Compared to the net loss Joby reported in the final quarter of 2024, however, the newly reported net loss was $124.7 million less.
And compared with the company’s performance in the third quarter of 2025, the fourth quarter net loss decreased by $279.7 million.
The slashed losses come as Joby prepares to double production of its electrical vertical takeoff and landing vehicles, after its purchase last month of a nearly $62 million manufacturing site in Vandalia.
“Operations at the facility — which is ready for immediate use — are expected to begin this year,“ Joby said in a letter to shareholders released Wednesday. ”The site complements our existing production facilities in California and Ohio, where we have already begun procurement of the capital equipment required to reach our goal of doubling manufacturing capacity in 2027 and are hiring to support round-the-clock manufacturing operations."
The company began local production at a smaller, Concorde Drive facility near Dayton International Airport in November.
“2026 will mark a key inflection point for Joby,” JoeBen Bevirt, Joby’s founder and chief executive, said in a call with industry analysts.
Joby is seeing “unprecedented demand for what we are building,” he added.
The company is working with automaker Toyota to organize its production in Ohio and California.
In the third quarter of 2025, Joby’s net loss of $401.2 million reflected a net operating loss of $181.7 million and other loss of $219.5 million.
But Joby said it also ended the third quarter with $978.1 million in cash, cash equivalents, and investments in marketable securities.
Joby makes electric aircraft that lift off and land like helicopters while cruising like airplanes, all quietly. The company hopes to command a market that quickly ferries airline passengers across big cities while also serving the military.
The company expects to start ferrying passengers later this year via a new “Uber Air” service in Dubai, UAE.
Joby said Federal Aviation Administration pilots are expected to fly its aircraft this year as part of “for credit” testing, with the data collected in those flights used to certify the craft — a milestone step in the company’s 18-year history.
Shares of Joby (NYSE: JOBY) closed up 10 cents Wednesday at $9.82. Once the company released its fourth quarter results after markets closed, shares initially rose further in after-hours trading.
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