Key Highlights
- Shares of Joby Aviation climbed approximately 6–9% following a significant Q4 2025 earnings surprise, delivering $30.84M in revenue versus the $16.18M consensus
- A partnership demonstration revealed Uber app users can now book Joby air taxi flights directly, showcased through a live presentation in Dubai
- H.C. Wainwright raised its rating on JOBY to Buy with a price target of $18, pointing to meaningful FAA certification advancement
- Commercial passenger flights are anticipated to commence in 2026, launching first in the UAE before expanding to initial U.S. markets
- Following recent capital raises, the company maintains approximately $2.6B in available liquidity, with 2026 revenue projections between $105M–$115M
Shares of Joby Aviation rallied sharply Thursday morning after the electric vertical takeoff and landing company delivered fourth-quarter financial results that exceeded Wall Street expectations.
The electric aircraft manufacturer recorded a Q4 2025 loss of $0.14 per share, significantly better than the anticipated $0.23 per share loss. On the top line, revenue reached $30.84 million, substantially outpacing analyst estimates of $16.18 million.
The company’s operating loss for the period totaled $207 million, exceeding Wall Street’s $148 million estimate. However, market participants focused primarily on the impressive revenue performance.
Shares were changing hands near $10.70 during early Thursday session activity. While the stock has declined 26% so far this year, it remains up 51% over the trailing twelve months and approximately 100% above levels seen before the 2024 presidential election.
Throughout the full year, the company utilized approximately $540 million in cash. Looking ahead to the first half of 2026, Joby projects cash consumption between $340 million and $370 million, modestly above the Street’s $335 million expectation.
The company closed Q4 with $1.4 billion in cash and investments, supplemented by an additional $1.2 billion raised in February, positioning total available cash near $2.6 billion.
Live Integration Demonstration with Uber Platform
On Wednesday, Joby and Uber provided a real-world demonstration of the customer booking experience. Users can launch the Uber application, input their desired destination, and select a Joby air taxi alternative when available for their route.
The complete journey encompasses ground transportation via Uber Black to the vertiport, the aerial flight segment with Joby, and final ground transfer to the passenger’s ultimate destination. This marks the first public showcase of the end-to-end customer experience beyond just the aircraft itself.
The company anticipates launching commercial passenger service in Dubai during the latter portion of 2026, subject to receiving necessary local regulatory clearances. Initial U.S. commercial operations will follow after securing full FAA certification.
FAA Approval Process Nearing Completion
Joby reported continued advancement through the fourth and penultimate phase of the FAA certification process. The organization has manufactured aircraft specifically designated for mandatory regulatory inspection flights and has accumulated over 50,000 miles of test flight data.
Following certification approval, Joby intends to join the federally-supported eVTOL Integration Pilot Program, with H.C. Wainwright projecting participation to begin around mid-2026.
Manufacturing capacity expansion plans call for doubling output to four aircraft monthly by 2027.
Executive leadership characterized 2026 as a pivotal transition period, with organizational priorities evolving from development and testing toward commercial service readiness.
H.C. Wainwright elevated its JOBY rating to Buy from Neutral on Thursday, establishing an $18 price objective. The stock had retreated approximately 50% from its 52-week peak of $20.95 prior to Thursday’s advance.
Needham reaffirmed its Buy rating while adjusting its price target downward to $18 from $22, reflecting revised capital expenditure models. According to TipRanks data, the average analyst price target stands at $15.50, with an overall Moderate Sell consensus comprising two Hold ratings and one Sell rating.
The company’s 2026 revenue guidance spans $105 million to $115 million, while Wall Street analysts project revenues surpassing $1 billion by 2029 and operational profitability emerging by 2030.
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