How JOBY (Joby Aviation) Makes Money in 2025: A Deep-Dive With Income Statement

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Understanding how a next-generation aviation innovator like JOBY Income Statement Overview makes money is essential for investors and anyone interested in the business of electric vertical takeoff and landing (eVTOL) aircraft. In this post, we break down JOBY's quarterly income statement (Q2 2025) using a Sankey chart to visualize the financial flows — what comes in, where it goes, and what's left as profit.

Quick JOBY Overview

JOBY Income Statement Overview operates as a pioneer in the urban air mobility sector, developing and manufacturing electric vertical takeoff and landing (eVTOL) aircraft designed for commercial passenger service. Revenue comes primarily from early-stage government contracts, technology partnerships, and prototype sales, as the company prepares for full-scale commercial launches. The business is currently pre-revenue from commercial operations, with most income derived from non-recurring sources.

Revenue Breakdown

• Total Revenue (Q2 2025): $15.0K (−46.4% YoY)
  • Revenue: $15.0K (100% of total)
  • No significant segment diversification yet; revenue is almost entirely from early-stage contracts and grants.
  • Growth is challenged by the transition from R&D to commercial operations, with a substantial YoY decline as milestone payments decrease.

Gross Profit and Margins

• Gross Profit: $9,748.0K (64,986.7% gross margin)
  • Cost of Revenue: $9,763.0K (+12.1% YoY)
  • JOBY maintains anomalously high gross margins due to the accounting impact of recognizing other income (e.g., grants, settlements) as part of gross profit, rather than traditional product sales.
• Most costs come from prototype development, testing, and early manufacturing efforts.

Operating Income and Expenses

• Operating Income: Not reported for Q2 2025 (operating loss implied)
• Operating Expenses: $158.1M (+16.6% YoY)
  • R&D: $136.4M (+20.7% YoY, 909,246.7% of revenue) — Heavy investment in aircraft engineering, certification, and flight testing
  • SG&A: $21.7M (−3.9% YoY, 144,860.0% of revenue) — Covers corporate overhead, legal, and administrative functions
  • JOBY continues to prioritize innovation and regulatory certification while scaling up operations for future commercial launches.

Net Income

• Pre-Tax Income: Not reported for Q2 2025
• Income Tax: Not reported for Q2 2025
• Net Income: $324.7M (+163.3% YoY, 2,184,493.3% net margin)
• JOBY converts a significant portion of reported revenue into net income due to one-time items (such as settlements or other income), not from core operations.

What Drives JOBY's Money Machine?

• Other Income: The main driver of reported net income in Q2 2025, not recurring commercial sales.
• R&D Investment: $136.4M, reflecting JOBY’s commitment to certifying its eVTOL aircraft and building a scalable manufacturing platform.
• Strategic Partnerships: JOBY invests in technology alliances and government programs to secure future revenue streams.
• Future Growth Areas: Commercial passenger flights and air taxi services, which are not yet generating revenue but represent the company’s long-term vision.

Visualizing JOBY's Financial Flows

The Sankey chart below visualizes how each dollar flows from gross revenue, through costs and expenses, down to net income. This helps investors spot where value is created, what areas weigh on profits, and how efficiently the company operates.

• Most revenue flows into gross profit, with operating expenses (especially R&D) taking the largest chunk.
• Even after large investments in technology and certification, JOBY’s reported net income is positive due to non-operational items, not underlying business profitability.

Key Takeaways

• JOBY’s money comes overwhelmingly from non-recurring other income and early-stage contracts, not yet from commercial operations.
• High gross and net margins are accounting artifacts rather than indicators of a scalable business model at this stage.
• Heavy investment in R&D and certification, balanced by disciplined SG&A spending.
• Ongoing growth is driven by technology development and preparation for commercial launch.

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FAQ About JOBY's Income Statement

1. What is the main source of JOBY's revenue in 2025?

JOBY generates over 100% of its revenue from early-stage contracts and other income, with no recurring commercial sales yet. Additional revenue sources are not significant at this stage.

2. How profitable is JOBY in Q2 2025?

JOBY reported net income of $324.7M in Q2 2025, with a net margin of approximately 2,184,493.3%, reflecting accounting-driven profitability due to one-time items, not from core business operations.

3. What are the largest expense categories for JOBY?

The biggest expenses on JOBY's income statement are operating expenses, particularly Research & Development (R&D) at $136.4M in Q2 2025, as JOBY prioritizes aircraft engineering, certification, and technology development.

4. Why does the commercial operations segment operate at a loss?

Commercial operations, despite generating minimal revenue, posted an operating loss in Q2 2025. This is because JOBY aggressively invests in product development and regulatory approval, believing these will drive long-term growth—even if the division is unprofitable today.

5. How does JOBY's effective tax rate compare to previous years?

JOBY's effective tax rate in Q2 2025 was not reported, making direct comparison to previous years unavailable. Historically, JOBY’s tax rate has been influenced by net operating losses and the nature of its income sources.