Joby Aviation reports Q3 EPS (48c) , two estimates (19c)

Reports Q3 revenue $22.6M, consensus $3.4M. The company states: “WE PASSED ONE OF THE MOST IMPORTANT milestones in Joby‘s history to date, with the beginning of power-on testing of the first of several aircraft built for Type Inspection Authorization (“TIA”). TIA is widely understood to mark the final stage of the Type Certification process and this first testing step is the moment where our intended type design, our manufacturing processes and our certification strategy all converge into one physical asset. 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. The aircraft was built using Joby’s established quality management system, FAA-conforming production components and adheres precisely to the intended type design. Flight testing by Joby pilots is expected to start later this year, ahead of FAA pilots beginning “for-credit” flight testing in 2026. The data collected during these tests will be used by the FAA to support the issuing of a Type Certificate – the approval required to operate the aircraft commercially. Revenue for the quarter totaled $22.6 million and includes revenue from the August acquisition of the Blade passenger business, the completion of aircraft bed down activity at Edwards Air Force Base, and engineering services.”