to vertical integration puts us in a unique position to move from concept to demonstration, and from demonstration to deployment, at a pace that's almost unheard of in today's aerospace industry.

These forward looking statements are based on management's current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied.

For a more detailed discussion of these risks and uncertainties. Please refer to our filings with the SEC and the safe Harbor disclaimer contained in today's shareholder letter.

The forward looking statements included in this call are made only as of the date of this call and the company does not assume any obligation to update or revise them.

Also during the call we will refer both to GAAP and non-GAAP financial measures a reconciliation of non-GAAP to GAAP measures is included in our Q3 2025 shareholder letter, which you can find on our Investor Relations website, along with a replay of this call.

Speaker #1: Greetings and welcome to Joby Aviation, Inc. Joby Aviation . S third Quarter 2025 Conference Call and Webcast . At this time , all participants are in listen only mode .

JoeBen Bevirt: It demonstrates the value of dual-use technologies, allowing us to get new tools into the hands of America's troops as quickly and cost-efficiently as possible against the rapidly evolving national defense landscape. That advantage also counts when it comes to autonomy. While our initial air taxi product will launch with a fully qualified commercial pilot on board, I believe a future where we are able to take the pilot out of the loop is approaching more rapidly than I expected even six months ago. For decades, the principal barrier to commercial autonomy hasn't been technical or regulatory. It's been the way our commercial air traffic control system works. The current system still requires a human being on a radio to speak with another human being to deconflict airspace, file flight plans, and confirm departures and arrivals.

And with all of that said I'll now turn the call over to Joe Bank.

Speaker #1: If anyone should require operator assistance , please press Star Zero on your telephone keypad . As a reminder , this conference is being recorded .

Thank you Teresa and thank you everyone for joining us today as we discuss our third quarter 2025 results.

Last few months have been momentous for our team as well as demonstrating the remarkable potential of our aircraft by flying in front of hundreds of thousands of people here at home and overseas. We've also moved the ball meaningfully down the field on certification and we passed one of the most important milestones in <unk> history to date.

Speaker #1: It's now my pleasure to introduce your host Teresa Thuruthiyil , Head of Investor Relations for Joby Aviation . Teresa , please go ahead .

Speaker #2: Thank you . Good afternoon and evening , everyone . Thank you for joining us for Joby . Third quarter 2020 Financial results conference call .

As we announced this morning, we have now begun power on testing of the first of several aircraft, we will build for TIAA or type inspection authorization.

Speaker #2: I’m Teresa Thuruthiyil Joby, head of Investor Relations. We will begin the discussion with comments from JoeBen Bevirt, Founder and Chief Executive Officer, and Rodrigo Brumana, Chief Financial Officer.

Entering TIAA is widely understood as marking the final stage of the certification process and has a very strong indicator of our company's ability to reach type certification.

Speaker #2: For the Q&A portion of today's call , we'll also be joined by our Executive Chairman , Paul Sciarra and blade CEO , Rob Wiesenthal .

Speaker #2: Please note that our discussion today will include statements regarding future events and financial performance , as well as statements of belief , expectations and intent .

JoeBen Bevirt: The current administration has indicated its intent to invest in modernizing this approach, making much-needed investment in the infrastructure that controls our skies, and laying the foundation for commercial air autonomy to take off, much like the adoption of autonomous ground vehicles has. At Joby, we're making sure we're ready for that step when it happens. Over the summer, the team we brought on board from X-Wing demonstrated our SuperPilot AI technology stack as part of a landmark Department of War exercise over the Pacific Ocean. Using a conventional Cessna 208 aircraft, our team logged more than 7,000mi of autonomous operations across more than 40 flight hours in and around Hawaii, managed primarily from Anderson Air Force Base in Guam, more than 3,000mi away. Once again, illustrating our commitment to not just talking about innovation, but demonstrating it.

This is the moment when our certification strategy are intended type design and our manufacturing processes, all converge into one physical asset.

Speaker #2: These forward looking statements are based on management's current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied .

Let's take each of these in turn.

First our certification strategy.

It might sound simple, but our certification strategy is the result of more than a decade of working alongside the FAA to develop a certification basis. The means of compliance for aircraft certification plans and test plans.

Speaker #2: For a more detailed discussion of these risks and uncertainties , please refer to our filings with the SEC and the Safe Harbor disclaimer .

Speaker #2: Contained in today's shareholder letter . The forward looking statements included in this call are made only as of the date of this call , and the company does not assume any obligation to update or revise them .

These are the documents we've been talking about quarter after quarter in these calls and they are absolutely required to get to TIAA.

Speaker #2: Also , during the call , we'll refer both to GAAP and non-GAAP financial measures . A reconciliation of non-GAAP to GAAP measures is included in our Q3 2025 shareholder letter , which you can find on our Investor Relations website , along with a replay of this call .

Second having a stable design is the result of years of focused engineering and testing using the same design and putting it through thousands of hours of testing on the ground and in the air if.

If you continue to make changes to your design you can't enter TIAA with a high degree of confidence that Youll completed expediently.

JoeBen Bevirt: The same technology is set to be supercharged by our recent announcement with NVIDIA. Joby will be the aviation launch partner for NVIDIA's IGX Thor platform, which uses their Blackwell architecture to help ingest extraordinary amounts of data in real time to support an even more performant and safe autonomy stack for our aircraft. Integrating this level of compute will help us maximize the potential of autonomous flight. We'll be able to deliver autonomous mission management that enables the aircraft to determine, request, and follow optimal flight paths while adapting to changes in weather, air traffic control instructions, or unexpected events. It will also support onboard compute processes for high-rate data from radar, lidar, and vision sensors, as well as supporting sensor fusion, combining data from a range of sensors to deliver reliable and accurate aircraft state estimation and situational awareness in the most challenging environments.

Speaker #2: And with all of that said , I'll now turn the call over to Joe . Ben .

Speaker #3: Thank you . Teresa , and thank you , everyone for joining us today . As we discuss our third quarter 2025 results . The past few months have been momentous for our team , as well as demonstrating the remarkable potential of our aircraft by flying in front of hundreds of thousands of people here at home and overseas .

Finally on manufacturing processes. This aircraft is one of a series that we're producing under Joey's FAA approved quality management system.

Each of the <unk> aircraft, including this one will be built with FAA conforming components as required by our FAA approved test plans each.

Speaker #3: We've also moved the ball meaningfully down the field on certification , and we've passed one of the most important milestones in Joby's history to date .

Each of the relevant components will be built to FAA DDR or designated engineering representative approved designs and then inspected and signed off by FAA designated Airworthiness Representatives or <unk>.

Speaker #3: As we announced this morning , we have now begun power on testing of the first of several aircraft we will build for Tia or type inspection authorization .

This process adds a lot of overhead to the build processes, it's not fast or easy, but it is what's required to start Ti flight testing.

Speaker #3: Entering Tia is widely understood as marking the final stage of the certification process , and is a very strong indicator of a company's ability to reach type certification .

Bringing all of these elements together is a huge achievement and I'm incredibly grateful to the team at <unk> and at the FAA for the years of hard work that led up to this moment.

Speaker #3: This is the moment when our certification strategy , our intended type design and our manufacturing processes all converge into one physical asset . Let's take each of these in turn .

JoeBen Bevirt: It also establishes a foundation to develop features that enhance operational insight, reliability, and performance, including predictive system health monitoring and digital twin modeling. We'll be deploying SuperPilot on the aircraft we're developing with L3Harris, allowing us to deliver to the government the same tech stack they've already seen successfully deployed on conventional planes, but this time on a low-altitude VTOL-capable aircraft. The testing we complete on this defense-focused vehicle will also feed forward into a commercial AI autonomy stack that we plan to have ready and tested just as soon as the commercial air traffic control system is ready for it. The level of technological and regulatory progress we're seeing today is unprecedented. It is matched by an incredible commitment to aerial innovation at both the state and federal level.

We continue to plan for this aircraft to take to the skies. Later this year flown by Jovi pilots clearing the way for FAA pilots to start for credit testing next year.

Speaker #3: First , certification strategy . It might sound simple , but our certification strategy is the result of more than a decade of working alongside the FAA to develop a certification basis .

As I mentioned earlier, having a mature and stable design is central to being able to move with certainty and pace through the certification process and over the past quarter, we've been able to build on that maturity demonstrating a remarkable cadence of flight testing and demonstration flights.

Speaker #3: The means of compliance for aircraft certification plans and processes. These are the documents we've been talking about quarter after quarter in these calls.

Speaker #3: And they are absolutely required to get to Tia . Second , having a stable design is the result of years of focused engineering and testing using the same design and putting it through thousands of hours of testing on the ground and in the air .

As well as continuing to fly several times a day out of Marina, where we've demonstrated climbing descending accelerating and decelerating all at Max rates. We also flew our first <unk> mission flying down to Monterey and back.

Speaker #3: If you continue to make changes to your design , you can't enter Tia with a high degree of confidence that you'll complete it expediently .

A few weeks later, we participated in the California International Air show, completing a 20 minute flight that source takeoff vertically flight Salinas completed demonstration that included multiple transitions between forward flight and hover and returned to Marina for vertical landing.

JoeBen Bevirt: We've positioned Joby to make the most of these opportunities, and I've never been more excited about the company and the technologies we're building. Rodrigo, over to you. Thank you, JoeBen, and good evening, everyone. During the third quarter of 2025, we made several important advancements, further positioning Joby to create durable, long-term value for our shareholders. When we spoke last quarter, I identified three areas of focus: implementing a disciplined capital strategy, scaling methodically, and translating our technical and regulatory progress into long-term value. Let's talk about capital strategy first. At Joby, we are shaping a new industry and bringing an entirely new technology to market. This requires substantial efforts across engineering, regulation, partnerships, infrastructure, and manufacturing. To achieve this, we are strengthening our balance sheet. At the end of the quarter, we had approximately $978 million in cash and short-term investments.

Speaker #3: Finally , on manufacturing processes , this aircraft is one of a series that we are producing under Joby's FAA approved quality Management system .

And we did all this while a separate jobete team completed two full weeks of regularly scheduled flights in Osaka as part of the World Expo demonstrating the aircraft's hundreds of thousands of attendees, including the Japanese Prime Minister and the governor of Osaka.

Speaker #3: Each of the Tia , including this one , will be built with FAA conforming components as required by our FAA approved test plans .

Speaker #3: Each of the relevant components will be built to FAA or designated engineering Representative . Approved designs , and then inspected and signed off by FAA designated Airworthiness Representatives or Ders .

The operational rigor and consistency we've demonstrated in completing these flights is a testament to the remarkable team, we've built and the maturity of our aircraft.

Speaker #3: This process adds a lot of overhead to the build processes. It's not fast or easy, but it is what's required to start Tia flight testing.

It is also preparation for our future commercial service.

Speaking of which it was a privilege to fly Ryder Cup fans back and forth from Manhattan to long Island this quarter via our blade service.

Speaker #3: Bringing all of these elements together is a huge achievement , and I'm incredibly grateful to the team at Joby and at the FAA for the years of hard work that led up to this moment .

Two and a half hour drives were replaced with 12 minute flights highlighting the potential of vertical lift to our key audience suppliers.

Our blade team excels at delivering operations at scale.

Speaker #3: We continue to plan for this aircraft to take to the skies later this year . Flown by Joby pilots , clearing the way for FAA pilots to start for credit testing next year .

Bind with the highest levels of customer service.

This operational experience combined with the maturity of our <unk> platform puts us in a great position to take on the opportunity presented by the U S governments recently announced <unk> program.

Speaker #3: As I mentioned earlier , having a mature and stable design is central to being able to move with certainty and pace through the certification process and over the past quarter , we've been able to build on that maturity , demonstrating a remarkable cadence of flight testing and demonstration flights , as well as continuing to fly several times a day out of Marina , where we've demonstrated climbing , descending , accelerating and decelerating all at max rates .

JoeBen Bevirt: In October, we added net proceeds of approximately $576 million, further strengthening our position. This gives us the financial strength to continue to lead the industry and bring new innovations to markets across the globe. Next is scaling. We are investing now to build capacity for global air taxi demand. We are methodically scaling manufacturing, and we are very fortunate to have Toyota with us on that journey. As JoeBen said, propeller blades are a critical component and the highest part count on our aircraft. We have started to leverage our Ohio facility to begin ramping our production of propeller blades. Ohio has the skilled labor, the supply chain network, and the space to scale our production as we grow. Scaling also means preparing our global operations.

Through an executive order the President has directed the department of transportation and the FAA to ensure that mature E. VTOL aircrafts can begin operations in select markets in the U S ahead of full FAA certification.

We are already in advanced conversations with a wide range of state and local government entities, who are submitting applications for the program and we believe that having a ti already aircraft as well as a wide set of operational experience will put us in a very strong position to deliver the high levels of safety the FAA will require to <unk>.

Speaker #3: We also flew our first A to B mission , flying down to Monterey and back a few weeks later , we participated in the California International Air Show , completing a 20 minute flight that saw us take off vertically , fly to Salinas , completed demonstration that included multiple transitions between forward flight and hover , and return to Marina for a vertical landing .

Dissipate in this pre certification program.

We see the IP per program pulling early demand for aircraft forward taken alongside the demand. We're also seeing from a range of international early adopters. It's clear we will need to keep accelerating production. If we are to keep up with the incredible demand we're seeing for our product.

Speaker #3: And we did all this while a separate Joby team completed two full weeks of regularly scheduled flights in Osaka as part of the World Expo , demonstrating the aircraft hundreds of thousands of attendees , including the Japanese Prime Minister and the Governor of Osaka .

The level of production we are preparing for has never been seen in the aviation industry and we are incredibly grateful to be working closely with Toyota as we plan and execute for scale.

