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DUBAI - Joby Aviation, Inc. (NYSE:JOBY), whose stock has surged 85% over the past year according to InvestingPro data, has completed a series of piloted vertical-takeoff-and-landing wingborne flights in Dubai, marking the beginning of its commercial market readiness efforts in the region, according to a company press release. The company, currently valued at approximately $7.9 billion, maintains a strong financial position with more cash than debt on its balance sheet.
The milestone represents progress toward Joby’s planned passenger service launch in 2026 and advances the company’s partnership with Dubai’s Roads and Transport Authority (RTA), which granted Joby exclusive rights to operate air taxis in Dubai for six years. While analysts project sales growth for the current year, InvestingPro data indicates the company is not expected to achieve profitability this year, with forecasted earnings per share of -$0.70.
His Excellency Mattar Al Tayer, Director General and Chairman of the Board of Executive Directors of Dubai’s RTA, witnessed the test flights, which were conducted in collaboration with the Dubai Civil Aviation Authority and the UAE General Civil Aviation Authority.
Construction is underway on Joby’s first commercial vertiport site at Dubai International Airport (DXB), with completion expected in the first quarter of 2026. The company plans to introduce its service at DXB, Palm Jumeirah, Dubai Marina, and Dubai Downtown.
Joby’s electric air taxi is designed to carry a pilot and up to four passengers at speeds of up to 200 mph (320 km/h) with zero operating emissions. The company states that a trip from DXB to Palm Jumeirah would take approximately 12 minutes, compared to a 45-minute car journey.
"The United Arab Emirates is a launchpad for a global revolution in how we move," said JoeBen Bevirt, founder and CEO of Joby Aviation, in the statement.
The Dubai operations follow nearly two years of hot weather trials at Edwards Air Force Base in the United States. Joby reports it has conducted over 40,000 miles of flight testing as it works toward making its air taxi service operational. With a current ratio of 17.7x and impressive gross profit margins, the company shows strong operational potential. Discover more insights about Joby’s financial health and growth prospects in the comprehensive Pro Research Report, available exclusively on InvestingPro, along with 15 additional key ProTips for informed investment decisions.
In other recent news, Joby Aviation reported holding approximately $813 million in cash and short-term investments as of the first quarter of 2025, with total liquidity reaching about $1.3 billion, including Toyota’s investment. Despite this strong liquidity, Cantor Fitzgerald maintained a Neutral rating on the company due to concerns about its high cash burn rate, projected between $500 million and $540 million for fiscal year 2025. On the other hand, H.C. Wainwright raised its price target for Joby Aviation to $13, citing the growing importance of electric Vertical Take-Off and Landing (eVTOL) aircraft in defense sectors, as highlighted by recent governmental focus. The company has also entered into a $131 million contract with the U.S. Air Force to supply nine eVTOLs, reinforcing its position in the military sector.
In further developments, Joby Aviation has signed a Memorandum of Agreement with Abdul Latif Jameel, potentially leading to the sale of up to 200 aircraft valued at approximately $1 billion. This agreement aims to explore distribution and sales partnerships in Saudi Arabia and the Middle East. Additionally, Joby Aviation announced an increase in the annual base salary for its Chief Product Officer, Eric Allison, from $445,578 to $551,688, effective April 2, 2025. This adjustment aligns with the company’s efforts to maintain competitive executive compensation. Lastly, President Trump’s recent executive order to promote drone development is expected to benefit air mobility companies like Joby Aviation, as it aims to expedite the integration of eVTOL technologies in the U.S.
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