Joby Aviation (JOBY) Financials

Joby Aviation (NYSE: JOBY) continues to demonstrate some key financial trends through the last four years into 2025. Below is an analysis of important financial highlights from the quarterly income statements, cash flow statements, and balance sheets.

• Investment Securities Interest Income has steadily increased, reaching $9.9M in Q1 2025, indicating solid returns on investment securities over the quarters.
• Total Revenue, while fluctuating due to mark-to-market effects and other non-operating items, showed positive interest income in recent quarters, e.g., $9.9M in Q1 2025 and $22.1M in Q4 2024.
• Depreciation and amortization expenses are consistent with ongoing capital investments, reflecting active asset utilization and business growth.
• Net Cash From Continuing Financing Activities was positive in Q1 2025 ($2M) and much higher in prior quarters, supporting ongoing operations and investments.
• Total Assets increased from $1.27B in Q3 2022 to about $1.08B in Q1 2025, showing significant asset base support.
• Marketing Expenses remain the largest cost, consistently exceeding $100M per quarter, reaching $134M in Q1 2025, indicating heavy investment in market growth, but also pressure on profitability.
• Net interest expenses are negligible or zero, suggesting the company is not burdened by interest costs on debt, but this may change with future borrowings.
• Total Non-Interest Income has seen large fluctuations, heavily impacted by realized and unrealized capital gains and losses, which have materially affected reported revenues.

• Joby has reported consistent net losses each quarter for the last several years, including a net loss of $82.4M in Q1 2025 and losses exceeding $200M in some prior quarters, showing the company is not yet profitable.
• Net Cash From Continuing Operating Activities remains negative across all quarters analyzed (e.g., -$111M in Q1 2025), indicating that core operations are not yet cash flow positive and the company relies heavily on financing and investing cash flows.
• There have been large purchases of investment securities and property, plant, and equipment reflecting high ongoing capital expenditure needs with associated cash outflows.
• Retained Earnings are deeply negative (-$1.9B in Q1 2025), reflecting accumulated losses over time that weigh on equity.
• Total Liabilities remain substantial ($224.6M in Q1 2025), with significant other long-term liabilities (about $177M), which could represent accrued expenses or other obligations.
• Equity, though positive, has decreased from about $1.16B in Q3 2022 to around $859M in Q1 2025, indicating diminishing shareholder net worth due to sustained losses.
• Marketing and operating expenses continue to be very high relative to revenue, implying significant operational cost structure challenges as the company develops its business model.

In summary, Joby Aviation is still in an early and capital-intensive phase with growing investment in marketing and operations resulting in consistent net losses and negative operating cash flow. The company's strong equity base and investment income provide some financial stability, but the path to profitability remains a key challenge for investors monitoring JOBY stock.