Speaker #3: The operational rigor and consistency we've demonstrated in completing these flights is a testament to the remarkable team we've built and the maturity of our aircraft.

JoeBen Bevirt: Following our acquisition of Blade, we are already running a network of high-frequency routes in New York and Europe, connecting major airports like JFK and prime locations like Nice to Monaco, and Manhattan to the Hamptons. These routes are the blueprint for electrified air taxi service, proving the model today so we can transition seamlessly once our aircraft is certified. At the same time, in addition to our successful flight demonstrations in Japan with ANA, we also expanded our global partnership with Uber to include Blade services. This opens up a powerful opportunity over time to connect thousands of daily Uber users with the experience of vertical lift well ahead of Joby's commercial launch. Meanwhile, in Montreal, we formally accepted our first flight simulator developed in conjunction with CAE, a global leader in pilot training systems.

Speaker #3: It is also preparation for our future commercial service . Speaking of which , it was a privilege to fly Ryder Cup fans back and forth from Manhattan to Long Island this quarter via our blade service .

And we've already produced 15 times more FAA conforming parts. So far this year and Marina than we did in all of 2024.

As well as growing in Marina and adding more than 100 manufacturing roles. This past quarter. We have now begun production of propeller blades at our Dayton, Ohio facility.

Speaker #3: 2.5 hour drives were replaced with 12 minute flights , highlighting the potential of vertical lift to a key audience of flyers . Our blade team excels at delivering operations at scale , combined with the highest levels of customer service .

This is a great example of our approach to scaling.

Well perfect manufacturing processes at home in California, before scaling them alongside Toyota.

Speaker #3: This operational experience , combined with the maturity of our Evtol platform , puts us in a great position to take on the opportunity presented by the US government's recently announced IIP program through an executive order .

Before I hand, it over to Rodrigo to talk about our financials I wanted to touch on my excitement for the future of Joey.

Our core focus is and always has been the development of our core <unk> platform, that's the aircraft's UC flying everyday.

Speaker #3: The president has directed the Department of Transportation and the FAA to ensure that mature Evtol aircraft can begin operations in select markets in the US ahead of full FAA certification .

We've put a huge amount of work into designing it from the ground up and we've built it in a vertically integrated way.

As I've said many times before this vertically integrated approach is our superpower because now that our platform is mature we're able to move with incredible pace to adapt it to a wide range of use cases and technologies.

Speaker #3: We are already in advanced conversations with a wide range of state and local government entities who are submitting applications for the program , and we believe that having a team ready aircraft , as well as a wide set of operational experience , will put us in a very strong position to deliver the high levels of safety the FAA will require to participate in this Pre-certification program .

JoeBen Bevirt: This fully immersive simulator is a prerequisite for commercial pilot training and marks an important milestone in preparing Joby for scaled operations. These efforts are building the foundation for our global network, beginning with Dubai next year and expanding to new markets around the world, turning our regulatory, commercial, and technical progress into long-term value. Now, I'll present our Q3 financial results in more detail. We ended the third quarter of 2025 with cash and short-term investments totaling $978 million. During the quarter, we raised $101 million through our ATM facility and an additional $33 million from warrants that were exercised. As I said earlier, after the quarter ended, we received net proceeds of $576 million through an equity offering, further increasing our cash reserves. Our Q3 use of cash, cash equivalents, and short-term investments totaled $147 million, $35 million higher than last quarter. That was primarily due to.

Last year, we adopted it to fly with liquid hydrogen completing a 561 mile flight with water is the only byproduct.

I am confident that hydrogen will play a very significant role in the future of aviation supporting a wide range of new applications and aircraft types and the experience. We've already built in this field puts <unk> at the very forefront of innovation.

Speaker #3: We see the IPP program pulling early demand for our aircraft forward , taking alongside the demand . We're also seeing from a range of international early adopters .

Speaker #3: It's clear we'll need to keep accelerating production if we are to keep up with the incredible demand we're seeing for our product . The level of production we are preparing for has never been seen in the aviation industry , and we're incredibly grateful to be working closely with Toyota as we plan and execute for scale .

This year, we announced we would work with L. Three Harris to develop a turbine electric variant for defense use cases, and I'm pleased to say just three months after that announcement, we're already ground testing. This aircraft with the hybrid system in the loop and flight testing is set to begin imminently.

In fact, just yesterday, we had the FAA on site working with us to grant airway minutes for this vehicle.

Speaker #3: And we've already produced 15 times more FAA conforming parts so far this year in Marina than we did in all of 2020 . For as well as growing in Marina and adding more than 100 manufacturing roles this past quarter .

L. Three Harris has been a great partner on this journey and we remain on track to demonstrate the full capabilities of this aircraft in the coming quarters and compete for some of the $9 billion. The U S. Department of War has requested for the acquisition of resilient autonomous and hybrid aircrafts in the FY 'twenty six budget.

Speaker #3: We've now begun production of propeller blades at our Dayton , Ohio facility . This is a great example of our approach to scaling , where we'll perfect manufacturing processes at home in California before scaling them alongside Toyota .

<unk> approach to vertical integration puts us in a unique position to move from concept to demonstration and from demonstration to deployment at a pace that's almost unheard of in today's aerospace industry.

Speaker #3: Before I hand it over to Rodrigo to talk about our financials , I wanted to touch on my excitement for the future of Joby .

Speaker #3: Our core focus is and always has been , the development of our core S4 platform . That's the aircraft you see flying every day .

JoeBen Bevirt: An extra payroll run in Q3 versus Q2, growth in operating expenses, working capital changes, and one-time costs related to our Blade acquisition, which accounted for $6 million. This spending also included about $30 million on property and equipment, up $1 million from last quarter. We remain on track to hit the upper end of our full year 2025 guidance of $500 million to $540 million in use of cash, cash equivalents, and short-term investments, and that includes the impact of our Blade acquisition. On a GAAP basis, we reported a Q3 net loss of $401 million, a $77 million increase from Q2, largely driven by $262 million in non-cash items, of which $229 million was a non-cash charge related to warrants and earn-out revaluation. The remaining non-cash items were related to stock-based compensation, depreciation, and amortization, all within the normal ranges.

And it demonstrates the value of dual use technologies, allowing us to get new tools into the hands of America's troops as quickly and cost efficiently as possible against the rapidly evolving national defense landscape.

Speaker #3: We put a huge amount of work into designing it from the ground up , and we built it in a vertically integrated way .

That advantage also accounts when it comes to autonomy.

Speaker #3: As I've said many times before , this vertically integrated approach is our superpower because now that our platform is mature , we're able to move with incredible pace to adapt it to a wide range of use cases and technologies .

While our initial air taxi product will launch with a fully qualified commercial pilot on board I believe a future where we are able to take the pilot out of the loop is approaching more rapidly than I expected, even six months ago for.

Speaker #3: Last year , we adapted it to fly with liquid hydrogen , completing a 561 mile flight with water as the only byproduct . I'm confident that hydrogen will play a very significant role in the future of aviation , supporting a wide range of new applications and aircraft types and the experience we've already built in this field puts Joby at the very forefront of innovation .

For decades, the principal barrier to commercial economy, Hasnt been technical or regulatory it's been the way our commercial air traffic control system works there.

Current systems still requires a human being on a radio to speak with another human being to Deconflict Aerospace file flight plans and confirmed departures and arrivals.

Speaker #3: This year , we announced we would work with L3 Harris to develop a turbine electric variant for defense use cases , and I'm pleased to say just three months after that announcement , we're already ground testing this aircraft with the hybrid system in the loop and flight testing is set to begin imminently .

The current administration has indicated its intent to invest in modernizing this approach, making much needed investment in the infrastructure that controls our skies and laying the foundation for a commercial air autonomy to take off much like the adoption of autonomous ground vehicles House.

At <unk>, we're making sure we're ready for that step when it happens over the summer. The team we brought on board from X wing demonstrated our Super pilot AI technology stack as part of a landmark Department of war exercise over the Pacific Ocean.

Speaker #3: In fact , just yesterday we had the FAA on site working with us to grant airworthiness for this vehicle . L3 Harris has been a great partner on this journey and we remain on track to demonstrate the full capabilities of this aircraft in the coming quarters and compete for some of the $9 billion the US Department of War has requested for the acquisition of Resilient , autonomous and hybrid aircraft in the FY 26 budget .

JoeBen Bevirt: The large non-cash revaluation charge related to warrants and earn-out shares was due to the increase in our share price, which negatively impacts the calculation and gets updated every single quarter. Revenue for the quarter was $23 million, including $14 million in revenue from Blade from 29 August through 30 September. $9 million from other revenue, which includes the completion of all required deliverables as part of our Agility Prime defense contract, as well as other engineering services. We do not expect Agility Prime revenue to continue as the work has been completed. Total operating expenses for the quarter, including about one month of Blade, were $204 million, up about $36 million from the prior quarter.

Using a conventional cessna to OE to aircraft our team logged more than 7000 miles of autonomous operations across more than 40 flight hours in and around Hawaii.

Managed primarily from Andersen Air Force base in Guam more than 3000 miles away.

Speaker #3: Joby's approach to vertical integration puts us in a unique position to move from concept to demonstration , and from demonstration to deployment at a pace that's almost unheard of in today's aerospace industry .

Once again illustrating our commitment to not just talking about innovation, but demonstrating it.

This same technology is set to be supercharged by our recent announcement with Nvidia.

Speaker #3: And it demonstrates the value of dual use technologies , allowing us to get new tools into the hands of America's troops as quickly and cost efficiently as possible against the rapidly evolving national defense landscape .

Joe <unk> will be the aviation launch partner for Nvidia is IGF store platform, which uses their Blackwell architecture to help ingest extraordinary amounts of data in real time to support an even more performance and safe autonomy stack for our aircraft.

Speaker #3: That advantage also counts when it comes to autonomy . While our initial air taxi product will launch with a fully qualified commercial pilot on board , I believe a future where we are able to take the pilot out of the loop is approaching more rapidly than I expected .

Integrating this level of compute will help us maximize the potential of autonomous flight.

We'll be able to deliver autonomous mission management that enables the aircraft to determine request and follow optimal flight clouds, while adapting to changes in weather air traffic control instructions or unexpected events.

JoeBen Bevirt: The increase was largely driven by the inclusion of Blade operating expenses and acquisition-related costs, coupled with higher staffing and program spend to support key milestones, including progress on the final assembly of our first TIA aircraft. Adjusted EBITDA, a non-GAAP metric that we reconciled to our net income in our shareholder letter, was a loss of $133 million in the third quarter. This was just about $1 million higher than the prior quarter, reflecting the revenue booked in Q3, offset by the increase in spending I called out before. Compared to the same period last year, our adjusted EBITDA loss was $12 million higher, driven by the growth in our team to support aircraft design, manufacturing, and certification, along with early commercialization investments. As we look ahead, our focus remains on discipline, execution, advancing certification, scaling production, and preparing for commercial launch.

Speaker #3: Even six months ago . For decades , the principal barrier to commercial autonomy hasn't been technical or regulatory . It's been the way our commercial air traffic control system works .

It will also support onboard compute processes for high rate data from radar Lidar envision sensors as well as supporting sensor fusion combining data from a range of sensors to deliver reliable and accurate aircrafts state estimation and situational awareness in the most challenging environments.

Speaker #3: The current system still requires a human being on a radio to speak with another human being , to de-conflict airspace , file flight plans and confirm departures and arrivals .

Speaker #3: The current administration has indicated its intent to invest in modernizing this approach , making much needed investment in the infrastructure that controls our skies and laying the foundation for commercial autonomy to take off .

It also establishes the foundation to develop features that enhance operational insight reliability and performance, including predictive system health monitoring and digital twin modeling.

Speaker #3: Much like the adoption of autonomous ground vehicles has at Joby . We're making sure we're ready for that step when it happens . Over the summer , the team we brought on board from X-Wing demonstrated our super pilot AI technology stack as part of a landmark Department of War exercise over the Pacific Ocean .

We'll be deploying Super pilot on the aircraft were developing with L. Three Harris, allowing us to deliver to the government. The same tech stack they've already seen successfully deployed on conventional plans, but this time on a low altitude VTOL capable aircraft.

Speaker #3: Using a conventional Cessna 208 aircraft . Our team logged more than 7000 miles of autonomous operations across more than 40 flight hours in and around Hawaii , managed primarily from Andersen Air Force Base in Guam , more than 3000 miles away .

The testing we complete on this defense focused vehicle will also feed forward into a commercial AI autonomy stack that we plan to have ready and tested just as soon as the commercial air traffic control system is ready for it.

Speaker #3: Once again illustrating our commitment to not just talking about innovation , but demonstrating it . This same technology is set to be supercharged by our recent announcement with Nvidia .

JoeBen Bevirt: With a robust balance sheet, proven technology, mature program, flying aircraft, and world-class partners, we are operating from a position of strength. We look forward to meeting folks at the Dubai Air Show in two weeks, where our aircraft has been cleared by both the General Civil Aviation Authority and the Dubai Civil Aviation Authority to fly full transition every single day. Thank you for your continued support and operator. Please open the call for questions. Certainly. We'll now be conducting a question-and-answer session. If you'd like to be placed in the question queue, please press Star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press Star 2 if you'd like to move your question from the queue. We ask that you please ask one question, one follow-up, and return to the queue.

The level of technological and regulatory progress we're seeing today is unprecedented.

And it is matched by an incredible commitment to aerial innovation at both the state and federal level.

Speaker #3: Joby will be the aviation launch partner for Nvidia's IG . Thor platform , which uses their Blackwell architecture to help ingest extraordinary amounts of data in real time to support an even more performant and safe autonomy stack for aircraft .

We position <unk> to make the most of these opportunities and I've never been more excited about the company and the technologies, we're building Rodrigo over to you.

