Key Highlights
- Shares of Joby Aviation climbed approximately 6–9% following a Q4 2025 earnings beat, with revenue reaching $30.84M versus the $16.18M consensus
- A partnership with Uber was showcased, allowing customers to reserve Joby air taxi flights directly within the Uber application, demonstrated live in Dubai
- H.C. Wainwright raised its rating on JOBY to Buy from Neutral, establishing an $18 price target based on FAA certification momentum
- The company anticipates launching commercial passenger flights in 2026, beginning in the UAE before expanding to initial U.S. markets
- Cash reserves stand at approximately $2.6B following recent capital raises, while 2026 revenue projections range from $105M to $115M
Joby Aviation delivered fourth-quarter financial results that exceeded Wall Street expectations on Wednesday, propelling shares higher by as much as 9% during early Thursday market activity.
The electric vertical takeoff and landing (eVTOL) aircraft manufacturer reported a quarterly loss of $0.14 per share for Q4 2025, significantly better than the anticipated loss of $0.23. Top-line performance proved even more impressive, with revenue hitting $30.84 million—nearly doubling the Street’s $16.18 million projection.
While the operational loss for the period reached $207 million, exceeding the consensus estimate of $148 million, market participants focused primarily on the substantial revenue outperformance.
Shares were changing hands near $10.70 during Thursday’s opening session. The stock has declined 26% since the start of the year but remains elevated 51% over a trailing twelve-month period, and continues trading approximately 100% above its level prior to the 2024 presidential election.
For fiscal year 2025, the company consumed roughly $540 million in cash. Looking ahead to the first six months of 2026, Joby projects cash utilization between $340 million and $370 million, modestly above the Street’s $335 million forecast.
The company closed Q4 with $1.4 billion in cash and investment securities, supplemented by an additional $1.2 billion capital infusion received in February, pushing total estimated liquidity to approximately $2.6 billion.
Integration with Uber Platform Demonstrated in Dubai
Earlier Wednesday, Joby and Uber provided a live demonstration of the customer booking experience. Users can launch the Uber mobile application, input their desired destination, and select a Joby air taxi option when available for eligible routes.
The seamless journey encompasses ground transportation via Uber Black to the departure point, the Joby aircraft flight segment, and final ground transfer to the ultimate destination. This marks the first public showcase of the complete end-to-end customer experience, moving beyond simple aircraft presentations.
The company plans to begin transporting commercial passengers in Dubai during the latter portion of 2026, subject to obtaining necessary local regulatory clearances. Initial U.S. commercial operations will follow upon completion of FAA certification procedures.
FAA Approval Process Nearing Completion
Joby confirmed continued advancement through the fourth and penultimate phase of FAA type certification. The manufacturer has constructed aircraft specifically designated for mandatory conformity inspection flights and has accumulated over 50,000 miles in comprehensive flight testing programs.
Following certification approval, Joby intends to join the federally-supported eVTOL Integration Pilot Program, with H.C. Wainwright anticipating participation to commence around mid-2026.
Manufacturing expansion plans call for doubling production throughput in 2027 to four aircraft monthly.
Company leadership characterized 2026 as a pivotal transition year, with organizational priorities evolving from development and testing toward commercial service readiness.
H.C. Wainwright upgraded its rating on JOBY to Buy from Neutral on Thursday, assigning an $18 price objective. Shares had retreated approximately 50% from the 52-week peak of $20.95 prior to Thursday’s advance.
Needham reaffirmed its Buy recommendation while reducing its price target to $18 from $22, reflecting revised capital expenditure assumptions. According to TipRanks, the average analyst price target stands at $15.50, though the overall consensus rating remains Moderate Sell based on two Hold ratings and one Sell rating.
Joby’s revenue guidance for 2026 spans $105 million to $115 million, with Wall Street analysts modeling over $1 billion in annual sales by 2029 and a transition to operating profitability by 2030.
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