Joby Aviation Reports Strong Q1 Progress, Names Rodrigo Brumana As New CFO
US-based electric vertical take-off and landing (eVTOL) aircraft manufacturer, Joby Aviation (Joby), recently released its First Quarter 2025 Shareholder Letter, highlighting notable operational and financial milestones as the company continues advancing its electric air taxi program.
Alongside its quarterly results, the company also announced the appointment of Rodrigo Brumana as its new Chief Financial Officer, effective May 29, 2025.
Brumana brings significant leadership experience from the Silicon Valley tech and retail sectors, having held senior finance roles at HP, Amazon, eBay, and most recently at Poshmark.
Earlier in his career, he worked in complex manufacturing environments at Fairchild Semiconductor and Palm, Inc.
“We’re excited to welcome Rodrigo back to his roots in hardware,” said JoeBen Bevirt, founder and CEO of Joby.
“We were impressed by his strong track record of driving growth at global companies and his focus on efficient operations. I’m confident his pragmatic and tactical approach will serve Joby well as we scale our manufacturing and prepare for commercial operations.”
Certification Milestones & Flight Testing Progress
Joby reported record certification progress for the second consecutive quarter, positioning the company as a sector leader in the rapidly emerging advanced air mobility space.
A major operational milestone was reached during the quarter as the company became the first electric air taxi company to conduct routine transition flights with a pilot onboard.
These flights represent a crucial step toward initiating FAA-conducted flight testing.
“This quarter’s move to routine inhabited transition flight was a key moment on that journey, marking a critical unlock toward beginning TIA flights with the FAA,” said Bevirt.
“I’m proud of the dedication and professionalism of the Joby team behind this achievement.”
Strategic Partnership and Production Growth
In another key development, Joby announced a new partnership with Virgin Atlantic to introduce air taxi services in the UK. The collaboration will begin with operations connected to Virgin’s major hubs at London Heathrow and Manchester.
On the manufacturing side, the company reported progress on several fronts. The fifth aircraft from Joby’s Pilot Production Line in Marina, California, has been powered on for the first time.
Additionally, construction on an expanded manufacturing facility in Marina—set to more than double Joby’s existing footprint—is nearly complete and expected to be handed over next month.
Financial Position and Investment from Toyota
Furthermore, Joby ended the first quarter with $813 million in cash, cash equivalents, and short-term investments.
This figure does not include the additional $500 million in committed funding from Toyota, which will be delivered in two $250 million tranches.
Agreements have already been finalized for the first tranche, which is expected to be reflected in the company’s second-quarter cash balance.
“With the US government leaning in on both the state and the federal level and the Joby team not just delivering, but accelerating, we are securing America’s leadership role in the adoption of this important new technology,” Bevirt said.
“I’m confident that the incredible progress we have made this quarter – the tangible progress on certification, the demonstrated flight hours and transition flights, and rolling yet another aircraft off our production line – puts Joby firmly in a leadership position in our sector.”