Thank you Joanne and good evening everyone.

Speaker #3: Integrating this level of compute will help us maximize the potential of autonomous flight . We'll be able to deliver autonomous mission management that enables the aircraft to determine request , and follow optimal flight paths while adapting to changes in weather , air traffic control instructions , or unexpected events .

During the third quarter of 2025, we made several important advancements further positioning Dolby to create durable long term value for our shareholders when.

When we spoke last quarter identified three areas of focus in.

Implementing a disciplined capital strategy scaling methodically insurance, leading our technical and regulatory progress into long term event.

Speaker #3: It will also support onboard compute processes for high rate data from radar , LiDAR and vision sensors , as well as supporting sensor fusion .

Let's talk about capital strategy first.

Speaker #3: Combining data from a range of sensors to deliver reliable and accurate aircraft state estimation and situational awareness in the most challenging environments . It also establishes a foundation to develop features that enhance operational insight , reliability , and performance , including predictive system health monitoring and digital twin modeling .

JoeBen Bevirt: Once again, that's Star 1 to be placed in the question queue. Our first question today is coming from Christine Liewek from Morgan Stanley. Your line is now live. Hey, good afternoon, everyone. I just wanted to follow up on your progress with your international partners. I was wondering, with the early adopters, are you planning to provide commercial service with a Joby aircraft prior to getting FAA certification, or are you waiting for FAA certification to start flying globally? Hey, Christine. This is JoeBen. Great to speak to you. I assume you're speaking about Dubai in terms of the international partner. We're making incredible progress in Dubai. We have an aircraft that's there and flying right now. As Rodrigo mentioned in the prepared remarks, we have permission from the GCA and the Dubai Civil Aviation Authority to be conducting daily flights at the Dubai Air Show.

At <unk>, we are shaping a new industry and bringing an entirely new technology to market.

This requires substantial efforts across engineering regulation partnership infrastructure chemo refractory.

To achieve this we are strengthening of our balance sheet.

Speaker #3: We'll be deploying Super Pilot on the aircraft we're developing with L3 , Harris , allowing us to deliver to the government the same tech stack they've already seen successfully deployed on conventional planes .

At the end of the quarter, we had approximately $978 million in cash and short term investments.

In October we added net proceeds of approximately $576 million further strengthening our position.

Speaker #3: But this time on a low altitude VTOL capable aircraft . The testing we complete on this defense focused vehicle will also feed forward into a commercial AI autonomy stack that we plan to have ready and tested just as soon as the commercial air traffic control system is ready for it .

This gives us the financial strength to continue to lead the industry in bringing new innovations to market across the globe.

Next is the scaling we are investing now to build capacity for global air taxi demand.

Speaker #3: The level of technological and regulatory progress we're seeing today is unprecedented , and it is matched by an incredible commitment to aerial innovation at both the state and federal level .

We are methodically scaling manufacturing and we are very fortunate to have Toyota with us.

Speaker #3: We've positioned Joby to make the most of these opportunities , and I've never been more excited about the company and the technologies we're building .

On that journey.

JoeBen Bevirt: That's incredibly exciting. I think what you're going to expect to see over the course of 2026 is more and more flying there as we deploy more takeoff and landing locations. We're seeing incredible momentum and amazing support from the local regulators. In short, the answer to your question is yes, we continue to expect to be operational in Dubai prior to FAA-type certification. I see. Great, thank you for the clarification. For a follow-up, you guys highlighted your progress on autonomous systems with SuperPilot, which sounds really interesting. Is this going to be a software that's also going to be added to the Joby aircraft?

As Julian said propeller blades are a critical component to be highest part count on our aircraft.

Speaker #3: Rodrigo , over to you .

We have started to leverage our Ohio facility to begin ramping our production with propeller blades.

Speaker #4: Thank you . Joe , Ben , and good evening , everyone . During the third quarter of 2025 , we made several important advancements .

Ohio has these acute labor.

Speaker #4: Further positioning Joby to create durable long term value for our shareholders . When we spoke last quarter , I identified three areas of focus implementing a disciplined capital strategy scaling methodically and translating our technical and regulatory progress into long term value .

The supply chain network and the space to scale, our production as we grow.

Scheming also means preparing our global operations.

Following our acquisition of blades, we already running in network of high frequency routes in New York in Europe.

Acting major airports like GSK in prime locations like Nishu, Monaco, you might happen to the handcuffs.

Speaker #4: Let's talk about capital strategy first . At Joby , we are shaping a new industry and bringing an entirely new technology to market .

These routes are the blueprint for electrified the air taxi service.

JoeBen Bevirt: Because from my understanding, the Joby aircraft initially would be VFR, are you adding the IFR capabilities with the autonomous systems, or are you also going to add an expansion to IFR before going to full autonomous? Can you please help me understand the bridging there? Yeah. Thank you so much. This is a bunch of huge accomplishments on the autonomy front and something that we're really, really excited about. First, just to reiterate, the SuperPilot, the X-Wing team, and took SuperPilot, enabled Cessna 208, and flew it 7,000mi around the Pacific as part of the REFORPAC exercise earlier this year. That demonstrates the operational maturity. We operated that aircraft in a whole bunch of different classes of airspace and really showcased how robust that autonomy platform is. When it comes to taking that autonomy platform and putting it into the S4 platform.

Speaker #4: This requires substantial efforts across engineering , regulation , partnerships , infrastructure and manufacturing . To achieve this , we are strengthening our balance sheet .

Moving the model today, so became transition seamlessly once our aircraft is certified.

At the same time in addition to our successful flight demonstrations in Japan with DNA.

Speaker #4: At the end of the quarter , we had approximately $978 million in cash and short term investments in October , we added net proceeds of approximately $576 million for strengthening our position .

We also expanded our global partnership with Uber to include blades surfaces.

This opens up a powerful opportunity to over time to connect thousands of daily Uber users with the experience of political lift well ahead of Julius commercial launch.

Speaker #4: This gives us the financial strength to continue to lead the industry and bring new innovations to markets across the globe . Next is the scaling .

Meanwhile, in Montreal, we formally accepted our first flights in later.

<unk> in conjunction with CAE, the global leader in pilot training systems.

Speaker #4: We are investing now to build capacity for global air taxi demand . We are methodically scaling manufacturing and we are very fortunate to have Toyota with us on that journey .

This fully immersive simulator is a prerequisite for a commercial pilot training and marks an important milestone in preparing Joel before scaled operations.

Speaker #4: As Jobin said , propeller blades are a critical component in the highest part . Count on our aircraft . We have started to leverage our Ohio facility to begin ramping our production of propeller blades .

These efforts are building the foundation for our global network.

Beginning with Dubai next year, and expanding to new markets around the world, joining our regulatory commercial and technical progress into long term value.

Speaker #4: Ohio has the skilled labor this supply chain network and the space to scale our production as we grow . Scaling also means preparing our global operations , following our acquisition of blade , we are already running a network of high frequency routes in New York and Europe , connecting major airports like JFK in prime locations like Monaco and Manhattan to the Hamptons .

Now I will present, our Q3 financial results in more detail.

JoeBen Bevirt: That's going to be something that we will do progressively. It's a very step-by-step approach that we're taking. We do think that it's going to have really significant benefits when it comes to both the safety side and the operational efficiency side. We're really excited about that, and we think that that is built on the foundation of these changes that we're expecting in the air traffic control framework, as I talked about in my prepared remarks. We're really, really pleased with both the regulatory side of things and the technical side of things. Also thrilled to be working closely with NVIDIA and bringing the phenomenal compute capabilities that they've developed to aviation. Yeah, thrilled across all the different dimensions on the autonomy progress. Great. Thank you. Thank you. Our next question today is coming from Austin Muller from Canaccord Genuity.

We ended the third quarter of 2025, we cash in short term investments totaling $978 million.

During the quarter, we raised 100 in 1 million through our ATM facility.

And an additional $33 million from warrants that were exercised.

As I said earlier after the quarter ended we received net proceeds of $576 million through an equity offering further increasing our cash reserves.

Speaker #4: These routes are the blueprint for electrified air taxi service . Proving the model today . So we can transition seamlessly once our aircraft is certified .

Our Q3 use of cash cash equivalents in short term investments totaled $147 million 35 million higher than last quarter.

Speaker #4: At the same time . In addition to our successful flight demonstrations in Japan with Ana , we also expanded our global partnership with Uber to include blade services .

That was primarily due to.

Speaker #4: This opens up a powerful opportunity over time to connect thousands of daily Uber users with the experience of vertical lift well ahead of Joby's commercial launch .

And extra payroll run in Q3 versus Q2.

Growth in operating expenses.

Working capital changes and onetime costs related to our blade acquisition, which accounted for $6 million.

Speaker #4: Meanwhile , in Montreal , we formally accepted our first flight simulator developed in conjunction with CI , a global leader in pilot training systems .

This spending also included about $30 million on property and equipment up $1 million from last quarter.

JoeBen Bevirt: Your line is now live. Hi. Good afternoon. As part of the EIPP, are there any avenues for you to generate revenue in any way in that test phase with those aircraft? As a second part, could you generate revenue from flying aircraft in a JV partnership overseas during this test phase? Hi, Austin. This is Paul. With respect to EIPP, this is kind of what's going on and sort of how we think it's going to play out. Right now, we have a number of different applications that we are close to that are in the process of getting filed with the Department of Transportation. Those are going to get filed basically through the end of the year. In the early part of next year, they will then downselect to five. With those starting, we think, in the middle of next year.

We remain on track to hit the upper end of our full year 2025 guidance of 500 million to $540 million in use of cash cash equivalents in short term investments and that includes the impact of our blade acquisition.

Speaker #4: This fully immersive simulator is a prerequisite for commercial pilot training and marks an important milestone in preparing Joby for a scaled operations . These efforts are building the foundation for our global network , beginning with Dubai next year and expanding to new markets around the world , turning our regulatory , commercial and technical progress into long term value .

On a GAAP basis, we reported a Q3 net loss of $401 billion is 77 million increase from Q2, largely driven by $262 million in noncash items of which $229 million was a noncash charge related to.

Speaker #4: Now , I'll present our Q3 financial results in more detail . We ended the third quarter of 2025 with cash . In short term investments totaling $978 million .

Aaron's and burnout revaluation.

The remaining non cash items were related to stock based compensation depreciation and amortization all we've seen the normal ranges.

Speaker #4: During the quarter , we raised $101 million through our ATM facility . In an additional 33 million from warrants that were exercised . As I said earlier , after the quarter ended , we received net proceeds of $576 million through an equity offering , further increasing our cash reserves .

JoeBen Bevirt: Now, look, this is a really exciting opportunity for us because it allows us to put aircraft into operation here in the US, I think, on a far faster timescale than we might have thought. It's really one of the things that's driving the focus that JB mentioned in the prepared remarks around scaling production to now meet this kind of faster demand than we were expecting. Based on what we know now, the application set is pretty broad. A number of them include passenger transport, cargo transport, medevac, and certain of them, we think, are going to have an opportunity to have a sort of commercial bent. Without having 100% confidence at this point, we do think there are going to be interesting revenue-generating opportunities that come out of the IPP program. Regarding your question with respect to JVs.

The large noncash revaluation charge related to warrants and earn out shares was due to the increase in our share price, which negatively impacts the calculation in gets updated every single quarter.

Revenue for the quarter was $23 million, including $14 million in revenue from blade from August 29 through September 30th.

Speaker #4: Our Q3 use of cash , cash equivalents and short term investments totaled $147 million , 35 million higher than last quarter . That was primarily due to an extra payroll run in Q3 versus Q2 growth in operating expenses .

And 9 million from other revenue, which includes the completion of all required deliverables as part of our agility Prime defense contract as well as other engineering services.

Speaker #4: Working capital changes and one time costs related to our blade acquisition , which accounted for $6 million . This spending also included about $13 million on property and equipment , up 1 million from last quarter .

We do not expect a jewelry prime revenue to continue.

JoeBen Bevirt: I think the revenue that you may see from those sorts of partnerships would be pre-orders and/or pre-payments for aircraft that were going into those JVs. We announced, obviously, the partnership with ANA in Japan. That is one that could sort of look like that. I think the real question now is ensuring that we're able to build enough aircraft to meet this broader, faster demand that we saw. That's why manufacturing is sort of the focus. Okay. Just to follow up, are you going to be able to fly the conforming aircraft in TIA testing as long as the means of compliance remains at 97%, or does it not matter for proceeding with flight testing in that phase? Yeah. Thanks, Austin. Just to be really clear here, we are so excited about the progress we're making on building these aircraft for TIA testing.

As the work has been completed.

Total operating expenses for the quarter, including about one month of blades were $204 million up about 36 million from the prior quarter.

Speaker #4: We remain on track to hit the upper end of our full year 2025 guidance of 500 million to $540 million in use of cash , cash equivalents and short term investments .

The increase was largely driven by the inclusion of our blade operating expenses and acquisition related costs.

Coupled with higher staffing and program spend to support key milestones, including progress on the final assembly of our first TIAA aircrafts.

Speaker #4: And that includes the impact of our blade acquisition on a GAAP basis . We reported a Q3 net loss of $401 million is 77 million , increased from Q2 , largely driven by $262 million in non-cash items , of which 229 million was a non-cash charge .

Adjusted EBITDA, a non-GAAP metric that we reconciled to our net income in our shareholder letter was a loss of $133 million in the third quarter.

This was just about 1 million higher than the prior quarter, reflecting the revenue booked in Q3 offset by the increasing standing I called out before.

Speaker #4: Related to warrants in the earnout revaluation, the remaining non-cash items were related to stock-based compensation, depreciation, and amortization, all within the normal ranges.

Compared to the same periods last year, our adjusted EBITDA loss was 12 million higher driven by the growth in our team to support aircraft design manufacturing and certification along with early commercialization investments.

