Financial results announced last week by Archer and Joby reaffirmed the perception that the U.S. companies have started 2025 as clear front-runners among eVTOL aircraft developers. While neither company can yet tell investors when profitability will be achieved, both reported healthy funding levels as they step up work to achieve type certification and service entry for their four-passenger vehicles.

Joby ended last year with $933 million in cash, cash equivalents, and investments in marketable securities, not including a further $500 million to come from its main backer Toyota. Archer reported cash and cash equivalents of $834.5 million and said it has recently closed on a registered direct equity offering valued at $301.8 million.

Without giving updated projections as to when FAA type certification will be complete, both companies announced plans to deliver aircraft to the UAE in the middle of 2025 in order to begin trial operations with local partners. Both companies indicated they aim to start passenger-carrying air taxi services by year-end or early 2026 but provided no details as to the basis on which these operations would be approved by officials in Dubai and Abu Dhabi.

According to Joby, it has made good progress with the fourth of five stages of FAA type certification and expects type inspection authorization flight testing to begin in the next 12 months. Archer’s statement on February 27 did not directly comment on where it stands in the process with the FAA, which is now subject to budget review and downsizing by the new U.S. administration’s Department of Government Efficiency.

Manufacturing and Deliveries

During the fourth quarter, Joby delivered a second eVTOL prototype aircraft to Edwards Air Force Base in California as part of its work with the U.S. Department of Defense. The company said it has five aircraft involved in flight testing, including a hybrid hydrogen-electric version developed with its German subsidiary, H2Fly.

Archer said its new production facility in Covington, Georgia, is now producing its first example of the Midnight eVTOL and has plans to build a total of 10 this year, including vehicles to be used for flight testing and to be delivered to partners including Abu Dhabi Aviation. Its engineering team is now partnered with Anduril to develop a hybrid VTOL aircraft that could support increased payload and range for military operations.

At face value, both companies appear to have sufficient liquidity to support operations well into 2026. Joby’s projections for this year indicate that it expects to spend between $500 million and $540 million, while Archer indicated that its quarterly spend has been stable at around $124 million.

By contrast, UK-based Vertical Aerospace ended 2024 holding around $28 million in cash before confirming a funding package in January worth around $84 million, plus $130 million in debt converted to equity. The company will announce its year-end results on March 11.