Joby Collaborates With L3Harris to Pursue Defense Applications for Autonomous Hybrid VTOL Aircraft
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250801728401/en/
The collaboration leverages Joby's existing commercial aircraft development program and leading manufacturing capabilities, combined with L3Harris' proven expertise on platform missionization including sensors, effectors, communication and collaborative autonomy. Flight testing is expected to start this fall with the companies planning to perform operational demonstrations during government exercises in 2026.
'The next-generation of vertical lift technology enables long-range, crewed-uncrewed teaming for a range of missions,' said Jon Rambeau, President, Integrated Mission Systems, L3Harris. 'We share a vision with Joby to deliver urgently-required innovation by missionizing VTOL aircraft for defense needs.'
JoeBen Bevirt, founder and CEO, Joby Aviation, added: 'We have worked closely with the Department of Defense over the past decade to give them a front row seat to the development of our dual-purpose technologies, and we're now ready to demonstrate and deploy it. Our country depends on companies like ours moving at pace, and we have the team, the technology and the platform to do just that.'
Joby is actively developing a gas turbine hybrid powertrain for its current S4 aircraft platform and has demonstrated aircraft-level autonomy following its acquisition of the autonomy division of Xwing in June 2024. It has previously demonstrated under government contract that its platform can be hybridized to deliver longer-ranges, showcasing an industry-first 561 mile hydrogen-electric hybrid flight in June 2024.
About Joby
Joby Aviation, Inc. (NYSE:JOBY) is a California-based transportation company developing an all-electric, vertical take-off and landing air taxi. Joby intends to both operate its fast, quiet, and convenient air taxi service in cities around the world and sell its aircraft to other operators and partners. To learn more, visit www.jobyaviation.com.
About L3Harris Technologies
L3Harris Technologies is the Trusted Disruptor in the defense industry. With customers' mission-critical needs always in mind, our employees deliver end-to-end technology solutions connecting the space, air, land, sea and cyber domains in the interest of national security. Visit L3Harris.com for more information.
Forward Looking Statements
This release contains 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding the development and performance of Joby's aircraft and L3Harris' missionization capabilities, including the potential applications for a gas turbine hybrid VTOL aircraft and related autonomous capabilities; each of Joby's and L3Harris' business plan, objectives, goals and market opportunity; plans for, and potential benefits of, our respective strategic partnerships; and our current expectations relating to our respective businesses, financial condition, results of operations, and prospects. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as 'anticipate', 'estimate', 'expect', 'project', 'plan', 'intend', 'believe', 'may', 'will', 'should', 'can have', 'likely' and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. All forward looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including: the ability to produce aircraft that meet performance expectations in the volumes and on the timelines that Joby projects; L3Harris' ability to missionize aircraft as required government customers and to accurately project the cost and timelines for such missionization; the ability to secure additional contracts with the Department of Defense or other U.S. governmental agencies cannot be guaranteed; the competitive environment in which Joby and L3Harris operate; Joby's future capital needs; our ability to adequately protect and enforce our respective intellectual property rights; Joby's ability to effectively respond to evolving regulations and standards relating to aircraft; our reliance on third-party suppliers and service partners; uncertainties related to our estimates of the size of the market for our service and future revenue opportunities; our customers' ability to modify or terminate contracts; and other important factors discussed in the sections titled 'Risk Factors' in Joby's and L3Harris' Annual Reports on Form 10-K, filed with the Securities and Exchange Commission (the 'SEC') on February 27, 2025 and February 14, 2025, respectively, Joby's and L3Harris' Quarterly Reports on Form 10-Q filed with the SEC on May 8, 2025 and April 24, 2025, respectively, and in future filings and other reports either Joby or L3Harris file with or furnish to the SEC. Any such forward-looking statements represent Joby's or L3Harris' management's estimates and beliefs as of the date of this release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CBC
2 hours ago
- CBC
Military pay raise a big boost for lower ranks, officials say
Social Sharing The federal government's pay increase for members of the Canadian military will provide some much-needed support for the lowest-ranking positions who are struggling in the face of rising costs of living, according to senior military officials. Prime Minister Mark Carney announced a $2 billion-per-year graduated series of salary top-ups and incentives on Friday. "The biggest increases should make a difference for our lower-ranked members and those are the ones that, at this time, seem to be hardest hit by the economy," Royal Canadian Air Force Lt.