Speaker #4: The large non-cash revaluation charge related to warrants in Earnout shares was due to the increase in our share price , which negatively impacts the calculation and gets updated every single quarter .

JoeBen Bevirt: This is the culmination of all the work that we've been doing over more than a decade, and it builds on an incredible foundation of work from both Joby and from the FAA. As I spoke about, this is heavy lifting from FAA DARs to ensure that as each of these aircraft is getting built, they're getting built in a really meticulous way. This is a huge moment to be beginning the power-on testing of this aircraft. I will also add that we are building a total of five aircraft for TIA testing, and all five of those are in the production process as we speak. The momentum we're seeing on manufacturing and scaling manufacturing is really fantastic. The reason this is so important is these are the aircraft that FAA pilots will get in and fly for credit, and that is.

As we look ahead.

Our focus remains on disciplined execution advancing certification scaling production in preparing for a commercial launch.

Speaker #4: Revenue for the quarter was $23 million , including 14 million in revenue from blade from August 29th through September 30th and 9 million from other revenue , which includes the completion of all required deliverables .

With a robust balance sheet proven technology mature program flying aircraft and World Class partners, we are operating from a position of stream.

Speaker #4: As part of our agility Prime Defense contract , as well as other engineering services , we do not expect agility Prime revenue to continue as the work has been completed .

We look forward to many folks at the Dubai Air show in two weeks, where our aircraft has been cleared by both the general Civil Aviation Authority, India, Dubai Civil Aviation authority to fly full transition every single day.

Speaker #4: Total operating expenses for the quarter , including about one month of blade , were $204 million , up about 36 million from the prior quarter .

Thank you for your continued support and operator, please open the call for questions.

Speaker #4: The increase was largely driven by the inclusion of blade operating expenses and acquisition related costs , coupled with higher staffing and program spend to support chemo stones , including progress on the final assembly of our first Tia aircraft .

Certainly, we'll now be conducting a question and answer session.

It can be placed in the question queue. Please press star one on your telephone keypad.

A confirmation tone will indicate your line is in the question queue.

JoeBen Bevirt: Those are the final stages of our TC process. We're doing the heavy lifting, we're doing the work that's required to get us through TC, and it's happening right now. I just can't tell you how proud I am of the manufacturing team, how proud I am of the certification team, how grateful I am to the FAA and their lean-in. They're working shoulder to shoulder with us. They were here yesterday, giving us the airworthiness, moving through the airworthiness process on the hybrid aircraft. They're not getting paid, right? The commitment, the lean-in, the passion from these aviation professionals is just really unprecedented, and we can't say how grateful we are to all of them. Thank you. I'll pass it back there. Thank you. As a reminder, that's Star 1 to be placed into question queue.

You May press star two if you'd like to move your question from the queue.

We ask you. Please ask one question and one follow up the return to the queue. Once again Thats star one to replace in the question queue.

Speaker #4: Adjusted EBITDA , a non-GAAP metric that we reconciled to our net income in our shareholder letter , was a loss of $133 million in the third quarter .

Our first question today is coming from Christina Leeway from Morgan Stanley. Your line is that right.

Speaker #4: This was just about 1 million higher than the prior quarter , reflecting the revenue booked in Q3 , offset by the increase in spending .

Hey, good afternoon, everyone.

Just wanted to follow up on your progress with your International Partners I was wondering with the early adopters are you planning to provide commercial service with Adobe aircraft prior to getting FAA certification or are you waiting for FAA certification to start flying globally.

Speaker #4: I called out before compared to the same period last year . Our adjusted EBITDA loss was 12 million higher , driven by the growth in our team to support aircraft design , manufacturing and certification , along with early commercialization investments .

Hey, Christine this is joanne great to speak to you.

We.

I assume you're speaking about Dubai in terms of the international partner.

Speaker #4: As we look ahead , our focus remains on disciplined execution , advancing certification , scaling production in preparing for commercial launch with a robust balance sheet , proven technology , mature program , flying aircraft world class partners , we are operating from a position of strength .

We will.

We're making incredible progress in Dubai, we have.

Aircraft, that's there and flying right now and.

JoeBen Bevirt: We ask that you please ask one question, one follow-up, then return to the queue. Our next question is coming from Andrea Shepard from Canaccord Genuity. Your line is now live. Hey, everyone. Good afternoon, and congratulations on the quarter, and thanks for taking our questions. JoeBen, I wanted to maybe go back to the first question just around commercialization. It sounds like we're still targeting commercialization ahead of FAA certification in the Middle East. Are we able to get more clarity on kind of how you see that unfolding, or just in terms of timing or number of aircraft? I think in the past, you had mentioned passenger flights potentially by the spring. Just wondering, is that timeline for next year? Is that still on track, or do we perhaps see maybe it pushing to the right slightly? Thank you. Thank you, Andrea.

As Roger mentioned in the prepared remarks, we have permission from the GTA and device level Aviation authority.

Be conducting daily flights at the Dubai Air show, So that's incredibly exciting and I think what youre going to expect to see over the course of 2026 is more and more flying there.

Speaker #4: We look forward to meeting folks at the Dubai Air Show in two weeks , where our aircraft has been cleared by both the General Civil Aviation Authority and the Dubai Civil Aviation Authority to fly full transition every single day .

We deploy more takeoff and landing locations.

Speaker #4: Thank you for your continued support . And operator , please open the call for questions .

And we're seeing incredible momentum and an amazing support from from the local regulators. So in short the answer to your question is yes, we continue to expect to be operational in Dubai prior to FAA type certification.

Speaker #1: Certainly will now be conducting a question and answer session . If you'd like to be placed into question queue , please press star one on your telephone keypad .

Speaker #1: A confirmation tone will indicate your line is in the question queue . You may press star two . If you'd like to move your question from the queue , we ask that you please ask one question , one follow up , then return to the queue once again , that's star one to be placed in the question queue .

Great. Thank you for the clarification.

A follow up on.

You guys, highlighting our progress on autonomous systems with Super pilot, which sounds really interesting.

JoeBen Bevirt: It's great to catch up with you. The progress we're seeing and the momentum, as I mentioned, in Dubai is really fantastic, both with the GCA, with the Dubai Civil Aviation Authority, with the RTA. We've got all the regulators leaned in. Skyports is doing a phenomenal job on moving forward with infrastructure. We have a team there, and we're building out that team, staffing that team, doing the training, and putting all the pieces in place. I'm really excited and grateful for the progress that we're making day in and day out. In terms of, we expect to be ramping that operation through the course of this next year. I think the real critical bottleneck is going to be, and the demand you asked about is very, very substantial there.

So is this going to be a software. That's also going to be added to the JV aircrafts and casino from my understanding that youll be aircraft. Initially would be VFR. So are you, adding the ISR capabilities of the autonomous systems or are you also going to add any.

Speaker #1: Our first question today is coming from Christine Liwag from Morgan Stanley . Your line is now live .

Speaker #5: Hey , good afternoon everyone . I just wanted to follow up on your progress with your international partners . I was wondering with the early adopters , are you planning to provide commercial service with Adobe aircraft prior to getting FAA certification , or are you waiting for FAA certification to start flying globally ?

<unk> to ifr before going to full autonomous like can you. Please help me understand the bridging there.

Yes. So thank you so much this is a huge.

A bunch of.

Speaker #3: Hey , Christine , this is Jovan . Great to speak to you . We I assume you're speaking about Dubai in terms of the international partner .

Huge accomplishments on the autonomy front and something that were.

Really really excited about that.

First just to reiterate.

The the Super pilot the excellent team.

Speaker #3: We will . We're making an incredible progress in Dubai . We have aircraft that that's there and flying right now . And as as Rodrigo mentioned in the prepared remarks , we have permission from the GCA and the Dubai Civil Aviation Authority to be conducting daily flights at the Dubai Air Show .

And took super pilot.

Enabled Cessna to OE and fluid 7000 miles around the Pacific as part of the <unk>.

JoeBen Bevirt: The bottleneck is going to be how fast we can ramp manufacturing, as Paul was talking about, to meet that demand. This is where I'm so proud of the team and the progress we're making on scaling production, and scaling it alongside Toyota, whether that's in Marina, whether that is the progress we're making in Dayton on blades. I think this is the real central pillar of the work that we have in front of us, to scale manufacturing as aggressively as we can. We're making great progress. Got it. Okay. I guess as maybe a follow-up for Rodrigo, are you able to maybe help us understand how should we think about blades revenues for Q4 and for the, I guess, and throughout next year? I mean, is $22 million in quarterly revenue and 55% gross margin, is that the norm?

Exercise earlier this year that demonstrates the operational maturity, we operated that aircraft in a whole bunch of different process of aerospace.

Speaker #3: So that's incredibly exciting . And I think what you're going to expect to see over the course of of 2026 is more and more flying .

And.

Really showed showcased.

How robust.

Autonomy platform is.

Speaker #3: There as we deploy more takeoff and landing locations , and we're seeing incredible momentum in and amazing support from from the local regulators .

As it comes when it comes to taking that autonomy platform and putting it into.

The <unk> platform.

It's going to be something there.

Speaker #3: So in short , the answer to your question is yes , we continue to expect to be operational in Dubai prior to FAA type certification .

That we will do progressively it's a very step by step.

Approach that we're taking but we do think that it's going to have.

A really significant benefits when it comes to <unk>.

On both the safety side and the operational efficiency side. So we're really excited about that and we think that that is.

Speaker #5: I see , great . Thank you for the clarification and for a follow up . You guys highlighted your progress on autonomous systems with Super Pilot , which sounds really interesting .

Built on the foundation of these changes that are where.

Speaker #5: So is this going to be a software that's also going to be added to the Joby aircraft ? And from my understanding , the Joby aircraft initially would be VFR .

We're expecting in the air traffic control framework as I talked about in my prepared remarks. So we're really really pleased with both the regulatory side of things and the technical side of things also thrilled to be working closely with with Nvidia and bringing the phenomenal compute capabilities that they've developed.

Speaker #5: So are you adding the IFR capabilities with autonomous systems or are you also going to add a expansion to IFR before going to full autonomous ?

JoeBen Bevirt: What's the best way to think about that for maybe next quarter and throughout next year? Thank you. Andreas, thanks for the question. Rodrigo here. Well, we are not providing any guidance specific for next quarter or next year. However, we would like to point you to what has been said publicly. Blade had a number right before the acquisition on 29 August. Essentially, we are not deviating from it. Number two, let's just remind you that Q4 is when the low season starts. Q4 is one of the lowest quarters there. We are happy to have Rob here just to add a little more context here. Rob. Hi, Andreas. It's Rob Wiesenthal speaking. Performance has been pretty good this summer, as you've probably been reading.

Speaker #5: Can you please help me understand that the bridging there ?

Speaker #3: Yeah . So thank you so much . This is a huge a bunch of huge accomplishments on the autonomy front and something that we're really , really excited about .

Two aviation and.

Yes zero across all all the different dimensions on the autonomy progress.

Okay. Thank you.

Speaker #3: The the first just to reiterate the the super pilot , the X-Wing team and took super Pilot enabled Cessna 208 and fluid 7000 miles around the Pacific as part of the reefer pack exercise earlier this year .

Thank you. Our next question today is coming from Austin Moeller from Canaccord Genuity Novartis in their life.

Hi, good afternoon.

As part of the IPP are there any avenues for you to generate revenue in any way in that test phase with those aircraft and as a second part could you generate revenue from flying aircraft in a JV partnership overseas during this test phase.

Speaker #3: That demonstrates the the operational maturity we operated that aircraft in a whole bunch of different classes of airspace and really showed showcased how robust that autonomy platform is as it comes when it comes to taking that autonomy platform and putting it into the the S4 platform , that's going to be something that we will do progressively .

JoeBen Bevirt: I think what's also important to announce is the kind of expansion opportunities that we're taking advantage of. Shortly before this call, we announced a pilot program for our very first commuter route to the public, serving New York suburbanites who live in Westchester, Bedford, Rye, Ardsley, Greenwich, with flights that go between Westchester Airport and Manhattan. That turns a one-and-a-half-hour drive during rush hour into a 12-minute flight. You can fly with a commuter pass for as little as $125. That'll be a five-day-a-week service. It's actually our very first public commuter route, and that's important because the industry has been very much focused on airport flights, which is clearly an important use case. We've been doing it for over six years, but it was really time for us to kind of expand our service offerings to include commuter routes.

Hi, Austin this is Paul.

So with respect to IPP. This is kind of what's going on and sort of how we think it's going to play out.

So right now we have a number of different applications that we are close to that are in the process of getting filed with the department of transportation those are going to get filed basically through the end of the year and the early part of next year.

Speaker #3: It's a very step by step approach that we're taking , but we do think that it's going to have a really significant benefits when it comes to on on both the safety side and the operational efficiency side .

We'll then down select to five.

With those starting we think in the middle of next year.

This is a really exciting opportunity for us because it allows us to put aircraft into operation here in the U S. I think on a far faster time scale at scale, then we might have thought and it is really one of the things that's driving the focus that J P mentioned in the prepared remarks around scaling production to now meet this kind of faster demand.

Speaker #3: So we're really excited about that . And we think that that is built on the foundation of these changes that are we're expecting in the air traffic control framework .

Speaker #3: As I talked about my prepared remarks, we're really, really pleased with both the regulatory side of things and the technical side of things.

And then we were expecting.

JoeBen Bevirt: Once the Joby aircraft is certified, we expect new landing zones to be approved and activated, which will offer even more convenience to people working in big cities. We're going to see more of this in the future. We already have pods of communities, like in Deal, New Jersey, on the Jersey Shore, where people fly to work there and back every morning. That's a two-hour drive that becomes a 15-minute flight. We're very excited about the prospects of expansion under Joby's ownership, and things are off to a great start. Wonderful. That's helpful. Thank you so much. Thank you. Next question today is coming from Saudi Sith from Raymond James. Your line is now live. Hey, good morning. Oh, good afternoon. Sorry about that, long day. Just to follow up on one of Austin's questions earlier, just around certification and the shutdown as well. Just the.

