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eVTOL Race: Joby's Edge and Future Promise
30 Dec, 2025
Summary
- Joby's S4 aircraft boasts superior speed and range over competitors.
- The company holds a significant $131 million contract with the U.S. DOD.
- Joby acquired Uber's aerial ride-hailing division, bolstering its ambitions.
Joby Aviation, a key player in electric vertical take-off and landing (eVTOL) aircraft, has yet to deliver significant stock gains since its public debut four years ago. The company, which merged with a SPAC, initially projected substantial revenue growth that has not materialized. As of December 2025, Joby's 2024 revenue was only $136,000, with a net loss of $608 million, a stark contrast to its ambitious forecasts.
Despite these financial challenges, Joby possesses a crucial early-mover advantage in the developing eVTOL sector. The company's S4 model, capable of carrying four passengers and a pilot up to 150 miles at 200 mph, demonstrates superior performance compared to rivals like Archer Aviation's Midnight. Joby is also exploring hydrogen-powered versions for enhanced range and faster charging.
Joby has secured a $131 million contract with the U.S. Department of Defense for up to nine eVTOL aircraft and has already delivered two. The company is expanding its reach with test flights in the UAE, South Korea, and Japan, aiming for an air taxi service launch in 2026. Strategic acquisitions, including Uber's Elevate division, further underscore its commitment to leading the future of aerial mobility.
