Joby begins propeller blade manufacturing at Ohio facility

DAYTON, Ohio - Joby Aviation (NYSE:JOBY) has started manufacturing propeller blades at its Dayton, Ohio facility, the company announced Friday in a press release. The electric air taxi developer, currently valued at $14.8 billion, has seen its stock surge 244% over the past year as investors bet on its innovative approach to urban air mobility.

The electric air taxi developer is expanding its in-house production capabilities for a critical component ahead of planned commercial service. The company expects to complete its first conforming blades - those meeting all FAA certification requirements - by next month, with installation on flight test aircraft targeted for 2026. With Joby’s earnings report due on November 5th, InvestingPro subscribers will gain deeper insights into how this manufacturing milestone impacts the company’s financial outlook.

Each Joby aircraft requires 30 propeller blades, with the company projecting capacity to produce up to 15,000 blades annually as part of its Ohio scaling plan. The facility is expected to eventually support production of up to 500 aircraft per year. Despite ambitious production goals, Joby maintains a strong financial position with more cash than debt on its balance sheet and a current ratio of 17.2, indicating substantial liquidity to fund its manufacturing expansion.

"Dayton gives us the resources, talent, and speed to scale one of the most technically demanding parts of our aircraft," said Eric Allison, Chief Product Officer at Joby.

The company selected Dayton for its aerospace heritage, skilled workforce, and proximity to suppliers, noting that nearly all components needed for blade production are available within a 30-minute radius of the site. While analysts anticipate significant sales growth for Joby in the current year, they don’t expect profitability yet, as reflected in the projected EPS forecast of -$0.62 for fiscal year 2025.

Joby’s propeller blades require complex carbon manufacturing processes and precision engineering, which the company describes as central to the aircraft’s low acoustic profile. The Dayton facility builds on manufacturing processes developed in California with Toyota. InvestingPro analysis suggests Joby may be currently overvalued based on its Fair Value assessment, though the company does boast impressive gross profit margins of 52%.

The company will host an event at the Dayton facility on November 10 to commemorate the site’s opening and highlight the region’s role in advancing electric aviation.

In other recent news, Joby Aviation has made significant financial and strategic advancements. The company completed an underwritten offering of 35,075,000 shares of common stock, raising approximately $591 million in gross proceeds. This offering was priced at $16.85 per share and included an additional 4,575,000 shares issued after the underwriter exercised its option to purchase more shares. Additionally, Joby Aviation announced a partnership with NVIDIA, becoming the exclusive aviation launch partner for NVIDIA’s IGX Thor platform. This collaboration is set to enhance Joby’s autonomous flight technology, known as Superpilot, across both military and civil applications. Furthermore, Morgan Stanley has adjusted its financial estimates for Joby Aviation, raising the stock price target from $7 to $15 while maintaining an Equalweight rating. These developments reflect Joby Aviation’s ongoing efforts to strengthen its financial position and advance its technological capabilities in the aerospace sector.

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