When we've based on what we know now the application set is pretty brought a number of them include passenger transport cargo transport medevac.

Speaker #3: Also thrilled to be working closely with with Nvidia and bringing the phenomenal compute capabilities that they've developed to aviation and and yeah , thrilled across all all the different dimensions on the autonomy progress .

And certain of them. We think are going to have an opportunity to have a sort of commercial bet. So without having 100% confidence at this point, but we do think they're going to be interesting revenue generating opportunities that come out of the IPP program.

Speaker #5: Great . Thank you .

Regarding your question with respect to <unk>.

Speaker #1: Thank you . Our next question today is coming from Austin Muller from Canaccord Genuity . Your line is now live .

I think the revenue that you may see from those sorts of partnerships would be preorders and our prepayments for aircraft that we're going into those JV.

Speaker #6: Hi . Good afternoon . As part of the EIP , are there any avenues for you to generate revenue in any way in that test phase with those aircraft ?

We announced obviously the partnership with <unk>.

In Japan that is one that could sort of look like that.

Speaker #6: And as a second part , could you generate revenue from flying aircraft in a JV partnership overseas during this test phase ? Hi .

But I think the real question now is.

Ensuring that we are able to build.

Enough aircraft to meet this broader faster demand that we saw so thats why manufacturing as sort of the focus.

Speaker #3: Austin , this is .

Speaker #7: Paul . So with respect to EIP , this is kind of what's going on and sort of how we think it's going to play out .

JoeBen Bevirt: Flight that your aircraft that you're building and doing ground testing right now, is that the one that will be flying? Do the propellers kind of get added back? What exactly can you do with that aircraft in TIA testing while the government is shut down? It sounds like, as you pointed out, FAA is coming in and doing certain things, but I was curious what you can and cannot achieve during this time. Hi, Saudi. This is Paul. Thus far, we've gotten incredible lean-in from the FAA even during the shutdown. That included, as JB mentioned, I think, in the prepared remarks, having their FAA airworthiness folks here on site to do the checkout for the hybrid version of the aircraft. That's actually still ongoing today, and these are folks that are showing up without getting paid.

Okay, and just a follow up.

Speaker #7: So right now we have a number of different applications that we are close to that are in the process of getting filed with the Department of Transportation .

Are you going to be able to fly the conforming aircraft in TIAA testing as long as the means of compliance remains at 97% or.

Speaker #7: Those are going to get filed basically through the end of the year . In the early part of next year . They will then Downselect to five with those starting .

Does it not matter for proceeding with flight testing in that in that space.

Speaker #7: We think in the middle of next year . Now , look , this is a really exciting opportunity for us because it allows us to put aircraft into operation here in the US .

Yes, thanks, Allison so just to be.

Really really clear here, we are so excited about the progress we're making on building.

Speaker #7: I think on a far faster timescale at scale than we might have thought . And it's really one of the things that's driving the focus that JB mentioned in the prepared remarks around scaling production to now meet this kind of faster demand than we were expecting .

These aircraft for TIAA testing. This is the culmination of all the work that we've been doing over more than a decade and it builds on an incredible foundation of work from both <unk> and from the FAA and as I spoke about this is <unk>.

Speaker #7: When we've , based on what we know now , the application set is pretty broad . A number of them include passenger transport , cargo transport , medevac , and certain of them we think are going to have an opportunity to have a sort of commercial bent .

JoeBen Bevirt: We're really, obviously, sort of grateful for their work on this in this sort of difficult period. When it comes to the progression of the TIA aircraft, look, we're going to be doing the power-on checkout, progressing then to Joby-piloted flights, and then moving from there to FAA-piloted flight testing for credit on that vehicle. Right now, we don't necessarily anticipate that the FAA flight test pilot portion of that testing is going to be delayed by the shutdown. This is obviously still a very much evolving process. We have been very pleased with the lean that we've gotten. If this shutdown persists longer and longer, there's certainly some uncertainty in how that's going to play out. From the Joby standpoint, we just want to make sure that we're ready.

Heavy lifting from FAA Drs FAA.

<unk>.

To ensure that as each of these aircraft is getting built that theyre getting built in are really meticulous way. So this is a huge moment to be beginning the power on testing of this aircraft.

Speaker #7: So without having 100% confidence at this point , like we do think there are going to be interesting revenue generating opportunities that come out of the IP program .

Speaker #7: Regarding your question with respect to JVs , I think the revenue that you may see from those sorts of partnerships would be preorders and or prepayments for aircraft that were going into those JVs .

I'll also add that we are building a total of five aircraft for TIAA testing and all five of those are in the production process as we speak so the momentum we're seeing.

Manufacturing and scaling manufacturing is.

Speaker #7: We announced , obviously , the partnership with Ana in Japan , that is one that could sort of look like that . But I think the real question now is ensuring that we're able to build enough aircraft to meet this broader , faster demand than we saw .

Is really fantastic. The reason. This is so important is these are the aircraft that FAA pilots will get in and fly for credit.

JoeBen Bevirt: Ready with the right aircraft, ready with the training for those pilots, and then ready to begin the FAA flight testing just as soon as we can. That's very helpful, Paul. Maybe if I can just follow up on that, then. I think the rule of thumb is, once you start TIA flight testing, it's about a year, year and a half from there to full certification. Just how much of that happens with kind of the Joby pilots versus kind of when do the FAA pilots kind of step in and do that part of the testing? This, Paul, I guess I'll pick that up. Look, the timing of the TIA flight test portion is sort of variable depending on the program.

And that is the.

Those are the final stages of.

Speaker #7: So that's why manufacturing is sort of the focus .

Our TCE process like we're doing that we're doing the heavy lifting we're doing the work that's required to get us through OTC and it's happening right now so.

Speaker #6: Okay . And just to follow up , are you going to be able to fly the conforming aircraft in Tia testing as long as the means of compliance remains at 97% ?

Just can't tell you how proud I am in the manufacturing team how proud I am of the certification team how grateful I am to the FAA and their lean in there working shoulder to shoulder with us.

Speaker #6: Or does it not matter for proceeding with flight testing in that in that space ? Yeah .

They were here yesterday.

Hi.

Giving us their readiness.

Speaker #3: Thanks , Austin . So just to be really , really clear here , we are . So excited about the progress we're making on on building these aircraft for Tia testing .

Moving through the orebody this process on on the.

Hybrid aircraft.

And they're not getting paid right. So the commitment to lean in the passion from these aviation professionals is just really unprecedented we can't can't say, how grateful we are to all of them.

Speaker #3: This is the culmination all the work that we've been doing over more than a decade , and it builds on an incredible foundation of work from both Joby and from the FAA .

JoeBen Bevirt: We've obviously got a plan that we're sort of working with FAA that includes five different aircraft that are going to be flown in various levels of parallelization to try to speed that process up as quickly as we can. As JB mentioned, all five of those aircraft are in some part of production at this moment. Obviously, the first one of those is sort of in this power-on stage as we get ready for its first flights. With respect to how much time is spent with the Joby pilots versus the FAA pilots, as a general rule, we want to make sure that we are doing the things that we need to do for FAA for credit flight testing internally before we do them with FAA pilots in seat. Much of that work has already been done on other versions of these aircraft.

Thank you I'll pass it back there.

Speaker #3: And as I spoke about this is heavy lifting from FAA , FAA , Dars to ensure that as each of these of aircraft is getting built , that they're getting built in a really meticulous way .

Thank you as a reminder, that star one to be placed in the question queue and we ask you. Please ask one question one follow up the return to the queue.

Our next question is coming from Ultra Shepard from Cantor Fitzgerald. Your line is now live.

Speaker #3: So this is a huge moment to be beginning to power on testing of this aircraft . I will also add that we are building a total of five aircraft for Tia testing , and all five of those are in the production process as we speak .

Hey, everyone. Good afternoon, and congratulations on the quarter and thanks for taking our questions.

Joe I wanted to maybe go back to the first question just around commercialization. So it sounds like we're still targeting commercialization ahead of FAA certification in the Middle East are we able to get more clarity on kind of how you see that unfolding or just in terms of timing or or number of.

Speaker #3: So the the momentum we're seeing on manufacturing and scaling manufacturing is is really fantastic . The reason this is so important is these are the aircraft that FAA pilots will get in and fly for credit , and that is the those are the final stages of our process .

JoeBen Bevirt: It's really about making sure that we have those TIA aircraft ready at the right time. In turn, we line that up with the availability of the FAA flight testing pilots. That's going to be the sort of synchronization that we have to manage starting basically now. Helpful. Thank you. Thank you. Next question today is coming from Bill Peterson from J.P. Morgan Chase & Company. Your line is now live. Hi there. Good afternoon. This is Mahim On for Bill. I was curious, how should we think about the pace at which you'll move across the Stage 5 certification progress bar once TIA testing starts? Should we really start to see that acceleration beginning next year as soon as you get the FAA pilots on board? Thanks, Mahim On. We're really excited to get into TIA, as Paul talked about. The other element.

Of aircraft I think in the path you had mentioned passenger flights potentially by the spring.

So just wondering is that timeline for next year is that still on track or do we perhaps see.

Maybe you are pushing into the right slightly thank you.

Speaker #3: Like we're doing the heavy , we're doing the heavy lifting . We're doing the work that's required to get us through TCE . And it's happening right now .

Thank you Andreas Greg did catch up with you so the.

The progress we are seeing and the momentum as I mentioned in Dubai is really fantastic both with the GTA.

Speaker #3: So I just can't tell you how proud I am in the manufacturing team , how proud I am of the certification team , how grateful I am to the FAA and their lean in , their working shoulder to shoulder with us .

With the device Civil Aviation authority with the RTA, we've got all the regulators leaned in.

Sky Sports is doing a phenomenal job on.

Speaker #3: They were here yesterday giving us the airworthiness , moving through the airworthiness process on on the hybrid aircraft . And they're not getting paid .

Moving forward with with infrastructure, we have a team there and we're building out that team staffing that team doing the training and putting all the all the pieces in place and I'm really excited and grateful for the progress that we're making day in and out.

Speaker #3: Right . So the the commitment , the lean and the passion from these aviation professionals is just really unprecedented . And we can't can't say how grateful we are to all of them .

We in terms of.

JoeBen Bevirt: A key piece to be cognizant of is the way we've built. Our reporting on Stage 5 is that we will get points on the board when we submit those test results. There's a huge amount of work that's happening on the Joby side as we take the approved test plan, and we build the part that is going to get tested or the aircraft that's going to get tested, and then we run the testing on it. Then we write the test report, we submit that, and then we get credit on Stage 5. It may be that a lot of the progress that happens on Stage 5 is when we're very, very close to the finish line. I think the important thing is that.

We expect to be ramping that operation through the course of this next year I think that the.

Speaker #6: Thank you . I'll pass it back . There .

The real critical bottleneck is going to be.

Speaker #1: Thank you . As a reminder that Star One to be placed into question Q , we ask that you please ask one question , one follow up , then return to the Q our next question is coming from Andrea Sheppard from your line is now live .

And the demand you asked about is very very substantial there. The bottleneck is going to be how fast we can ramp manufacturing as Paul was talking about to meet that demand and this is where I'm. So proud of the team and the progress we're making on.

Speaker #8: Hey , everyone . Good afternoon . And congratulations on the quarter . And thanks for taking our questions . I wanted to maybe go back to the first question just around commercialization .

Scaling production.

And scaling it alongside Toyota whether thats.

And Marina whether that is the progress we're making in Dayton on blades.

Speaker #8: So it like we're still targeting commercialization ahead of FAA certification in the Middle East . Are we able to get more clarity on how you see that unfolding , or just in terms of timing or number of aircraft ?

And.

I think this is the the real central.

Pillar of the work that we have in front of US is to scale manufacturing as aggressively as we can and we're making great progress.

Speaker #8: I think in the past you had mentioned passenger flights, potentially by the spring. So, just wondering, is that the timeline for next year?

Got it okay.

JoeBen Bevirt: In addition to making incredible progress on the manufacturing of the five TIA aircraft, the team is also making incredible progress on the manufacturing of the test articles. Those test articles are very challenging from a manufacturing standpoint because each one of them is different from a production part. It has intentional changes that we're putting into those parts that have been specified by the FAA DERs. This is really fantastic work by the manufacturing team, and we're making incredible progress on it, which puts us in a great position both for the TIA flight test, but also in terms of completing all of the component-level testing required to complete Stage 5. That's really helpful context. Thank you for that. Maybe as a follow-up, you started manufacturing propeller blades in Dayton, but are there any other conforming parts you expect to also transition.

And I guess, maybe a follow up for Rodrigo.

Speaker #8: Is that still on track or do we perhaps see maybe pushing into the right slightly . Thank you .

Are you able to maybe help us.

Speaker #3: Thank you Andre . It's great . Great to catch up with you . So the the progress we're seeing in the momentum , as I mentioned in Dubai , is really fantastic , both with the GCA , with the Dubai Civil Aviation Authority , with the RTA .

<unk> like <unk>.

How should we think about blades revenues for Q4 and for the I guess and throughout next year I mean is $22 million in quarterly revenue and 55% gross margin is that the norm or.

Speaker #3: We've got all the regulators leaned in . Skyports is doing a phenomenal job on moving forward with with infrastructure . We have a team there and and we're building out that team , staffing that team , doing the training and putting all the all the pieces in place .

What's the best way to think about that for maybe next quarter and throughout next year. Thank you.

