Joby Aviation, Inc. (NYSE: JOBY-WT)

Joby Aviation, Inc. designs and tests piloted all-electric vertical take-off and landing (eVTOL) aircraft for urban air taxi services. The company intends to operate air taxi services both directly and through strategic partnerships while pursuing aircraft sales to distributors and expanding into defense and other specialized markets. Joby Aviation builds a vertically integrated transportation company to maximize the value of its investments in aircraft manufacturing, operations, and service delivery.

Joby Aviation generates revenue through three primary routes to market: Joby owned and operated air taxi service, affiliate owned and operated service, and direct sales including defense applications. The company manufactures and operates its eVTOL aircraft to provide on-demand aerial ridesharing via a consumer app and integrates with third-party platforms such as Uber and Delta Air Lines. Revenue also comes from selling aircraft directly to customers and through collaborations with regional partners for market entry.

The company operates through the following segments: Joby Owned & Operated Air Taxi Service, Affiliate Owned & Operated Service, and Direct Sales & Defense.

• Joby Owned & Operated Air Taxi Service: This segment involves Joby Aviation owning and operating its eVTOL aircraft in markets including the United States and Dubai. The company plans to build an aerial ridesharing service powered by a network of eVTOL aircraft that it manufactures and operates. As additional passengers enter the network, utilization rates for the aircraft are expected to increase, improving unit economics and allowing costs to be amortized over a greater number of trips.

• Affiliate Owned & Operated Service: In other markets, Joby Aviation intends to collaborate with established local partners to facilitate the operation of its eVTOL aircraft. This strategic approach allows the company to leverage partners’ deep understanding of local regulations, market dynamics, and customer preferences. By sharing startup costs with regional partners, Joby Aviation can reduce the financial burden and risks associated with entering new markets while supporting its goal of scaling eVTOL operations globally.

• Direct Sales & Defense: In other instances, Joby Aviation anticipates selling aircraft directly into markets. In 2025, the company signed a memorandum of understanding with Abdul Latif Jameel to explore the delivery of up to 200 electric aircraft and related services valued at approximately $1 billion in Saudi Arabia. Joby Aviation also signed a letter of intent to sell aircraft and services valued at up to $250 million to Alatau Advance Air Group in Kazakhstan and is working with L3Harris to adapt its eVTOL aircraft platform for defense applications.

Joby Aviation holds a first-mover advantage in the emerging urban air mobility sector, having spent over a decade developing its eVTOL aircraft and securing key partnerships with Toyota, Uber, and Delta Air Lines. The company’s vertically integrated business model, which includes design, manufacturing, operations, and service delivery, provides a competitive advantage in optimizing performance, safety, and cost. Joby Aviation’s proprietary operating system, Elevate OS, and its charging infrastructure, GEACS, further differentiate it from competitors in the eVTOL space.

Joby Aviation serves urban commuters seeking fast, quiet, and convenient aerial transportation, with initial target markets including passengers in New York City, Los Angeles, Dubai, and other major metropolitan areas. The company also serves defense customers through its work with the U. S. Air Force and L3Harris, and has established relationships with infrastructure providers such as Atlantic Aviation, Helo Holdings, Inc., and Skyports to support vertiport development in key markets.