Joby Aviation, Inc.

and welcome to Joby Aviation's third quarter 2025 conference call and webcast. At this time, all participants are in listen-only mode. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It's now my pleasure to introduce your host, Teresa Theroux, Head of Investor Relations for Joby Aviation. Teresa, please go ahead.

Thank you. Good afternoon and evening, everyone. Thank you for joining us for Joby Aviation's third quarter 2025 financial results conference call. I'm Teresa Thurithial, Joby's head of investor relations. We will begin the discussion with comments from Joe Ben-Beverett, founder and chief executive officer, and Rodrigo Brumana, chief financial officer. For the Q&A portion of today's call, we'll also be joined by our executive chairman, Paul Sciarra, and Blade 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. 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'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. And with all of that said, I'll now turn the call over to Joe Bennett.

Thank you, Theresa, 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. 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. 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. 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. 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. 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 our aircraft, certification plans and test plans. These are the documents we've been talking about quarter after quarter in these calls, 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. 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. Finally, on manufacturing processes, this aircraft is one of a series that we are producing under Joby's FAA-approved quality management system. Each of the TI aircraft, including this one, will be built with FAA-conforming components as required by our FAA-approved test plans. Each of the relevant components will be built to FAA DER, or Designated Engineering Representative, approved designs, and then inspected and signed off by FAA Designated Airworthiness Representatives, or DARs. 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. 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. 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 four-credit testing next year. 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. 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, complete a demonstration that included multiple transitions between forward flight and hover, and return to Marina for a vertical landing. 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 to hundreds of thousands of attendees, including the Japanese prime minister and the governor of Osaka. 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. 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. Two and a half 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 operational experience, combined with the maturity of our eVTOL platform, puts us in a great position to take on the opportunity presented by the U.S. government's recently announced EIPP program. Through an executive order, 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 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 TIA-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. We see the EIP program pulling early demand for our aircraft forward. Taken alongside the demand we're also seeing from a range of international early adopters, 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. And we've already produced 15 times more FAA-conforming parts so far this year in 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'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. Before I hand it over to Rodrigo to talk about our financials, I wanted to touch on my excitement for the future of Joby. Our core focus is and always has been the development of our core S4 platform. That's the aircraft you see flying every day. We 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. 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 Jill Wheat 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. 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. 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 U.S. 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. 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. 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 de-conflict airspace file flight plans and confirm departures and arrivals. 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 super pilot 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 7,000 miles of autonomous operations across more than 40 flight hours in and around Hawaii, managed primarily from Anderson Air Force Base in Guam, more than 3,000 miles away. Once again, illustrating our commitment to not just talking about innovation, but demonstrating it. 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. will 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. 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, and it is matched by an incredible commitment to aerial innovation at both the state and federal level. 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.