Andrew Thanks for the question Rodrigo here.

Well.

We are not providing any guidance specific for next quarter or next year. However.

We would like to point you to what has been said Liam.

Speaker #3: And I'm really excited and grateful for the progress that we're making day in and day out . We , in terms of of we expect to be ramping that operation through the course of this next year .

<unk> had a number right before the acquisition on August 29, So essentially we are not deviating from it.

Number two let's just remind you that Q4 is when the low season starts. So Q4 is one.

Speaker #3: I think the the real critical bottleneck is going to be and the demand you asked about is , is very , very substantial .

One of the lowest slowest quarter, there and we are happy to have Rob here, just you add little bit more on next year Rob.

Speaker #3: There . The bottleneck is going to be how fast we can ramp manufacturing , as Paul was talking about , to meet that demand .

JoeBen Bevirt: To Dayton in the near term? How quickly could you ramp up that capacity you'll need to support certification efforts? Yeah. Thank you. Really thrilled with the team in Dayton and the quality of the workforce that we've been able to build there, and the speed at which we've been able to onboard those folks and have them contributing in a huge way. We're also thrilled with the support that we've received from the state and local government in Dayton, and we see massive opportunities to continue to expand our footprint both in our existing facility and as we look forward in the Dayton region more generally. In addition, again, following the model that I spoke about where we perfect a process here at our pilot facility in California, then we're able to scale it alongside our partners in our partnership with Toyota.

Speaker #3: And this is where I'm so proud of the team . And and the progress we're making on scaling production and scaling it alongside Toyota .

My address its Rob Wiesenthal speaking.

It's been performance has been pretty good this summer.

You've probably been reading, but I think what's also important to announce as kind of the kind of expansion opportunities that we're taking advantage of <unk>.

Speaker #3: Whether that's , you know , in Marina , whether that is the progress we're making in Dayton on blades and I , I think this is the the real central pillar of of the work that we have in front of us is , is to scale the manufacturing as aggressively as we can .

Shortly before this call we announced a pilot program for our very first commuter route.

To the public.

Serving New York Suburbanites.

Who live in Westchester Bedford rides Scarsdale, Greenwich with flights that go between a Westchester airport in Manhattan that turns a one and a half hour drive during rush hour and two a 12 minute flight.

Speaker #3: And we're making great progress.

Speaker #8: Got it . Okay . And I guess as maybe a follow up for Rodrigo , are you able to maybe help us understand , like how should we think about blades revenues for Q4 and for the , you know , I guess throughout next year ?

You can fly with a commuter pass for as little as $125. There will be a five day a week service its actually our very first public.

Commuter route and that's important because the industry is a very been very much focused on airport flights, which is clearly an important use case, we've been doing that for over six years, but it was really time for us to kind of expand our service offerings to include commuter routes and once the job of aircrafts is certified we expect new landing zones to be approved and.

Speaker #8: I mean, it's $22 million in quarterly revenue and a 55% gross margin. Is that the norm, or what's the best way to think about that for maybe next quarter and throughout next year?

JoeBen Bevirt: I would love to just highlight how vitally important Toyota is and how strong the relationship that we have with Toyota right now. We have never been closer with Toyota. Toyota has never been more leaned in, and we think that they are an unparalleled partner for us as we look to take aviation to a scale that has never been seen before. Great. Thank you so much for answering our questions. Thank you. Ladies and gentlemen, in the interest of time, we ask that you please limit further questions to one question only. Our next question is coming from Edison Yoo from Deutsche Bank. Your line is now live. Hey, good afternoon. Thanks for taking the question. I'll keep it at one. I wanted to ask about the hybrid for defense. How should we think about the design?

Speaker #8: Thank you .

Speaker #4: Andreas . Thanks for the question , Rodrigo . Here . Well , we are not providing any guidance specific for next quarter or next year .

<unk>, which will offer even more convenience.

Two people work in big cities, and we're going to see more of this in the future we already have pods.

Speaker #4: However , we would like to point you to what has been said publicly and in in Blade Head , a number right before the acquisition on August 29th .

Communities like NGL, New Jersey on the Jersey shore, where people fly to work.

There and back every morning, that's a.

Two hour drive that 15 minute flight. So we're very excited about the prospects of expansion.

Speaker #4: So essentially we are not deviating from it . Number two , let's just remind you that Q4 is when the low season starts .

Joey's ownership and things are off to a great start.

Speaker #4: So Q4 is , you know , one of the lowest , lowest quarter . There . And we are happy to have Rob here .

Wonderful I think that's helpful. Thank you so much.

Thank you next question today is coming from Savi <unk> from Raymond James Your line is now live.

Speaker #4: Just to add a little bit more context here , Rob .

Hey, good morning, good afternoon, sorry about that long day.

Speaker #9: Hi , it's Rob Wiesenthal speaking . You know , it's been performance has been , you know , pretty good this summer . We as you probably been reading .

JoeBen Bevirt: Is that something you just kind of put an engine on the existing airframe? Do you need to redo the airframe? Is the supply chain going to get more complicated? Just how to think about the process and design for hybrid. Thanks. Thanks, Edison. This is Paul. Look, our approach is really in line with the sort of principles of dual use. Where possible, we want to take full advantage of the proven airframe that we have developed and tested over the last five, six years. We also want to be able to take advantage of the manufacturing lines that we already have ready to produce those components down the line. I think the right way to think about that aircraft is a sort of variant of the existing vehicle that is then, in turn, missionized for different customer use cases.

Just a follow up on a.

Boston questions earlier, just around certification and.

Speaker #9: But I think what's also important to announce is kind of the kind of expansion opportunities that we've taken advantage of shortly before this call , we announced a pilot program for our very first commuter route to the public serving New York suburbanites who live in Westchester , Bedford , Rye , Scarsdale , Greenwich with flights that go between Westchester Airport and Manhattan that turns a 1.5 hour drive during rush hour into a 12 minute flight .

And the shutdown as well.

That does yeah, that's like that your aircraft that Youre building in ground testing right now.

Is that the one that would be flying the propeller as kind of get added back and then what exactly can you do with that aircraft NTIA testing, while the government has shut down it sounds like as you pointed out.

It's coming and doing certain things, but I was curious what you can and cannot achieved during this time.

Hi, Savi this is Paul.

Speaker #9: You can fly with a commuter pass for as little as $125 . There'll be a five day a week service . It's actually our very first public commuter route , and that's important because , you know , the has very been very much focused on airport flights , which is clearly an important use case .

So.

Thus far we've got gotten incredible lean in from the FAA, even during the shutdown.

That included as J P mentioned I think in the prepared remarks, having their FAA airworthiness folks here on site to do the checkout for the hybrid version of the aircraft that's actually still ongoing today and these are folks that are showing up without getting paid so we're really obviously sort of grateful.

JoeBen Bevirt: What I think is really exciting, though, is that we've been able to move from concept to soon sort of demonstration of that vehicle at a very rapid pace, basically sort of three months from when we announced the L3Harris partnership to the preparations for flight testing that are happening right now. In turn, we think we're going to be able to move from demonstration to flexible deployment with those customers very quickly because we've got a manufacturing line that we do not have to scale up or retool, where most of the components are essentially the same manufacturing line that we're using for the broader sort of commercial vehicle. That speed is something that, in our conversations to date, the customers are really looking for. They are not so happy with the sort of traditional procurement process.

Speaker #9: We've been doing it for over six years , but it was really time for us to kind of expand our service offerings to include commuter routes .

Speaker #9: And once the job aircraft is certified , we expect new landing zones to be approved and activated , which will offer even more convenience to people who work in big cities .

For their work on this are in the sort of difficult period. When it comes to the progression of the TIAA aircraft book, we're going to be doing the power on checkout progressing than two Jovi piloted flights and then moving from there too.

Speaker #9: And we're going to see more of this in the future . We already have pods of communities like in Deal , new Jersey on the Jersey shore , where people fly to work there and back every morning .

A pilot.

Flight testing for credit on that vehicle right now, we don't necessarily anticipate that the FAA.

Speaker #9: That's a two hour drive that becomes a 15 minute flight . So we're very excited about the prospects of expansion under Joby's ownership , and things are off to a great start .

Flight test pilot portion of that testing is going to be delayed by the shutdown, but this is obviously still a very much evolving process and.

Speaker #8: Wonderful . That's helpful . Thank you so much .

JoeBen Bevirt: Long spec writing, competitions, and then sort of moving to these sort of restrictive contracts. They are instead looking for things that get new technology into the hands of warfighters far more quickly. We think we've got an opportunity with this platform in conjunction with L3Harris to deliver exactly that. Thank you. Next question is coming from Chris Pierce from Neiman Company. Your line is now live. Hey, good afternoon. I was just curious, if you fast forward a year from now, what's the best possible outcome for the Blade transaction? Is it just more passenger throughput in New York, or what Rob talked about? Is it adding routes so you can seed kind of customer demand to get people to consider air taxi at a higher rate?

We have been.

Speaker #1: Thank you . Next question . Today is coming from savvy from Raymond James . Your line is now live .

Very pleased with the lean that we've gotten but like if this shutdown persists longer and longer there is certainly some uncertainty and how thats going to play out but from the <unk> standpoint, we just want to make sure that we're ready ready with the right aircraft ready with the training for those pilots and then ready to begin the FAA flight testing just as soon as we can.

Speaker #10: Hey good morning . Good afternoon . Sorry about that long day . Just a follow up on one of Austin's questions earlier . Just around certification and and and the shutdown as well .

Speaker #10: Just the t the flight that your aircraft that you're building and during ground testing right now is that the one that will be flying .

That's very helpful client it maybe if I can just follow up on that then.

I think the rule of thumb is.

Speaker #10: Do the propellers kind of get added back ? And then what exactly can you do with that aircraft in Tia testing while the government is shut down ?

Once you start TIAA flight testing, it's about a year year and a half from there to for certification just how much of that happens, let's kind of Adobe pilots niches versus kind of when do the FAA pilots going to step in and do that part of the testing.

Speaker #10: It sounds like , as you pointed out , FAA is coming in and doing certain things . But I was curious what you can and cannot achieve during this time .

JoeBen Bevirt: If you fast forward a year, what would you consider making success out of this to get people enthusiastic about air taxi and the business? Hi, it's Rob Wiesenthal. I think if you step back and you look at the thesis of the acquisition, it was to de-risk and accelerate the deployment of the Joby aircraft into commercial service. We're going to continue working on projects where we can achieve profitable growth, new routes, expansion of existing schedules. We recently expanded our JFK schedule to include another node on the east side, and also deepened our Newark efforts. In Europe, we've been focusing there as well on opportunities. I think the focus on profitable growth and continue getting more data, acquiring more customers, getting more infrastructure access. I think that's going to be terrific.

Okay.

Speaker #7: Hi , this is Paul . So thus far we've got gotten incredible lean in from the FAA even during the shutdown that included , as JB mentioned , I think in the prepared remarks , having their FAA airworthiness folks here on site to do the checkout for the hybrid version of the aircraft .

So this fall I guess I'll pick that up.

Look the the timing of the TIAA flight test portion.

Variable depending on the program.

And.

We've obviously got a plan that we're sort of working with FAA that includes five different aircraft that are going to be flown in various levels of parallel addition to try to speed that process up as quickly as we can.

Speaker #7: That's actually still ongoing today . And these are folks that are showing up without getting paid . So we're really obviously sort of grateful for their work on this in this sort of difficult period .

Steve You mentioned all five of those aircraft are in some part of production at this moment and obviously the first one of those is sort of in this power on stage as we get ready for it.

Speaker #7: When it comes to the progression of the Tia craft . Look , we're going to be doing the power on checkout , progressing then to Joby piloted flights and then moving from there to FAA piloted flight testing for credit on that vehicle .

<unk> first flights.

With respect to how much time is spent with adobe pilots versus the.

FAA pilots.

Speaker #7: Right now, we don't necessarily anticipate that the FAA flight test pilot portion of that testing is going to be delayed by the shutdown, but this is obviously still a very much evolving process.

As a general rule, we want to make sure that we are doing the things that we need to do for FAA for credit flight testing internally before we do them with FAA pilots and see much of that work has already been done on other versions of these aircraft.

JoeBen Bevirt: That's really going to educate us and help us deploy these aircraft once they're certified, and to do it in a way and at a speed that I don't think the competition can match. It's a real head start versus the competition in every market Joby wants to enter. Thank you. Next question is coming from Amit Dial from HC Wayne. Your line is now live. Thank you. Good afternoon, everyone. Just with respect to all the comments on the call today, keeping in mind where we are with manufacturing readiness and all of the testing going on, what is the earliest we can take advantage of the CIPP initiative? Is 2027 a reasonable timeframe, or could it be potentially earlier than that where some of these aircraft get into operation? Hi, Amit. This is Paul. I'll try to pick that up.

Speaker #7: And we have been very pleased with the lean that we've gotten . But like , if this shutdown persists longer and longer , there's certainly some uncertainty in how that's going to play out .

So it's really about making sure that we have those <unk> aircraft ready at the right time and in turn we line that up with the availability of the FAA flight testing pilots and thats going to be the sort of synchronization that we have to manage.

Speaker #7: But from the job standpoint , we just want to make sure that we're ready , ready with the right aircraft , ready with the training for those pilots and then ready to begin the FAA flight testing just as soon as we can .

<unk> basically now.

Thank you.

Speaker #10: That's that's very helpful . Paul . And maybe if I can just follow up on that , then , you know , I think the rule of thumb is , you know , once you start flight testing , it's about a year , year and a half from there to full certification .

Thank you. Our next question today is coming from Bill Peterson from Jpmorgan Chase <unk> Company. Your line is now live.

Good afternoon, Susan him on for Dan.

I'm just curious how should we think about the pace at which you'll need the conference. The stage five certification progress Bar Wednesday April <unk>.