-Gen. Jamie Speiser-Blanchet told reporters at an event in Halifax on Saturday. The changes will see the lowest ranks of the regular force, like privates, ordinary sailors and aviators, receive a 20 per cent pay increase. Speiser-Blanchet said some members of the military are struggling to make ends meet, just like many Canadians, and this investment will make their lives a lot easier. The increases in pay and benefits will also help with recruitment and retention, said Canadian Royal Navy Vice-Admiral Angus Topshee. A $10,000 bonus is available for recruits in high-demand trades to complete basic training, an additional $20,000 when their training is completed and another $20,000 once they have completed their first term of service. Members and their families sacrifice a lot while serving their country so added incentives to sign up are welcome news, Topshee said. "We ask people to move their families across the country, often multiple times." he said. "There is no overtime in the military. There is no weekend. If we need you to work, you work." Pay raise 'long overdue': Defence minister The last comprehensive overhaul of the military's pay and benefits system happened in 1998, according to senior defence officials. "We're very proud to be able to provide the kind of pay package that our armed forces members deserve," David McGuinty, minister of national defence, said in Halifax on Saturday. "It's long overdue." Many low-ranking military members have struggled due to the cost of living since the pandemic, according to VETS Canada, a Halifax-based charity that supports members. Deb Lowther, the organization's CEO, said she was pleased with Friday's announcement as the organization sees more and more serving members "coming to us in crisis." She said she would like Ottawa to turn its focus to providing more help for members leaving the military and trying to transition back into civilian life. McGuinty told reporters on Saturday that the federal government has heard those concerns and will continue to look at ways to improve support for current and former members. "I think we'll have more to say about this in due course," he said.
Globe and Mail
2 hours ago
- Globe and Mail
3 Reasons to Buy Carnival Stock Like There's No Tomorrow
Key Points Carnival's revenue continues to reach record levels, with the business benefiting from strong demand for cruise travel. Rising profits have helped the management team reduce the company's debt burden. Even though the stock has rocketed higher, investors will be drawn to the current valuation. 10 stocks we like better than Carnival Corp. › Carnival (NYSE: CCL) continues sailing in the right direction, something its shareholders have become extremely optimistic about. That's not a surprise, given that the cruise line business was decimated by the COVID-19 pandemic. However, the company is on much better footing these days as it serves robust demand from consumers. In the past 12 months, shares have soared 104% (as of Aug. 6), showcasing heightened bullishness. Despite this monster performance, here are three reasons why investors should still consider buying this travel stock like there's no tomorrow. Durable demand Carnival's business has benefited from tremendous momentum. During the fiscal 2025 second quarter (ended May 31), the company reported record revenue of $6.3 billion. This figure was up 9.5% year over year and 164% higher than the same period of fiscal 2022. There's clearly strong demand from travelers. Carnival had a whopping $8.5 billion in customer deposits in Q2, a record. Net yields, a measure of a cruise line's pricing power, came in at a record $200.07, after increasing by 7.2% during the second quarter. This was "driven by close-in strength in ticket prices and continued strong onboard spending," CFO David Bernstein said on the Q2 2025 earnings call. The demand for Carnival has been impressive in the years following the pandemic's disruption. Investors might think that the good times will come to an end soon. While the rapid growth the business has registered won't continue indefinitely, there's still reason to remain optimistic over the long term. The cruise industry faces some favorable tailwinds. For instance, younger travelers are more interested in these vacations. There are also more first-time passengers coming aboard. As it pushes to capture the opportunity ahead, Carnival is investing in building new cruise ships. It just opened a new private destination, called the Celebration Key, in July. What's more, Carnival is upgrading its rewards program, which will launch in 2026. This can boost customer loyalty and drive repeat cruise trips. Financial improvements During the pandemic, Carnival was forced to pause its operations. To survive the revenue hit, management had to take on more debt to fund the business. It's understandable if, at the time, investors were worried that Carnival would never get out of its predicament. With each passing quarter these days, the company is making substantial progress when it comes to its financial situation. During Q2, Carnival's operating income increased 66.8% year over year to $934 million. This was another record. To its credit, the business is starting to benefit from being able to better leverage its costs as revenue rises. Cruise and tour operating expenses were up just 2.3% year over year during the second quarter. With profitability showing major improvements, Carnival has been able to clean up its balance sheet as well. It ended Q2 with $27.3 billion of long-term debt, a balance that has been reduced by 20% in the past three years. The company's credit rating was also upgraded by two major agencies, which is a vote of confidence. Carnival's upside Carnival's stock has been a huge winner. However, the valuation is still compelling for new investors, even though the company is operating at a very high level these days. The price-to-earnings (P/E) ratio of 15.8 is no doubt cheap, representing a 36% discount to the overall S&P 500 index. Should the P/E multiple get closer to the benchmark's level, there is sizable upside for patient investors. Carnival's strong demand, improving financials, and attractive valuation are three reasons to buy the stock like there's no tomorrow. Should you invest $1,000 in Carnival Corp. right now? Before you buy stock in Carnival Corp., consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Carnival Corp. wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $653,427!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,119,863!* Now, it's worth noting Stock Advisor's total average return is 1,060% — a market-crushing outperformance compared to 182% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of August 4, 2025
