Key Highlights
- Joby Aviation shares climbed approximately 6–9% following a fourth-quarter 2025 earnings surprise, delivering $30.84M in revenue against the $16.18M consensus
- A live demonstration in Dubai showcased direct Joby air taxi booking capabilities through Uber’s mobile application
- H.C. Wainwright raised its rating on JOBY to Buy with an $18 target, pointing to meaningful FAA certification advancement
- Commercial passenger flights are slated to begin in 2026, launching in the UAE before expanding to domestic U.S. markets
- Following recent capital raises, the firm maintains approximately $2.6B in liquidity, with 2026 revenue projections between $105M and $115M
Shares of Joby Aviation experienced a significant rally on Thursday morning, climbing as much as 9% following the release of fourth-quarter financial results that exceeded Wall Street expectations.
The electric vertical takeoff and landing (eVTOL) aircraft manufacturer posted a quarterly loss of $0.14 per share for Q4 2025, substantially narrower than the anticipated $0.23 loss. Top-line performance proved even more impressive, with revenue reaching $30.84 million—approaching double the $16.18 million consensus estimate.
The company’s operating loss widened to $207 million for the period, surpassing the Street’s $148 million forecast. However, market participants appeared willing to overlook the elevated operating deficit given the substantial revenue outperformance.
JOBY traded near the $10.70 level during early Thursday session activity. While the shares remain down 26% for the current year, they’ve gained 51% over the trailing twelve months and have approximately doubled since the November 2024 presidential election.
On an annual basis, Joby consumed roughly $540 million in operating cash. Looking ahead to the first six months of 2026, management projects cash utilization of $340 million to $370 million, modestly above the $335 million Street expectation.
Joby concluded Q4 with $1.4 billion in cash and marketable securities, supplemented by an additional $1.2 billion raise completed in February, positioning estimated total liquidity near $2.6 billion.
Live Uber Integration Showcased in Dubai
Earlier Wednesday, Joby and Uber provided the first public demonstration of the actual customer booking experience. Through the Uber application, a rider enters their desired destination and receives the option to select a Joby air taxi if the route qualifies.
The seamless journey encompasses ground transportation via Uber Black to the vertiport, the Joby aircraft flight segment, and final-mile car service to the ultimate destination. This marked the inaugural opportunity for stakeholders to view the complete end-to-end travel experience rather than isolated aircraft demonstrations.
Joby anticipates commencing commercial passenger operations in Dubai during the latter portion of 2026, contingent upon receiving local regulatory clearances. Initial domestic U.S. service is scheduled to follow completion of FAA certification processes.
FAA Approval Process Nearing Completion
The company disclosed continued advancement through Stage 4, the penultimate phase of FAA certification requirements. Joby has manufactured aircraft specifically designated for mandatory regulatory inspection flights and has accumulated in excess of 50,000 miles across its flight testing program.
Following certification achievement, Joby intends to join the federally-supported eVTOL Integration Pilot Program, with H.C. Wainwright projecting participation to commence around mid-2026.
The manufacturer also outlined plans to expand production throughput to four aircraft monthly during 2027, representing a doubling of current capacity.
Executives characterized 2026 as a pivotal transition year, marking a strategic shift from development and testing activities toward commercial passenger service preparation.
H.C. Wainwright elevated JOBY to Buy from Neutral on Thursday, establishing an $18 price objective. The equity had retreated approximately 50% from its 52-week peak of $20.95 prior to Thursday’s advance.
Needham reaffirmed its Buy stance while reducing its price target to $18 from $22, reflecting revised spending assumptions. According to TipRanks, the average analyst target stands at $15.50, though the overall consensus registers as Moderate Sell based on two Hold ratings and one Sell recommendation.
Joby’s fiscal 2026 revenue guidance spans $105 million to $115 million, with analyst projections modeling sales exceeding $1 billion by 2029 and the achievement of positive operating profitability by 2030.