Speaker #10: Just how much of that happens with kind of the job pilots, which versus kind of when do the FAA pilots kind of step in and do that?

And should we really start to see that acceleration beginning next year as soon as you can see <unk>.

Speaker #10: Part of the testing .

Speaker #7: So this is Paul . I guess I'll pick that up . Look , you know , the timing of the Tia flight test portion is sort of variable depending on the program .

<unk>.

JoeBen Bevirt: I'm not sure I totally heard it, so I'm going to sort of repeat what I understood the question to be. Your question was, when do we think we can start first operations under EIPP? The answer to that is that we now have, with the IPP program, once the down select happens early next year, we've got a date certain for the start of those operations. That's essentially mid-next year. That is a really exciting opportunity, and one that I think Joby is sort of uniquely positioned to take advantage of. Our understanding under IPP is that it's going to require aircraft to be at a high level of maturity. Our understanding is that means it has to be in the TIA process. It's also going to require the operational know-how to put those aircraft into service in the real world.

Thanks Megan.

We're really.

Excited to get into TIAA as Paul talked about the.

Speaker #7: And , you know , we've obviously got a plan that we're sort of working with FAA that includes five different aircraft that are going to be flown in various levels of parallelization to try to speed that process up as quickly as we can , as JB mentioned , all five of those aircraft are in some part of production at this moment , and obviously the first one of those is sort of in this power on stage .

The other element and.

A key piece to be cognizant of is the way we built.

Our reporting on stage five is that we will get.

Points on the board when we.

We submit those test results, so theres a huge amount of work that's.

Speaker #7: As we get ready for its first flights . With respect to how much time is spent with the pilots versus the FAA pilots as a general rule , we want to make sure that we are doing the things that we need to to do for FAA for credit , flight testing internally before we do them with FAA pilots in seat .

<unk> <unk>.

Happening on the JV side as we.

Take the approved test plan and we build the.

JoeBen Bevirt: We already have a lot of that from the demo flights that we've done, and we get to really supercharge that. With Rob's team at Blade that obviously knows a lot about high-tempo vertical takeoff and landing operations already, you also need to make sure that we have the aircraft. Part of the focus now around scaling production is to meet this demand that is now higher next year than I think we were initially anticipating. Our focus with both the expansion of the Marina facility, the continued rollout into Dayton, and obviously doing both of those things in close conjunction with Toyota, is to make sure that we really ramp production to meet this opportunity because, from our perspective, an opportunity to get these aircraft operating in the US as quickly as possible benefits Joby, and it certainly benefits the broader industry.

The part that is going to get tested or the aircraft is going to get tested and then we run the testing on it.

And then we write the test report.

Submit that and then we get credit on on stage five.

Speaker #7: Much of that work has already been done on other versions of these aircraft . So it's really about making sure that we have those aircraft ready at the right time .

It may be that a lot of the progress that happens on stage five is when we're very very close to the finish line.

Speaker #7: And in turn , we line that up with the availability of the FAA flight testing , pilots . And that's going to be the sort of synchronization that we have to manage , starting basically .

I think the important thing is that in addition to making incredible progress on manufacturing of the <unk> aircraft. The team is also making incredible progress on the manufacturing of the test articles and those test articles are.

Speaker #7: Now .

Speaker #10: Helpful . Thank you .

Speaker #1: Thank you . Next question . Today is coming from Bill Peterson from JP Morgan Chase and company . Your line is now live .

Very challenging from a manufacturing standpoint, because each one of them is different from a.

Speaker #11: Hi there . Good afternoon . This is for Bill . I was curious how should we think about the pace at which you'll move across the stage ?

JoeBen Bevirt: We think we're in pole position to kind of make that happen. Terrific. This is Teresa again. Thank you, Amit and Kevin, and thanks to all the analysts for your questions today. This quarter, we're doing something a little different. We also invited our broader community to submit questions on X and Reddit. We were thrilled with the volume and the thoughtfulness of the engagement. We selected a few representative questions to ask and answer now. The first one actually is coming right back to you, Paul. It says, when do you expect to start the integration of autonomous capabilities into S4? Thanks, Teresa. As JB mentioned in the prepared remarks, the first instantiation on a Joby-developed aircraft of autonomy is very likely to be the hybrid aircraft that I mentioned earlier on in the call. This is one that's obviously focused on defense applications.

From a production part it has intentional.

Speaker #11: Five certification progress bars once TIA testing starts. And should we really start to see that acceleration beginning next year? As soon as you get the FAA pilots on board.

<unk> that are.

Sure.

That we're putting into those parts that have been specified by the FAA ddr's and so.

This is really fantastic work by the manufacturing team and we're making incredible progress on it which puts us in a great position both for the Ta flight tests, but also.

Speaker #3: Thanks . So we're really excited to get into Tia . As Paul talked about the the other element and a key piece to be cognizant of is the way we've built our reporting on stage five is that we will get points on the board when we submit those test results .

In terms of completing all of the component level.

Testing required to complete stage five.

And that's really helpful context, thank you for that and.

Maybe as a follow up.

He started manufacturing bleeds in Dayton, but are there any other confirming price you expect to also transition and state and in the near term and then how quickly could you ramp up that capacity you will need to support certification efforts yes.

Speaker #3: So there's a huge amount of work that's happening on the job side as we . Take the approved test plan and we build the the part that is going to get tested or the aircraft is going to get tested .

Yes. Thank you so really thrilled with the team in Dayton, and the quality and workforce that we've been able to build there and the speed at which we've been able to.

JoeBen Bevirt: We think that's a perfect test bed for this stack, one, because it's already been well tested with its customer on conventional aircraft, and two, because there's not the same sort of regulatory rigor around certification for these sorts of platforms. It's the right place to begin to extend the existing SuperPilot capabilities to low altitude, VTOL capable, to prove that out as soon as we can, and in a wide range of mission sets so that we're ready. If and when there is an opportunity to translate that to the commercial side of things to move very, very quickly. Long and short, that's going to be, I think, the first example of how we begin to roll this out on a Joby-developed aircraft. Terrific. Thank you. Another question also coming in from X.

Onboard those folks and have them contributing in a huge way.

Speaker #3: And then we run the testing on it, and then we write the test report. We submit that, and then we get credit on Stage Five.

We were also thrilled with with the support that we've received from the state and local government in Dayton, and we see massive opportunities to continue to expand our footprint both in our existing facility.

Speaker #3: So it may be that a lot of the progress that happens on stage five is when we're very , very close to the finish line .

Speaker #3: I think the the important thing is that in addition to making incredible progress on the manufacturing of the 5G aircraft , the team is also making incredible progress on the manufacturing of the test articles .

And as we look forward in the Dayton region more generally.

In addition, and again.

Following the model that I spoke about where we perfect the process.

Speaker #3: And those test articles are very challenging from a manufacturing standpoint , because each one of them is different from a . From a production part .

Here are our pilot facility in California, and then we're able to scale it alongside our partnership with Toyota or in our partnership with Toyota.

JoeBen Bevirt: How do you see the future product offerings as both Joby and Blade actively scale operations, particularly in Dubai? Sure. Rob, would you like to start with that one? Sure. Let me take that. Just as we mentioned before, Blade helps to de-risk and accelerate the deployment of Joby aircraft into commercial service. That includes Dubai. The knowledge we have in routes, in infrastructure, the flyer base, we are not starting cold. We're not starting from scratch. Anybody else tries to do this, they're starting with zero knowledge. We have flown hundreds of thousands of people over the past decade. If you take a look at our European operations, 1/3 of our European flyers are from the Middle East. It's a brand that's well-known there. The Middle East consumer consistently embraces premium brands from the West that provide exceptional experiences that have trust.

Would love to just highlight how vitally important toilet is and how.

Speaker #3: It has intentional changes that are that we're putting into those parts that have been specified by the FAA . And so this is really fantastic work by the manufacturing team , and we're making incredible progress on it , which puts us in a great position both for the flight test but also in terms of completing all of the component level testing required to complete stage five .

<unk>.

The strong relationship that we have with toilet right now we have never been closer with Toyota Toyota has never been more leaned in and we think that they are an unparalleled partner for us as we look to take aviation to a scale that has never been seen before.

Okay. Thanks for that.

Good questions.

Thank you ladies of interest the economy as it. Please limit further questions to one question only our next question is coming from Edison Chu from Deutsche Bank. Your line is now live.

Speaker #11: And that's really helpful context . Thank you for that . Maybe as a follow up , you started manufacturing propeller blades in Dayton , but are there any other conforming parts you expect to also transition to Dayton in the near term ?

Hey, good afternoon. Thanks for taking the question I'll keep it at one wanted to ask about the the hybrid book for defense, how should we think about the design is that something you just kind of put an engine on the existing airframe do you need to redo the airframe business supply chain and get more comfort.

JoeBen Bevirt: I think we're in terrific shape to help get that launch out and in front of the public and have something that people really enjoy and find is extremely reliable. Terrific. Thank you. Okay, I think we can maybe get one more in. This one's a fun one. In fact, it's asked for, how about something fun? Five years into passenger flight, what kind of crazy things can you see Joby involved in that will blow our minds now? JoeBen. Thanks, Teresa. I think the key thing to focus on is that vertical integration is Joby's superpower. This is something that we have invested in heavily for many years, and it puts us in an incredible position to be able to develop just game-changing aircraft, all built on the incredible technology foundation stack that we've built. I'll add two other dimensions.

Speaker #11: And then how quickly could you ramp up that capacity ? You'll need to support certification efforts .

Speaker #3: Yeah . Thank you . So really thrilled with the team in Dayton and the quality of the workforce that we've been able to build there and the speed at which we've been able to onboard those folks and and have them contributing in a huge way .

Just how to think about the process and design it for hybrid.

Thanks, Allison this is Paul.

Speaker #3: We we're also thrilled with with the support that we've received from the state and local government in Dayton . And we see massive opportunities to continue to expand our footprint , both in our existing facility and as we look forward in the Dayton region more generally in addition , and again , following the model that I spoke about , where we perfect a process here at our our pilot facility in California , and then we're able to scale it alongside our partners with Toyota in our partnership with Toyota .

So look our approach.

Is really in line with the sort of principles of dual use where possible we want to take full advantage of the proven airframe that we have developed and tested over the last five six years and we also want to be able to take advantage of the manufacturing lines that we already have ready to produce those components down the law.

So I think the right way to think about that aircraft as a sort of a variant of the existing vehicle that is then in turn missionize for different customer use cases.

I think it's really exciting though is that we've been able to move from concept to soon sort of demonstration of that vehicle at.

Speaker #3: I would love to just highlight how vitally important Toyota is and how strong the relationship that we have with Toyota is right now. We have never been closer with Toyota.

JoeBen Bevirt: One we've talked about, which is autonomy. Autonomy is going to unleash many new and exciting applications for aviation. By leading the world in aviation autonomy, we think we're in a really strong position. The final dimension is hydrogen. Hydrogen, as I think many of you have heard me speak about, has three times the specific energy of jet fuel. With fuel cells, we're able to convert the chemical energy in hydrogen into propulsion twice as efficiently as a small turbine can convert jet fuel into propulsion. What that means is that you can build aircraft with game-changing new capabilities. As we look to the five-year horizon, we think the future for Joby and the future for the technology stack that we're building has never been more promising. I'm so excited to bring these transformations to the world. Awesome.

At a very rapid pace basically sort of three months from when we announced the healthy partnership to the preparations for flight testing that are happening right. Now in turn we think we're going to be able to move from demonstration to flexible deployment with those customers very quickly because we've got a manufacturing line that we do not have to scale up or retool.

Speaker #3: Toyota has never been more leaned in and we think that they are an unparalleled partner for us as we look to take aviation to a scale that has never been seen before .

Where most of the components are essentially the same manufacturing line that we're using for the broader sort of commercial vehicle.

Speaker #11: Great . Thanks so much for answering our questions .

And that speed.

Speaker #1: Thank you , ladies and gentlemen . In the interest of time , we ask you , please limit further questions to one question only .

Is something that in our conversations to date the customers are really looking for there.

Speaker #1: Our next question is coming from Edison . You from Deutsche Bank . Your line is now live .

Theyre not so happy with the sort of traditional procurement process long spec writing competitions.

Speaker #12: Hey . Good afternoon . Thanks for taking the question . I'll keep it at one one to ask about the the hybrid for defense .

And then sort of moving to these sort of restrictive contracts. They are instead looking for things that get new technology into the hands of Warfighter is far more quickly and we think we've got an opportunity with this platform in conjunction with L. Three to deliver exactly that.

Speaker #12: How should we think about the design? Is that something you just kind of put an engine on the existing airframe? Do you need to redo the airframe?

Speaker #12: Is this supply chain going to get more complicated ? Just how to think about the process and design for hybrid ? Thanks .

Thank you. The next question is coming from Chris Pearce from Needham <unk> Company. Your line is now live.

JoeBen Bevirt: Thank you, everyone, for joining us today. We greatly appreciate your support. Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time and have a wonderful day. We thank you for your participation today.

Hey, good afternoon.

Speaker #7: Thanks , Edison , this is Paul . So look , our approach is really in line with the sort of principles of dual use .

Just curious.

If you fast forward a year from now like what's the best possible outcome for the blade transaction is it just more passengers to put in New York or what Rob talked about is it adding round. So you can see kind of customer demand to get through the consider air taxi at a higher rate, but giving you fast forward here.

Speaker #7: Where possible , we want to take full advantage of the proven airframe that we have developed . And tested over the last , you five , six years .

Speaker #7: And we also want to be able to take advantage of the manufacturing lines that we already have ready to produce those components down the line .

What was it considered make a success out of this.

To get people enthusiastic about air taxi and the business.