Globe and Mail
2 hours ago
- Globe and Mail
The Great Flattening is a quiet evolution as middle managers decline
This is the weekly Work Life newsletter. If you are interested in more careers-related content, sign up to receive it in your inbox. Have you noticed fewer rungs on the corporate ladder lately? For the last few years, as companies invest more capital into artificial intelligence, Big Tech has been cutting layers of management in what's become known as the 'Great Flattening.' Now, new data from Gusto, which provides payroll and HR solutions, shows small and mid-sized businesses (SMBs) are following suit and it's reshaping the way teams are structured, developed and led. From 2022 to 2024, the number of individual contributors per people manager at SMBs has doubled. Back in 2019, managers typically oversaw about three direct reports. Now, that number is about six. Nich Tremper, senior economist at Gusto, says this isn't simply a result of sweeping layoffs, but rather a quiet evolution. 'What seems to be happening is that as folks move on – older folks retire or others shift to new roles – businesses simply aren't backfilling those managerial positions,' he says. The change is largely driven by cost pressures. 'We've seen the average labour cost increase nearly 20 per cent over the last couple of years,' Mr. Tremper says. 'Small businesses don't have a lot of leeway in their budgets, so they're thinking through how best to maximize the productivity of the folks they have on staff. Part of that has come down to reducing management layers.' But the consequences of a leaner org chart extend beyond budgets. What we lose when we flatten While some businesses may appreciate the savings and agility that come with fewer layers of hierarchy, Mr. Tremper cautions against seeing it as a purely positive shift. 'These middle managers are really important for organizations,' he says. 'You have strategic decisions and guidance coming from the highest level of management, but it's individual managers who are turning those directions into actionable steps.' In other words, fewer managers may mean faster decision-making in the short term, but also the risk of teams lacking mentorship, development and day-to-day leadership. 'Highly productive sectors tend to maintain more managers with smaller teams,' Mr. Tremper says. 'It suggests that first-line managers play a critical role in scaling their expertise, developing their teams and ultimately boosting productivity.' Even in lower-productivity industries, measured by total output per hour worked, Gusto found that businesses with a higher share of managers tend to outperform their peers. Managers are opting out, too Not only are businesses hiring fewer managers but existing ones are leaving. In late 2024, Gusto found that the quit rate among managers was about 10 per cent higher than it was in January 2022, when it was more of an employee-driven labour market. 'Quit rates are often viewed as a sign of labour market confidence,' says Mr. Tremper. 'If managers are leaving, it could mean they believe they can find more meaningful work elsewhere. They might be looking to lead teams at other companies or return to being high-performing individual contributors.' Some may even be taking the opportunity to pivot entirely. 'For folks who are maybe no longer managers, this could be a chance to ask: What path do I really want? Do I want to be an individual expert? Or maybe this is the time to start my own business or consulting practice.' Flattening with intention The Great Flattening may seem like a cost-saving trend but it comes with trade-offs. While it can boost short-term agility, businesses that cut too deeply may sacrifice long-term development and stability. Mr. Tremper says business leaders should think carefully about what they're giving up. 'When I think of the most effective managers I've had, they've cared deeply about my professional development. They created opportunities for me to grow beyond my current skill set,' he says. Small businesses especially, he adds, rely on strong teams and strong teams often rely on great managers. 11 per cent According to new data from book summary app company Headway, while many workers are enjoying a slow summer season, more than one in 10 say their workload has increased. Read more Experts say rebranding yourself is about more than a job title or what you wear. It's important to be authentic about how you're changing personally and professionally and share that story over time. On a more tactical level, you can also get new headshots, work with a coach and spend time connecting intentionally with your current network and new peers in your industry. Read more 'Being punctual is a form of non-verbal communication. By showing up on time, you're non-verbally telling that person you care enough about their time and the task at hand. It's a representation of your work ethic and competency,' says etiquette trainer Mariah Grumet Humbert. This article looks at how punctuality norms have evolved over time and how being chronically late can impact your personal brand at work and in life. Read more Robert Half research reveals that Gen Z and professionals in tech are the most likely to search for a new job in the next six months. For the first time since the staffing firm began tracking worker sentiment, the research shows better benefits and perks rank as the highest motivator for workers exploring new roles. Read more