Speaker #7: So I think the right way to think about that aircraft is a sort of variant of the existing vehicle . That is then in turn missionized for different customer use cases .

Hi, it's Rob we saw.

I think if you step back and you look at the thesis of the acquisition it was.

Speaker #7: What I think is really exciting , though , is that we've been able to move from concept to soon sort of demonstration of that vehicle in a at a very rapid pace , basically sort of three months from when we announced the L3 partnership to the preparations for flight testing that are happening right now .

To derisk and accelerating deployment of the Jovi aircraft into commercial service. So we're going to continue working on projects, where we can achieve profitable growth.

And new routes.

Expansion of existing schedules.

Speaker #7: In turn , we think we're going to be able to move from demonstration to flexible deployment with those customers very quickly because we've got a manufacturing line that we do not have to scale up or retool where most of the components are essentially the same .

We've recently expanded our JFK is schedule to include another note on the east side.

And also deepened our Newark efforts and in Europe.

Speaker #7: Manufacturing line that we're using for the broader sort of commercial vehicle. And that speed is something that, in our conversations to date, the customers are really looking for. They are not so happy with the sort of traditional procurement process.

Been focusing there as well on opportunities so I think the <unk>.

On profitable growth and continue getting more data acquiring more customers.

But getting more infrastructure access and I think that's going to be terrific, that's really going to educate us and help us deploy these aircraft once they are certified and to do it in a way and at a speed that I don't think the competition can match its a real head start versus the competition in every market Joe.

Speaker #7: Long spec writing competitions , and then sort of moving to these sort of restrictive contracts . They are instead looking for things that get new technology into the hands of warfighters far more quickly .

Speaker #7: And we think we've got an opportunity with this platform in conjunction with L-3 , to deliver exactly that .

<unk> Center.

Thank you. The next question is coming from Amit Dayal from H C. Wainwright. Your line is now live.

Speaker #1: Thank you . Next question is coming from Chris Pearce from Needham Company . Your line is now live .

Oh.

Thank you and good afternoon, everyone.

The district, all the comments on the call today.

Speaker #13: Hey , good afternoon . I was just curious . And if you fast forward a year from now , what's the best possible outcome for the blade transaction ?

Keeping in mind railroad manufacturing readiness and all of the testing going on what is the earliest we can take advantage of the CIB.

Speaker #13: Is it just more passenger throughput in New York or what Rob talked about ? Is it adding routes so you can see kind of customer demand to get people to consider air taxi at a higher rate , like if you fast forward a year , what would you what will you consider make a success out of this ?

Initiatives is seven reasonable timeframe or could it be potentially related with some of these.

Aircrafts and get into operation.

Speaker #13: You know , to get people enthusiastic about air taxi in the business .

Hi, Amit this is Paul I'll try to pick that up I'm not sure I totally heard so I'm going to.

Speaker #9: Hi , it's Rob Wiesenthal , the I think if you step back and you look at the thesis of the acquisition , it was to de-risk and accelerate the deployment of the Joby aircraft into commercial service .

Repeat what I understood the question to be.

So your question was when do we think we can start first operations under <unk> and the answer to that is that we now have with the IPP program. Once the down select happens early next year, we've got a date certain for the start of those operations and Thats essentially mid next year.

Speaker #9: So we're going to continue working on projects where we can achieve profitable growth , new routes , expansion of existing schedules . We recently expanded our JFK schedule to include another node on the east side .

That is a really exciting opportunity and one that I think <unk> sort of uniquely positioned to take advantage of our understanding under IPP is that it's going to require aircraft to be at a high level of maturity or understanding does that means it has to be in the TIAA process. It's also going to require the operational knowhow to put those aircraft into service.

Speaker #9: And also deepened our Newark efforts . And in Europe , you know , we've been focusing there as well on opportunities . So I think the focus on profitable growth and continue getting more data , acquiring more customers , you know , getting more infrastructure access .

In the real World, we already have a lot of that from the demo flights that we've done and we get to really supercharge that.

With Rob's team of blade that obviously knows a lot about high tempo vertical take off and lending operations already.

Speaker #9: And I think that's going to be terrific . That's really going to educate us and help us deploy these aircraft once they're certified .

But finally, you also need to make sure that we have the aircraft. So part of the focus now around scaling production is to meet this demand that is now higher next year, but I think where image of what initially anticipating so our focus with both the expansion of the Marina facility.

Speaker #9: And to do it in a way and in a speed that I don't think the competition can match , it's a real head start versus the competition in every market .

Speaker #9: Joby wants to enter .

The continued rollout into Dayton.

Speaker #1: Thank you. The next question is coming from Armadale, from H.C. Wainwright. Your line is now live.

And obviously doing both of those things in close conjunction with Toyota is to make sure that we really ramp production to meet this opportunity because from our perspective and opportunity to get these aircraft operating in the U S. As quickly as possible benefits Tobey and it certainly benefits for broader industry and we think we're in pole position to kind of make that happen.

Speaker #14: Thank you . Good afternoon everyone . Just you know , with respect to all the comments on the call today , keeping in mind where we are with manufacturing readiness and all of the testing going on , what is the earliest we can take advantage of the CIP initiative ?

Speaker #14: Is 2027 a reasonable time frame , or could it be potentially earlier than that , where some of these aircrafts get into operation ?

Sure.

This is Teresa again, thank you, Amit and Kevin and thanks to all the analysts for your questions. Today. This quarter, we're doing something a little different we also invited our broader community just to make questions on accident.

Speaker #7: Hi , this is Paul . I'll try to pick that up . I'm not sure . I totally heard it . So I'm going to sort of repeat what I understood the question to be .

We were thrilled with the volume and the thoughtfulness of the engagement. We selected a few representative question to ask and answer now.

Speaker #7: So, your question was when do we think we can start first operations under IPE? And the answer to that is that we now have, with the IPP program, once the downselect happens early next year, we've got a date certain for the start of those operations.

First one actually is kind of right back to you.

When do you expect to start the integration of autonomous capabilities into as far.

Thanks, Teresa so as.

Speaker #7: And that's essentially mid next year . That is a really exciting opportunity and one that I think Joby is sort of uniquely positioned to take advantage of our understanding under IPP is that it's going to require aircraft to be at a high level of maturity .

As J P mentioned in the prepared remarks, the first instantiation on a job developed aircrafts.

Of autonomy is very likely to be the hybrid aircraft that I mentioned earlier on the call.

Speaker #7: Our understanding , does that means it has to be in the Tia process . It's also going to require the operational know how to put those aircraft into service in the real world .

This is one that's obviously focused on defense applications.

We think thats a perfect testbed.

For the stock one because it's already been well tested with this customer on conventional aircraft and two <unk>.

Speaker #7: We already have a lot of that from the demo flights that we've done , and we get to really supercharge that with Rob's team at blade that obviously knows a lot about high tempo vertical takeoff and landing operations .

Does there is not the same sort of regulatory rigor around certification for these sorts of platforms. So it's the right place to begin to extend the existing super pilot capabilities to low altitude be talk capable to prove that out as soon as we can and in a wide range of mission sets. So that we're ready.

Speaker #7: Already . But finally , you also need to make sure that we have the aircraft . So part of the focus now around scaling production is to meet this demand that is now higher next year than I think we are in .

Speaker #7: Initially anticipating . So our focus with both the expansion of the Marina facility , the continued rollout into Dayton and obviously doing both of those things in close conjunction with Toyota is to make sure that we really ramp production to meet this opportunity , because from our perspective , an opportunity to get these aircraft operating in the US as quickly as possible benefits Joby .

If and when there is an opportunity to translate that to the commercial side of things to move very very quickly.

So long and short that is going to be I think the first example of how we begin to roll this out on Adobe developed there.

Terrific. Thank you.

Another question also coming in from ex <unk>.

Do you see the future product offerings as <unk> laid actively scale operations, particularly in Dubai.

Speaker #7: And it certainly benefits the broader industry. We think we're in pole position to kind of make that happen.

Sure Rob would you like to start with on that one sure. Let me let me take that just.

Speaker #2: Terrific . This is Teresa again . Thank you . Amit and Kevin . And thanks to all the analysts for your questions today .

Just as we mentioned before.

Blade helps to de risk and accelerate the deployment of Jovi aircraft into commercial service that includes Dubai. So the knowledge, we have in our routes and infrastructure. The Flyer base. We are not starting coal are not starting from scratch anybody else trying to do this.

Speaker #2: This quarter we're doing something a little different . We also invited our broader community to submit questions on X and Reddit . We were thrilled with the volume and the thoughtfulness of the engagement .

Speaker #2: We've selected a few representative questions to ask and answer . Now . The first one actually is coming right back to you , Paul .

Starting with zero knowledge, we've flown hundreds of thousands of people over the past decade.

Speaker #2: It says , when do you expect to start the integration of autonomous capabilities into S4 ?

And then if you take a look at our European operations, one third of our European fliers.

Speaker #7: Thanks , Teresa . So as JB mentioned in the prepared remarks , the first instantiation on a Joby develop aircraft of autonomy is very likely to be the hybrid aircraft that I mentioned earlier on in the call .

From the Middle East So it's a brand that's well known there in the middle East consumer consistently embraced premium brands from the west that provide exceptional experiences that are trust. So I think we're in terrific shape to help.

Speaker #7: This is one that's obviously focused on defense applications . We think that's a perfect testbed for this stack . One , because it's already been well tested .

Get that launch out in front of the public and have something that people really enjoy and finance extremely reliable.

Thank you.

Speaker #7: This customer on conventional aircraft and two. Because there's not the same sort of regulatory rigor around certification for these sorts of platforms.

Okay. I think we can maybe get one more and then just on the timeline for that.

Something.

Five years into passenger flight that kind of crazy things can you C. J will be involved in that.

Speaker #7: So it's the right place to begin to extend the existing super pilot capabilities to low altitude VTOL capable to prove that out as soon as we can .

All our mines.

Yeah, Ben Thanks So.

I think the.

The key thing to focus on is.

Speaker #7: And in a wide range of mission sets so that we're ready if and when there is an opportunity to translate that to the commercial side of things , to move very , very quickly .

That vertical integration is jobin superpower. This is something that we have invested in heavily for many years and it puts us in an incredible position to be able to develop.

Speaker #7: So long and short , that's going to be , I think the first example of how we begin to roll this out on a Joby developed aircraft .

Just.

Speaker #2: Terrific . Thank you . Another question also coming in from X . How do you see the future product offerings as both Joby and Blade actively scale operations , particularly in Dubai ?

Game changing aircraft all built on the foundation of the incredible Technology Foundation stack that we built.

I'll add two other dimensions, one we've talked about which is autonomy.

Speaker #2: Rob , would you like to start with on that one ?

Autonomy is going to unleash.

Speaker #9: Sure . Let me let me take that . Just as we mentioned before , blade helps to de-risk and accelerate the deployment of Joby aircraft into commercial service .

Many new and exciting.

Applications for aviation and by leading the world in aviation autonomy. We think we're in a really strong position. The final dimension is hydrogen.

Speaker #9: And that includes Dubai . So the knowledge we have in our roots on infrastructure , the flyer base , we are not starting cold .

Hydrogen.

Speaker #9: We're not starting from scratch . Anybody else tries to do this . They're starting with zero knowledge . We have flown hundreds of thousands of people over the past decade .

As.

Many of you have heard me speak about it has three times the specific energy of jet fuel with fuel cells, we are able to convert the chemical energy and hydrogen into propulsion twice as efficiently as a small turbine can convert jet fuel under propulsion and what that means is that you can build aircraft with game changing new capabilities.

Speaker #9: And then if you take a look at our European operations , one third of our European fliers are from the Middle East . So it's a brand that's well known there .

Speaker #9: The Middle East consumer consistently embraced premium brands from the West that provide exceptional experiences that have trust . So I think we're in a terrific shape to help get that launch out .

And so as we look to the five year horizon, we think the future for Joey and the future for the technology stack that we're building has never been more promising and I'm so excited to bring.

Speaker #9: And in front of the public and have something that people really enjoy and find is extremely reliable .

Speaker #2: Terrific . Thank you . Okay . I think we could maybe get one more in . And this one's a fun one . In fact , it asks for .

These transformations to the world.

Thank you everyone for joining us today, we greatly appreciate your support.

Speaker #2: How about something fun ? Five years into passenger flight ? What kind of crazy things can you see ? Joby involved in that will blow our minds .

Thank you that does conclude today's teleconference and webcast you may disconnect. Your line at this time and have a wonderful day.

Thank you for your participation today.

Speaker #2: Now ? Jovan .

Speaker #3: Thanks , Theresa . So I think the the key thing to focus on is that vertical integration is joby's superpower . This is something that we have invested in heavily for many years , and it puts us in an incredible position to be able to develop just game changing aircraft .

Speaker #3: All built on the foundation . The incredible technology foundation stack that we've built . I'll add two other dimensions . One , we've talked about , which is autonomy .

Speaker #3: Autonomy is going to unleash many new and exciting applications for aviation . And by leading the world in aviation autonomy , we think we're in a really strong position .

Speaker #3: The final dimension is hydrogen . Hydrogen , as as I think many of you have heard me speak about , it has three times the specific energy of jet fuel with fuel cells , we're able to convert the chemical energy and hydrogen into propulsion twice as efficiently as a small turbine can convert jet fuel into propulsion , and what that means is that you can build aircraft with game changing new capabilities .

Speaker #3: And so as we look to the five year horizon , we think the future for Joby and the future for the technology stack that we're building has never been more promising .

Speaker #3: And I'm so excited to bring these transformations to the world .

Speaker #2: Awesome. Thank you everyone for joining us today. We greatly appreciate your support.

Speaker #1: Thank you . That does conclude today's teleconference and webcast . You may disconnect your line at this time and have a wonderful day .